The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw gains on 11-03-2023, with the S&P 500 advancing by 0.93%, the Dow Jones finishing 0.65% higher, and the Nasdaq Composite rising by 1.37%. The 10-year Treasury yield fell 2.06% to 4.564.
Bank of America (BAC, Financial) warned its customers that their deposits may be delayed due to an issue impacting multiple banks. Customers at JPMorgan Chase (JPM, Financial), US Bancorp (USB, Financial), Truist (TFC, Financial), and Wells Fargo (WFC, Financial) also reported problems. The Federal Reserve identified the issue as a "processing issue" at the Automated Clearing House.
Gene editing companies and vaccine developers, including Editas Medicine (EDIT, Financial), Prime Medicine (PRME, Financial), Beam Therapeutics (BEAM, Financial), Verve Therapeutics (VERV, Financial), Intellia Therapeutics (NTLA, Financial), and CRISPR Therapeutics (CRSP, Financial), saw gains as biotech stocks rallied alongside a rising S&P 500. Moderna (MRNA, Financial) also rallied alongside rival vaccine developers.
Palantir Technologies (PLTR, Financial) shares rose more than 4% on Friday, adding on to Thursday's 20% surge after it reported strong third-quarter results and raised its guidance. The Denver, Colorado-based company is seeing heightened demand for its product portfolio across government and commercial sectors with 34% growth in customer count.
Berkshire Hathaway (BRK.B) (BRK.A, Financial) is set to report Q3 earnings on Saturday morning. The company's results will provide insights into the U.S. economy as well as the company's broad collection of businesses. CFRA analyst Catherine Seifert expects Berkshire's Q3 operating EPS to rise from $3.53 in Q3 2022.
Netflix's (NFLX, Financial) live-sports ambitions might take a step forward with an initial move into broadcasting boxing. The streamer has discussed streaming a match featuring YouTube boxer Jake Paul, as well as a possible bout between Premier Boxing Champions fighters.
Bank of America's global research team noted that U.S. banks are at an 80-year low versus the S&P 500, while tech is at an all-time high versus the benchmark index. "AI productivity miracle bull way more priced in than inflation," BofA stated in a note to investors.
