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Snap beat Wall Street's expectations for quarterly revenue and user growth, as improvements to its advertising system delivered results faster than anticipated. In a letter to shareholders, Snap said its business was improving faster than it expected due to the upgrades of its ad system and higher demand for features that help brands drive sales or website clicks. https://yhoo.it/3JzTbBB

Tesla is facing another setback with its Autopilot software, a system that CEO Elon Musk is betting on to power his robotaxi future. The National Highway Traffic Safety Administration is opening an investigation following Tesla’s recall of virtually every vehicle equipped with the automaker’s Autopilot advanced driver assistance systems. https://yhoo.it/3wd1d0c

Four of the "Magnificent Seven" reported quarterly results this week, and two very distinct — but both important — futures of AI were laid out for investors. And the market welcomed both. Dive deeper in our most recent edition of Chart of the Week.

US stocks bounced back on Friday as Alphabet and Microsoft earnings revived hopes for a sustained Big Tech-led rally, even as a reading on the Federal Reserve's preferred inflation gauge showed price pressures remain sticky. The performance fired up confidence that earnings from the Magnificent Seven techs can lift the broader market out of the doldrums. https://yhoo.it/3xWeNpd

Meta stock fell more than 10% on Thursday after CEO Mark Zuckerberg revealed that the social media company is pouring more cash into its AI efforts, spooking investors. “We've historically seen a lot of volatility in our stock during this phase of our product playbook, where we're investing in scaling a new product but aren't yet monetizing it. We saw this with Reels, Stories, as Newsfeed transitioned to mobile, and more,” Zuckerberg said. https://yhoo.it/3wa2bu1

Intel announced its first quarter earnings results, beating analysts' expectations on the top and bottom lines. But the company's Q2 outlook fell short of Wall Street's estimates, sending the stock sliding. Intel is in the midst of transforming itself from a designer and manufacturer of its own chips to a manufacturer of chips for third-party clients. https://yhoo.it/3Wcqxhr

The latest reading of the Fed's preferred inflation showed prices increased more than Wall Street in March. The core Personal Consumption Expenditures (PCE) index rose 2.8% over the prior year in March. Through the first three months of the year core PCE rose at an annualized pace of 4.4%, a "concerning" trend, an economist said. https://yhoo.it/3QjvOQq

The latest reading of the Fed's preferred inflation showed prices increased more than Wall Street expected in March. The core Personal Consumption Expenditures (PCE) index, which strips out the cost of food and energy and is closely watched by the Federal Reserve, rose 2.8% over the prior year in March, above estimates for 2.7% and unchanged from the annual increase seen in February. Compared to the prior month, core PCE rose 0.3%, in line with Wall Street's expectations. Through the first three months of the year core PCE rose at an annualized pace of 4.4%, a "concerning" trend, per Nationwide senior economist Ben Ayers. “The hot inflation readings through March should write off any rate cuts in the first half of 2024,” Ayers wrote in a note on Friday. The reading comes as recent hot inflation reports have dampened investors' expectations for interest rate cuts by the Federal Reserve this year. Fed chair Jerome Powell has consistently reiterated that the Fed won't be cutting rates until it has "greater confidence" in inflation's decline. Read more: https://lnkd.in/eD3WnWRs #yahoofinance #finance #economy #money

Mortgage rates continued their climb past the 7% threshold this week, sidelining affordability-sensitive buyers in their wake. Rates surged past 7% last week for the first time this year, following a government report showing inflation remained hotter than expected. https://yhoo.it/4dhdS2D

Microsoft reported its fiscal third quarter earnings, beating analysts estimates on the top and bottom line “Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry," Microsoft CEO Satya Nadella said in a statement Shares of Microsoft jumped 5% after the announcement. https://yhoo.it/3QeEW8L