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Stock futures soar after regulators halted some bank trading on Monday, Treasury yields see biggest drop since ’87 crash, Banking worries rally crypto and gold and silver, Inflation up 6 percent, Meta to drop NFTs, and more financial news
Regional banks were hammered following two of the largest bank collapses in US history, and trading became so volatile that many bank stocks had to be halted throughout the day, CNBC reported.
Despite the turmoil in the banks, a new report showing inflation rising, and predictions by analysts that the Fed will go through with rate hikes, stock futures rallied in a big way on Tuesday.
S&P 500 futures rose 59.57 points or +1.54%, while the Dow Jones industrial average skyrocketed 332.75 points or +1.05%, and the NASDAQ soared 210.12 points or +1.88 percent sign, Yahoo Finance reported.
In oil futures, WTI crude was down -1.99% and trading at $73.29 a barrel, while Brent crude was down -1.58% and trading at $79.49 a barrel as of 8:49 AM CDT.
On Monday, the 2-Year Treasury yield posted its largest three-day decline since the aftermath of a 1987 stock crash, moving down around 100 basis points since last Wednesday and was last trading on Monday at 4.005%, CNBC reported
On Tuesday, the 2-Year Treasury rebounded to yield at 4.349%, a gain of +0.319, while the benchmark 10-Year Treasury advanced +0.147 to yield at 3.666%, as of 9:47 AM a.m. EDT.
instability in the banking industry sent crypto soaring on Monday, with bitcoin surging 18% to over $24,200. The rally continued on Tuesday, with Bitcoin skyrocketing to $25,931.83, up 14.67% from Monday, while Ether climbed to $1742.01 and was up 8.35%, as other crypto coins were carried along in the jet stream, CoinDesk reported.
Concerns over US banking drove a rally in gold and silver prices, both of which are sharply up. Gold hit a five-week high, and silver reached a three-week high in midday trading on Monday. At the time of this writing, gold was at $1903.60, and silver was at $21.68, Kitco reported.
The consumer price index rose 0.4% in February and 6% year-over-year, the Labor Department reported on Tuesday. However, the rise in inflation was in line with Wall Street’s expectations as persistent inflation shows no sign of slowing. Stripping food and energy prices, core CPI increased 0.5% in February and 5.5% from a year ago, CNBC reported. The numbers signaled the probability that the Fed will raise benchmark interest rates a quarter percentage point next week.
Food prices rose 0.4% and 9.5% year-over-year, while shelter costs increased 0.8% and 8.1% annually. Used vehicle prices fell 2.8% in February and dropped 13.6% over the year.
Meta Platforms Inc announced it is winding down non-fungible tokens (NFTs) on its platforms, which includes Instagram and Facebook, amid a crypto market that continues to spiral. The move comes less than a year after Meta rolled out digital collectibles on its platforms, Yahoo Finance reported.
