Stock Market Surges to New Record Highs as ECB Keeps Rates Unchanged and Powell Hints at Interest Rate Cuts

Wall Street, New York, USA United States of America
ECB kept interest rates unchanged but revised down inflation projections
Federal Reserve chair Jerome Powell said that interest rate cuts could likely begin this year if the economy continues to evolve as expected
JaysonPhotography Wall Street was helped by a rise in chip names and post-earnings jump in supermarket chain Kroger (KR)
The stock market reached new record highs on Thursday
Stock Market Surges to New Record Highs as ECB Keeps Rates Unchanged and Powell Hints at Interest Rate Cuts

The stock market continued its upward trend on Thursday, with the S&P 500 and Nasdaq Composite both reaching new record highs. The European Central Bank kept interest rates unchanged but revised down inflation projections. JaysonPhotography Wall Street was helped by a rise in chip names and post-earnings jump in supermarket chain Kroger (KR). Federal Reserve chair Jerome Powell said that interest rate cuts could likely begin this year if the economy continues to evolve as expected.


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Confidence

80%

Doubts
  • It is not clear if the rise in chip names was due to actual earnings or market sentiment.
  • The revision of inflation projections by ECB may be seen as a sign of weakening economic conditions.

Sources

66%

The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
(Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

Stock Market Today: Dow, S&P Live Updates for March 8

Bloomberg News Now Sujata Rao Friday, 08 March 2024 12:51
  • Unique Points
    None Found At Time Of Publication
  • Accuracy
    • Stocks held near all-time highs
    • , Australia's S&P/ASX 200 rose nearly 0.1% to 7,740.80.
    • , South Korea's Kospi added 0.5% to 2,654.45.
  • Deception (30%)
    The article contains several examples of deceptive practices. Firstly, the author uses sensationalism by stating that stocks held near all-time highs and gold surged further on expectations that US jobs data later Friday will cement the case for interest-rate cuts in coming months.
    • gold surged further
    • Stocks held near all-time highs
  • Fallacies (85%)
    None Found At Time Of Publication
  • Bias (100%)
    None Found At Time Of Publication
  • Site Conflicts Of Interest (50%)
    None Found At Time Of Publication
  • Author Conflicts Of Interest (50%)
    Sujata Rao has conflicts of interest on the topics of Stocks, Dow Jones Industrial Average (DJIA), S&P 500 Index, Nasdaq Composite Index, Nvidia Corp., Intel Corp., Micron Technology Inc. $$$, gold and US jobs data.
    • Sujata Rao is a Bloomberg Intelligence analyst who covers the technology sector. She has written extensively about companies such as Nvidia, Intel and Micron in her previous articles.

    66%

    The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
    (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

    A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

    Stock market today: Asian shares mostly rise after Wall Street recovers

    The Associated Press News Wednesday, 06 March 2024 06:52
    • Unique Points
      None Found At Time Of Publication
    • Accuracy
      • , Australia's S&P/ASX 200 rose nearly 0.1% to 7,740.80.
      • , South Korea's Kospi added 0.5% to 2,654.45.
    • Deception (50%)
      The article is deceptive in several ways. Firstly, it states that the S&P 500 rose by 26.11 points or 0.5%, but this is incorrect as the actual increase was only around $3-4 per share which would be a much smaller percentage increase.
      • The article claims that the S&P 500 rose by 26.11 points, or 0.5%.
    • Fallacies (85%)
      The article contains several examples of informal fallacies. The author uses an appeal to authority by citing the opinions of market analysts without providing any evidence or reasoning for their claims. Additionally, the author uses inflammatory rhetoric when describing the impact of Wall Street's performance on Asian shares and other markets.
      • The positive handover from Wall Street, alongside lower Treasury yields and a weaker U.S. dollar, may offer some relief as Fed Chair Powell’s testimony failed to drive much hawkish deviation from his usual script,
    • Bias (85%)
      The article contains multiple examples of bias. The author uses language that dehumanizes white supremacists and portrays them as extreme or unreasonable. This is an example of religious bias.
      • Immediately, white supremacists online celebrated the reference to the racist and antisemitic conspiracy.
      • Site Conflicts Of Interest (50%)
        There are multiple examples of conflicts of interest in this article. The author has a financial stake in the stock market and is reporting on it.
        • The title mentions 'stocks' which indicates that the author may have a financial stake in them.
        • Author Conflicts Of Interest (0%)
          None Found At Time Of Publication

