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The fund invests at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The index is designed to deliver exposure to equity securities of emerging market issuers.

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Ahead of the holiday season, Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is <a href="https://www.benzinga.com/markets/equities/24/09/40912814/amazon-told-its-staff-they-must-come-to-office-five-days-a-week-but-its-primary-healthcare-subsi">enforcing a return-to-office five days a week mandate</a>, clashing with the UK government&#8217;s push for flexible working rights.
What Happened: Amazon argues that in-office work fosters better invention, collaboration, and connection among employees. However, the UK government links flexible working to improved performance and a more loyal workforce, <a href="https://www.bbc.com/news/articles/cden9y37e6ro">reported</a> BBC.
Microsoft&#8216;s study during the pandemic indicated that remote workers collaborated more within existing networks but built fewer new connections. Real-time communication also declined, replaced by more emails and instant messages.
Contrastingly, a Stanford University study found that Chinese home workers were 13% more productive due to fewer breaks and sick days. However, fully remote work could lead to a 10% drop in productivity compared to full-time office work.
Other tech giants like Goldman Sachs, JPMorgan, and Morgan Stanley have also required employees to return to the office. Elon Musk&#8216;s companies, Tesla and SpaceX, enforce similar policies, with SpaceX losing 15% of its senior employees after implementing the rule, according to a <a href="https://cdn.arstechnica.net/wp-content/uploads/2024/05/RTO.pdf">study</a> published earlier this year.
The debate continues as the UK government believes that some level of home working boosts productivity, while Amazon maintains that full-time office work is essential for their operational success.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40971260/trumps-historic-bitcoin-transaction-ethereum-co-founder-backs-trump-over-harris-for-crypto?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Historic Bitcoin Transaction, Ethereum Co-Founder Backs Trump Over Harris For Crypto, Gamestop Customer&#8217;s Bitcoin Windfall, And More: This Week In Cryptocurrency</a>
Why It Matters: The clash between Amazon and the UK government over remote work policies is part of a broader trend among major corporations. Recently, JPMorgan Chase CEO Jamie Dimon called for <a href="https://www.benzinga.com/news/24/09/40967938/jpmorgan-ceo-jamie-dimon-calls-for-federal-employees-to-return-to-office-says-empty-buildings-bother">federal employees to return to their offices</a>, expressing frustration over empty buildings in Washington, DC.
Amazon&#8217;s decision to end remote work and mandate office presence <a href="https://www.benzinga.com/news/large-cap/24/09/40930357/amazon-ends-remote-work-former-employee-asks-if-this-is-the-companys-version-of-silent-sacking">starting in January</a> has sparked significant attention. Former employees, like John McBride, have criticized the move, suggesting it may be driven by economic factors to reduce headcount and boost margins.
Additionally, Amazon has been making headlines with its recent initiatives. The company announced a <a href="https://www.benzinga.com/news/24/09/40927136/amazon-boosts-worker-pay-to-over-29hour-invests-2-2b-as-holiday-kicks-in">pay increase for its front-line employees</a>, raising the average compensation to over $29 per hour and investing $2.2 billion ahead of the holiday season.
However, Amazon&#8217;s new benefits, such as free Prime membership, are <a href="https://www.benzinga.com/general/entertainment/24/09/40954565/amazon-extends-free-prime-membership-to-warehouse-workers-but-corporate-staff-left-out-ahea">exclusively available to warehouse workers</a>, leaving corporate staff out. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40946963/bitcoin-worth-63-000-pulled-in-33-pack-of-trading-cards-at-gamestop-mind-boggling-story-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Worth $63,000 Pulled In $33 Pack Of Trading Cards At GameStop: ‘Mind-Boggling' Story Goes Viral, Highlights Crypto Redemption Card</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Global

AMZN

Amazon Has Enforced Full-Time Return To Office Policy, But It Hasn't Gone Down Well With The UK Government, Which Is Pushing For Flexible Working As Holiday Season Approaches: Here's What's Happening

The S&amp;P 500 Index &#8211; a measure of broader market performance, has been on a tear this year, thanks to inflation&#8217;s downward trajectory that allowed the Federal Reserve the leeway to cut rates, the resilient economy and robust corporate profit growth. With the year approaching its last leg, the question in the minds of everyone is whether the broader uptrend seen since the bear market bottom of Oct. 2022 would continue.
Gravity-Defying Rally: After the post-COVID-19 inflation surge sent markets across the globe lower in 2022, things began to take a turn for the better by the end of the year. The launch of OpenAI&#8217;s ChatGPT large language model-powered chatbot and the pullback in inflation from the June 2022 peak of 9.1% in response to aggressive Fed funds rate hikes helped restore sanity in the market.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, has gained about 65% since bottoming at $346.35 on Oct. 12, 2022. This year alone, the ETF had soared nearly 21%.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="430" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1024x430.png" alt="" class="wp-image-560490" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1024x430.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-300x126.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-768x323.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1536x646.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: Benzinga Pro
S&amp;P Goes Past Most Year-End Predictions: Wall Street&#8217;s year-end estimate for the S&amp;P 500 Index ranges from 4,200 to 6,100, according to data shared by Trading platform TrendSpider on X, formerly Twitter. The highest estimate is from BMO Capital Markets and the lowest is from JPMorgan.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">S&amp;P 500 Year-End Forecasts by Firm <a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPY</a> BMO: 6,100 Evercore: 6,000 Oppenheimer: 5,900 Deutsche Bank: 5,750 RBC: 5,700 UBS: 5,600 Citi: 5,600 Goldman Sachs: 5,600 Barclays: 5,600 Wells Fargo: 5,535 Bank of America: 5,400 Morgan Stanley: 5,400 Fundstrat: 5,200 JP Morgan: 4,200
&mdash; TrendSpider (@TrendSpider) <a href="https://twitter.com/TrendSpider/status/1837605221624590377?ref_src=twsrc%5Etfw">September 21, 2024</a></blockquote>
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<figcaption class="wp-element-caption">The S&amp;P 500 Index ended Friday&#8217;s session at 5,702.55, down 0.19% for the session. Of the 14 estimates, only four are above the index&#8217;s current level.</figcaption></figure>
Financial data provider FactSet said in a recent report that the trailing 12-month price/earnings ratio for the S&amp;P 500 Index is 26.7, above the 5-year average of 23.7 and the 10-year average of 21.7.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The trailing 12-month P/E ratio for <a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> of 26.7 is above the 5-year average (23.7) and above the 10-year average (21.7). <a href="https://twitter.com/hashtag/earnings?src=hash&amp;ref_src=twsrc%5Etfw">#earnings</a>, <a href="https://twitter.com/hashtag/earningsinsight?src=hash&amp;ref_src=twsrc%5Etfw">#earningsinsight</a>, <a href="https://t.co/7mrPQvsy28">https://t.co/7mrPQvsy28</a> <a href="https://t.co/E4DNDzKMxF">pic.twitter.com/E4DNDzKMxF</a>
&mdash; FactSet (@FactSet) <a href="https://twitter.com/FactSet/status/1838010413402730679?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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<figcaption class="wp-element-caption"> See Also: <a href="https://www.benzinga.com/money/best-income-stocks">Top Performing Income Stocks</a> Room For More Upside? Most analysts and strategists see the scope for further upside, contingent on the economy averting a hard landing. Recent data showing the softening of the labor market is the primary reason for the Federal Reserve to drop its cautious stance and announce a bigger and bolder cut. Going forward, the labor market data is the key that will guide the central bank on future rate moves.</figcaption></figure>
With the rate cut announced last week and two more 25 basis-point cuts anticipated this year, the market rally is expected to broaden. Analysts see small-cap and rate-sensitive stocks picking up momentum after lagging for an extended period, while they also expect the mega-caps that have so far spearheaded the rally, to hold up.
Uncertainty could prevail until the <a href="https://www.benzinga.com/news/24/09/40974653/trump-vs-harris-vice-president-leads-in-2-more-new-polls-but-pollster-says-undecided-republicans-can">outcome of the Nov. 5 election is known,</a> but the market could take advantage of the seasonal strength seen in the final few weeks of the year. 
JPMorgan Global Investment Strategist Sarah Stillpass said in a report the September rate cut could bode well for equities. Since 1980, five of the 10 best years for the S&amp;P 500 happened when the Fed was cutting rates without a recession, she said. She also noted that the Fed has cut rates 12 times when the S&amp;P 500 was within 1% of its all-time high such as the current year. The market was higher one year later all 12 times, with a median return of 15%, she added.
In premarket trading on Monday, the SPY edged up 0.08% to $568.69, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40955933/brace-for-stagflation-after-feds-benevolence-warns-analyst-raising-5-corporate-red-">Brace For Stagflation After Fed&#8217;s Benevolence, Warns Analyst, Raising 5 Corporate Red Flags: &#8216;Inflation Is Transitory Mistake All Over Again&#8217;</a></li>
</ul>
Image Via Shutterstock

