Here are the most important news items that investors need to start their trading day:
1. Dow(n)
The Dow Jones Industrial Average snapped a three-day winning streak on Thursday. The 30-stock index fell more than 130 points on the back of hotter-than-expected inflation data, closing 0.35% lower on the day. The Dow is still up 0.47% on the week, though, on pace to reverse course after two weeks of losses. Other major indexes also fell Thursday: The Nasdaq Composite declined 0.3%, and the S&P 500 dipped 0.29%. Follow live market updates.
2. In charge
iStock Editorial | Getty Images
Morgan Stanley has named a head of firm-wide artificial intelligence. Jeff McMillan, who shepherded a project last year to introduce an AI solution for employees based on OpenAI’s GPT-4, will now coordinate AI implementation and governance across Morgan Stanley, CNBC’s Hugh Son reports. It’s the latest signal that Wall Street is thinking seriously — and cautiously — about the rise of artificial intelligence. JPMorgan and Goldman Sachs have each identified in-house AI leads.
3.Third time’s the charm
SpaceX’s next-generation Starship spacecraft, atop its powerful Super Heavy rocket, lifts off on its third launch from the company’s Boca Chica launchpad on an uncrewed test flight, near Brownsville, Texas, U.S. March 14, 2024.
Joe Skipper | Reuters
SpaceX’s towering Starship rocket completed several major milestones during its third test flight Thursday. The rocket, which had previously only flown for a total of about 11 minutes across two test flights, reached space and soared for roughly an hour. Starship fell short of its planned splashdown, breaking apart above the Indian Ocean, but the success marks a substantial step forward for Elon Musk’s space company as it works toward staggering launch capabilities.
4. Refund fraud
Packages travel on a conveyor during Cyber Monday at the Amazon’s fulfillment center in Robbinsville, New Jersey, U.S., November 27, 2023.
Mike Segar | Reuters
Retailers…
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