(Bloomberg) Gains in financial shares lifted US stocks, while Treasuries retreated as fears of broader contagion from the banking turmoil eased. Tech shares slumped after last week’s rally. The S&P 500 rose on Monday, with financial firms in the index up more than 1%. Energy producers also advanced. The tech-heavy Nasdaq 100 ended the session 0.7% lower capping a two-week advance. The two-year Treasury yield headed topped 4%. A gauge of regional lenders climbed roughly 2.5% as First Citizens BancShares Inc. rallied more than 50% after agreeing to buy SVB Financial Group’s Silicon Valley Bank. First Republic Bank jumped on a Bloomberg report that US authorities are considering expanding an emergency lending facility that would give the lender more time to bolster its balance sheet. “The market is being pushed and pulled between banks and tech stocks. As the banks have rebounded a lot of money has come out of tech stocks which have held up the market the past two weeks,” said J
Chinese stocks led gains across Asia on Thursday while US and European equity futures fell as investors balanced China’s reopening with cautious commentary from the Federal Reserve’s latest meeting.