Ultime notizie per NuCana (NASDAQ:NCNA) Azioni

NuCana

NuCana PLC is a biopharmaceutical company focused on improving treatment outcomes for cancer patients by ProTide technology. Utilizing proprietary ProTide technology, the firm is developing new medicines designed to overcome key cancer resistance mechanisms and generate much higher concentrations of anti-cancer metabolites in cancer cells. The company's ProTide pipeline products are NUC-3373, NUC-7738, Acelarin. Geographically operates through the region of the United States.

NuCana PLC

Outlook for the Fourth&nbsp;Quarter of the Fiscal Year 2025
New Oriental expects total net revenues, excluding revenues generated from East Buy private label products and livestreaming business, in the fourth&nbsp;quarter of the fiscal year 2025 (March&nbsp;1, 2025 to May 31, 2025) to be in the range of US$1,009.1 million to US$1,036.6 million, representing year over year increase in the range of 10% to 13%. The projected increase of revenue in the Company's functional currency Renminbi is expected to be in the range of 12% to 15% for the fourth quarter of the fiscal year 2025

Earnings

News

Guidance

New Oriental Education & Technology Group

New Oriental Expects Q4 Net Revenues (Excluding East Buy and Livestreaming) Between $1.01 B-$1.04 B Vs. $1.22B Est., Reflecting 10-13% YoY Growth

The CEO of&nbsp;Chevron Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Mike Wirth, recently discussed the current dynamics of the oil industry, addressing the volatility of&nbsp;oil prices, capital expenditure strategies,&nbsp;and geopolitical challenges.
What Happened: Wirth attributed the recent dip in West Texas Intermediate (WTI) crude oil prices, nearing $60 per barrel, to expected demand slowdowns and increased supply. He cited macroeconomic uncertainties, particularly tariff and trade tensions, as the primary reasons for concerns about reduced global demand, in a recent interview with CNBC.
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When asked about recession, the Chevron CEO stated, &#8220;..there&#8217;s no sign that we see at this point that we&#8217;re in or close to a recession.&#8221; However, he acknowledged slowing growth and volatility. 
Despite the market&#8217;s volatility, Wirth emphasized Chevron&#8217;s strong balance sheet and&nbsp;disciplined approach to capital expenditure. The company has proactively cut its capital expenditure&nbsp;by $1 billion for 2025&nbsp;and announced cost reductions of&nbsp;$2-3 billion over the next&nbsp;two years.
The CEO also stated at $70 per barrel crude oil price, they expect $10 billion of incremental free cash flow growth in 2025-26, while at $60 per barrel, the free cash flow expectation is at $9 billion.
On tariffs, Wirth downplayed their&nbsp;direct impact on Chevron, acknowledging&nbsp;potential indirect effects through macroeconomic&nbsp;shifts and global trade dynamics. He also highlighted the administration&#8217;s&nbsp;supportive energy policies, which recognize&nbsp;the U.S.&#8217;s&nbsp;abundant energy resources as a&nbsp;driver of economic prosperity, energy&nbsp;security, and national security.
SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/25/04/44942449/trump-pledges-substantial-cut-in-china-tariffs-but-refuses-to-make-it-zero-if-they-dont-make-a-deal-we-will-set-the-deal" target="_blank" rel="noreferrer noopener">Trump Pledges &#8216;Substantial&#8217; Cut In China Tariffs, But Refuses To Make It &#8216;Zero:&#8217; &#8216;If They Don&#8217;t Make A Deal, We Will Set The Deal&#8217; &#8211; Benzinga</a>
Why It Matters: Wirth&#8217;s comments come in the wake of Chevron&#8217;s ongoing negotiations with the Trump administration over its operations in Venezuela. Wirth has been <a href="https://www.benzinga.com/markets/25/03/44415905/chevron-ceo-reportedly-seeks-trumps-support-for-venezuela-exit-extension">engaging </a>with Trump's cabinet members, including Secretary of State Marco Rubio and Treasury Secretary Scott Bessent, seeking an extension to wind down the company's operations in the country. In Tuesday&#8217;s interview, he described the situation as complex and noted that Chevron&nbsp;is engaging with the U.S.&nbsp;Department of Treasury to advocate for maintaining its presence.
Furthermore, the impact of trade tensions between the U.S. and China on the <a href="https://www.benzinga.com/news/global/25/04/44860334/china-cuts-us-oil-purchases-by-90-boosts-imports-from-canada-to-new-heights">oil industry </a>cannot be overlooked. Recent reports indicated that Chinese refiners have cut their U.S. oil imports by approximately 90% since 2023 due to escalating trade tensions, turning instead to Canadian crude.
Chevron holds a value rating of 80.91% and a growth rating of 35.05%, according to&nbsp;<a href="https://www.benzinga.com/quote/CVX" target="_blank" rel="noreferrer noopener">Benzinga's Proprietary Edge Rankings</a>. For an in-depth report on more stocks and insights into growth opportunities,&nbsp;<a href="https://www.benzinga.com/screener/top-momentum-stocks" target="_blank" rel="noreferrer noopener">sign</a>&nbsp;<a href="https://www.benzinga.com/screener/top-momentum-stocks" target="_blank" rel="noreferrer noopener">up for Benzinga Edge.</a>
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/asia/25/04/44932342/taiwan-semiconductors-arizona-factory-faces-441-million-loss-amid-supply-chain-labor-cost-challenges" target="_blank" rel="noreferrer noopener">Taiwan Semiconductor&#8217;s Arizona Factory Faces $441 Million Loss Amid Supply Chain, Labor Cost Challenges</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

