Streetbeat News

Regulatory

SPY

Fed Chair Powell emphasized that future rate cuts will be contingent on the economic trajectory, highlighting the importance of incoming data for determining when rate cuts will commence. Powell expressed a desire for greater confidence in inflation trends, indicating a cautious approach to monetary policy adjustments.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 3:25 pm

BLK

BTCUSD

GBTC

Bitcoin (BTC) has reached a new all-time high of $69,208.79, following a 175% return over the past six months. The SEC's approval of 11 spot BTC ETFs, including those from Blackrock Inc. (BLK), has boosted investor confidence and trading volumes. The spot BTC ETF market is expected to grow significantly, with predictions of over $100 billion in inflows by the end of 2024. The upcoming Bitcoin halving event in April 2024, which will reduce mining rewards, could further drive BTC prices higher.

Portfolio Pulse from Murtuza Merchant

March 06, 2024 | 3:11 pm

UUP

Federal Reserve Chair Jerome Powell hinted at the possibility of interest rate cuts in 2024, emphasizing the need for 'greater confidence' on inflation reaching the Fed's 2% target. Powell's remarks, which were part of his semiannual testimony before the U.S. Congress, also highlighted the current economic conditions, including 3.1% GDP growth in 2023, a tight labor market with job gains averaging 239,000 per month, and an unemployment rate at 3.7%. Despite easing inflation rates, they remain above the Fed's goal. The policy rate is considered to be at its peak for this cycle, with future adjustments contingent on inflation progress. Powell's comments led to a decline in the U.S. Dollar Index and positive movements in U.S. equity futures.

Portfolio Pulse from Piero Cingari

March 06, 2024 | 2:57 pm

JNJ

Johnson & Johnson, through its subsidiary Janssen-Cilag International NV, has submitted a Type II variation application to the European Medicines Agency (EMA) for the approval of DARZALEX (daratumumab) in combination with bortezomib, lenalidomide, and dexamethasone for newly diagnosed multiple myeloma patients eligible for autologous stem cell transplant. The submission is based on the Phase 3 PERSEUS study results, which showed significant improvement in progression-free survival and response rates compared to the control arm. Daratumumab is a foundational therapy in multiple myeloma treatment, approved in eight indications, and has been used in over 484,000 patients worldwide.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 2:48 pm

GOOGL

META

Over 100 AI researchers have signed an open letter urging companies like Meta and Google to allow independent safety testing of their AI systems. The letter, reported by The Washington Post, highlights concerns over restrictive policies that hinder research and calls for a safe harbor for scrutiny. This move is part of a broader push for transparency and regulation in AI globally, with governments like India working on new AI rules and the EU's proposed AI Act potentially affecting the industry.

Portfolio Pulse from Benzinga Neuro

March 06, 2024 | 2:36 pm

ZJYL

Jin Medical International has successfully regained compliance with Nasdaq's listing requirements. This development is crucial for the company's continued listing on the exchange.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 2:31 pm

AMD

AOTG

BIDU

NVDA

SOXQ

TCEHY

AMD is advancing in the AI chip market despite U.S. sanctions affecting its operations in China. It introduced the MI300 series, including the MI309 tailored for China, amidst competition with Nvidia. AMD's strategic moves include hiring Thomas Zacharia to boost global AI solution adoption and launching the Spartan UltraScale+ FPGA family for I/O-intensive applications. The U.S. restrictions have led AMD to design a lower-performance chip for China, aligning with export regulations. Investors can gain exposure to AMD through AOT Growth And Innovation ETF (AOTG) and Invesco PHLX Semiconductor ETF (SOXQ). AMD's stock rose 2.86% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

March 06, 2024 | 2:27 pm

The Boeing 737 Max is facing renewed public scrutiny and trust issues, as passengers, including a former Boeing employee and a marketing professional, are choosing to boycott the aircraft due to safety concerns. This follows a reputation-damaging incident with Alaska Airlines and concerns raised by a Netflix documentary about Boeing's working environment. Despite these issues, Boeing continues to secure significant contracts, indicating continued trust from major industry players.

Portfolio Pulse from Benzinga Neuro

March 06, 2024 | 2:26 pm

BTCUSD

ETHUSD

SPY

Cryptocurrencies including Bitcoin, Ethereum, and Dogecoin face a downturn with $1.15B in potential liquidations. Veteran traders predict a surprise rally for Bitcoin, while Shiba Inu's developer disputes a misquote. Dogecoin's support from Elon Musk keeps it in the spotlight. Ethereum's co-founder sells $100K of ETH amid a dip. US markets show mixed signals with the Fear & Greed Index entering 'Greed' zone and Dow dropping. Nikki Haley's withdrawal from the 2024 Presidential race could favor Trump. US and global politics, economy updates, and tech and EV sector movements, including Tesla's strategies and Rivian's efficiency improvements, are highlighted.

Portfolio Pulse from Akanksha Bakshi

March 06, 2024 | 2:17 pm

DXCM

The FDA has approved DexCom Inc's Stelo Glucose Biosensor System as the first over-the-counter continuous glucose monitor (CGM) for individuals 18 and older who do not use insulin. The device, which pairs with a smartphone app to display glucose values, will be available online without a prescription starting summer of 2024. This approval could expand access to CGM technology for the 25 million people in the U.S. with Type 2 diabetes who do not use insulin. Following the announcement, DexCom's shares rose by 2.64% in premarket trading.

Portfolio Pulse from Vandana Singh

March 06, 2024 | 2:13 pm