Risk-on rally. US stocks advanced as risk appetite continued to recover from turmoil in the banking sector, led by gains in technology and financial shares. The tech-heavy Nasdaq 100 entered a bull market, rising 20% from a December low. The S&P 500 powered back above 4,000, with 92% of components ending higher. Pay up. The US Federal Deposit Insurance Corp., facing almost $23 billion in costs from recent bank failures, is considering steering a larger-than-usual portion of that burden to the nation's biggest banks, people familiar said. AI whisperers. A red-hot jobs market is mushrooming around ChatGPT with newly created roles paying upward of $335,000 a year. Degrees are optional for "prompt engineers" who coax the AI toward better results. But beware: Elon Musk and Apple co-founder Steve Wozniak joined more than 1,100 tech leaders calling for a six-month break on training AI, to develop shared safety protocols. Risk-free assets? Look deeper into the latest US banking crisis, and the cause may come as a surprise to anyone still thinking in terms of the crash of 2008. It wasn't dodgy loans to impecunious homebuyers that sank Silicon Valley Bank. It was a stash of what are thought to be the safest securities on Earth: US Treasuries. Read more in our Big Take. |
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