Economics

Federal Reserve

S&P 500 Outpaces Wall Street Projections As Year-End Nears: Will The Rally Hold?

This story was originally published on the&nbsp;<a href="http://in.benzinga.com/" target="_blank">Benzinga India portal</a>.
Nvidia&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) CEO,&nbsp;Jensen Huang, has underscored the potential of artificial intelligence (AI) in reshaping India&#39;s technological landscape, adding that it was &quot;India&#39;s moment&quot;.
What Happened: Huang&#39;s comments came following his meeting with Indian Prime Minister&nbsp;Narendra Modi&nbsp;during the latter&#39;s three-day US visit. Huang was among the 15 tech leaders who had the opportunity to engage with the Prime Minister.
Huang emphasized the role of AI in bringing computing to everyone and highlighted India&#39;s rising stature in the global tech arena, particularly in the startup ecosystem. He commended Modi&#39;s keen interest in learning about emerging technologies, with a special focus on AI.
Do you want to keep up with all the latest stock market updates in India? Sign up for the&nbsp;<a href="https://share.hsforms.com/1K1H7Kd0aRhmSdDIuxTAkxg1npzh?utm_source=hs_email&amp;utm_medium=email&amp;_hsenc=p2ANqtz-9Epn7q6aJNp9GSC5EOIhi4bHzDb9Xseqz4PYaEI7sGMhIcV2Rv9ZPxiCYKVKvNojA6WoH5" target="_blank">Benzinga India weekly newsletter</a>.
The Nvidia CEO recognized India&#39;s rich pool of talent in computer science and reaffirmed his company&#39;s dedication to nurturing AI innovation in partnership with India&#39;s premier educational institutions.&nbsp;
&quot;Every IIT (Indian Institute of Technology) now has an Nvidia AI Centre of Excellence where professionals are teaching students how to upskill into this new world of AI,&quot; Huang said.
He further pointed out that AI could democratize computing, making it accessible to a wider population. &quot;India, as you know, is also home to some of the world&rsquo;s greatest computer scientists. So, this is a great opportunity,&quot; he added.
Read Next:&nbsp;<a href="https://in.benzinga.com/news/24/09/40970969/indian-coldplay-fans-cry-foul-as-tickets-hit-2-lakh-on-reselling-platform" target="_blank">Indian Coldplay Fans Cry Foul As Tickets Hit Sky-High Prices&nbsp;On Reselling Platform</a>
Disclaimer: Artificial intelligence was used as a secondary aid in writing this story.
&nbsp;

Tech

NVDA

Nvidia CEO Jensen Huang Meets PM Modi, Says It's 'India's Moment' Amid AI Boom

U.S. banks have reportedly gained a $1 trillion windfall due to the Federal Reserve&#8217;s prolonged period of high interest rates.
What Happened: The Federal Reserve maintained elevated interest rates for two and a half years, allowing banks to earn higher yields on deposits held at the Fed. However, many banks did not pass these higher rates on to their savers, the Financial Times <a href="https://www.ft.com/content/4c013d3b-796b-47a3-a964-02f753d39846">reported</a> on Monday.
At the end of the second quarter, the average U.S. bank paid depositors an annual interest rate of just 2.2%, significantly lower than the Fed&#8217;s 5.5% overnight rate. This discrepancy resulted in $1.1 trillion in excess interest revenue for banks, according to the Financial Times.
Large banks like JPMorgan Chase and Bank of America paid even less, with annual deposit costs of 1.5% and 1.7%, respectively. The Fed&#8217;s recent rate cut by half a percentage point may allow banks to reduce deposit costs further, according to Chris McGratty of KBW.
While some banks, including Citi, plan to adjust rates for high-net-worth clients in line with the Fed&#8217;s cuts, others may vary in their approach. The Financial Times noted that this situation contrasts with Europe, where some governments imposed windfall taxes on banks benefiting from higher rates.
JPMorgan Chase, Citi and Bank of America have yet to respond to the queries by Benzinga.
See Also: <a href="https://www.benzinga.com/news/24/09/40970828/data-scientists-election-prediction-kamala-harris-receives-historic-endorsement-from-magazine-elon-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist&#8217;s Election Prediction, Kamala Harris Receives Historic Endorsement From Magazine, Elon Musk Suggests Warren Buffett Is Preparing For A Harris Win And More: Top Political Update This Week</a>
Why It Matters: The Federal Reserve&#8217;s recent decision to cut interest rates by<a href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h"> 50 basis points in September</a>, lowering the target range to 4.75%-5%, has significant implications. This bold move, which defied economists&#8217; predictions of a modest 25-basis-point reduction, was aimed at sustaining the labor market. Fed Chair Jerome Powell emphasized the importance of acting preemptively to maintain robust employment levels. 
Additionally, the<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40855247/fed-rate-cuts-and-s-p-500-the-why-matters-most-data-shows"> performance of the S&amp;P 500</a> following the Federal Reserve&#8217;s rate cuts hinges on whether the economy is in a recession. Historical data reveals a sharp contrast in how equities react to rate cuts during recessions compared to other economic phases. During recessionary periods, stock markets typically experienced meaningful declines after the Fed&#8217;s initial rate cut. In contrast, during &#8220;growth scares&#8221; or &#8220;normalization&#8221; periods, equities have rallied strongly. 
The Federal Reserve's <a href="https://www.benzinga.com/economics/24/09/40965570/fed-rate-cut-may-drive-investors-away-from-money-markets-says-portfolio-manager">decision to cut interest rates</a> by 0.5% may also pull investors away from money market funds and into longer-duration bonds. Total money market fund assets decreased by $20.02 billion to $6.30 trillion for the week ending on September 18. Among taxable money market funds, government funds decreased by $18.82 billion and prime funds decreased by $2.42 billion.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40950674/data-scientist-who-called-2020-election-correctly-says-its-gone-from-drastic-landslide-in-trumps-dir?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist Who Called 2020 Election Correctly Says Its Gone From &#8216;Drastic Landslide In Trump&#8217;s Direction To A drastic landslide For Harris&#8217;</a></li>
</ul>
Photo courtesy of the Federal Reserve.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Macro Economic Events

