The S&P 500 is being pressured by rising oil prices and declining memory stocks, with significant movements noted among major banks. Citigroup shares have fallen 6% over the past three months, while Goldman Sachs has seen a 15% decline. Analyst Gerard Cassidy from RBC suggests that current earnings estimates for these banks may be too low.
In the technology sector, Nvidia, Alphabet, and Microsoft are experiencing mixed performance, with Nvidia down 7% from its recent high but up 21% year-to-date. Johnson & Johnson and Domino's Pizza are set to report earnings soon, with Johnson & Johnson up 2.6% in three months but down from its September high, while Domino's is down 30% from its December high.
Boeing's stock has also struggled, down 10% since its last report on orders and deliveries. Overall, the market is poised for potential volatility as these earnings reports are released