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Senate Majority Leader Chuck Schumer has stated that passing a marijuana banking bill is a priority for the upcoming summer work session, but it will require GOP support to advance. The bill, known as the Secure and Fair Enforcement (SAFE) Banking Act, aims to protect banks and credit unions from being penalized by federal regulators for working with state-licensed cannabis businesses. However, the bill's passage is not guaranteed, with key GOP members having previously posed obstacles to the reform. The bill has yet to be scheduled for a committee markup, but lawmakers from both sides of the aisle are signaling that the votes are there for passage, provided there are no major contentions or hiccups along the way.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 3:27 pm

SPY

Federal Reserve's Mary Daly stated that it's too early to declare victory on balancing demand with supply. The Fed may end up doing less or more than a couple of rate hikes this year, depending on the data.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 3:22 pm

SPY

San Francisco Federal Reserve President Mary Daly stated that there are longer lags than previously assumed. This statement could potentially impact the overall market sentiment.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 3:19 pm

SPY

Federal Reserve's Mary Daly has stated that the risk of doing too little in terms of interest rates outweighs the risk of doing too much. This suggests a potential inclination towards maintaining or even lowering interest rates.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 3:17 pm

BTCUSD

ETHUSD

VGK

Bank of England Governor Bailey has criticized stablecoins, stating they are not robust and do not meet the standards of safe money. He also warned that money held on deposit in a failed bank above 85,000 pounds may not retain all its value.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 3:16 pm

SPY

Federal Reserve's Daly stated that the risks have become more balanced with a strong labor market and high inflation. She suggested that it's appropriate to slow the pace of rate hikes.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 3:16 pm

SPY

Federal Reserve's Mary Daly stated that the U.S. economic momentum continues to surprise and in the context of that momentum, there's more that needs to be done to raise rates. She emphasized the need to be data dependent to make policy decisions.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 3:06 pm

MRKR

Marker Therapeutics announced that the European Medicines Agency has granted MT-401 an Orphan Drug Designation, leading to a rise in the company's shares.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 2:49 pm

SPY

Federal Reserve's Barr has stated that the current inflation is too high and the Fed is focused on bringing it down to target. He also mentioned that recent rate moves are part of a careful process and that they have made significant progress on inflation.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 2:48 pm

IOVA

Iovance Biotherapeutics Inc's shares are trading higher by 14.3% after the company announced positive regulatory and clinical updates for its Phase 2 IOV-LUN-202 trial in post-anti-PD-1 non-small cell lung cancer (NSCLC). The FDA provided favorable feedback on the trial design, indicating potential accelerated approval for LN-145 TIL therapy. The company plans to enroll around 120 patients and expects enrollment to be completed by the second half of 2024.

Portfolio Pulse from Henry Khederian

July 10, 2023 | 2:47 pm