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Regulatory

SPY

The U.S. Congressional Budget Office projects the U.S. deficit to be 10% of GDP in 2053, up from 5.8% in 2023. It also projects U.S. revenues to be 19.1% of GDP in 2053, up from 18.4% in 2023, and outlays to be 29.1% of GDP in 2053, up from 24.2% in 2023.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 6:02 pm

SPY

The U.S. Congressional Budget Office (CBO) has projected that the U.S. public debt will rise to 181% of GDP in 2053, up from 98% in 2023. This is a slightly lower long-term debt-to-GDP ratio than was projected in February 2023 and July 2022, due to spending caps enacted in the debt ceiling deal.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 6:01 pm

ETHUSD

On Tuesday, 3,781.20 Ether (ETH) worth $6,984,776 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. This lowers the supply of Ether permanently. 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 -3.37%.

Portfolio Pulse from Benzinga Insights

June 28, 2023 | 6:00 pm

FXI

SPY

U.S. officials are considering tightening the export of AI chips to China based on computing power, according to Reuters. This could potentially impact the supply chain of tech companies and the broader market.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 6:00 pm

ACHR

EVTL

JOBY

LILM

Shares of eVTOL companies Lilium N.V., Archer Aviation, Inc., and Vertical Aerospace, Ltd. are trading higher, possibly due to Joby Aviation Inc's FAA certificate announcement. Joby Aviation has received a Special Airworthiness Certificate for the first aircraft built at its Pilot Production Line. This news has boosted Joby's shares by over 40% and appears to have positively impacted related companies. Additionally, Stellantis has increased its stake in Archer Aviation to 10.6%, and Lilium has received G-1 certification from the FAA.

Portfolio Pulse from Erica Kollmann

June 28, 2023 | 5:59 pm

BWV

RHHBY

Blue Water Biotech Inc (NASDAQ:BWV) has released encouraging preclinical data for its monkeypox vaccine candidate, developed using its norovirus shell and protrusion (S&P) virus-like particle (VLP) platform. The vaccine candidate has shown potential in neutralizing the vaccinia virus, which is closely related to monkeypox. Meanwhile, Roche Holdings AG's (OTC:RHHBY) cobas MPXV has received FDA Emergency Use Authorization for detecting monkeypox DNA.

Portfolio Pulse from Vandana Singh

June 28, 2023 | 5:51 pm

OPK

PFE

Opko Health, Inc. (NASDAQ:OPK) shares are trading higher after the FDA approved NGENLA treatment for pediatric growth hormone deficiency, produced in partnership with Pfizer (NYSE:PFE). The treatment is expected to become available for U.S. prescribing in August 2023 and is already approved in more than 40 markets.

Portfolio Pulse from Ryan Gustafson

June 28, 2023 | 5:43 pm

SPY

President Biden has stated that the American Rescue Plan has brought inflation down below 4%, according to Reuters.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 5:21 pm

XPOF

Xponential Fitness, Inc. (NYSE:XPOF) has issued a statement in response to a short-seller report, confirming the health and strength of its business operations. The company denounced the report as misleading and inaccurate, and reassured investors of its strong financial results, scalable business model, and strong free cash flow generation. The company also highlighted the strength of its franchise system, its compliance with all debt covenants, and its commitment to ethics, diversity, and inclusion.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 5:15 pm

GOOGL

META

Google (NASDAQ:GOOGL) and Meta (NASDAQ:META) have been summoned to Australia’s first parliamentary inquiry into artificial intelligence (AI). The inquiry, pushed for by Australia’s Legalise Cannabis Party, will address issues such as AI censorship, job displacement, and salary impact. The party has expressed frustration over their posts being removed from social media sites by AI censors.

Portfolio Pulse from Nina Zdinjak

June 28, 2023 | 5:02 pm