Happy Friday. Today marks Jerome Powell’s final day as Chair of the Federal Reserve, signaling the end of an era at the central bank.
Stock futures are declining this morning, although the major indexes gained yesterday and are on track to close the week positively.
Here are five key insights to kick off the trading day:
1. Back from Beijing
President Donald Trump has departed Beijing after two days of discussions with Chinese President Xi Jinping.
2. Warm welcome
Cerebras shares soared 68% in their Nasdaq debut yesterday, elevating the chipmaker’s market capitalization to approximately $95 billion. It was the U.S. technology sector’s largest IPO in years.
3. Round numbers
Wall Street had a remarkable day: The Dow Jones Industrial Average surpassed 50,000 for the first time, while the S&P 500 closed above 7,500 for the first time ever.
4. Going downhill
Automakers are slowing their expansion plans. As Michael Wayland reports, legacy car manufacturers are laying off workers as they grapple with rising AI adoption and technological shifts within the industry.
5. Bits of clarity
The Senate Banking Committee approved the Clarity Act on Thursday. Emily Wilkins highlights that this marks a significant victory for the cryptocurrency industry.
Source (CNBC)
