Streetbeat News

Regulatory

SPY

Federal Reserve Bank of Richmond President Thomas Barkin stated that achieving a 2% inflation target is very achievable. He did not provide a specific timeline or policy measures to reach this goal. The statement may influence investor expectations regarding interest rate policies and economic stability.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:23 pm

EWY

SPY

USO

The U.S. has imposed additional sanctions related to Iran and North Korea, potentially affecting global markets and certain sectors. While specific companies are not targeted, ETFs like EWY, SPY, and USO may experience indirect impacts due to changes in market sentiment and geopolitical tensions.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:21 pm

KRTX

PRTC

Karuna Therapeutics, an entity founded by PureTech Health, announced that the FDA has accepted its New Drug Application for KarXT, aimed at treating schizophrenia. This is a significant step towards the potential approval and commercialization of the drug.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:18 pm

LLY

NVO

Lebanese health officials reported 11 cases of severe hypoglycemia due to suspected counterfeit Ozempic, a diabetes medication by Novo Nordisk (NVO). The fake drugs had incorrect dosages, and the issue is part of a global rise in counterfeit products, with at least 17 countries affected. Novo Nordisk is working with local authorities to address the issue. NVO shares dropped slightly by 0.14%.

Portfolio Pulse from Vandana Singh

November 29, 2023 | 3:17 pm

SPY

During the CNBC CFO Council Summit, Richmond Fed President Thomas Barkin commented that market expectations for four rate cuts next year might be based on hopes for a soft landing of the economy. He expressed his wish that these market predictions turn out to be correct.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:15 pm

VVOS

Vivos Therapeutics Inc (NASDAQ:VVOS) received FDA 510(k) clearance for its CARE oral appliances to treat severe obstructive sleep apnea (OSA) in adults. This makes Vivos the first company to offer an alternative to CPAP or surgical neurostimulation implants for severe OSA patients. The approval follows previous clearance for treating mild-to-moderate OSA. Data showed significant improvement in 80% of severe OSA patients with an average treatment time of 9.7 months. VVOS stock surged 169.70% to $11.84.

Portfolio Pulse from Vandana Singh

November 29, 2023 | 3:15 pm

SPY

During the CNBC CFO Council Summit, Fed's Barkin stated that discussing rate cuts at this stage is premature. His comments suggest that the Federal Reserve is not yet ready to reverse its course on interest rate hikes, which have been implemented to combat inflation.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:14 pm

SPY

Fed's Barkin expressed that markets have a different inflation forecast than his own, suggesting he believes inflation will be more persistent than desired.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:12 pm

PHG

Philips' stock (NYSE:PHG) is trading lower after the FDA issued a warning about potential overheating of its DreamStation 2 CPAP machines. This follows a June 2021 recall of millions of sleep therapy and respirator machines due to risks from degrading sound-reducing foam. The DreamStation 2, which uses different foam, has had over 270 reports of thermal issues since August 2023. Philips' shares have fallen 3.17% to $20.48.

Portfolio Pulse from Vandana Singh

November 29, 2023 | 3:12 pm

SPY

Fed's Barkin comments on persistent housing inflation, noting that while rents are decreasing, housing prices continue to rise. He remains unconvinced about inflation trends and is open to further rate hikes.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 3:11 pm