Penny Stocks to Watch: LIFW CNXA EBET EVAX FRTX NWBO

Insider Financial recaps the day's stock market action and discusses the most recent penny stock pumps.This video covers SPY, QQQ, DIA, IWM, TLT, GLD, USO, FDX, LIFW, CNXA, EBET, EVAX, FRTX, NWBO.

Market Summary

Stocks on Wednesday ended a tumultuous day deep in the red, while the more rate-sensitive 2-year Treasury yield hit a level not seen since 2006.The moves came after Federal Reserve chair Jerome Powell highlighted the recent strength in economic activity and said that a soft landing was not a baseline expectation. Moreover, the central bank's updated dot plot reinforced a scenario of higher rates for longer. As widely anticipated, the monetary policy committee kept interest rates steady.The Dow, which had scaled gains of as much as 0.7% earlier thanks to an advance in IBM on a bullish rating from RBC Capital, eventually ended 0.22% lower at 34,440.88 points.The benchmark S&P 500 retreated 0.94%, while the Nasdaq Composite performed worst with a 1.53% decline.Seven of the 11 S&P sectors ended in negative territory, with heavyweight growth sectors Communication Services and Technology the top two losers. Consumer Staples and Real Estate topped the gainers.Treasury yields were up, and the 2-year yield - more sensitive to rate decisions - showed a bigger reaction. The instrument was up three basis points to 5.14% after reaching its highest level in 2006. The longer-end 10-year yield was up two basis points to 4.39%.Traders were nearly certain that the central bank would hold rates steady while leaning towards a bias for further rate hikes. The Fed stuck to the script by keeping the federal funds rate at 5.25%-5.50%.However, the Fed's updated Summary of Economic Projections - known as the dot plot - signaled one more rate hike this year, along with fewer rate cuts in 2024. At the press conference, Powell said that seven Fed officials believed rates should be held steady for the rest of the year, while 12 believed that one more hike was warranted.Powell also noted that the recent jobs report and the last three inflation readings were encouraging. However, he said that economic activity had been stronger than all expectations and that a soft landing was not a baseline expectation.Powell indicated that while a soft landing is still possible, it should not be considered the baseline expectation. This struck fear in market participants that we could be in for a harder landing than anticipated. This might even result in a true recession ... For investors all across the spectrum, this is not a pleasant thought.In other words, the Fed will keep its foot on the pedal and likely crash the economy.Fedex Corporation rose 4% after the close on Wednesday after its sales forecast beat estimates. FedEx is seen as a barometer of global economic strength.For the current fiscal year, the company forecast flat revenue year-over-year, compared to the prior forecast of flat to low-single-digit-percent revenue growth. That compares to the -0.17% average analyst estimate.Earnings per diluted share of $17.00 to $18.50 compared to the consensus of $17.71 and the prior forecast of $16.50 to $18.50.For the first quarter, EPS of $4.55 beat the average analyst estimate by $0.80, while revenue of $21.7B missed by $130M.Shares of the delivery company are up nearly 42% year-to-date.

BOTTOM LINE

As we keep saying, there are always opportunities in the markets, and it’s our job to find winning stocks to trade. Huge gains can be made in such a short amount of time.It’s essential to look for stocks that have yet to run. There are plenty of opportunities, and we look at hundreds of stocks weekly for our subscribers.Remember, all it takes is one or two to become a winner, and you’ve crushed the market indices (and Jim Cramer) for the year.Good luck to all (except the shorts and Cramer)!

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