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SPY

UDN

UUP

The Federal Reserve's final 2023 policy meeting is anticipated to maintain current interest rates, with markets seeking signs of future rate cuts in H1 2024. Analysts expect a dovish tone, signaling a potential rate cut by May. Economic data suggests a moderation in activity and inflation, with a cooling labor market. The dollar index has fallen, while the Invesco US Dollar Index Bullish ETF (UUP) is down and its counterpart, the Dollar Index Bearish Fund (UDN), has gained. The SPDR S&P 500 ETF (SPY) has rallied on hopes of lower rates. However, some analysts believe the Fed may push back against market expectations. November consumer price inflation data will be key to the Fed's decision, with inflation expected to have slowed further.

Portfolio Pulse from Neil Dennis

December 11, 2023 | 2:14 pm

SHPH

Shuttle Pharmaceuticals has submitted an Investigational New Drug (IND) application to the FDA for a Phase II clinical trial of Ropidoxuridine in patients with Glioblastoma, a type of brain cancer.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 2:13 pm

AMD

BIDU

NVDA

TCEHY

TSM

Chinese companies, including Tencent Holdings Ltd (TCEHY) and Huawei, are promoting their AI chips as alternatives to Nvidia Corp's (NVDA) products amid U.S. export restrictions. Nvidia holds a dominant position in China's AI chip market, but these restrictions have opened opportunities for companies like Hygon Information Technology and Iluvatar CoreX. Tencent is also offering its Zixiao chips through its cloud services, which include options from Nvidia and Advanced Micro Devices, Inc (AMD). Baidu Inc (BIDU) and other Chinese tech firms are seeking domestic AI chip sources, while Taiwan Semiconductor Manufacturing Company Ltd (TSM) faces U.S. curbs on working with Chinese firms. Nvidia's stock saw a slight increase in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 11, 2023 | 1:56 pm

MSFT

OpenAI, backed by Microsoft Corp. (NASDAQ:MSFT), has recognized issues with its ChatGPT and GPT-4 models, which users report as being 'lazier.' The company has not updated the model since November 11 and is aware that AI behavior can be unpredictable. OpenAI is investigating the issue and intends to fix it, clarifying that the model has not changed itself and that the behavior changes may be subtle and not immediately noticeable.

Portfolio Pulse from Rounak Jain

December 11, 2023 | 1:50 pm

BLUE

Bluebird Bio Inc (NASDAQ:BLUE) stock is trading higher after presenting positive long-term data from its gene therapy program for beta-thalassemia at the ASH Annual Meeting. The data showed sustained treatment effects and improved quality of life for patients treated with ZYNTEGLO. This follows a recent drop in shares due to an FDA black box warning for another of its treatments, Lyfgenia.

Portfolio Pulse from Adam Eckert

December 11, 2023 | 1:47 pm

ASND

Ascendis Pharma A/S announced that the FDA has accepted for review the resubmitted NDA for TransCon PTH for treating adult hypoparathyroidism, with a PDUFA goal date of May 14, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:46 pm

AA

Alcoa Corporation (NYSE:AA) is engaging with the Spanish government to address financial losses at its San Ciprián complex, which includes an alumina refinery and an aluminum smelter. The refinery has been operating at half capacity since Q3 2022 to reduce losses. The smelter was curtailed in January 2022 but is set for a phased restart in January 2024. Alcoa faces challenges such as uncompetitive energy costs, delayed alternative energy supplies, a European market slowdown, and lower sales prices. Despite investing $65 million in 2023 to meet Viability Agreement terms, Alcoa seeks long-term solutions with government and worker representatives due to unsustainable business conditions.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:45 pm

CHRS

Coherus BioSciences' drug LOQTORZI has been recommended by the NCCN as the preferred Category 1 treatment for first-line treatment of nasopharyngeal carcinoma (NPC) in combination with chemotherapy, and as monotherapy in subsequent lines of therapy. This follows the FDA approval of LOQTORZI for the treatment of NPC. The recommendation is based on clinical studies showing significant improvements in progression-free survival and overall survival rates.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:36 pm

SCNI

Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) has announced the peer-reviewed publication of an article in Antiviral Research, showcasing the potential of their aerosolized NanoAbs for treating coronavirus infections. The NanoAbs, developed in collaboration with MPI-NAT and UMG, have shown promising results in neutralizing SARS-CoV-2 in cell culture and hamsters. The company is actively seeking partnerships for their COVID-19 project and is also progressing with an anti-IL-17 NanoAb for autoimmune diseases. Scinai's CDMO unit has garnered customer interest and received a grant from the Israeli Innovation Authority.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:30 pm

CYTO

Altamira Therapeutics Ltd. (NASDAQ:CYTO) provided an update on its business strategy, including the partial spin-off of its Bentrio business, transition to a pure-play RNA delivery company, and financial restructuring. The company completed the Bentrio transaction, retaining a significant stake and potential future income. Altamira is also partnering its legacy assets and advancing its RNA delivery platforms, OligoPhore and SemaPhore. Cost reductions and debt repayment have strengthened the balance sheet. A 20-for-1 reverse stock split is planned to comply with Nasdaq listing rules and attract institutional investors.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 1:18 pm