© Reuters.
By Liz Moyer
Investing.com — U.S. stocks were rising as investors tried to shake off the worst weekly performance this year.
As of 10:30 ET (15:30 GMT), it was up 334 points, or 1%, while it was up 1.1% and up 1.3%.
Stocks plunged on Friday after hotter-than-expected data in . Investors are worried that it will keep rates higher for longer if it doesn’t see evidence that successive interest rate hikes were doing their job to tame inflation.
While last week saw its third straight week of losses due to rate concerns, futures trading on Monday morning showed some signs that investors were more hopeful.
Most investors expect the Fed to continue raising rates at least a couple more times this year, starting with hikes of a quarter percentage point each in March and May. Policymakers want to push the final rate above 5.1%, which futures traders are betting will happen by late summer.
But the question is how long rates will stay high until the Fed starts cutting rates again. Officials have indicated in recent days that a pivot is not in the cards at least this year.
Shares of Tesla, Inc. (NASDAQ:) rose 5% after the electric vehicle maker said its Berlin factory was producing 4,000 electric vehicles a week, which is ahead of it. Tesla is scheduled to hold an investor day on Wednesday, when it is expected to unveil its next-generation ideas.
Warren Buffett’s conglomerate Berkshire Hathaway B (NYSE:) reported its highest-ever full-year operating profit, downplaying the currency effect and rising rates that reverberated.
Shares of Seagen Inc. (NASDAQ:) rose 12% after a report that the pharmaceutical giant Pfizer (NYSE:) was in talks to acquire it for around $30 billion.
Pacific Union Shares of Corporation (NYSE:) rose 9.9% after railroad chief executive Lance Fritz announced plans to resign this year under pressure from an activist shareholder.
Oil was falling. it was down 0.7% at $75.80 a barrel, while crude oil was down 0.7% at $82.27 a barrel. it rose 0.4% to $1,824.
