The Magnificent Seven tech giants are rewriting the playbook on market dominance, with their combined market capitalization surging to <a href="https://www.benzinga.com/topic/magnificent-seven">an unprecedented $18.2 trillion.</a>



Five out of the seven juggernauts — Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) — smashed through record highs during Wednesday trading, solidifying their grip on the global stock market and fueling another strong rally in 2024.



The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>), a closely watched benchmark for the group's market performance, surged 2.8% on Wednesday, setting a new all-time high.



Notably, Tesla shares soared to fresh all-time highs after surpassing the peak set in November 202. The EV-maker has gained 67% since the U.S. presidential election, thanks to its innovative ability to scale like a software company.



&#8220;Because Tesla can remotely update its fleet&#8217;s software, its ability to scale and grow are more similar to the other tech companies in the&nbsp;Magnificent-7&nbsp;than an auto manufacturer,&#8221; said Wall Street veteran investor Ed Yardeni in a note Wednesday. 



Alphabet led the day's rally with a 4.63% gain, while Apple lagged, showing a flat performance.



The elite group of tech giants has delivered an average return of 67.1% year-to-date, compared to a record-breaking 111.7% average return in 2023.



Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) were the only members of the elite group that did not hit new all-time highs during Wednesday's trading session.



Yet, Nvidia remains the standout performer with a staggering year-to-date gain of 182%, securing its position as the top performer in the Magnificent Seven.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Name</td><td>Market Cap</td><td>All-time high</td><td>1-Day %chg</td><td>Total Return (YTD)</td><td>Total Return (2023)</td></tr><tr><td>Apple Inc.</td><td>$3.745 trillion</td><td>Dec. 11, 2024</td><td>-0.11%</td><td>29.38%</td><td>49.01%</td></tr><tr><td>NVIDIA Corporation</td><td>$3.417 trillion</td><td>Nov. 21, 2024</td><td>3.62%</td><td>182.08%</td><td>239.02%</td></tr><tr><td>Microsoft Corporation</td><td>$3.336 trillion</td><td>July 5, 2024</td><td>1.24%</td><td>20.17%</td><td>58.19%</td></tr><tr><td>Amazon.com, Inc.</td><td>$2.417 trillion</td><td>Dec. 11, 2024</td><td>2.18%</td><td>51.06%</td><td>80.88%</td></tr><tr><td>Alphabet Inc.</td><td>$2.374 trillion</td><td>Dec. 11, 2024</td><td>4.63%</td><td>38.41%</td><td>58.83%</td></tr><tr><td>Meta Platforms, Inc.</td><td>$1.597 trillion</td><td>Dec. 11, 2024</td><td>2.39%</td><td>79.09%</td><td>194.13%</td></tr><tr><td>Tesla, Inc.</td><td>$1.348 trillion</td><td>Dec. 11, 2024</td><td>4.68%</td><td>69.00%</td><td>101.72%</td></tr></tbody><tfoot><tr><td>Total</td><td>$18.233 trillion</td><td></td><td></td><td></td><td></td></tr><tr><td>Median</td><td>$2.417 trillion</td><td></td><td></td><td>51.25%</td><td>80.88%</td></tr><tr><td>Average</td><td>$2.605 trillion</td><td></td><td></td><td>67.13%</td><td>111.68%</td></tr></tfoot></table></figure>



<h2 class="wp-block-heading">Latest Magnificent Seven Headlines</h2>



<ul>
<li><a href="https://www.benzinga.com/24/12/42446686/google-introduces-ai-agent-prototype-that-can-browse-the-web">Google Introduces AI Agent Prototype That Can Browse The Web</a></li>



<li><a href="https://www.benzinga.com/general/social-media/24/12/42446823/meta-platforms-suffers-major-outage-facebook-instagram-and-other-apps-down-for-thousands">Meta Platforms Suffers Major Outage: Facebook, Instagram And Other Apps Down For Thousands</a></li>



<li><a href="https://www.benzinga.com/tech/24/12/42443584/apple-strengthens-genai-with-ios-182-genmoji-image-playground-come-to-iphone">Apple Strengthens GenAI With iOS 18.2: Genmoji, Image Playground Come To iPhone</a></li>



