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Regulatory

LRCX

Lam Research Corporation (NASDAQ:LRCX) shares dropped by 5.2% to $742.94 amid a broader decline in semiconductor and chip stocks, influenced by rising Treasury yields and a decision by the Netherlands to block the export of some lithography systems to China. This decision, affecting ASML Holding, aligns with previous U.S. export restrictions and has contributed to the sector's pullback after gains earlier in 2023. LRCX's 52-week trading range is between $407.27 and $801.29.

Portfolio Pulse from Henry Khederian

January 02, 2024 | 8:53 pm

USO

The United Nations Security Council, presided over by France, is considering a meeting as early as Wednesday to discuss issues concerning the Red Sea. The situation may have implications for global trade routes and security, which could indirectly affect oil prices and related markets.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 8:31 pm

GTBIF

HITI

TCNNF

VFF

Ontario has doubled the cap on cannabis retail stores to 150, aligning with other provinces and potentially benefiting the market. High Tide Inc. (HITI) CEO Raj Grover supports the move. South Dakota and Nebraska are making new attempts to legalize cannabis, with South Dakota gathering signatures for a 2024 ballot and Nebraska collecting signatures for a November ballot. California is considering a bill to streamline cannabis licensing to support small businesses. Cannabis stocks are believed to be poised for growth, with Benzinga PotProfits highlighting significant gains in certain stocks.

Portfolio Pulse from Jelena Martinovic

January 02, 2024 | 7:58 pm

BTCUSD

Traders on Polymarket are betting on an 89% chance that the U.S. will approve a Bitcoin ETF by January 15. The optimism, which has grown from 50% a month earlier, has contributed to Bitcoin's price surge above $45,000. The SEC may inform the 14 spot ETF applicants of their approval status soon. Some traders are hedging with 'No' contracts against potential price drops if the ETFs are not approved.

Portfolio Pulse from Murtuza Merchant

January 02, 2024 | 7:41 pm

Micron Technology Inc (NASDAQ:MU) shares fell by 2.7% amid a broader decline in semiconductor and chip stocks, influenced by rising Treasury yields and a negative reaction to the Netherlands' decision to restrict exports of certain lithography systems to China by ASML Holding. The sector's pullback also follows gains earlier in 2023. ASML's shares dropped due to these export limitations, which are in line with U.S. policies and require Dutch firms to obtain government permission to export specific chip-making equipment.

Portfolio Pulse from Henry Khederian

January 02, 2024 | 6:43 pm

AMAT

ASML

Applied Materials, Inc. (NASDAQ:AMAT) shares fell by 3.6% amid a broader decline in semiconductor and chip stocks, influenced by rising Treasury yields and a regulatory block by the Netherlands on lithography system exports to China. This block affects ASML Holding and aligns with US export measures, potentially impacting the production of advanced microprocessors.

Portfolio Pulse from Henry Khederian

January 02, 2024 | 6:38 pm

AAPL

DIA

IBB

MRNA

NVDA

QQQ

RIVN

SMH

SOXX

SPY

TSLA

XLK

XLV

Wall Street began 2024 with declines in major indices, particularly the S&P 500 and Nasdaq 100, dragged down by the tech sector. Tesla (TSLA) remained flat, while Apple (AAPL) and NVIDIA (NVDA), along with semiconductor ETFs like SOXX, saw significant drops. The decline in tech stocks was partly due to a White House request to limit chip exports to China. The dollar and Treasury yields surged, while commodities had a mixed day. Bitcoin (BTC) rose, anticipating a Bitcoin ETF approval. Sector ETFs like SPY, DIA, and QQQ moved in line with their respective indices, while XLV outperformed and XLK lagged. Biotech stocks and ETFs like IBB performed well, whereas semiconductor ETFs like SMH declined. Moderna (MRNA) surged after an Oppenheimer upgrade, while Rivian (RIVN) and cruise lines like NCLH and RCL saw stock price declines.

Portfolio Pulse from Piero Cingari

January 02, 2024 | 6:29 pm

INTC

Intel Corporation (NASDAQ:INTC) shares fell by 4.4% to $48.03 amid a broader decline in semiconductor and chip stocks due to rising Treasury yields. The sector's downturn is also in sympathy with ASML Holding after the Netherlands blocked exports of some lithography systems to China, which are essential for advanced microprocessors. This move aligns with U.S. export restrictions and follows a September rule requiring Dutch firms to seek approval for exporting certain chip-making equipment.

Portfolio Pulse from Henry Khederian

January 02, 2024 | 6:25 pm

ETHUSD

A total of 2,567.75 Ether (ETH) worth approximately $6M was burned on Monday, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% per year, 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 -0.20% yesterday.

Portfolio Pulse from Benzinga Insights

January 02, 2024 | 6:00 pm

RMNI

127 Capital, LLC has reported a 7.7% stake in Rimini Street, Inc. as of January 2, 2024, according to a 13D filing with the SEC.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 5:55 pm