Streetbeat News

Regulatory

DIA

IWM

QQQ

SPY

Major indexes are lower due to Fed Chair Powell's comments suggesting additional rate hikes this year, a selloff in the information technology sector, and a drop in manufacturing PMI.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 3:24 pm

AAPL

BILL

ROKU

The FDIC mistakenly released an unredacted document revealing Sequoia Capital had $1 billion deposited with Silicon Valley Bank (SVB) at the time of its collapse. Other major depositors included Kanzhun Ltd, Circle Internet Financial Ltd, BILL Holdings Inc, and ROKU. The FDIC's decision to cover all depositors at SVB and Signature Bank cost the deposit insurance fund about $15.8 billion.

Portfolio Pulse from AJ Fabino

June 23, 2023 | 3:18 pm

KBE

KRE

SPY

XLF

Treasury Secretary Janet Yellen expects more bank mergers this year due to higher interest rates and recent banking turmoil, making it more expensive for banks to retain depositors.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 3:12 pm

COIN

The U.S. Supreme Court has ruled in favor of a Coinbase Global, Inc subsidiary, reaffirming the power of companies to direct customer and employee conflicts towards arbitration. The decision was supported by business circles, while consumer advocates argued against it.

Portfolio Pulse from Anusuya Lahiri

June 23, 2023 | 2:54 pm

TSLA

WKSP

The US is making strides in the EV industry with Tesla leading the way, Ford and General Motors adopting Tesla's charging standard, and Worksport applying for an ambitious certification for its solar-powered tonneau cover. Ford also received a $9.2 billion loan from the US Department of Energy to support the construction of three massive EV battery factories.

Portfolio Pulse from Upwallstreet

June 23, 2023 | 2:54 pm

EWQ

EWU

FXI

SPY

VGK

On June 13-14, the U.S. State Department convened a meeting of nuclear experts with representatives from China, France, Russia, the UK, and the U.S.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 2:44 pm

AMZN

BLK

GOOG

MSFT

NVDA

TSLA

Oil and bonds are predicting a recession, while the stock market is caught up in an AI frenzy. The drop in oil prices is partly due to lack of growth in China, but also renewed fears of a recession. Bonds are also predicting a recession with a negative yield spread between 10-year Treasuries and 2-year Treasuries. The stock market is focused on the benefits of AI but underestimating the expense as corporations shift to using AI.

Portfolio Pulse from The Arora Report

June 23, 2023 | 2:43 pm

GILD

Gilead Sciences announced Week 96 results from the MYR301 Phase 3 clinical trial evaluating bulevirtide for chronic hepatitis delta (HDV) infection. The findings demonstrated improved combined response, sustained virologic response, and a consistent safety profile. Bulevirtide is approved for HDV treatment in Europe but not in the U.S.

Portfolio Pulse from Vandana Singh

June 23, 2023 | 2:38 pm

CMPS

CYBN

MNMD

The FDA has issued its first draft guidance on clinical trials for psychedelic drugs, providing researchers with considerations for designing studies to evaluate the safety and effectiveness of these compounds. The guidance covers drugs such as psilocybin, LSD, and MDMA, and aims to help researchers design studies that will yield interpretable results for future drug applications.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 2:33 pm

TSLA

Tesla shares are trading lower by 3.31% to $255.86 amid overall market weakness following Fed Chair Powell's comments suggesting inflationary pressures and further rate hikes expected by the end of the year. Tesla shares have seen a 37% increase over the trailing month due to strength in EV stocks and overall market strength.

Portfolio Pulse from Henry Khederian

June 23, 2023 | 2:25 pm