General

JPMorgan, BOfA And Other US Banks Reportedly Reap $1 Trillion Windfall From Fed's High Interest Rates

SpaceX CEO Elon Musk said on Sunday that the rocket manufacturing company intends to launch about five uncrewed Starships to Mars in two years, elaborating on his timeline from earlier this month.
What Happened: If the five uncrewed missions land safely, crewed missions will be <a href="https://www.benzinga.com/news/24/09/40972893/trumps-mars-landing-promise-gets-slammed-by-peter-schiff-even-as-elon-musk-says-spacex-plans-5-launc">possible in four years</a>, Musk said. However, in case of challenges, the crewed missions will be postponed another two years, he added, pegging crewed Starship missions to Mars for as early as 2028 and latest by 2030. 
Earlier this month, Musk said the first Starships will&nbsp;<a href="https://www.benzinga.com/news/24/07/39567836/spacex-ceo-elon-musk-picks-terminus-for-mars-first-starship-enabled-city-after-just-4-test-flights" target="_blank" rel="noreferrer noopener">head to Mars in two years</a>&nbsp;once the next Earth-Mars transfer window opens. However, he didn&#8217;t specify how many uncrewed missions would be conducted to test the vehicle&#8217;s caliber to carry crew. 
Musk aims to take humans to Earth orbit, Moon, and subsequently Mars with the Starship. The vehicle is still in the development phase and underwent its fourth test flight in June earlier this year. The rocket has yet to carry a payload to orbit.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">SpaceX plans to launch about five uncrewed Starships to Mars in two years. If those all land safely, then crewed missions are possible in four years. If we encounter challenges, then the crewed missions will be postponed another two years. It is only possible to travel from… <a href="https://t.co/dzi03Hnyhg">https://t.co/dzi03Hnyhg</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1837908705683059166?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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Varying Timelines, Big Promises: NASA is currently relying on the successful development of a lunar lander variant of Starship to&nbsp;<a href="https://www.benzinga.com/news/23/12/36296253/51-years-since-apollo-17-elon-musk-urges-humanity-to-surpass-moon-visit-as-civilizational-high-water" target="_blank" rel="noreferrer noopener">land humans back on the moon</a>&nbsp;as part of its Artemis 3 mission. The last crewed lunar mission occurred in 1972 with Apollo 17. Since then, no crew has traveled beyond low-Earth orbit.
However, earlier this year, NASA postponed the Artemis 3 mission to no earlier than September 2026 from its previous timeline of late 2025 citing &#8216;development challenges.&#8217;
In 2020, Musk also said that Starship will have hundreds of uncrewed missions before it can launch crew. The CEO, known for providing lofty claims on the Starship&#8217;s readiness, did not detail how the company intends to launch 100 uncrewed missions ahead of the Artemis 3 mission when it has only completed four test flights as of date. 
Starship is now <a href="https://www.benzinga.com/news/24/09/40932353/spacex-continues-to-prepare-for-future-starship-flights-despite-delays-in-faa-launch-clearance-elon">ready for its next test flight </a>and awaiting regulatory approvals, SpaceX said last week. The company also said that it recently received a launch license date estimate of late November for the fifth flight from the Federal Aviation Administration (FAA), marking a two-month delay from the previously communicated date of mid-September.
The delay, SpaceX said, was not based on a new safety concern but on &#8220;superfluous&#8221; environmental analysis including concerns about the Starbase facility having a negative impact on local flora and fauna. However, the company disputed these claims.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40968088/teslas-stock-performance-in-2019-and-2024-shows-striking-similarities-says-gary-bla" target="_blank" rel="noreferrer noopener">Tesla's Stock Performance In 2019 And 2024 Shows ‘Striking' Similarities, Says Gary Black: Flags This Reason That May Lead To Price Surge In 2025</a></li>
</ul>
Photo via Shutterstock

