Fed hints at rate cuts despite wage growth; Stocks fluctuate after inflation and earnings news

Fed Chair Powell reiterated inflation is on a "bumpy" path down and rate cuts are likely at some point this year. Stocks reversed losses after an inflation gauge in the services sector fell to the lowest since March 2020.

Disney successfully defeated activist investor Nelson Peltz's attempt to secure board seats after a shareholder vote. Disney shares fell over 3% following the news.

The energy sector continues to lead the S&P 500 this year as oil prices stabilize. Strategists note the sector's relative performance points to further gains.

Wage growth accelerated in March according to ADP data, which could keep inflation elevated. This may make it trickier for the Fed to cut rates quickly.

Ford reported a nearly 7% jump in US auto sales last quarter, boosted by strong hybrid and electric vehicle demand. Shares rose over 2% on the news.