Streetbeat News

Regulatory

SPY

SEC Chair Gary Gensler has stated that the SEC's oversight would be limited in the event of a government shutdown, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 4:15 pm

SPY

The U.S. government is facing a potential shutdown due to budget negotiations deadlock in Congress. The White House warns of potential damage to the economy and national security. Goldman Sachs predicts a temporary shutdown is increasingly likely, which could reduce quarterly annualized growth by around 0.2 percentage points for each week it persists. Historically, financial markets have not shown significant reactions during government shutdowns, with the S&P 500 recording above-average returns in the year following a shutdown.

Portfolio Pulse from Piero Cingari

September 20, 2023 | 4:13 pm

AMZN

SPY

The U.S. Federal Trade Commission (FTC) has added senior executives who played key roles in the Prime enrollment scheme to its case against Amazon (AMZN).

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 4:11 pm

CATC

FRTX

GIS

ICCM

SCS

SEEL

SPRY

U.S. stocks traded mixed with the Nasdaq Composite turning lower. General Mills Inc reported better-than-expected earnings for its first quarter. Steelcase Inc. reported better-than-expected results for its second quarter. Shares of Cambridge Bancorp surged after the company announced a merger with Eastern Bankshares. Fresh Tracks Therapeutics shares were up after the company announced a plan of liquidation and dissolution. Seelos Therapeutics shares dropped after its SLS-002 Phase II study did not meet the pre-defined primary endpoint. ARS Pharmaceuticals shares were down after the FDA issued a Complete Response Letter regarding its New Drug Application. IceCure Medical shares fell after the FDA denied its De Novo Classification request for breast cancer.

Portfolio Pulse from Lisa Levin

September 20, 2023 | 4:09 pm

ABNB

New York City's Local Law 18, introduced on Sept. 5, imposes stringent measures on short-term rental hosts, including a requirement for hosts to live in the place they're renting and be present during the guest's stay, and a cap on guest numbers. The law threatens to transform the landscape of short-term rentals in the city and could spell the end of Airbnb's business model there. Airbnb has begun canceling and refunding reservations in unregistered accommodations from Dec. 2 onwards, but some entire apartments for over two people are still available to book beyond Sept. 5, contravening the city’s registration requirements.

Portfolio Pulse from AJ Fabino

September 20, 2023 | 3:58 pm

ACB

CGC

TLRY

A revised bipartisan marijuana banking bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, has been filed in the Senate. The bill aims to give legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans. The legislation also requires federal banking regulators to work with state banking supervisors and the secretaries of commerce and treasury to form rules or guidance to increase access to deposit accounts for businesses and customers. The bill is set to receive a markup in the Senate Banking Committee on September 27.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 3:47 pm

SPY

USO

VGK

Russia's Deputy Prime Minister Novak has announced that the country will be reducing its oil exports by 300,000 barrels per day from the average level seen in May-June until the end of the year.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 3:41 pm

QQQ

TQQQ

ProShares UltraPro QQQ (TQQQ) shares are trading flat ahead of the Federal Reserve's interest rate decision. The ETF corresponds to three times the daily performance of the NASDAQ-100 (QQQ) ETF. Changes in interest rates can significantly impact the valuation of tech and internet-related stocks that make up the NASDAQ-100 Index. The consensus view is that the Fed will likely maintain its current interest rates.

Portfolio Pulse from Henry Khederian

September 20, 2023 | 3:37 pm

SPY

Senate Majority Leader Chuck Schumer and Senators Jeff Merkley, Steve Daines, Kyrsten Sinema, and Cynthia Lummis have announced the Secure and Fair Enforcement Regulation Banking Act.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 3:34 pm

EIS

SPY

U.S. President Biden has reaffirmed the U.S.'s commitment to Israel, describing it as 'ironclad'.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 2:56 pm