The SPDR S&P 500 ETF Trust SPY experienced another volatile week of trading due to concerns over the stability of the banking industry.
On Friday, Deutsche Bank AG DB shares fell more than 3% after the bank's credit default swaps jumped, indicating market concerns about the bank's health.
The Deutsche Bank sell-off came after Swiss regulators forced UBS Group AG NYSE: UBS to acquire Credit Suisse Group AG CS as part of an emergency rescue last weekend. The failures of SVB Financial Group SIVB, Signature Bank SBNY and Silvergate Capital Corp SI have been dealt with by the U.S. banking sector in recent weeks.
On Wednesday, the Federal Open Market Committee raised its fed funds target range by 0.25% to between 4.75% and 5%. In its updated economic projections, the Federal Reserve raised its outlook for 2023 core consumption index inflation to 3.6%, up from 3.5% in December.
Ford Motor Co F reported that it had lost $2.1 billion on an operating basis in 2022, down from $2.1 billion on Thursday. Ford told investors that the company's internal combustion engine sales and fleet business have offset the EV losses by $10 billion in annual operating profits.
On Tuesday, AMZN announced another 9,000 layoffs, in addition to the 18,000 job cuts the company executed between November and January in its ongoing cost-cutting efforts.
Game On: Shares of GameStop Corp. increased by 35% on Wednesday, after the company reported its first profitable quarter since January 2021.
In the week ahead, investors will see more quarterly reports from Carnival Corp CCL, Micron Technology Inc MU and Walgreens Boots Alliance Inc WBA and BlackBerry Ltd BB on Thursday.
According to FactSet, analysts believe that the S&P 500 will have an upside of 17% over the next 12 months.
The Bureau of Economic Analysis releases its February personal consumption expenditures price index reading and the University of Michigan's March consumer sentiment index reading on Friday, and investors will get key economic updates on Friday.