Top Stories at Midday: Powell's Inflation Remarks; January US Hiring Falls; Palantir's Army Contract; CrowdStrike Rises on Fiscal Q4 Results; Meta Faces Scrutiny Over Scammers-January 2024-www.financetom.com

News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities

Top Stories at Midday: Powell's Inflation Remarks; January US Hiring Falls; Palantir's Army Contract; CrowdStrike Rises on Fiscal Q4 Results; Meta Faces Scrutiny Over Scammers

Mar 6, 2024 9:50 AM

12:19 PM EST, 03/06/2024 (MT Newswires) -- Wall Street's major market averages rose Wednesday afternoon as traders digested Federal Reserve Chair Jerome Powell's remarks on inflation and interest rates.

Powell said the Federal Open Market Committee would like to gain more confidence that inflation is slowing "sustainably" toward the goal before "carefully and thoughtfully" contemplating rate cuts, a luxury that the FOMC has due to the strength of the economy and the labor market.

The Bureau of Labor Statistics said US job openings fell to 8.863 million in January, below the 8.889 million openings reported in December. Hiring fell to 5.687 million from 5.787 million in December. The level of hiring is still below the number of job openings.

ADP's monthly measure of private payrolls showed a 140,000 increase in February, following an upwardly revised 111,000 jobs increase in January, and compared with an expected increase of 150,000.

Palantir Technologies ( PLTR ) shares rose 10% after the US Army awarded a subsidiary, Palantir USG, a $178.4 million contract to lead in the development of 10 ground station Targeting Intelligence Targeting Access Node prototypes and related technology.

CrowdStrike ( CRWD ) shares gained 12%, a day after the company reported fiscal Q4 results more than doubled from a year earlier, topping estimates.

Meta Platforms ( META ) faces scrutiny on the rise in Facebook and Instagram account takeovers by scammers and frauds with a bipartisan coalition of 41 attorneys general calling for a data security review, New York State Attorney General Letitia James said in a statement. Shares of the company rose 1.7%.

Dada Nexus ( DADA ) shares rose 29% after the company said that an independent review of certain "suspicious practices" accounting for certain revenue from its online advertising and marketing services in 2023 "is now substantially complete."

In other news, Republican presidential candidate Nikki Haley suspended her campaign for the White House. The former South Carolina governor acknowledged that Donald Trump is set to be the Republican nominee.

Price: 26.24, Change: +2.43, Percent Change: +10.21

Previous page： US Treasury Lowers Q3 Borrowing Estimate Next page： Redbook US Same-Store Sales Rise in Week Ended July 27

Comments

Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.

Show More Comments

Related Articles >

US Treasury Lowers Q3 Borrowing Estimate

Jul 29, 2024

03:12 PM EDT, 07/29/2024 (MT Newswires) -- The US Treasury said Monday that it expects to borrow $740 billion in Q3, a lower borrowing estimate than the $847 billion it announced in its previous statement on April 29. The reason for the decrease in the borrowing estimate was lower redemptions from the Federal Reserve and a higher start-of-the-quarter cash balance....

Redbook US Same-Store Sales Rise in Week Ended July 27

Jul 30, 2024

08:55 AM EDT, 07/30/2024 (MT Newswires) -- Redbook US same-store sales rose by 4.5% from a year earlier in the week ended July 27 after a 4.9% year-over-year increase in the previous week. Redbook noted sales slowed due to the heat wave in most parts of the country and due to the mid-July doldrums. Retailers are trying to clear summer...

Investors Rush Into Junk Corporate Bonds As Fed Rate Cut Speculation Goes Wild: High-Yield Credit ETF Sees Record Monthly Inflows

Jul 29, 2024

The riskiest segments of the corporate fixed income market are experiencing a massive influx of investor capital in recent weeks as traders bet the Federal Reserve will cut interest rates at its September meeting and continue with a swift rate-cut cycle. U.S. corporate bonds rated CCC or lower — which are at the bottom of the credit rating scale and...

Temasek Pours $30B Into US Amid Booming Economic Growth

Jul 30, 2024

In a recent move, Singapore’s state investor, Temasek, has declared its intention to pump as much as $30 billion into the U.S. market over the next five years. What Happened: Temasek’s investment strategy will primarily target sectors such as healthcare, financial services, and technology, Reuters reported on Tuesday. The U.S.’s leading position in the field of artificial intelligence (AI) has...