Chevron CEO Sees 'No Sign' Of Recession At This Point, Predicts Up To $10 billion In Free Cash Flow By 2026

New Oriental Education (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDU#NYSE">EDU</a>) reported quarterly earnings of $0.70 per share which missed the analyst consensus estimate of $0.73 by 4.11 percent. This is a 11.11 percent increase over earnings of $0.63 per share from the same period last year. The company reported quarterly sales of $1.18 billion which missed the analyst consensus estimate of $1.20 billion by 1.42 percent. This is a 1.99 percent decrease over sales of $1.21 billion the same period last year.

Earnings Misses

New Oriental Education Q3 Adj. EPS $0.70 Misses $0.73 Estimate, Sales $1.18B Miss $1.20B Estimate

United Microelectronics CFO Said No Ongoing Merger Activity, Amid Reports Of Talks With GlobalFoundries

Reuters Reported Taiwan Chipmaker UMC, Regarding Reports Of Tie Up With GlobalFoundries, Said No Ongoing Merger Activity Right Now

The seizure and subsequent euthanasia of &#8220;Peanut,&#8221; the beloved social media star squirrel, last year not only ignited public outrage but also became a flashpoint in a highly volatile election season.
The events leading to the incident, detailed in an Associated Press <a href="https://apnews.com/article/peanut-squirrel-rabies-new-york-investigation-55bae101240c088ffa0c427cac803e3f">report</a>, have led to speculation about whether officials premeditated Peanut's fate, casting a shadow over the New York State Department of Environmental Conservation's actions.
What happened: Peanut, an orphaned squirrel rescued by Mark Longo, amassed over 500,000 Instagram followers with videos of him wearing tiny cowboy hats and eating waffles. However, its social media presence started drawing the attention of state wildlife authorities.
The report stated that complaints about illegal possession started coming in, as it was against the state law to keep a wild animal without a license.
Initially, these claims were treated with little urgency, but things changed after a raccoon, one of the most common carriers of rabies, arrived at Longo&#8217;s sanctuary.
See Also: <a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"></a><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44891685/gary-black-shares-polymarket-data-says-trump-tariffs-have-pushed-odds-of-2025-recession-to-57">Gary Black Shares Polymarket Data, Says Trump Tariffs Have Pushed Odds Of 2025 Recession To 57%</a>
An email exchange revealed that the county health officials advised the DEC to euthanize all &#8220;wild&#8221; animals at home and send them for rabies testing. Although the DEC said in a report later that they took steps before the raid to hand over Peanut to a wildlife rehabilitator.
Subsequently, DEC officials raided Longo&#8217;s home and <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41705004/peanut-the-squirrel-themed-meme-coins-surge-amid-social-media-outrage-over-celebrity-anima">seized Peanut and Fred the raccoon</a>. Notably, Peanut had bitten one of the officials during the seizure, following which a county health official said that animals had to be tested in line with the state rabies protocols. The animals were put down a few days later.
