Good morning.Today is Friday, November 8th.I'm Reena Sherbel filling in for Julie Morgan.In today's top stories, Federal Reserve cuts risks to dual mandate imbalance.
Wendy's is getting help from Palantir's AI and Japan hits its highest levels in weeks. U.S.
stocks finished higher Thursday after the Federal Reserve cut its key interest rate, extending record highs logged after the Republican Party won back the White House and the U.S.Senate.
Earlier in the day, we saw initial jobless claims rise slightly less than expected in the past week.Nonfarm productivity also rose less than expected, while labor costs climbed more in Q3.
As widely expected, the Federal Open Market Committee cut its policy rate by 25 basis points, its second rate cut in a row.
With inflation still elevated, heading toward the Federal Reserve's 2% goal and the labor market easing from tight conditions a year ago, the FOMC said in its statement, quote, the committee is attentive to the risks to both sides of its dual mandate.
Risks to achieving its employment and inflation goals are roughly in balance, it said.
Seeking Alpha Investing Group leader of the winter warrior investor David Alton Clark said, I see the Fed staying the course and cutting another 25 basis points in December and then pausing as we enter 2025.
The FOMC will continue to reduce its holdings of Treasury securities, agency debt and agency mortgage backed securities.It said that means that tightening through its balance sheet actions is partly offsetting the lower interest rate.
Notable movers on Thursday include Lyft.Shares surged over 20 percent after beating expectations and raising its full-year guidance, driven by a record number of active riders and a 16 percent increase in gross bookings.Warner Bros.
Discovery stock surged over 16 percent after the media giant reported an unexpected profit in the third quarter, despite missing revenue expectations.
Semiconductor stocks were mostly higher on Thursday amid a slew of earnings in the sector, led in part by industry stalwart Qualcomm, which we discussed on Wall Street Lunch yesterday.
Meanwhile, arm holding shares declined by 6% after releasing mixed guidance for fiscal Q3 and keeping its fiscal 2025 outlook unchanged.
despite exceeding expectations in fiscal Q2, and Halliburton shares declined over 5% after the company reported Q3 results below expectations.
With the help of Palantir Technologies, Wendy's is using AI to make sure it never runs out of its signature Frosty milkshake.
By using the Palantir AI platform, customers can improve the scale and speed of inventory management by connecting different data sources into a single common operating picture.
It was put to the test this summer when Wendy's cut the price of its signature Frosty to $1.While the company did not provide data on how many were sold during that promotion, there were no limits on the number of Frosty's customers could order.
order.CEO Kirk Tanner on the company's Q3 earnings call praised AI's capability to increase labor efficiency and enhance margins.U.S.stock futures moved higher on Friday.The Dow and S&P were up 0.06 percent, while the Nasdaq at 0.05.
Asian markets are mixed, while Japan's leading economic indicators index increased to 109.4 in September from 106.9 the previous month.
China's down, reversing gains from earlier in the session as investors cautiously awaited announcements of additional stimulus from Beijing.Hong Kong is also down after seeing a rally in stocks, bonds and commodities in the U.S.
overnight after the Fed's expected rate cut.India's extending losses from the previous session amid declines in the oil and gas, realty, auto and banking sectors, while Australia reached an over two week high.
Thanks again for listening and have a great weekend.
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