Equity markets are surging the day after Fed Governor James Powell left interest rates unchanged, however he did hint that rate cuts are coming.
Powell left the word PATIENT out of his statement, in the past he had said, ““the Committee will be patient” about future rate changes”. The fed funds futures market is now pricing in a 100% chance that the Fed will lower rates at the July meeting.
The S&P 500 hit a new record high this morning and the Dow is currently trading up 165 points.
Iranian forces have shot down a United States Military drone, a move that appears to have escalated tensions between Washington and Tehran.
Hot IPO Slack (WORK) will begin trading this morning on the NYSE, the reference price for Slack is $26 and it is indicated to open between $33-$36 per share.
Here are some stocks with news that are on the move this week
KERN
Akerna
(NASDAQ)
KERN (NASDAQ) has exploded higher from $11 to $72 after this new company was formed by merging 2 other companies to begin trading on the Nasdaq earlier this week.
Akerna provides cannabis companies with software that allows them to track legal weed from “seed to sale.”
ABUS
Arbutus Biopharma Corporation
(NASDAQ)
ABUS (NASDAQ) is trading 20% higher after announcing it has received regulatory clearance to initiate a Phase 1a/1b clinical trial of AB-729, Arbutus’ subcutaneously-administered RNA interference.
Arbutus Biopharma Corporation is a biopharmaceutical company dedicated to discovering, developing and commercializing a cure for patients suffering from chronic Hepatitis B infection.
DMAC
DiaMedica
(NASDAQ)
DMAC (NASDAQ) This small cap biotech company is trading 20%higher after announcing phase 1b trial results for their drug to treat kidney disease.
DiaMedica is a biopharmaceutical company focusing on the development and commercialization of recombinant proteins for the treatment of kidney and neurological diseases.
CVM
CEL-SCI Corporation
(NYSE)
CVM (NYSE) is trading 10% higher after the company was highlighted by Zacks small cap research.
CEL-SCI Corporation engages in the research and development of immunotherapy for the treatment of cancer and other diseases.