Streetbeat News

Regulatory

SPY

USO

The Biden administration will release 1 million barrels of gasoline from reserves in the Northeast to reduce prices at the pump ahead of the July 4 holiday. The gasoline will be distributed in quantities of 100,000 barrels to ensure a competitive bidding process, with retailers and terminals receiving the supply by June 30.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 5:20 pm

SPY

Fed Governor Waller indicated that upcoming policy measures will likely exert more downward pressure on demand, which could impact market sentiment and stock prices.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 5:08 pm

SPY

Federal Reserve Governor Christopher Waller stated in a CNBC interview that the current monetary policy is sufficiently tight and there is no immediate need to raise interest rates. He also mentioned that a rate cut could be considered at the end of the year if economic data supports it.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 5:07 pm

HAP

HJEN

SHEL

Shell shareholders have rejected a climate resolution proposed by an activist group, with only 18.6% support. Instead, Shell's energy transition strategy for 2024 received overwhelming support from 78% of shareholders. The resolution aimed to align Shell's carbon reduction targets with the Paris Climate Agreement. Shell has faced scrutiny over its energy transition strategy, particularly after adjusting its 2030 carbon reduction target in March. Shell stock has gained more than 19% in the last 12 months. Investors can gain exposure to Shell via Direxion Hydrogen ETF (HJEN) and VanEck Natural Resources ETF (HAP).

Portfolio Pulse from Shivani Kumaresan

May 21, 2024 | 4:57 pm

GSK

PFE

GSK has been sued by Valisure for allegedly concealing cancer risks associated with the discontinued heartburn drug Zantac. Valisure claims GSK violated the federal False Claims Act by hiding these risks for nearly four decades. The lawsuit seeks billions in damages. Pfizer has also settled over 10,000 Zantac-related lawsuits for up to $250 million.

Portfolio Pulse from Vandana Singh

May 21, 2024 | 4:48 pm

MELI

MercadoLibre's executive announced that obtaining a banking license in Mexico will take between 12 and 24 months. This move is part of the company's strategy to expand its financial services in the region.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 4:44 pm

AAPL

SPOT

XLK

Apple Inc. (NASDAQ:AAPL) is appealing a $1.95 billion fine imposed by the EU for allegedly undermining fair competition from music-streaming services like Spotify Technology SA (NYSE:SPOT). The EU's decision mandates Apple to allow music-streaming apps to inform users about cheaper deals outside its App Store. Spotify has adjusted its app to comply with the ruling. The European Commission is prepared to defend its decision in court. Apple argues that there is no credible evidence of consumer harm. This is part of ongoing legal battles between Apple and EU regulators.

Portfolio Pulse from Shivani Kumaresan

May 21, 2024 | 4:40 pm

BTCUSD

DOGEUSD

ETHUSD

The SEC's request for revisions to Ether ETF applications has generated optimism in the cryptocurrency industry. Experts believe that the approval of Ethereum ETFs could lead to mass adoption, increased legitimacy, and significant price increases for Ethereum. The approval could also set a precedent for other altcoin ETFs.

Portfolio Pulse from Murtuza Merchant

May 21, 2024 | 4:40 pm

IVV

QQQ

SPY

VOO

VTI

Ray Dalio, founder of Bridgewater Associates, warns of a potential civil war in the U.S. driven by political polarization, wealth inequality, and external conflicts. He estimates a 40% chance of such a conflict, which could significantly impact broad market ETFs like SPY, IVV, VOO, VTI, and QQQ.

Portfolio Pulse from Surbhi Jain

May 21, 2024 | 4:36 pm

BLK

SPY

The SEC appears more likely to approve Ether ETFs from companies like BlackRock and VanEck, which could impact Bitcoin and other cryptocurrencies.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 4:33 pm