General News

By Medha Singh

(Reuters) - Nvidia could soon surpass Apple to become the world's second-most valuable company, as the kingmaker behind the AI revolution takes on the iPhone maker that has ruled Wall Street for decades.

The reliance of virtually all artificial intelligence applications such as OpenAI's ChatGPT on Nvidia's high-end chips has helped the stock nearly triple in value over the past year to $2.72 trillion.

In... (continue reading...)

(Reuters) - U.S. equity funds saw outflows for the first time four weeks in the seven days ended May 29, hit by rising bond yields and uncertainty over the timing and extent of Federal Reserve interest rate cuts.

According to LSEG Lipper data, net outflows from U.S. equity funds totalled $7.6 billion. This came as the yield on the 10-year U.S. Treasury note reached a four-week high, following a survey that unexpectedly showed an improvement in consumer... (continue reading...)

(Reuters) - The Federal Reserve is more likely to deliver a long-awaited rate cut in September after a U.S. Commerce Department report showed inflation made a bit of progress toward the Fed's 2% goal last month and spending softened, traders expect.

After the data, traders priced in about a 53% chance of a rate cut in September, versus about 49% before the report. The report showed the core personal consumption expenditures price index, which the Fed... (continue reading...)

By Lindsay Dunsmuir

(Reuters) - U.S. inflation tracked sideways in April, a worrying sign for the Federal Reserve that suggests the elevated pace of price increases could last longer than expected and casts doubt on how soon the central bank will be able to cut interest rates.

The report from the Commerce Department on Friday also showed tepid consumer spending, a wrinkle that could help the Fed's inflation fight or cause jitters if the... (continue reading...)

Analysts at BMO Capital upped their price target for the S&P 500 in a note earlier this month, while this week, UBS did the same, with both now seeing the index reaching 5,600, representing Street highs.

BMO Capital told investors that the S&P 500 momentum is likely to persist. The firm acknowledged that it had previously underestimated the strength of the market momentum, particularly considering that investor expectations and Fed policy guidance have become... (continue reading...)