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SPY

Fed's Mester comments on inflation and interest rates, noting encouraging signs in recent inflation data but cautioning against expecting a swift return to 2% inflation. Mester also mentioned that the situation in the Red Sea has not yet impacted supply chains and warned against premature rate cuts.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 5:02 pm

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) shares rose after announcing its majority-owned Bollinger Motors received IRS approval as a 'qualified manufacturer' for clean vehicle credits under the Inflation Reduction Act of 2022. This makes the Bollinger B4 chassis cab eligible for up to $40,000 per vehicle in tax credits, aimed at commercial clean vehicles. The B4 is an all-electric Class 4 commercial truck, with deliveries expected to start in the second half of 2024.

Portfolio Pulse from Nabaparna Bhattacharya

February 06, 2024 | 5:02 pm

SPY

Fed's Mester emphasized that inflation needs to show a sustainable decrease before considering rate cuts. She expects inflation to return to 2% over time, with growth and employment expected to moderate this year. Mester also highlighted the risk of the labor market cooling faster than anticipated.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 5:01 pm

SPY

Fed's Mester stated that the current monetary policy is well-positioned to evaluate future actions regarding interest rates. She mentioned the possibility of lowering rates later this year if the economy performs as expected. However, if inflation does not decrease, the Fed is prepared to maintain its current policy.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 5:00 pm

SPY

USO

U.S. Special Envoy Lenderking reported that Iran is assisting the Houthis in identifying the 'most lucrative targets' for attacks in the Red Sea, according to Reuters. This development could have implications for regional security and potentially affect global oil supply routes.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 4:59 pm

BTCUSD

Bernstein analysts predict Bitcoin (BTC) to surpass $70,000 in 2024, citing ETF inflows, advisor network responses, macroeconomic conditions, and potential SEC leadership changes as key factors. Despite expecting volatility, they see a favorable risk-reward balance and identify the $42,000 to $43,000 range as a strategic entry point. The launch of 10 Bitcoin spot ETFs in the US has already impacted Bitcoin's price, which briefly touched $49,000 and is currently around $42,600.

Portfolio Pulse from Murtuza Merchant

February 06, 2024 | 4:56 pm

AAPL

APTV

F

GM

GOOGL

GM's Cruise faces scrutiny in California after failing to fully disclose details of an October accident involving a pedestrian. The incident has raised concerns about the safety of autonomous vehicles (AVs), impacting the reputation of Cruise and the AV industry. The California Public Utilities Commission is investigating the matter. Additionally, the AV market faces challenges as companies like Ford, Volkswagen, and Aptiv dial back on AV plans, while Apple delays its AV launch.

Portfolio Pulse from Neil Dennis

February 06, 2024 | 4:49 pm

BA

The U.S. FAA Administrator announced that an external firm is reviewing the FAA's longstanding practice of delegating some aircraft certification tasks to Boeing. This review comes amid scrutiny over the safety and regulatory compliance of Boeing's aircraft certification processes.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 4:41 pm

META

Meta Platforms Inc. (NASDAQ:META) is set to introduce 'Imagined with AI' labels for AI-generated images on Facebook, Instagram, and Threads to combat misinformation, especially in the election year. The labels will also apply to content created with other companies' tools. Meta is developing capabilities to identify AI-generated content and plans to enforce disclosure of AI-generated video or audio by users, with penalties for non-compliance. This move comes amid growing concerns over AI-generated misinformation, highlighted by incidents such as an AI-generated impersonation of President Joe Biden.

Portfolio Pulse from Rounak Jain

February 06, 2024 | 4:24 pm

KBE

KRE

SPY

XLF

U.S. Treasury Secretary Yellen has indicated that some financial institutions might be significantly stressed due to issues related to commercial real estate. This statement suggests potential vulnerabilities within the banking and financial sectors, particularly for those with heavy exposure to commercial real estate.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 4:22 pm