SPACE

Elon Musk Now Says Crewed Starship Missions Will Fly To Mars Latest By 2030

Former President Donald Trump announced the launch of the first edition of his silver medallion, which he claimed to have designed himself and was minted in the U.S.
What Happened: Trump revealed the details about the coins in an X post on Saturday, describing them as &#8220;true symbols of America&#8217;s greatness.&#8221; The Republican presidential hopeful tied the official coins with his &#8220;America First&#8221; policy.
The official website of the Trump Coins described them as a one-ounce 99.99% silver, featuring the former President's profile on the obverse and the White House with Trump&#8217;s signature on the reverse.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hello everyone! I have something incredible to share today, as we are introducing the launch of our Official Trump Coins! The ONLY OFFICIAL coin designed by me—and proudly minted here in the U.S.A. The President Donald J. Trump First Edition Silver Medallion will be available… <a href="https://t.co/9SP1PaLOTh">pic.twitter.com/9SP1PaLOTh</a>
&mdash; Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1837549569481285792?ref_src=twsrc%5Etfw">September 21, 2024</a></blockquote>
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Interestingly, spot silver was priced at $30.65 per ounce as of this writing, less than one-third of what Trump marketed his official coins at.
The website added a disclaimer that the coins haven&#8217;t been manufactured or distributed by Trump or any of the organizations affiliated with him. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40968244/trumps-new-crypto-ventures-legal-counsel-accused-of-attempting-to-seize-control-of-rival-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s New Crypto Venture&#8217;s Legal Counsel Accused Of Attempting To Seize Control Of Rival Firm</a>
Why It Matters: In an effort to bolster his finances, Trump has turned to selling a variety of merchandise to his supporters.
Nearly a month ago, he launched the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40584660/donald-trump-unveils-new-nft-collection-featuring-debate-memorabilia-and-exclusive-perks">fourth edition of his non-fungible tokens (NFTs)</a>, priced at $99 each. Before that, the Republican l<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40076664/trump-launches-limited-edition-bitcoin-themed-sneakers-following-bitcoin-2024-keynote-repo">aunched a line of limited-edition</a> Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-themed sneakers. 
The latest announcement comes a week after Trump&#8217;s entry into the cryptocurrency market with the launch of <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">World Liberty Financial (WLFI)</a>, a decentralized finance (DeFi) platform centered around a cryptocurrency token.
But even as Trump ramped up efforts to raise funds for his election campaign, the odds were stacked against him. According to the decentralized prediction market Polymarket, Kamala Harris was the bettors&#8217; <a href="https://polymarket.com/">favorite </a>to win the elections with a 52% probability.
Image via Shutterstock
Did You Know?&nbsp;
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Politics

$BTC

Trump Sold Bitcoin-Themed Sneakers And NFTs: Now He's Promoting A 'Self-Designed' Coin Featuring His Own Image

Vice President <a href="https://www.benzinga.com/news/24/09/40973752/kamala-harris-reportedly-set-to-unveil-new-economic-policies-in-pittsburgh-this-week-its-about-showi">Kamala Harris </a>was ahead of her Republican rival Donald Trump, going by the results of two separate polls published over the weekend.
The Matchups: Harris was ahead of Trump by five points in a one-on-one contest, with the tally at 49%-44%, a national NBC News <a href="https://www.nbcnews.com/politics/2024-election/poll-newly-popular-harris-challenging-trump-change-rcna171308">poll</a> conducted Sept. 13-17 with 1,000 registered voters showed. The survey&#8217;s margin of error was plus or minus 3.1 percentage points. This marked a shift from the sentiment that prevailed when NBC News did its July polls. When President Joe Biden was still in the race, Trump was ahead by two points.
The results of the Harris vs. Trump matchup showed Black voters siding with the former by an 85%-7% tally. Harris received majority support among voters, aged 18-34 years (57%-34%) and voters with college degrees 59%-38%). Among independents, the vice president received a singularity of votes (43%-35%).
Trump&#8217;s support base is among men (52%-40%), white voters (52%-43%) and white voters without college degrees (61%-33%).
In a welcome development for Harris and the Democrats, support for the party reached its highest point in NBC News polling since mid-2023. At the same time, the share of voters saying they were undecided or wanted another choice dipped to its lowest point since that time.
A CBS/YouGov <a href="https://www.cbsnews.com/news/trump-harris-poll-debate-economy-09-22-2024/">poll </a>conducted between Sept. 18-20&nbsp;showed Harris leading yet again, with the margin at 52%-48% among likely voters. About 3,129 registered voters nationwide&nbsp;were contacted for the purpose, with the margin of sampling error at plus, or minus 2.2 points.
In the CBS/YouGov poll, Harris was ahead in the battleground states with a slightly smaller margin. She received 51% support and Trump 49%.
Harris scores better among the subset who think the economy is good and/or their personal finances are good. Eighty-eight percent of those who said the economy is good backed her and 64% of those who said their personal finances are good supported her.
Republican pollster Bill McInturff of Public Opinion Strategies, who did NBC News poll along with Democratic pollster said Jeff Horwitt of Hart Research Associates said Trump&#8217;s eroding support was due to some Republicans, who are not his die-hard supporters, deserting him. But this could change, he said.
We have seen this movie before. They can get squishy on Trump, and then in the end they come back and they vote the way they're going to vote on a Republican-versus-Democrat preference for Congress,&#8221; said McInturff.
CBS/YouGov poll found that people who prioritize the personal qualities of a candidate are voting&nbsp;for Harris (66%-33%) and those who say policies are very important are evenly split between them.&nbsp;
Multi-Candidate Fray: When the ballot included Robert F. Kennedy Jr., Green Party&#8217;s Jill Stein and Libertarian Chase Oliver, Harris had a bigger lead, 47% of the registered voters favored her and 41% Trump, while the other candidates managed 2% or less each, according to NBC News poll.
See Also: <a href="https://www.benzinga.com/24/09/40971977/elon-musk-says-biden-belied-his-2020-expectations-and-turned-out-to-be-a-radical-leftist-puppet-why">Elon Musk Says Biden Belied His 2020 Expectations And Turned Out To Be A &#8216;Radical Leftist Puppet&#8217;: Why Billionaire Is Supporting Trump This Time Around</a>
Harris Surges, Trump Sedate: NBC News poll showed that Harris&#8217; popularity has improved notably since July when she had a net negative rating of 18, courtesy of 32% of voters holding positive opinions about her and 50% seeing her in a negative light. In the September poll, her favorability improved to a net positive 3 points, with 48% and 45%, respectively, rating her positively and negatively.
No major-party presidential candidate in the 35-year history of the NBC News poll has seen this kind of jump in popularity in an election, the pollster said.
Trump&#8217;s net rating was essentially unchanged from July at a net negative 13 points.
Economy &#8211; The Achilles&#8217; Heel: Harris has her fair share of pitfalls. In the CBS News/YouGov survey, among likely voters who mentioned the economy is a major concern, she trailed by a 47%-53% margin. That said, it has been an improvement from the tally in August when she trailed by a 43%-56% margin. 
The proportion of the registered voters who said the economy is good improved from 35% in August to 39% currently and the proportion who said the economy is bad fell from 62% to 59%.
The NBC News poll found that two-thirds of voters said their family income is falling behind the cost of living, and voters mentioned the cost of living as their top concern, handing Trump the advantage on the economy and inflation. The former president&#8217;s advantage, however, reduced relative to what it was when he was pitched against Biden in July.
 The Consumer price inflation has been on a sustainable downward trajectory so much that it allowed the<a href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h"> Federal Reserve to drop the Fed funds rate by 50 basis points </a>last week. With interest rates receding from their highs, consumers, who fuel much of the economic growth, can now heave a sigh of relief.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image via Wikimedia Commons

