Posted 12/1/2023, 5:05:00 PM
Stocks Rebound on Powell Comments As Data Shows Slowing Economy
- Stock market reversed higher after Fed Chair Powell offered new thoughts on interest rate policy path
- Manufacturing activity contracted for 13th straight month, weakest since dot-com bubble
- Elastic soared 31% after strong earnings; Generative AI boosting its business
- Ulta Beauty surged 12% as earnings and revenue beat views; same-store sales topped expectations
- Alibaba downgraded by Morgan Stanley; Pfizer halted trials of weight loss drug over side effects