Stocks Hit Record High as Fed Signals Rate Cuts; Oil Rebounds; Adobe Sinks on Sales Outlook; Activist Investor Targets Disney Board; Mortgage Rates Dip Under 7%
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US stocks rose after dovish signs from the Fed propelled the Dow to a new record high. Gauges are coming off fresh 2023 highs after the Fed signaled it's unlikely to hike rates further and could cut rates 3 times in 2023.
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Oil prices moved up over 4% to come off a 5-month low. West Texas Intermediate futures traded above $72 a barrel, while Brent crude rose above $77.
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Software maker Adobe sank 7% as its sales outlook indicated it will wait longer than expected for an AI boost.
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Activist hedge fund Trian plans to nominate founder Nelson Peltz and ex-Disney CFO Jay Rasulo to Disney's board. Rasulo worked with current CEO Bob Iger.
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Mortgage rates fell below 7% for the first time since August to 6.95%, thanks to inflation continuing to slow. Housing experts predict near-future rate cuts closer to 6%.