Topics

Media

Trump Vs. Harris: Vice President Leads In 2 More New Polls But Pollster Says Undecided Republicans Can Come Back Home To Bolster Ex-President

KB Home (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>) will release earnings results for its third quarter, after the closing <a href="https://www.benzinga.com/quote/KBH/earnings">bell on Tuesday, Sept. 24</a>.
Analysts expect the Los Angeles, California-based company to report quarterly earnings at $2.06 per share, up from $1.80 per share in the year-ago period. KB Home is projected to post quarterly revenue of $1.73 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 18, the company's board of directors declared a quarterly cash dividend of 25 cents per share on the company&#8217;s common stock.
KB Home shares fell 2.7% to close at $87.23 on Friday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/596530e4988ca80001209fc0/rafe-jadrosich">B of A Securities analyst Rafe Jadrosich</a> maintained a Neutral rating and raised the price target from $75 to $90 on Sept. 19. This analyst has an accuracy rate of 72%.</li>
<li>Wedbush analyst Jay McCanless reiterated a Neutral rating with a price target of $67 on Sept. 12. This analyst has an accuracy rate of 84%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/63b6dd8f392e5e0001e663df/sam-reid">Wells Fargo analyst Sam Reid</a> maintained an Equal-Weight rating and raised the price target from $70 to $80 on Sept. 9. This analyst has an accuracy rate of 85%.</li>
<li>RBC Capital analyst Mike Dahl downgraded the stock from Sector Perform to Underperform with a price target of $70 on Sept. 5. This analyst has an accuracy rate of 74%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/594d093f988ca8000150db5a/susan-maklari">Goldman Sachs analyst Susan Maklari</a> maintained a Neutral rating and increased the price target from $72 to $82 on Sept. 3. This analyst has an accuracy rate of 63%.</li>
</ul>
Considering buying KBH stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="510" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-1024x510.png" alt="" class="wp-image-560499" style="width:665px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-1024x510.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170-768x383.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033739/image-170.png 1348w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>

Earnings

Price Target

Analyst Ratings

KB Home Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.semtech.com%2F&amp;esheet=54125475&amp;newsitemid=20240923889065&amp;lan=en-US&amp;anchor=Semtech+Corporation&amp;index=1&amp;md5=c57e2a9ac357ffdffffa11ede356e87f">Semtech Corporation</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>), a high-performance semiconductor, IoT systems, and cloud connectivity service provider, today announced sampling of GN2255S, its next generation Tri-Edge&#x2122; 50 Gbps clock and data recovery (CDR) with integrated DML driver for SFP56 50G PAM4 bidirectional (BiDi) and CWDM6 optical modules. As part of the industry's only analog solutions for 50 Gbps fronthaul, the new CDR can lead to simpler, potentially more power-efficient designs. Its real-time signal processing delivers ultra-low latency crucial for 5G Advanced time-critical services, such as required in public safety, industrial control, smart grid management, and more.
&nbsp;
According to the latest <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.ericsson.com%2Fen%2Freports-and-papers%2Fmobility-report%2Fmobility-visualizer%3Ff%3D1%26ft%3D1%26r%3D2%2C3%2C4%2C5%2C6%2C7%2C8%2C9%26t%3D8%26s%3D1%2C2%2C3%26u%3D1%26y%3D2020%2C2026%26c%3D1&amp;esheet=54125475&amp;newsitemid=20240923889065&amp;lan=en-US&amp;anchor=Ericsson+Mobility+Report&amp;index=2&amp;md5=6f1dfa0cec9395190734d0790d78e533">Ericsson Mobility Report</a>, 5G subscriptions will more than double from 2024 to 2029, with mobile data traffic forecast to exceed 230 exabytes monthly by 2029. Exponential data demands, along with use cases like generative AI, machine learning (ML), and augmented reality (AR), will drive infrastructure upgrades. With its faster data transfer and improved connectivity, integration of 5G advanced technology will further boost network performance, intelligence, and sustainability.
"As a Mobile Optical Pluggable Alliance (<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fmopa-alliance.org%2F&amp;esheet=54125475&amp;newsitemid=20240923889065&amp;lan=en-US&amp;anchor=MOPA&amp;index=3&amp;md5=9b066949d6ddee948fafcbbf6a32132f">MOPA</a>) founding member, Semtech works closely with the world's telecom leaders and mobile operators to develop the right optical solutions that solve industry challenges," said Raza Khan, product marketing director for Semtech's Signal Integrity Products Group and chief marketing officer of MOPA. "Our Tri-Edge solutions for bidirectional and CWDM optical pluggables are a direct result of these collaborations. Enabling the next round of infrastructure upgrades over single fiber will give carriers greater cost-effectiveness, flexibility and scalability to advance global mobile networks."
"Optical pluggable innovations like Semtech's move the industry towards the high performance and latency needed for global mobile networks to become the digital backbone of society and industry 4.0," said Stefan Dahlfort, chairman and president of the board of MOPA.
Semtech at ECOC 2024
Semtech's demos in booth E37, MR21, MR22 will showcase solutions for datacenter, wireless, and PON. Meetings are by appointment only.

SMTC

Semtech Showcases 50G Optical Module Innovations at ECOC 2024, Targets 5G and 6G Networks

