News

Published: Mar 28, 2023
Updated: Mar 28, 2023

Bank and Energy Stocks Lift US Dow, Nasdaq Falls as Crypto Exchange Binance Cracks Down

The US Dow ended on a high note, climbing almost 200 points, thanks to a boost from bank and energy stocks. However, the Nasdaq was unable to sustain the rally and fell. The troubled banking sector received some respite as US authorities announced additional support, with First Republic Bank's stocks surging by 15%.

SVB Acquisition boosts markets mood

The S&P 500 also received a boost from bank stocks and First Citizens acquired SVB. However, the US 2Y bond yield surged by 24 basis points, and Commercial Mortgage- Backed Security spreads saw the highest jump since May 2020.

Crude prices surge overnight by 5% due to output disruptions in Kurdistan

Crude oil prices surged overnight, rising by more than 5% to $78 per barrel due to output disruptions in Kurdistan, which led to a loss of 400,000 barrels per day. Meanwhile, gold prices saw a pullback from the key $2,000 level, declining by approximately 1.1%.

In other news, the US cracked down on crypto exchange Binance and its CEO, Changpeng Zhao. The Commodity Futures Trading Commission alleged that Binance and its CEO routinely broke American derivatives rules.

Markets remain volatile on mixed global cues

The global market remains volatile, with various factors contributing to the fluctuation in stocks and commodities. While bank and energy stocks saw a boost, the crackdown on Binance and the rise in bond yields serve as reminders that the market is unpredictable. Investors should continue to stay informed and make informed decisions based on current market trends