A fresh bout of instability gripped the stock market amid a slide in chipmakers and as a pile of options expiring Friday threatened to trigger sudden price swings. Treasuries pared losses as Federal Reserve Governor Christopher Waller said rates could drop as early as July.
The S&P 500 bounced, following a decline triggered by a Wall Street Journal report saying the US may revoke waivers for allies with semiconductor plants in China. A closely watched gauge of chipmakers slipped almost 1%. Friday’s $6.5 trillion expiration of options known as “triple witching amplified the potential for equity volatility. Shorter-dated bonds outperformed, with two-year yields dropping three basis points to 3.91%. Oil fell.
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