Main Points On Tuesday, February 7, after Fed Chair Jerome Powell observed that inflation was slowing down but cautioned that more rate rises could be necessary, American markets ended the day higher.
The Nasdaq rose 1.9% as a result of a robust response from tech firms, and the S&P 500 and Dow also finished the day higher.
The revelation that Microsoft (MSFT) will use ChatGPT’s artificial intelligence in its search engine caused the company’s stock to rise.
Following remarks from Fed Chair Jerome Powell signaling that inflation is lowering but that policymakers would boost interest rates more if indicators pointed to higher prices, U.S. stocks rose after swinging between gains and losses.
As the software behemoth revealed that its search engine will include technologies from the artificial intelligence (AI) chatbot ChatGPT, it drove the Dow higher. The largest search engine in China, Baidu (BIDU), announced that it will soon introduce a ChatGPT rival. ADRs, which are American depositary receipts, increased by 12%. After the aircraft manufacturer shed 2,000 white-collar employees, Boeing (BA) shares increased by more than 3%.
Shares of Oak Street Health (OSH) increased by roughly 30% when news broke that CVS Health (CVS) was close to buying the operator of primary care centers for $10.5 billion. Following the chipmaker’s quarterly announcement, numerous analysts increased their price targets, which caused shares of Skyworks Solutions to soar (SWKS).
DuPont’s (DD) earnings above expectations, which increased its stock price. Following their financial results, Take-Two Interactive (TTWO) and Activision Blizzard (ATVI) shares increased.
In response to the specialty pharma maker’s full-year expectations, Incyte Corporation (INCY) shares fell. Following Morgan Stanley’s initiation of coverage with a hold rating, shares of Molson Coors (TAP) fell. The Dow’s stock with the lowest performance was Verizon Communications (VZ).
Bed Bath & Beyond (BBBY) investors endured a terrible day as the home goods retailer’s shares lost nearly half of their value after it announced plans to raise more than $1 billion through the sale of preferred instruments and warrants.