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    U.S. Stocks, Yields Gain; C3.ai, Salesforce Post Gains, Tesla and Snowflake Drop

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    U.S. stocks closed higher on Friday, shaking off some of their recent weakness, while Treasury yields pulled back from key levels. The Dow Jones Industrial Average, S&P 500, and the Nasdaq Composite all gained for the week, with the Nasdaq rising 2.6%, and the other two major indexes posting gains of more than 1%.[0]

    Boosting the market, C3.ai (AI) shot up 33.7% after earnings.[1] For the third quarter of its fiscal year, the enterprise AI software firm reported a loss of 6 cents per share, which was more favorable than expected, and revenue of $66.7 million, which was better-than-anticipated.[2] C3.ai stated that they anticipate positive revenue results for the current quarter.[2]

    Meanwhile, Treasury yields pulled back from highs touched over the last two sessions, with the 10-year Treasury yield (US10Y) down 11 basis points to 3.96%, and the 2-year yield (US2Y) down 4 basis points to 4.86%. On Friday, economic data revealed that the services sector had increased in February.[3]

    In other news, Tesla stock fell 5.9% after the electric vehicle maker unveiled its “Master Plan 3” at last night's Investor Day.[4] Elon Musk, the CEO of the company, reported that a number of projects were discussed, such as eliminating the use of fossil fuels partially by “increasing battery energy density” and making “all transportation go electric.”[4] Tesla is intent on “re-examining manufacturing,” which they think may result in a 30% gain in efficiency.[4]

    On the other hand, Snowflake tumbled 9% after its earnings report included a revenue outlook well below expectations.[5] Splunk decreased by 7%, while Veeva Systems rose by 7.7%.[6] Novavax plunged by up to 25% after voicing its concern about its capability of continuing operations until the following year, given its involvement in the production of a COVID-19 vaccine.[7] Shares of Salesforce Inc (CRM) surged by approximately 15% in pre-market trading after the company, an expert in cloud-based business software, posted positive results for its fourth quarter and delivered a robust sales outlook for the first quarter and fiscal year 2024.[5]

    Overall, stocks were able to fight back amid reports Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank could be in a position to pause tightening by mid- to late summer.[8]

    0. “Markets Jump on the Day and Week on Rate Optimism” Investopedia, 3 Mar. 2023, https://www.investopedia.com/markets-jump-on-the-day-and-week-on-rate-optimism-7197634

    1. “Stock Index Futures Move Higher As Dovish Fed Comments Boost Hopes Of Fed Pivot” Barchart, 3 Mar. 2023, https://www.barchart.com/story/news/14739365/stock-index-futures-move-higher-as-dovish-fed-comments-boost-hopes-of-fed-pivot

    2. “Stock Market Today: S&P 500 Snaps Weekly Losing Streak” Kiplinger's Personal Finance, 3 Mar. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-030323-sandp-500-snaps-weekly-losing-streak

    3. “Stock market news today: Stocks rise to start busy week” Yahoo Canada Finance, 6 Mar. 2023, https://ca.finance.yahoo.com/news/stock-market-news-live-updates-march-6-2023-123642397.html

    4. “Stock Market Today: Stocks Brush Off Disappointing Tesla Investor Day” Kiplinger's Personal Finance, 2 Mar. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-030223-stocks-brush-off-disappointing-tesla-investor-day

    5. “Stocks Mixed Before The Open As Bond Yields Tick Higher On Fed Concerns, ECB Minutes In Focus” Barchart, 2 Mar. 2023, https://www.barchart.com/story/news/14699726/stocks-mixed-before-the-open-as-bond-yields-tick-higher-on-fed-concerns-ecb-minutes-in-focus

    6. “Dow Jones Rises As 10-Year Yield Tops 4%; Tesla Plunges 8% On Disappointing Investor Day” Investor's Business Daily, 2 Mar. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-climb-ahead-of-jobless-claims-tesla-dives-on-disappointing-investor-day/

    7. “Stock market news today: Fears of high interest rates hit investors” Markets Insider, 1 Mar. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-investors-fear-high-interest-rates-fed-2023-3

    8. “Dow Jones Rallies As Tesla Dives, Leads ‘Race To The Bottom'; Warren Buffett Stock Craters” Investor's Business Daily, 2 Mar. 2023, https://www.investors.com/market-trend/stock-market-today/dow-jones-gains-tesla-stock-dives-leads-race-to-the-bottom-warren-buffett-stock-craters-elon-musk

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