Streetbeat News

Regulatory

PHG

Philips Respironics, a subsidiary of Philips (PHG), is recalling its V60 and V60 Plus ventilators due to their Power Management Printed Circuit Board Assemblies (PM PCBAs) not meeting ventilator standards. The FDA has classified this as a Class I recall, the most serious type, as use of these devices may cause serious injuries or death. However, no deaths or injuries have been reported so far. The recall is a voluntary correction, not a product removal.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:58 pm

EIS

SPY

President Biden has stated that he believes trucks carrying aid will be able to reach Gaza within the next 24-48 hours.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:53 pm

EIS

SPY

Hamas' armed wing has released two U.S. hostages for humanitarian reasons, in response to Qatari efforts. The impact on U.S. listed ETFs EIS and SPY is unclear.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:48 pm

NVDA

RIVN

TSLA

China's Ministry of Commerce and General Administration of Customs announced restrictions on graphite exports, a key component of EV batteries. This news potentially led to a drop in the stock prices of EV companies, including Tesla and Rivian. This comes after the U.S. banned the sale of some AI semiconductor chips to China, including those from NVIDIA.

Portfolio Pulse from Aaron Bry

October 20, 2023 | 4:46 pm

NUE

SPY

STLD

VGK

President Biden has announced that he will discuss steel and aluminum imports and critical minerals during his meeting with the EU. This could potentially impact the trade dynamics of these commodities.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:46 pm

SPY

Federal Reserve's Mester has indicated that labor markets are showing signs of moderation and resilience. The data also shows signs of moderating wage gains. Mester emphasized that the Fed must not be complacent in getting inflation back to 2%. Recent developments could potentially slow down the decrease in inflation.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:20 pm

SPY

Federal Reserve's Loretta Mester stated that if the higher bond yields are sustained, they will help moderate economic activity. She also emphasized that the Fed needs to be 'nimble' with its monetary policy at present. Mester noted that inflation is cooling but is still too high, with risks tilted to the upside.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:19 pm

SPY

Federal Reserve's Mester stated that the Fed is at or near the peak of its rate hike cycle. She reiterated that the outlook aligns with Fed forecasts, which anticipate one more increase. Future Fed rate decisions will be driven by incoming economic data.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 4:19 pm

BABA

CTRYF

EGRNQ

TCEHY

Hong Kong stocks ended the week lower due to a sell-off in tech stocks and ongoing property market issues. China's Central Bank injected a record stimulus into the banking system to maintain steady short-term prime loan rates. Morgan Stanley data showed foreign investors sold $1.6 billion of Chinese shares this month, with Tencent, Alibaba, and JD.com being the most affected. China Evergrande Group scrapped court hearings with creditors to negotiate $20 billion of its offshore debt, while Country Garden Holdings' bondholders are seeking a resolution to a missed bond payment. China's real estate sector declines prompted the People's Bank of China to inject $100 billion into banks.

Portfolio Pulse from Daniel Harrison

October 20, 2023 | 4:06 pm

EIS

TUR

Turkey's President Erdogan accuses Israel of provoking regional countries instead of rectifying its mistakes in Gaza. He also claims that the region needs to be saved from the 'frenzy of madness' supported by Western states and media.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 3:41 pm