Streetbeat News

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Senator Durbin has written to Federal Reserve Chairman Jerome Powell regarding card network interchange fees, potentially impacting financial sector stocks and ETFs.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 7:24 pm

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Treasury Secretary Janet Yellen highlighted the unique risks posed by the growing nonbank mortgage sector, emphasizing the need for increased oversight to ensure financial stability. The U.S. Financial Stability Oversight Council is recommending that Congress assist regulators in enhancing the safety and soundness of the nonbank mortgage sector.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 7:04 pm

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AI is significantly impacting the pharmaceutical industry, from drug discovery to marketing, with Alphabet Inc's Google DeepMind developing AlphaFold 3, an AI model that predicts the structure of biological molecules. McKinsey reports AI could generate $60 billion-$110 billion annually for the industry, speeding up drug discovery and development. Collaborations like Bayer AG and Google Cloud are developing AI solutions for healthcare. Key players include Nvidia, Intel, IBM, Google, GE, Microsoft, Medtronic, Micron Technology, Amazon Web Services, and Siemens Healthineers.

Portfolio Pulse from Vandana Singh

May 10, 2024 | 6:49 pm

FAT

Fat Brands Inc (NASDAQ:FAT) and its chair Andrew Wiederhorn have been charged by the Justice Department for concealing $47 million in distributions as shareholder loans, evading taxes, and defrauding investors. The charges include wire fraud, tax evasion, and breaches of the Sarbanes-Oxley Act. The SEC has also filed a civil enforcement action against Wiederhorn, FAT's former CFO, and another executive. FAT Brands' stock has plummeted 23.3% in response to these allegations.

Portfolio Pulse from Shivani Kumaresan

May 10, 2024 | 6:49 pm

SPY

Fed's Kashkari has stated that while the bar for another rate hike is high, it cannot be completely ruled out, according to CNBC.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 6:26 pm

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VGK

The White House is actively working to support Ukraine against Russian attacks, acknowledging the possibility of Russian advances but not expecting major breakthroughs. This situation underscores the ongoing geopolitical tensions and their potential impact on global markets.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 6:25 pm

SPY

Fed's Kashkari expresses caution regarding the restrictiveness of current monetary policy, indicating a 'wait and see' approach to future policy decisions.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 6:21 pm

EIS

USO

A senior official from Hamas has stated that the organization has not suspended or withdrawn from negotiations, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 6:11 pm

SPY

Fed's Goolsbee highlights housing as a significant puzzle and challenge in achieving 2% inflation. He suggests an 'optimistic lane' if housing inflation decreases.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 5:36 pm

EWZ

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Brazil's state-controlled oil company, Petrobras, has received approval for new commercial arrangements concerning the sale of natural gas. These arrangements are expected to potentially lower the price of natural gas for distributors, according to a statement cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 5:34 pm