Companies are currently in the process of reporting earnings for the first quarter of 2023, which are expected to greatly influence the direction of stock prices in the coming weeks. Concerns surrounding the banking sector are also weighing on equities as additional regional banks may be vulnerable. Currently, the banking sector represents roughly 14% of total stock market capitalization.
Major equity indices are positive for the year, with three sectors leading the broader market. Consumer Staples, Technology, and Communication Services have been the leading sectors thus far, yet analysts are uncertain as to how sustainable the advances may be.
Sources: S&P 500, Bloomberg.
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