Stocks Tick Higher After Powell Tempers Rate Cut Hopes; Tesla Unveils Cybertruck But Shares Drop
• Stocks rose Friday after a strong month, as investors digested remarks from Fed Chair Powell warning against assuming rate hikes are over or cuts will come soon.
• The S&P 500, Dow, and Nasdaq all ticked higher despite Powell chilling hopes of an imminent rate cut.
• Tesla's long-awaited Cybertruck debuted, but shares fell 2% amid criticism of Musk and the truck's high base price.
• Pfizer stock dropped 6% after halting an obesity treatment study due to side effects. Bitcoin extended a rally nearing a 19-month high on optimism about a spot ETF.
• Stocks opened slightly lower Friday ahead of more remarks from Powell that could provide insight into Fed thinking on future policy moves.