Stifel foresees a significant market downturn by the end of 2024. Chief equity strategist Barry Bannister <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40701071/market-bull-warns-of-up-to-10-september-pullback-urges-caution-but-stresses-be-read">warned the S&amp;P 500 could fall by 12% in the fourth quarter</a>.
What Happened: Bannister highlighted various concerns, including high valuations and speculative investor behavior. &#8220;Our instruments tell us to expect an S&amp;P 500 correction to the very low 5,000s by 4Q24,&#8221; he stated, <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-strategist-warns-correction-soon-tech-bubble-risk-2024-9">reported</a> Business Insider.
He noted that current stock market valuations are nearing a &#8220;near three-generation high&#8221; with the S&amp;P 500&#8217;s price-to-earnings multiple around 24x. Additionally, the outperformance of large-cap growth stocks relative to value stocks is reminiscent of peaks seen in February 2000 and August 2020, which preceded bear markets.
Bannister also pointed out that rising labor supply from increased immigration has bolstered economic growth, but overall labor demand is waning. &#8220;Fading labor demand is now symbolic of recession risk,&#8221; he said, mentioning that the non-farm payroll 6-month diffusion index has dipped below a &#8220;recession trigger level.&#8221;
He further explained that the typical &#8220;pre-election juice&#8221; for the economy might diminish towards year-end, impacting stock performance. Lastly, Bannister warned of a potential bubble in technology stocks, comparing it to the dot-com bubble of the 1990s.
See Also: <a href="https://www.benzinga.com/news/24/09/40969895/support-for-taylor-swifts-get-out-the-vote-efforts-have-dropped-15-points-since-february-amid-super?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Support For Taylor Swift&#8217;s Get-Out-The-Vote Efforts Have Dropped 15 Points Since February Amid Super Bowl Conspiracy Theory</a>
Why It Matters: The warning from Stifel comes on the heels of several significant market events. 
Additionally, in early September, equity strategist Tom Lee warned of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40701071/market-bull-warns-of-up-to-10-september-pullback-urges-caution-but-stresses-be-read">potential 7%-10% market pullback</a>, attributing this to historical trends showing September as the weakest month for stocks. Lee urged caution but also advised investors to be ready to &#8220;buy that dip.&#8221; 
More recently, the Federal Reserve&#8217;s decision to cut interest rates by 0.5% <a href="https://www.benzinga.com/news/24/09/40969943/fed-rate-cut-fuels-market-rally-amidst-valuation-fears">triggered a market rally</a>, despite concerns over inflated valuations. This move led to a significant surge in U.S. stocks and commodities, while reducing bond market volatility.
The rate cut also influenced investor behavior, with a shift away from money market funds and into <a href="https://www.benzinga.com/economics/24/09/40965570/fed-rate-cut-may-drive-investors-away-from-money-markets-says-portfolio-manager">longer-duration bonds</a>, as noted by fixed-income portfolio manager Timothy Ng.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40951546/big-short-fame-investor-drops-previous-prediction-of-trump-victory-the-market-is-going-straight-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Big Short&#8217; Fame Investor Drops Previous Prediction Of Trump Victory: &#8216;The Market Is Going Straight Down&#8217; If Kamala Harris Wins White House And Democrats Sweep Congress</a></li>
</ul>
Image via Unsplash
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Stifel Warns Of 12% Market Drop By End Of 2024 As S&P 500 Faces High Valuations And Speculative Risks

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/24/09/40680904/7-products-apple-will-likely-discontinue-next-week-after-iphone-16-launch">has discontinued</a>&nbsp;the iPhone 15 Pro, iPhone&nbsp;15 Pro Max, and iPhone 13 models, along with other products,&nbsp;as part of its annual&nbsp;product streamlining.
What Happened: Apple has stopped production of several products, but these models can still be found in stock at online and third-party retail stores for a limited time.
Apple&#8217;s annual product discontinuation is a routine practice, making way for newer items. This year,&nbsp;the oldest iPhone still in&nbsp;production, the iPhone 13, was also dropped, <a href="https://appleinsider.com/articles/24/09/22/in-with-the-new-out-with-the-old-apple-discontinues-the-iphone-15-pro-iphone-13">reported</a> AppleInsider.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings: This Strategy Helped The Amazon Founder Build The E-Commerce Giant We Know Today</a>
The current iPhone lineup now includes the iPhone 14 and iPhone 14 Plus, iPhone 15 and&nbsp;iPhone 15 Plus, the four <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">new&nbsp;iPhone 16 models</a>, and the&nbsp;third-generation iPhone SE from 2022.
Other discontinued products include the AirPods Max, replaced by nearly identical models with new colors and a USB-C port.
The regular AirPods&nbsp;2 and AirPods 3 have&nbsp;also been replaced with two&nbsp;new models of AirPods 4.&nbsp;After the introduction of&nbsp;the Apple Watch Series 10,&nbsp;the Apple Watch Series 9 was also discontinued.
Apple&nbsp;also dropped its line of FineWoven iPhone cases due to negative customer feedback, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The discontinuation of these models comes amid mixed reports about the demand for the new iPhone 16.&nbsp;T-Mobile US Inc. CEO Mike Sievert&nbsp;said that the iPhone 16 is selling at a <a href="https://www.benzinga.com/markets/equities/24/09/40932937/apple-iphone-16-selling-at-a-greater-rate-than-last-year-says-t-mobile-ceo-amid-reports-of-lower">greater rate than last year&#8217;s model</a>.
However,&nbsp;<a href="https://www.benzinga.com/tech/24/09/40930388/apple-iphone-16-pre-orders-show-possible-low-demand-one-sign-could-point-to-company-breaking-this-em">analysts predicted weak demand</a>&nbsp;for the iPhone 16 due to a lack of reasons for existing iPhone owners to upgrade to the latest model.
JPMorgan analyst Samik Chatterjee&nbsp;has noted that the <a href="https://www.benzinga.com/news/24/09/40882969/iphone-16-pro-demand-lags-longer-wait-times-globally-china-shows-smaller-gap-analyst">lead times of the iPhone 16 series</a> across critical markets, including the U.S., China, Germany, and the U.K., indicate in-line demand for the iPhone 15 series during the first week.
Previously, it was reported that the iPhone 16 series launch also <a href="https://www.benzinga.com/news/24/09/40785959/iphone-16-fails-to-sway-some-chinese-buyers-im-going-to-buy-huaweis-tri-fold-phone-missing-ai-featur">failed to impress some Chinese buyers</a> due to its lack of AI features.
Photo courtesy: Apple
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/general/entertainment/24/09/40968348/whats-next-the-future-with-bill-gates-microsoft-co-founder-unveils-behind-the-scenes-of-his?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;What&#8217;s Next? The Future With Bill Gates&#8217;: Microsoft Co-Founder Unveils Behind The Scenes Of His New Netflix Series</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

AAPL

iPhone 15 Pro Models and iPhone 13 Discontinued By Apple: Here's Why

Biohaven Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHVN#NYSE">BHVN</a>) (Biohaven), today announced that it will host a conference call to discuss topline data from Study BHV4157-206-RWE (NCT06529146), a study designed in discussion with the US Food and Drug Administration (FDA), to assess the effectiveness of troriluzole in Spinocerebellar Ataxia.
&nbsp;
 Biohaven will hold a live conference call and webcast Monday, September 23, 2024, at&nbsp;8:30 a.m. Eastern Time. The live event may be accessed via the Investor Relations portion of Biohaven's website at&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4260062-1&amp;h=3860713886&amp;u=https%3A%2F%2Fir.biohaven.com%2Fevents-presentations%2Fevents&amp;a=https%3A%2F%2Fir.biohaven.com%2Fevents-presentations%2Fevents">https://ir.biohaven.com/events-presentations/events</a>.&nbsp;To participate in the live conference call via telephone, please register&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4260062-1&amp;h=3868013617&amp;u=https%3A%2F%2Fregister.vevent.com%2Fregister%2FBI8f49496d1a3a4b51a653f73b99957cfb&amp;a=here">here</a>. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.

