Streetbeat News

Regulatory

SPY

Fed's Williams indicated that there will eventually be rate cuts, according to Reuters. This statement can influence investor expectations regarding future monetary policy and its impact on the economy and financial markets.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:06 pm

NSC

Key regulators, including the U.S. Department of Transportation (DOT) and the Surface Transportation Board (STB), have expressed support for Norfolk Southern Corporation's (NYSE: NSC) leadership and strategy, emphasizing the company's focus on safety and service. They have raised concerns about Ancora's plan for NSC, warning it could jeopardize safety and service. The DOT and STB's statements highlight Norfolk Southern's progress in safety and service improvements, while criticizing Ancora's approach and potential impact on the railroad's performance and the broader economy.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:05 pm

SPY

Fed's Williams emphasized the Federal Reserve's approach to considering the totality of economic data in decision-making processes, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:04 pm

RKT

Rocket Cos. has appointed Shawn Malhotra, a former Thomson Reuters executive, as its new Chief Technology Officer (CTO) to lead its companywide artificial intelligence (AI) efforts. This strategic move aims to unify and accelerate Rocket's AI initiatives across its portfolio, including Rocket Mortgage, Rocket Homes, and Rocket Money. Malhotra's role will focus on data science, product engineering, technology operations, and information security, with a primary emphasis on AI to enhance the home-buying experience. The appointment follows the departure of Rocket Mortgage's CIO, Brian Woodring, and is part of Rocket's broader strategy to integrate technology into its core operations.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:03 pm

DJT

Trump Media & Technology Group Corp (NASDAQ:DJT) has replaced its auditors, dismissing BF Borgers CPA PC and appointing Semple, Marchal & Cooper, LLP, following SEC fraud allegations against BF Borgers and its owner. The SEC charged the firm with failures to comply with PCAOB standards, leading to a $12 million penalty for BF Borgers and a $2 million penalty for its owner. Trump Media CEO Devin Nunes has also raised concerns about potential stock manipulation and anomalous trading, specifically mentioning suspected short-selling activities in DJT shares. DJT shares saw a 3.83% increase to $49.76.

Portfolio Pulse from Shivani Kumaresan

May 06, 2024 | 4:59 pm

EIS

ISRA

USO

Israeli Army Radio journalists on Telegram report that Hamas has approved a softened Egyptian proposal, which is unacceptable to Israel. This development could impact the geopolitical landscape and influence market sectors related to the region.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:57 pm

SPY

U.S. financial regulators have adopted a notice of proposed rulemaking aimed at addressing incentive-based compensation arrangements. This move could potentially impact the financial sector by introducing new regulations that companies must adhere to, possibly affecting their operational costs and how they structure employee compensation.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:51 pm

SPY

VGK

U.S. Senator Elizabeth Warren has raised concerns with the Pentagon about the unauthorized use of Starlink internet terminals by Russian troops in Ukraine, labeling it a significant national security threat. She highlighted a black market that facilitates the distribution of these terminals to U.S. adversaries, including in Ukraine and Sudan.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:49 pm

SPY

Richmond Fed President Barkin stated that the strong labor market allows the Federal Reserve more time to ensure inflation will decrease. He noted businesses are inclined to increase prices if possible, with the risk being that shelter and services could keep inflation above the target.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:48 pm

SPY

Richmond Fed President Barkin expressed disappointment with this year's inflation data, indicating the job of controlling inflation is not complete. He remains confident that the current restrictive interest rates can reduce demand to meet inflation targets. Barkin does not foresee the economy overheating but assures the Fed is prepared to respond if necessary. He also mentioned experiencing 'data whiplash,' underscoring the importance of the Fed's deliberate approach.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 4:48 pm