Stocks rally on dovish Fed 🕊️

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

U.S. large-caps rallied on Wednesday after dovish comments from Fed Chairman Jerome Powell and an upbeat May CPI report. The Nasdaq led with a big rally, followed close behind by the S&P 500.

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Market-Moving News 🔎 

Fed Holds Rates Steady, Signals Only One Cut Coming This Year 📉

The Federal Reserve on Wednesday decided to keep its key interest rate unchanged and indicated that only one rate cut is expected before the end of the year.

Revised Projections 📊
During their two-day meeting, Federal Open Market Committee (FOMC) policymakers removed two rate cuts from their previous forecast of three indicated in March. The committee also suggested that the long-term interest rate might be higher than previously anticipated. New forecasts showed slight optimism that inflation is on track to reach the Fed’s 2% goal, which could allow for some policy easing later this year.

The post-meeting statement noted, “Inflation has eased over the past year but remains elevated,” adding that there has been “modest further progress toward the Committee’s 2 percent inflation objective.” This change in language from the previous statement seemed to encourage traders, as the S&P 500 surged to a record high following the announcement.

Interest Rate Outlook 🕰️
The FOMC's "dot plot," which maps out individual members’ rate expectations, indicated a more aggressive cutting path in 2025, with four reductions totaling a full percentage point, up from three.

For the period through 2025, the committee now projects five total cuts equaling 1.25 percentage points, down from six in March. If these projections hold, the federal funds rate benchmark would be at 4.1% by the end of next year.

Higher-For-Longer 🚀
Another significant update was the projection for the long-term rate of interest, which moved up to 2.8% from 2.6%. This suggests that the narrative of higher rates for a longer period is gaining traction among Fed officials.

The dot plot also revealed that four officials now favor no cuts this year, an increase from two previously, indicating a more hawkish stance.

The Fed’s cautious approach reflects ongoing concerns about inflation and the economic outlook, signaling that any substantial rate cuts may still be some time away.

DDC Enterprise [DDC] $1.54 (+198%)
acquired Asian food bran Olson for an undisclosed sum of cash and company stock.

Longeveron [LGVN] $1.81 (+120%)
was valued at $15.10 per share in a newly published Zack’s Small-Cap Research report.

Direct Digital [DRCT] $5.18 (+64.4%)
announced the appointment of BDO as its new auditor in Monday’s premarket, and shares have been climbing ever since.

ZKH Group [ZKH] $5.74 (57.7%)
reported weaker-than-expected revenues on its Q1 earnings report.

Tonix Pharma [TNXP] $1.11 (47.8%)
announced the pricing of a $4.0 million public offering of its shares this morning.

NanoViricides [NNVC] $2.45 (25.9%)
pulled back after its drug NV-387 demonstrated “prolonged antiviral effect” in clinical trials.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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