Stocks declined on Tuesday as the Federal Reserve commenced its critical two-day policy meeting, stirring investor concerns that interest rate reductions might not materialize this year.

At 11:21 AM ET, the Dow was down -202.1172 points, or -0.52%, at $38665.92. The Nasdaq Composite added 16.31 points, or 0.09%, at $19090.9845. The S&P 500 declined -10.3198 points, or -0.1925%, at $5350.47. Among the 11 major S&P 500 sectors, 6 showed negative movement, with Financials leading the way with a -0.79% decrease.

Major financial players like American Express and JPMorgan Chase saw their shares drop amid worries over a decelerating economy. Meanwhile, Tesla’s stock dipped over 2% as investors anticipated a vote on reinstating CEO Elon Musk's compensation package. In contrast, Apple emerged as one of the few gainers for the day.

The Fed's meeting is set to wrap up on Wednesday with a pivotal decision on interest rates followed by a press conference with Fed Chair Jerome Powell. Despite signs of a slowing economy, investors fear that this may not sufficiently motivate the Fed to lower rates in 2024.

According to CME’s FedWatch Tool, there is currently no expectation for a rate cut at this meeting or the next in July, though the odds for a reduction in September remain uncertain. The probability of a rate cut in November stands at 66%.

Top Movers: Under $10

Trio Petroleum Corp. (TPET) is up 61.96% today to trade at the current level of $0.37. This comes after company provided updates on its recently completed drilling activities in Uintah County, Utah. The Company has successfully drilled its first two exploratory wells, the HSO 8-4 and HSO 2-4. The HSO 8-4 was drilled to a total depth of 1,020’, while the HSO 2-4 was drilled to a depth of 1,390’.

Vocodia Holdings Corp (VHAI) zoomed 27.14% in today’s trade to $0.13. This rally came despite no news. The last publication by the company was on April 17th when Vocodia Holdings provided an update on the Company's progress since becoming public, highlighting recent achievements and outlining future growth strategies.

CuriosityStream Inc (CURI) rose 29.58% in the early hours of today's trading to move at $1.27. The strong performance of CURI stock followed company’s announcement of authorization and approval of a share repurchase program for up to $4 million of the currently outstanding shares of the Company’s common stock.

In current trading, Nauticus Robotics Inc (KITT) stock is at $0.38. The stock has been rallying since last 2 days despite no latest updates from the company.

In the current trading session, Airship AI Holdings Inc (AISP) jumped 48.37% to $4.66 over a previous close of $3.14 after the company has been awarded a large base year plus four (4) option year contract to an agency within the Department of Justice (DOJ) for the Company’s Acropolis Enterprise Sensor Management video and data management platform supporting emerging public safety and investigative requirements.

Ex-Dividends Stocks

Marvell Technology Inc (MRVL) 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 $0.06 per share. The company has fixed April 12 as the record date for the same and will pay the actual dividend on May 01. Last year, the company distributed a total of $0.24 to its shareholders. Based on the last year's worth of payments, MRVL has a trailing yield of 0.34% on the current stock price of $70.32.

Another stock that is shelling out dividends tomorrow is Kohl's Corp. (KSS), having a market capitalization of $2.52B. It will pay a dividend of $0.5 per share, the payment date of which is June 26. Currently, the stock is trading at a trailing dividend yield of 6.61%.

Shares of Guess Inc. (GES) will be the talk of stock market on Wednesday as the stock will turn ex-dividend. The company's next dividend payment will be $0.3 per share, and in the last 12 months, the company paid a total of $0.85 per share. Last year's total dividend payments show that GES has a trailing yield of 3.73% on the current share price of $22.82.

Tomorrow, HP Inc (HPQ) is also set to go ex-dividend tomorrow. The next dividend payment from HPQ will amount to $0.28 per share. June 12 has been designated as the record date for this dividend, with the actual payout scheduled for July 03. In the previous year, HPQ distributed a total of $1.08 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for HPQ stands at 2.99% based on the current stock price of $35.99.

International Seaways Inc (INSW) will be paying out a dividend of $1.75 per share to shareholders holding their shares as of the close of the business hours on the record date of June 12. Over the past 12 months, INSW has paid out a total of $0.46 per share in dividends. Based on the total dividends paid out last year, INSW boasts an impressive trailing yield of 0.76% on the current share price of $60.45.

Crypto Market Highlights

• Cryptocurrency prices fell on June 11, with Bitcoin dropping below $68K, ahead of the Federal Reserve's policy decision and upcoming consumer price inflation data. Bitcoin and Ethereum saw declines of 2.3% and 3.5%, respectively, contributing to a 2.7% decrease in the global cryptocurrency market cap.
  

