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SPY

Fed Chair Powell commented on the labor market, noting that while it remains strong, it is gradually cooling. He emphasized the importance of looking at 3 and 6-month payroll series due to differences in surveys. The labor market is no longer as overheated as it was a few years ago.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:49 pm

HUT

Hut 8 Corp (NASDAQ:HUT) shares surged by 16.6% on Wednesday due to a softer-than-expected May CPI report, which has boosted crypto-related stocks. The U.S. inflation rate for May came in lower than anticipated, raising hopes for potential Federal Reserve rate cuts and driving up Bitcoin prices.

Portfolio Pulse from Vaishali Prayag

June 12, 2024 | 6:49 pm

SPY

Fed Chair Powell noted a decline in job quits and openings, indicating a gradual cooling in the labor market. Despite low unemployment, the market is moving into better balance. Job gains may be slightly overstated but remain strong.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:47 pm

SPY

Fed Chair Powell stated that the Federal Reserve does not currently have the confidence to warrant loosening monetary policy. He mentioned that FOMC participants could update their Summary of Economic Projections (SEPs) to incorporate recent CPI data, although most policymakers do not update their forecasts frequently.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:46 pm

SPY

Federal Reserve Chair Jerome Powell stated that unexpected labor market weakness could prompt a response from the Fed. Currently, no signs of such weakness have been observed.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:44 pm

SPY

Fed Chair Powell stated that there is no commitment to a particular rate cut and that the rate path is data dependent. Policymakers are not trying to send a strong signal with forecasts and need further confidence and more good inflation readings before starting rate cuts. Powell did not specify how many months of good data are needed.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:44 pm

LYT

Lytus Technologies shares have resumed trading after a temporary halt.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:43 pm

SPY

Fed Chair Powell stated that the Federal Reserve is practicing a conservative approach to its inflation outlook and does not have high confidence in its forecasts. He welcomed the current inflation reading and expressed hope for more similar readings. Powell mentioned that the test for cutting rates would be more confidence that inflation is moving toward 2%.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:41 pm

LYT

Lytus Technologies Holdings PTV Ltd. has filed to withdraw its registration statement, leading to a halt in its shares which surged by 18.65%.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:39 pm

SPY

Fed Chair Powell emphasized that the Summary of Economic Projections is not a plan or decision. He stated that policy assessments will adjust based on economic conditions. If the economy remains solid and inflation persists, interest rates will be maintained as needed. Decisions will be made on a meeting-by-meeting basis.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:39 pm