Wall Street is poised to wrap another week of gains, with the S&P 500 index surpassing the 5,000 mark and the Nasdaq approaching 18,000 points. For the two indices, this marks the fifth consecutive week in the green, the 14th positive week out of the last 15, indicative of the impressive rally fueled by optimism surrounding artificial intelligence. Shares of NVIDIA Corp. (NASDAQ:NVDA) are already up nearly 50% since the beginning of the year, with the semiconductor giant surpassing the $1.8-trillion market capitalization mark. Overall, the Magnificent Seven rose to a combined market cap of $13.2 trillion, almost half the size of the rest of the 493 stocks within the S&P 500. The Russell 2000 index of small caps has again reached the 2,000 mark, outperforming large-cap peers. Data-wise, no major headline emerged from the Consumer Price Index ...Full story available on Benzinga.com

To gain an edge, this is what you need to know today. Better Inflation Data Please click here for a chart of SPDR S&P 500 ETF Trust (ARCA:SPY) which represents the benchmark stock market index S&P 500 (SPX). Note the following: The chart shows the stock market has bounced from the bottom band of the top support zone. The chart shows the stock market is at the top band of the top support zone. RSI on the chart shows the stock market is oversold. As we have been sharing with you, oversold markets tend to bounce. The chart shows that the oversold stock market is bouncing on better inflation data from the U.S. and Europe. PCE is the Fed’s favorite inflation gauge. The data came slightly better than expected. Headline PCE came at 0.4% vs. 0.4% consensus. Core PCE came at 0.1% vs. 0.2% consensus. In The Arora Report analysis, core PCE is very important; however, core PCE does not include energy and food. The rising price of oil has a significant impact on lower income consumers.  For this reason, prudent investors should not disregard the rising price of oil, even though that is exactly what the market is choosing to do this morning.  Eurozone inflation has cooled to its lowest point in two years. Eurozone CPI came at 4.3% year-over-year vs. 4.5% consensus. CPI came at 0.3% month-over-month vs. 0.5% prior. Eurozone core CPI came at 4.5% year-over-year vs. 4.8% consensus. Core CPI came at 0.2% month-over-month vs. 0.3% prior. The potential government shutdown drama continues in Washington. As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the protection band. Japan Bank of Japan engaged in unscheduled bond purchases. The amount was not significant. However, the operation was designed to send a message to speculators to stop short selling yen. As ...Full story available on Benzinga.com

To gain an edge, this is what you need to know today. Dot Plot Please click here for the Fed’s prior dot plot. Note the following: The FOMC meeting is starting today. Tomorrow, the Fed will announce its decision at 2pm ET followed by Powell’s press conference at 2:30pm ET. The dot plot shows each FOMC participants’ projected mid point of the target for the federal funds rate. Each dot represents an FOMC participant. The chart shows that no FOMC participants projected a federal funds rate of less than 5.125% in 2023. The chart shows that one FOMC participant projected a federal funds rate above 6% in 2023. The chart shows wide dispersion in 2024. The highest projection is 5.875%. The lowest projection is 3.625%. In The Arora Report analysis, there is enough uncertainty in the economic data that the high end of the projection at 5.875% and the lower end of the projection 3.625% are both possible. This is why it is important for investors to start from Arora’s Second Law of Investing and Trading. Arora’s Second Law states, “Nobody knows with certainty what is going to happen next in the markets.” It is important to not get locked into a bullish or bearish point of view. Consider flowing with the new data points. The Morning Capsules are your best source of new data points that matter. For the most part, you can ignore new data points that are not mentioned in the Morning Capsule. The Fed is expected to release a new dot plot tomorrow. The most important information from the Fed meeting will be the dot plot. The consensus is that the Fed will have a hawkish statement but leave the rate unchanged. Regarding the dot plot, momo gurus believe the dot plot will show as many as five interest rate cuts. This is the reason momo gurus are giving to urge their followers to aggressively buy stocks. The historical record is clear – momo gurus have consistently been wrong, yet being wrong does not stop momo gurus from making new projections and pretending that they know what the market will ...Full story available on Benzinga.com

To gain an edge, this is what you need to know today. No Fear Please click here for a chart of volatility index VIX . Note the following: VIX is the fear gauge of Wall Street. The chart shows that VIX has fallen to the lowest level in two years. The fall in VIX is on the longest streak since 2017 – 118 consecutive days without back to back closes over 20. The VIX has closed under the 200 day moving average for 123 days in a row. This is the first time this is happening since 2009. $3.4 trillion notional value of options are expiring today. This is the largest September option expiration ever. The momo crowd aggressively started buying Arm Holdings American Depositary Shares (NASDAQ: ARM) shares after the regular session close yesterday and has continued to aggressively buy ARM shares in the IPO.  Why is the momo crowd buying ARM so aggressively? The reason is that they believe that ARM is an AI play on par with NVIDIA Corp (NASDAQ: NVDA).  Nothing could be farther from the truth. From yesterday’s Morning Capsule: In The Arora Report analysis, ARM is not an AI company, but facts do not matter in the stock market when investors are excited.  ARM is being marketed as an AI company, and the momo crowd does not know any better. ARM is attempting to pivot to become an AI company. It has yet to be seen if they can succeed.   Thank you for all of your emails requesting a podcast on ARM. We are starting work on a podcast on ARM. The podcast will be available in Arora Ambassador Club. Wall Street is driven by fear and greed. Historically, it pays to sell when fear is sucked out of the stock market and to buy when greed is sucked out of the stock market. In The Arora Report analysis, the lack of fear is a reason to be cautious at this time.   New ...Full story available on Benzinga.com

SPOKANE VALLEY, Wa., Aug. 04, 2023 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC), announced today that it plans to report its results for the fourth quarter of fiscal 2023 after market close on August 15, 2023.

LIVONIA, Mich., Aug. 04, 2023 (GLOBE NEWSWIRE) -- Alta Equipment Group Inc. (NYSE: ALTG) (“Alta” or the “Company”), a leading provider of premium material handling, construction and environmental processing equipment and related services, today announced that the underwriters of its previously announced secondary public offering have fully exercised their option to purchase an additional 330,000 shares of common stock at $16.25 per share, bringing the total number of shares sold by the selling stockholder in the secondary offering to 2,530,000 shares of common stock. The gross proceeds to the selling stockholder in connection with the secondary offering, including the exercise of the option, were approximately $41.1 million, before deducting the underwriting discounts and commissions.

The metaverse is still a big part of Meta's growth strategy, and that could prove to be a huge problem for investors.

The construction giant beat expectations and raised its full-year guidance.

SAN JOSE, Calif., Aug. 04, 2023 (GLOBE NEWSWIRE) -- Rani Therapeutics Holdings, Inc. (“Rani Therapeutics” or “Rani”) (Nasdaq: RANI), a clinical-stage biotherapeutics company focused on the oral delivery of biologics and drugs, today announced that the Company will participate in three upcoming investor conferences in August 2023. These conferences include:

NEWARK, Calif., Aug. 04, 2023 (GLOBE NEWSWIRE) -- Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience (CX) solutions and technology, is delighted to announce that, at its special meeting of stockholders held earlier today, Concentrix shareholders voted to approve the issuance of Concentrix common stock in connection with the proposed combination with Webhelp. The transaction remains subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter.