Stocks sink; Treasury yields, dollar fall; Fed, debt ceiling in focus

Meanwhile regional US banks posted massive declines, dragging the S&P 500 bank index down 3.2% after the failure over the weekend of First Republic and the agreed sale of its assets to JPMorgan Chase.steep deposit outflows

“Couple that with the Fed’s rate decision tomorrow and you’ve elevated levels of anxiety in financials spilling over the market in general…the debt ceiling limit is part of an elevated anxiety,” James said. In currencies, the dollar index, which measures the greenback against a basket of major currencies, fell 0.245%, with the euro up 0.25% to $1.1002.

US Treasury investors strengthened bets that the Federal Reserve will reverse its interest rate-hiking course sooner than expected, amid a wide sell-off in regional bank stocks and signs that government funds will run short by June.

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