Streetbeat News

Regulatory

SPY

Federal Reserve Chair Powell is participating in a community roundtable. The event is being live-streamed on YouTube.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 3:04 pm

AZN

BMY

A U.S. District Judge has upheld a key initiative of President Joe Biden, allowing Medicare to negotiate prescription drug prices. The U.S. Chamber of Commerce had filed a lawsuit against this policy, arguing it infringes on constitutional rights and could hinder pharmaceutical innovation. However, AstraZeneca Plc (NASDAQ:AZN), Bristol Myers Squibb & Co (NYSE: BMY), and Boehringer Ingelheim have agreed to participate in the initial round of Medicare drug price negotiations.

Portfolio Pulse from Vandana Singh

October 02, 2023 | 2:54 pm

UBS

UBS Asset Management is launching its first live pilot program of a tokenized money market fund on Ethereum. The pilot is part of a broader industry initiative led by the Monetary Authority of Singapore, Project Guardian, which aims to bring different real-world assets on-chain and utilize blockchain technology to enhance market liquidity. The pilot will be used by UBS Asset Management for activities like fund subscriptions and redemptions. The project is part of UBS Asset Management’s global distributed ledger technology strategy.

Portfolio Pulse from Khyathi Dalal

October 02, 2023 | 2:36 pm

KBE

KRE

SPY

XLF

Federal Reserve's Bowman has indicated willingness to support a rate increase if data shows progress on inflation has stalled or is too slow to return to 2%. Regulators are also seen to be engaging in 'heavy-handed' supervision of banks.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 2:32 pm

SPY

Federal Reserve's Michelle Bowman stated that the frequency and scope of recent data revisions make it difficult to project the economy's evolution. She also expects progress on inflation to be slow due to the current level of monetary policy restraint.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 2:31 pm

SPY

Federal Reserve's Michelle Bowman stated that it 'will likely be appropriate' to raise interest rates further and maintain them at a restrictive level for some time due to persistently high inflation. She also expressed concerns that high energy prices could reverse some of the recent progress on lowering inflation.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 2:31 pm

AIRB

SPY

California Governor Gavin Newsom will appoint Laphonza Butler, the president of EMILY's List, to fill the late Democratic Sen. Dianne Feinstein's Senate seat. Butler will become the first lesbian Black woman to join Congress in US history. She previously worked at Airbnb as a director of public policy and campaigns and advised Vice President Kamala Harris' 2020 presidential campaign. The selection of Butler comes as Democrats hold a narrow Senate majority and uncertainty looms over New Jersey Sen. Bob Menendez's political future.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 2:27 pm

GLMD

Galmed Pharmaceuticals has been granted European Patent Number EP3538158 for the treatment of fibrosis, including methods for inhibition of fibrotic disorders and hepato-fibrotic conditions associated with NAFLD and NASH.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 2:24 pm

AMZN

NEGG

NVDA

Nvidia Corp's stock is trading higher amid reports that EU antitrust regulators have not formally investigated chips used for AI. This comes after the French competition authority raided Nvidia for alleged anti-competitive practices. Meanwhile, PC hardware stores in Tokyo have raised concerns over a potential crisis of Nvidia GeForce RTX 40 series graphics cards. In the U.S., retailers like Amazon and Newegg Commerce currently have a significant stock of GeForce RTX 4090 models. Goldman Sachs analyst Steven Kron added Nvidia to the bank's 'Americas Conviction List' with a price target of $605.

Portfolio Pulse from Anusuya Lahiri

October 02, 2023 | 2:19 pm

COIN

Coinbase Global, Inc (NASDAQ:COIN) stock is trading higher after the company won a payment institution license from the Monetary Authority of Singapore. This license will facilitate the expansion of Digital Payment Token services in Singapore. The company has also tailored its offerings to meet the specific needs of the local market, including integrating PayNow and FAST bank transfers, and incorporating SingPass to streamline the onboarding process.

Portfolio Pulse from Anusuya Lahiri

October 02, 2023 | 2:16 pm