Wall Street Today | Fed Officials Warn They May Need to Lift Rates to a Higher Peak
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Fed Officials Warn They May Need to Lift Rates to a Higher Peak
Governor Christopher Waller said Thursday that if payroll and inflation data cool after hot prints in January, "then I would endorse raising the target range for the federal funds rate a couple more times, to a projected terminal rate between 5.1% and 5.4%."
Waller's speech followed comments by Atlanta Fed President Raphael Bostic, who told reporters that he still favored raising rates by 25 basis points in March but was open to lifting borrowing costs higher than he had envisioned if the economy remained so robust.
Yellen Discusses Need to Reduce 'Heat' in US Labor Market
Treasury Secretary Janet Yellen said that the labor market is currently tight, and the Fed probably needs to take some heat out of it. However, she remains confident that this can be done without adding to unemployment.
SECTORS
US Home Prices Fall From Year Ago in First Since 2012, Redfin Says
In the four weeks through Feb. 26, the median price for a typical home was $350,246, down 0.6% from the same period a year earlier, according to Redfin Corp.
COMPANY
Tesla Erases $50 Billion in Market Value as Its Investor Day Disappoints
Share of $Tesla (TSLA.US)$ tumbled as much as 8.3% to $186.01 in New York on Thursday, the biggest intraday plunge since Jan. 3.
The stock had rallied sharply over the past two months, as investors piled in ahead of the event that many expected may unveil the plans for a cheaper new electric car. Instead, the event was light on any specific details about the next vehicle.
C3.ai Stock Rockets After Earnings As Company Sees 'Dramatic Change' in Sentiment
Shares of $C3.ai (AI.US)$ were surging 18% in after-hours action Thursday after the software company, which deals in enterprise artificial intelligence, issued an upbeat forecast and cited a "dramatic change" in market sentiment.
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Costco Stock Drops 2% After Retailer's Holiday Sales Fall Short
Shares of $Costco (COST.US)$ dropped 2% in the extended session Thursday after the retail giant's holiday sales missed the mark even though an earlier-than-usual Lunar New Year boosted February revenue.
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Apple Blocks Update of ChatGPT-Powered App, as Concerns Grow Over AI's Potential Harm
$Apple (AAPL.US)$ has delayed the approval of an email-app update with AI-powered language tools over concerns that it could generate inappropriate content for children, according to communications Apple sent to the app maker. The software developer disagrees with Apple's decision.
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Broadcom Beats on Earnings and Gives Solid Guidance. The Stock Rises
Broadcom CEO Hock Tan says generative AI applications will boost demand for the company's networking chips. On Thursday, $Broadcom (AVGO.US)$ reported strong earnings and provided a revenue forecast for the April quarter that was above expectations. Its shares rose in after-hours trading.
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Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
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