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March's Consumer Price Index (CPI) threw cold water on investors' hopes that the Fed would cut rates three times in 2024. Where inflation data from both core and non-core readings came in higher than expected, it suggested that the Fed may have trouble meeting its goal of bringing annual inflation down to 2%. As a result, stocks sold off and interest rate-sensitive real estate investment trusts (REITs) were hit hard. Dividend yields for many REITs have fallen to 0.5%.

Wall Street Brokers Start Covering Reddit, Skeptical of User Growth

J.P. Morgan and Morgan Stanley have begun rating Reddit with the equivalent of a "hold" as they await clarity on the social media company's user growth, while remaining bullish on ad revenue growth and artificial intelligence (AI) initiatives. Reddit shares were up 0.88% at $42.64 in pre-panel trading. Although Reddit, which debuted last month, still relies on advertising for the vast majority of its revenue, it touted artificial intelligence as a growth area in its IPO marketing pitch.
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