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GLD

SPY

The Federal Reserve has raised interest rates by 25 basis points, the highest level since February 2001, as part of its efforts to bring inflation to a 2% objective. Fed Chair Jerome Powell stated that the full impact of policy tightening is yet to be experienced and that the Fed will maintain a data-dependent approach. Powell also expressed concern over the core inflation rate in June, at 4.8%, significantly above the Fed’s mandate. The stock market erased post-Fed statement gains, with the SPDR S&P 500 ETF Trust (NYSE:SPY) dropping 0.4% during the session and the SPDR Gold Trust ETF (NYSE:GLD) rising by 0.5% for the session.

Portfolio Pulse from Piero Cingari

July 26, 2023 | 7:43 pm

SPY

Federal Reserve Chairman Jerome Powell has indicated that the Fed could be cutting interest rates while continuing its quantitative tightening (QT) policy, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 7:17 pm

Mastercard Inc. (NYSE:MA) has instructed financial institutions to terminate cannabis transactions on its debit cards. This decision, following an internal investigation, creates a new challenge for the cannabis industry. In response, the American Trade Association for Cannabis and Hemp and 16 state-level cannabis trade groups have lobbied Senate leaders to pass the Secure and Fair Enforcement (SAFE) Banking Act, which would allow cannabis businesses to access banking services.

Portfolio Pulse from Joana Scopel

July 26, 2023 | 7:00 pm

SPY

The Federal Open Market Committee (FOMC) has released a statement indicating that the U.S. banking system is sound and resilient. However, it also warns that tighter credit conditions for households and businesses could negatively impact economic activity, hiring, and inflation.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 6:02 pm

DIA

GLD

IWM

QQQ

SPY

The Federal Reserve has increased the key overnight interest rate by 25 basis points.

Portfolio Pulse from Bill Haddad

July 26, 2023 | 6:00 pm

AAPL

Apple Inc's shares are trading higher by 0.39% to $194.37 amid market volatility ahead of the Federal Reserve's decision on interest rates. Higher interest rates could increase Apple's borrowing costs and potentially affect consumer spending, which could influence Apple's revenue and sales. The Federal Reserve is expected to raise rates by 0.25%, bringing the fed funds rate to its highest level in over 20 years.

Portfolio Pulse from Henry Khederian

July 26, 2023 | 5:23 pm

APO

BAC

JPM

WFC

Wall Street banks including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc, Wells Fargo & Co., Morgan Stanley and others are preparing for regulatory changes that could potentially wipe out nearly all of the $118 billion in extra capital they've accumulated over the past decade. The Federal Reserve and the Federal Deposit Insurance Corporation will discuss proposed changes on banks' regulatory capital, marking the first step towards the U.S. adopting the final version of the Basel III international banking standards. The changes have been criticized by bank executives who argue they could make them less competitive against their European counterparts and private equity firms such as Apollo Global Management and Blackstone Inc.

Portfolio Pulse from Piero Cingari

July 26, 2023 | 4:07 pm

LCID

Lucid Group Inc's shares are trading higher by 2.27% to $7.00 despite no company-specific news. The stock is trading higher amid overall market volatility ahead of the Fed's decision. If the Fed raises interest rates, it could increase Lucid's borrowing costs, affecting its financial flexibility. Lucid is also ramping up production and expanding its product offerings, and higher interest rates could increase capital expenses.

Portfolio Pulse from Henry Khederian

July 26, 2023 | 4:06 pm

FXI

SPY

U.S. Treasury Undersecretary Shambaugh stated that lending to China from multilateral development banks is declining, but not at a fast enough pace. He emphasized that it needs to go to zero rapidly.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 3:10 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) shares are trading higher by 7.81% to $27.33 despite no company-specific news. The stock is trading higher amid overall market volatility ahead of the Fed's decision on interest rates. Higher interest rates could make borrowing more expensive for companies like Rivian, potentially impacting their growth plans and overall financial health. It could also reduce consumer spending, impacting Rivian's sales.

Portfolio Pulse from Henry Khederian

July 26, 2023 | 2:52 pm