This Penny Stock Gained 159% Today!

Good Afternoon! 

It was a shortend trading day heading into the July 4th Holiday. As a reminder, markets will be closed tomorrow. I also won’t be sending anything in observance of the holiday.

I hope you have a great 4th of July filled with fun and family.

Markets 📈

The major indexes had a mixed close today, with the dow remaining essentially flat while the NASDAQ moved up almost 1%

The NASDAQ and S&P both managed to hit new all-time highs for the second day in a row.

I hope your portfolio is benefiting from this bullish action.

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Fed Holds Steady on Rates Amid Cautious Optimism

In a recent meeting, Federal Reserve officials expressed cautious optimism about inflation trends but indicated that interest rate cuts are not imminent. The minutes from the June meeting, released on Wednesday, highlighted a general consensus among policymakers: while inflation is heading in the right direction, it isn't progressing swiftly enough to justify lowering interest rates.

Steady Progress, But Not Enough

The minutes revealed that while there is a positive shift in inflation data, the Fed officials need more substantial evidence before gaining confidence that inflation is sustainably moving towards their 2% target. "Participants affirmed that additional favorable data were required to give them greater confidence that inflation was moving sustainably toward 2 percent," the summary stated.

Despite some internal disagreement among the 19 central bankers, particularly about the potential need for future rate hikes, the Federal Open Market Committee (FOMC) decided to maintain the current interest rate levels. The Fed aims for a 2% annual inflation rate, a target that has been consistently exceeded since early 2021. Officials acknowledged recent improvements but stressed the need for continued progress.

Economic Projections and Future Outlook

During the meeting, the FOMC updated its economic projections. The "dot plot," which maps out future rate expectations, suggested a potential quarter-percentage-point rate cut by the end of 2024, down from three cuts predicted in March. Despite this, futures markets are anticipating two rate cuts starting in September.

Economic growth projections remained mostly unchanged, though inflation expectations for this year were slightly lowered. The minutes also highlighted differing views on how to approach monetary policy. Some members emphasized the necessity to tighten policies if inflation remains high, while others argued for readiness to respond to potential economic slowdowns or labor market weaknesses.

Balancing Act

The minutes noted that a "vast majority" of officials foresee economic growth "gradually cooling" and described the current policy as "restrictive." This term is crucial as officials evaluate how stringent policies need to be to control inflation without causing undue economic harm.

Since the June meeting, Fed officials have consistently emphasized a data-dependent approach rather than relying on forecasts. Chair Jerome Powell and other officials have hinted that encouraging inflation readings could eventually lead to rate cuts. Speaking in Portugal recently, Powell discussed the balance between the risks of cutting rates too soon and potentially reigniting inflation versus delaying cuts and jeopardizing economic growth.

For now, the Fed remains cautious, closely monitoring economic indicators to guide their future policy decisions.

Koss Corp. [KOSS] $11.31 (+159%)
KOSS was the biggest gainer of the day by far.

The stock opened at $5.22 and rallied as high as 18.73 for huge intraday gains.

KOSS is a low float stock that has renewed interest as a meme stock.

The company did not make any announcements to warrant the move.

NVIDIA Corp [NVDA] $128.28(+5%)
NVDA had a strong showing today after drifting lower over the past few sessions.

A short squeeze may be the reason for the move.

DouYu International Holdings Ltd ADR [DOYU] $17.82 (+42%)
DOYU was mentioned in my newsletter this morning as one to watch.

The stock is rallying on the announcement of a special cash dividend of $9.76

This may be a value trap, but it was a great trade for many. Just don’t get stuck holding the bag.

Vivakor Inc [VIVK] $2.34 (31%)

VIVK was the biggest loser in the entire market today.

It’s not all bad, though. VIVK rallied from a November 2023 low of 44 cents to $3.45 yesterday, so a pullback was to be expected eventually.

First Foundation Inc [FFWM] $5.05 (23%)
This Texas regional bank raised more than $225 million to help it stay afloat.

The new investors, which include Fortress, North Reef Capital, and others, will own 49% of the bank once the deal closes.

Existing shareholders exited in mass after the deal was announced, causing shares to tumble.

LL Flooring Holdings Inc [LL] $1.04 (21%)

The company dropped on reports that it may file for bankruptcy.

LL Flooring, previously known as Lumber Liquidators, has faced significant challenges as higher interest rates dampen home renovation activity.

According to a source familiar with the situation, LL Flooring may file for bankruptcy protection in the coming weeks, although these plans are not yet final and could still change.

Following Bloomberg's report on the potential bankruptcy filing, LL Flooring's shares plummeted by as much as 31%, settling around 92 cents.

Have a great 4th of July holiday.

I will be back Friday morning with more market insights.

Thank you for reading.

Best Regards,

— Adam Garcia

Elite Trade Club

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