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U.S. stocks surged on Wednesday with the Nasdaq rising over 3%, driven by strong performances in the information technology sector. Microsoft reported better-than-expected earnings, boosting its stock. Powell Industries, Modine Manufacturing, and Fiverr International also saw significant gains after reporting strong financial results. Conversely, Imunon, FibroGen, and PepGen experienced sharp declines due to disappointing announcements.

Portfolio Pulse from Avi Kapoor

July 31, 2024 | 7:02 pm

SPY

Fed Chair Jerome Powell stated that the Federal Reserve is well-positioned to respond to any economic weakness, although none is currently observed. He noted that there is plenty of room to act if such weakness arises. Wage gains remain high, and data indicates that the labor market is normalizing, though job vacancies are still high by historical standards.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 7:02 pm

MKRUSD

Maker (MKR) has seen a price increase of 3.47% in the past 24 hours, reaching $2,874.89. Over the past week, the price has risen by over 7.0%. Despite the price increase, trading volume has decreased by 18.0%, and the circulating supply has decreased by 0.28%. MKR's market cap is currently $2.67 billion, ranking it #36.

Portfolio Pulse from Benzinga Insights

July 31, 2024 | 7:01 pm

XNCR

Over the past three months, five analysts have shared their evaluations of Xencor (NASDAQ:XNCR), with a mix of bullish and somewhat bullish ratings. The average 12-month price target has decreased by 11.7%, reflecting a negative shift in sentiment. Analysts from firms like JP Morgan, Raymond James, BMO Capital, RBC Capital, and Wedbush have adjusted their ratings and price targets, mostly lowering them. Xencor, a clinical-stage biopharmaceutical company, has faced a 32.47% decline in revenue growth and has below-average ROE and ROA, but maintains a low debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

July 31, 2024 | 7:01 pm

SPY

Fed Chair Jerome Powell stated that the Federal Reserve is carefully examining private demand and balancing the risks of acting too soon or too late on interest rates. All 19 participants supported the decision to keep rates unchanged at the latest meeting, although there was a real discussion about reducing rates. Powell noted that policy lags are starting to show in the economy over the last six months and expressed positivity about the current position.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 7:01 pm

ICPUSD

Internet Computer's (ICP) price increased by 6.6% to $9.48 within 24 hours, despite a 4.0% loss over the past week. The trading volume fell by 8.0%, and the circulating supply decreased by 0.24%, bringing the market cap to $4.43 billion.

Portfolio Pulse from Benzinga Insights

July 31, 2024 | 7:00 pm

NRIX

Nurix Therapeutics shares are trading higher after Truist Securities initiated coverage on the stock with a Buy rating and announced a price target of $36.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:59 pm

VCNX

Vaccinex shares are trading lower after the company announced results of its early stage SIGNAL-AD clinical trial of pepinemab antibody in Alzheimer's Disease (AD).

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:58 pm

ALMS

Alumis shares are trading higher after the company announced the initiation of the Onward Phase 3 clinical program for ESK-001.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:58 pm

GTI

Graphjet Technology shares are trading higher after the company regained compliance status with the NASDAQ.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:58 pm