CNBC Daily Open: Wall Street hits record, 'Thee rate cuts'
Publishing timestamp: 2024-05-16 02:24:03
Summary
Wall Street hits record high as S&P 500 and Nasdaq reach new highs after lower than expected inflation data. Meme stock rally fizzles as GameStop and AMC slump. Warren Buffett's Berkshire Hathaway reveals $6.7 billion stake in Chubb. Asia-Pacific markets rise, with Hong Kong's Hang Seng and Japan's Nikkei 225 index up. Analysts at Morgan Stanley pick U.S. stocks that could benefit from U.S.-China trade tensions. Market sentiment suggests increased probability of Fed rate cut in September, but some experts predict three rate cuts starting in July. Fed Chair Jerome Powell emphasizes need for patience.
Sentiment: MIXED
Keywords: consumer prices, alphabet inc, world markets, stoxx 600, prices, breaking news: markets, business news, inflation, united states, markets,
Source: https://www.cnbc.com/2024/05/16/cnbc-daily-open-wall-street-hits-record-thee-rate-cuts.html