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The S&P 500 flirted with a bull market as regional banks dominated the list of best-performing stocks in the index, driven by Zions Bancorporation (ZION) and Comerica Incorporated (CMA), with shares rising 4% and 6%, respectively. Shares of semiconductor companies including Advanced Micro Devices, Inc. (AMD) and Intel Corporation (INTC) climbed.
Investors are still digesting announcements from Apple’s (AAPL) Worldwide Developer Conference on Monday. The tech giant introduced its most ambitious hardware lineup in years, including a highly anticipated mixed reality headset, Apple Vision Pro. Shares slightly ticked down Tuesday, after losing hold of a record intraday high of around $185 a share on Monday to end lower.
Coinbase (COIN) stock sank nearly 20% before paring losses on Tuesday after the Securities and Exchange Commission sued the crypto exchange, alleging that it acted as an unregistered exchange and broker.
The news came a day after the SEC filed a separate lawsuit against Binance alleging violations of securities law, sending Bitcoin (BTC-USD) below $27,000, its lowest point in weeks.
Elsewhere, Australia’s central bank hiked its key interest rate by 25 basis points for the second time in a row. The Australian dollar jumped 0.68% after the surprise move.