NEW YORK — Stocks are rising Monday ahead of a busy week for central banks around the world that could dictate where interest rates go.
It's possible that the Fed could keep its main interest rate near its current level through this year, according to Joe Davis, Vanguard's chief global economist. The investment giant recently raised its baseline 2024 outlook for the U.S. economy to see no recession, but it also raised its forecast slightly for underlying inflation trends.
On Wall Street, Nvidia rose 2.6% as it kicked off its annual conference for developers. Analysts say the widespread expectation is for Nvidia to unveil its next generation artificial-intelligence architecture, along with the growing use cases for AI. On the losing end of Wall Street was Hertz Global Holdings, which skidded 7.5% to bring its loss for the year so far to 32.4%. Its chair and CEO, Stephen Scherr, will resign at the end of March. The company named Wayne “Gil” West as its CEO. He’s a former executive at Cruise, the self-driving car company, and at Delta Air Lines.
In the bond market, the yield on the 10-year Treasury was holding steady at 4.31%, where it was late Friday.