Streetbeat News

Assets

SPY

The S&P 500 and Dow Industrials have shown strong performance in 2023, with gains of about 23% and record-breaking sessions, respectively. Tech stocks, particularly mega-caps, have led the rally, with the Nasdaq 100 Index surging over 51%. The SPDR S&P 500 ETF Trust (SPY) has increased by approximately 25% year-to-date. The market's buoyancy is attributed to expectations of the Federal Reserve pausing rate hikes, which began in September 2023, and potential rate cuts in 2024. A $1,000 investment in SPY before the Fed paused rate hikes would now be worth $1,065, a 6.5% return over three months.

Portfolio Pulse from Shanthi Rexaline

December 18, 2023 | 8:17 am

BMWYY

HMC

KARS

MZDAY

POAHY

TSLA

Consumer Reports' annual survey on auto brand reliability did not feature any U.S. automakers in the top ten, with Toyota (TM) and its Lexus brand leading the list. BMW's Mini, Honda's Acura and Honda, Subaru, Mazda (MZDAY), Porsche (POAHY), BMW, and Hyundai's Kia were also in the top ten. U.S. brands like General Motors' Buick (GM), Tesla (TSLA), and Ford (F) trailed behind, with Tesla ranking 14th. The survey also noted that hybrids had fewer problems than ICE vehicles, while PHEVs and EVs, including electric pickup trucks, had more issues. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) closed down 0.55%.

Portfolio Pulse from Shanthi Rexaline

December 18, 2023 | 6:44 am

SHIBUSD

Shiba Inu (SHIB) experienced a significant token burn over the weekend, with 8.6 billion SHIB tokens burned in six transactions, resulting in a 727,000% spike in burn rate. The SHIB team member Lucie reported the burn and hinted at more to come, with lead developer Shytoshi Kusama emphasizing the importance of global adoption for impactful burns. Shibarium transactions have increased, with an average of 7.5 million daily transactions since December 2. Cryptocurrency analyst Ali Martinez suggests a potential breakout for SHIB if it maintains the support level at $0.0000103. Currently, SHIB is trading at $0.000010, down 8% in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

December 18, 2023 | 6:01 am

BUG

CLOU

IHAK

IJR

NVDA

QYLD

SKYY

XYLD

Jon Maier, investment chief at Global X, forecasts AI-related stocks, cloud computing, and cybersecurity to dominate in 2024. He recommends Global X ETFs like CLOU and BUG, as well as alternatives SKYY and IHAK. Small caps are also highlighted with ETFs VB and IJR suggested. Covered-call products XYLD and QYLD are recommended for range-bound markets. Emerging markets, especially India, are seen as potential growth areas. The SEC is monitoring companies for transparency in AI capabilities.

Portfolio Pulse from Benzinga Neuro

December 18, 2023 | 3:14 am

BTC-USD

DOGE-USD

ETH-USD

The cryptocurrency market saw a decline on Sunday with Bitcoin, Ethereum, and Dogecoin experiencing drops due to profit-taking. Bitcoin had $860M in net inflows to exchanges, the highest since March, indicating potential selling pressure. Over 72,249 traders were liquidated in the futures market. U.S. stock futures remained stable. Analysts predict a potential end to Bitcoin's upward trend with a shift towards Ethereum, and a parabolic rise for Bitcoin post-halving is anticipated. InternetComputer's market cap doubled in a week.

Portfolio Pulse from Mehab Qureshi

December 18, 2023 | 2:42 am

FXI

China's Central Finance Office announced that macroeconomic policies will persist in supporting economic recovery. This includes the issuance of an additional 1 trillion yuan in treasury bonds and measures such as interest rate cuts, and tax and fee reductions, as reported by Reuters citing state media.

Portfolio Pulse from Charles Gross

December 17, 2023 | 11:53 pm

BTCUSD

Crypto analyst DonAlt predicts Bitcoin could reach $110,000 by 2026, anticipating a dip to $32,000 before a significant rally post-April 2024 halving. He warns of short-term volatility and is skeptical about the impact of potential spot market Bitcoin ETF approvals. Bitcoin is currently trading at $42,210.33, with a 4% decline over the past week.

Portfolio Pulse from Bibhu Pattnaik

December 17, 2023 | 7:21 pm

ARKF

ARKK

ARKW

COIN

Cathie Wood's Ark Invest sold 82,255 shares of Coinbase Global Inc (NASDAQ:COIN) through its ETFs ARKK, ARKW, and ARKF, amidst a crypto market downturn. Bitcoin is predicted to face a downturn, potentially dropping to $38,000. BONK, a Dogecoin rival, saw a 75% price increase and a 140% surge in trading volume. Shiba Inu's supply on exchanges decreased by 0.51%, indicating potential for price gains. Crypto analyst Ali Martinez predicts a bullish breakout for Shiba Inu, with a key resistance at $0.000011.

Portfolio Pulse from Benzinga Neuro

December 17, 2023 | 11:34 am

HOOD

SCHW

Robinhood Markets, Inc. (HOOD) reported a growth in net cumulative funded accounts to 23.3 million and net deposits of $16.4 billion over the last year. The company has attracted wealthier clients from larger brokerages due to a 1% match promotion on transferred accounts, resulting in $1.1 billion in account transfers since October 23. Despite this, Robinhood's $94 billion in assets under custody is still far behind competitors like Charles Schwab Corporation (SCHW) and Morgan Stanley's (MS) E*Trade. Robinhood is expanding its services to include features like retirement accounts and 24-hour trading, aiming to move beyond its image as an app for young, novice investors. Meanwhile, SCHW reported no significant client loss to Robinhood, and HOOD shares closed lower by 3.56% on Friday.

Portfolio Pulse from Nabaparna Bhattacharya

December 16, 2023 | 9:44 pm

GOLD

Barrick Gold Corporation (NYSE:GOLD) has restarted operations at the Porgera mine in Papua New Guinea, sharing 49% of the project with Zijin Mining Group. The mine, under care since 2020 due to a dispute, is expected to produce 21 tonnes of gold annually over 20 years. Barrick's stock underperformed gold prices, with only 2.2% gains compared to gold's 11% rise. The company also faces challenges in Tanzania with allegations of forced evictions at the North Mara mine, which Barrick denies.

Portfolio Pulse from Stjepan Kalinic

December 16, 2023 | 4:23 pm