Stocks Rebound to New Highs After Losses, Though Rate Cut Hopes Fade
• Markets rallied on Wednesday, rebounding from a 3-day losing streak, with the S&P 500 notching its 21st record high this year • Fed official Waller said the central bank is in no rush to lower rates despite markets pricing in cuts, dampening investor enthusiasm • Important economic data coming out this week includes jobless claims, GDP, and inflation gauge Core PCE - trading expected to be volatile • Social media firm Reddit skyrocketed post-IPO but gave back gains as short interest surged • GameStop stock plunged after reporting sales drop, job cuts; analysts see company's finances as unsustainable