People shop at a supermarket in New York City on December 14, 2022.
Yuki Iwamura | AFP | Getty Images
This report is from today’s international market newsletter CNBC Daily Open. The CNBC Daily Open provides investors with everything they need to know, no matter where they are. Like what you see?You can subscribe here.
NASDAQ hits new high
Wall Street ended on a high note Thursday as the tech-heavy Nasdaq Composite Index rose 0.9%, setting its first closing record since November 2021. The S&P 500 also rose 0.52%, hitting a new all-time high. The Dow Jones Industrial Average rose 0.12%. Bitcoin also topped $62,000, ending its best month since December 2020.
Microsoft’s AI chatbot for finance
Microsoft is rolling out Copilot, an artificial intelligence chatbot for people working in the financial industry. The tech giant said the new product will let you perform some common role-specific actions in Excel and Outlook. After testing the tool, Microsoft said its finance department realized time savings.
The market is unlikely to collapse
Bob Parker, a senior adviser at the International Capital Markets Association, an industry group, told CNBC there are signs of a bubble in company valuations and a concentration of investors in the technology sector. But he’s not too worried that the market is on the brink of collapse, given the big difference from past bubbles.
Dell soars higher than profits
Dell stock soared 15% after the company reported better-than-expected fourth-quarter results that showed strong demand for its artificial intelligence servers. Chief Financial Officer Yvonne McGill said the company would increase its annual dividend by 20% to $1.78 per share, calling it “a testament to our confidence in the business.”
[PRO] Europe’s “Super 7”
City chose “Super 7” The company says European stocks are similar to the Magnificent 7 in the U.S., but with lower valuations and more upside potential. “These individuals could be beneficiaries in a continued ‘shrinkage’ environment,” the bank’s strategists said.
Inflation was very high in January, which is not good for the overall economic situation.
Still, it was a relief for Wall Street that there was less bad news than expected.
The data showed that the Fed’s recommended inflation measure remained stubbornly above the central bank’s target.
Still, headline and core consumer spending price index numbers rose in line with Wall Street consensus. The lack of unexpected upside dampened investor jitters and could explain the stock market’s muted reaction to the news.
Mark Zandi, chief economist at Moody’s Analytics, said: “The core PCE deflator rose as planned in January, at a strong 0.42%. However, the increase was driven by problematic seasonal factors. It was brought to us.” Posted in X.
“Excluding measurement issues, underlying inflation appears to be close to 2.5% annually, well within reach of the Fed’s 2% target, and everything points to a moderate continuation of inflation. It’s time to start.”
However, the strength in core prices reflects lingering price pressures, so this is not welcome news for the Fed. The big question is what the latest findings mean for the central bank’s plans to cut interest rates later this year.
Atlanta Fed President Rafael Bostic said recent statistics show the central bank’s path to achieving its inflation target will be “tough.”
“They’re coming up higher than people expected, but if you look out over the long arc, the line is still going down,” he said Thursday. “That’s an important thing to keep in mind.”
This means February’s inflation data will come under scrutiny as Fed officials look for further evidence of whether January’s attention was temporary.
—CNBC’s Jeff Cox contributed to this article.
