Stock Market News: Inflation cools, Tesla shares jump, Nvidia tops $1 trillion
Inflation eased to 4% nearly half of its recent peak, Oracle earnings pleased investors, Apple shares hit an all-time high before facing a downgrade, Home Depot hosts its investor day. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
The consumer price index showed inflation rose by 4% in May, nearly half of what it was during its recent peak. This as the Federal Reserve kicks off its two day meeting Tuesday.
U.S. stocks saw a broad rally led by materials and industrials with 10 of the 11 large S&P sectors rising led by materials and industrials. The Nasdaq Composite got a hand from Nvidia, which closed at a record and Tesla, which logged its 13th straight week of gains.The Federal Reserve is expected to pause its rate hike cycle at Wednesday’s meeting.
The Fisher Building rises in the background on April 17, 2021, in Detroit. Michigan State University's $3.9 billion endowment fund has become the majority investor in Detroit's iconic Fisher Building, according to an announcement Tuesday, June 13, 2023. The fund is staking $21 million into the building and several other properties for a 79% ownership stake. (Max Ortiz/Detroit News via AP)
Michigan State University’s $3.9 billion endowment fund has become the majority investor in the Fisher Building, an iconic art deco style tower near downtown Detroit.
The school announced the deal Tuesday. The fund is investing $21 million in the building, two parking lots and a parking structure for a 79% ownership stake. The other owners are real estate developer and property manager The Platform and the MSU Federal Credit Union.
The 30-story Fisher Building is considered by many to be Detroit’s largest work of art for its marble exterior, three-story arcade with hand-painted barrel-vaulted ceiling, mosaics, and brass detailing. It is noted for the green terra cotta tiles on its tower that typically are illuminated gold at night.
It was designed in 1928 by architect Albert Kahn and is listed on the National Register of Historic Places.
In this Feb. 14, 2019, file photo people stand in the lobby for Amazon offices in New York. Amazon is kicking off its annual security-focused cloud computing conference on Tuesday amid a slowdown in its profitable cloud business Amazon Web Services, or AWS. (AP Photo/Mark Lennihan, File)
| Symbol | Price | Change | %Change |
|---|---|---|---|
| AMZN | $126.18 | -0.39 | -0.31 |
Amazon is kicking off its annual security-focused cloud computing conference on Tuesday amid a slowdown in its profitable cloud business Amazon Web Services, or AWS.
This year’s conference, held in Anaheim, California, comes as many businesses are looking to trim their expenses amid concerns about high inflation and fears a recession might be around the corner. Amazon executives have said businesses were being cautious about their spending and cutting back on AWS features they don’t need.
Despite the pullback, AWS is still expected to be a long-term revenue driver for Amazon. One analyst says companies need a place to store their data and a shared cloud model is preferable for many because it allows them to share resources.
The Federal Reserve is widely expected to pause on Wednesday after 10 straight rate hikes. However, the move will do little to ease sky-high borrowing costs for consumers.
This Jan. 27, 2020 photo shows the General Motors logo. General Motors and Samsung SDI have selected New Carlisle as the site of a new electric vehicle battery cell plant in Indiana. The companies announced in April the joint venture to build the more than $3 billion electric vehicle battery cell plant without specifying the location. The plant will create 1,700 manufacturing jobs, Governor Eric Holcomb said in a statement on Tuesday, June 13, 2023.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| GM | $37.33 | 0.66 | 1.79 |
General Motors and Samsung SDI have selected New Carlisle as the site of a new electric vehicle battery cell plant in Indiana.
The plant will create 1,700 manufacturing jobs, Governor Eric Holcomb said in a statement on Tuesday.
The project is GM’s fourth joint venture battery cell factory. It has announced three others with South Korea’s LG Energy Solution. A 900-worker factory near Warren, Ohio, is starting to build cells, while plants in Spring Hill, Tennessee, and Lansing, Michigan, are in the works.
The facility will have more than 30 GWh of capacity once finished. Construction on the new plant is expected to start within the next year, supporting more than 1,000 jobs during the build. The companies plan to start production in New Carlisle in 2026.
Paul McCartney and Nancy Shevell pose for photographers upon arrival for the premiere of the film 'If These Walls Could Sing' in London, Monday, Dec. 12, 2022. Artificial intelligence has been used to extract John Lennon's voice from an old demo to create “the last Beatles record,” Paul McCartney said Tuesday, June 13, 2023. McCartney, 80, told the BBC that the technology was used to separate the Beatles' voices from background sounds during the making of director Peter Jackson's 2021 documentary series, “The Beatles: Get Back." (Photo by Scott Garfitt/Invision/AP, File)
Paul McCartney says artificial intelligence has been used to extract John Lennon’s voice from an old demo to create “the last Beatles record," decades after the band broke up.
McCartney told the BBC on Tuesday that the technology was used to separate the Beatles’ voices from background sounds during the making of director Peter Jackson’s 2021 documentary series “The Beatles: Get Back.”
He said the new song is set to be released later this year. McCartney told BBC radio that Jackson was “able to extricate John’s voice from a ropey little bit of cassette and a piano." He said: “We were able to take John’s voice and get it pure through this AI so then we could mix the record."
Oracle CEO Larry Ellison: Reuters, Robert Galbraith photog.
Shares of Larry Ellison's Oracle touched a fresh record Tuesday after revenue of $13.8 billion and earnings of $1.67 per share beat expectations. Ellison hinted about the power of the AI business in terms of driving future growth.
"Oracle's Gen2 Cloud has quickly become the number 1 choice for running Generative AI workloads," said Oracle Chairman and CTO, Larry Ellison. "Why? Because Oracle has the highest performance, lowest cost GPU cluster technology in the world. NVIDIA themselves are using our clusters, including one with more than 4,000 GPUs, for their AI infrastructure. Our GPU clusters are built using the highest-bandwidth and lowest-latency RDMA network—and scale up to 32,000 GPUs. As a result, cutting edge companies doing LLM development such as Mosaic ML, Adept AI, Cohere plus 30 other AI development companies have recently signed contracts to purchase more than $2 billion of capacity in Oracle's Gen2 Cloud."
The major mall in San Francisco becomes the latest to pull the plug in the crime ridden city.
Target shares are just shy of a 52-week low and have lost over $15 billion in market cap since mid-May.
Live Coverage begins here