<li><a href="https://www.benzinga.com/trading-ideas/movers/24/12/42439155/broadcom-stock-jumps-on-apple-ai-chip-report-whats-going-on">Broadcom Stock Jumps On Apple AI Chip Report: What&#8217;s Going On?</a></li>



<li><a href="https://www.benzinga.com/news/legal/24/12/42444266/nvidia-loses-supreme-court-appeal-faces-continued-legal-battle-over-cryptocurrency-disclosure">Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure</a></li>



<li><a href="https://www.benzinga.com/tech/24/12/42430502/tesla-tops-nvidia-and-apple-in-innovation-analyst-sees-significant-market-cap-upside-for-elon-musk-led-ev-giant">Tesla Tops Nvidia And Apple In Innovation: Analyst Sees Significant Market Cap Upside For Elon Musk-Led EV Giant</a></li>



<li><a href="https://www.benzinga.com/markets/equities/24/12/42429325/robotaxi-exit-to-clear-the-way-for-gm-to-license-tesla-fsd-says-gary-black-move-will-save-the-mary-barra-led-company-1b-a-year">Robotaxi Exit To &#8216;Clear The Way&#8217; For GM To License Tesla FSD, Says Gary Black — Move Will Save The Mary Barra-Led Company $1B A Year</a></li>



<li><a href="https://www.benzinga.com/24/12/42428505/google-asks-ftc-to-kill-microsofts-monopoly-over-hosting-openai-technology-on-its-cloud-servers-report">Google Wants FTC To Dismantle Microsoft&#8217;s Exclusive Cloud Hosting Deal With OpenAI: Report</a></li>



<li><a href="https://www.benzinga.com/24/12/42446686/google-introduces-ai-agent-prototype-that-can-browse-the-web">Google Introduces AI Agent Prototype That Can Browse The Web</a></li>
</ul>



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Magnificent Seven Tech Titans Hit $18.2 Trillion Market Cap: Alphabet, Amazon, Apple, Meta, Tesla Jointly Notch All-Time Highs

Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) reported fourth-quarter financial results after the market close on Wednesday. Here&#8217;s a look at the key metrics <a href="https://www.benzinga.com/pressreleases/24/12/b42447918/adobe-reports-record-q4-and-fiscal-2024-revenue">from the quarter</a>.



Q4 Earnings: Adobe reported fourth-quarter revenue of $5.61 billion, beating the&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $5.54 billion. The company reported fourth-quarter adjusted earnings of $4.81 per share, beating analyst estimates of $4.66 per share.



Adobe has now exceeded analyst estimates in eight consecutive quarters, according to earnings data from&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 11% year-over-year, digital media revenue was up 12% year-over-year and digital experience revenue was up 10% year-over-year. 



Remaining performance obligations came in at $19.96 billion, up 16% year-over-year. Cash flows from operations totaled $2.92 billion in the fourth quarter. Adobe noted that it repurchased approximately 4.6 million shares during the period.



&#8220;Adobe delivered record FY24 revenue, demonstrating strong demand and the mission-critical role Creative Cloud, Document Cloud and Experience Cloud play in fueling the AI economy,&#8221; said&nbsp;Shantanu Narayen, chair and CEO of Adobe.



&#8220;Our highly differentiated technology platforms, rapid pace of innovation, diversified go-to-market and the integration of our clouds position us for a great year ahead.&#8221;



Related Link: <a href="https://www.benzinga.com/24/12/42446804/costco-q1-earnings-preview-membership-fee-increase-in-focus-with-shares-at-all-time-highs">Costco Q1 Earnings Preview: Membership Fee Increase In Focus With Shares At All-Time Highs</a>



Guidance:&nbsp;Adobe expects first-quarter revenue to be in the range of $5.63 billion to $5.68 billion versus estimates of $5.73 billion. The company anticipates first-quarter adjusted earnings of $4.95 to $5 per share versus estimates of $4.95 per share.



