Here are the most important news investors need to start their trading day:
1. Technological regression
2. Powell on the hill
Federal Reserve Chairman Jerome H. Powell testifies before a U.S. Senate Banking, Housing and Urban Affairs Committee hearing on the “Semiannual Monetary Policy Report to Congress” on Capitol Hill in Washington, March 7, 2023.
Kevin Lamarque | Reuters
Federal Reserve Chairman Jerome Powell will be on Capitol Hill today to begin two days of testimony authorized by Congress. Powell will appear before the House on Wednesday and the Senate on Thursday as markets look to glean more information about how the Fed plans to conduct monetary policy in the coming months. Investors expect the Fed to begin cutting interest rates in June and deliver a cut equivalent to 4 percentage points this year, according to futures market pricing from CME Group. Recently, Powell said it was too early to loosen monetary policy, and expressed satisfaction with price trends.
3. Instructions for playing
In this illustration, the CrowdStrike logo of a US cybersecurity technology company is seen on a smartphone and computer screen.
Pavlo Gonchar | Sopa Images | Missile | beautiful images
The crowd went on strike Shares jumped nearly 25% in premarket trading after the cybersecurity company Better-than-expected earnings report Tuesday and provided strong guidance for the quarter and full year ahead. The company reported GAAP net income for the past four quarters, and full-year revenue grew 36% year-over-year in the period ended January 31. Continuing its mergers and acquisitions activity, CrowdStrike also announced Tuesday that it will acquire Flow Security in a cash and stock transaction for an undisclosed price.
4. Fight back
Sam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on January 18, 2024.
Denis Balibouse | Reuters
OpenAI answered Tuesday ARRIVE Elon Musklawsuit by highlighting the clear hypocrisy of the company’s co-founder and early backer. OpenAI has published old emails showing Musk encouraging the company to raise at least $1 billion in funding and agreeing that the company should “start being less open” over time and “not share” its science. company to the public. Emails are the complete opposite Musk’s lawsuit against OpenAI and CEO Sam Altman alleging breach of contract and unfair competition. The lawsuit alleges that the inner workings of OpenAI’s GPT-4 AI model are “completely secret to OpenAI—and, on information and belief, Microsoft“and that the secrecy is for commercial purposes rather than safety. OpenAI said it intends to refute Musk’s claims.
5. Silent outlook
Shoppers walk into Nordstrom department store on March 3, 2023 in Austin, Texas.
Brandon Bell | beautiful images
Nordstrom Shares fell about 10% in premarket trading after the retailer reported Holiday quarter sales hit a record Tuesday but offered a gloomy outlook for next year. The company forecasts full-year revenue will range from a 2% decrease to a 1% increase compared to the previous year. As consumers become more price conscious as they face higher interest rates and inflation, the Seattle-based company reported lagging sales at off-price retailer Nordstrom Rack and have too much wrong inventory.
– CNBC’s Alex Harring, Hakyung Kim, Jeff Cox, Rohan Goswami, Hayden Field, Lora Kolodny and Melissa Repko contributed to this report.
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