Stock market today: Live updates

The three indexes closed the session higher, helped by a broad rally and a rebound in bank stocks.

The Dow ended up nearly 1.1%, snapping a five-day losing streak. The S&P 500 added 1.7%, while the Nasdaq Composite advanced 2.1%.

— Alex Harring

Shares of small-capitalization companies are trading higher on Tuesday. The S&P 600 Smallcap index added 1.5%, and the Russell 2000 small-cap index gained 1.7%, while the S&P 500 has risen 0.9%.

Small caps, many of which are U.S.-focused, are often considered to be more agile and reactive to economic changes, including a recession.

– Pia Singh

Oil prices dropped to a 9-week low on Tuesday as the recent bank failures sparked fears about a financial crisis that could reduce future oil demand, and after fresh inflation data increased the probability of rising interest rates. 

Brent futures fell $3.39, or 4.20%, to $77.38 a barrel, while U.S. West Texas Intermediate crude lost $3.51, or 4.69%, to $71.29. That put Brent on track for its lowest close since January 4 and WTI on track for its lowest close since December 9. 

— Pia Singh

More workers are heading back to the office, according to Bank of America’s latest consumer survey. The biggest uptick was among employees making more than $100,000. Only 38% of this cohort said they were doing the majority of their work from home in the March survey down from 45% of this group in the December survey.

Still, home remains a focus. Those polled said they were planning to spend less in every category but one: home improvement.

That said, don’t expect their spending plans to boost purchases of home furnishings and electronics, said analyst Elizabeth Suzuki. Instead, this is more about home improvement projects that were delayed by either product shortages or trouble finding a professional to do the work. This means there is likely a “tailwind for the next several months from the backlog of potential projects in the pipeline,” she said.

Bank of America said it likes Floor & Decor, Home Depot, Leslie’s and Lowe’s on the back of this trend. Floor & Decor shares have gained nearly 28% since the start of the year, while the other names are down year to date. Lowe’s and Leslie’s are off around 1%, but Home Depot shares have shed nearly 10%.

—Christina Cheddar Berk

Banks, normally a sleepy spot for traders, have seen trading volumes in the past two sessions that blew historical averages out of the water, according to Mizuho.

First Republic Bank saw an average volume in Friday and Monday’s session that was 2947% higher than the average volume over the past six months.

Western Alliance, meanwhile, recorded an average volume over the last two session that was 2655% larger than the average over the last half year. For PacWest Bancorp, the average over Friday and Monday’s session was 2376% more than the bank’s six-month average trading volume.

— Alex Harring, Michael Bloom

The three major indexes were trading positively heading into the final hour.

The Dow was up 0.5% as the 30-stock index looked to snap a five-day losing streak. The Nasdaq rose 1.5%, while the S&P 500 climbed 1.1%.

Stocks may have given up some gains in the afternoon after following a statement from the U.S. European Command noting a Russian fighter jet downed a U.S. drone operating over the Black Sea on Tuesday. But the market was able to shake off some of the dip. Oil, meanwhile, remained down around 5% despite the news.

— Alex Harring, Amanda Macias

Shares of agribusiness company Bunge rose more than 14% on Tuesday after S&P Global Indices announced that the company would take the place of Signature Bank in the S&P 500.

Signature was closed by regulators on Sunday, shortly after the collapse of Silicon Valley Bank.

Bunge, which went public in 2001, has a market cap of around $15 billion. Its inclusion in the S&P 500 will be effective starting on Wednesday.

—Jesse Pound

Charles Schwab CEO Walt Bettinger said Tuesday that his firm is still experiencing sizable inflows, contrary to fears that the banking crisis brought on by the Silicon Valley Bank’s collapse is spreading in the sector.

He said Schwab clients brought in almost $42 billion in net new assets in February. By comparison, they’ve averaged about $2 billion a day so far this month, he said.

“What we’re seeing is asset inflows to the firm in significant numbers,” Bettinger said to CNBC’s Sara Eisen on “The Exchange.” 

He also revealed that he bought 50,000 shares Tuesday morning for his personal account.

“That much confidence I certainly have in this company,” he said.

— Yun Li

The liquidity risk fears around Charles Schwab are overblown, according to Deutsche Bank.

Analyst Brian Bedell reiterated his buy rating on Charles Schwab shares, noting: “Throughout this banking crisis that began Thursday, we believe SCHW did not have credible risk of a rapid and substantial client drawdown of deposits that would create significant pressures on its liquidity.”

