Streetbeat News

Regulatory

META

SPY

Several U.S. states have filed a lawsuit against Meta Platforms, the parent company of Instagram, accusing it of causing harm to the mental health of young people. The lawsuit could potentially lead to regulatory actions and fines against the company.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 3:06 pm

EIS

SPY

USO

VGK

The UN is currently holding a meeting to discuss the situation in the Middle East. The meeting is being broadcast live and can be viewed online. The ETFs EIS, SPY, USO, and VGK may be mentioned during the discussion.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 3:03 pm

BUSDUSD

Binance U.K. CEO Jonathan Farnell has left the company, marking the latest in a series of high-profile exits from the leading crypto exchange. Farnell's departure follows the cessation of operations of Binance Connect, a service supporting 50 cryptocurrencies and major payment methods. Binance has been facing regulatory pressure in the U.S. and U.K., and recently halted U.K. registrations and direct withdrawals of U.S. dollars from its platform.

Portfolio Pulse from Khyathi Dalal

October 24, 2023 | 2:55 pm

NKLA

Nikola Corp (NASDAQ:NKLA) has been awarded $165 million in arbitration from its founder, Trevor Milton. The award is related to costs and damages from previous actions that led to regulatory investigations and an SEC settlement related to fraud. Nikola is also planning to seek reimbursement for attorney fees. The company is set to report its Q3 financial results on Nov. 2, with an expected loss of 15 cents per share and revenue of $15.024 million. Nikola shares are up 18.4% at $1.13.

Portfolio Pulse from Adam Eckert

October 24, 2023 | 2:51 pm

SPY

UUP

US private businesses saw a rebound in October, with the S&P Global PMI surpassing expectations. The Manufacturing PMI rose to 50, while the Services PMI ascended to 50.9. The data indicated a reduction in inflationary pressures, which could impact the Federal Reserve's monetary policy decisions. However, the strength of the US dollar and challenging economic conditions in key export markets pose challenges. Treasury yields rose slightly, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7%, and the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) rose 0.5%.

Portfolio Pulse from Piero Cingari

October 24, 2023 | 2:45 pm

BTCUSD

COIN

North America, led by the United States and Canada, dominates in cryptocurrency transactions of $1 million or more, accounting for 76.9% of the region's crypto volume and 24.4% of global activity. The region's crypto market amassed an estimated $1.2 trillion in value received on-chain between July 2022 and June 2023. Stablecoins remain the dominant crypto asset, despite a decline in usage since February 2023. Coinbase Inc. CEO Brian Armstrong remains optimistic about the potential of decentralized finance (DeFi), despite a decline in its usage in North America.

Portfolio Pulse from Murtuza Merchant

October 24, 2023 | 2:34 pm

BLK

BTCUSD

Bitcoin's recent price rally is attributed to optimism around Bitcoin ETF approval in the US, statements from influential figures, and technical factors. The US Court's decision to reconsider Grayscale's bid for a Bitcoin ETF has positively impacted Bitcoin's price. The potential approval of Bitcoin ETFs by asset managers like BlackRock and Franklin Templeton could lead to a substantial inflow of capital into the Bitcoin market. However, investing in Bitcoin remains a high-risk, high-reward venture due to its historical volatility and regulatory uncertainties.

Portfolio Pulse from True Trading Group

October 24, 2023 | 2:31 pm

SPY

U.S. Representative Pete Sessions has been eliminated from the House Speaker race, according to a tweet by Bloomberg's Erik Wasson.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 2:29 pm

SPY

McCarthy, in an interview with Fox News, expressed his belief that the Speaker Election will be concluded this week. He also mentioned that Tom Emmer is likely to emerge as the leader due to his ability to unite the conference.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 2:15 pm