Streetbeat News

Regulatory

SPY

The Federal Reserve has announced it will maintain its $35 billion runoff cap for agency debt and mortgage-backed securities. This decision is part of its ongoing efforts to manage the balance sheet and monetary policy effectively.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 6:04 pm

SPY

The Federal Open Market Committee (FOMC) has reiterated its stance that there will be no rate cuts until inflation is sustainably moving towards the 2% target. This decision underscores the committee's commitment to stabilizing prices and suggests a cautious approach towards monetary policy amidst ongoing inflation concerns.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 6:01 pm

SPY

The Federal Reserve has decided to leave the key overnight rate unchanged, signaling a pause in its monetary policy adjustments. This decision could impact investor sentiment and market volatility, particularly affecting the performance of broad market indices and interest-sensitive sectors.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 6:00 pm

AMD

DIA

NVDA

QQQ

SPY

US stocks showed mixed performance ahead of the Federal Reserve meeting, with the S&P 500 and Nasdaq 100 experiencing slight declines, while the Dow Jones saw gains. Advanced Micro Devices (AMD) reported less optimistic Q2 guidance, causing its shares and those of Nvidia (NVDA) to fall. The ADP report indicated strong private job additions, but the ISM Manufacturing Index fell into contraction. Bitcoin also saw a significant drop. Various companies reacted to earnings reports, influencing their stock prices.

Portfolio Pulse from Piero Cingari

May 01, 2024 | 5:07 pm

AMD

CETX

CVRX

LEG

AMD shares fell by around 7% after reporting Q1 results and Q2 revenue guidance matching Street estimates but with a non-GAAP gross margin of about 53%. Other stocks showed significant movement, with notable gainers including CytomX Therapeutics, IM Cannabis Corp., and Akanda Corp., among others, due to various positive updates and financial results. Losers included Cemtrex, CVRx, and Leggett & Platt, with declines following public offerings, downgrades, and disappointing financial results.

Portfolio Pulse from Avi Kapoor

May 01, 2024 | 5:01 pm

EWJ

Japan is considering the implementation of regulations on AI developers, aligning with similar actions taken by the U.S. and the EU. This move aims to address concerns related to privacy, security, and ethical standards in AI development and deployment. The potential regulation could impact companies involved in AI technology within these regions, influencing their operational, legal, and compliance strategies.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 4:54 pm

ACB

CGC

TLRY

Cannabis stocks Canopy Growth Corporation (CGC), Aurora Cannabis, Inc. (ACB), and Tilray Brands, Inc. (TLRY) experienced a decline Wednesday after a brief rally due to reports that the DEA will reschedule marijuana. The stocks surged following the DEA's proposal to reclassify marijuana from a Schedule I to a Schedule III substance, indicating recognized medical uses and lower abuse potential. However, the proposal is pending review and public comment. CGC, ACB, and TLRY stocks are down significantly from Tuesday's highs.

Portfolio Pulse from Erica Kollmann

May 01, 2024 | 4:44 pm

CGC

CRLBF

GTBIF

TLRY

VRNOF

Cannabis stocks surged following the DEA's announcement to consider rescheduling marijuana from Schedule I to Schedule III, potentially allowing cannabis companies significant tax deductions. Green Thumb Industries, Verano Holdings, and Cresco Labs could see bottom-line boosts of $70M-$100M. Short sellers faced $210M in losses as stocks like Tilray Brands and Canopy Growth Corporation saw dramatic increases. The move is seen as revitalizing the cannabis industry, with potential for U.S. exchange listings to significantly increase market values.

Portfolio Pulse from Maureen Meehan

May 01, 2024 | 4:23 pm

XOM

The Federal Trade Commission (FTC) is expected to make a ruling on the proposed $60 billion acquisition of Pioneer Natural Resources by Exxon Mobil in the coming days, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 4:19 pm

ACB

CGC

IMCC

TLRY

IM Cannabis Corp. (NASDAQ:IMCC) shares surged over 100% in the past five days, attributed to the DEA's plans to reschedule marijuana, boosting cannabis stocks. Despite the sector's overall drop, IMCC holds gains with heavy trading volume. The stock's year-to-date increase of 55.21% contrasts with its historical average annual return of -76.64%. The current RSI of 87.37 suggests overbought conditions.

Portfolio Pulse from Erica Kollmann

May 01, 2024 | 4:06 pm