The 10-year Treasury yield fell 11 basis points to 3.42%.(pronounced Live 'by' Live) is a leading global all-in-one streaming artist-first platform delivering premium music and entertainment content and live-streams from the world's top artists, expertly curated streaming radio stations, podcasts, and original video and audio-on-demand content, as well as personalized merchandise. Brent crude, the international benchmark, climbed 1.6% at $76.53. Headquartered in Los Angeles, California, LiveXLive Media, Inc. West Texas Intermediate crude turned higher, rising 1.5% to $70.69 per barrel.Mark Mobius said he is "very, very skeptical" of investing in bank stocks.Nvidia stock could soar as the chipmaker's dominant position in AI is poised to reshape the tech industry, Bank of America said.The S&P 500 hasn't been this dependent on just two stocks since 1978 as Apple and Microsoft become havens.PacWest shares tumbled as the California-based bank borrowed cash following a 20% drop in deposits.Nobel economist Paul Krugman sounded the recession alarm as banking fears mount - but shrugged off fears of another financial crisis.Silicon Valley Bank's parent accused the FDIC of "improper actions" to block the firm from accessing $2 billion of its cash.Stocks were also under pressure as Treasury Secretary Janet Yellen said during a Senate committee hearing that regulators were not looking at providing "blanket" deposit insurance for the banking system, which has been shaken after the collapse of Silicon Valley Bank. "That's not our baseline expectation," he said. Policymakers in their statement stripped out reference to "ongoing increases" in interest rates, and its view on the terminal rate remained at 5.1%.īut stocks turned lower after Powell in answering questions during his press conference indicated expectations of rate cuts this year were off track. Major indexes initially pushed higher after the Federal Open Market Committee raised the fed funds rate by 25 basis points, in line with market expectations to bring the key rate to its highest level since 2007. US stocks swung lower Wednesday after Federal Reserve Chairman Jerome Powell tossed cold water on speculation that policymakers are set to deliver rate cuts this year.
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