Adobe expects full-year 2025 revenue to be between $23.3 billion and $23.55 billion versus estimates of $23.79 billion. Adobe sees full-year adjusted earnings in the range of $20.20 to $20.50 per share versus estimates of $20.55 per share, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Adobe shares appear to be facing selling pressure due to the company&#8217;s soft guidance. Management will further discuss the quarter on a call with analysts and investors from 5 p.m. to 6 p.m. ET. 



ADBE Price Action: <a href="https://www.benzinga.com/quote/ADBE" target="_blank" rel="noreferrer noopener">Adobe shares</a> were down approximately 7.5% year-to-date heading into the print. At the time of publication Wednesday, the stock was down 7.63% at $507.99 in after-hours, according to <a href="http://pro.benzinga.com" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



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<li><a href="https://www.benzinga.com/24/12/42447332/alphabets-quantum-willow-chip-wows-analyst-google-at-the-leading-edge-of-technology-innovation">Alphabet&#8217;s Quantum Willow Chip Wows Analyst: Google At The &#8216;Leading Edge Of Technology Innovation&#8217;</a></li>
</ul>



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Adobe Q4 Earnings: Revenue, EPS Beat On Strong Demand Related To AI, Shares Slide Following Soft Guidance

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is the top stock pick in the automotive sector for 2025, Morgan Stanley analysts led by Adam Jonas said in a note covering electric vehicles (EVs).



Tesla Top Stock Pick: Jonas&#8217; note came ahead of Tesla hitting <a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42434317/tsla-stock-surges-in-premarket-after-multiple-price-target-hikes">new all-time highs </a>Wednesday.



Jonas reiterated an Overweight rating on Tesla and raised the price target from $310 to $400.



"Elon Musk's entry into the political sphere has expanded investor thinking around Tesla's fundamental outlook," Jonas said of Tesla CEO Elon Musk.



<a href="https://www.benzinga.com/news/management/24/12/42444955/elon-musk-first-person-worth-400-billion-as-tesla-stock-hits-new-all-time-highs-how-2024-election-helped-could-lead-to-future-gains">Tesla stock rallied</a> since the 2024 presidential election. The big question is whether the move is temporary or the start of more to come.



"Will Tesla begin to play a greater role in the US renewable/autonomous industrial complex?" Jonas asks.



Jonas said client conversation see enthusiasm for AI, data centers, renewable energy and robotics. The conversations acknowledge that it's important for the U.S. to be a leader in these sectors, Jonas added.



"Based on our discussions, at least, Tesla is very frequently excluded from the potential paths of expression in a portfolio."



Tesla's total addressable market outside of its core automotive market is likely to expand. It might not be included in financial models for the stock, Jonas said.



Jonas said there could be risks on Tesla's autonomous vehicles and more items over time. But the close relationship between Musk and President-elect Donald Trump could prove key to unlocking value. Government and industrial partnerships could prove key for growth in EVs, autonomous vehicles and robotics, Jonas added.



"Elon Musk's emergence from a political ‘outsider' to having a voice in potential policies may, at some level, accelerate Tesla's journey beyond autos."



You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/biotech/24/12/42366750/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>



Other Auto Picks: Outside of Tesla, Jonas and team see a "bumpy road" ahead for EVs and autonomous vehicles.



"The US election result has extended the ‘ICE is Nice' trade for a bit longer but keep on the lookout for hidden value in the EV ecosystem into the 2H," Jonas said.



Jonas upgraded General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) from Underweight to Equal-Weight and raised the price target from $46 to $54.



The analyst said smaller EV companies could be the most at risk with the new administration. Trump promised <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">to end EV credits</a>.



"While Tesla may see share gain long term even with a less supportive EV regulatory backdrop, smaller scale EV start-ups Rivian and Lucid may see greater risks to production."



Jonas has an Equal-Weight rating on Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) and an Underweight rating on Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>).



Rivian's valuation has the appropriate risk/reward for the balance between trying to achieve profitability and trying to get value out of its technology, the analyst added.



