- Signature Bank was the biggest decliner yesterday after giving up 16% As things stand, Arrival (down 14.77%) and Seagate (down 9.2%) are underperforming today
- European markets are currently mixed so far this session.
Before today's session: leading equity indices in the US declined as Nasdaq lost 0.8% and ended the session at 12,060. S&P 500 closed at 4,129.79, a 0.6% change.
US markets are set to open today in around 2 hours. In the meantime, European markets are in session with varied performances. Asia-Pacific markets were down today as KOSPI Composite Index is currently down 0.73% and trading around 2,544.4.
Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The one month Treasury rate declined to 3.4%.
KB Financial Group Inc. & Cousins Properties Incorporated due to release their earnings reports within the following week.
Market's down-tick coincides with some negative macro data published earlier as United States Initial Jobless Claims fell short of the 240,000 projections, with new data of 245,000.
Meanwhile, United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Yesterday's bearishness meant that Signature Bank lost 16% yesterday before closing at 16.2 cents. As things stand, Arrival (down 14.77%), Seagate (down 9.2%) are also underperforming today.
Signature Bank | -16% at 16.2 cents
After ending Wednesday at 19.28 cents, Signature Bank dropped to 16.1 cents early in yesterday's session and closed at 16.2 cents. In total, it lost 16%. The day's trading volume totalled 5.87 million shares — under the 21-day average of 15.77 million. Signature Bank disclosed a quarterly dividend of 70 cents per share on Thursday, January 12th that was paid on Friday, February 10th to all shareholders of record up until Friday, January 27th. Based on current prices, the company's decision thereby provides Signature Bank investors with an annual dividend yield of 1,728.4%.
Seagate | Closed down 9.2% at $57.08 yesterday
- Seagate hit a significant low of $48.49 around 5 months ago, but has since recovered 29.63%.
- Seagate dropped by 9.2% ($5.78), its largest single-day drop since July 2022.
Seagate closed at $57.08 after dropping by 9.2% ($5.78), its largest single-day drop since July 2022. So far this year, it has been beating the S&P 500 by 1.66%. Seagate's market cap currently stands at $11.79 billion with an average daily volume of 2.41 million shares.