Wall Street is rallying midday, as investors muse over a potential pause to the Federal Reserve's interest rate hikes amid the SVB Financial Group (SIVB) debacle. While bank stocks remain under pressure, the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) sport triple-digit leads, and the S&P 500 Index (SPX) is higher as well. Meanwhile, the Cboe Volatility Index (VIX) earlier surged to its highest level since October.

The questions surrounding the Federal Reserve's future interest rate moves have weighed on commodities for some time, and mining concern SPDR Gold Trust (GLD) has been no exception. The shares are seeing increased call interest today, with the 262,000 calls traded so far accounting for 12 times the average intraday volume. The top two most popular contracts are the May 200 and 185 calls. Last seen 2.3% higher to trade at $177.80, GLD is 4.5% higher in 2023.

Near the top of the Nasdaq today is Illumina, Inc. (Nasdaq: ILMN), last seen up 18.3% at $229.54. According to The Wall Street Journal, billionaire activist Carl Ichan is preparing a proxy fight at the biotech concern, arguing that the company cost shareholders roughly $50 billion via a risky acquisition. Year-over-year, Illumina stock is down nearly 25%.

With no end in sight for the volatility in the banking sector, PacWest Bancorp (Nasdaq: PACW) is trading near the bottom of the Nasdaq. The security is down 50.1% at $6.16 at last check, and earlier hit an all-time low of $5. Last week, PACW fell 55.3%, and the shares are now down more than 8% year-over-year.

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