Streetbeat News

Regulatory

SPY

Senior government officials have discussed the progress and response to the collapse of the Francis Scott Key Bridge, focusing on the goal of fully reopening the federal shipping channel by the end of May. A significant milestone mentioned is the removal of the cargo ship M/V Dali next week.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:49 pm

BLNK

FDIS

TSLA

XLY

Elon Musk's decision to overhaul Tesla's EV charging team and cut about 500 people may disrupt the Biden administration's EV infrastructure plans. This move has led to a surge in inquiries from landlords to other charging companies and could impact the National Electric Vehicle Infrastructure (NEVI) program's rollout. Tesla's strategy shift may also create opportunities for competitors like Blink Charging. Tesla's stock and exposure through ETFs like XLY and FDIS could be influenced by these developments.

Portfolio Pulse from Shivani Kumaresan

May 10, 2024 | 2:46 pm

SPY

White House official Brainard has called for an end to the 2017 tax breaks for the ultra-wealthy, a move that could have implications for the broader economy and stock market.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:44 pm

SPY

Fed's Kashkari emphasized that low interest rates alone are insufficient to increase the supply of homes, suggesting that other measures are needed to address housing supply issues.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:39 pm

SPY

Fed's Kashkari highlights a long-term housing supply challenge in the U.S., noting that higher interest rates will likely reduce housing supply in the short term as the Fed focuses on reducing inflation.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:37 pm

ACB

CGC

TLRY

The DEA has recommended rescheduling marijuana, which could potentially ease research restrictions, but still questions its medical value. This mixed stance creates uncertainty for cannabis companies and investors.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:37 pm

SPY

Fed's Kashkari has indicated that the current expectation is for strong productivity rates to moderate. This statement could influence market expectations regarding future interest rate policies.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:35 pm

GBTC

Digital Currency Group (DCG) reported an 11% revenue increase in Q1 2024, reaching $229 million despite challenges with its Grayscale Bitcoin Trust (GBTC). Grayscale's revenue was flat at $156 million due to outflows after converting GBTC into a spot ETF, facing competition with lower fees. DCG's other subsidiaries, Foundry and Luno, saw revenue increases of 35% and 46%, respectively. Grayscale is adjusting by filing for a new Bitcoin ETF with lower fees, pending SEC approval.

Portfolio Pulse from Murtuza Merchant

May 10, 2024 | 2:32 pm

SPY

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, highlighted the strength of the U.S. technology sector as a key reason for the U.S. dollar's status as the world's reserve currency. This statement underscores the importance of the tech industry in maintaining the economic and financial leadership of the United States on the global stage.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:30 pm

SPY

Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, highlighted the Federal Reserve as a prime target for state-sponsored hackers, emphasizing the significant threat of cyber-attacks on the institution.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 2:20 pm