June S&P 500 futures (ESM23) are down -0.10%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.20% this morning after the Dow and S&P 500 closed in the green on Monday as a buyout deal for the failed Silicon Valley Bank calmed investor concerns about the banking sector, while a rise in U.S. Treasury yields weighed on the tech-heavy Nasdaq 100.
In Monday’s trading session, First Citizens BancShares (FCNCA) surged over +53% after it agreed to acquire the loans and deposits of collapsed Silicon Valley Bank, fueling a recovery in financial stocks. Also, First Republic Bank (FRC) climbed over +11% following a Bloomberg report that U.S. authorities were mulling an expansion of the emergency lending facility for banks. Meanwhile, energy stocks led sectoral gains as the prices of WTI crude oil rose over +5% on Kurdistan export halt and banking optimism. At the same time, the tech-heavy Nasdaq 100 underperformed as a jump in Treasury yields pressured rate-sensitive technology and other growth stocks.
