Dow went up 336 from renewed buying in the last hour, advancers over decliners about 3-1 & NAZ gained 239.  The MLP index finished little changed but above 220 & the REIT index was up 3 to the 368s.  Junk bond funds fluctuated & Treasuries saw selling, raising yields.  Oil slumped 3+ to go below 71 (near its lows in the last year) & gold retreated 5 to 1911 (more on both below).

AMJ (Alerian MLP Index tracking fund)

Six banks flagged for concerning credit ratings after SVB failure

Tyson’(TSN) will close 2 chicken plants in May, affecting nearly 1700 employees.  “While the decision was not easy, it reflects our broader strategy to strengthen our poultry business by optimizing operations and utilizing full available capacity at each plant,” TSN said.  In its latest qtr, TSN's chicken business underperformed expectations as its operating income was halved compared with the year-ago period.  The company's plants in Van Buren, Arkansas, & Glen Allen, Virginia, will close May 12.  Demand will be shifted to other TSN facilities.  TSN said it is helping affected employees apply for open jobs & offering relocation assistance to other plants.  The Glen Allen plant has 692 employees, while the Van Buren facility has 969 workers.  The meat giant is the latest food supplier to lay off workers in an effort to cut costs.  The stock was up 4¢.
If you would like to learn more about TSN, click on this link:
club.ino.com/trend/analysis/stock/TSN_aid=CD3289&a_bid=6ae5b6f7

Tyson Foods to close two chicken plants, lay off 1,700 workers

Boeing (BA), a Dow stock, said it has reached a deal to sell 78 of its 787 Dreamliner planes to 2 Saudi airlines, the latest large order for the wide-body jets in the past few months.  The jetliners will go to Saudi Arabian Airlines (Saudia) & a new airline, called Riyadh Air, which Crown Prince Mohammed bin Salman announced over the weekend.  Saudia ordered 39 of the planes, with options for 10 more, & Riyadh Air will get 39 of the 2 largest models of the planes, with options for 33 more.  BA did not disclose a timeline for deliveries of the planes.  The White House said the order is worth almost $37B, although that figure does not take discounts that airlines usually receive, especially for large orders, into account.  “This will support the country’s goal of serving 330 million passengers and attracting 100 million visits by 2030,” Riyadh Air said.  The sale shows a pickup in demand for wide-body aircraft, planes that are used for long-distance flights & fetch a higher price than the more-common narrow-body jets.  The stock rose 3.15.
If you would like to learn more about BA, click on this link:
club.ino.com/trend/analysis/stock/BA_aid=CD3289&a_bid=6ae5b6f7

Boeing sells 78 Dreamliner planes to Saudi airlines

Gold settles slightly lower after U.S. CPI data shows inflation eased again in February

Oil futures fell sharply, logging their lowest close of 2023 as traders were unable to shake recession fears after another round of hot US inflation data & continued worries over the banking sector after the collapse of California’s Silicon Valley Bank.  West Texas Intermediate crude for Apr fell $3.47 (4.6%) to finish at $71.33 a barrel.  May Brent crude, the global benchmark, declined $3.32 (4.1%) ending at $77.45 a barrel on ICE Futures Europe.  Both WTI & Brent saw the lowest close for a front-month contract since Dec 9.  Oil logged back-to-back losses, unable to join a bounce for equities & bank shares as worries around the banking system appeared to fade.  Instead, jitters over the potential for a significant economic downturn continued to hang over the market.  Looking ahead, the supply side of current fundamental backdrop remains fairly steady; however, fading optimism surrounding China's economic recovery & still-elevated recession fears are leaving risks skewed to the downside.  The oil market is acting like a recession is inevitable or at the very least, we are seeing serious deleveraging of oil contracts.  With more reports that signal more robust demand in China & with the $ pulling back, oil should be holding up against all this economic turmoil.  OPEC+, in its monthly report, left its forecast for demand in global oil-demand growth in 2023 unchanged at 2.3M barrels a day to 101.9M barrels a day.  OPEC+ said expectations for growth in demand from China was offset by revisions lower for the US & Europe.

Oil ends at 2023 low as SVB collapse, inflation data stoke recession fears

Worries, worries, worries just won't go away.  The bank business still has a lot of problems to work out & recession fears have resurfaced.  These are very difficult times for investors.  However, buying in the last hour gave the Dow a significant rise after it pulled back in PM trading.

Dow Jones Industrials