Fed inflation gauge cools as economy grows briskly
The Fed's preferred inflation measure eased to 0.2 percent month over month in December, with annual headline prices up 2.6 percent and core inflation at 2.9 percent. Growth ran at 3.3 percent in Q4, consumer spending strong, while groceries were flat month to month. Fed Chair Powell's upcoming press conference will signal potential rate cuts.
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Norfolk Southern reports 33 percent QoQ profit drop amid East Palestine costs
Norfolk Southern posted a 33 percent drop in fourth quarter profit to 527 million dollars as cleanup costs from the East Palestine derailment weigh on earnings. Shipments rose 3 percent, but full-year revenue dipped 5 percent to 3.07 billion. The railroad expects cost cuts, faster trains, and 3 percent revenue growth in 2024 while continuing the ongoing cleanup and facing lawsuits.
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Tesla recalls nearly 200000 cars over backup camera issue
The recall covers 2023 Model Y S and X vehicles with Full Self-Driving computer 4.0 and software 2023.44.30 through 2023.44.30.6 or 2023.44.100. An unstable software update may hide the rear camera when in reverse, increasing crash risk. Tesla reports no known crashes or injuries and says a software fix is available online and letters will notify owners from March 22.
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Stocks close mixed as tech drags on winning week
U S stocks finish a mixed session with the S P 500 down 0 1 percent to 4890 97 while the Dow rises 60 30 to 38109 43 and the Nasdaq falls 55 13 to 15455 36 Stocks extend a winning week as inflation cools and consumer spending strengthens easing recession fears Intel slips 11 9 percent after cautious 2024 guidance KLA drops 6 6 percent on near term weakness and softer revenue outlook The market eyeing potential Fed rate cuts amid hopes of non inflationary growth reflected in December inflation and spending data.
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