The health officials expressed grief over the euthanasia but stated that it had to be done. Rabies testing eventually came up negative.
Why It Matters:&nbsp; Peanut&#8217;s death sparked an emotional outcry, which quickly turned political. Republican supporters, including tech titan Elon Musk, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41927379/elon-musk-says-the-prophecy-has-been-fulfilled-peanut-the-squirrel-themed-meme-coin-spikes-11">criticized the authorities</a>, stating, &#8220;President Donald Trump would save the squirrels.
The pet squirrel&#8217;s demise also spawned a Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based meme cryptocurrency, Peanut the Squirrel&nbsp;(PNUT), that gained over $2 billion in market capitalization within 10 days of its launch. Since the peak, though, the coin has lost nearly 93% of its value.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44890965/shiba-inu-team-issues-major-anti-scam-alert-heres-what-you-need-to-know">Shiba Inu Team Issues Major Anti-Scam Alert: Here&#8217;s What You Need To Know</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>
Photo courtesy: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

General

$SOL

Peanut The Squirrel's Death Triggered Outcry And Spawned A $2 Bllion Memecoin, But Was It A Planned Outcome?

Second Quarter 2025 Outlook &amp; Guidance&nbsp;
Quarter-over-Quarter Guidance: &nbsp;
<ul>
<li>Wafer Shipments: Will increase by 5-7%&nbsp;</li>
<li>ASP in USD: Will remain flat&nbsp;</li>
<li>Gross Profit Margin: Will be approximately 30%&nbsp;</li>
<li>Capacity Utilization: mid-70% range&nbsp;</li>
<li>2025 CAPEX: US$1.8 billion</li>
</ul>

United Microelectronics Expects Q2 Wafer Shipments To Increase by 5-7%, ASP To Remain Flat, Gross Margin ~30%, Capacity Utilization In Mid-70% Range, 2025 Capex Of $1.8B

United Microelectronics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMC#NYSE">UMC</a>) reported quarterly earnings of $0.09 per share which missed the analyst consensus estimate of $0.10 by 7 percent. This is a 29.01 percent decrease over earnings of $0.13 per share from the same period last year. The company reported quarterly sales of $1.74 billion which missed the analyst consensus estimate of $1.81 billion by 3.65 percent. This is a 2.11 percent increase over sales of $1.71 billion the same period last year.

United Microelectronics Q1 EPS $0.09 Misses $0.10 Estimate, Sales $1.74B Miss $1.81B Estimate

Macro Economic Events

Econ #s

Economics

Eurozone Trade Balance For February 24.0B Vs. 1.0B Prior

U.K. Services Purchasing Managers Index Preliminary For April 48.9 Vs. 51.5 Est.; 52.5 Prior

U.K. Manufacturing Purchasing Managers Index Preliminary For April 44.0 Vs. 44.0 Est.; 44.9 Prior

U.K. Composite Purchasing Managers' Index Preliminary For April 48.2 Vs. 50.4 Est.; 51.5 Prior

Check Point Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) reported quarterly earnings of $2.21 per share which beat the analyst consensus estimate of $2.19 by 0.91 percent. This is a 8.33 percent increase over earnings of $2.04 per share from the same period last year. The company reported quarterly sales of $638.00 million which beat the analyst consensus estimate of $636.18 million by 0.29 percent. This is a 6.55 percent increase over sales of $598.80 million the same period last year.

