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Bitcoin surged past $61,000 following the U.S. Federal Reserve's unexpected 50 bps rate cut, which exceeded the anticipated 25 bps reduction. This move has sparked optimism in risk asset markets, including cryptocurrencies. Ethereum also saw a rise, hitting $2,363 before retracting. The Fed's decision marks a significant shift in monetary policy, potentially benefiting cryptocurrencies.

Portfolio Pulse from Murtuza Merchant

September 18, 2024 | 6:55 pm

SPY

Federal Reserve Chair Jerome Powell stated that the current monetary policy remains restrictive and does not require further loosening of the labor market to achieve the 2% inflation target.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:54 pm

ENPH

Enphase Energy's stock rose by 3.75% following a Federal Reserve interest rate cut, which benefits solar energy financing. Lower rates reduce borrowing costs, potentially increasing demand for Enphase's solar solutions. This could boost sales and make the stock more attractive to growth investors.

Portfolio Pulse from Henry Khederian

September 18, 2024 | 6:51 pm

ENPH

Enphase Energy shares rose following a 50 basis point interest rate cut by the Federal Reserve.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:48 pm

SPY

Federal Reserve Chair Jerome Powell stated that the Fed does not believe it is behind the curve in terms of monetary policy. Powell emphasized the Fed's commitment to timely actions and noted their patience in reducing policy rates, contrasting with other central banks that have already cut rates.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:48 pm

VFC

Barclays analyst Adrienne Yih upgraded V.F. Corporation (NYSE:VFC) from Equal-Weight to Overweight, raising the price target from $19 to $22. The analyst expects gradual improvements in V.F. Corp's fundamentals over the next four to six quarters, with early signs of product and brand improvements. Despite near-term uncertainties, there is optimism about sales growth at Vans and gross margin expectations. The company is also focusing on debt reduction and leadership changes to stabilize and revitalize the business.

Portfolio Pulse from Nabaparna Bhattacharya

September 18, 2024 | 6:47 pm

SPY

Federal Reserve Chair Jerome Powell indicated that the Fed is considering adjusting its policy to a more neutral stance due to progress on inflation and employment. The pace of this adjustment will depend on ongoing assessments.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2024 | 6:44 pm

INCY

NVS

Truist Securities downgraded Incyte Corporation (NASDAQ:INCY) from Buy to Hold, citing intense competition and the approaching patent loss of its top-selling drug, Jakafi, in 2028. The analyst lowered the price target to $74 from $83. Incyte's pipeline in immunology, inflammation, and oncology is crucial to offset expected revenue declines due to generic competition. Key upcoming data for Povorcitinib and Zilurgisertib will influence stock performance.

Portfolio Pulse from Vandana Singh

September 18, 2024 | 6:44 pm

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WULF

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 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