Stocks Retreat as Fed Rate Outlook Cools Rally; Oil Jumps 4% as Energy Shares Rise
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US stocks retreated after the Fed signaled it may cut rates 3 times in 2023, cooling investor optimism from the prior day's rally. The Dow was flat while the S&P 500 fell 0.1% and the Nasdaq dropped 0.5%.
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Oil prices jumped over 4% with West Texas Intermediate above $72/barrel. Energy shares moved up as other central banks kept rates steady, unlike Norway which surprisingly raised rates.
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Adobe shares sank 7% as its sales outlook indicated it will take longer than expected to benefit from new AI tools.
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JPMorgan analysts favored homebuilder stocks with exposure to new construction over repair/remodel names amid the rebound in housing.
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Trian nominated founder Nelson Peltz and ex-Disney CFO Jay Rasulo to Disney's board, heating up the proxy battle. Rasulo touted bringing financial and brands experience.