The Federal Reserve kept rates unchanged at its March meeting but new forecasts confirmed plans for three 25-basis-point rate cuts this year, boosting Wall Street optimism.
Fed Chair Jerome Powell hinted that rate cuts will occur if the economy evolves as expected. He downplayed the unexpected inflation surges in January and February, pushing the market to anticipate a 72% chance of a rate cut by June.
The S&P 500, Nasdaq 100 and Dow Jones reached new all-time highs this past week, with the S&P 500 and Dow experiencing their best week since the year's start, and Nvidia marking its eleventh consecutive week of gains.
ARK investment’s predictions
ARK Investment Management forecasted five disruptive technologies — artificial intelligence, energy storage, robotics, multiomics and public blockchains — will collectively be worth $220 trillion by 2030. This valuation marks a significant surge from their current $19 trillion, underpinning an era of accelerated economic growth and productivity.
Reddit's IPO surge
Reddit shares skyrocketed by 62% on their trading debut, with the initial public offering (IPO) pushing the company's market cap to $10 billion. This significant rise reflects strong investor interest, including both institutional and retail investors, aiming to democratize the IPO process.
Apple's legal battle
Apple criticized a U.S. Department of Justice lawsuit as a threat to its core identity and innovation, asserting it jeopardizes its product essence and market competition. The lawsuit accused Apple of antitrust violations by limiting competitor access to iPhone features, marking the third such case in 14 years.
Musk advocates ketamine
Elon Musk defended his ketamine use for depression in an interview, arguing it boosts investor returns by enhancing his productivity. The discussion also touched on the impact of his drug use on Tesla and SpaceX's operations.
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Benzinga is a financial news and data company headquartered in Detroit.