Earnings Beats

CHKP

Check Point Software Q1 Adj. EPS $2.21 Beats $2.19 Estimate, Sales $638.00M Beat $636.18M Estimate

Dividends

Lithia Motors Approved A Dividend Increase Of 4% To $0.55 Per Share Related To First Quarter 2025 Financial Results, Payable On May 23, 2025 To Shareholders Of Record On May 9, 2025

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk shared a comprehensive list of updates on the company's FSD (Full Self-Driving) technology, crucial for Tesla's Cybercab ambitions.
What Happened: In the earnings call with investors on Tuesday,&nbsp; Musk shared how the company was still on track to release its robotaxi services in Austin two months from now, in June.
"We're still debating the exact number to start off on day one, but it's, like, I don't know, maybe 10 or 20 vehicles on day one," Musk said. He also stated that the fleet of autonomous taxis will consist of Model Ys instead of the Cybercab.
The billionaire was also confident that Tesla's robotic taxi business would be offered in multiple cities in the U.S. in the latter half of 2026.
"Once we can make it work in a few cities in America, we can make it work anywhere in America," Musk shared before reiterating that the robotaxi will help significantly boost Tesla's financials.
He also shared how the Tesla Model Y will be able to drive itself directly to the customer from the factory, ‘later this year.' Besides the FSD tech, Musk also shared how Tesla's future was based on autonomy.
"The future of the company is fundamentally based on large scale autonomous cars and large volume vast numbers of autonomous humanoid robots," he noted.
Why It Matters: Musk's comments from the earnings call are in line with Tesla's predictions of its FSD tech. Recently, the brand shared a post on social media that showcased a Model Y and a Cybertruck <a href="https://www.benzinga.com/tech/25/04/44787364/tesla-deploys-unsupervised-fsd-at-giga-texas-to-move-cars-from-factory-to-lot">driving autonomously</a> from the production line to the output lot.
Musk had also earlier predicted that a Tesla car <a href="https://www.benzinga.com/markets/equities/25/04/44834045/tesla-touts-fsd-capabilities-elon-says-predicts-cars-will-soon-drive-itself-right-to-your-house">would drive itself </a>right to people's houses this year. This comes in as Tesla announced <a href="https://www.benzinga.com/25/04/44942792/tesla-q1-earnings-call-company-says-more-affordable-models-launching-this-year">more affordable models </a>are on the way this year, amid increasing competition from global competitors.
The earnings call also outlined how Musk is <a href="https://www.benzinga.com/25/04/44940401/elon-musk-says-hell-only-spend-day-or-two-per-week-on-government-matters-to-ensure-fraud-does-not-come-roaring-back-ceos-focus-to-shift-to-tesla-beginning-may">reiterating his commitment</a> to Tesla after experts shared their skepticism about his priorities as well as his work with Donald Trump and DOGE.
Tesla shares rose over 5% in value in the after hours trading following Musk's comments during the earnings call. However, the company has had a difficult quarter as it experienced a 71% decline in year-over-year profits.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/25/04/44941889/teslas-sweet-little-lies-hide-worst-performance-ever-elon-musks-robot-takeover-talk-is-just-a-smokescreen-says-ross-gerber">Tesla&#8217;s &#8216;Sweet Little Lies&#8217; Hide &#8216;Worst Performance&#8217; Ever? Elon Musk&#8217;s Robot Takeover Talk Is Just A Smokescreen, Says Ross Gerber</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

TSLA

Elon Musk Shares FSD Update At Tesla Earnings Call: '10 To 20' Model Ys Will Offer Paid Robotaxi Rides In June

Lithia Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAD#NYSE">LAD</a>) reported quarterly earnings of $7.66 per share which missed the analyst consensus estimate of $7.69 by 0.39 percent. This is a 25.37 percent increase over earnings of $6.11 per share from the same period last year. The company reported quarterly sales of $9.18 billion which missed the analyst consensus estimate of $9.26 billion by 0.85 percent. This is a 7.27 percent increase over sales of $8.56 billion the same period last year.

