Streetbeat News

Regulatory

SPY

Fitch Ratings has expressed concern that the U.S. debt limit deal leaves key fiscal challenges unaddressed. The agency predicts that U.S. fiscal deficits will continue to widen over their forecast horizon, despite the modest spending cuts in the Fiscal Responsibility Act of 2023.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 7:41 pm

SRCE

1st Source Corporation's unit, Progress Software Corp, has disclosed a previously unknown vulnerability in its MoveIt File Transfer Software. The company is currently investigating the issue and is in contact with law enforcement and regulatory authorities.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 7:37 pm

EWD

SPY

TUR

Turkey has agreed to advance Sweden's bid to join NATO, according to a Turkish official. This development could potentially impact the geopolitical landscape and influence the performance of certain ETFs.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 7:29 pm

ADBE

ATVI

MSFT

Adobe Systems, Inc (ADBE) is facing global antitrust resistance to its proposed acquisition of Figma, Inc. The European Commission has until August 7 to decide whether to clear the acquisition or move to a more detailed investigation. The U.S. Department of Justice is also reportedly preparing to file a lawsuit to enjoin the acquisition. Despite these challenges, Adobe's stock has increased 44% year to date. JMP analyst Patrick Walravens maintained a Market Perform rating on Adobe.

Portfolio Pulse from Anusuya Lahiri

July 10, 2023 | 7:01 pm

SISI

Shineco Inc's subsidiary, Changzhou Biowin Pharmaceutical Co Ltd, has received marketing and distribution approval for its Cardiac 5-Minute Test from the Jiangsu Bureau of the National Medical Products Administration (NMPA). The test, which can detect three major cardiac markers, is the first and only product on the market in China to complete the detection process for cardiac markers within 5 minutes. Following the news, Shineco's shares are trading higher.

Portfolio Pulse from Vandana Singh

July 10, 2023 | 6:53 pm

FXI

SPY

U.S. Treasury Secretary Janet Yellen has expressed a mutual desire between the U.S. and China to stabilize their relationship, emphasizing the need for candor and respect. This could potentially impact the market sentiment towards U.S. and China-related ETFs.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 6:03 pm

FXI

SPY

US Treasury Secretary Janet Yellen has agreed with Chinese officials to maintain open communication and deepen talks on areas of concern. She also noted that China's technological innovations could be transferable globally to reduce the cost of fighting climate change.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 6:02 pm

ETHUSD

On Sunday, 3,680.57 Ether (ETH) worth $6,881,195 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction. 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 -3.06%.

Portfolio Pulse from Benzinga Insights

July 10, 2023 | 6:00 pm

FXI

META

ORCL

SNAP

SPY

A judge has refused to pause a ban on U.S. government agencies, including the Department of Health and Human Services and the FBI, from contacting social media companies to encourage the removal or suppression of content. This could impact the relationship between government agencies and social media companies.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 5:14 pm

SPY

Federal Reserve's Mester has stated that the economy's performance could surprise Fed officials and that the economy would be better off if the Federal Funds Rate goes higher. She also mentioned that there are no signs of excessive credit tightening.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 5:05 pm