Streetbeat News

Regulatory

BNO

UCO

USO

Oil prices are rising after reports that President Biden mentioned the US is considering supporting Israel in striking Iran's oil facilities.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2024 | 2:38 pm

FXI

USO

The market summary highlights a selloff in Chinese stocks after a period of stimulus-related strength, better-than-expected ISM Services PMI data, and a rise in crude oil prices due to discussions about potential Israeli strikes on Iranian oil facilities.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2024 | 2:28 pm

CORN

WEAT

Egypt plans to use corn flour in subsidized bread starting April to reduce wheat imports. The government is also considering using sorghum for 20% of the flour in breadmaking, dropping a previous plan to increase the wheat flour extraction rate.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2024 | 2:22 pm

ABBV

GSK

NVO

PFE

TEVA

The U.S. Department of Health and Human Services has released final guidance for the second cycle of the Medicare Drug Price Negotiation Program, expected to save $1.5 billion in out-of-pocket costs for Medicare recipients. The program will negotiate prices for up to 15 additional drugs, including those from Novo Nordisk, Pfizer, GSK, Teva, and Abbvie, with new prices effective in 2027.

Portfolio Pulse from Vandana Singh

October 03, 2024 | 2:22 pm

SPY

USO

President Biden is reportedly discussing the possibility of Israel striking Iranian oil facilities. This development could have significant geopolitical and economic implications, potentially affecting oil prices and related markets.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2024 | 2:15 pm

GOVX

SNGX

The WHO Chief has assessed the risk of a Marburg virus outbreak as very high at the national level, high at the regional level, and low at the global level. This assessment may impact companies involved in vaccine development or virus containment.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2024 | 2:01 pm

BABA

BIDU

JD

LI

NIO

PDD

XPEV

Chinese stocks are cooling off after a significant rally due to stimulus optimism. Concerns over Middle East tensions are causing a pullback in U.S.-listed Chinese stocks like Alibaba, JD.com, Baidu, and others. Despite the pullback, these stocks have seen substantial gains over the past month.

Portfolio Pulse from Adam Eckert

October 03, 2024 | 1:49 pm

HIMS

LLY

Hims & Hers Health shares are trading lower, potentially in sympathy with Eli Lilly, following the FDA's announcement that the weight-loss drug shortage has ended.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2024 | 1:36 pm

HIMS

LLY

NVO

Hims & Hers Health Inc (NYSE:HIMS) shares are falling due to the FDA's removal of Eli Lilly's (NYSE:LLY) diabetes and weight-loss drugs from the shortage list. This impacts Hims & Hers, which sells compounded versions of these drugs. Eli Lilly's improved supply may reduce demand for compounded alternatives.

Portfolio Pulse from Adam Eckert

October 03, 2024 | 1:31 pm

SPY

US weekly jobless claims rose to 225,000, slightly above expectations, indicating a cooling labor market. This may provide the Federal Reserve with room for potential easing measures.

Portfolio Pulse from Vandana Singh

October 03, 2024 | 1:17 pm