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EWC

BMO Capital Markets has revised its forecast for the Bank of Canada, now expecting interest rate cuts to begin in Q2 of 2024. The policy rate is projected to decrease by a full percentage point to 4% by this time next year. This outlook is less aggressive than market expectations, with rate cuts anticipated once inflation reaches the mid-2% range, expected in the spring.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:17 pm

TIO

The SEC has charged the CEO of fintech company Tingo with conducting a 'massive' fraud. This follows a short position taken by Hindenburg Research, which often publishes negative reports about companies it has bet against. The SEC's action could have significant implications for Tingo and its investors.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:11 pm

BTCUSD

The crypto market is abuzz with the possibility of Spot Bitcoin ETF approvals, with a decision expected between Jan. 5 to Jan. 10, 2024. Joe Burnett of Unchained.com used ChatGPT 4 to predict a $7.91 trillion BTC market cap if 10% of passive index fund flows go into a Bitcoin ETF over 24 months. Nate Geraci, ETF store president, warns of a potential 'rug pull' if the ETF is not approved, and a 'bloodbath for crypto exchanges.' The Bitcoin halving event in April 2024 is also anticipated to boost the market. Bitwise released an ad promoting its crypto-backed ETFs. In the last 90 days, BTC and ETH have seen significant gains, with some altcoins like Avalanche and Solana experiencing triple-digit increases.

Portfolio Pulse from Khyathi Dalal

December 18, 2023 | 7:07 pm

X

Senator John Fetterman has expressed opposition to the acquisition of United States Steel Corp. by a foreign company, stating it is detrimental to workers and Pennsylvania. He has vowed to do everything in his power to prevent the acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:04 pm

BLK

BlackRock has stated it will contest any accusations of violating Tennessee's consumer protection laws, asserting that it fully and accurately discloses its investment practices and approach to proxy voting.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:37 pm

EPOW

Sunrise New Energy's stock is up following the acceptance of their patent application for a graphite micropowder production system by the National Intellectual Property Bureau.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:24 pm

BNTX

BioNTech SE (NASDAQ:BNTX) has inaugurated its mRNA vaccine manufacturing site in Kigali, Rwanda, marking a significant step in establishing a resilient vaccine ecosystem in Africa. The site features BioNTainers, high-tech modular units for mRNA vaccine production. BioNTech plans to start local training in 2024 and initiate test mRNA production in 2025. The facility aims to support clinical development and commercial-scale production of vaccines for diseases like tuberculosis, malaria, HIV, and mpox. The Kigali site is fully funded by BioNTech with a $150 million investment and will employ around 100 people. The company is also exploring additional manufacturing sites in Africa and partnerships for infectious disease research.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:17 pm

GOOGL

META

QQQ

SEDG

TLT

VF

X

US stocks continued their year-end rally with the Nasdaq nearing record highs and the S&P 500, Dow Jones, and small caps also seeing gains. Despite Federal Reserve officials cautioning against market expectations for rate cuts in 2024, investors remain optimistic. Treasury yields rose slightly, negatively impacting the iShares 20+ Year Treasury Bond ETF (TLT). Oil prices increased following attacks in the Red Sea. Sector-wise, Communication Services (XLC) led gains, while Real Estate (XLRE) and Utilities (XLU) lagged. U.S. Steel Corp. (X) soared on acquisition news, Meta Platforms (META) and Alphabet (GOOGL, GOOG) rallied, V.F. Corporation (VF) dropped after a cyberattack, and SolarEdge Technologies (SEDG) declined on a Goldman Sachs downgrade.

Portfolio Pulse from Piero Cingari

December 18, 2023 | 6:14 pm

RYVYL

RYVYL shares are trading higher following the announcement that the company has regained compliance with Nasdaq listing requirements.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:06 pm

COIN

Coinbase has filed a petition in a federal appeals court to review the SEC's decision to deny the crypto exchange's request for new digital asset sector rules. The SEC, with a 3-2 vote, declined to propose new rules, stating disagreement with Coinbase's claim that current regulations are 'unworkable' for the crypto industry.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 6:05 pm