Fed Signals Rate Cuts Coming Despite 'Bumpy' Inflation; Disney Fends Off Activist in Shareholder Vote; Energy Sector Outperforms as Stocks Rebound
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Federal Reserve Chair Jerome Powell reiterated the Fed will likely cut interest rates this year as inflation follows a "bumpy" path down to 2%. Stocks reversed losses after positive inflation data.
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Disney defeated activist investor Nelson Peltz's attempt to secure board seats. Disney stock dipped over 3% following the shareholder vote.
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The energy sector continues to lead S&P 500 gains this year. Strategists note the sector's relative performance points to further near-term gains.
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Wage gains rose to 10% for job switchers in March, the highest since July 2023. This could make the Fed's path to rate cuts trickier if wage growth keeps inflation higher.
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Automaker Ford reported strong Q1 sales numbers, with overall sales up 6.8% year-over-year. The company saw especially robust growth in electric vehicle sales.