Dear Readers,

Stocks are surging on Thursday, as all three major indexes extend their record-breaking streak following the Federal Reserve's decision on Wednesday, which confirmed expectations of multiple interest rate cuts. 

Traders are increasingly pricing in the likelihood of a rate cut within the next three months. 

According to the CME FedWatch Tool, the probability of a quarter-point rate decrease after the Fed's May and June meetings has risen to 72%, up from 55% just a day ago.

Today, additional market-moving events include the release of purchasing managers' index (PMI) data for U.S. services and manufacturing in March, as well as reports on weekly initial jobless claims and the Philadelphia Fed's business outlook for March. Fed Vice Chair for Supervision Michael Barr is also scheduled to deliver remarks, potentially influencing market sentiment further.

As of 12:26 PM ET, the Dow was up 318.1016 points, or 0.8051%, at $39830.23. The Nasdaq Composite added 213.1602 points, or 1.1686%, at $18453.268. The S&P 500 rose 34.04 points, or 0.6515%, at $5258.67. Among the 11 major S&P 500 sectors, 6 showed positive movement, with Industrials leading the way with a 0.55% increase.

Top Movers: Under $10

Yield10 Bioscience Inc (YTEN) is up 90.12% today to trade at the current level of $0.46. This comes after the company got new approval from the Department of Agriculture’s (USDA) Biotechnology Regulatory Services (BRS).

Lufax Holding Ltd ADR (LU) zoomed 37.24% in today’s trade to $4.62 after announcing its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

In current trading, Asset Entities Inc (ASST) stock is at $0.65 following an announcement from the company that it has entered into an agreement with Zendrop, an industry leader in dropshipping and ecommerce.

Aemetis Inc (AMTX) rose 26.87% in the early hours of today's trading to move at $4.63. The Company got $200M USCIS approval for projects: sustainable aviation fuel, dairy RNG, carbon sequestration, and Keyes ethanol plant upgrades.

In the current trading session, Laser Photonics Corp (LASE) jumped 18.10% to $1.82 over a previous close of $1.54 after announcing that it has entered into a distribution agreement with Incredible Supply & Logistics (ISL).

Ex-Dividends Stocks

Johnson Controls International plc (JCI) 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 $0.37 per share. It has fixed March 25 as the record date for the same and will pay the actual dividend on April 19. Last year, the company distributed a total of $1.11 to its shareholders. Based on the last year's worth of payments, JCI has a trailing yield of 1.71% on the current stock price of $64.72.

Another stock that is shelling out dividends tomorrow is Altria Group Inc. (MO), having a market capitalization of $79.21B. It will pay a dividend of $0.98 per share, the payment date of which is April 30. Currently, the stock is trading at a trailing dividend yield of 8.55%.

Shares of Novo Nordisk ADR (NVO) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $0.66 per share, and in the last 12 months, it paid a total of $1.03 per share. Last year's total dividend payments show that NVO has a trailing yield of 0.79% on the current share price of $130.18.

Seanergy Maritime Holdings Corp (SHIP) is also set to go ex-dividend tomorrow. The next dividend payment from SHIP will amount to $0.1 per share. March 25 has been designated as the record date for this dividend, with the actual payout scheduled for April 10. In the previous year, SHIP distributed a total of $0.10 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for SHIP stands at 1.08% based on the current stock price of $9.26.

New York Mortgage Trust Inc (NYMT) will be paying out a dividend of $0.2 per share to shareholders holding their shares as of the close of the business hours on the record date of March 25. Over the past 12 months, NYMT has paid out a total of $0.20 per share in dividends. Based on the total dividends paid out last year, NYMT boasts an impressive trailing yield of 2.73% on the current share price of $7.32.

Crypto Market Highlights

• Tokenized Treasurys in the United States saw a staggering 641% growth in 2023 with traditional finance companies joining the trend, per CoinGecko data.

• OKX cryptocurrency exchange shuts down operations in India following compliance notices from the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance.

• Australian Securities and Investments Commission (ASIC) prioritizes regulatory outcomes as it finalizes regulatory reforms for the crypto sector.

• Layerswap, a bridge between centralized exchanges and layer-2 blockchains, recovers its domain after a hijack that led to the loss of around $100,000 in user funds.

• Coinbase recognizes Dogecoin's enduring popularity beyond its meme origins, announces plans to introduce futures trading products for the cryptocurrency.

Most Shorted Stocks

Maxeon Solar Technologies Ltd (MAXN) was one of the most shorted stocks as of latest short interest figures, with 34.03% 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 4.2. This represents a change of 1050000 shares, which corresponds to a +10.98% increase in short interest. The total value of the shares held short is estimated to be around $35.54 million. The average daily volume stands at 2.37M shares, and the market capitalization of the company is $176.55M.

The Intuitive Machines Inc with the symbol LUNR currently has a short interest of 34.06%. The short interest has changed by 1450000 shares. The days to cover ratio stands at 0.6. The estimated value of the shares held short is approximately $26.3 million. On an average day, 9.11M shares are traded, with the company's market capitalization totaling $118.19M.

For the stock Irobot Corp (IRBT), the current short interest is at 33.46%. This represents a significant short interest change of 160000 shares, corresponding to a short interest percentage increase of +1.79%. The days needed to cover the short positions amount to 3.7. The approximate worth of the shares held short is $79.72 million.

With the symbol MPW, the stock currently has a short interest of 32.74%. The short interest change is -1210000 shares, compared with a short interest percentage change of -0.61%. It would take approximately 8.6 days to cover all the short positions. The shares short value is estimated to be around $38.45 million. The company boasts an average daily volume of 24.07M shares, contributing to a market capitalization of $2.54B.

The stock NOVA has a current short interest of 33.30%. The short interest percentage has experienced an increase of +2.91% while there was a change of 1000000 shares in short interest. The ratio indicating the time required to cover short positions is 4.7. Trading activity averages at 8.03M shares per day, while the company's market capitalization stands at $654.66M.

Biotech Stocks to Watch

According to our ST Score evaluation, Ligand Pharmaceuticals, Inc. (LGND) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 60.0. The stock's profitability, financial strength, and stock sentiment are strong. Additionally, it is neutral in terms of value, performance, growth, Piotroski Score, and forecast.

Our ST Score also classifies Zymeworks BC Inc (ZYME) as a high-quality Biotech stock today, presenting a Score of 54.0. The stock has strong fundamentals in terms of financial strength, and stock sentiment. However, it has a weak forecast. The value, profitability, performance, growth, and Piotroski Score are neutral.

Another stock in the category, Equillium Inc (EQ) has the ST Score of 55.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, and stock sentiment. Value, performance, growth, financial strength, piotroski score, and forecast suggest a neutral outlook.

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

Cullinan Oncology Inc (CGEM) currently has the ST Score of 53.0, which signifies a huge upward potential. The Biotech stock's strong points are its financial strength, and stock sentiment, while its weak points are its growth, and Piotroski Score. The stock's value, profitability, performance, and forecast indicate a neutral outlook.

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