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QQQ

SPY

Federal Reserve Chair Jerome Powell indicated that a March rate cut is unlikely, emphasizing a data-dependent approach and the need for sustained inflation at 2% before considering rate reductions. This statement led to a downturn in the stock market, with the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) experiencing losses, while the U.S. dollar index (DXY) strengthened.

Portfolio Pulse from Piero Cingari

January 31, 2024 | 8:56 pm

ACNB

CBU

CMA

DCOM

FIBK

FITB

HIFS

HTLF

IBTX

INDB

PPBI

SFNC

SMBC

UCBI

WBS

Banking sector stocks are trading lower following the Federal Reserve's decision to leave interest rates unchanged, contributing to overall market weakness.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 8:56 pm

UAL

Boeing CEO Dave Calhoun emphasized Boeing's commitment to quality and accountability following a 737 Max 9 incident. Boeing suspended its 2024 guidance due to an ongoing FAA investigation and audit. Calhoun stressed the company's focus on safety improvements over financial concerns. United Airlines CEO Scott Kirby expressed frustration with Boeing, to which Calhoun responded by pledging to restore confidence with customers. Boeing shares were up 4.91% at $210.29.

Portfolio Pulse from Erica Kollmann

January 31, 2024 | 8:46 pm

META

SNAP

At a Senate Judiciary Committee hearing, Meta Platforms Inc's CEO Mark Zuckerberg apologized to families of child abuse victims for harm caused on social media platforms. The hearing followed a whistleblower's testimony that Instagram was not doing enough to protect young people. Senators accused Zuckerberg of having 'blood on his hands'. Snap Inc's CEO Evan Spiegel and other social media executives also attended. Incidents of online enticement doubled in 2023, with tech companies criticized for inadequate efforts to combat child exploitation.

Portfolio Pulse from Neil Dennis

January 31, 2024 | 8:42 pm

AAPL

AMZN

DIS

FWONA

FWONK

Formula One, under Liberty Formula One Group (FWONA, FWONK), rejected a bid by Michael Andretti and General Motors (GM) to add an all-American team. The proposal included using Renault engines, but Formula One suggested Andretti could join in 2028 with GM engines. This decision may affect U.S. growth and ESPN's media rights, owned by Disney (DIS), which recently renewed U.S. rights for $75-90 million annually. Amazon (AMZN) and Apple (AAPL) showed interest in F1 media rights, with Apple rumored to be willing to pay $2 billion annually for global rights.

Portfolio Pulse from Chris Katje

January 31, 2024 | 8:19 pm

SPY

Fed Chair Jerome Powell expressed a preference for anecdotal data, suggesting it can reveal trends before they appear in official statistics. This comment may influence investor expectations about monetary policy and economic health.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 8:19 pm

SPY

Federal Reserve Chairman Jerome Powell indicated that if inflation data comes in better than expected, the Fed would consider adjusting its approach in the opposite direction, potentially easing up on interest rate hikes. This statement suggests a data-dependent and flexible monetary policy stance by the Fed.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 8:15 pm

SPY

Federal Reserve Chair Jerome Powell indicated that the Overnight Reverse Repurchase Agreement (ONRRP) doesn't need to reach zero for the Fed to begin winding down its quantitative tightening (QT) program. He also mentioned that if inflation data comes in stronger than expected, leading to an uptick in inflation, the Fed may slow down or delay the QT process.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 8:15 pm

SPY

Fed Chair Jerome Powell emphasized the commitment to ensuring inflation is controlled sustainably. He stated that the Fed will be transparent about their confidence in managing inflation, without keeping it a secret.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 8:13 pm

SPY

Fed Chair Jerome Powell stated that the Federal Reserve is not ready to specify the number of months of low inflation required to be confident in a trend. Although there is growing confidence in the inflation data, Powell emphasized the importance of accuracy in their approach.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 8:13 pm