Stocks Become Firmer Amid Bank-Related Turmoil

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Global stocks have maintained a steady tone, bringing relief to investors that the banking sector may have turned a corner on recent turmoil, according to Reuters. The markets are showing positive signs to end the quarter, with the STOXX index of 600 leading companies in Europe up 0.8% to hit a two-week high. The relief rally on Wall Street on Wednesday lifted spirits among investors, underpinned by firmer US stock index futures on Thursday. The Nasdaq is up nearly 14% this year and heading for its best quarter in over two years.

Investors can now focus more on the economy, while Spanish inflation has fallen more than expected in March. The dollar and crude oil prices are stable, with calmer markets. As the dust settles on a volatile ride after the collapse of Silicon Valley Bank made people fear a broader banking crisis, those who can benefit appear to be some bonds and large tech companies. Investors are taking stock after a volatile quarter of big swings when it comes to the outlook for the inflation, economy, and interest rates.

Mike Hewson, who works at CMC Markets as a chief markets analyst, explained as Reuters quotes:

We are starting to see a little bit of stabilisation, there is a perception that somehow the banking crisis is behind us,

The next few days are going to be a key test of this stabilisation with month end, and quarter end, coming up when you have a lot of funds doing a tidy up, then suddenly it’s where do we go from here?

On the other hand, Walmart has recently terminated the contracts of numerous employees at five of its e-commerce fulfillment centers in the US, according to Reuters. This move was made in response to a reduction in evening and weekend shifts. Those affected by the layoffs will be given a 90-day period to find alternative employment at other locations, with Walmart continuing to pay them during this time frame.

Sawyer Alim
Sawyer is our team's tech specialist. He's constantly looking for new technologies to try them out and later present to our readers. Sawyer is just getting his start as a journalist, but has over 5 years experience at a tech company.