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Stocks are kicking off March with an upbeat reaction to PCE data that showed inflation continued to cool — easing worries the Federal Reserve would get more reason to hold off from interest rate cuts. But further scrutiny has highlighted signs of "sticky" inflation that will be harder to shift.

Among big movers, Nvidia (NVDA), the tech company at the center of the AI excitement on Wall Street ended the day with a market cap exceeding $2 trillion for the first time. Meanwhile, shares in New York Community Bancorp (NYCB) tumbled 26% after the exit of its CEO, a $2.7 billion quarterly loss, and findings of "material weaknesses" in the bank's loan processes. Finally, Dell (DELL) shares rose 31% in the wake of a quarterly sales and profit beat fueled by AI prospects for its servers.

Developments at OpenAI caught the attention of investors tracking the sector. Elon Musk has sued the Microsoft-backed (MSFT) company and its CEO Sam Altman, among others, over a breach of contract. Also, the ChatGPT maker is reportedly set to name new board members in March to end an impasse linked to Altman's abrupt firing last year.

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