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Investing.com – US stock indexes fell on Thursday, dragged down by a drop in Disney shares after the company reported a drop in subscriber growth, while lower Pac West deposits led to another rout in the regional banking sector.
Shares of The Walt Disney Company (NYSE:) fell more than 8% Thursday as a sudden drop in streaming subscribers stoked concerns that the media and entertainment company’s success in stemming losses at the company could come at the expense of growth.
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Bank stocks
BacWest shares came under pressure again on Thursday after the troubled regional bank said deposit outflows resumed in the first week of May.
The stock was down 20% in pre-market trading. Backwest shares are already down 40% this month, and more than 70% for the year.
While the bank’s stock declines during these moments by 17%.
The bank said in a statement: “Its deposits fell by 9.55 percent during the week that began on May 5.”
He revealed that “the majority of these outflows came after media reports, which said that the bank is exploring strategic options.”
He pointed out that he is “able to finance these withdrawals with the available liquidity,” noting that “he now has $15 billion in available liquidity, compared to $5.2 billion in uninsured deposits.”
The update marks a change from May 4, when BuckWest said it was not seeing unusual deposit inflows and that total deposits had increased since the end of March.
During the first quarter, total deposits of “Bac West” decreased by 16.9%, and the bank said: “It will use sales of strategic assets to reshape its balance sheet.”
Look at the market
Shares of Disney fell more than 8% after the media giant released its financial results for the second quarter. As the high prices helped the live broadcasting division to narrow its losses, but the number of subscribers suddenly decreased, which hurt the financial results.
“Investors’ focus now is on the economic backdrop and liquidity and how it affects interest rates and inflation levels,” said Dylan Cramer, co-chief investment officer at Certuity.
It rose by 0.2% in April, while experts expected it to rise by 0.3%, and it had recorded a decrease in March by 0.5%, but the reading was revised to record a decrease of only 0.4%.
On the other hand, the index recorded an increase of 2.3% from April, while expectations were for a rise of 2.4%, and it recorded 2.7% in March.
And it recorded 264 thousand applications, higher than the expectations of experts who predicted 220.35 thousand. Especially since it recorded 239.25 thousand the week before last.
“Both the output price data and the unemployment claims data did not get Wall Street any surprises,” said Ed Moya, senior market analyst at OANDA. “Product prices are expected to continue to fall as the supply chain normalizes, while jobless claims rise.” It provides further evidence that the labor market is easing.”
Pointers now
It fell 1 percent to 33,196 points.
It fell at 4114 points, or 0.55%.
While the compound decreased by 0.11 percent to 12293 points.
markets now
It fell by 0.7% to $2022.
While it decreased by 0.65% at 2017 dollars an ounce.
It rose by 0.65%, at 101.90 points.
It fell by 2% to $74.9 a barrel.
Texas crude lost nearly 2.3% to $70.9 a barrel.
2023-05-11 14:26:00
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