Stocks advance with banks as U.S. futures drift
BNN Bloomberg
Stocks rose as concern over broader contagion from the banking turmoil eased. U.S. futures drifted and the dollar traded lower.
Banks and commodity stocks led gains in European equities. Contracts on the S&P 500 were little changed, while those on the Nasdaq 100 fell. First Republic Bank climbed in premarket trading, set to extend Monday's 12 per cent advance. Asian shares also rose, with financial firms among the best performers as traders caught up with gains on Wall Street
Traders have been cautiously inching toward a risk-on posture as jitters in the banking sector subside. In focus this week will be speeches by several Federal Reserve officials, and a slew of U.S. data, including a report on the Fed's preferred measure of inflation.
The US 2-year Treasury yield rose further after surging above 4 per cent on Monday. A gauge of dollar strength fell for a second day.
