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By Staff Reporters

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U.S. equities finished higher after whipsawing in the wake of comments from Federal Reserve Chair Powell. The Chairman spoke at the Economic Club in Washington D.C. today, saying that disinflation has begun, but interest rate increases would likely continue. The moves came as the markets were looking for more insight regarding monetary policy, but all-in-all Powell’s remarks appeared to offer little in the way of new information on the Fed’s path forward.

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And, the economic calendar was fairly light as data on the trade balance showed that the deficit widened at a slower pace than expected, while consumer credit expanded by a smaller-than-expected amount in December. Earnings data continued to heat up, as Take-Two Interactive missed forecasts and warned that net bookings will be lower in the near term. Dupont, on the other hand, bested earnings estimates, but provided some disappointing guidance, while Hertz beat EPS forecasts and posted revenues that were in line with estimates.

Treasury yields were also higher, and the U.S. dollar ticked lower, while crude oil and gold prices traded to the upside.

Asian stocks were mixed and markets in Europe diverged following a rate hike from the Reserve Bank of Australia, and as global sentiment remained choppy amid heightened tensions between the U.S. and China.

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A frenzy over investing opportunities in artificial intelligence continues to benefit Baidu BIDU +12.18% with shares in the Chinese tech giant rallying Tuesday after the company revealed concrete plans to launch a chatbot to rival the likes of popular ChatGPT. It is known as ERNIE-bot.

American depository receipts of Baidu (ticker: BIDU) jumped 15% in pre-market trading on Tuesday, bringing the 2023 gain for the shares above 20%. The stock’s latest jump higher comes as Baidu detailed plans to launch an artificial intelligence chatbot in the coming months, confirming media reports that had telegraphed the move.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Healthcare Finance, Information Technology, Investing | Tagged: Asian stocks, Baidu, BIDU, chatbot, ChatGPT, DuPont, EPS, equities, Equities up, Equity Treasury Yields Up, Ernie Bot, FOMC, Hertz, Powell, treasury yields up | 1 Comment »