All Time Highs For The NASDAQ + Tesla Adds 70B In Market Cap

Good Afternoon! 

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

Let’s jump right in!

Markets 📈

The major indexes closed green today after Fed Chair Powell spoke about progress combatting inflation.

The NASDAQ and S&P both managed to hit new all-time highs.

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Market-Moving News 📈

Powell: Fed Has Made Significant Progress on Inflation but Seeks More Certainty Before Cutting 

Fed Chair Jerome Powell on Inflation and Interest Rates

Fed Chair Jerome Powell expressed satisfaction with the progress on inflation but emphasized the need for more concrete evidence before considering any cuts to interest rates. During a forum in Sintra, Portugal, Powell stated that while there has been significant progress, the Federal Reserve wants to be confident that inflation is moving sustainably toward the 2% target before starting the process of reducing or loosening policy. He acknowledged that recent inflation readings suggest a return to a disinflationary path, but he remains cautious about moving too quickly, which could threaten the progress made in reducing price increases.

Powell highlighted that the Federal Reserve is keenly aware of the risks associated with premature action. “We’re well aware that if we go too soon, we can undo the good work we’ve done,” he said. Conversely, delaying action unnecessarily could undermine the recovery and economic expansion. This balanced approach reflects the Fed’s commitment to maintaining price stability while supporting continued economic growth.

At the forum, which also featured European Central Bank President Christine Lagarde and Brazil Central Bank Governor Roberto Campos Neto, Powell noted that the U.S. economy and labor market have remained strong even as inflation has eased. This resilience has allowed the Fed to consider the timing of rate cuts more carefully. Earlier this year, markets expected at least six quarter-point rate cuts from the Fed. However, expectations have since shifted to anticipate just two reductions—one in September and another before the end of the year. Despite these market adjustments, members of the Federal Open Market Committee have only penciled in one rate cut for the year.

The Commerce Department’s personal consumption expenditures price index, which the Fed uses as its main inflation gauge, rose at a 2.6% annual pace in May. This level has steadily decreased from around 4% a year ago. Despite this progress, policymakers do not expect to achieve the Fed’s 2% inflation goal until 2026. Powell’s cautious stance underscores the importance of waiting for more substantial evidence of sustained inflation reduction before making any policy changes.

When asked about the possibility of a rate cut in September, Powell refrained from committing to specific dates, emphasizing the Fed’s data-dependent approach. He also addressed concerns about the political climate, particularly the potential impact of a Donald Trump presidency. Powell reiterated that the Federal Reserve remains focused on its mandate and is not influenced by political considerations.

Tesla Inc. [TSLA] $231.26 (+10%)
Tesla stock rose today due to strong delivery numbers for the second quarter, surpassing market expectations and boosting investor confidence in the company's growth trajectory.

Ocean Power Technologies [OPTT] $0.51(+41%)
Momentum continues for this hot penny stock. We mentioned OPTT yesterday and today as one to watch, and it continues to impress.

If you have gains in this one. Consider taking some chips off the table.

Roadzen Inc. [RDZN] $2.95 (+82%)
The company saw an uptick today primarily due to the announcement of its record revenue growth for the first fiscal year as a public company.

The company reported substantial increases in revenue, signaling strong business performance and investor confidence in their growth prospects

Maxeon Solar Technologies Ltd [MAXN] $0.18 (+67%)

The companies share price dropped today due to the announcement of a class action lawsuit filed against the company, alleging securities fraud and misleading investors about its business prospects.

Additionally, Maxeon's recent earnings report revealed disappointing financial results, with both earnings per share (EPS) and revenue missing analyst estimates, further contributing to the decline in stock price

Azitra Inc [AZTR] $2.18 (36%)
The biotech stock got crushed in trading today.

Yesterday, the company implemented a 1:30 reverse split to regain NASDAQ compliance. Reverse splits are usually not a great sign.

Cartesian Therapeutics Inc [RNAC] $15.77 (8.50%)

The company’s shares dropped today despite the company announcing positive topline results from its Phase 2b trial of Descartes-08 for myasthenia gravis.

The decline in stock price can be attributed to the simultaneous announcement of a $130 million private placement equity financing.

I hope you had a green day today. The bull market has been very kind to my portfolio.

Please share your trading success with me by replying to this email.

It keeps me motivated to write these newsletters.  

Best Regards,

— Adam Garcia

Elite Trade Club

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