Skip to content

Tech Logs Best Week in 2023 as Bank Stocks Tremble: Markets Wrap

  • First Republic sinks again, regional banking peers tumble
  • Nasdaq logs best week since November on rate-cut bets
Bloomberg business news
Fed Has to Pause in Wake of SVB, iCapital's Amoroso SaysSource: Bloomberg
Updated on

Technology stocks were the beneficiary of a tumultuous week for global markets as concern mounted that the turmoil rocking the banking sector will tip the global economy into recession.

The Nasdaq 100 rose 5.8% to notch its best week since November, despite a slump Friday, as investors snapped up old standby favorites in the tech sector, including Microsoft Corp. and Alphabet Inc., on bets the Federal Reserve would temper its tightening path.