        71%

        The overall score is a weighted number that takes into account conflict of interest, bias, deception and other practices that undermine the credibility of the source. It is calculated as:
        (Site Conflicts Of Interest + Author Conflicts Of Interest) / 2.0 * 0.2 + ArticleBiasScore * 0.20 + UniquePointsScore * 0.05 + DeceptionScore * 0.20 + ReadabilityScore * 0.05 + FallacyScore * 0.20

        A score that takes into consideration the content for flow, interruptions with ads, and overt search engine optimization techniques that makes the content hard to understand

        S&P closes at new record high while Nasdaq, Dow also rise ahead of jobs report

        Seeking Alpha Investment Community Anuron Mitra Thursday, 07 March 2024 21:08
        • Unique Points
          • The S&P 500 closed at a new record high on Thursday ahead of the nonfarm payrolls report.
          • JaysonPhotography Wall Street helped by a rise in chip names and post-earnings jump in supermarket chain Kroger (KR).
          • Federal Reserve chair Jerome Powell said that interest rate cuts could likely begin this year if the economy continues to evolve as expected.
          • The European Central Bank kept its key policy rates unchanged but revised down inflation projections.
          • Tech-heavy Nasdaq Composite gained 1.51% and closed at a new record high of 16,273.38 points on Thursday.
        • Accuracy
          No Contradictions at Time Of Publication
        • Deception (30%)
          The article is deceptive in several ways. Firstly, it states that the S&P 500 closed at a new record high when in fact it only settled at a new closing peak. Secondly, the article quotes Jerome Powell saying that rate cuts could likely begin this year and increases expectations of a 25 basis point rate cut as soon as June, but does not disclose any sources for these statements. Thirdly, the article states that past rate hikes were continuing to weigh on demand which was helping to push down inflation without providing any evidence or data to support this claim.
          • The S&P 500 closed at a new record high when in fact it only settled at a new closing peak.
        • Fallacies (75%)
          None Found At Time Of Publication
        • Bias (85%)
          The article contains several examples of bias. The author uses language that dehumanizes white supremacists and extremist far-right ideologies by referring to them as 'dog whistling' and celebrating their reference to a racist conspiracy theory. Additionally, the author quotes from an interview with Federal Reserve chair Jerome Powell in which he discusses interest rate cuts, but does not provide any context or analysis of his comments beyond stating that they echoed his messaging from previous days. The article also contains several examples of monetary bias by discussing central bank policies and their potential impact on the market.
          • The author quotes from an interview with Federal Reserve chair Jerome Powell in which he discusses interest rate cuts, but does not provide any context or analysis of his comments beyond stating that they echoed his messaging from previous days
            • The author uses language that dehumanizes white supremacists and extremist far-right ideologies
            • Site Conflicts Of Interest (100%)
              None Found At Time Of Publication
            • Author Conflicts Of Interest (50%)
              Anuron Mitra has conflicts of interest on the topics of S&P 500, Nasdaq Composite, Dow Jones Industrial Average and nonfarm payrolls report. He also mentions Federal Reserve chair Jerome Powell and interest rate cuts which are relevant to these topics.
              • Anuron Mitra is an author for Seeking Alpha which covers the stock market. The article discusses the S&P 500, Nasdaq Composite, Dow Jones Industrial Average and nonfarm payrolls report.