Streetbeat News

Regulatory

SPY

Federal Reserve's Goolsbee has expressed optimism about the possibility of a soft landing for the economy, according to CNBC.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 4:34 pm

SPKY

SPY

UVXY

The SPDR S&P 500 (SPY) experienced volatility following Federal Reserve chair Jerome Powell's remarks at the Jackson Hole Symposium, indicating potential interest rate hikes. This led to increased volatility in the stock market, with the ConvexityShares Daily 1.5x SPIKES Futures ETF (SPKY) spiking up almost 9%. SPKY is a 1.5x leveraged fund that tracks the SPIKES Futures Short-Term Index, similar to ProShares Ultra VIX Short Term Futures ETF (UVXY).

Portfolio Pulse from Melanie Schaffer

August 25, 2023 | 4:29 pm

WFC

Wells Fargo & Company (NYSE:WFC) has been fined $35 million by the Securities and Exchange Commission (SEC) for overcharging more than 10,900 investment advisory accounts over $26.8 million in advisory fees. The bank has reimbursed the affected accountholders approximately $40 million, including interest. This follows accusations last year by the Consumer Financial Protection Bureau of widespread mismanagement of auto loans, mortgages, and deposit accounts.

Portfolio Pulse from Nabaparna Bhattacharya

August 25, 2023 | 4:21 pm

BTCUSD

C

ENVA

JPM

The article discusses five key points for investors this week. The Federal Reserve is likely to raise interest rates due to inflation and a tight labor market. Retail sales continue to rise, indicating strong consumer spending. Large asset management firms are seeking approval for Bitcoin ETFs, potentially driving up Bitcoin's price. Ratings agency Fitch may downgrade big banks like JP Morgan and Citigroup. Lastly, Mercedes has disconnected Russian customers from its software, raising concerns about the vulnerability of connected cars.

Portfolio Pulse from Gary Brode

August 25, 2023 | 4:15 pm

VRNOF

Alabama's medical cannabis license allocation process has been halted by a temporary restraining order initiated by Montgomery Circuit Judge James Anderson. The Alabama Medical Cannabis Commission (AMCC) has asked the court to reinstate the licensing process for the third time. However, the judge has decided to maintain the pause until a preliminary hearing on possible Open Meetings Act violations allegedly committed by the AMCC. Chicago-based Verano Holdings Corp. (CSE:VRNO) (OTCQX:VRNOF) has filed a lawsuit against the commission, after losing its chance to get a share of the state market in the process of redoing the license allocation.

Portfolio Pulse from Jelena Martinovic

August 25, 2023 | 4:14 pm

JAGX

Jaguar Health's subsidiary, Napo Pharmaceuticals, has received a notice of allowance for its U.S. patent application 16/617,463 titled 'Methods And Compositions For Treating Congenital Diarrhea Disorder'.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 4:13 pm

BTCUSD

Crypto analyst DonAlt predicts that the approval of a Bitcoin ETF could increase Bitcoin's value to $32,000-$35,000, while a denial could decrease its value to $19,000-$20,000. He suggests that investors might quickly offload their holdings within this price range. He also mentions the possibility of a retest during a pullback, allowing for re-entry opportunities.

Portfolio Pulse from Murtuza Merchant

August 25, 2023 | 4:09 pm

ACB

CGC

CRON

Canadian cannabis companies Canopy Growth Corp. (CGC), Aurora Cannabis Inc. (ACB), and Cronos Group (CRON) are retreating from the US hemp-derived CBD market due to oversupply, regulatory ambiguity, and slow pace of US federal cannabis legalization. This shift highlights a move from vertical integration to an 'asset-light model' of branding and outsourcing. The current sale of Hemp CBD assets at a fraction of their original cost indicates notably reduced valuations, attracting interest from individuals seeking distressed asset opportunities.

Portfolio Pulse from Nicolás Jose Rodriguez

August 25, 2023 | 4:08 pm

SLM

SOFI

SPY

President Biden has reaffirmed his commitment to provide relief to student loan borrowers and make college more accessible to Americans. This could potentially impact student loan providers.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 4:07 pm

BABA

META

MSFT

NVDA

Alibaba Group Holding Limited (BABA) has launched two new open-source artificial intelligence models, Qwen-VL and Qwen-VL-Chat, which are capable of understanding images and executing complex conversations. These models are expected to compete with similar tools from Meta Platforms Inc (META) and Microsoft Corp (MSFT). The U.S. has extended its one-year exemption on semiconductor tech embargo for China, which is beneficial for U.S. chipmakers like Nvidia Corp (NVDA).

Portfolio Pulse from Anusuya Lahiri

August 25, 2023 | 4:02 pm