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Crypto-linked stocks are experiencing a rise in share prices following the Federal Reserve's decision to cut interest rates by 50 basis points.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:42 pm

SPY

Federal Reserve Chair Jerome Powell stated that the Fed's projections are baseline and actual actions will depend on economic developments. The Fed may adjust the pace of rate cuts, including speeding up, slowing down, or pausing, based on appropriateness.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:41 pm

SPY

Federal Reserve Chair Jerome Powell stated that since the last meeting, a significant amount of data has been reviewed, leading to the decision of a 50 basis points rate cut. The Fed is recalibrating its policy stance, with no indication of urgency in their projections.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:41 pm

SPY

Federal Reserve Chair Jerome Powell stated that the Fed will adjust its policies based on economic conditions, without a preset course. If the economy remains strong and inflation persists, policy adjustments will be gradual. Conversely, if the labor market weakens, the Fed will respond accordingly.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:39 pm

TSLA

Tesla shares are experiencing an uptick, likely influenced by the broader market's positive reaction to the Federal Reserve's decision to cut interest rates by 50 basis points.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:38 pm

FCX

Freeport-McMoRan shares are experiencing an uptick, likely influenced by the Federal Reserve's decision to cut interest rates by 50 basis points, which has positively impacted the broader market.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:37 pm

SCCO

Southern Copper shares are experiencing an uptick, likely influenced by the broader market's positive reaction to the Federal Reserve's decision to cut interest rates by 50 basis points.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:36 pm

CVNA

Carvana shares are experiencing an uptick in trading due to overall market strength following a 50 basis point rate cut by the Federal Reserve.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:33 pm

SPY

Federal Reserve Chair Powell stated that the FOMC is focused on its dual mandate. Consumer spending remains resilient, supply conditions have improved, and GDP growth is expected to remain solid. The labor market has cooled, showing a notable step down from earlier this year.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:33 pm

GLD

QQQ

SPY

TLT

XLB

XLE

The Federal Reserve cut interest rates by 0.5%, marking the first cut since March 2020, and setting the target fed funds rate between 4.75% and 5%. This decision led to a rise in the S&P 500 and gold prices, with various ETFs and stocks reacting differently. The SPDR S&P 500 (SPY) rose by 0.39%, while the Materials Select Sector SPDR Fund (XLB) showed strength, and the Energy Select Sector SPDR Fund (XLE) weakened. The SPDR Gold Trust (GLD) increased by 1.01%, and the Invesco QQQ Trust (QQQ) rose by 0.64%. Meanwhile, the iShares 20+ Year Treasury Bond ETF (TLT) fell by 0.39%.

Portfolio Pulse from Adam Eckert

September 18, 2024 | 6:32 pm