(Bloomberg) A slide in technology shares halted a three-day advance in US stocks as investors continued to recalibrate bets on the Federal Reserve’s path forward on interest rates. Treasuries drifted lower. The Nasdaq 100 slumped 0.5% paring a March advance to 4.7% with tech stalwarts from Apple Inc. to Alphabet Inc. among the biggest drags. Tech stocks had found favor in recent weeks with the rotation out of financials following the collapse of three US banks. However, the trade has started to unwind with increased speculation turbulence in the banking sector will be contained. Two-year Treasury yields edged to just above 4%, while a gauge of the dollar notched its lowest close in eight weeks. “Part of the giant bid in Treasuries last week was fear of contagion in financials,” said Tom Hearden, senior trader at Skylands Capital LLC. “That’s abated so far this week” with thin markets, off side positioning, and a financial contagion bid. The moves come as investors pre
(Bloomberg) US stocks pared gains while bonds slid as the banking sector bounced off recent lows on the prospect of further support from US authorities. The S&P 500 pulled back from an as much as 0.8% climb while a banking sector rebound eased. The policy-sensitive Nasdaq 100 reversed early gains. First Citizens BancShares Inc. led a rally in regional lenders 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. “They bought themselves some time, it’s hard for me to see this banking crisis lasting another month and a half,” said Win Thin, global head of currency strategy at Brown Brothers Harriman on Bloomberg Television. “I think at that point, we might get all the all clear to actually continue some tightening.” The weekend may have brought some relief to the banking sec
(Bloomberg) US stocks pared gains while bonds slid as the banking sector bounced off recent lows on the prospect of further support from US authorities. The S&P 500 pulled back from an as much as 0.8% climb while a banking sector rebound eased. The policy-sensitive Nasdaq 100 reversed early gains. First Citizens BancShares Inc. led a rally in regional lenders 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. “They bought themselves some time, it’s hard for me to see this banking crisis lasting another month and a half,” said Win Thin, global head of currency strategy at Brown Brothers Harriman on Bloomberg Television. “I think at that point, we might get all the all clear to actually continue some tightening.” The weekend may have brought some relief to the banking sec
(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