- Bond yields fell as Wall Street traders took Jerome Powell's hawkish signals in stride. Stocks fluctuated in the final days of a quarter that saw a ferocious artificial-intelligence rally.
- Chipmakers fell, offsetting gains in other technology groups, with Nvidia falling on fears of a US tightening of chip-export restrictions. Tesla and Alphabet, the parent company of Google, both benefited. Swap market bets on further tightening barely moved after the Fed's chief downplayed the likelihood of a recession while hinting that officials could hike for two straight meetings if necessary.
- With the Fed set to release the results of its stress test on Wednesday, traders are taking a more cautious approach to the financial industry. While analysts do not expect any major negative surprises, a bank index fell. Several executives have recently tempered shareholder expectations regarding dividend increases and stock buybacks, which were previously a focus of investors.