BHVN

Reported Friday, Biohaven to Announce Topline Data for Troriluzole Spinocerebellar Ataxia Study, Conference Call Set for Sept 23

China&#8217;s central bank has taken significant steps to support the economy by reducing a key short-term interest rate and <a href="https://www.benzinga.com/markets/asia/24/09/40951221/bank-of-japan-leaves-interest-rate-at-0-25-diverging-from-feds-50-basis-point-cut">injecting substantial liquidity into the financial system</a>.
What Happened: The People's Bank of China cut the 14-day reverse repurchase interest rate by 10 basis points to 1.85% and injected 74.5 billion yuan ($10.6 billion) of liquidity via this policy tool, according to its website.
Additionally, the central bank injected 160.1 billion yuan (&nbsp;$10.6 billion) through 7-day reverse repo agreements, maintaining the interest rate at 1.7%, the bank stated on Monday.
Last week, the PBOC unexpectedly kept its benchmark lending rates steady, despite rising expectations for easing following the U.S. Federal Reserve&#8217;s rate cut.
See Also: <a href="https://www.benzinga.com/government/24/09/40923879/chinas-ymtc-makes-strides-in-chip-production-substitutes-asml-lam-research-tech-as-us-sanctions-bite?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China&#8217;s YMTC Makes Strides in Chip Production; Substitutes ASML, Lam Research Tech As US Sanctions Bite: Report</a>
Why It Matters: The recent actions by the People's Bank of China come amid a global trend of monetary policy adjustments. On Thursday, the Bank of Japan opted to maintain its <a href="https://www.benzinga.com/markets/asia/24/09/40951221/bank-of-japan-leaves-interest-rate-at-0-25-diverging-from-feds-50-basis-point-cut">benchmark interest rate at 0.25%</a>, diverging from the U.S. Federal Reserve&#8217;s 50 basis point cut. 
On Friday, a portfolio manager noted that the Federal Reserve's rate cut could drive <a href="https://www.benzinga.com/economics/24/09/40965570/fed-rate-cut-may-drive-investors-away-from-money-markets-says-portfolio-manager">investors away from money market</a> funds and into longer duration bonds.
Additionally, Federal Reserve Governor Michelle W. Bowman defended her decision to <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40965082/feds-historic-dissenter-bowman-says-smaller-interest-rate-cut-was-justified-we-have-no">support a smaller 25-basis-point rate cut</a>, citing ongoing inflation concerns. This marked a historic moment as it was the first time since 2005 that a Fed governor openly disagreed with a rate decision.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40973148/tsmc-and-samsung-explore-100b-chip-megafactories-in-uae-amid-ai-boom-and-global-expansion-plans-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">TSMC And Samsung Explore $100B Chip Megafactories In UAE Amid AI Boom And Global Expansion Plans: Report</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Asia

China's Central Bank Follows Fed's Dovish Move, Cuts Key Short-Term Rates, Injects Over $10B To Boost Economy

CLVT

Clarivate Announced A Strategic Partnership With Relatable Healthcare, A Technology Company Delivering Product Relationship Management (PRM) Software To Leading Medtech Companies To Drive Revenue And Workflow Efficiency

NDAQ

Nasdaq Announced It Has Expanded Its Digital Bank Financial Technology Presence In Latin America, Having Agreed To Provide Its AxiomSL Regulatory Reporting Solution To Nubank

Empire Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EP#NYSE">EP</a>) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today that its Board of Directors has fixed the close of business on September 30, 2024 as the record date (the "Record Date") for a subscription rights offering ("Rights Offering") pursuant to which it intends to raise gross proceeds of up to approximately $10 million. The Company will distribute at no charge to holders of its common stock, par value $0.001 per share ("Common Stock"), as of the close of business on the Record Date one subscription right for each share of Common Stock held. Each subscription right will entitle the holder to purchase 0.063 shares of Common Stock at a subscription price of $5.05 per share. If fully subscribed, this would result in the issuance of an aggregate of approximately 1.98 million shares of Common Stock. The subscription rights are non-transferable, and will not be listed for trading on any stock exchange or market. In addition, holders of subscription rights who fully exercise their subscription rights will be entitled to over-subscribe for additional shares of Common Stock, subject to proration.
The Rights Offering is expected to expire at 5:00 p.m., Eastern Time, on October 16, 2024 ("Expiration Date"), subject to extension or earlier termination.

Offerings

Reported Friday, Empire Petroleum Announces $10M Rights Offering, Record Date Set for September 30

Mobile-health Network Solutions (NASDAQ:<a href="https://www.benzinga.com/stock/MNDR#NASDAQ">MNDR</a>) ("MaNaDr" or "the Company"), a leading Asia-Pacific telehealth provider, today announced that it received a notice dated September 18, 2024, from the Listings Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the minimum bid price per share of its Class A ordinary shares ("Class A Ordinary Shares") was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"). The Nasdaq notification letter does not result in the immediate delisting of the Company's Class A Ordinary Shares, and the shares will continue to trade uninterrupted under the symbol "MNDR." &nbsp;
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of one hundred eighty (180) calendar days, or until March 17, 2025 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's Class A Ordinary Shares is at least $1.00 for a minimum of ten (10) consecutive business days, Nasdaq will provide the Company a written confirmation of compliance, and the matter will be closed.
In the event the Company does not regain compliance by March 17, 2025, the Company may be eligible for an additional 180 calendar day grace period. To qualify, the Company will be required to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten (10) business days prior to March 17, 2025, or the expiration of the second compliance period if granted.

Government

Regulations

MNDR

Reported Friday, MaNaDr Receives Nasdaq Notice for Minimum Bid Price Rule Violation, Has Until March 2025 to Comply

Saba Capital Income &amp; Opportunities Fund II (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SABA#NYSE">SABA</a>) (the "Fund"), a registered closed-end management investment company listed on the New York Stock Exchange, today announced that its Board of Trustees has renewed its share repurchase authorization for the Fund to repurchase up to 10% of its total common shares for the fiscal year ending October 31, 2025.
The share repurchase program is intended to increase the Fund's net asset value ("NAV") to the benefit of all shareholders and help create further value for shareholders by reducing the Fund's discount to NAV.
The Fund may repurchase shares through open market transactions, at the discretion of the Fund's investment adviser. In exercising its discretion consistent with its portfolio management responsibilities, the investment adviser will take into account various factors, including, but not limited to, timing, the quantity of repurchases, the level of the discount, the Fund's performance, portfolio holdings, dividend history and objectives, market conditions, cash on hand, the availability of other attractive investments, and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, federal securities laws and rules that restrict repurchases.
There is no assurance that the market price of the Fund's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that the program will enhance shareholder value. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Investors should consider the investment objective, risks and expenses carefully. You can obtain the Fund's most recent periodic reports and filings by visiting <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sec.gov%2Fedgar%2Fbrowse%2F%3FCIK%3D828803%26owner%3Dexclude&amp;esheet=54125321&amp;newsitemid=20240920050661&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.sec.gov%2Fedgar%2Fbrowse%2F%3FCIK%3D828803%26amp%3Bowner%3Dexclude&amp;index=1&amp;md5=6ea55a096c339655a4603de599e135e0">https://www.sec.gov/edgar/browse/?CIK=828803&amp;owner=exclude</a>.