Lithia Motors Q1 Adj EPS $7.66 Misses $7.69 Estimate, Sales $9.18B Miss $9.26B Estimate

Economist Craig Shapiro has taken a jibe at President Donald Trump after the administration hinted at a deal with China amid the ongoing market turmoil. He suggested that Trump was caving on all his promises and proposed policies.
What Happened: Shapiro, a macro strategist at the Bears Trap Reports, said in a recent X post that Trump&#8217;s new book should be called &#8220;Art of the Cave.&#8221;
This was also a jibe at the Billionaire Investor Bill Ackman&#8216;s April 9th post, which praised Trump for &#8220;brilliantly executing&#8221; the 90-day tariff pause, calling it the &#8220;Textbook, Art of the Deal.&#8221;
Shapiro, in his post, went on to add that &#8220;Trump 2.0 same as 1.0,&#8221; pointing out that the President has caved to China, Federal Reserve Chairman Jerome Powell, markets, and on cutting the deficit.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Trump&#39;s New Book: Art of the Cave Cave to China Cave to Powell Cave to the Markets Cave on cutting the deficit Trump 2.0 same as 1.0
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1914802768977494024?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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This comes after Trump spoke to the reporters at the White House on Tuesday and said that his relationship with President Xi Jinping was great and &#8220;it&#8217;s been great for a long time.&#8221;
"I think we will make a deal with China. If we don&#8217;t make a deal, we will set it. I think they will want to be a part of the United States. We&#8217;re doing great. This is the Golden Age,&#8221; he added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"I think we will make a deal with China. If we don&#39;t make a deal, we will set it. I think they will want to be a part of the United States. We&#39;re doing great. Golden Age." I don't think this guy could get a $100,000 job in finance. <a href="https://t.co/P1PGPEsO2J">pic.twitter.com/P1PGPEsO2J</a>
&mdash; Spencer Hakimian (@SpencerHakimian) <a href="https://twitter.com/SpencerHakimian/status/1914817988038971605?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/government/regulations/25/04/44918830/jim-cramer-takes-a-dig-at-trumps-criticism-of-powell-you-would-actually-buy-this-rally-if-trump-hadnt-criticized-the-fed-chair">Jim Cramer Takes A Dig At Trump&#8217;s Criticism Of Powell: &#8216;You Would Actually Buy This Rally&#8217; If Trump Hadn&#8217;t Criticized The Fed Chair</a>
Why It Matters: Trump was accused of caving by Shapiro following the <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44910907/top-fed-voices-defend-powell-slam-trumps-attack-on-central-bank-independence">criticism of Powell</a> in a Truth Social post on Monday, issuing a <a href="https://www.benzinga.com/25/04/44720006/markets-take-off-as-trump-announces-90-day-tariff-pause-for-non-retaliating-nations-slaps-china-with-125-duty">90-day tariff pause</a> following bond market turmoil on April 9th, and finally hinting at making a deal with China.
Treasury Secretary Scott Bessent <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44935649/alibaba-nio-pdd-shares-rise-amid-potential-de-escalation-of-china-trade-tensions-whats-going-on">hinted at de-escalation with China</a> during a private session at an event hosted by JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) in Washington, held alongside the IMF and World Bank spring meetings. 
Bessent, during this private meeting, said that a deal is achievable even as the formal negotiations have not begun yet. He said that the current duties were untenable, but did not provide the specifics and the timeline of the deal.
Price Action: Stock markets bounced on the possible de-escalation news on Tuesday.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Tuesday. The SPY was up 2.60% to $527.25, while the QQQ advanced 2.63% to $444.48, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
As of Tuesday, the Nasdaq 100 index was down 17.76% from its previous high of 22,222.61 points. The S&amp;P 500 index was 13.98% lower, as compared to the last record high of 6,147.43 points. On the other hand, Dow Jones was 13.06% down from its 52-week high of 45,073.63 points.
On Wednesday, the futures of Dow Jones were up 1.29%, the S&amp;P 500 index futures rose 1.77%. The Nasdaq 100 futures, on the other hand, were higher by 2.10% 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44920880/expert-flags-never-before-observed-trio-falling-stocks-and-short-yields-bucking-rising-long-yields-nothing-is-normal-about-this">Wall Street Veteran Sounds Alarm On &#8216;Never Before&#8217; Seen Market Trio: Falling Stocks, Surging Long Yields, Sinking Short Rates</a></li>
</ul>
Photo courtesy: Rawpixel.com / Shutterstock.com

