Top Stories at Midday: Powell's Inflation Remarks; January US Hiring Falls; Palantir's Army Contract; CrowdStrike Rises on Fiscal Q4 Results; Meta Faces Scrutiny Over Scammers-November 2024-www.financetom.com

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Top Stories at Midday: Powell's Inflation Remarks; January US Hiring Falls; Palantir's Army Contract; CrowdStrike Rises on Fiscal Q4 Results; Meta Faces Scrutiny Over Scammers

Mar 6, 2024 9:50 AM

12:19 PM EST, 03/06/2024 (MT Newswires) -- Wall Street's major market averages rose Wednesday afternoon as traders digested Federal Reserve Chair Jerome Powell's remarks on inflation and interest rates.

Powell said the Federal Open Market Committee would like to gain more confidence that inflation is slowing "sustainably" toward the goal before "carefully and thoughtfully" contemplating rate cuts, a luxury that the FOMC has due to the strength of the economy and the labor market.

The Bureau of Labor Statistics said US job openings fell to 8.863 million in January, below the 8.889 million openings reported in December. Hiring fell to 5.687 million from 5.787 million in December. The level of hiring is still below the number of job openings.

ADP's monthly measure of private payrolls showed a 140,000 increase in February, following an upwardly revised 111,000 jobs increase in January, and compared with an expected increase of 150,000.

Palantir Technologies ( PLTR ) shares rose 10% after the US Army awarded a subsidiary, Palantir USG, a $178.4 million contract to lead in the development of 10 ground station Targeting Intelligence Targeting Access Node prototypes and related technology.

CrowdStrike ( CRWD ) shares gained 12%, a day after the company reported fiscal Q4 results more than doubled from a year earlier, topping estimates.

Meta Platforms ( META ) faces scrutiny on the rise in Facebook and Instagram account takeovers by scammers and frauds with a bipartisan coalition of 41 attorneys general calling for a data security review, New York State Attorney General Letitia James said in a statement. Shares of the company rose 1.7%.

Dada Nexus ( DADA ) shares rose 29% after the company said that an independent review of certain "suspicious practices" accounting for certain revenue from its online advertising and marketing services in 2023 "is now substantially complete."

In other news, Republican presidential candidate Nikki Haley suspended her campaign for the White House. The former South Carolina governor acknowledged that Donald Trump is set to be the Republican nominee.

Price: 26.24, Change: +2.43, Percent Change: +10.21

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