S&P 500 Off Lows as Banks Climb, Yield U-Turn Helps Tech Cut Losses

S&P 500 Off Lows as Banks Climb, Yield U-Turn Helps Tech Cut Losses

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By Yasin Ebrahim

Investing.com – The S&P 500 eased from session lows Monday as traders snapped up bank stocks following a dip a day earlier, while battered tech stocks pared some losses after rates retreated from 14-month highs.

The was 0.4% lower, but had been down nearly 1%, the fell 0.32%, or 106 points, the was down 0.26%, but had been down more than 1%.

With one eye on the earnings season which kicks off early April, and optimism that rising rate environment will boost bank stocks, investors took advantage of Monday's slump in major Wall Street banks.

Wells Fargo (NYSE:) was one of the biggest gainers after announcing that it "did not experience losses related to closing out our exposure” related to the $20 billion liquidation of Archegos Capital Management.

Goldman Sachs (NYSE:), Morgan Stanley (NYSE:) and Citigroup (NYSE:) were up around 1.5%.

Other Archegos-linked stocks also rebounded, with Discovery (NASDAQ:) and ViacomCBS (NASDAQ:) up sharply.

Tech stocks