A number of stocks jumped in the afternoon session after the major indices rebounded, as Fed Chair Jerome Powell delivered dovish remarks at the much-awaited Jackson Hole symposium. Powell suggested that with inflation risks moderating and unemployment remaining low, the Federal Reserve might consider a shift in its monetary policy stance, including potential interest rate cuts. This outlook eased market concerns about prolonged high interest rates and their impact on economic growth. The prospect of lower borrowing costs bolstered investor confidence, particularly in sectors that have lagged, leading to a broad rally across the market.
Car repossessions rose in 2024 due to financial distress and potential interest rate cuts, with a 23% increase compared to last year. Lenders became more lenient during the pandemic, but higher rates have led to bigger car payments.
Shares of C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW) fell sharply during Thursday’s session after the company reported worse-than-expected fourth-quarter financial results.
Gainers WaveDancer, Inc. (NASDAQ: WAVD) shares climbed 86% to $0.5505. Tellenger, a subsidiary of Wavedancer, Inc., won a seven-year U.S. government contract.