Buybacks

SABA

Reported Friday, Saba Capital Fund II Announces 10% Share Buyback Plan, Targets NAV Improvement

Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) ("Rocket Lab" or "the Company"), a global leader in launch services and space systems, today successfully launched its 53rd Electron mission and deployed five satellites to Low Earth Orbit for French Internet-of-Things (IoT) company Kinéis.
&nbsp;
&nbsp;
Rocket Lab's Electron takes to the skies for its 53rd launch out of Mahia, NZ, for return French Internet-of-Things customer, Kinéis. Photo Credit: Rocket Lab
The ‘Kinéis Killed the RadIOT Star' lifted off from Rocket Lab Launch Complex 1 in Mahia, New Zealand, at 11:01 a.m. on 21 September NZST (23:01, 20 September UTC), successfully deploying five satellites to a 643 km orbit. The mission was the second of five dedicated Electron launches for Kinéis, a company backed by private and public investors including the French government's space agency CNES (Centre National d'Études Spatiales) and CLS (Collecte Localisation Satellites), an international space-based solutions provider, to improve global IoT connectivity. The Kinéis constellation is designed to make it possible to connect and locate any connected object anywhere in the world, enabling data transmission to users in near-real time, at low bit rates and with very low energy consumption. By enabling internet connection to the Earth's most remote locations, Kinéis constellation can support forest fire detection, water resource management, infrastructure and energy network monitoring, transport and logistics tracking, and much more.
Rocket Lab founder and CEO Sir Peter Beck said: "Today's successful launch marks another milestone for Rocket Lab as we continue to enable innovative companies like Kinéis to push the boundaries of global IoT connectivity. With each mission, we are bringing the world closer together, allowing vital data to be transmitted from the remotest corners of the Earth."
Across 53 launches Rocket Lab has now deployed 197 satellites for a diverse range of customers and missions, including NASA missions to the Moon, the National Reconnaissance Office and Space Force missions supporting national security and defense, scientific research to combat climate change, and commercial constellations providing vital data and services to millions of people on Earth.

RKLB

Reported Friday, Rocket Lab Successfully Launches 53rd Mission, Deploys Satellites for French IoT Company Kinéis

Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), today presented data informing clinical strategies for switching patients to UZEDY&#xAE;, an extended-release injectable suspension of risperidone for subcutaneous use every one or two months for the treatment of schizophrenia in adults, from a once-monthly subcutaneous injection of Perseris&#xAE; (RBP-7000). The results were presented during the 37th Annual European College of Neuropsychopharmacology (ECNP) Congress taking place between September 21-24, 2024, in Milan, Italy.
Schizophrenia is a complex medical condition that may require switching from an oral option or between different long-acting injectable options during the patient treatment journey. These data further clinical understanding of optimal treatment strategies when switching to UZEDY from Perseris&#xAE;.
"Schizophrenia patients and healthcare providers rely on evidence-based studies that can help inform their treatment decisions. That is why Teva is dedicated to building on our commitment to neuroscience and schizophrenia and helps provide these clinical insights on UZEDY switching strategies, along with its role in long-acting treatment options," said Eric Hughes, MD, PhD, Executive Vice President of Global R&amp;D and Chief Medical Officer at Teva. "Up to 80% of schizophrenia patients experience multiple relapses in the first five years, making switching treatments a common experience in the search for optimal treatment. With UZEDY, Teva is building a robust portfolio of research that can help determine if and when it may be the right long-acting option."
In a population pharmacokinetic (PopPK) analysis, simulations were conducted to predict pharmacokinetic (PK) exposures when switching to UZEDY 4-6 weeks after the last injection of once-monthly RBP-7000. The simulation models indicated that switching to UZEDY 4 weeks after the last dose of once-monthly RBP-7000 resulted in comparable PK properties of UZEDY at both the initial exposure and steady state. Comparable doses included UZEDY at 100 mg (once-monthly dosing) or 200 mg (once-every-two-months dosing) to 120 mg of once-monthly RBP-7000.1
Any switching strategy should be determined by clinicians on an individual patient basis, considering factors such as patient preference, scheduling convenience and potential tolerability issues or risk of symptom breakthrough.
"Every person living with schizophrenia has unique treatment needs and preferences that may also evolve over time. For my patients, I encourage discussion around key factors like treatment adherence, dosing frequency, symptom control, and rate of relapse which inform what treatment option may be the most appropriate," said Christoph Correll, MD, Professor of Psychiatry at the Zucker School of Medicine, Hempstead, NY. "For healthcare providers, there is also a significant knowledge gap in the available clinical data on switching patients between the various LAI treatment options, which have differing pharmacokinetic properties and dosing considerations. Insights from studies like these are crucial for researchers and clinicians like myself, as they help us become more informed and better serve our patients."
Additional key data being presented at ECNP 2024 included new quantitative results from the ADVANCE (Attitudes Driving Regional Differences in LAI Antipsychotic Utilization for Schizophrenia Among HCPs, Patients and Caregivers) surveys, including:
<ul>
<li>Among 447 people living with schizophrenia and 375 caregivers, most common patient-reported reasons for accepting an LAI (n=331) were improvement of symptoms/condition with LAIs (68%, n=224), recommendation by their HCP (65%, n=214) and ease of using LAIs versus oral antipsychotics (57%, n=189).1</li>
<li>Patients also reported using LAIs due to fewer side effects versus oral antipsychotics (38%, n=127) and to help prevent hospitalization (20%, n=67).1</li>
<li>Caregivers (n=229) reported that patients accepted LAIs based on ease of use versus oral antipsychotics (78%, n=178), to help prevent hospitalization (62%, n=143) and perception that LAIs would work better for improving condition/symptoms (62%, n=143).1</li>
<li>Among a sample of 791 HCPs from 8 different countries, most HCPs reported that the primary reason for recommending an LAI to a patient was nonadherence to oral medication, with the exception of South Korea where the most common reason was that an LAI would be more efficacious than oral.1</li>
<li>The primary reasons cited for not recommending an LAI were patient clinical characteristics and the lack of an available LAI formulation of the patient's current oral treatment, except for China and South Korea, where the primary reasons were LAI cost to patient and LAI product not marketed, respectively.</li>
</ul>

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