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SPY

Federal Reserve Chairman Jerome Powell indicated that there is a consensus among the committee members that it will be appropriate to reduce interest rates. This statement suggests a potential shift in monetary policy to address economic conditions.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:42 pm

VRTX

Vertex Pharmaceuticals' stock (VRTX) trades lower following a downgrade from Buy to Hold by Maxim Group, indicating a less optimistic outlook on the company's stock performance.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:41 pm

CRM

GOOG

MSFT

PYPL

Tech sector layoffs surged by 304% in January 2024 compared to December 2023, with 28,963 employees laid off from 105 companies. Notable layoffs include Alphabet Inc (over 1,000 employees), PayPal Holdings, Inc (2,500 employees), Block Inc (over 1,000 employees), Microsoft Corp (1,900 employees), Salesforce Inc (700 employees), and Unity Software Inc (1,800 employees). The layoffs are attributed to restructuring and cost-cutting efforts.

Portfolio Pulse from Surbhi Jain

January 31, 2024 | 7:40 pm

SPY

Fed Chair Powell indicated a likelihood of reducing interest rates later this year, but emphasized the economic outlook's uncertainty and that progress on inflation is not guaranteed. He also stated readiness to maintain the current policy rate for a longer period if necessary.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:36 pm

SPY

Fed Chair Powell indicated that the Federal Reserve is highly attentive to the risks inflation poses to its dual mandate. The current restrictive monetary policy is exerting downward pressure on economic activity and inflation. Powell also suggested that the policy interest rate is likely at its peak, signaling a potential pause in rate hikes.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:36 pm

Truist Securities analyst Neal Dingmann has maintained a Buy rating on Permian Resources (NYSE:PR) and increased the price target from $22 to $23, as reported on January 30, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:33 pm

ASH

GNPX

MINM

NVVE

NYCB

POWL

U.S. stocks closed lower with the Dow down 0.21%, NASDAQ falling 1.53%, and S&P 500 dropping 1.02%. The Federal Reserve kept interest rates unchanged, which was expected. Ashland Inc. (ASH) surged 17% after mixed Q1 results and guidance. Minim, Inc. (MINM) jumped 65% due to a significant stake disclosure. Powell Industries (POWL) gained 48% on strong Q1 results and dividend raise. Nuvve Holding (NVVE) plunged 59% after pricing a public offering. New York Community Bancorp (NYCB) fell 36% on poor Q4 results and dividend cut. Genprex (GNPX) dropped 29% after announcing a reverse stock split.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 7:26 pm

NVS

Novartis shares have declined following the announcement of their Q4 financial results, which fell short of market expectations.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:24 pm

GOOGL

Citigroup analyst Ronald Josey has reaffirmed a Buy rating on Alphabet Inc. (NASDAQ:GOOGL) and increased the price target from $153 to $168. This adjustment reflects Citigroup's continued confidence in Alphabet's performance and future prospects.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:21 pm

IWM

SPY

The Federal Reserve kept interest rates unchanged at 5.25-5.5% during its first 2024 meeting, signaling an end to the rate hiking cycle. The Fed's statement omitted references to future hikes and dampened expectations for near-term rate cuts, stating a reduction would only be considered once there is greater confidence in inflation moving sustainably toward 2%. Market reactions included a slight rise in the dollar, a marginal decline in stocks, and a decrease in the probability of a March rate cut from 54% to 46%. The SPDR S&P 500 ETF Trust (SPY) and iShares Russell 2000 ETF (IWM) saw slight declines, while Bitcoin also fell.

Portfolio Pulse from Piero Cingari

January 31, 2024 | 7:19 pm