From Nasdaq: 2024-06-13 08:26:00

Fed Chairman Jerome Powell announced just one rate cut of 25 basis points in the Fed fund rate for 2024, down from the anticipated three cuts. Terminal rate for benchmark lending rate rose to 5.1% in 2024. Wall Street welcomed the news, with discussions of a full 1% rate cut in 2025 and a projected long-term interest rate of 2.8%. NVIDIA reported impressive first-quarter fiscal 2025 revenues of $26.04 billion, up 262% year over year, with earnings per share at $6.12. The company expects sales of $28 billion in the next quarter. Apple’s cloud division is driving revenue growth, while search updates and generative AI capabilities are enhancing business prospects. Alphabet has an expected revenue growth rate of 15.2% and earnings growth rate of 31% for the current year. Netflix gained 9.33 million paid subscribers in Q1 2024 and expects to continue dominating the streaming space. Analysts project revenue and earnings growth rates of 14.8% and 52.2% for this year. Coinbase Global provides financial infrastructure for the crypto economy, with an expected revenue growth rate of 83.5% for the current year. Micron Technology, which produces memory chips for AI applications, anticipates revenue and earnings growth rates of 50.7% and more than 100%, respectively, for next year.

Read more at Nasdaq: Fed Indicates One Rate Cut in 2024: 5 Long-Term Picks