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The disinflationary trend continued in July, with the annual CPI inflation rate slightly increasing from 3% to 3.2%, lower than the expected 3.3%. This led to a fall in core inflation to 4.7% YoY, below the anticipated 4.8%. As a result, traders updated their expectations for future interest rates, with over 90% probability assigned to rates remaining on hold in September. This shift in rate expectations revitalized the markets and risk assets. Five ETFs rallied after the CPI data release: Invesco QQQ Trust, ARK Innovation ETF, Consumer Discretionary Select Sector SPDR Fund, iShares Biotechnology ETF, and iShares Expanded Tech-Software Sector ETF.

Portfolio Pulse from Piero Cingari

August 10, 2023 | 3:58 pm

SPY

The Consumer Price Index rose from 3% in June to 3.2% in July, narrowly missing the anticipated 3.3%. Core inflation was down marginally from 4.8% in June to 4.7% in July. The SPDR S&P 500 (NYSE:SPY) rose more than 1% after the data was released. Economists and strategists suggest that the slower-than-expected rise in consumer prices is a positive development and supports calls for a pause in rate hikes.

Portfolio Pulse from AJ Fabino

August 10, 2023 | 3:46 pm

General Motors (GM) is reportedly facing issues with assembling battery modules for its electric vehicles, affecting production. The problem impacts a range of GM's electric vehicles, from Cadillac Lyriq SUVs to BrightDrop vans. Despite this, GM's Cruise automated vehicle operation is seen as a bright spot, having largely solved all technology challenges. GM shares are trading lower by 3.2%.

Portfolio Pulse from Nabaparna Bhattacharya

August 10, 2023 | 3:44 pm

REGN

A significant bullish stance has been taken on Regeneron Pharmaceuticals (NASDAQ:REGN) by a large investor, as indicated by a large position in the company's options. The sentiment among these big-money traders is split 50-50 between bullish and bearish. The price target for Regeneron Pharmaceuticals, based on the volume and open interest of these contracts, ranges from $710 to $1000. Several financial institutions have maintained positive ratings on Regeneron, with price targets ranging from $820 to $950.

Portfolio Pulse from Benzinga Insights

August 10, 2023 | 3:31 pm

SGEN

Seagen (NASDAQ:SGEN) has outperformed the market over the past 15 years, producing an average annual return of 20.36%. If an investor had bought $100 of SGEN stock 15 years ago, it would be worth $1,584.52 today. The company currently has a market capitalization of $36.68 billion.

Portfolio Pulse from Benzinga Insights

August 10, 2023 | 3:30 pm

DXCM

DexCom (NASDAQ:DXCM) has outperformed the market over the past 10 years by 22.3% on an annualized basis, producing an average annual return of 32.57%. If an investor had bought $1000 of DXCM stock 10 years ago, it would be worth $16,619.48 today.

Portfolio Pulse from Benzinga Insights

August 10, 2023 | 3:30 pm

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Disney is considering strategic partnerships for ESPN and a shift to streaming. FTX is facing issues with traders and market makers over asset domination. Amazon is reducing its private-label operation to address antitrust scrutiny. Alibaba reported a 14% YoY revenue growth. Plug Power reported a 72% YoY revenue increase but a larger than expected loss. Wolverine World Wide reported a 17.4% YoY revenue decline. Six Flags reported a 2% YoY sales growth. Galera Therapeutics received a Complete Response Letter from the FDA. Novo Nordisk reported a 29% YoY sales increase and raised its FY23 guidance. Novo Nordisk also agreed to buy Inversago Pharma. Two key executives from Amazon's drone delivery program, Prime Air, have quit.

Portfolio Pulse from Vandana Singh

August 10, 2023 | 3:10 pm

SPY

In a Yahoo Finance interview, Fed's Daly stated that the Federal Reserve is committed to reducing core inflation by aligning demand with supply. She also mentioned that the rebalancing of the labor market is part of the Fed's strategy. The public's number one concern is inflation.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:07 pm

AJG

Arthur J. Gallagher (NYSE:AJG) has outperformed the market over the past 20 years by 3.39% on an annualized basis, producing an average annual return of 11.14%. If an investor had bought $100 of AJG stock 20 years ago, it would be worth $831.33 today.

Portfolio Pulse from Benzinga Insights

August 10, 2023 | 3:00 pm

MKRUSD

In the past 24 hours, the price of cryptocurrency Maker (CRYPTO: MKR) has risen by 4.08% to $1,256.44, despite a negative trend over the past week where it lost 6.0%. The coin's all-time high is $6,292.31. Trading volume for the coin has increased by 9.0% over the past week, while the overall circulating supply has decreased by 0.14%. The current market cap ranking for MKR is #42 at $1.13 billion.

Portfolio Pulse from Benzinga Insights

August 10, 2023 | 3:00 pm