Charles Schwab shares were up nearly 12% on Tuesday.

Announcement

CNBC Pro subscribers can read more about Bedell’s buy rating here.

The standard deviation of component-level returns in Monday’s session saw the highest volatility in the market since the Covid vaccine was introduced, according to SIG Susquehanna.

Despite the S&P 500 finishing down just 0.15% Monday, it was a volatile session that whipsawed the index throughout the day. The last time the standard deviation on component returns on the S&P 500 was as high was on Nov. 9, 2020, said SIG analyst Christopher Jacobson. That was a session where investors moved out of technology and into cyclical stocks on the back of news of a Covid vaccine.

Jacobson said that rising skittishness was also reflected in the nearly 7% rise in the Cboe Volatility Index (VIX), Wall Street’s preferred gauge of fear in the market, on Monday. The VIX hit levels not seen since late 2020 during the session.

“While the S&P finished yesterday nearly unchanged, there was a significant amount of volatility under the surface as contagion fears continued to drive meaningful dispersion at the sector/stock level,” Jacobson said in a Tuesday note to clients.

— Alex Harring

Oil prices dropped to a 5-week low on Tuesday as the Silicon Valley Bank crash fuels fears about a financial crisis that could reduce future oil demand. 

Brent futures were down $2.12, or 2.62%, to $78.65 a barrel, while U.S. West Texas Intermediate crude fell $2.09, or 2.79%, to $72.71. That leaves Brent on track for its lowest close since February 3 and WTI on track for its lowest close since February 22.

— Pia Singh

The strong rally for regional banks on Tuesday was losing some steam in afternoon trading.

Shares of First Republic were last up 34% when they were halted. The bank’s credit rating from S&P Global was placed on CreditWatch with negative implications on Tuesday, the ratings firm said.

Meanwhile, shares of Zions Bancorp gave up all of their gains and turned negative for the day. The SPDR Regional Bank ETF (KRE) was last up only about 2%.

All 11 sectors of stocks within the S&P 500 were trading up Tuesday, powering a broad rally for the index.

Communication services led the way with a 2.5% advance, followed by information technology at 2.3%.

On the other end of the spectrum, health care was the worst performer of the 11 sectors, but was still up 0.4%.

— Alex Harring

These stocks are among those making the biggest moves in midday trading:

• BuzzFeed — Share of the internet media company lost about 10% on a weak first-quarter revenue outlook. Buzzfeed expects first-quarter revenue of $61-$67 million, compared to expectations of $83.6 million, according to FactSet. The company beat sales expectations in its fourth quarter results.
• Meta Platforms — Meta shares gained 6% after CEO Mark Zuckerberg said Tuesday the social media company plans to cut 10,000 employees. The announcement comes just months after the tech giant announced layoffs off more than 11,000 employees in November.
• First Republic, PacWest Bancorp, Western Alliance Bancorp, Comerica — Regional banks rallied sharply Tuesday after being hit hard last Friday and Monday. Shares of San Francisco-based First Republic rose about 50%, while PacWest jumped more than 60% and Western Alliance Bancorp gained more than 40%. Comerica, KeyCorp and Zions Bancorp all climbed more than 10%. 

Click here to see more stocks making midday moves.

— Pia Singh

Barclays said it’s “swiping right” on Match, viewing it now as a value stock. 

Match shares were up more than 7% after Barclays upgraded shares from equal weight to overweight.

“We believe MTCH has effectively transitioned from an Internet growth stock over the past few years to now a value stock due to its high-margin profile and strong cash flow generation,” analyst Mario Lu wrote in a client note on Tuesday.

CNBC Pro subscribers can read more about his upgrade here.

KeyCorp CEO Chris Gorman said on CNBC’s “Squawk on the Street” that his bank has not seen significant deposit outflows in recent days and is actually getting more cash from some customers.

“We really have not. We’re obviously watching our deposit outflows carefully. In fact over the weekend we had our biggest deposit growth from our retail business that we’ve had year to date. So we’ve been really pleased with the stableness of our deposits,” Gorman said.

Shares of KeyCorp were up 14% in midday trading.

— Jesse Pound

The Nasdaq Composite rallied more than 2% on Tuesday to trade back above its 50-day and 200-day moving averages.

If they hold, those levels could serve as support for the tech-heavy index.

Announcement

— Fred Imbert, Gina Francolla