Streetbeat News

Regulatory

SPY

In a CNN interview, Treasury Secretary Yellen stated that President Biden's top priority is addressing the high prices and cost of living affecting Americans. This indicates a focus on economic policies aimed at inflation control and financial relief for citizens.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 2:53 pm

SPY

In an MSNBC interview, Yellen stated that President Biden is committed to ensuring housing affordability for first-time buyers, focusing on increasing the housing supply.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 2:45 pm

BIIB

ESALY

LLY

The FDA has delayed its decision on Eli Lilly's Alzheimer's drug, donanemab, pending further review, causing Eli Lilly's stock to drop and Biogen's stock to rise due to the delay benefiting Biogen's competing drug, Leqembi.

Portfolio Pulse from Vandana Singh

March 08, 2024 | 1:58 pm

ABOS

Acumen Pharmaceuticals presented positive results from the Phase 1 INTERCEPT-AD study of sabirnetug for early Alzheimer's at the AD/PD 2024 Annual Meeting. The cerebrospinal fluid biomarker results support sabirnetug's effects in the brain. A novel assay was showcased for assessing sabirnetug's binding to amyloid beta oligomers. Acumen is set to begin a Phase 2 trial and a Phase 1 subcutaneous study in 2024.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 1:57 pm

CURLF

Amsterdam will not participate in the Netherlands' legal cannabis trial, aimed at regulating and monitoring coffee shops. The trial, started in December 2023, allows legal operation across 10 municipalities but faced opposition. Italy launches a project to develop hemp supply chains in Sicily, funded by the EU and Sicilian Region. In the UK, cannabis clinics report an increase in ADHD patients due to medication shortages, with Curaleaf's research director commenting on the trend.

Portfolio Pulse from Nina Zdinjak

March 08, 2024 | 1:53 pm

BA

Boeing Company (NYSE:BA) stock has triggered a Death Cross, indicating bearish sentiments. The stock is down 22% YTD, following a series of negative events including a 737 door blow-off incident, grounding of 737 Max 9s, lawsuits, and regulatory scrutiny for quality control and arms exports violations. The Death Cross, where the 50-day SMA falls below the 200-day SMA, suggests potential further declines. Investors are advised to be cautious and reevaluate their positions in light of these challenges.

Portfolio Pulse from Surbhi Jain

March 08, 2024 | 1:48 pm

SPY

UUP

The February jobs report showed a stronger-than-expected increase in non-farm payroll growth with 270,000 jobs added, surpassing the anticipated 200,000. However, the unemployment rate rose to 3.9%, and wage growth decelerated, indicating a potential easing of tight labor market conditions. The report could support the Federal Reserve in easing monetary policy later this year. Treasury yields dropped, and the U.S. dollar index fell slightly, while futures on major U.S. indices traded higher.

Portfolio Pulse from Piero Cingari

March 08, 2024 | 1:42 pm

COIN

PLTR

TSLA

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have seen significant spikes, with Bitcoin nearing all-time highs. The cannabis industry reacts positively to Biden's call for cannabis reform. Cathie Wood sells $13.15M worth of Coinbase shares, opting for Palantir stock instead. Tesla's Bitcoin investment yields a substantial unrealized profit. The S&P 500 surges to a new high, driven by tech giants and improved investor sentiment. Biden's economic policies and calls for cannabis reform mark significant political statements. Tesla faces a valuation drop and legal challenges, while the EV market sees competition from Rivian.

Portfolio Pulse from Akanksha Bakshi

March 08, 2024 | 1:12 pm

GLD

SPY

UNG

USO

U.S. markets closed higher with the S&P 500 and Nasdaq hitting record highs, driven by tech and growth stocks amid optimism for Federal Reserve rate cuts. Asian markets also saw gains, while European markets were mixed. Commodities saw gold hovering near record highs, while crude oil and natural gas traded lower. U.S. futures indicated a lower opening for the next session.

Portfolio Pulse from Akanksha Bakshi

March 08, 2024 | 1:09 pm

BIIB

Biogen shares increased in value following the FDA's postponement of its decision on Eli Lilly's Alzheimer's drug, Donanemab.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 12:57 pm