Streetbeat News

Regulatory

BABA

BIDU

FXI

PDD

U.S.-listed shares of Chinese companies, including BABA, BIDU, FXI, and PDD, are trading higher premarket after China left its benchmark lending rate unchanged.

Portfolio Pulse from Charles Gross

May 22, 2023 | 9:44 am

AGCO

AGCO Corporation has signed a memorandum of understanding (MOU) with the American Farm Bureau Federation (AFBF) regarding farmers' and ranchers' right to repair their own farm equipment. This follows similar agreements AFBF entered into with John Deere, CNH Industrial Brands, and Kubota this year, covering around 70% of the agricultural machinery sold in the US.

Portfolio Pulse from Charles Gross

May 22, 2023 | 9:40 am

META

Meta has been fined a record €1.2 billion by the European Union over US data transfers, marking the largest penalty ever imposed by the EU on a single company.

Portfolio Pulse from Charles Gross

May 22, 2023 | 9:13 am

MCD

Legal & General Investment Management and Amundi are supporting a resolution at McDonald's annual meeting on May 26 to reduce the use of antibiotics in the food supply chain.

Portfolio Pulse from Charles Gross

May 22, 2023 | 9:10 am

ETHUSD

PEPEUSD

Ethereum co-founder Vitalik Buterin expressed concerns about over-engineering in blockchain development, as the popularity of Pepe Coin causes congestion in the Ethereum network and elevated gas fees. Uniswap's trading volume surpassed Coinbase due to the PEPE craze.

Portfolio Pulse from Mehab Qureshi

May 22, 2023 | 8:59 am

QQQ

SHY

SPY

VGSH

Investors are preparing for potential volatility in currencies and losses in equities as the debt ceiling crisis continues. President Joe Biden and House Speaker Kevin McCarthy will meet to discuss the issue. Strategists at JPMorgan Chase & Co. and Morgan Stanley warn that a stand-off threatens equity markets.

Portfolio Pulse from Bhavik Nair

May 22, 2023 | 5:52 am

MARA

President Joe Biden stated that he will not agree to a budget deal favoring wealthy tax cheats and cryptocurrency traders over struggling Americans. This comes as Marathon Digital Holdings Inc's CEO Fred Thiel warned that Biden's tax on American Bitcoin miners may cause them to move operations out of the country.

Portfolio Pulse from Mehab Qureshi

May 22, 2023 | 4:05 am

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced a drop after Federal Reserve Chair Jerome Powell hinted at curbing rate hikes due to stress in the banking sector. Crypto trader Tony Vays predicts Bitcoin could reach up to $300,000 in an extended bull market.

Portfolio Pulse from Mehab Qureshi

May 22, 2023 | 3:30 am

QQQ

SPY

Goldman Sachs economists predict that the Treasury Department's cash levels will drop below the $30 billion minimum by June 8 or 9, increasing uncertainty in financial markets. President Joe Biden and House Speaker Kevin McCarthy are set to discuss the debt ceiling on Monday.

Portfolio Pulse from Bhavik Nair

May 22, 2023 | 3:09 am

SHY

VGSH

President Joe Biden and House Speaker Kevin McCarthy are set to meet on Monday to discuss the debt ceiling, following a productive phone call. Financial markets are getting jittery as the inconclusive talks approach the X-date in early June when the Treasury Department is expected to run out of cash.

Portfolio Pulse from Bhavik Nair

May 22, 2023 | 1:52 am