• Bitget, the cryptocurrency exchange, has expanded its MakeItCount campaign by partnering with Turkish athletes Buse Tosun Çavuşoğlu, Samet Gümüş, and İlkin Aydın. This initiative, originally launched with Lionel Messi in 2022, aims to empower Bitget's growing Turkish user base amidst increasing cryptocurrency adoption in Turkey.
  

• The New York Attorney General has sued cryptocurrency firms NovaTechFx and AWS Mining Pty Ltd. for allegedly defrauding investors of over $1 billion through a pyramid scheme, particularly targeting immigrant and religious communities. The lawsuit seeks to ban these firms and their founders from operating in New York and to secure financial restitution for the victims.
  

• Crypto.com has received approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider, allowing it to offer crypto-to-fiat exchanges and fiat wallets in Ireland. This milestone supports Crypto.com's global expansion strategy and reinforces its commitment to compliance and responsible innovation, serving its 100 million customers worldwide.
  

• TRM Labs reports that cryptocurrency payments to Chinese precursor chemical manufacturers surged to over $26 million in 2023, a sixfold increase from 2022. The rise in crypto transactions, predominantly in Bitcoin, TRON, and Ethereum, highlights a growing trend of digital currencies being used in the drug manufacturing sector, particularly for fentanyl precursors.

Most Shorted Stocks

Phathom Pharmaceuticals Inc (PHAT) was one of the most shorted stocks as of latest short interest figures, with 43.16% 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 16.3 Days to Cover. This represents a change of 380000 shares, which corresponds to a +3.22% increase in short interest. The total value of the shares held short is estimated to be around $126.67 million. The average daily volume stands at 662.28K shares, and the market capitalization of the company is $608.82M.

The Maxeon Solar Technologies Ltd with the symbol MAXN currently has a short interest of 46.39%. The short interest has changed by 410000 shares. The days to cover ratio stands at 5.2 Days to Cover. The estimated value of the shares held short is approximately $23.28 million. On an average day, 3.64M shares are traded, with the company's market capitalization totaling $88.08M.

For the stock Arbor Realty Trust Inc. (ABR), the current short interest is at 39.44%. This represents a significant short interest change of 1810000 shares, corresponding to a short interest percentage increase of +2.50%. The days needed to cover the short positions amount to 18.5 Days to Cover. The approximate worth of the shares held short is $996.16 million.

With the symbol BYND, the stock currently has a short interest of 40.38%. The short interest change is -550000 shares, compared with a short interest percentage change of -2.17%. It would take approximately 6.4 Days to Cover days to cover all the short positions. The shares short value is estimated to be around $504.03 million. The company boasts an average daily volume of 2.48M shares, contributing to a market capitalization of $439.82M.

The stock TRUP has a current short interest of 39.66%. The short interest percentage has experienced decrease of -4.92% while there was a change of -610000 shares in short interest. The ratio indicating the time required to cover short positions is 15.2 Days to Cover. The calculated worth of the shorted shares amounts to around $685.25 million. Trading activity averages at 734.30K shares per day, while the company's market capitalization stands at $1.16B.

Top EV Stocks

According to our ST Score evaluation, Skyworks Solutions, Inc. (SWKS) emerges as a high-quality stock in the EV industry, attaining an impressive score of 53.0. The stock's valuation, profitability, and financial strength are strong. However, its growth are weak. Additionally, it is neutral in terms of performance, stock sentiment, Piotroski Score, and forecast.

Our ST Score also classifies ST Microelectronics (STM) as a high-quality EV stock today, presenting a Score of 56.0. The stock has strong fundamentals in terms of valuation, profitability, and stock sentiment. The performance, growth, financial strength, Piotroski Score, and forecast are neutral.

Another stock in the category, Aptiv PLC (APTV) has the ST Score of 58.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, growth, and stock sentiment. Value, performance, financial strength, piotroski score, and forecast suggest a neutral outlook.

Cirrus Logic, Inc. (CRUS) stock has the ST Score of 63.0 which implies that the EV company has a high probability of beating the market. The stock's strengths lie in its profitability, financial strength, stock sentiment, and Piotroski Score, but its weaknesses are in its growth. However, it shows neutral outlook in value, performance, and forecast.

Li Auto Inc ADR (LI) currently has the ST Score of 57.0, which signifies a huge upward potential. The EV stock's strong points are its profitability, and financial strength. The stock's value, performance, growth, stock sentiment, Piotroski Score, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team