Happy Wednesday, Zingers! Pumpin’ Powell is back baby! The market absolutely ripped on the news that the Fed does not plan on raising rates — and, more importantly, may still cut rates up to three times this year.

The news pushed all three major indexes to all-time highs, spelling a great afternoon for big and small caps alike. A rising tide lifts all boats — dinghies, evidently, included.

Today’s Price Action:

$SPY: +.92%
$QQQ: +1.19%
$DIA: +1.05%

Also, want to make some extra cash without picking up a second job? Check out today’s partner.

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TODAY’S MOST VOLATILE STOCKS

TODAY’S TOP STORY

Fed Chair Powell Opens Door To Rate Cuts This Year, Downplays Recent Inflation Upticks

Briefly: Fed Chair Jerome Powell indicated today that the Fed is likely to cut rates at some point this year, although he acknowledged that the outlook is uncertain and that decisions will be made on a meeting-by-meeting basis.

What Happened: During the March meeting, the Federal Reserve opted to maintain interest rates, as expected.

But Then: The central bank released its quarterly projections, which showed the majority of members still expect three rate cuts in 2024, consistent with projections from December 2023.

What Else: Participants also upwardly revised their GDP projections, forecasting a median growth rate of 2.1% for the current year, compared to the previous estimate of 1.4%, and a steady 2% over the forecast horizon.

So What? Powell suggested the current policy rate may have peaked for this tightening cycle, and that it may ease in 2024 if economic conditions evolve as expected. However, he once again underlined the potential consequences of adjusting policy too fast or too slow.

Click here to read the full FOMC breakdown.

PRESENTED BY FINANCE BUZZ

Work Smarter, Not Harder: 5 Lazy Ways To Make Extra Cash By Doing (Almost) Nothing

Feeling lazy but still want to earn some extra cash? We've done our research and found some unusual (but legit) ways that people can stack their bank accounts without having to leave their house. Some will help you save. Others will help you pad your wallet right away.

If your bank account could use a boost but you don't want to start a second job, then these could be right for you.

FIVE MOVERS

Plug Power shares moved higher today along with many small-cap energy stocks following the Federal Reserve’s announcement.

TKO shares moved higher today after the company settled a lawsuit with former UFC athletes.

Crocs shares closed up more than 5% today after an analyst at BofA securities raised his price target from $140 to $150.

Chewy stock moved higher today after the pet-focused e-commerce platform reported stronger-than-expected earnings. 

Boeing stock moved higher today as investors came in and bought the dip on the beaten-down plane manufacturer.

ONE TRADE IDEA FOR TOMORROW

BofA Bets On Spotify, Sees Scope For Share Repurchase Program Initiation After New CFO Announcement

Briefly: BofA Securities analyst Jessica Reif Ehrlich raised the price target of Spotify from $265 to $315 and reiterated her Buy rating.

So Basically: The analyst is confident that the company’s first quarter FY24 results will be at least in line with guidance, including revenue, premium subscribers and MAUs.

So Then: Ehrlich writes that she is confident about the sustainability of Spotify’s share price momentum led by subscriber growth, monetization opportunities, scaling of advertising and continued operating leverage.

So What? Given the strong balance sheet and FCF trajectory, Ehrlich notes ample capacity to start a share repurchase program (likely after the new CFO announcement), which could be a share price driving factor in the second half.

Click here to read more.

PRESENTED BY FINANCE BUZZ

5 Things To Try If You Need Extra Money This Month

You’ve got just enough money in your bank account to last until Friday … but then Monday rolls around, and you’re in the same situation. Again. Food. Bills. Rent. Gas. They dry up every bit of your take-home pay. 

But it doesn’t have to be this hard. With a few smart moves, you could supplement your income and afford that next vacation — without doing much extra “work,” or even getting a side job. Check out this FinanceBuzz article to find a solution and take control of your finances today.