The stock market shrugged off losses, with traders piling into some of the world's largest technology companies, which are seen as a kind of safe haven in times of stress and economic uncertainty by many on Wall Street.
Gains in megacaps such as Apple and Microsoft have pushed the Nasdaq 100 to the brink of a bull market after a nearly 20% surge from its December low. Following the banking turmoil that has roiled markets around the world and fueled recession fears, the cohort of cash-rich tech titans has outperformed this month. Banks remained under pressure even after Treasury Secretary Janet Yellen’s remarks that the US would be ready for any necessary additional deposit actions.
Shorter-dated Treasury yields fell once more, with swaps linked to policy meeting dates showing the central bank benchmark ending 2023 around three-quarters of a point lower than its new, post-decision level. Fed Chair Jerome Powell insisted on Wednesday that interest rate cuts are not his "base case."