Market Bloodbath: Big Banks Soar While Tech and Oil Take a Beating
The Dow took a 500-point nosedive on Wednesday, but the real story is the great American divide. Free market capitalism is separating the winners from the losers. Big banks are smashing records, while woke tech giants and struggling oil companies are feeling the heat. Here is what you need to know before the opening bell rings on Thursday.
Why Are Big Banks Hitting All-Time Highs?
American capitalism is alive and well in the financial sector. Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley all hit new highs on Wednesday. Bank of America reached an all-time high, up 9.5% in June. Citigroup hit highs not seen in 18 years, surging 14% this month. JPMorgan also reached an all-time high, rising 11.4% in June. Morgan Stanley hit an all-time high as well, with shares up 8% in June. These institutions are proving that solid, traditional American business still wins.
Is Apple Passing Price Hikes to Consumers?
Apple is preparing to raise prices as memory chips get more expensive. The tech giant will pass those costs straight to the consumer. CNBC's MacKenzie Sigalos will cover this story throughout Thursday. Apple shares hit a peak earlier this month but have fallen 7% since. The stock is still up 16% over the past three months.
Can Moderna Sell the Government on an mRNA Flu Shot?
Moderna is making its case for an mRNA flu shot before a U.S. Food and Drug Administration committee on Thursday. The stock surged 11.6% on Wednesday. It is up nearly 24% in three days and more than 30% in June. CNBC's Angelica Peebles will report on the company's pitch to the federal regulators.
What Do Jobless Claims Say About the Economy?
The latest jobless claims number drops at 8:30 a.m. on