Week InReview: March 24, 2023

Tech beats banks.

Asian equities face declines after a tech-driven rally on Wall Street failed to ease the malaise hanging over the banking sector. Stock futures pointed to declines in Hong Kong, while those for Japan were little changed. US traders piled into top tech companies to push the Nasdaq 100 close to the threshold of a bull market. But banking stocks missed out on the rally, with a gauge of US financial heavyweights sinking to the lowest since November 2020 — even after Treasury Secretary Janet Yellen told lawmakers the US would be prepared for further steps to protect deposits if needed. Short-dated Treasuries saw outsized moves for an 11th straight day.

Read entire Week InReview: March 24, 2023