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Banking stocks are experiencing a rise in share prices due to positive market sentiment following comments from Fed Chair Powell regarding the economy and potential future rate cuts.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2024 | 5:51 pm

SPY

Federal Reserve's Goolsbee stated that Chairman Powell's comments on interest rates were clear and definitive. The funds rate was set during a period of higher inflation, and as inflation cools, the Fed's policy has been passively tightening.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2024 | 5:48 pm

IWM

SPY

Market strategist Jay Woods discusses the potential impact of a Federal Reserve rate cut, the outlook for small-cap stocks, and election year trends. He predicts a rate cut in September, which may already be priced into stocks, and highlights the potential for a small-cap rally. The iShares Russell 2000 ETF (IWM) and SPDR S&P 500 ETF Trust (SPY) are mentioned as key indicators.

Portfolio Pulse from Chris Katje

August 23, 2024 | 5:23 pm

APDN

Applied DNA Sciences, Inc. (NASDAQ:APDN) stock surged on Friday due to high trading volume and the submission of a validation package to expand its Linea Mpox Virus 1.0 Assay. The expansion aims to include mpox clade I and clade II, pending approval from the New York State Department of Health. The stock's rise is also influenced by the WHO's declaration of a public health emergency over mpox.

Portfolio Pulse from Vandana Singh

August 23, 2024 | 5:19 pm

CMND

Clearmind Medicine Inc. (NASDAQ:CMND) has been granted a new U.S. patent for a compound aimed at regulating binge drinking. This patent is a significant milestone in their MEAI-based program, which targets Alcohol Use Disorder. Clearmind's patent portfolio now includes 29 patents across major markets.

Portfolio Pulse from Juan Spínelli

August 23, 2024 | 5:17 pm

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VNET

Tech sector shares are rising due to market optimism following Fed Chair Powell's comments on the economy and potential future rate cuts.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2024 | 5:00 pm

SPY

In a CNBC interview, Fed's Goolsbee expressed optimism that inflation will not remain above 2% and emphasized the importance of achieving this target without triggering a recession. He noted that historically, rate cuts have been a gradual process.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2024 | 4:45 pm

SPY

In a CNBC interview, Fed's Goolsbee stated that the job market is cooling by almost all measures. He refrained from providing firm guidance on future Fed rate decisions.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2024 | 4:42 pm

SPY

Federal Reserve's Goolsbee stated that the current policy is at its tightest point in the hike cycle, with the Fed funds rate set for different economic conditions. There is widespread support for rate cuts, and conditions for reducing rates have been met.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2024 | 4:40 pm

SPY

In a CNBC interview, Fed's Goolsbee expressed support for the Federal Reserve's new focus on job markets, indicating that inflation is on a path to reach the 2% target. This suggests a potential stabilization in monetary policy, which could impact market sentiment.

Portfolio Pulse from Benzinga Newsdesk

August 23, 2024 | 4:39 pm