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BTCUSD

Renowned economist Peter Schiff dismissed Bitcoin as a possible reserve asset following an 18% drop over the past week, citing its high volatility and instability. However, other commentators argue that Bitcoin's volatility is a sign of its potential and growing pains as a revolutionary asset class. Schiff also noted that tech and crypto markets are pricing in a high probability of a 50-basis point rate cut in September, which has led to a 'buy-the-dip' reaction.

Portfolio Pulse from Khyathi Dalal

August 05, 2024 | 6:46 pm

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U.S. stocks traded lower with the S&P 500 down over 100 points. Actinium Pharmaceuticals shares plunged 64% after the FDA deemed its Phase 3 SIERRA trial inadequate for a BLA filing. Kellanova shares surged 15% on acquisition rumors by Mars. Sotera Health Company shares rose 8% on strong quarterly results. TenX Keane Acquisition shares jumped 129% after shareholder approval of a combination with Citius Pharma’s oncology subsidiary. VBI Vaccines shares fell 29% due to delisting notice from Nasdaq. Concord Medical Services shares dropped 18%.

Portfolio Pulse from Avi Kapoor

August 05, 2024 | 6:39 pm

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Bristol Myers Squibb (BMY) has terminated its license, development, and commercialization agreement with Agenus Inc (AGEN) for the cancer drug AGEN1777. This decision is part of a broader strategic realignment. The termination will be effective from January 26, 2025. The news follows recent failures of similar TIGIT drugs from Roche (RHHBY) and Merck (MRK). AGEN's stock dropped 7.10% following the announcement.

Portfolio Pulse from Vandana Singh

August 05, 2024 | 6:31 pm

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Boeing shares are trading lower as executives from Boeing and Spirit AeroSystems are set to testify at an NTSB hearing regarding a Boeing 737-9 MAX incident. Despite recent challenges, Goldman Sachs remains optimistic about Boeing's future cash flow and production rates, reiterating a Buy rating but lowering the price target. Boeing's stock has declined 30% in the past year.

Portfolio Pulse from Lekha Gupta

August 05, 2024 | 6:24 pm

TSLA

The National Highway Traffic Safety Administration (NHTSA) is investigating a crash and fire involving a Tesla Cybertruck in Texas. The agency is gathering additional information from Tesla regarding the incident.

Portfolio Pulse from Benzinga Newsdesk

August 05, 2024 | 6:21 pm

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BTCUSD

The article discusses the recent volatility in Bitcoin's price and its implications for its status as a 'store of value.' Bitcoin's correlation with traditional markets, particularly during economic downturns, has raised questions about its role as a hedge against market volatility. Despite this, some proponents, including Cathie Wood of Ark Invest, remain optimistic about Bitcoin's long-term potential.

Portfolio Pulse from Murtuza Merchant

August 05, 2024 | 5:49 pm

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Financial markets are experiencing significant volatility due to a combination of factors including the Federal Reserve's decision to hold off on cutting rates, a cooler-than-expected U.S. jobs report, geopolitical tensions with Iran, and the upcoming presidential election. Major indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite have seen notable declines. Experts suggest that while the market is ripe for negativity, it may also present buying opportunities.

Portfolio Pulse from Michael Juliano

August 05, 2024 | 5:46 pm

IXHL

Incannex Healthcare Inc. (NASDAQ:IXHL) has received FDA approval to proceed with a phase 2 clinical trial for its psilocybin-assisted therapy for generalized anxiety disorder. The trial, PsiGAD2, aims to replicate and expand on positive results from a previous study, with plans to enroll 94 patients. The company is also seeking approval in the UK.

Portfolio Pulse from Juan Spínelli

August 05, 2024 | 5:37 pm

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US stocks are attempting to recover from early losses driven by global market volatility and a 13% drop in Japan's Nikkei 225. Positive US services sector data eased recession fears, reducing the likelihood of a significant Fed rate cut. Major indices like the S&P 500, Dow Jones, and Nasdaq 100 saw smaller declines by midday. Bond yields rose, and the iShares 20+ Year Treasury Bond ETF (TLT) remained unchanged. Key stock movers included Kellanova, BioNTech, The Carlyle Group, and Tyson Foods.

Portfolio Pulse from Piero Cingari

August 05, 2024 | 5:11 pm

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U.S. stocks experienced a significant decline with the Dow Jones falling over 950 points. The ISM services PMI surged to 51.4 in July, surpassing market expectations. Notable stock movements included Kellanova, Sotera Health Company, and Sonic Automotive rising due to positive news, while Actinium Pharmaceuticals, VBI Vaccines, and Concord Medical Services saw substantial declines.

Portfolio Pulse from Avi Kapoor

August 05, 2024 | 5:07 pm