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Regulatory

FSNB

Shares of Fusion Acquisition Corp. II have been halted due to pending news. The nature of the news is not yet disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 3:29 pm

NKTX

Nkarta Inc (NASDAQ:NKTX) has received FDA clearance for its Investigational New Drug (IND) application to evaluate NKX019, a therapy candidate for lupus nephritis. The trial will assess the safety and clinical activity of NKX019 in patients with refractory lupus nephritis. The study is expected to enroll up to 12 patients, with the first patient expected to be enrolled in the first half of 2024. Nkarta also announced cost containment measures to extend its projected cash runway into 2026.

Portfolio Pulse from Vandana Singh

October 17, 2023 | 3:19 pm

AVGO

Broadcom Inc's (NASDAQ:AVGO) shares fell by 2.5% after the US government announced plans to halt advanced AI chip shipments to China. The new regulations aim to prevent China from using American AI technology for military applications and impose limits on the export of chips to China, Iran, and Russia. This could lead to a decline in Broadcom's revenue as it generates a substantial portion of its revenue from chip sales to Chinese customers.

Portfolio Pulse from Henry Khederian

October 17, 2023 | 3:13 pm

NVDA

NVIDIA Corp. (NASDAQ:NVDA) stock fell by 6% in the first half-hour of the New York trading session on Wednesday, marking its most significant single-day drop since December 2022. The drop comes after the Biden administration announced plans to halt the export of advanced AI chips, including those developed by Nvidia, to China. This move will effectively stop the sales of Nvidia’s A800 and H800 chips in the Chinese market.

Portfolio Pulse from Piero Cingari

October 17, 2023 | 2:57 pm

ACIW

State financial regulators and attorneys general have fined ACI Payments $20M for data misuse that impacted 480,000 consumers nationwide.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 2:54 pm

SPY

Federal Reserve's Barkin stated that wage pressures remain but have moderated overall. He also mentioned that anecdotal information points to better labor demand and slowing growth. Barkin believes the economy is moving in the right direction on lowering inflation, but is still seeking confirmation that the economy is slowing.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 2:47 pm

SPY

Federal Reserve's Barkin stated that monetary policy can be influenced by external events such as unrest in the Middle East. He also suggested that if a recession were to occur, it could be milder than previous downturns. Businesses are seeing less pricing power but are still willing to probe on price increases.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 2:47 pm

SPY

Federal Reserve's Barkin stated that the Fed has time to observe data before deciding on the next rate move. He also mentioned that anecdotal information indicates more slowing than current data shows. The path for inflation is unclear, but he sees clear progress.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 2:46 pm

AAPL

AMZN

BAC

GOOG

JNJ

LMT

META

MSFT

NVDA

SPY

TSLA

The stock market rally was halted due to a warning from Iran of potential preemptive action against Israel. Strong consumer spending data was released, with retail sales exceeding consensus. President Biden's upcoming visit to Israel is seen as a positive for the market. Earnings from Bank of America Corp (BAC) were better than expected, despite a slowdown in consumer spending. Earnings from Goldman Sachs Group Inc (GS) and Lockheed Martin Corp (LMT) were worse than expected, while Johnson & Johnson (JNJ) exceeded expectations. Early trade money flows were negative in several tech stocks, including Apple Inc (AAPL), Amazon.com, Inc. (AMZN), Alphabet Inc Class C (GOOG), Meta Platforms Inc (META), Microsoft Corp (MSFT), NVIDIA Corp (NVDA), and Tesla Inc (TSLA).

Portfolio Pulse from The Arora Report

October 17, 2023 | 2:42 pm

NKTX

Nkarta has received FDA clearance for the IND application of NKX029 in lupus nephritis, leading to a rise in the company's stock.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 2:37 pm