Streetbeat News

Regulatory

SPY

Fed's Goolsbee highlights Middle East instability as a significant uncertainty for the Federal Reserve, particularly concerning its impact on oil prices and gas. He notes that a negative supply shock in this context would be detrimental.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:27 pm

FXI

SMH

SPY

The U.S. is facing resistance to imposing additional chip restrictions on China as the election approaches. According to Bloomberg, sources familiar with the discussions have reported pushback against further chip curbs.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:26 pm

SPY

Fed's Goolsbee expressed concerns that if shelter inflation does not revert to pre-pandemic levels, achieving the inflation target will be challenging. This statement underscores the importance of housing costs in the broader inflationary landscape and the Fed's focus on managing these pressures to meet its goals.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:25 pm

SPY

Fed's Goolsbee comments on the challenges of the final phase of controlling inflation, highlighting the complexity of the 'last mile' and the potential limited impact of supply. He emphasizes the critical role of housing in the immediate term for inflation.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:23 pm

SPY

Chicago Fed President Goolsbee highlighted the U.S. is navigating through 'cross currents' and emphasized the importance of the Federal Reserve bringing inflation back down to its target. This statement underscores the Fed's ongoing battle against inflation and its implications for monetary policy.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:21 pm

F

FTXR

RDIV

Ford Motor Company (NYSE:F) shares fell after the National Highway Traffic Safety Administration (NHTSA) initiated an investigation into the recall of 42,652 Ford SUVs, including 2022 and 2023 Ford Bronco Sport and the 2022 Ford Escape models, due to fuel leak risks that could potentially cause fires. The recall was initially for a software update and drain tube installation, but did not include replacing the cracked fuel injectors, which are the cause of the leaks. Ford plans to incorporate fuel injector leak detection into the engine control software. F stock dropped 2.68% to $12.69. Investors can also gain exposure to F stock through First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).

Portfolio Pulse from Nabaparna Bhattacharya

April 12, 2024 | 4:13 pm

MS

Federal regulators, including the SEC, the Office of the Comptroller of the Currency, and the Federal Reserve, are investigating Morgan Stanley's wealth-management division for potential money laundering issues. The probe focuses on the bank's client vetting processes, especially for international clients, and the integration of technology and processes following its acquisition of E*Trade. Morgan Stanley's wealth division, crucial for its revenue, has seen slowed growth. Shares of Morgan Stanley (NYSE:MS) dropped slightly by 0.14% to $86.72.

Portfolio Pulse from Shivani Kumaresan

April 12, 2024 | 4:06 pm

C

During a conference call, the CFO of Citigroup mentioned that they are hearing favorable feedback regarding the potential evolution of the Basel III endgame proposal. This indicates a positive outlook on regulatory developments that could impact the bank's operations and regulatory compliance.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:02 pm

DFS

NAVI

NNI

SLM

SOFI

President Joe Biden announced the cancellation of over $7.4 billion in student loan debt for 277,000 borrowers, primarily public sector workers, under the SAVE plan. This plan includes an income-driven repayment plan and measures to prevent balance growth from unpaid interest. The Biden administration has now forgiven $153 billion in student loan debt. The plan faces criticism from Republican officials, but the Education Department defends its authority. Student loan-related stocks like SoFi Technologies, SLM Corp., Discover Financial Services, Navient Corp., and Nelnet Inc. showed mixed reactions in the market.

Portfolio Pulse from Anthony Noto

April 12, 2024 | 3:58 pm

SPY

USO

Iran has warned the U.S. through messages conveyed by several Arab countries that U.S. forces in the region will be attacked if the U.S. intervenes in the conflict between Israel and Iran. This comes after an Israeli airstrike killed a top Iranian general in Damascus, prompting threats of retaliation from Iran. The U.S. has offered full support to Israel against potential Iranian attacks, with U.S. officials and the Secretary of Defense communicating closely with Israeli counterparts. Iran's messages have varied in tone, with some communications suggesting a limited response aimed at avoiding regional escalation. U.S. officials are coordinating with regional partners and Israel to prevent escalation, while the U.S. CENTCOM commander is in Israel to coordinate defensive efforts.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 3:55 pm