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Alphabet's (GOOGL) Google is set to host its annual developer conference on Tuesday, with investors likely to be watching for any updates related to artificial intelligence (AI).

At the 2023 Google I/O conference, AI took center stage with the company highlighting its AI chatbot, Bard, which has since been rebranded as Gemini. The company also announced AI integrations into its existing products and services like maps along with photo editing tools it worked on with Adobe (ADBE).

Google could unveil new AI features, initiatives, or provide fresh details about the companies that it is partnering with to advance its AI offerings at this year's conference.

Analysts suggested the event could also bring more clarity about Google's AI monetization plans as tech giants work to secure their position in the AI race.

Melius Research analysts said they would "like to see the monetization path become clearer" at the conference. Bank of America analysts said "Google's AI platform updates for developers at I/O" could be a "potential AI catalyst."

Several AI-focused sessions are scheduled to take place during the I/O conference. One session, called "Web AI: New models, tools, and APIs for your next web app" could be of particular interest amid reports Microsoft-backed (MSFT) OpenAI is set to announce an AI product that could negatively impact Google.

OpenAI is reportedly expected to announce an AI-powered search engine ahead of the I/O conference which could rival Google's offerings.

Alphabet shares closed 0.8% lower at $168.65 Friday. The stock has gained nearly 21% since the start of 2024.

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Major U.S. equities indexes were mixed on Friday after the latest data from the University of Michigan's Consumer Sentiment Index showed sentiment declined sharply in May, falling to its lowest level in six months. Inflation remained at the forefront of consumers' concerns.

The S&P 500 was little changed, adding 0.2% on the day. The Dow edged 0.3% higher, extending its streak of positive trading days to eight. The Nasdaq finished flat.

Shares of Mettler Toledo (MTD) led gains among S&P 500 stocks Friday, soaring 17% following a strong quarterly earnings report. The manufacturer of scales and other precision instruments topped sales and profit estimates, boosted by an improvement in its laboratory segment as well as momentum in Europe and the Americas.

Gen Digital (GEN) shares jumped 15.3% after the cybersecurity software firm reported better-than-expected revenue and earnings per share (EPS) for its fiscal fourth quarter. Profit drivers included spending discipline and synergies from the 2022 merger between NortonLifeLock and Avast that formed the basis for Gen Digital.

Shares of Arista Networks (ANET) advanced 6.1%, extending gains earlier this week after the cloud networking company topped quarterly estimates, issued an upbeat outlook, and announced a $1.2 billion share repurchase plan. As the use of artificial intelligence (AI) expands, Arista suggested it's seeing strong demand for networking solutions that connect cloud and data center infrastructure.

Akamai Technologies (AKAM) shares posted the weakest daily performance in the S&P 500 Friday, tumbling 11% after the software infrastructure firm issued weaker-than-expected sales and profit guidance for the current quarter and the full year. The provider of content delivery services noted that dollar strength, cost rationalization by a large social media customer, and slowing traffic growth in the industry could weigh on its results.

Shares of Insulet (PODD), which manufactures insulin management systems for patients with diabetes, lost 6.6% in the wake of the company's first-quarter earnings report. Although revenue for the period exceeded expectations, EPS fell short of forecasts. Unfavorable impacts from foreign currency exchange and wholesalers reducing inventory ahead of new product launches could weigh on Insulet's performance in the current quarter, the company indicated.

Moderna (MRNA) said the Food and Drug Administration (FDA) pushed back its approval decision for the biotech firm's respiratory syncytial virus (RSV) vaccine. The company now expects a decision from the regulator by the end of May. Moderna shares slipped 4.4% following the news.

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An engineer name Somto has revealed how he was unable to satisfy a lady with a very high libido, after the went at it for hours.

He shared his experience while reacting to a social post where a lady was clamoring for potential suitors interested in her to ensure that they have a high libido.

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A Nigerian female entrepreneur broke down in tears after the Lagos state government demolished her family’s property in the state.

In the video, the lady said her family procured the property in Eti-Osa local government in Lagos state in February and two months later, the state government demolished it.

The state government has in recent times carried out demolition of properties said to be built on water channels in the state.

Watch the video below:

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Ahead of next week’s inflation data, Federal Reserve officials reiterated their skepticism about making any changes to interest rates before they are certain that price increases are slowing down.

Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari said that interest rates were on hold until the Fed got more data that showed the rate of inflation was slowing, during an interview with Friday.

They joined other Federal Reserve officials today who expressed similar sentiment, as the six interest rate cuts once anticipated in 2024 could now be none.

Dallas Fed President Lorie Logan said at an event today it was “too early” to be considering rate cuts, while Federal Reserve Governor Michelle Bowman commented that she didn’t expect any rate cuts this year.

The comments come ahead of a bevy of inflation data next week, including the Consumer Price Index, as well as the wholesale price report. Progress made in 2023 seemed to be slowing down a little this year, with inflation coming in at 2.7% in its latest reading.

Fed officials said they are looking for signals that annual price increases are coming back down to their target of 2%, though April's numbers may not give them exactly what they're looking for.

“We need to gather more information and wait and see,” Goolsbee said, while both said rate hikes could be possible depending on what future data showed. 

Kashkari continued to raise questions over whether interest rates were “restrictive” enough, suggesting that it could take longer to bring down the inflation rate. He pointed to a housing market where prices continue to soar, despite the Fed’s efforts to raise rates. 

“When we look at real activity, like in the housing market, we’re not seeing as much of a pullback as expected, and that’s what makes me cautious,” Kashkari said. 

Though Goolsbee said he looked at the “real fed funds rate,” which are interest rates that are adjusted for inflation. 

“The level of that is as high as we’ve been for some time, so I feel that we’re restrictive,” Goolsbee said. 

Earlier at an Economic Club of Minnesota event, Goolsbee commented on today’s release of the Michigan Consumer Sentiment Survey, which showed that consumers were becoming more concerned about inflation.

While consumer inflation expectations were moving higher in the short-term, those were largely a reflection of the recent uptick in inflation readings, Goolsbee said, adding that the survey’s long-term measurements, which ask about a five-year period, was a better indicator of the public’s inflation expectations. That data showed a more modest increase this month.

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