Streetbeat News

Assets

CMPS

CYBN

MNMD

PSIL

Cybin Inc. received FDA Breakthrough Therapy designation for its psilocybin therapy for Major Depressive Disorder, alongside positive clinical data and a $150M private placement. MindMed also received the designation for its LSD-derived treatment for Generalized Anxiety Disorder, with expected proceeds of $175M from share offerings. Gilgamesh Pharmaceuticals was awarded a $14M grant for ibogaine analog research. Psyence Biomedical, Red Light Holland, and Clearmind Medicine were mentioned for their developments in psychedelics. The article also covered stock performances of several psychedelics companies.

Portfolio Pulse from Lara Goldstein

March 20, 2024 | 6:49 pm

DRD

GFI

HMY

Shares of gold companies have seen an increase in trading volume and price as gold prices rise in response to the Federal Reserve's decision to keep interest rates unchanged. This decision typically boosts gold's attractiveness as an investment, leading to positive impacts on gold-related stocks.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:46 pm

SPY

Federal Reserve Chair Jerome Powell announced that the Fed will slow the pace of its balance sheet run-off to ensure a smooth transition and mitigate the risk of money market stress. This move aims to limit the volatility in the money markets.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:40 pm

SPY

Federal Reserve Chairman Jerome Powell indicated that the Fed has discussed slowing the pace of decline in its balance sheet holdings. He mentioned that there is a general consensus to reduce the pace of the runoff soon.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:40 pm

SPY

Fed Chair Powell highlighted that GDP growth has been supported by robust consumer demand and improving supply chains. However, he also noted that elevated interest rates have negatively impacted business fixed income investment.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:35 pm

SPY

Fed Chair Powell stated the economy has shown considerable progress, with a substantial easing in inflation. However, he cautioned that ongoing progress is not guaranteed.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:32 pm

DHI

LEN

LOW

The U.S. housing market is experiencing a mortgage lock-in issue, where high mortgage rates discourage homeowners from selling, contributing to a housing shortage and pushing prices up. Home development retailers like Home Depot Inc (HD) and Lowe's Companies Inc (LOW) have seen sales boosts due to homeowners opting to improve their current homes instead of moving. This situation pressures builders like D.R. Horton Inc (DHI) and Lennar Corporation (LEN) to increase new home construction. The Federal Housing Finance Agency reports that mortgage lock-in reduced home sales by 57% in Q4 2023, suggesting solutions like tax credits and mortgage portability to alleviate the issue.

Portfolio Pulse from Neil Dennis

March 20, 2024 | 6:29 pm

GLD

SPY

UUP

The Federal Reserve maintained interest rates at 5.25%-5.5% during its March meeting, with projections indicating three rate cuts in 2024, fewer reductions in 2025 and 2026. Economic growth projections for 2024-2026 were revised upwards, while the unemployment rate for 2024 was slightly reduced. Following the announcement, the SPDR S&P 500 ETF Trust (SPY) rose 0.4%, the Invesco DB USD Index Bullish Fund ETF (UUP) fell 0.2%, and the SPDR Gold Trust (GLD) increased by 0.8%.

Portfolio Pulse from Piero Cingari

March 20, 2024 | 6:13 pm

MGM

MGM Resorts is reportedly exploring the sale of its casino properties in Ohio and Massachusetts, according to Bloomberg. This move could indicate a strategic shift or financial restructuring for the company.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:09 pm

GLD

Gold prices have increased following the Federal Reserve's decision to keep interest rates unchanged.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:05 pm