Wall Street trims losses, NASDAQ reverses higher

2 weeks ago

US stock indices declined on Wednesday as markets follow the crisis of the Credit Suisse bank, however, Wall Street trimmed the losses with NASDAQ reversing higher following reassurances by the Swiss National Bank. 




The SNB asserted that Credit Suisse has good capital, with the central bank providing liquidity to the bank if needed. 


Swiss regulators said that the collapse of two US banks last week doesn't represent  a risk of spreading in Swiss banks. 


The Swiss government is already engaging in talks with Credit Suisse to discuss steps of financial support and liquidity to prop up the bank further. 


Credit Suisse lost 24% amid growing concerns about its financial state, triggering concerns about the European banking system overall. 


Mixed Data


US inflation continues to recede with producer prices hitting year and a half lows.


US producer prices rose 4.6% in February, missing estimates of a 5.4% increase, and slowing down from January's 5.7% increase.


Core prices, excluding food and energy, rose 4.4%, below estimates of a 5.2% increase, and compared to January's 5.4% increase.


On a monthly basis, producer prices fell 0.1% in February, while analysts expected a 0.3% increase.


US retail sales rose 0.4% in February, beating estimates of a 0.3% drop, and down from January's 3.2% rise.


Core sales, excluding transportation fell 0.1%, matching estimates and compared to January's 2.4% rise.


Markets are on a knife's edge regarding the Federal Reserve's upcoming moves, with analysts expecting the Fed to slow down the pace of policy tightening in reaction to recent data and events. 


At close, Dow Jones was down 0.8%, or 281 points to 31,874, with a session-high at 31,906,and a low at 31,429. 


S&P 500 fell 0.7%, or 27 points to 3,892, with a session-high at 3,894, and a low at 3,838. 


NASDAQ added 0.1%, or 6 points to 11,434, with an intraday levels high at 11,448, and a low at 11,238. 

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