Dear Readers,

On Wednesday, stock markets plummeted as inflation figures for March surpassed expectations, diminishing the likelihood of the anticipated interest rate reductions by the Federal Reserve.

As of 11:44 AM ET, the Dow was down -515.3 points, or -1.3252%, at $38368.38. The Nasdaq Composite lost -179.17 points, or -0.9861%, at $17990.7337. The S&P 500 declined -61.8101 points, or -1.1864%, at $5148.1. Among the 11 major S&P 500 sectors, 11 showed negative movement, with Real Estate leading the way with a 4.17% decrease. 

Consumer Price Index (CPI) statistics for March indicated a 0.4% increase over the month and a 3.5% rise compared to the previous year, slightly exceeding the forecasts of a 0.3% monthly climb and 3.4% annual gain as reported by Dow Jones economists. The core CPI, which omits the more fluctuating costs of food and energy, grew by 0.4% month-over-month and saw a yearly increase of 3.8%, surpassing predictions of 0.3% and 3.7%, respectively. The CPI report also noted that April’s year-to-year inflation rate for all items was 3.2%.

Trading data from the Federal funds futures now indicates a mere 20.6% chance that the Federal Reserve will implement a rate cut in its June meeting, per the CME FedWatch Tool. Market traders are currently wagering that a rate reduction is more probable during the September meeting of the central bank.

In reaction to the March CPI's unexpected rise, the 10-year Treasury yield, a critical reference point for mortgages and other loans, shot past 4.5%, counter to the Federal Reserve's aspirations for a pullback of inflation to its preferred level of 2%. Similarly, the 2-year Treasury yield surged close to 5%.

Alongside Wednesday's significant inflation data, investors are eagerly awaiting the release of minutes from the Federal Reserve's previous month's meeting. The minutes, anticipated to provide insight into the Federal Reserve officials' positions on projected rate cuts for the year, are scheduled to be made public at 2 p.m. Eastern Time.

Top Movers: Under $10

Marin Software Inc (MRIN) is up 165.76% today to trade at the current level of $0.76. This comes after the company upgraded its integration with Microsoft (NASDAQ: MSFT) Advertising.

Adial Pharmaceuticals Inc (ADIL) zoomed 63.19% in today’s trade to $1.84 after announcing the publication of a peer-reviewed article highlighting the promising clinical results, strong safety profile and high compliance among patients administered AD04 the Company’s lead investigational new drug product being developed for the treatment of Alcohol Use Disorder (AUD).

In current trading, Blue Star Foods Corp (BSFC) stock is at $0.13 following the signing of an agreement with Eagle Rising to provide high-quality, Nutritious Meals for U.S. Military.

Jaguar Health Inc (JAGX) rose 32.78% in the early hours of today's trading to move at $0.12. The company declared approval of all proposals at the April 2024 special meeting of stockholders.

In the current trading session, Inspira Technologies Oxy B.H.N. Ltd (IINN) jumped 16.50% to $2.26 over a previous close of $1.94 after announcing results from their collaborative development of a proprietary bio-electronic treatment to prevent associated bloodstream infections in patients in intensive care units.

Ex-Dividends Stocks

Advance Auto Parts Inc (AAP) is about to trade ex-dividend tomorrow, meaning that investors who buy the stock after tomorrow will not be eligible for the next dividend payment. The company's next dividend payment will be $0.25 per share. It has fixed April 12 as the record date for the same and will pay the actual dividend on April 26. Last year, the company distributed a total of $2.25 to its shareholders. Based on the last year's worth of payments, AAP has a trailing yield of 2.90% on the current stock price of $77.67.

Another stock that is shelling out dividends tomorrow is American Eagle Outfitters Inc. (AEO), having a market capitalization of $4.74B. It will pay a dividend of $0.12 per share, the payment date of which is April 26. Currently, the stock is trading at a trailing dividend yield of 1.35%.

Shares of Harmony Gold Mining Co Ltd ADR (HMY) will be the talk of the stock market on Thursday as the stock will turn ex-dividend. The company's next dividend payment will be $0.06 per share, and in the last 12 months, it paid a total of $0.04 per share. Last year's total dividend payments show that HMY has a trailing yield of 0.45% on the current share price of $8.91.

Tomorrow, Immersion Corp (IMMR) is also set to go ex-dividend tomorrow. The next dividend payment from IMMR will amount to $0.04 per share. April 12 has been designated as the record date for this dividend, with the actual payout scheduled for April 19. In the previous year, IMMR distributed a total of $0.14 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for IMMR stands at 1.83% based on the current stock price of $7.36.

