Streetbeat News

Regulatory

LMDX

LumiraDx shares are trading lower following the announcement that its securities will be suspended from trading on Nasdaq starting tomorrow.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 6:34 pm

SPY

The top Pentagon spokesman has stated that U.S. Defense Secretary Lloyd Austin has not offered his resignation and has no plans to resign, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 6:24 pm

NAK

The U.S. Supreme Court has declined to review Alaska's petition challenging the EPA's veto of the Pebble Project, a mining initiative by Northern Dynasty Minerals Ltd. The company's CEO expressed disappointment but noted that the decision does not reflect on the state's arguments. Northern Dynasty maintains that the EPA overstepped its authority and is considering further legal action to advance the project, emphasizing its potential benefits for Alaska and the U.S. in terms of jobs, economic growth, and critical mineral supply.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 6:17 pm

AMD

DIA

IWM

NVDA

OIH

QQQ

SMH

SPY

TLT

XLK

XLRE

XOP

US stocks saw a rebound with the Nasdaq 100 and small-cap stocks leading the gains, while the Dow Jones was weighed down by Boeing's struggles. Semiconductor stocks like NVIDIA and AMD posted significant gains. The 10-year Treasury Note yield fell, and energy commodity prices dropped. Bonds recovered, and the U.S. dollar depreciated. Bitcoin rose above $45,000, while gold prices fell. Sector ETFs like XLK and XLRE saw upticks, whereas XOP and OIH experienced declines. Notable stock movements included Boeing's drop after an FAA grounding order, NVIDIA's rise on AI chip production news, AMD's gain after a new processor reveal, American Airlines' upgrade by Morgan Stanley, Crocs' surge on raised sales forecast, and Abercrombie & Fitch's increase after raising its sales forecast.

Portfolio Pulse from Piero Cingari

January 08, 2024 | 6:15 pm

DADA

Dada Nexus Limited (NASDAQ:DADA) stock is trading lower after the company disclosed that its internal audit found suspicious practices that may have led to overstated revenues for its online advertising and marketing services in 2023. The company has warned that its Q4 and full-year 2023 guidance should not be relied upon. The stock has seen a significant increase in trading volume and has set a new 52-week intraday low.

Portfolio Pulse from Erica Kollmann

January 08, 2024 | 6:06 pm

SPY

Atlanta Fed President Bostic emphasized the need for certainty in inflation control before making significant policy changes. His cautious stance suggests a careful approach to adjusting monetary policy, which could impact investor expectations regarding interest rates and economic growth.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 6:04 pm

SPY

Atlanta Fed President Bostic has indicated that two quarter-point rate cuts may be appropriate by the end of the year. He notes that while employment is slowing, inflation remains above the target. Bostic believes that the current risks are balanced and suggests a bias towards maintaining a tight monetary policy.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 6:02 pm

ETHUSD

On Sunday, 6,283.44 Ether (ETH) valued at approximately $14.45 million was burned due to the EIP-1159 upgrade implemented on the Ethereum blockchain. This upgrade introduced a variable base fee for transactions that is burned, reducing the supply of Ether. The current issuance rate of new Ether is 4% per year, expected to drop to 0.5-1% with Ethereum 2.0, potentially making ETH deflationary. The net annualized issuance rate for Ether was -6.27% yesterday.

Portfolio Pulse from Benzinga Insights

January 08, 2024 | 6:00 pm

DIA

IWM

QQQ

SPY

The New York Fed's December 2023 Survey of Consumer Expectations showed a significant drop in consumer inflation expectations, reaching a 2-year low. Expectations for inflation, earnings growth, and spending growth have all decreased. Despite this, the job market outlook remains positive, with a slight decrease in the perceived probability of job loss and an increase in the probability of finding a new job. Interest rate increase expectations have fallen, while stock market expectations have marginally improved. Stocks, including SPY, QQQ, and IWM, saw gains, while DIA experienced a slight dip due to a decline in Boeing Co's shares.

Portfolio Pulse from Piero Cingari

January 08, 2024 | 5:43 pm