Streetbeat News

Regulatory

PYPL

U.S. Deputy Treasury Secretary Wally Adeyemo has stated that cryptocurrencies are not the main source of funding for terrorist organizations, with traditional banking systems still being the primary channel. He noted that terrorist organizations have adopted online payment systems such as Venmo and PayPal Holdings Inc (NASDAQ:PYPL). Adeyemo emphasized the potential risks associated with the growing popularity of cryptocurrencies and the need for the industry to work with the government to prevent misuse.

Portfolio Pulse from Murtuza Merchant

October 31, 2023 | 4:41 pm

UTEN

The Federal Open Market Committee's two-day meeting is set to conclude on Wednesday, with the Federal Reserve expected to keep interest rates steady within the 5.25% to 5.5% range. However, Bank of America analysts Mark Cabana and Michael Gapen predict another rate increase in December. They argue that the Fed risks lagging behind real growth and inflation unless it adjusts its approach in response to higher rates. Yields on the 10-year Treasury bond, monitored through the US 10-Year Treasury Note ETF (NYSE:UTEN), have surged from 3.85% to 4.85% since the beginning of the year.

Portfolio Pulse from Piero Cingari

October 31, 2023 | 4:23 pm

SWI

The Securities and Exchange Commission (SEC) has filed a lawsuit against IT firm SolarWinds and its Chief Information Security Officer, Tim Brown, alleging that they misled investors about the company's cybersecurity practices and vulnerabilities. The lawsuit claims that SolarWinds and Brown ignored known cyber risks and made false statements about the company's security. This news led to a 1.5% drop in SolarWinds' shares. SolarWinds has denied the allegations and plans to contest them in court.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 4:17 pm

BABA

NVDA

The latest U.S. embargo on China regarding AI technology triggered a selloff in Nvidia Corp (NASDAQ:NVDA) stock. China's leading AI and cloud-computing companies, like Alibaba Group Holding Limited (NYSE: BABA), had placed orders to deliver AI chips worth over $5 billion in 2024. Nvidia unveiled its innovative research on utilizing chatbots for semiconductor design, which could save considerable time for senior designers and ensure precision and cost-effectiveness. Despite these advancements, Nvidia maintained that it does not look to replace human expertise.

Portfolio Pulse from Anusuya Lahiri

October 31, 2023 | 4:12 pm

EIS

SPY

USO

VGK

The World Bank has predicted on CNBC that oil prices could reach $157 per barrel if conflicts in the Middle East escalate. This could impact various ETFs including EIS (iShares MSCI Israel ETF), SPY (SPDR S&P 500 ETF Trust), USO (United States Oil Fund), and VGK (Vanguard FTSE Europe ETF).

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 4:08 pm

BABA

Alibaba's shares are trading lower due to weakness in Chinese stocks and a report suggesting the company is pressuring merchants to offer lower prices during the Singles' Day shopping event.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 4:08 pm

NVAX

The European Medicines Agency has recommended the approval of an adapted version of the Nuvaxovid Covid-19 vaccine, developed by Novavax, which targets the Omicron XBB.1.5 variant.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 4:03 pm

TLT

TSLA

The U.S. Treasury's announcement of borrowing $1.592T over six months is causing investors to buy stocks. However, the details of the Treasury's issuance, which could significantly impact yields and bonds, are yet to be announced. Tesla's stock is trading below $200 due to lower than expected earnings from ON Semiconductor Corp, a supplier of silicon carbide chips for electric vehicles, and Panasonic Holdings Corp cutting battery production. This has also impacted other EV stocks and lithium stocks. Earnings from Caterpillar Inc., Pfizer Inc., Amgen, Inc., and BP plc are lower than expected. Bank Of Japan is abandoning strict yield control, which could negatively impact the U.S. stock market in the long term. China's factory activity has returned to contraction, and Eurozone inflation eases.

Portfolio Pulse from The Arora Report

October 31, 2023 | 4:01 pm

BXP

DESK

SLG

VNO

A contraction in lending is leading to a rise in defaults across the commercial real estate (CRE) sector and a slowdown in new construction projects. Lenders are cutting back their exposure due to the Federal Reserve’s interest rate hikes. Commercial property construction starts are predicted to fall by 17% in 2023. The total volume of CRE loans held by banks fell in the first two weeks of October. The lending squeeze has affected office owners refinancing maturing loans at higher rates and other commercial borrowers in the apartment building and warehouse sectors. The VanEck Office and Commercial REIT ETF (NYSE:DESK), Vornado Realty Trust (NYSE:VNO), SL Green Realty Corp. (NYSE:SLG), and Boston Properties, Inc. (NYSE:BXP) saw their values tumble in October.

Portfolio Pulse from Piero Cingari

October 31, 2023 | 3:29 pm

EVAX

Evaxion Biotech A/S (NASDAQ:EVAX) has announced initial results from the EVX-01 Phase 2 clinical trial, confirming previous successful Phase 1 findings. The data shows a favorable safety profile of EVX-01 and promising immunological and clinical outcomes. A significant tumor reduction was observed in a metastatic melanoma patient with initial progressive disease after EVX-01 treatment. The company believes that its AI-Immunology™ platform has the potential to revolutionize the field of oncology and infectious diseases.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 3:17 pm