Price Action: Tesla stock closed Wednesday 5.93% higher at $424.77, hitting new all-time highs of $424.88 during the trading session. Tesla stock is up 71% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">Tesla Q3 Earnings Highlights: EPS Beat, Revenue Miss, Shares Climb On 2025 Timeline For Lower-Cost EVs</a></li>
</ul>



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Tesla Is Analyst's Top 2025 Stock Pick: Elon Musk Political Involvement May 'Accelerate' EV Maker Beyond Autos

U.S. Rep. Morgan McGarvey (D-Ky.) recently disclosed he bought and sold shares of Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) in November, with the transactions occurring shortly after Donald Trump won the <a href="https://www.benzinga.com/general/social-media/24/11/41784933/donald-trumps-wealth-soars-with-2024-election-win-heres-how-much-president-elect-is-worth-ho">2024 presidential election.</a>



What Happened: McGarvey, who has been outspoken throughout the year about Trump, disclosed that he bought shares of the company co-founded by Trump, as shown on the Benzinga <a href="https://www.benzinga.com/gov-trades/members/morgan-mcgarvey">Government Trades page.</a>



Benzinga has contacted both McGarvey and Trump Media &amp; Technology group for comment on this story.



The Representative disclosed the following transactions on Dec. 10:



<ul>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>): Sold $1,000 to $15,000</li>



<li>Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>): Sold $1,000 to $15,000</li>



<li>Interactive Brokers (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>): Sold $1,000 to $15,000</li>



<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>): Sold $1,000 to $15,000</li>



<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>): Sold $1,000 to $15,000, Sold $1,000 to $15,000, Sold $1,000 to $15,000, Sold $1,000 to $15,000, Sold $15,000 to $50,000 (five separate transactions)</li>



<li>Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>): Sold $1,000 to $15,000</li>



<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): Sold $1,000 to $15,000</li>



<li>Trump Media &amp; Technology: Bought $1,000 to $15,000, Sold $1,000 to $15,000</li>
</ul>



All of the transactions were made on Nov. 13, with the exception of DJT, with the buy date listed as Nov. 6 and the sale date listed as Nov. 8.



In the notes sections on the filing, McGarvey said DJT was "purchased without knowledge of filer or spouse." The notes also said that DJT stock was sold for a loss, as <a href="https://www.quiverquant.com/congresstrading/politician/Morgan%20McGarvey-M001220">reported </a>by Quiver Quant.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent121124">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Why It's Important: The timing of the transaction, which occurred the day after the 2024 election was won by Trump, and the fact that McGarvey is a Democratic member of Congress will likely put a large spotlight on this transaction.



DJT stock <a href="https://www.benzinga.com/news/earnings/24/11/41760961/djt-stock-volatile-on-election-day-donald-trumps-media-company-reports-q3-earnings-growth-initiativ">saw huge volatility</a> and a price increase in the lead up to the 2024 presidential election on Nov. 5. McGarvey's buy transaction took place on Nov. 6, the day after the election.



DJT stock traded between $34.13 and $45.77 on Nov. 6 when the shares were bought. On Nov. 8, when shares were sold, DJT stock traded between $26.70 and $33.03. Shares trade at $34.14 at the time of writing Wednesday. 



The DJT trade could contradict McGarvey&#8217;s outspoken stance on Trump.



"In America, no one is above the law. Donald Trump, the convicted felon, is the presumptive Republican nominee for president and he is unfit to serve in any public office, especially the President of the United States," McGarvey <a href="https://mcgarvey.house.gov/media/press-releases/congressman-morgan-mcgarveys-statement-on-former-president-trump-found-guilty-on-all-34-felony-charges">said </a>back in May when Trump was found guilty on 34 felony charges.



In July, McGarvey also <a href="https://mcgarvey.house.gov/media/press-releases/congressman-morgan-mcgarveys-statement-on-dismissal-of-trumps-classified-documents-case">shared </a>comments on the dismissal of Trump's classified documents case.  



While McGarvey saw a loss in the DJT trade, he likely profited from selling the Tesla shares. McGarvey reported purchasing Tesla stock on Oct. 25, when shares were priced between $255.32 and $269.49. By Nov. 13, Tesla traded in the range of $322.50 to $344.60, and as of now, the stock stands at $411.52.



