Streetbeat News

Regulatory

SPY

Federal Reserve Chairman Jerome Powell stated that the path forward for the U.S. economy remains uncertain, indicating potential volatility in financial markets.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:32 pm

SPY

Fed Chair Powell stated the economy has shown considerable progress, with a substantial easing in inflation. However, he cautioned that ongoing progress is not guaranteed.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:32 pm

DHI

HD

LEN

LOW

The U.S. housing market is experiencing a mortgage lock-in issue, where high mortgage rates discourage homeowners from selling, contributing to a housing shortage and pushing prices up. Home development retailers like Home Depot Inc (HD) and Lowe's Companies Inc (LOW) have seen sales boosts due to homeowners opting to improve their current homes instead of moving. This situation pressures builders like D.R. Horton Inc (DHI) and Lennar Corporation (LEN) to increase new home construction. The Federal Housing Finance Agency reports that mortgage lock-in reduced home sales by 57% in Q4 2023, suggesting solutions like tax credits and mortgage portability to alleviate the issue.

Portfolio Pulse from Neil Dennis

March 20, 2024 | 6:29 pm

GLD

SPY

UUP

The Federal Reserve maintained interest rates at 5.25%-5.5% during its March meeting, with projections indicating three rate cuts in 2024, fewer reductions in 2025 and 2026. Economic growth projections for 2024-2026 were revised upwards, while the unemployment rate for 2024 was slightly reduced. Following the announcement, the SPDR S&P 500 ETF Trust (SPY) rose 0.4%, the Invesco DB USD Index Bullish Fund ETF (UUP) fell 0.2%, and the SPDR Gold Trust (GLD) increased by 0.8%.

Portfolio Pulse from Piero Cingari

March 20, 2024 | 6:13 pm

GLD

Gold prices have increased following the Federal Reserve's decision to keep interest rates unchanged.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:05 pm

DIA

IWM

QQQ

SPY

Major stock indexes experienced an uptick following the Federal Reserve's decision to keep interest rates unchanged. This decision impacts investor sentiment and market dynamics, influencing the performance of major index-tracking ETFs such as DIA, IWM, QQQ, and SPY.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:04 pm

SPY

The Federal Reserve has reiterated its strong commitment to reducing inflation back to its 2% target. It also noted that the risks to its employment and inflation goals are becoming more balanced.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:03 pm

SPY

The Federal Reserve has updated its projections, indicating a higher longer-term policy rate of 2.6%, up from 2.5% in December. The Fed acknowledges that inflation has cooled over the past year but remains 'elevated'.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:03 pm

SPY

The Economic Development (Ed) projections indicate that the policy rate for 2024 remains unchanged with an expectation of 75 basis points of reductions. Additionally, the projections for 2025 show one fewer rate cut than previously forecasted.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:02 pm

IGC

IGC Pharma (NYSE:IGC) announced promising interim results for their Alzheimer's drug, IGC-AD1, at Benzinga's Healthcare Summit. The drug, aimed at reducing agitation in Alzheimer's patients, shows potential in addressing both neuropsychiatric symptoms and the disease's underlying pathology by reducing amyloid plaques. IGC-AD1 demonstrated rapid effectiveness within two weeks and a favorable safety profile. The news led to a temporary trading halt of IGC's shares, underscoring market anticipation for this innovative treatment.

Portfolio Pulse from Abbey Higginbotham

March 20, 2024 | 6:02 pm