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Global Market Quick Take: Asia – March 23, 2023
U.S. equities reacted positively to the dovish rate hike at first but quickly pared gains as Treasury Secretary Yellen told the Senate in her testimony that she is not considering a “blanket” insurance on bank deposits. Her comments spooked a sharp decline in bank stocks, seeing the KBW Bank Index shed 4.7% and the SPDR S&P Regional Banking EFT tumble 5.7%. The S&P 500 declined across the board with all 11 sectors in the red and the benchmark index falling 1.7%. Nasdaq 100 dropped 1.4%. Advanced Micro Devices (AMD:xnas) and Nvidia (NVDA:xnas) bucked the decline and gained over 1% after Nvidia introduced new ... (full story)