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QQQ

SPY

The Federal Reserve has maintained the federal funds rate at 5.25% to 5.5% and indicated a potential rate hike in 2023. The dot plot shows a median projection for 2023 at 5.6%, suggesting one more rate increase. The economic growth forecast for 2023 has been revised upwards to 2.1%. Following the announcement, stocks fell and the U.S. dollar rose. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) fell by 0.2% and 0.3% respectively.

Portfolio Pulse from Piero Cingari

September 20, 2023 | 6:21 pm

BNTX

CVS

ELV

MRNA

PFE

The US rollout of updated COVID-19 vaccines by Pfizer Inc/BioNTech SE and Moderna Inc is facing temporary insurance coverage delays. The delays are due to insurers updating their policies to incorporate the new vaccines. CVS Health Corp and Elevance Health Inc have confirmed these delays but reassure that vaccines can be accessed at no cost through insurance plans. The rollout coincides with a shift in vaccine coverage, with manufacturers now selling vaccines directly to healthcare providers.

Portfolio Pulse from Vandana Singh

September 20, 2023 | 6:15 pm

ALPMY

TSHA

Astellas Pharma has decided not to exercise its option to obtain an exclusive license to TSHA-120 under the Option Agreement with Taysha Gene Therapies. This decision comes after Taysha submitted a new comprehensive analysis to the FDA in June 2023, with the FDA recommending a randomized, double-blind, placebo-controlled trial as the optimal path to demonstrate efficacy in TSHA-120. Following this, Taysha's shares fell by 6.13%.

Portfolio Pulse from Vandana Singh

September 20, 2023 | 6:12 pm

SPY

U.S. 10-Year Treasury Yields have risen to 4.357% following the Federal Reserve meeting statement. Additionally, U.S. Two-Year Treasury Yields have increased to 5.131%, marking the highest level since 2007.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:04 pm

SPY

Federal Reserve officials predict the Fed Funds Rate to be at a median of 5.6% by the end of 2023, 5.1% by the end of 2024, 3.9% by the end of 2025, 2.9% by the end of 2026, and 2.5% in the longer run.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:04 pm

SPY

Federal Reserve officials expect to hold rates higher for longer in 2024 and 2025 than previously projected in June. Most officials still anticipate one more 0.25-point rate increase in 2023.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:03 pm

SPY

Federal Reserve officials predict a 3.7% core inflation rate by the end of 2023, 2.6% by the end of 2024, and 2.3% by the end of 2025. They also forecast stronger GDP growth and lower unemployment rates in 2023 and 2024, with a 3.8% unemployment rate by the end of 2023, 4.1% by the end of 2024, and 4.1% by the end of 2025. The US GDP is expected to be at 2.1% in 2023.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:02 pm

SPY

The Federal Reserve has made minimal changes to its September FOMC statement. The FOMC voted unanimously (12-0) for the action on the Federal Funds Rate.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:02 pm

SPY

The Federal Open Market Committee (FOMC) has stated that it is prepared to adjust monetary policy if any risks emerge. The committee noted that economic activity has been expanding at a 'solid' pace, and while job gains have slowed, they remain strong.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:01 pm

SPY

The Federal Reserve has decided to leave the key overnight interest rate unchanged at 5.25-5.50%. It also anticipates one more 25-basis-point rate hike by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:01 pm