Streetbeat News

Regulatory

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

COIN

Coinbase informed some customers of a subpoena from a U.S. regulator concerning Bybit. Emails posted on social media and confirmed by a source indicate Coinbase may share information with the CFTC unless a motion to quash is filed by November 30, 2023. The CFTC, which has investigatory powers, did not comment, and Bybit declined to comment. Coinbase has previously stated its compliance with legal obligations to disclose information. The news comes amid broader regulatory scrutiny of crypto exchanges, including actions against Coinbase and Binance by the SEC.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 5:13 pm

SWTX

SpringWorks Therapeutics' stock is trading higher following the announcement of FDA approval for their product OGSIVEO.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 4:50 pm

APO

JPM

JPMorgan Chase (JPM) and Apollo Global Management (APO) are partnering to create a tokenized enterprise mainnet, building on their collaboration in the Monetary Authority of Singapore’s Project Guardian. The mainnet will allow the addition of applications to a KYC-compliant network of financial institutions. The initiative is compared to Ethereum's early strides in the blockchain space, with the potential to lay the groundwork for future innovations. JPMorgan has already processed over $900 billion in assets and $2 billion per day in intraday repos through its platform.

Portfolio Pulse from Khyathi Dalal

November 28, 2023 | 4:31 pm

CHRS

Coherus BioSciences, Inc. (NASDAQ: CHRS) and Shanghai Junshi Biosciences announced the publication of final overall survival results from the JUPITER-02 Phase 3 trial of LOQTORZI for nasopharyngeal carcinoma (NPC) in JAMA. The study showed a 37% reduction in the risk of death when LOQTORZI is combined with chemotherapy compared to chemotherapy alone. LOQTORZI is the first FDA-approved treatment for NPC and is set to be available in the U.S. in January 2024. The treatment is expected to become the new standard of care for NPC.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 4:18 pm

BNBUSD

BTCUSD

ETHUSD

Binance.US has updated its community following news about Binance.com and its CEO, CZ. Binance.US emphasized its operational independence and compliance with U.S. regulations, stating it's not part of the settlements announced last week. CZ will step down as Chairman and transfer his voting rights, retaining only an economic interest. The company remains fully operational under the leadership of Norman Reed and the current management team, with a commitment to growth and customer service.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 4:06 pm

RVYL

RYVYL Inc. has entered into a second exchange agreement with a noteholder to convert debt into equity, reducing the company's debt by over $60M. The agreement includes exchanging outstanding principal for Series A and B Preferred Convertible Stock and a cash payment, with the goal of strengthening the balance sheet and maintaining NASDAQ listing compliance.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 3:50 pm

SPY

Fed's Bowman stated that monetary policy is not on a preset course and that incoming data will be closely monitored. It is uncertain if further supply-side improvements will continue to lower inflation.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 3:48 pm

QQQ

SPY

U.S. consumer confidence rose to 102 in November, exceeding expectations, despite concerns of a potential recession signaled by the Expectations Index remaining below 80 for the third consecutive month. The increase was mainly among older households, while confidence among those aged 35-54 declined. Inflation expectations decreased slightly, and the labor market outlook improved modestly. The U.S. dollar index saw a minor increase, and stock markets had a limited response, with SPY and QQQ both dropping by 0.1%.

Portfolio Pulse from Piero Cingari

November 28, 2023 | 3:45 pm

SPY

Fed Governor Christopher Waller stated that if inflation shows a consistent decline, there is 'no reason' to keep interest rates 'really high'. This comment suggests a potential easing of the aggressive interest rate hikes that the Federal Reserve has been implementing to combat high inflation.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 3:42 pm