Dow futures remain stagnant, S&P 500 futures inch up 0.2%, and Nasdaq 100 futures soar 0.5%.
Wall Street indices close on a high note, signaling a positive week, with the S&P 500 enjoying its longest winning streak since August.
Fed’s decision takes center stage
With limited economic data and earnings today, all eyes are on the Federal Reserve’s interest rate decision, scheduled for Wednesday. Expectations are high that the central bank will hit the pause button on its tightening cycle.
According to Investing.com’s Fed Rate Monitor Tool, there’s over a 79% chance the Federal Open Market Committee will keep borrowing costs unchanged.
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Hold on to your upvotes because nearly 3,500 subreddits are going dark for the next 48 hours (or maybe even longer, who knows?). Even the big shots like r/gaming, r/aww, and r/todayilearned are joining the rebellion. Goodbye productivity, hello real-life interactions!
Why are they causing a virtual riot?
Well, it all started when Reddit’s CEO, Steve Huffman, dropped the bombshell that they’ll be slapping a price tag on their precious API. This means those third-party developers who rely on Reddit’s data to create nifty apps or train AI chatbots, like our very own ChatGPT, will have to cough up some cash.
Huffman argues that the data is pure gold and it’s about time they start cashing in on it. Seems like he took a page out of Elon Musk’s playbook, who did something similar over at Twitter. It’s like a capitalist trend among tech giants, revoking free API access and rolling out fancy paid tiers.
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Some of the biggest movers:
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ImmunoGen Inc (NASDAQ: IMGN) announced updated data from an interim analysis of the Phase 2 CADENZA trial of pivekimab sunirine (pivekimab) in patients with frontline and relapsed/refractory (R/R) blastic plasmacytoid dendritic cell neoplasm (BPDCN), a rare and aggressive blood cancer.
Enrollment continues in the frontline CADENZA cohort; top-line data is expected in 2024.
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Stock Analysis
Heritage Commerce Corp (Nasdaq:HTBK) Towers Over Competition, Banking Like a Boss!
Hold on to your wallets, folks! Heritage Commerce Corp (Nasdaq:HTBK) is here to show off their banking prowess. They’re the cool cats behind Heritage Bank of Commerce, serving up a smorgasbord of commercial and personal banking services to the fine folks and business-savvy individuals of California. With a hefty sum of around USD 5.2 billion in total assets spread across 17 fancy banking offices, they mean serious business.
Let’s meet the competition, shall we? We have Univest Financial Corporation (Nasdaq:UVSP) and Capital City Bank Group, Inc. (Nasdaq:CCBG) trying to keep up. But guess what? Heritage Commerce Corp. takes the crown in profitability, return on equity, revenue growth (both quarterly and year-over-year), and net income. Oh, and did I mention they boast a lower price-to-earnings ratio than Capital City Bank Group? Talk about banking like a boss!
But wait, there’s more! Their margins are so impressive that they can offer a juicy yield of over 4.2%. Take that, competitors! It’s a banking battle where Heritage Commerce Corp. reigns supreme.
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Investing 101: Risk comes with the territory, so grab your detective hat, consult a money maestro, and make informed moves. Stay sharp, stay savvy, and stay invested!
