CNBC Daily Open: A Fed official’s comments gave markets the confidence to rally
Publishing timestamp: 2023-03-02 18:30:57
Summary
Markets overcame fears of higher rates to stage a last-minute rally on Thursday, despite headline inflation in the Eurozone rising more than anticipated. Tesla announced plans to reduce its use of silicon carbide transistors and rare earth metals in its new vehicles, causing shares of semiconductor firms to drop. U.S. Labor Department reported labor costs jumped 3.2% in fourth quarter, while weekly jobless claims fell by 2000. Atlanta Federal Reserve President Raphael Bostic said he's in favor of lower and slower rate hikes, which helped to turn around market sentiment. All major indexes are on track for a winning week.
Sentiment: MIXED
Keywords: inflation, tesla inc, world markets, jobs, wolfspeed inc, mp materials corp, federal reserve bank, business news, salesforce inc, markets, u.s. department of labor, technology, central banking,