CPB - Hot Stocks: Banks rise on Fed's turn; another AFRM drop; GIS hits high; W sets low; VALN rallies on data

Pressure on tech stocks led to broad losses on Wall Street Thursday, with the Nasdaq falling about 2.5%. The prospect of higher interest rates, signaled by the Federal Reserve's recent hawkish turn, pointed to lower tech valuations on the way. However, elsewhere in the market, a rising rate environment pointed to improved earnings prospects. Among the obvious beneficiaries: banks. As a result, firms like Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) and PNC Financial (NYSE:PNC) all scored gains on Thursday. Elsewhere in the market, General Mills (NYSE:GIS) continued its recent advance to set a fresh 52-week high. Meanwhile, Valneva (NASDAQ:VALN) represented one of the day's standout gainers, boosted by positive clinical data for its COVID vaccine. On the downside, Affirm Holdings (NASDAQ:AFRM) suffered another sharp decline, weighed down by the possibility of increased regulatory scrutiny. The slide took the stock to a three-month low. At the same

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Hot Stocks: Banks rise on Fed's turn; another AFRM drop; GIS hits high; W sets low; VALN rallies on data