The S&P 500 closed above 5,500 for the first time as the Fed Chair announced inflation progress. Tesla shares surged 10.2% despite a drop in deliveries.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeTraders work on the floor during morning trading at the New York Stock Exchange on March 06, 2024 in New York City.as Fed Chair Jerome Powell said the central bank had made progress on inflation.
. However, total deliveries still fell 4.8% year-over-year, though they rose 14.8% from the first quarter. The decline comes as Tesla faces increased competition, particularly in China, and an aging vehicle lineup. To stimulate sales, Tesla has offered various discounts and incentives, such as zero-interest loans for Model 3 and Model Y purchases in China." on inflation over the past year but said he wants to see more before being confident enough to start cutting interest rates.
"If consumers are not really stepping up, the automakers are going to face a very important decision. They're either going to have to layer in more discounts to move those units to keep their plants running, or they're going to have to take the difficult decision of reducing production, perhaps cutting shifts, which has a much bigger impact on the automakers and the economy."
Mohamed El-Erian, Allianz's chief economic advisor, told CNBC last week,"The household sector no longer has excessive savings or much debt capacity." He called for the "I see some warning signs the real economy is weakening. It started from a very hot level, it's weakened to something that's still quite strong," Goolsbee said in an interview with CNBC's Sara Eisen."But if you're going to be this restrictive for too long, you're going to have to start thinking about that real side of the economy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CNBC Daily Open: S&P 500 crosses 5,500 level before erasing gainsThe S&P 500 briefly passed the 5,500 mark for the first time before ending the session lower. The Nasdaq Composite dipped as Nvidia ran out of steam.
Read more »
CNBC Daily Open: S&P 500 crosses 5,500 level before erasing gainsThe S&P 500 briefly passed the 5,500 mark for the first time before ending the session lower. The Nasdaq Composite dipped as Nvidia ran out of steam.
Read more »
CNBC Daily Open: S&P 500 briefly crosses 5,500, closes lowerThe S&P 500 briefly passed the 5,500 mark for the first time before ending the session lower. The Nasdaq Composite dipped as Nvidia ran out of steam.
Read more »
CNBC Daily Open: S&P 500 briefly crosses 5,500, closes lowerThe S&P 500 briefly passed the 5,500 mark for the first time before ending the session lower. The Nasdaq Composite dipped as Nvidia ran out of steam.
Read more »
CNBC Daily Open: Nvidia rallies after sell-off, lifts S&P 500 and NasdaqThe S&P 500 and the Nasdaq Composite snapped a three-day slide as Nvidia rebounded from a sell-off.
Read more »
CNBC Daily Open: Nvidia rallies after sell-off, lifts S&P 500 and NasdaqThe S&P 500 and the Nasdaq Composite snapped a three-day slide as Nvidia rebounded from a sell-off.
Read more »