Hello readers,
Today, the Federal Reserve announced its projection of only one interest-rate cut this year, triggering a notable market response. Despite traders' expectations of two cuts, a cooler-than-expected inflation report and lower interest rates have positively impacted the market. The yield on benchmark ten-year Treasurys fell, and major indices such as the S&P 500 and Nasdaq Composite experienced gains. However, the Dow Jones Industrial Average showed a slight decline.
Notably, the hope for an artificial-intelligence revolution continues to drive the market, with lower interest rates contributing to growth stock multiples. Oracle and Nvidia were among the notable performers, with Oracle reporting a strong pipeline of future revenues led by AI training and Nvidia experiencing a rise in value.
In other news, TIAA is innovating to transform client experiences, while short sellers in real-estate lender Arbor Realty Trust are facing challenges due to the lender's actions to modify troubled mortgages, impacting their trade expectations.
China's export strength, tensions with the West, and the reshaping of global trade are also significant developments. Additionally, brief updates cover Apple's artificial intelligence discount, convenience store chain Casey’s General Stores' success, and Oracle's AI future.
Stay informed with today's markets news, including updates on long-run interest rates, oil surplus projections, and company valuations. Tomorrow brings an update to the producer counterpart to the consumer price index, the PPI, and earnings reports from Adobe.
Thank you for staying updated with us.
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