Streetbeat News

Regulatory

PFE

The FDA has approved Pfizer Inc's leukemia drug, Besponsa, for pediatric patients aged one year and older with relapsed or refractory CD22-positive B-cell precursor acute lymphoblastic leukemia (ALL). The approval is based on a study involving 53 pediatric patients, showing a complete remission rate of 22 out of 53 patients, with a median duration of 8.2 months. This follows the drug's initial approval for adults in August 2017. Pfizer's stock (PFE) saw a decrease of 1.03% to $26.91.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 7:25 pm

ACLS

AVGO

MRVL

POWI

SKYT

SWKS

TER

WOLF

Semiconductor and chip stocks are experiencing an uptick due to the ongoing momentum in AI. Broadcom is set to announce its Q1 earnings after the market closes today. The anticipation of CHIPS act subsidies is also contributing to the sector's gains.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:52 pm

DIA

MAGS

META

NVDA

QQQ

SPY

The S&P 500 reached new highs, driven by Fed Chair Powell's hints at potential rate cuts. Nvidia surpassed $900, and Bitcoin neared record levels. The Roundhill Magnificent Seven ETF and specific stocks like Meta Platforms and Nvidia showed significant gains. Treasury yields fell, and the dollar weakened. The ECB maintained interest rates, with President Lagarde emphasizing independence from the Fed. Gold hit new highs, and major US indices and ETFs saw varied performance. Several companies experienced notable stock movements due to earnings reports and other news.

Portfolio Pulse from Piero Cingari

March 07, 2024 | 6:32 pm

SPY

In a recent statement reported by CNBC, Federal Reserve official Loretta Mester expressed optimism about the U.S. economy, expecting it to remain 'solid'. She emphasized the Fed's commitment to reducing inflation while maintaining a healthy job market. This balance is crucial for ensuring economic stability and growth.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:26 pm

SPY

Fed's Mester mentioned that a few more inflation reports could provide confidence regarding inflation trends, suggesting the Fed might be in a position to cut rates later this year, according to CNBC.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 6:26 pm

CELZ

Creative Medical Technology Holdings Inc (NASDAQ:CELZ) saw its stock surge after receiving FDA authorization for CELZ-201, a therapy aimed at managing abnormal glucose tolerance and preventing Type 1 diabetes in high-risk individuals. This groundbreaking therapy represents a significant advancement in personalized medicine for diabetes management. Additionally, CELZ received Orphan Drug Designation for CELZ-101, ImmCelz, to prevent allograft rejection in pancreatic islet cell transplantation for Type 1 diabetes patients. CELZ shares rose 34.50% to $6.40.

Portfolio Pulse from Vandana Singh

March 07, 2024 | 6:16 pm

ETH-USD

On Wednesday, 16,557.91 Ether (ETH) worth approximately $64.12 million was burned, permanently removing it from circulation. This action follows the Ethereum blockchain's EIP-1159 upgrade, which introduced a variable base fee for transactions that is burned, contributing to a decrease in Ether's supply. The Ethereum network is currently issuing new Ether at a 4% annual rate, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -21.99% yesterday.

Portfolio Pulse from Benzinga Insights

March 07, 2024 | 6:00 pm

AAPL

VGK

EU Industrial Chief Thierry Breton has announced that the EU will prioritize investigating Apple's decision to terminate Epic Games' developer account. This move comes amid ongoing tensions between Apple and Epic Games over app store policies and fees.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 5:50 pm

MDT

The FDA has classified Medtronic Neurosurgery's recall of its Duet External Drainage and Monitoring System Catheter Tubing as a Class I recall due to the risk of catheter disconnection. This issue has already resulted in 26 reported injuries. The recall highlights a significant safety concern for patients using the device.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 5:49 pm

ASML

EZU

IFNNY

ULE

The European Central Bank (ECB) maintained interest rates at 4%, with no policy change for the fourth consecutive month, mirroring the Federal Reserve's approach. ECB President Christine Lagarde emphasized maintaining current policy levels to achieve a 2% inflation target. The ECB revised its inflation forecast to 2.3% for this year, down from 2.7%, and to 2% in 2025, from 2.1%. Markets reacted positively, with significant gains for ASML Holding NV and Infineon Technologies AG, as well as increases in the iShares MSCI Eurozone ETF (EZU) and the ProShares Ultra Euro ETF (ULE).

Portfolio Pulse from Neil Dennis

March 07, 2024 | 5:44 pm