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SPY

Fed Chair Powell stated that the current labor market is not seen as a likely source of inflation pressures and emphasized the importance of not excessively cooling it. He noted progress on inflation and expressed growing confidence in achieving a 2% target. Powell mentioned that the Fed would respond to any significant downturn in the labor market and highlighted the need to balance risks.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:45 pm

SPY

Fed Chair Powell indicated that the future path of interest rates will depend on economic conditions, with scenarios ranging from zero to several rate cuts this year. He noted that the labor market is gradually normalizing and that the Fed is balancing its focus between job growth and inflation control.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:43 pm

EA

Electronic Arts Inc. (NASDAQ:EA) shares are trading higher following the release of their first-quarter net bookings, which exceeded company guidance despite being lower than the previous year. Analysts have mixed views, with some raising price forecasts and others maintaining neutral ratings due to concerns about non-sports titles.

Portfolio Pulse from Nabaparna Bhattacharya

July 31, 2024 | 6:42 pm

SPY

Fed Chair Jerome Powell indicated that a rate cut in September is possible if inflation trends down as expected, growth remains strong, and the labor market stays stable. However, disappointing inflation data could weigh against a rate cut. Recent inflation readings have increased confidence, but more good data is needed.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:41 pm

LSH

Lakeside Holding shares are trading higher after the company announced a one-year agreement with automatic annual renewals with a leading Asia-based e-commerce platform to provide cross-border fulfillment services.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:40 pm

SPY

Fed Chair Jerome Powell stated that no decision has been made regarding a rate cut in September. The FOMC is moving closer to a decision, which will depend on the totality of data on inflation and jobs. A rate cut could be on the table, but it is not certain yet.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:39 pm

APLT

William Blair initiated coverage on Applied Therapeutics Inc. (NASDAQ:APLT), highlighting its lead candidate govorestat's blockbuster potential and predicting a 140% stock upside. The analyst gave an Outperform rating with a fair value estimate of $14 per share. The FDA extended the review period for govorestat by three months, with a potential market launch in 2025. Applied Therapeutics is also developing AT-001 for diabetic cardiomyopathy, which has significant market potential. The company has sufficient funds to operate into 2026.

Portfolio Pulse from Vandana Singh

July 31, 2024 | 6:38 pm

SPY

Fed Chair Powell emphasized the need for greater confidence in inflation control and stated that Q2 inflation readings have bolstered this confidence. He mentioned that the Fed will carefully assess incoming data for future decisions and take actions to promote their dual goals. Powell believes current policy is well-positioned to handle dual mandate risks.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:36 pm

WSO

Watsco, Inc. (NYSE:WSO) reported Q2 earnings that missed expectations, with EPS of $4.49 and sales of $2.14 billion. Despite the miss, revenue increased 7% year over year. Analysts have adjusted their price targets, with Baird raising it to $522 and JP Morgan to $425. Watsco shares rose 1.4% following the report.

Portfolio Pulse from Avi Kapoor

July 31, 2024 | 6:34 pm

SPY

Fed Chair Powell stated that the labor market has come into better balance and the Fed will maintain its restrictive stance. The Fed remains focused on its dual mandate and is committed to returning inflation to the 2% goal.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:32 pm