Streetbeat News

Regulatory

AMD

ARM

ASML

JNJ

MAGS

NVDA

SCHW

SMH

SOXX

TSM

The Nasdaq 100 experienced its worst day in 11 months, driven by a broad selloff in semiconductor stocks following news of the Biden administration's accelerated export restrictions to China. Major chipmakers like ASML Holding and Nvidia saw significant declines, impacting related ETFs and indices. The S&P 500 and Russell 2000 also fell, while the Dow Jones rose. Other notable stock movements included significant drops in AMD, TSM, ARM, and SCHW, while JNJ rallied on strong earnings.

Portfolio Pulse from Piero Cingari

July 17, 2024 | 6:27 pm

AZN

BNTX

GSK

JNJ

MRNA

PFE

SNY

The European Commission is facing criticism from Europe's second-highest court over transparency issues related to COVID-19 vaccine contracts, particularly involving text messages between Commission head Ursula von der Leyen and Pfizer CEO Albert Bourla. This comes ahead of a crucial vote on von der Leyen's reappointment. The Commission had agreements with several major companies for COVID vaccine supplies, including Pfizer, AstraZeneca, Sanofi, GSK, Johnson & Johnson, BioNTech, and Moderna.

Portfolio Pulse from Vandana Singh

July 17, 2024 | 6:24 pm

SAVA

Cassava Sciences Inc (NASDAQ:SAVA) is experiencing a leadership shake-up with the resignation of its CEO and SVP of Neuroscience. The company is prioritizing transparency and scientific rigor in its Alzheimer's trials. SAVA shares are down 27.20% amid these changes.

Portfolio Pulse from Vandana Singh

July 17, 2024 | 6:17 pm

JNJ

Johnson & Johnson (NYSE:JNJ) reported strong Q2 results with a 4.3% YoY topline growth to $22.45 billion, surpassing expectations. The medtech and innovative medicine divisions showed significant progress, although one-time charges impacted net earnings. J&J raised its full-year operational sales guidance but lowered EPS guidance due to acquisition costs.

Portfolio Pulse from Upwallstreet

July 17, 2024 | 6:05 pm

SPY

The Federal Reserve's Beige Book reports that prices have increased at a modest pace overall, with a few districts noting only slight increases.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2024 | 6:02 pm

SPY

The Federal Reserve's Beige Book indicates that expectations for the future of the economy are for slower growth over the next six months. This is due to uncertainty around the upcoming election, domestic policy, geopolitical conflict, and inflation.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2024 | 6:02 pm

LRCX

Lam Research (LRCX) shares are down 8.54% due to potential new restrictions on China by President Biden, comments by Donald Trump on the China-Taiwan standoff, and cautious guidance from ASML. These factors are causing concerns about the semiconductor supply chain and future revenue for Lam Research.

Portfolio Pulse from Henry Khederian

July 17, 2024 | 5:51 pm

ETHUSD

SOLUSD

SEC Commissioner Hester Peirce has suggested that the inclusion of staking features in Ethereum ETFs could be reconsidered in the future. This comes as Ethereum ETFs are set to debut for trading soon. Peirce's comments are significant as they indicate potential regulatory flexibility, although not all SEC Commissioners may share her views.

Portfolio Pulse from Murtuza Merchant

July 17, 2024 | 5:45 pm

BTCUSD

Mark Cuban believes that former President Donald Trump's re-election won't directly impact Bitcoin's price. Instead, Cuban points to broader economic factors such as lower tax rates, tariffs, and global geopolitical uncertainties as potential catalysts for Bitcoin's price appreciation. He speculates that Bitcoin could become a global 'safe haven' asset if the U.S. dollar's dominance wanes.

Portfolio Pulse from Murtuza Merchant

July 17, 2024 | 5:41 pm

NVO

Novo Nordisk faces a setback as the Dutch Health Care Institute advises against including Wegovy in basic insurance coverage due to cost-benefit concerns. This decision could impact Novo Nordisk's market in the Netherlands, where Wegovy is not yet available. The institute also highlighted a global shortage of semaglutide, Wegovy's primary ingredient.

Portfolio Pulse from Vandana Singh

July 17, 2024 | 5:38 pm