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Assets

SOFI

SoFi Technologies Inc. is exiting the cryptocurrency market, instructing its crypto customers to either liquidate their accounts or transfer them to Blockchain.com. The move follows increased regulatory scrutiny and comes after SoFi obtained a bank charter in January 2022, which came with a two-year compliance period for its crypto operations. SoFi's crypto-related fees contributed approximately $6 million to its quarterly earnings, and its digital assets were valued at $139.4 million as of September 30. Customers have until December 19 to transfer their holdings to Blockchain.com.

Portfolio Pulse from Murtuza Merchant

November 29, 2023 | 6:29 pm

AAPL

FNDA

GOOGL

MSFT

NVDA

SPY

Analysts predict an 11% return for the S&P 500 index in 2024, buoyed by lower interest rates and a soft landing for the economy. The SPDR S&P 500 ETF Trust (SPY) has mirrored the index's performance, with an 18-19% increase in 2023. DataTrek suggests the Russell 3,000 index for those seeking more exposure to lower rates, highlighting the Schwab Fundamental U.S. Small Company Index ETF (FNDA) as an option. Despite large moves in big tech stocks, DataTrek sees potential for further gains in 2024, especially for Nvidia (NVDA), Alphabet (GOOGL), Apple (AAPL), and Microsoft (MSFT), which could significantly contribute to the S&P 500's performance due to their substantial market cap weight.

Portfolio Pulse from Neil Dennis

November 29, 2023 | 6:19 pm

ETHUSD

On Tuesday, 8,496.22 Ether (ETH) valued at approximately $17.3 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -10.07% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

November 29, 2023 | 6:00 pm

EIS

USO

OPEC+ is contemplating new oil production cuts up to 1 million barrels a day due to the ongoing Middle East conflict. The decision could be made at a virtual meeting and may result in higher oil prices. The meeting was delayed from last week because of disagreements on production levels.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:46 pm

PWR

Quanta Services (NYSE:PWR) has seen a 14.29% increase in short interest since its last report, with 4.40 million shares sold short, representing 3.44% of its float. The short interest now takes 2.36 days to cover based on average trading volume. While an increase in short interest can indicate bearish sentiment, it does not necessarily predict a near-term price drop. Quanta Services has less short interest compared to its peer group average of 4.14%.

Portfolio Pulse from Benzinga Insights

November 29, 2023 | 5:45 pm

ARKF

HOOD

Robinhood Markets, Inc. (NASDAQ:HOOD) stock has risen over 12% in the past five days. Ark Fintech Innovation ETF (NYSE:ARKF) purchased 143,063 shares of HOOD, valued at $1.2 million. Morgan Stanley analyst Michael Cyprys maintained an Equal-Weight rating on HOOD but lowered the price target from $12 to $11. HOOD's trading volume exceeded its 100-day average, and the stock is trading below its 50-day moving average and 52-week high.

Portfolio Pulse from Erica Kollmann

November 29, 2023 | 5:42 pm

BTCUSD

ETHUSD

NDX

RTY

SOLUSD

SPX

Raoul Pal, a former Goldman Sachs executive, shared his insights on the business cycle's impact on asset classes, including cryptocurrencies. He indicated that current ISM levels suggest low GDP growth, affecting cyclical stocks, the Russell 2000 (RTY), and commodities. However, his lead indicator for ISM is rising, which is typically beneficial for the S&P 500 (SPX). Pal predicts a strong year in 2024 for growth assets like the NASDAQ (NDX) and cryptocurrencies, with a focus on established cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). He warns of the risks associated with trading altcoins outside the top 10.

Portfolio Pulse from Murtuza Merchant

November 29, 2023 | 5:14 pm

SHY

Bankrate's data reveals that the average 1-year CD APY has reached 5.27%, outperforming the yield on 2-year Treasury bonds and short-term bond ETFs like iShares 1-3 Year Treasury Bond ETF (SHY). This increase in CD rates is a result of the Federal Reserve's rate hikes since March 2022. The article lists 10 high-yield CDs from various institutions, with APYs ranging from 5.25% to 5.67% for 1-year terms, surpassing traditional low-risk investments.

Portfolio Pulse from Piero Cingari

November 29, 2023 | 5:13 pm

AAPL

AMZN

GLD

GOOG

META

MSFT

NEM

NVDA

QQQ

SLV

SPY

TSLA

USO

The SPDR Gold Trust (GLD) is at an inflection point, with gold rallying and potentially breaking out from a long-term cup and handle pattern. The Arora Report suggests ignoring both perma gold bulls and crypto enthusiasts who downplay gold's value. Newmont Corporation (NEM) was the top performer in the S&P 500 recently. The article also notes positive early trade money flows in major tech stocks (AAPL, AMZN, GOOG, META, MSFT, NVDA, TSLA) and ETFs (SPY, QQQ). The U.S. GDP growth rate of 5.2% challenges the expectation of a Fed rate cut in Q1 2024. The Arora Report advises investors to prepare for various market scenarios with a protection band strategy.

Portfolio Pulse from The Arora Report

November 29, 2023 | 4:46 pm

APEUSD

AXSUSD

ILVUSD

MANAUSD

SANDUSD

Cryptocurrency tokens linked to Web3 gaming projects, including Axie Infinity (AXS), ApeCoin (APE), and Illuvium (ILV), have seen significant gains in the past week. AXS rallied by 20%, APE by 19%, and ILV by 23%, with all three ranking among the top 100 cryptocurrencies by market cap. Decentraland (MANA) and The Sandbox (SAND) also reported gains of 12% and 9%, respectively. Developments such as Axie Infinity's relaunch of 'Axie Classic', the potential use of APE in the Otherside metaverse game, and Illuvium's Beta 3 release contributed to the surge. The Sandbox's partnership with CoinDCX for BharatBox, a cultural metaverse hub, was also highlighted. The Blockchain Gaming Market study predicts the market will grow at a CAGR of 60.4% to $772.7 billion by 2032, driven by NFTs and digital ownership.

Portfolio Pulse from Khyathi Dalal

November 29, 2023 | 4:24 pm