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Regulatory

FCEL

Shares of FuelCell Energy Inc (FCEL) are trading lower by 5.94% amid overall market weakness due to concerns over further rate hikes. The Federal Reserve's latest June FOMC Minutes highlighted some signs of supply and demand in the labor market moving toward a better balance. Higher interest rates can limit access to affordable financing options, making it challenging for companies like FuelCell Energy to secure necessary funds for capital-intensive projects.

Portfolio Pulse from Henry Khederian

July 06, 2023 | 7:50 pm

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HSBC

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WFC

The New York Federal Reserve has reported successful results from a three-month experiment with major banks using centralized blockchain payments to address issues in the settlement process. The experiment used a regulated liability network (RLN) to create a theoretical payment infrastructure. Participating banks included Wells Fargo, BNY Mellon, Citi, HSBC, and Mastercard, with Swift also collaborating. The NY Fed has not yet established plans to expand or continue development of the RLN network.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 7:40 pm

QQQ

SPY

Investors are anticipating the Bureau of Labor Statistics’ job market report for June, which will reveal data points including non-farm payrolls (NFPs), hourly wage growth, and the unemployment rate. The data will influence market sentiment and the Federal Reserve's decisions on interest rates. The market is volatile with rate hike expectations surging. Both the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ Trust (NASDAQ:QQQ) fell by about 1% on Thursday. Economists forecast NFPs to decrease from 339,000 to 225,000 in June, and the unemployment rate to edge lower from 3.7% to 3.6%.

Portfolio Pulse from Piero Cingari

July 06, 2023 | 7:35 pm

NKLA

Nikola Corp (NASDAQ:NKLA) shares are trading lower by 6.29% amid overall market weakness on concerns over further rate hikes. The company has rallied 148% over the past month after regaining Nasdaq listing compliance. However, higher interest rates could exacerbate cost differentials, making hydrogen electric vehicles less attractive due to potentially higher financing costs, which could impact the demand for Nikola's vehicles.

Portfolio Pulse from Henry Khederian

July 06, 2023 | 7:12 pm

RBLX

Roblox Corporation (NYSE:RBLX) shares are trading lower due to concerns over further Federal Reserve rate hikes, which have negatively impacted the wider tech sector. The overall market downturn is due to the increased likelihood of the Federal Reserve raising interest rates further this year. The ADP National Employment Report showed that U.S. private employers added 497,000 jobs in June, exceeding the estimated 220,000, leading to a 90% chance of a 0.25% interest rate hike in July.

Portfolio Pulse from Ryan Gustafson

July 06, 2023 | 7:11 pm

NIO

TSLA

NIO Inc. (NYSE:NIO) shares are trading lower due to overall weakness in Chinese stocks on U.S. rate hike concerns. Tesla (NASDAQ:TSLA) and sixteen Chinese automotive companies have agreed to prevent a price war. The agreement was overshadowed by the overall market downturn due to increased likelihood of the Federal Reserve raising interest rates further during the remainder of this year.

Portfolio Pulse from Ryan Gustafson

July 06, 2023 | 6:31 pm

ETHUSD

On Wednesday, 10,643.06 Ether (ETH) worth $20,059,716 was burned from Ethereum transactions. This is a result of the Ethereum blockchain's upgrade known as EIP-1159, which changes 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 -16.51%.

Portfolio Pulse from Benzinga Insights

July 06, 2023 | 6:00 pm

SPY

President Biden is planning to crack down on 'junk' health insurance policies, according to Reuters. The move could potentially impact the health insurance industry and related ETFs.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 5:54 pm

LLAP

Terran Orbital Corp's (LLAP) $2.4 billion order for satellite buses from Rivada has been given a boost by a favorable International Telecommunications Union (ITU) ruling. The ITU has waived a requirement for Rivada to have 10% of its proposed 576 satellite constellation launched by September. This allows Rivada to proceed with LLAP’s expected timeline of launching 144 satellites by June 2026 and another 144 by September 2026. The ITU waiver requires confidence in Rivada’s funding outlets, manufacturing, and launch. LLAP shares traded lower by 0.71% at $1.42 on the last check Thursday.

Portfolio Pulse from Anusuya Lahiri

July 06, 2023 | 5:53 pm

CMPS

The American Medical Association (AMA) has published details on the Current Procedural Terminology (CPT) III codes for psychedelic-assisted therapies. These codes, forwarded by MAPS Public Benefit Corporation and COMPASS Pathways (NASDAQ:CMPS), are temporary and assigned to emerging technologies and services to facilitate reimbursement and access to psychedelic therapies in the U.S., if federally approved. The codes are expected to become effective on January 1, 2024, and will provide healthcare professionals a means to seek coverage and reimbursement for delivering psychedelic medication therapy.

Portfolio Pulse from Lara Goldstein

July 06, 2023 | 5:47 pm