Federal Reserve Interest Rate Outlook
Riskified Ltd. on Earnings and Lower CPI Data, Dow Briefly Tops 40,000
Major Indices Performance
Major Indices Performance
The Dow Jones Industrial Average rose 0.9% and closed at about 39,908. The Nasdaq went up 1.4% and closed at about 16,742. The S&P 500 gained 1.2% and ended at about 5,308. The positive trend with the three major indices brings optimism to the market and the momentum may carry over to Friday.
Federal Reserve Interest Rate Outlook
The projections for the Federal Reserve’s interest rate cuts are between 4.75% and 5%, which is lower than the current rate of 5.25% to 5.5%. There is significant doubt that this change will take place earlier, so don't get your hopes to high.
Retail Caution
The U.S. Census Bureau reported that retail says have stayed stagnant in April which contrasts the 0.6% growth in March.
Federal Reserve's Caution
The Chair of the Federal Reserve, Jerome Powell, explained that additional data is needed before making policy changes. The CPI gives us a small amount of data, but policymakers will continue to keep an eye on inflation rates in the coming months.
Riskified Ltd. Earnings
Riskified Ltd. reported a strong first-quarter earnings report at 0.04 a share. Zacks Consensus Estimate was at 0.02 a share, which is significantly lower than the actual report. The software company saw a jump of 15.3%.