Streetbeat News

Regulatory

ESPR

Esperion announced that the FDA has updated the LDL-C lowering indication for its drugs NEXLETOL (bempedoic acid) and NEXLIZET (bempedoic acid and ezetimibe) tablets. This immediate change reflects the FDA's initiative to modernize drug labels and Esperion's efforts to broaden the indications for its products.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:04 pm

AMGN

Amgen has announced that the FDA has accepted for priority review the Biologics License Application for Tarlatamab, a treatment for advanced small cell lung cancer.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 9:01 pm

BAC

WFC

Bank of America Corp (BAC) and Wells Fargo & Co (WFC) shares are trading higher after the Federal Reserve left rates unchanged, with expectations of rate cuts in 2024-2026. Lower interest rates can boost borrowing and spending, potentially increasing demand for financial products and benefiting bank revenues. The Fed kept the federal funds rate steady and will base future policy on upcoming data.

Portfolio Pulse from Henry Khederian

December 13, 2023 | 8:57 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) stock rose by 6.3% to $19.35 as the broader industrial sector gained following the Federal Reserve's decision to keep interest rates unchanged. The Fed's stance and potential rate cuts in 2024-2026 could make borrowing cheaper, benefiting companies like Rivian. The Fed has paused rate hikes and is focusing on reducing inflation to the 2% target, basing future policy on incoming data.

Portfolio Pulse from Henry Khederian

December 13, 2023 | 8:49 pm

SNY

The Federal Trade Commission (FTC) has decided to dismiss its case against the proposed transaction between Sanofi and Maze Therapeutics after Sanofi chose to terminate the deal. The FTC had been challenging the transaction, but with Sanofi's decision to pull out, the case is no longer active.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:42 pm

DIA

GLD

TLT

Federal Reserve Chair Jerome Powell indicated that interest rates are likely at their peak and may see cuts in 2024. The Fed left rates unchanged in its last 2023 meeting, with the median projection for the federal funds rate at 4.6% for the end of 2024, and further reductions to 3.6% by 2025 and 2.9% by 2026. Powell highlighted progress in controlling inflation and economic growth but remained cautious, stating it's too early to declare victory over inflation. Markets reacted by increasing bets on a rate cut by March 2024, with gold, U.S. 20+ Year Treasuries, and stocks rallying, while the U.S. dollar dropped. The SPDR Dow Jones Industrial Average ETF (DIA) reached all-time highs.

Portfolio Pulse from Piero Cingari

December 13, 2023 | 8:35 pm

XRPUSD

Two whale transactions involving the transfer of 84 million XRP tokens have caught investors' attention. The first transaction moved 23.9 million XRP to Bitstamp, while the second transferred 60 million XRP from a Ripple account to an unknown address. The SEC has dropped charges against Ripple executives and a court decision partially favored Ripple, indicating no breach of federal securities law. The legal proceedings are set to continue into 2024. XRP's price has seen minor fluctuations, with a slight increase over the past 24 hours but a decrease over the past week.

Portfolio Pulse from Khyathi Dalal

December 13, 2023 | 8:29 pm

SPY

Fed Chair Jerome Powell stated that the Federal Reserve is carefully monitoring the level of reserves and that they have not reached the point where it would be necessary to slow or stop the balance sheet runoff. He emphasized that the policy rate and balance sheet reduction are on separate tracks, indicating that adjustments to the balance sheet policy will not necessarily be made in tandem with interest rate changes.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:16 pm

SPY

Fed Chair Powell stated that the balance sheet is functioning as anticipated and expects the reverse repo facility to level out eventually, leading to a decrease in reserves.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:14 pm

ALLY

COF

GS

MS

Financial stocks are trading higher after the Federal Reserve left interest rates unchanged, with expectations of rate cuts in the years 2024-2026. This has led to overall market strength and optimism among investors in the financial sector.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 8:13 pm