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The SPDR S&P 500 ETF Trust (SPY) experienced a sell-off below the resistance zone's low band, attributed to a surprise in market mechanics involving 0DTE options and unhedged puts by market makers, exacerbated by a weak Treasury auction. The sell-off occurred before the expected Santa Claus rally. Initial jobless claims were lower than expected, and Q3 GDP was slightly below consensus, indicating a strong economy. Positive early trade money flows were seen in major tech stocks and ETFs. The Arora Report emphasizes the importance of understanding market mechanics and offers exclusive insights through its Arora Ambassador Club.

Portfolio Pulse from The Arora Report

December 21, 2023 | 3:58 pm

BTCUSD

Matrixport predicts Bitcoin (BTC) could soar above $50,000 by January 2024 if the U.S. SEC approves spot Bitcoin ETFs. The prediction is based on historical price surges related to significant Bitcoin events, such as the CME Group's launch of Bitcoin futures in 2017. Matrixport also notes a potential breakout before the end of the year, citing historical December trends and a marketing blitz by ETF applicants. The firm expresses cautious optimism, expecting a price increase if the ETFs are approved.

Portfolio Pulse from Murtuza Merchant

December 21, 2023 | 3:52 pm

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The U.S. Transportation Department is investigating airline frequent flyer programs for potentially unfair practices. The department has recently met with several airlines to inquire about their frequent flyer programs.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 3:29 pm

BTCUSD

A Grayscale Investments survey indicates 73% of Americans believe presidential candidates should understand AI and cryptocurrencies. Inflation concerns drive 26% towards digital assets, with 40% interested in Bitcoin regardless of their crypto knowledge. Gen Z and Millennials own more crypto than equities, viewing it as the future of finance. The survey suggests crypto is a non-partisan issue with differing views on its benefits to the economy. Democrats see it as a technology investment, while Republicans view it as a hedge against inflation. Cathie Wood mentioned Bitcoin as an election issue.

Portfolio Pulse from Khyathi Dalal

December 21, 2023 | 3:22 pm

AGR

The Federal Energy Regulatory Commission (FERC) ruled in favor of Avangrid Renewables, LLC, a subsidiary of Avangrid, Inc. (NYSE:AGR), in a long-standing litigation related to the California energy crisis of 2000-2001. FERC found that the power purchase agreement between Avangrid Renewables and the California Department of Water Resources was just and reasonable, overturning a previous decision that held Avangrid Renewables liable for $371 million. Avangrid's CEO and other executives expressed satisfaction with the ruling, which they believe demonstrates their commitment to fair pricing and reliable energy. The company cannot predict if the other parties will seek a rehearing or appeal.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 3:19 pm

MULN

Mullen Automotive Inc (NASDAQ:MULN) delivered 38 additional Class 3 vehicles to Randy Marion Automotive Group, invoicing $2.5 million. Randy Marion has committed to ordering 1,000 vehicles for $63 million, with most deliveries expected in 2024. Mullen's CEO expressed confidence in meeting 2023 production volumes. Additionally, Mullen ONE received CARB certification, allowing sales in all 15 CARB states and D.C. Despite the news, MULN shares were down 6.37% at $7.49.

Portfolio Pulse from Adam Eckert

December 21, 2023 | 2:47 pm

CALT

Calliditas Therapeutics' stock is trading higher following the announcement of the FDA approval for TARPEYO, a treatment developed by the company.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:27 pm

EPOW

Sunrise New Energy Co., Ltd. (NASDAQ:EPOW) has been granted a Japanese patent for a lithium-ion battery anode material preparation method, enhancing efficiency and power. The patent, valid for 20 years, signifies technological leadership and may provide a competitive market advantage.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 2:27 pm

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Apple Inc. (AAPL) and Alphabet Inc.'s Google (GOOG, GOOGL) are set to introduce a collaborative solution for detecting unknown trackers, following the release of an industry-wide specification by the Internet Engineering Task Force. The technology will be platform-agnostic and support Bluetooth trackers from various manufacturers. Google has already implemented a preliminary method, while Apple is expected to launch its version soon, with full features anticipated in 2024. This initiative addresses privacy concerns raised by the misuse of Bluetooth trackers, such as Apple's AirTags.

Portfolio Pulse from Benzinga Neuro

December 21, 2023 | 1:57 pm

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Calliditas Therapeutics AB (NASDAQ:CALT) received full FDA approval for Tarpeyo, its treatment for IgAN, marking it as the first fully approved treatment for this condition based on kidney function. Tarpeyo, priced at $15,123 per month, is exclusively distributed through McKesson Corporation's (NYSE:MCK) specialty pharmacy, Biologics. Competitors like Travere Therapeutics Inc (NASDAQ:TVTX), Roche Holdings AG (OTC:RHHBY), Novartis AG (NYSE:NVS), and Vera Therapeutics Inc (NASDAQ:VERA) are developing treatments for IgAN. CALT shares rose 14.40% in premarket trading.

Portfolio Pulse from Vandana Singh

December 21, 2023 | 1:54 pm