Lloyds Banking Group plc ADR (LYG) will be paying out a dividend of $0.09 per share to shareholders holding their shares as of the close of the business hours on the record date of April 12. Over the past 12 months, LYG has paid out a total of $0.13 per share in dividends. Based on the total dividends paid out last year, LYG boasts an impressive trailing yield of 4.75% on the current share price of $2.63.

Crypto Market Highlights

• Coinbase enables UK-based users to purchase Bitcoin, Ether, and digital assets via Apple Pay for enhanced security and privacy.

• P2P.org achieves growth milestone and introduces a new staking model tailored for businesses on the Ethereum blockchain.

• Founder of Ace Exchange in Taiwan indicted alongside six others for money laundering and fraud, resulting in losses of $10.6 million.

• Hong Kong's Securities Regulatory Commission expedites the approval process for four spot Bitcoin ETFs, expected by April 15.

• New Zealand ministry proposes a more favorable approach to cryptocurrency innovations to spur digital asset growth.

• Coinbase's Ethereum layer-2 network Base achieves high transaction throughput, as reported by Jesse Pollak, head of protocols.

Most Shorted Stocks

IMAC Holdings Inc (BACK) was one of the most shorted stocks as of latest short interest figures, with 94.75% short interest. The days to cover ratio, a measure of how long it would take for all the short positions to be covered based on average trading volume, is 1.1. This represents a change of 823300 shares, which corresponds to a +1,446.92% increase in short interest. The total value of the shares held short is estimated to be around $2.46 million. The average daily volume stands at 807.12K shares, and the market capitalization of the company is $3.19M.

The Sunpower Corp with the symbol SPWR currently has a short interest of 76.63%. The short interest has changed by -3290000 shares. The days to cover ratio stands at 5.4. The estimated value of the shares held short is approximately $100.87 million. On an average day, 7.30M shares are traded, with the company's market capitalization totaling $450.98M.

For the stock BYND Cannasoft Enterprises Inc (BCAN), the current short interest is at 52.78%. This represents a significant short interest change of 393700 shares, corresponding to a short interest percentage increase of +2,357.49%. The days needed to cover the short positions amount to 0.6. The approximate worth of the shares held short is $0.4 million.

With the symbol BMEA, the stock currently has a short interest of 47.76%. The short interest change is 2040000 shares, compared with a short interest percentage change of +18.21%. It would take approximately 13.0 days to cover all the short positions. The shares short value is estimated to be around $5.15 million. The company boasts an average daily volume of 1.03M shares, contributing to a market capitalization of $450.42M.

The stock ABR has a current short interest of 38.68%. The short interest percentage has experienced an increase of +5.76% while there was a change of 3970000 shares in short interest. The ratio indicating the time required to cover short positions is 15.6. The calculated worth of the shorted shares amounts to around $165.1 million. Trading activity averages at 4.72M shares per day, while the company's market capitalization stands at $2.35B.

AI Stocks to Watch

According to our ST Score evaluation, NVIDIA Corp (NVDA) emerges as a high-quality stock in the AI industry, attaining an impressive score of 58.0. The stock's profitability, growth, stock sentiment, and Piotroski Score are strong. However, its value are weak. Additionally, it is neutral in terms of performance, financial strength, and forecast.

Our ST Score also classifies UiPath Inc (PATH) as a high-quality AI stock today, presenting a Score of 55.0. The stock has strong fundamentals in terms of growth, financial strength, and stock sentiment. However, it has weak value. The profitability, performance, Piotroski Score, and forecast are neutral.

Another stock in the category, Digital Realty Trust Inc (DLR) has the ST Score of 55.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, growth, and stock sentiment but weak in value. Performance, financial strength, piotroski score, and forecast suggest a neutral outlook.

Sprinklr Inc (CXM) stock has the ST Score of 55.0 which implies that the AI company has a high probability of beating the market. The stock's strengths lie in its profitability, and financial strength. However, it shows neutral outlook in value, performance, growth, stock sentiment, Piotroski Score, and forecast.

Zoom Video Communications Inc (ZM) currently has the ST Score of 63.0, which signifies a huge upward potential. The AI stock's strong points are its profitability, financial strength, stock sentiment, and Piotroski Score, while its weak points are its growth. The stock's value, performance, and forecast indicate a neutral outlook.

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