Streetbeat News

Regulatory

AAPL

SPIKE

Apple Inc's stock (AAPL) is showing bullish patterns, indicating a potential for a short-term rise. The company's stock is trading in an inside bar pattern, which usually suggests a continuation of the current trend. The Federal Reserve's recent decision to increase interest rates by 25 bps has increased volatility in the stock market. Traders can use MIAX’s SPIKES Volatility products, traded on SPIKES Volatility Index (SPIKE), to track expected volatility in the SPDR S&P 500 over the next 30 days.

Portfolio Pulse from Melanie Schaffer

July 28, 2023 | 6:15 pm

SPY

The White House has revised its forecast for CPI inflation, predicting it to be 3.3% for 2023, up from the 3.0% forecast in March. The 2024 CPI inflation is also expected to be higher at 2.5%, compared to the 2.3% forecast in March.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 6:05 pm

SPY

The White House has revised its fiscal year 2024 deficit forecast to $1.877 trillion, up from the $1.846 trillion projected in the March budget plan.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 6:04 pm

ETHUSD

A total of 6,486.59 Ether (ETH) worth $12,125,700 was burned from Ethereum transactions on Thursday. This follows the implementation of the Ethereum improvement proposal EIP-1159 on August 5th, 2021, which changed the fee model and introduced a variable base fee that is burned, permanently removing it from circulation. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -8.11%.

Portfolio Pulse from Benzinga Insights

July 28, 2023 | 6:00 pm

BMY

HALO

JNJ

MRK

RHHBY

Pharmaceutical companies, including Johnson & Johnson, Merck & Co Inc, and Halozyme Therapeutics Inc, anticipate that reformulated injectable versions of some popular treatments will not be included in U.S. government price negotiations for several years, safeguarding substantial revenue. They argue that modifying the formula of intravenous medications to allow for injectable use qualifies them as new drugs, delaying their price negotiation eligibility. Bristol Myers Squibb & Co and Roche Holdings AG, developing under-the-skin injections of cancer immunotherapies, stated that it's premature to comment.

Portfolio Pulse from Vandana Singh

July 28, 2023 | 5:47 pm

QQQ

Global markets experienced increased volatility following a report that the Bank of Japan (BoJ) was ready to tweak its yield curve control (YCC) policy. This led to a rally in the Japanese yen against the U.S. dollar, increased global bond yields, and a decline in global stock markets. The S&P 500, Dow Jones Industrial Average, and the Invesco QQQ Trust (NYSE:QQQ) all fell. However, the BoJ decided to retain its benchmark short-term interest rate and 10-year bond yields, leading to a reversal in market fluctuations.

Portfolio Pulse from Piero Cingari

July 28, 2023 | 5:26 pm

MFG

MUFG

SMFG

Shares of Japanese banks are trading higher following a report suggesting the Bank of Japan (BOJ) will discuss a yield curve control tweak to allow rates over 0.5%.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 4:13 pm

BGXX

Bright Green Corporation has received federal registration and license approval from the U.S. Drug Enforcement Administration, which establishes them as a trusted bulk manufacturer of cannabis.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 4:09 pm

FXI

SPY

President Biden is expected to sign an order by mid-August that would limit U.S. investment in China, particularly in critical technologies. China has warned of retaliation if the U.S. imposes such restrictions.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 4:03 pm

ACB

CGC

TLRY

Senate Majority Leader Chuck Schumer has stated that progress is being made on the Secure and Fair Enforcement (SAFE) Banking Act, a bill that would protect banks and credit unions from federal penalties for working with state-licensed cannabis businesses. The bill has faced delays due to disagreements over certain sections, but Schumer remains confident that it will pass. The American Trade Association for Cannabis and Hemp, along with other trade groups, have urged for the bill to be passed without further delay.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 3:06 pm