Market Update: Financials Lead, Stocks Edge Lower, Crypto Falls.
TL;DR Summary
US stocks were mixed on Tuesday, with the S&P 500 and Nasdaq Composite slightly up, while the Dow Jones Industrial Average edged lower. Oil prices dropped after Saudi Arabia announced it would cut oil production by 1 million barrels a day. Regional bank shares rose, with an index of regional bank stocks up over 5%. The Cboe Volatility Index, or "fear gauge," hit its lowest level since June 2021, while yields on benchmark US government bonds rose slightly.
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