US Stock Market Mixed on Rising Treasury Yields, Alibaba and Lyft Stocks Surge
WHAT YOU SHOULD KNOW
- Bank stocks rose after First Citizens BancShares acquired Silicon Valley Bank parts
- Alibaba plans to split into six units, while Lyft founders step down from day-to-day management
- Federal Reserve’s May decision on interest rates and Michael Barr’s testimony on the collapse of Silicon Valley Bank and Signature Bank to be watched
US stock market experienced a mixed trend as the yields on Treasury bonds increased, leading to a decline in the shares of growth stocks and big tech companies. The Dow Jones Industrial Average increased by 0.1%, while the S&P 500 and NASDAQ Composite declined by 0.2% and 0.7%, respectively, as of 9:42 am ET.
The banking sector gained investor confidence following the acquisition of Silicon Valley Bank by First Citizens BancShares, which led to a rise in bank stocks and boosted the Dow. The market anticipates the Federal Reserve’s decision on interest rates in May.
Alibaba announced plans to split into six units, causing a 10% increase in its shares. LYFT’s co-founders announced their departure from day-to-day management, and the appointment of David Risher as the new CEO led to a 6% rise in its shares.
The crude oil market was mixed, with WTI Futures remaining flat, and Brent Oil Futures decreasing by 0.2%. Gold Futures experienced a 0.6% increase, reaching $1982.
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