Streetbeat News

Assets

FTCH

Farfetch shares have risen after a report by Sky News indicated that the company is discussing emergency funding with Apollo.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:39 pm

DIA

GLD

TLT

Federal Reserve Chair Jerome Powell indicated that interest rates are likely at their peak and may see cuts in 2024. The Fed left rates unchanged in its last 2023 meeting, with the median projection for the federal funds rate at 4.6% for the end of 2024, and further reductions to 3.6% by 2025 and 2.9% by 2026. Powell highlighted progress in controlling inflation and economic growth but remained cautious, stating it's too early to declare victory over inflation. Markets reacted by increasing bets on a rate cut by March 2024, with gold, U.S. 20+ Year Treasuries, and stocks rallying, while the U.S. dollar dropped. The SPDR Dow Jones Industrial Average ETF (DIA) reached all-time highs.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 8:35 pm

COIN

JPM

Bitwise predicts significant milestones for the cryptocurrency industry in 2024, including Bitcoin reaching new highs, the launch of a spot Bitcoin ETF, and the halving of Bitcoin supply. Stablecoins may overtake Visa in transaction volume, Coinbase's revenue is expected to double, and JPMorgan may launch a tokenized fund. Ethereum's revenue could triple, and AI assistants might start using crypto for payments. Decentralized prediction markets and Ethereum's network upgrade could drive further growth. Taylor Swift may enter the NFT space, and more financial advisors could allocate crypto in client accounts.

Portfolio Pulse from Murtuza Merchant

December 13, 2023 | 8:30 pm

XRPUSD

Two whale transactions involving the transfer of 84 million XRP tokens have caught investors' attention. The first transaction moved 23.9 million XRP to Bitstamp, while the second transferred 60 million XRP from a Ripple account to an unknown address. The SEC has dropped charges against Ripple executives and a court decision partially favored Ripple, indicating no breach of federal securities law. The legal proceedings are set to continue into 2024. XRP's price has seen minor fluctuations, with a slight increase over the past 24 hours but a decrease over the past week.

Portfolio Pulse from Khyathi Dalal

December 13, 2023 | 8:29 pm

SPY

Fed Chair Jerome Powell stated that the Federal Reserve is carefully monitoring the level of reserves and that they have not reached the point where it would be necessary to slow or stop the balance sheet runoff. He emphasized that the policy rate and balance sheet reduction are on separate tracks, indicating that adjustments to the balance sheet policy will not necessarily be made in tandem with interest rate changes.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:16 pm

SAP

SAP SE (NYSE:SAP) has seen a decrease in short interest, with the current level at 2.51 million shares, representing 0.21% of available shares for trading. The short interest has fallen 8.7% since the last report, and it would take about 3.6 days for traders to cover their short positions based on average trading volume. This decline in short interest may indicate a more bullish sentiment among investors, although it does not necessarily predict a near-term rise in stock price. SAP's short interest is below its peer group average of 3.08%.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 8:15 pm

LHX

L3Harris Technologies (NYSE:LHX) has seen a 10.98% decrease in short interest, with 1.37 million shares sold short, representing 0.73% of available shares. The average time to cover these short positions is 1.6 days. A decrease in short interest can indicate a more bullish sentiment towards the stock. L3Harris has a lower short interest compared to its peer group average of 2.91%.

Portfolio Pulse from Benzinga Insights

December 13, 2023 | 8:15 pm

SPY

Fed Chair Powell stated that the balance sheet is functioning as anticipated and expects the reverse repo facility to level out eventually, leading to a decrease in reserves.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:14 pm

SPY

Fed Chair Powell emphasized the need to ease restrictions on the economy before reaching the 2% inflation target, acknowledging the time it takes for policy changes to affect the economy. He also noted that the supply-side contributions to reducing inflation still have 'some ways' to go.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:12 pm

SPY

Fed Chair Powell stated that the Federal Reserve does not consider political events when deciding on interest rates, and they will act in the best interest of the economy. He also mentioned that policymakers believe they have done enough in terms of rate adjustments.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:50 pm