Microsoft's ChatGPT-4o integration, ethereum surge, retail earnings: Market Domination
On today's episode of Market Domination, Yahoo Finance Hosts Julie Hyman and Josh Lipton break down some of the trading day's biggest stories and the AI boom's impact on the market (^DJI,^GSPC, ^IXIC). Federal Reserve Governor Christopher Waller said he favors holding higher interest rates for longer, needing several months of favorable inflation data before pursuing rate cuts. Hennion & Walsh chief investment officer Kevin Mahn warns that this could be a slippery slope: "I think the Fed needs to be careful because if they keep rates too high for too long, they risk their own forecasted economic slowdown moving into a recessionary period." Microsoft's (MSFT) Build event kicked off with a series of announcements, like new plans to integrate OpenAI's ChatGPT-4o into its Azure AI Studio offering. This is the tech giant's latest artificial intelligence push to make it a key competitor as the AI race heats up. Ethereum (ETH-USD) prices are surging amid renewed optimism of the Securities and Exchange Commission (SEC) approving an ether ETF. Similar action in the crypto market was also seen in the lead-up to the SEC's decision on spot bitcoin ETFs at the start of 2024. Bitwise Asset Management CIO Matt Hougan expresses confidence, stating that the odds for a spot ether ETF approval are "up above 80% before the end of the year." On the retail front, Lowe's (LOW) and Macy's (M) both topped earnings expectations. However, shares of Lowe's are falling after the home improvement retailer saw a pullback among consumers in the do-it-yourself (DIY) segment, with sales in that category declining. Meanwhile, shares of Macy's are climbing after the company raised its full-year guidance amid weak consumer spending. This post was written by Melanie Riehl
