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NEW YORK (AP) — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve. The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%. Stocks got a boost as expectations built that Wednesday's inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week. Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they're correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It's hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. "The data have given the Fed the 'all clear' for next week, and today's inflation data keep a January cut in active discussion," according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week. The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street's biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy. Tesla jumped 5.9% to finish above $420 at $424.77. It's a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share. Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue. GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock. On the losing end of Wall Street, Dave & Buster's Entertainment tumbled 20.1% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader. Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn't do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it's seeking billions of dollars in damages from Kroger, whose stock rose 1%. A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants' merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition. After terminating the merger agreement with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock. Macy's slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue. All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89. In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 4.15% from 4.14%. In stock markets abroad, indexes rose across much of Europe and Asia. Hong Kong's Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. South Korea's Kospi rose 1%, up for a second straight day as it climbs back following last week's political turmoil where its president briefly declared martial law. ___ AP Writers Matt Ott and Zimo Zhong contributed. Get local news delivered to your inbox!
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Fox News Flash top headlines are here. Check out what's clicking on Foxnews.com. This story discusses suicide. If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255). A former OpenAI employee and whistleblower, Suchir Balaji, was recently found dead in his apartment in San Francisco, California . The San Francisco Office of the Chief Medical Examiner has identified Balaji, 26, as the deceased person, according to the San Jose Mercury News . The manner of death has been ruled suicide. The medical examiner said it had notified Balaji's family. LISA KUDROW BEGAN TO FEAR AI AFTER SEEING TOM HANKS MOVIE The OpenAI ChatGPT logo is seen on a mobile phone in this photo illustration on May 30, 2023, in Warsaw, Poland. (Jaap Arriens/NurPhoto via Getty Images) Balaji was found dead in his Buchanan Street apartment on November 26, a spokesperson for the San Francisco Police Department told the outlet. First responders were called to his home to perform a wellness check, and no evidence of foul play was found during the initial probe. "We are devastated to learn of this incredibly sad news today and our hearts go out to Suchir’s loved ones during this difficult time," a spokesperson for OpenAI told Fox News Digital. This comes after Balaji, an AI researcher , raised concerns about OpenAI breaking copyright law in an interview with The New York Times in October. A man is seen using the OpenAI ChatGPT artificial intelligence chat website in this illustration photo on July 18, 2023. (Jaap Arriens/NurPhoto via Getty Images) Balaji resigned from OpenAI after working there for nearly four years when he learned the technology would bring more harm than good to society, he told the newspaper, noting that his main concern was the way the company allegedly used copyright data, stating that he believed its practices were damaging to the internet. "I was at OpenAI for nearly 4 years and worked on ChatGPT for the last 1.5 of them," Balaji wrote in October on the social media platform X. "I initially didn't know much about copyright, fair use, etc. but became curious after seeing all the lawsuits filed against GenAI companies." WHAT IS ARTIFICIAL INTELLIGENCE (AI)? The OpenAI logo is arranged on a laptop in Beijing, China, on Friday, Feb. 24, 2023. (Bloomberg via Getty Images) CLICK HERE TO GET THE FOX NEWS APP "When I tried to understand the issue better, I eventually came to the conclusion that fair use seems like a pretty implausible defense for a lot of generative AI products, for the basic reason that they can create substitutes that compete with the data they’re trained on," his post continued. OpenAI and Microsoft are currently facing several lawsuits from media outlets who accuse OpenAI of breaking copyright law. Fox News Digital has reached out to the medical examiner and San Francisco Police . Fox News' Sarah Rumpf-Whitten contributed to this report.AP Business SummaryBrief at 3:32 p.m. EST
Musk’s efficiency commission is already overreaching
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