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The article discusses the current state of the stock market, focusing on Apple Inc (AAPL) reaching a critical support level and the anticipation of Federal Reserve Chair Powell's testimony. It highlights the aggressive buying of tech stocks, crypto, and other assets by the 'momo crowd' in hopes of dovish remarks from Powell. The article also mentions positive early trade money flows in several major tech companies and ETFs, while Tesla Inc (TSLA) experiences negative flows. Additionally, it covers the buying of gold and oil by the momo crowd and provides general investment advice.

Portfolio Pulse from The Arora Report

March 06, 2024 | 5:03 pm

SPY

Fed's Daly stated that rising housing costs are a significant factor in higher inflation. Higher interest rates, while temporarily increasing housing costs, are necessary to reduce inflation. The Fed is committed to achieving price stability and is focused and resolute on lowering inflation.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:01 pm

SPY

Fed Chair Powell stated that a 2% global inflation rate is seen as a durable standard, indicating a continued focus on stabilizing inflation to this target level.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:58 pm

APEI

APM

EVC

FL

MEDS

NEPT

U.S. stocks traded higher with the Nasdaq Composite gaining over 100 points. Energy shares jumped by 1.2% as U.S. crude oil inventories climbed less than expected. Aptorum Group, TRxADE HEALTH, and American Public Education saw significant gains, while Entravision Communications, Neptune Wellness Solutions, and Foot Locker experienced sharp declines. Oil prices rose 2.7% to $80.26, and gold increased by 0.6%.

Portfolio Pulse from Avi Kapoor

March 06, 2024 | 4:57 pm

STLA

Stellantis N.V. (NYSE:STLA) has received approval from China's National Development and Reform Commission (NDRC) for a joint venture with Leapmotor to build and sell Leapmotor's electric vehicles outside China. This follows Stellantis' announcement in October 2023 of acquiring a 21% stake in Leapmotor for $1.6 billion, granting Stellantis exclusive rights for Leapmotor's products outside China. The approval comes amid heightened tensions between China and the European Union over EV subsidies.

Portfolio Pulse from Shivani Kumaresan

March 06, 2024 | 4:49 pm

SPY

Fed Chair Powell highlighted concerns over banks with high concentrations of commercial real estate (CRE), indicating they will face losses. He mentioned that the issue is more severe in some banks and locations, and regulators are working with these banks on mitigation strategies. Powell also noted that liquidity rules are being developed but have not yet been proposed.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:47 pm

SPY

Fed Chair Powell comments on the unprecedented volume of opposition to Basel 3 in received letters, expressing confidence in achieving consensus or broad support on the board.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:41 pm

SPRC

SciSparc announced it has received a decision to grant European Patent Number EP3484469, titled 'Compositions And Methods Of Potentiating Antimicrobials (Combined With Cannabinoids For Treatment Of Bacterial Infections)'. This patent strengthens SciSparc's intellectual property portfolio, specifically in the area of using cannabinoids to enhance antimicrobial treatments.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:40 pm

SPY

Fed Chair Powell stated that 12-month inflation is expected to continue declining. He emphasized that the current inflation readings are satisfactory and anticipates similar future trends. Powell also mentioned that the capital framework is considered appropriate.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:38 pm

LITM

Snow Lake Resources Ltd announced that its license has been renewed by the Namibian Ministry of Mines and Energy, remaining valid until February 12, 2026, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:36 pm