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AIXI

PUYI

SCHL

THO

US stocks closed lower on Friday, with the Dow Jones Industrial Average falling over 100 points. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range, but hinted at a possible rate increase later this year. The S&P Global manufacturing PMI rose to 48.9 in September, beating market estimates, while the services PMI declined to 50.2, missing estimates. Scholastic Corporation's shares fell over 13% after reporting downbeat Q1 results. Investors are awaiting earnings results from THOR Industries, Puyi Inc., and Xiao-I Corporation.

Portfolio Pulse from Lisa Levin

September 25, 2023 | 6:52 am

HOOD

PYPL

Robinhood (NYSE:HOOD) is undergoing significant internal changes, including layoffs and team reorganizations, as it shifts its focus towards the credit card sector. The company's monthly active users and transaction-based revenues have decreased, and its shares have declined nearly 8.2% over the last month. Robinhood recently acquired the no-fee credit card startup X1 for $95 million, a move seen as a strategy to reverse the declining trend.

Portfolio Pulse from Nabaparna Bhattacharya

September 23, 2023 | 3:59 pm

JPM

JPMorgan Chase & Co CEO Jamie Dimon visited Detroit to mark the 10 years since the bank's $200-million investment in the city. He spoke about the company's efforts in Detroit, general economic trends, and geopolitical risks. Dimon addressed being cautious about the outlook of China and the necessity of spending on the U.S. military. He also expressed concerns about government spending leading to inflation. The bank's investment in Detroit has helped create jobs and support small businesses and housing development.

Portfolio Pulse from Aaron Bry

September 22, 2023 | 7:41 pm

KBE

KRE

SPY

XLF

Federal Reserve's Mary Daly stated that the banking system is safe and that banks are tightening credit, which is desirable to achieve a drop in inflation. This could impact the performance of banking and financial sector ETFs.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 5:29 pm

SPY

Federal Reserve's Mary Daly stated that the U.S. economy has a lot of momentum, particularly due to the surprising post-pandemic behavior of American consumers. However, she expressed uncertainty about whether the current interest rates need to be maintained or increased. She also noted that the labor market is not yet balanced, but it is slowing down.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 5:22 pm

NCLH

RCL

Shares of Norwegian Cruise Line Holdings Ltd (NCLH) and Royal Caribbean Cruises Ltd (RCL) are trading lower due to concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. The cruise industry relies heavily on borrowing for operations and fleet expansion, and potential interest rate hikes could increase borrowing costs and reduce profitability. Additionally, higher interest rates could lead to higher consumer debt payments, reducing discretionary spending on non-essential items like cruises.

Portfolio Pulse from Henry Khederian

September 22, 2023 | 4:49 pm

AFRM

Shares of Affirm Holdings Inc (NASDAQ:AFRM) are trading lower by 4.3% due to concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. Higher interest rates could increase borrowing costs for consumers, affecting their ability to access credit and take out loans, including those offered by Affirm. This could potentially lead to a decrease in consumer spending on big-ticket items often financed through Affirm's services.

Portfolio Pulse from Henry Khederian

September 22, 2023 | 4:43 pm

SOFI

The Biden administration has forgiven $37 million in student debt for borrowers defrauded by the University of Phoenix. This comes after a multi-year investigation by the Federal Trade Commission (FTC) that led to a $191 million settlement in 2019. The current situation escalates uncertainty for roughly 40 million Americans holding federal student loans. The uncertainty affects long-term financial planning, forcing borrowers to rely on existing programs that can potentially reduce their monthly repayments. This has led to an uptick in Google trend data for 'student loan refinance', a boon for student loan refinancing providers like SoFi Technologies Inc (NASDAQ:SOFI).

Portfolio Pulse from AJ Fabino

September 22, 2023 | 4:37 pm

BTCUSD

Custodia Bank CEO Caitlin Long discussed the future of Bitcoin and the role of her bank in an interview with Benzinga. Long, who has a background in traditional banking, founded Custodia Bank to bridge the gap between traditional finance and digital assets. The bank is set to launch Bitcoin custody soon. Long also highlighted the importance of security and compliance in the cryptocurrency sector. She believes that programmable money is a superior system and could benefit the financial world. Long also mentioned that the Federal Reserve is beginning to shift its stance on cryptocurrency.

Portfolio Pulse from Chris Katje

September 22, 2023 | 4:00 pm

WFC

Wells Fargo & Co (NYSE:WFC) shares are trading lower by 1.6% amid overall market weakness and concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. Higher interest rates can lead to higher funding costs for banks, squeezing their net interest income and potentially reducing profitability. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range at its September meeting.

Portfolio Pulse from Henry Khederian

September 22, 2023 | 2:58 pm