On December 14, 2022, an individual was buying in a grocery store in New York Metropolis.
Yuki Iwamura | AFP | Getty Photos
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What you could know right now
Nasdaq hits new excessive
Wall Avenue closes Thursday As a technology-heavy high-profile Nasdaq Index It set its first closing record since November 2021, rising 0.9%.this S&P 500 Index It also jumped to an all-time closing record, up 0.52%.this Dow Jones Industrial Average It rose slightly by 0.12%. Bitcoin It also topped $62,000, marking its best month since December 2020.
Microsoft’s financial artificial intelligence chatbot
Microsoft The Copilot artificial intelligence chatbot is being rolled out for financial workers. The tech giant said the new product can perform some common role-specific operations in Excel and Outlook. After testing the tool, Microsoft said its finance department saved time.
The market is unlikely to explode
Bob Parker, senior adviser at trade body International Capital Markets Association, told CNBC that company valuations are frothy and investors are concentrated in the technology sector. But given the significant differences from previous bubbles, he’s not too worried that the market is on the verge of bursting.
Dell shares soar on earnings growth
Dell The company’s shares soared 15% after reporting fourth-quarter results that beat expectations and showed strong demand for its artificial intelligence servers. Chief Financial Officer Yvonne McGill said the company was raising its annual dividend 20% to $1.78 a share, which she called “a testament to our confidence in the business.”
[PRO] Europe’s “Super Seven”
Citi selects “Super 7” European stocks are said to be similar to the “Magnificent 7” U.S. technology stocks, but with lower valuations and therefore greater room for upside. “These are likely to be beneficiaries of a continued ‘tightening’ environment,” the bank’s strategists noted.
bottom line
January’s Increased inflation is detrimental to the overall economic situation.
But Wall Street was relieved that there was no worse news than expected.
Data shows the Fed’s preferred inflation gauge has consistently been above the central bank’s target.
Still, the overall data and the rise in the core PCE price index were in line with Wall Street consensus. The lack of unexpected gains eased investor nerves and explained the stock market’s lukewarm reaction to the news.
Mark Zandi, chief economist at Moody’s Analytics, said: “The core personal consumption expenditures deflator increased in line with expectations at 0.42% in January. However, this increase was affected by seasonal issues.” Posted on X.
“Wanting on the measurement points, underlying inflation seems to be near 2.5% annualized. It is nowhere close to the Fed’s 2% goal. All the things factors to inflation persevering with to gradual. It is time for the Fed to begin slicing rates of interest.”
Robust core costs will not be welcome information to the Fed, nevertheless, as they mirror lingering worth pressures. The large query stays what the newest information means for the central financial institution’s plans to chop rates of interest later this 12 months.
Atlanta Fed President Raphael Bostic famous that latest information confirmed the central financial institution’s path again to its inflation goal can be “bumpy.”
“They’re performing greater than folks hoped, however for those who have a look at the lengthy arc, the road remains to be coming down,” he mentioned Thursday. “That’s an vital factor to recollect.”
Meaning February’s inflation information shall be intently watched as Fed officers search for extra proof as as to whether January’s sizzling studying was only a one-off.
—CNBC’s Jeff Cox contributed to this text.