Powell hints at Fed rate out amid slowing job market
Federal Reserve Chair Jerome Powell signaled a shift toward weighing employment as well as inflation, suggesting rate cuts may come this year. He noted progress against inflation but warned delaying cuts could blunt growth and jobs, with July remarks hinting at an upcoming first cut and Basel II reforms under review.
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Wall Street hits all time highs on seventh straight rally
The S&P 500 cleared 5600 as the Nasdaq and Dow rose, led by Nvidia and Taiwan Semiconductor. AMD agreed to acquire Silo AI for 665 million, while Powell signaled no clear timing for rate cuts amid cooling inflation. Bond yields drift lower ahead of the CPI data.
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Silo AI
Intuit Lays Off 1800 As AI Focus Reshapes Firm
Intuit plans an AI driven reorganization cutting about 1800 jobs, roughly 10 percent of its workforce, with over 1000 laid off for not meeting expectations. Boise and Edmonton offices close, some staff to transfer. US layoff severance includes 16 weeks pay plus tenure based extra weeks and health coverage. Charges of 250 to 260 million expected in Q4. Shares drop to 626.29.
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CBS News President Ingrid Ciprian-Matthhews Resigns
Ingrid Ciprian-Matthhews resigns as CBS News president after less than a year, remaining as adviser through the presidential election. CBS parent Paramount Global plans to sell control to Skydance, with expected staff cuts. CNN announces about 100 layoffs and a shift to digital subscriptions and more video content to boost revenue.
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