Fed Steady, But All Eyes on Powell as Uncertainty Builds

Today’s Fed decision is less about what happens and more about what gets said.

With rates likely to remain unchanged, investors are zeroed in on Fed Chair Jerome Powell’s tone, the updated dot plot, and any clues on when—or whether—cuts are still on the table for 2025.

This comes as equity markets attempt to regain their footing after Tuesday’s sell-off, driven by rising geopolitical tensions and surging oil prices.

While inflation data has been cooperative, macro risks, from tariffs to the Middle East, have clouded the outlook and complicated the Fed’s messaging.

With valuations stretched and risks mounting, the next directional move in markets could hinge on Powell’s press conference this afternoon.

Here are five stocks to watch throughout the complicated macro picture:

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IAMGOLD | IAG

Price: $7.27

Gold demand is reaching record levels, and IAMGOLD is capitalizing on the trend.

The Canadian-based miner has experienced strong production growth thanks to the successful launch of its Côté Gold project, which contributed to a 43% increase in output last year. 

IAMGOLD reported $781 million in adjusted EBITDA and now holds nearly $767 million in liquidity, giving it ample financial flexibility moving forward.

What’s more, central bank gold buying remains at all-time highs, especially from emerging markets.

With the Fed expected to hold rates steady and the geopolitical backdrop uncertain, gold’s safe-haven appeal is likely to remain elevated. That positions IAG well going forward.

While IAG’s 35% year-to-date gain is impressive, its forward P/E ratio of just 5.4 suggests further upside if gold prices remain firm.

For those seeking exposure to defensive growth tied to hard assets, IAMGOLD may be worth a closer look.

Remitly Global | RELY

Price: $20.53

Remitly surged nearly 6% Tuesday as Senate revisions to the proposed “One Big Beautiful Bill” appeared far less punitive than initially feared.

The original draft would’ve imposed a 3.5% excise tax on remittances, a significant headwind for Remitly’s core business. 

But with that provision potentially dropped, investor sentiment is rebounding.

First-quarter results were strong, with send volume up 41% and revenue up 34%.

Full-year guidance indicates continued growth of 25–26%, reflecting Remitly’s deepening moat in digital money transfers.

While the regulatory risk remains real, the recent legislative clarity and Remitly’s execution make it a name to watch.

The company may still face macroeconomic headwinds, but the structural shift from legacy remittance methods to digital-first players like RELY appears to be intact.

Compass | COMP

Price: $5.91

Real estate platform Compass has cooled off since its 60% rally earlier this year, but the pullback could present a second-chance opportunity. 

Recent product innovations, including its AI-powered “Make-Me-Sell” feature and the national rollout of the Compass Client Dashboard, are driving platform engagement and agent adoption.

Despite the challenging housing environment, Compass continues to gain market share and improve its attachment rate on high-margin services, such as title and escrow.

Analysts still expect revenue growth of 25% or more for the full year, and while profitability remains elusive, the earnings trajectory is improving.

As the Fed debates its moves over the next year, any shift toward easier monetary policy could reignite interest in beaten-down housing names.

For now, Compass may be one of the more intriguing risk/reward setups in the proptech space.

Cinemark | CNK

Price: $32.65

Movie theaters may not be the flashiest tech plays, but Cinemark is showing there’s still plenty of life at the box office.

The company welcomed over 200 million guests globally in 2024, and its premium offerings, including recliner seats and PLF screens, are driving above-average ticket sales.

Cinemark outperformed the North American box office by 3% last year, with revenue topping $3 billion and free cash flow reaching $315 million.

Its loyalty program, Movie Club, now accounts for a quarter of all domestic box office sales, suggesting sticky customer behavior.

With a forward P/E below 14 and improving fundamentals, CNK may be one of the more underappreciated mid-cap consumer plays in the market. 

If economic uncertainty persists and investors rotate toward value and cash-generating names, Cinemark could benefit.

Unity Software | U

Price: $23.91

Unity is working to turn its massive gaming footprint into a powerful ad-targeting engine, and its new Audience Hub may be the key.

Partnering with identity platform Optable and data giant Experian, Unity’s Hub gives advertisers privacy-first access to over 3 billion gamers.

The company has struggled to monetize its scale effectively in the past, but this shift toward smarter audience segmentation could change that.

By offering omnichannel targeting tools in a cookieless world, Unity aims to carve out a unique edge in gaming ad tech.

Execution remains the most critical factor, especially since the stock has been volatile.

But for investors betting on gaming infrastructure and targeted ads, Unity may be in the early stages of a strategic pivot worth tracking.

With today’s Fed decision looming large, markets are walking a tightrope.

Inflation appears tame, but geopolitical instability and renewed fiscal uncertainty are putting policymakers in a bind.

While the Fed is expected to hold rates steady, the dot plot and Powell’s comments could shift sentiment dramatically.

As we head into summer, investors may continue to rotate toward assets with strong cash flows, exposure to real assets, or structural growth trends that transcend macroeconomic noise.

In this environment, names like IAMGOLD and Cinemark offer potential downside protection, while Unity and Compass could reward patient investors if the execution stays on track. 

And with digital finance platforms like Remitly navigating regulatory issues, the path forward may be rocky, but also full of opportunity.