Fed rate outlook, Tesla shareholder vote on Musk pay deal - what's moving markets
Investing.com -- U.S. stock futures point to a mixed open on Wall Street, after the Federal Reserve signaled it expects to roll out fewer interest rate reductions in 2024 than it had expected earlier this year. Tesla gears up to reveal the results of a much-anticipated shareholder vote on Chief Executive Elon Musk's massive $56 billion compensation deal. Broadcom .
The statement came only hours after a cooler-than-projected reading of May's consumer price index , which had given lift to stocks and Treasury bonds. Speaking after the Fed's gathering, Chair Jerome Powell said that while the CPI number was"encouraging," many officials are choosing to take a more"conservative" approach to their inflation forecasts.
Shareholders are voting on Musk’s controversial pay package -- the largest in U.S. corporate history -- and the shift to Texas this week. The results are due to be unveiled at a meeting at Tesla's headquarters in Texas on Thursday. Musk’s pay deal was struck down by a Delaware judge earlier this year after a slew of lawsuits and complaints from shareholders.Broadcom upgraded its annual revenue guidance for its artificial intelligence-optimized chips, sending shares in the semiconductor group sharply higher in extended hours trading.
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