Wall Street rose after producer prices came in softer than expected, raising hopes of a rate cut.
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 subscriberose 1.7% and is now just less than 5% off its July record high. Meanwhile, the yield on the 10-yearas much as 10%. Narasimhan's departure is effective immediately, with Niccol taking over on Sept. 9.
Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. You may think your last work appraisal was harsh, but spare a thought for the CEOs of publicly traded companies. The market's reaction can be far more scathing.with Chipotle's top boss, Brian Niccol, sending the coffee chain's shares surging 24.5%. Shares had dropped 21% as of Monday since Narasimhan was appointed in March 2023.— who lacked restaurant experience — for several months.
Sarat Sethi, portfolio manager at Douglas C. Lane & Associates, told CNBC's "Squawk Box," "It's just confirming what we're seeing."It's confirming what the Fed needs to do, which is basically start cutting rates," Sethi said. "The big question is the Fed going to be cutting rates for the right reason, and hopefully it's more because inflation is coming down, not because our economy really needs more.
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