Stock futures rise slightly after Dow, S&P 500 snap four-day win streaks: Live updates

Federal Reserve Bank of Cleveland President Loretta Mester said in a speech in New York that the central bank will need to raise rates further to tame inflation.

“Precisely how much higher the federal funds rate will need to go from here and for how long policy will need to remain restrictive will depend on how much inflation and inflation expectations are moving down,” said Mester, adding that it will “depend on how much demand is slowing, supply challenges are being resolved, and price pressures are easing.”

The central bank in its March meeting raised the benchmark interest rate by 25 basis points, raising the federal funds rate to a target range between 4.75%-5%.

Mester is not a voting member on the Federal Reserve’s 2023 committee but an alternate member.

“In my modal projection, to put inflation on a sustained downward trajectory to 2 percent and to keep inflation expectations anchored, monetary policy moves somewhat further into restrictive territory this year, with the fed funds rate moving above 5 percent and the real fed funds rate staying in positive territory for some time,” she said.

Her comments came despite job openings tumbling below 10 million in February for the first time in nearly two years, a sign the Fed’s effort to slow the labor market may be having some impact.

– Jihye Lee

New Zealand’s central bank has raised rates by 50 basis points, bringing the benchmark interest rate to 5.25% and higher than economists’ expectations of a 25 basis points hike.

The latest move brings the interest rate to the highest level since October 2008.

This follows the previous hike of 50 basis points, which saw the interest rate move from 4.25% to 4.75% in February.

The New Zealand dollar strengthened 0.59% to trade at 0.6351 against the U.S. dollar.

Netflix and Disney are two of the biggest players in the streaming space, but one stock is a clear favorite among analysts.

Pro subscribers can read more here.

— Zavier Ong

C3.ai shares closed down by 26.34% on Tuesday after short seller Kerrisdale Capital alleged “serious accounting and disclosure issues” in a letter sent to the enterprise artificial intelligence software firm’s auditor Deloitte & Touche.

Kerrisdale Capital’s chief investment officer Sahm Adrangi said C3.ai’s valuation profit is “ridiculously overvalued,” during a Tuesday appearance on CNBC’s “Closing Bell: Overtime.”

A C3.ai spokesperson responded to the letter in a statement to CNBC, saying “The Kerrisdale Letter appears to be a highly creative and transparent attempt by a self-acclaimed short seller to short the stock, publish an inflammatory letter to move the stock price downward, then cover the short and pocket the profits.”

On Wednesday, traders are expecting the latest ADP private payrolls report before the bell. Economists polled by Dow Jones are expecting a rise of 210,000 jobs in March, down from an increase of 242,000 in the previous month.

— Sarah Min

— Annika Kim Constantino, Sarah Min

U.S. stock futures rise slightly on Tuesday night after the major averages slid during the regular session.

Dow Jones Industrial Average futures rose by 47 points, or 0.14%. S&P 500 and Nasdaq 100 futures climbed 0.11% and 0.07%, respectively.

— Sarah Min