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U.S. stocks rebounded on Tuesday following dovish remarks from Federal Reserve officials, suggesting a potential slowdown in rate hikes if inflation continues to decline. Treasury yields and the U.S. dollar index fell, while gold prices surged to $2,040. The SPDR Gold Trust (GLD) and U.S. stock index ETFs like SPY, DIA, QQQ, and IWM saw gains. Utilities and energy sectors outperformed, while healthcare and biotech lagged. Newmont Corp. (NEM) and PDD Holdings Inc. (PDD) experienced significant stock price increases, while Micron Technology Inc. (MU) declined despite a positive outlook. Other assets like the United States Oil Fund (USO) and cryptocurrencies also saw gains.

Portfolio Pulse from Piero Cingari

November 28, 2023 | 6:40 pm

ETHUSD

A total of 6,902.89 Ether (ETH) worth approximately $14.3 million 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 -7.42% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

November 28, 2023 | 6:00 pm

GILD

Gilead Sciences has announced full cooperation with the U.S. FDA's request for data analysis related to an FDA inquiry, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 5:47 pm

BAC

SPY

The U.S. Consumer Financial Protection Bureau has penalized Bank of America with a $12 million fine for inaccurately reporting mortgage data, which is a violation of the Home Mortgage Disclosure Act.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 5:45 pm

DIA

QQQ

SPY

Major stock indexes have risen following comments from Fed Governor Waller expressing increased confidence in the current monetary policy's ability to reduce inflation to the 2% target.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 5:44 pm

BNBUSD

Changpeng Zhao has stepped down as chairman of the board of directors of Binance.US, the American arm of the global cryptocurrency exchange Binance. Binance.US operates independently within the U.S. and is not involved in the recent settlements that Binance.com faced. Zhao's departure marks a governance shift, with him retaining only an economic interest. Binance.US, led by Norman Reed, aims to focus on growth and customer-centric services. The change follows a $4.3-billion settlement involving Binance.com with regulatory bodies.

Portfolio Pulse from Murtuza Merchant

November 28, 2023 | 5:38 pm

MEDS

TRxADE Health received a notice from Nasdaq on November 21 indicating non-compliance with the timely filing requirement for continued listing due to the delayed filing of Form 10-Q. The company is working to file the required form as soon as possible to regain compliance with Nasdaq's listing rule, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 5:34 pm

CABA

Cantor Fitzgerald reaffirms its Buy rating and $50 price target for Cabaletta Bio (CABA), undeterred by vague FDA concerns, accepting the inherent development risks.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 5:30 pm

BNBUSD

The SEC is investigating Binance and Changpeng Zhao for potential control over assets on Binance.US, similar to the FTX scandal. Despite previous settlements with the SEC, Binance.US's legal team is seeking to end the SEC's fraud investigation, citing a lack of evidence and significant business impact. The judge has urged resolution of evidentiary issues by Dec. 15, while Zhao is required to remain in the U.S. pending a DOJ motion.

Portfolio Pulse from Murtuza Merchant

November 28, 2023 | 5:21 pm

TLT

The Federal Reserve is expected to operate at a loss for the foreseeable future, impacting its historical practice of transferring excess earnings to the U.S. Treasury. Due to aggressive monetary policy, including rate hikes and quantitative tightening, the Fed's interest expenses on liabilities have increased, while interest income from assets adjusts more slowly. This has resulted in a 'deferred asset' or loss. The iShares 20+ Year Treasury Bond ETF (TLT) has seen a decrease in value over the past three years. The Fed may not resume profit sharing with the Treasury until around mid-2027, while the Treasury's interest expenses are set to exceed $1 trillion in 2023.

Portfolio Pulse from Piero Cingari

November 28, 2023 | 5:17 pm