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Wall Street trades flat amid mixed producer inflation data and anticipation for consumer inflation report. Fed Chair Powell sees prolonged current monetary policy, while President Biden imposes significant tariffs on Chinese imports. The U.S. dollar index and Treasury yields fell, while small caps and meme stocks like GameStop and AMC surged. Commodities saw mixed movements, and Bitcoin dropped. Key ETFs and stocks like Insulet, Plug Power, SunPower, and Delcath Systems reacted to various news, including earnings and significant financial developments.

Portfolio Pulse from Piero Cingari

May 14, 2024 | 5:59 pm

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Roy Bingham, CEO of BDSA, projects the U.S. cannabis market to reach nearly $46 billion by 2028, driven by adult-use and medical market expansion. The DEA's reclassification of cannabis to Schedule III is expected to spur medical research and investment, with significant growth anticipated in pharmaceutical applications and medical cannabis products. This rescheduling may reduce financial pressures on cannabis businesses and attract investment from healthcare and pharmaceutical companies. Despite federal restrictions, the shift is seen as an opportunity for healthcare and pharmaceutical industries to invest in cannabinoid research, potentially impacting medication use and fostering innovation in the sector.

Portfolio Pulse from Nicolás Jose Rodriguez

May 14, 2024 | 5:32 pm

PLUG

Plug Power Inc (NASDAQ:PLUG) shares rose after announcing a conditional loan commitment of up to $1.66 billion from the U.S. Department of Energy to finance green hydrogen plants. This development comes after disappointing Q1 results and concerns over the need for dilutive financing. Analyst Bill Peterson of JPMorgan maintains a Neutral rating on PLUG, citing the loan as a key de-risking event that could reaccelerate growth if finalized. Near-term catalysts include loan approval, project funding, margin improvements, and final 45V tax credit guidance.

Portfolio Pulse from Priya Nigam

May 14, 2024 | 4:30 pm

SPY

The NY Fed reported a 1.1% increase in total household debt to $17.69T in Q1, with mortgage balances rising $190B to $12.44T. Credit card balances fell $14B to $1.12T, yet are 13.1% higher than the previous year. Auto loans increased by $9B to $1.62T. The pace of mortgage origination remained steady, while the total borrowing delinquency rate slightly increased to 3.2% from 3.1% in Q4 2023, still below pre-pandemic levels. Delinquency rates rose across all credit types.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 3:03 pm

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Analysts have updated their ratings and price targets for Oceaneering International (NYSE:OII), showing a mix of opinions over the last three months. The average 12-month price target has been raised to $27.00, up 19.1% from the previous $22.67. The company's financial performance indicates solid revenue growth but challenges in profitability, asset utilization, and high debt levels.

Portfolio Pulse from Benzinga Insights

May 14, 2024 | 3:00 pm

SPY

Fed Chair Powell expressed concerns over very fast growth in any sector, highlighting the substantial ties between banks and nonbank financial firms. He emphasized the importance of careful monitoring to ensure financial stability.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 2:51 pm

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Fed Chair Powell stated that homeowners and businesses have secured lower interest rates, which is causing the Fed's policy to have a less intense impact on the economy than anticipated.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 2:41 pm

SPY

Fed Chair Powell emphasized the importance of credibility for central banks, stating it is achieved by fulfilling their mandate without engaging in politically charged issues. He highlighted progress on inflation and the importance of focusing on their core responsibilities.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 2:28 pm

SPY

Fed Chair Powell indicated a likelihood of maintaining the current policy rate, citing housing inflation as puzzling and noting that current rent increases are low. He mentioned delays in the impact of declining market rates on housing and suggested that non-housing services inflation might take the longest to adjust.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 2:20 pm

SPY

Fed Chair Powell indicated that maintaining the current policy rate for an extended period is under consideration, acknowledging the rate's restrictive nature. He expressed uncertainty about whether the current policy is sufficiently restrictive and deemed a rate hike in the near future as unlikely.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 2:19 pm