Streetbeat News

Regulatory

USDT

The 'overnight effect' observed in traditional stock markets, where significant price movements occur outside regular trading hours, is being scrutinized for its relevance in the cryptocurrency market. Unlike the stock market, the crypto market operates 24/7, making it susceptible to news-driven fluctuations at any time. Studies, including one from the Federal Reserve Bank of New York, suggest that crypto might still be influenced by traditional market movements, particularly during the opening hours of other global markets. Factors such as global interdependence, investor sentiment, and the role of Tether (USDT) in the crypto market are crucial in understanding this dynamic. However, crypto's inherent features like decentralization, a continuous news cycle, and high volatility could mitigate the 'overnight effect'.

Portfolio Pulse from Murtuza Merchant

March 21, 2024 | 9:39 am

EWU

The S&P Global/CIPS U.K. Composite Purchasing Managers' Index (PMI) for the preliminary report came in at 52.9, slightly below the estimated 53.1 and the previous 53.0. This indicates a marginal slowdown in the U.K.'s economic activity.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 9:33 am

EWG

NVO

Germany's Health Ministry has confirmed that no large volumes of Novo Nordisk's diabetes drug Ozempic are being exported out of the country, according to Reuters.

Portfolio Pulse from Charles Gross

March 21, 2024 | 9:21 am

ACN

FDX

GIS

NKE

SIG

Following the Federal Reserve's decision to keep interest rates unchanged, U.S. stocks closed higher, with the Dow Jones jumping 400 points. The CNN Money Fear and Greed index indicated improved market sentiment, remaining in the 'Greed' zone. Signet Jewelers reported disappointing Q4 sales and weak FY25 guidance, causing a 12% drop in its shares. General Mills posted better-than-expected Q4 results. Crude oil inventories fell, contrary to expectations. Sectors like communication services, consumer discretionary, and financials led gains in the S&P 500, while healthcare and energy lagged. Investors are looking forward to earnings from Accenture, FedEx, and NIKE.

Portfolio Pulse from Avi Kapoor

March 21, 2024 | 8:09 am

Baader Bank AG has selected Broadridge Financial Solutions, Inc. (NYSE:BR) for its regulatory trade and transaction reporting needs. This decision strengthens the existing strategic relationship between Baader Bank and Broadridge, as the bank already utilizes Broadridge's suite of solutions for order management, trading, and market connectivity.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 7:02 am

AAPL

META

MSFT

Apple Inc is criticized by Meta Platforms Inc and Microsoft Corp for its compliance plan in the legal battle with Epic Games. The plan, which involves a 12% to 27% fee on external purchases, is seen as inadequate and circumventing the spirit of a 2021 court order aimed at allowing app developers to use external payment options. This development follows Apple's recent actions in the EU, including changes to its App Store and the termination of Epic Games' developer account, which Epic claims violates the Digital Markets Act.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 4:56 am

COIN

LTCUSD

Coinbase Global is set to launch futures trading for Litecoin, Dogecoin, and Bitcoin Cash on April Fool's Day, following their filing with the Commodity Futures Trading Commission. This move, amidst market volatility and Coinbase's own technical issues, reflects growing interest in cryptocurrencies. Litecoin surged 6.78% to $86.03 upon the announcement. The decision raises regulatory questions regarding the classification of these Bitcoin offshoots as commodities futures versus securities futures.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 4:18 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced significant gains following the Federal Reserve's decision to maintain interest rates, despite higher-than-anticipated inflation figures. The Fed's dovish stance and projection for three rate cuts this year contributed to a positive sentiment in the cryptocurrency market. The global cryptocurrency market cap saw a decrease, while the three main stock market indexes reached their highest-ever closing levels. Analysts provided mixed views on Bitcoin's future, with some highlighting buying opportunities during corrections and others cautioning about potential retraces.

Portfolio Pulse from Mehab Qureshi

March 21, 2024 | 4:17 am

AAPL

Parler, a social media network, has returned to Apple Inc.'s App Store under new ownership, promising to ban violent and controversial content. The platform, offline since April 2023, is now invite-only and anticipates Android approval. The return follows a year of challenges, including being removed from app stores after the Jan. 6 Capitol riot and significant layoffs.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 3:32 am

AAPL

The U.S. Department of Justice (DOJ) is reportedly set to file an antitrust lawsuit against Apple Inc. (AAPL) for allegedly restricting competitors' access to iPhone hardware and software, marking the third antitrust case against the company in 14 years. This lawsuit is part of a broader effort by the Joe Biden administration to address antitrust concerns with major U.S. tech companies. Apple faces global legal challenges, including a recent €1.8 billion fine in the EU for preventing music streaming rivals from offering cheaper deals, and a $13.7 million fine in Russia for abuse of market dominance.

Portfolio Pulse from Ananya Gairola

March 21, 2024 | 2:23 am