Markets Steady After Powell Signals Possible Rate Cuts; Inflation Concerns Linger as Oil and Gas Prices Climb
• Markets were little changed on Wednesday after Fed Chair Jerome Powell said he still expects interest rate cuts sometime this year.
• February Core PCE data cooled from January's spike, but two-month increase was fastest in a year, raising doubts on price-pressure easing.
• Oil prices have been steadily climbing, reflected in gas prices over $3.5 a gallon, which can feed into inflation expectations.
• Intel stock tumbled almost 9% after revealing a $7 billion operating loss in its foundry business in 2023.
• Tesla continued to weigh on Nasdaq after posting first year-on-year sales decline since pandemic, hit by Chinese competition and flagging EV demand.