Equities

Craig Shapiro Takes A Dig At Donald Trump: 'Trump 2.0 Same As 1.0' After Administration Hints At A Deal With China

Despite President Donald Trump&#8216;s persistent criticism, Federal Reserve Chairman Jerome Powell is not rushing to cut interest rates.
What Happened: Trump has been outspoken on social media, referring to Powell as <a href="https://benzinga.com/25/04/44941184/roubini-trump-wants-a-rate-cutbut-powells-restraint-is-the-only-thing-saving-him-from-a-market-meltdown">&#8220;Mr Too Late&#8221;</a> and &#8220;a major loser&#8221; for what he sees as a reluctance to ease policy. However, the Fed Chair doesn&#8217;t seem to be in a hurry to cut rates despite the President&#8217;s bashing primarily due to three reasons.
Firstly, the president&#8217;s demands stand in sharp contrast to the Fed&#8217;s &#8220;data-driven&#8221; approach. Powell and other Fed officials believe that the current inflation rate — above their preferred 2% target — along with a strong job market, does not justify a rate cut. They emphasized the need to be &#8220;patient&#8221; before making that decision. San Francisco Fed President Mary Daly echoed Powell&#8217;s sentiments, noting that the risks to inflation are &#8220;higher than they were a year ago,&#8221; potentially requiring policy to remain tighter for a longer period, reported Reuters.
Secondly, the Fed is an independent body. Powell recently emphasized that the Fed&#8217;s independence is safeguarded by law, citing a 1930s court decision and Congress&#8217;s constitutional power to &#8220;coin money,&#8221; a responsibility that has been delegated to the Fed. &#8220;Our independence is a matter of law,&#8221; stated the Fed Chair at the Economic Club of Chicago.
Thirdly, the Federal Reserve Act of 1913 states that Fed Board members can only be removed for &#8220;cause,&#8221; which is generally understood to mean misconduct, not policy disagreements, according to Reuters.
SEE ALSO:&nbsp;<a href="https://benzinga.com/25/04/44920880/expert-flags-never-before-observed-trio-falling-stocks-and-short-yields-bucking-rising-long-yields-nothing-is-nor" target="_blank" rel="noreferrer noopener">Wall Street Veteran Sounds Alarm On &#8216;Never Before&#8217; Seen Market Trio: Falling Stocks, Surging Long Yields, Sinking Short Rates</a>
Why It Matters: Trump&#8217;s pressure on the Fed has been a recurring theme. Although on Tuesday, he told reporters that he had &#8220;<a href="https://www.benzinga.com/25/04/44940900/us-futures-dollar-jump-amid-trumps-latest-comments-on-fed-nikkei-rebounds-to-three-week-high">no intention</a>&#8221; of firing Powell, despite his criticisms, Trump continues his calls for a rate cut. His comments have sparked concerns among market watchers. Sen. Elizabeth Warren (D-Mass.) warned that if Trump illegally fires Powell, it could &#8220;<a href="https://www.benzinga.com/news/25/04/44935195/elizabeth-warren-says-if-trump-illegally-fires-fed-chair-powell-hell-crash-our-markets-cause-more-economic-pain-to-american-families">crash our markets</a>.&#8221;
Moreover, CNBC commentator Jim Cramer opined that investors &#8220;<a href="https://www.benzinga.com/government/regulations/25/04/44918830/jim-cramer-takes-a-dig-at-trumps-criticism-of-powell-you-would-actually-buy-this-rally-if-trump-hadnt-criticized-the-fed-chair">would actually buy this rally</a>&#8221; if Trump did not criticize Powell for "being prudent about rates." The ongoing tension between the President and the Fed Chair continues to influence market sentiment and the future of monetary policy remains uncertain.
SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) declined 6.5% over the past month, while Invesco QQQ Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) slumped over 9% during the same period. 
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/25/04/44915713/charlie-munger-once-said-he-could-go-on-and-on-listing-why-he-wont-want-donald-trump-in-the-oval-office" target="_blank" rel="noreferrer noopener">Charlie Munger Once Predicted That Trump Could Be &#8216;Quite Decisive&#8217; But Still Didn&#8217;t Want Him To Be President: Here&#8217;s Why</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Fed's Jerome Powell Isn't Budging On Rate Cut Despite Trump's Bashing And Pressure — Here's Why

