What Happened In The Stock Market Today? – September 29, 2022 Edition

This is a new feature, and we’ll discuss a few penny stocks to watch heading into the end of the week. But it’s also essential to understand what’s moving markets and what could present market-moving potential in the near term.

Not only for your education but also to plan specific strategies to trade & make money in the stock market. Today, stocks were mixed for most of the Thursday session, but ultimately, bearish momentum overwhelmed bulls, and major indexes, including the S&P 500 and its corresponding ETF SPDR S&P500 (NYSEARCA:SPY), dipped to fresh 2022 lows.

The SPY’s $359.70 low of the day was a level it hadn’t seen since Q4 of 2020. Meanwhile, the Nasdaq and its corresponding ETF Invesco Trust (NASDAQ:QQQ) broke below $269 for the first time since Q4 2020. Remember that this move comes just one day after broader market sentiment was calling for a bottom after Fed speakers brought optimism back to investors.

Jobs Data Remains Sticking Point Of Recession Definition

Things were much more depressed in the stock market today following strong jobs figures, and Fed speakers weighed in with much more hawkish stances on policy. Initial jobless claims came in at 193,000 vs 215,000 expected. The figure was even lower than the prior read of 213,000. Meanwhile, continuing jobless claims came in at 1.347 million compared to estimates of 1.388 million. It was also lower than the previous read of 1.397 million. This strong jobs report didn’t bode well for the state of the economy, which suggested the jobs market is still tight.

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Earlier today, we discussed how jobs data had been the sticking point for many. The argument is that even though the economy is in the technical definition of a recession (two consecutive quarters of negative GDP growth), we’re “not really” in one because of the jobs market. Investors have also paid particular attention to the jobs report as a sign that monetary policy is beginning to work out.

Fed Speak Weighs On Investors

Thursday wasn’t any less active for Fed speakers than the rest of the week. Fed’s Mester said that the US economy has handled tightening well and that US inflation needs to decline. Mester discussed how she is also “probably a little bit above the media path reflected in the September projections.”

These new statements come just a few days after she expressed a need for a more restrictive policy for a more extended period. “While this has been a relatively fast pace of tightening, given the current level of inflation and the outlook, I believe that further increases in our policy rate will be needed,” Mester said Monday in prepared remarks for an event.

She discussed that November’s rate hike hinges on how data evolves, and the job-market imbalance is significant despite not predicting the economy will enter a recession. As Mester spoke today, a hard point for some was her comment that if there is a recession, she does not see the Fed holding back on rate hikes.

This slightly contrasts to other Fed members, including Fed President Daly, who said rate hikes are required and appropriate. But she explained that a severe recession is neither warranted nor necessary. In remarks earlier this week, Daly said that she feels the Fed is on pace to hit its 2% inflation goal by the end of next year or 2024. She also explained that it would require maintaining interest rates higher for “an extended period of time.”

Other speakers like St. Louis Fed President Bullard also discussed the need for policy moves to be made right now. He said it was important to avoid a 1970s inflation scenario. Bullard also remarked that the jobless claims showed “super low” numbers.

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Closing out the week, there are still plenty of potential economic catalysts to consider. FOMC member Barkin speaks before the stock market opens on Friday. Fed Chair Brainard, FOMC members Bowman, Mester and Wiliams will also speak. While broader markets and stocks slipped in the stock market today, this doesn’t mean it was all bad.

Best Penny Stocks To Buy Now? 3 To Watch As Stock Market Crash Continues

Towards the end of the week, believe it or not, there are a handful of penny stocks to watch right now. A mix of news and industry catalysts has helped boost things in the market. The big question at the top of everyone’s mind is, will the relative strength last in the face of a more bearish tone?

Avalon GloboCare Corp. (AVCO)

best penny stocks to buy Avalon GloboCare AVCO stock chart

The clinical-stage biotech company Avalon GloboCare saw its share price not only surge during the regular session but trade even higher after-hours. The company specializes in cell therapy platforms, including cellular immunotherapy. Its QTY technology is the centerpiece of its portfolio and is a protein code that can turn water-insoluble receptor proteins into water-soluble ones. This allows for potential use in a number of clinical applications like drug development.

What To Watch With AVCO Stock

This week Avalon announced receipt of allowance for a joint U.S. patent filed with MIT’s Dr. Shuguang Zhan. The patent allowance was for its QTY code technology, and covers seven claims. Avalon has also submitted a new application to the USPTO for its QTY glucose transporter technology, also filed jointly with Dr. Zhan.

In response to the milestone, CEO David Jin , M.D., Ph.D., explained, “We continue to strengthen our IP portfolio as we believe our novel QTY code protein design technology holds great potential for biotechnology applications and could generate significant clinical advancements in cellular immunotherapy and immune-oncology…We believe using the QTY technology will accelerate our understanding of these proteins and the development of antibodies against them to treat cancer.”

Ocular Therapeutix Inc. (OCUL)

best penny stocks to buy Oculuar Therapeutix Inc. OCUL stock chart

Eye treatment development company Ocular Therapeutix is also one that traders have begun to watch closely this week. Following a strong move between May and early September, OCUL share prices slipped over the past few weeks. Some profit taking after an industry conference and interim Phase 1 clinical data seem to have acted as the negative catalysts in recent trading. Despite this as the case, Ocular stock was surging thanks to progress made in its wet AMD portfolio, including OTX-TKI. Recent data suggested that new details would allow it to discuss plans with the FDA to hopefully initiate a Phase 2 trial next year.

What To Watch With OCUL Stock

This week, Ocular had a big presentation at the American Academy of Ophthalmology meeting. It presents 28-week data from the Phase 1 trial of OTX-TKI for Wet AMD at a late-breaking session on Friday. The company also makes two ePoster presentations on the program and shares data updates on its DEXTENZA. The latter is an FDA-approved corticosteroid for treating ocular inflammation and pain following ophthalmic surgery.

BioAffinity Technologies Inc. (BIAF)

best penny stocks to buy BioAffinity Technologies Inc. BIAF stock chart

Recently IPOd BioAffinity finally saw a somewhat green day in the stock market today. This came just one day after the penny stock tested its upper limits on record trading volumes for the year. BioAffinity focuses on noninvasive diagnostics for early-stage cancer and lung diseases. Its CyPath Lung is the first product designed as a noninvasive test detecting early-stage lung cancer. In addition, one of its subsidiaries, OncoSelect Therapeutics, is researching platforms shown in vitro to kill cancer cells without harming normal cells.

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What To Watch With BIAF Stock

This week, the big news for BIAF stock has to do with fresh capital. It received $7.7 million from the exercise of warrants. Proceeds are earmarked for expanding operations and the commercialization pathway for CyPath Lung. BioAffinity has also said it may use funds for regulatory approvals, R&D of additional diagnostics, and cancer therapeutics.

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