Traders work on the floor of the New York Stock Exchange (NYSE) in New York, March 16, 2023.
Brendan McDermid | Reuters
Here are the most important information investors need to start their trading day:
It looks like the major stock averages could come out on top this week, on pace with a winning week despite the turmoil in the global banking sector. Through Thursday, the Dow Jones Industrial Average is up 1.06%, the S&P 500 is up 2.56% and the Nasdaq Composite is up 5.19% – on track for its best week since november. Friday, however, marks the periodic phenomenon known on Wall Street as the “triple witch,” when stock index futures, stock index options, and stock options all expire at the same time, which could bring a certain last hour madness. Follow live market updates.
An office sits empty at First Republic Bank headquarters on March 16, 2023 in San Francisco, California.
Justin Sullivan | Getty Images
Chinese President Xi Jinping waves after his speech as new members of the Politburo Standing Committee meet the media following the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China October 23, 2022.
Tingshu Wang | Reuters
The FedEx logo is displayed on a FedEx vehicle on February 1, 2023 in Los Angeles, California.
mario tama | Getty Images
FedEx shares soared in after-hours trading after the company released an upbeat full-year profit forecast and a quarterly report showing its cost-cutting efforts are paying off. The company said it now expects adjusted earnings for its fiscal year 2023 to be between $14.60 and $15.20, down from an earlier forecast of between $13.00 and $14.00. Executives implemented an aggressive plan to reduce costs in the face of declining shipping volumes. Cost reductions have included layoffs, floor plans, reducing office space and adjusting delivery services. “We are comprehensively adjusting to the cost base across all dimensions and areas. Every dollar is being scrutinized,” Chief Financial Officer Mike Lenz said on FedEx’s earnings call.
Massachusetts Institute of Technology students play football outside the Maclaurin building October 10, 2003 in Cambridge, Massachusetts.
William B. Plowman | Getty Images
College applicants have a new dream school. Yes, it’s in Cambridge, Massachusetts. No, it’s not Harvard. Massachusetts Institute of Technology is the new holy grail of acceptance letters, according to a new Princeton Review survey of college students and their families. MIT has an acceptance rate of just under 4%, making it one of the toughest schools to get into, but that can be part of the allure. “There’s a subconscious consensus that it’s only worth going to college if you can go to a life-changing college,” said Hafeez Lakhani, founder and president of Lakhani Coaching in New York. . Second on the list of “dream” schools was Stanford University, followed by Harvard University and New York University. Check out the rest of the top 10. (Warning to other Tar Heels: the University of North Carolina didn’t make the list, but it’s still My dream school.)
– CNBC’s Hakyung Kim, Jesse Pound, Evelyn Cheng, Noah Sheidlower and Jessica Dickler contributed to this report.
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