Former Treasury Secretary&nbsp;Larry Summers has expressed concern that President&nbsp;Donald Trump&#8216;s cuts to the Internal Revenue Service (IRS) could lead to a loss of $1 trillion for the government.
What Happened: Summers expressed his worries when he appeared <a href="https://www.bloomberg.com/news/articles/2025-04-22/summers-says-attack-on-irs-may-risk-a-1-trillion-revenue-hit">on</a> Wall Street Week on Bloomberg Television. He predicted that the government might suffer a large loss over the course of the next ten years as a result of Trump&#8217;s &#8220;attack&#8221; on the IRS as part of his ambitious cost-cutting plan.
Trump&#8217;s budget cuts include a 75% cut to the IRS&#8217;s Office of Civil Rights and Compliance, which handles accusations of discrimination against taxpayers. Since Trump took office, the IRS has also had several leadership changes, including five different acting commissioners since January.
See Also:&nbsp;<a href="https://www.benzinga.com/news/25/04/44888845/irs-leadership-shakeup-following-clash-with-elon-musk">IRS Leadership Shakeup Following Clash With Elon Musk</a>
Why It Matters: Summers, who worked in the administration of former President Bill Clinton, called Trump&#8217;s strategy &#8220;raw incompetence,&#8221; putting the foundation of the tax system at risk.
Significant changes have been occurring at the IRS throughout the Trump administration. Commerce Secretary Howard Lutnick reaffirmed Trump&#8217;s call to <a href="https://www.benzinga.com/markets/25/02/43840909/trumps-goal-is-to-abolish-irs-and-let-all-the-outsiders-pay-says-newly-confirmed-commerce-secretary-howard-lutnick">abolish the IRS in February</a>.
The IRS anticipates a $500 billion revenue deficit as a result of workforce <a href="https://www.benzinga.com/markets/25/03/44469111/irs-anticipates-over-500b-revenue-shortfall-while-treasury-stares-at-potential-cash-crunch-without-debt-ceiling-increase-report">reductions and payment avoidance</a>.
In April, Trump reversed the appointment of the IRS interim head, reportedly influenced by Tesla Inc. CEO Elon Musk, <a href="https://www.benzinga.com/25/04/44888301/trump-reverses-elon-musk-influenced-irs-interim-head-appointment-following-scott-bessents-objection-report">following objections</a> from Treasury Secretary Scott Bessent. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/04/44829763/trump-to-reportedly-appoint-hunter-biden-whisteblower-gary-shapley-as-acting-irs-commissioner-hell-be-a-great-asset">Trump To Reportedly Appoint Hunter Biden Whistleblower Gary Shapley As Acting IRS Commissioner: &#8216;He&#8217;ll Be A Great Asset&#8217;</a></li>
</ul>
Image Via Shutterstock

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Larry Summers Warns Trump's IRS Cuts Could Cost Americans $1 Trillion Over 10 Years, Calls Strategy 'Raw Incompetence'

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