U.S. Rep. Marjorie Taylor Greene (D-Ga.) <a href="https://www.benzinga.com/government/24/09/41031499/marjorie-taylor-greene-stays-loyal-to-trump-keeps-djt-stock-buys-into-warren-buffetts-berkshire-in-l">previously disclosed buying</a> shares of Digital World Acquisition back in October 2021, the SPAC that took the media company public in March 2024.



The transaction was done with shares trading between $67.96 to $118.80. A tweet from UnusualWhales pins the purchase price at $94.20, meaning Greene is down significantly on her $15,000 to $50,000 purchase of the Trump-linked stock.



DJT Price Action: Trump Media &amp; Technology stock traded at $34.15 Wednesday, versus a 52-week trading range of $11.75 to $79.38.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42330146/congressman-buys-meme-coins-ski-mask-dog-coin-climbs-in-value-after-disclosure-i-liked-the-coins-so-i-bought-them">Congressman Buys Meme Coins? Ski Mask Dog Coin Climbs In Value After Disclosure: &#8216;I Liked The Coins, So I Bought Them&#8217;</a></li>
</ul>



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Democratic Congressman Bought DJT Stock After 2024 Election, Months After Saying Donald Trump 'Unfit To Serve'

FBI Director Christopher Wray on Wednesday announced his resignation, effective at the end of the current administration, paving the way for President-elect Donald Trump to formally nominate Kash Patel <a href="https://www.benzinga.com/general/social-media/24/12/42378469/anthony-scaramucci-compares-trumps-fbi-pick-kash-patel-to-matt-gaetz">as his potential successor</a>. 



Wray, who has served since 2017, cited his decision as a way to minimize political distractions and ensure the bureau remains <a href="https://www.benzinga.com/topic/fbi">focused on its mission.</a>



What Happened: According to <a href="https://www.cnbc.com/2024/12/11/fbi-director-christopher-wray-to-resign-before-trump-takes-office.html">CNBC</a>, Wray revealed his decision during a town hall meeting, with the FBI releasing a statement outlining his plans.



&#8220;After weeks of careful thought, I've decided the right thing for the bureau is for me to serve until the end of the current administration in January and then step down,&#8221; Wray said. His announcement comes shortly after Trump's declaration last month that he intends to nominate Patel as the next FBI Director, signaling major changes for the bureau.



Patel, a former prosecutor and staunch Trump loyalist, has been outspoken about his plans to overhaul the FBI. He has advocated for reducing its intelligence-gathering responsibilities, prioritizing criminal investigations, and <a href="https://www.benzinga.com/news/24/12/42256740/trump-taps-loyalist-patel-for-fbi-director-signaling-major-overhaul">decentralizing its personnel.</a> 



His vision also includes transforming the FBI's headquarters, the Hoover building, into what he described as a &#8220;museum of the deep state.&#8221;



Also Read: <a href="https://www.benzinga.com/politics/24/12/42278429/trump-fbi-pick-kash-patels-wealth-has-grown-from-trump-media-board-position-consulting-deal-and-trump-themed-childrens-books">Trump&#8217;s FBI Pick Kash Patel Builds Wealth Through Trump Media, PAC Payments, Kid&#8217;s Books</a>



Why It Matters: The transition from Wray to Patel marks a pivotal moment for the FBI, with significant implications for its mission and operations. Patel's nomination reflects Trump's broader intent to reshape federal institutions and align them with his administration's agenda. 



Senate Democrats and some Republicans are expected to scrutinize Patel's confirmation, raising concerns about the potential politicization of the bureau.



&#8220;The biggest problem the FBI has had, has come out of its intel shops. I'd break that component out of it,&#8221; Patel said in a September interview, Reuters reports. &#8220;I'd shut down the FBI Hoover building on day one and reopen it the next day as a museum of the deep state.&#8221;



Wray's tenure, marked by significant challenges, concludes as the FBI prepares for a potential shift under Patel's proposed vision, which emphasizes decentralization and a renewed focus on criminal investigations.



Read Next:



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<li><a href="https://www.benzinga.com/24/12/42333675/fbi-warns-of-ongoing-china-backed-telecom-hacks-heres-how-encrypted-messaging-could-be-your-last-line-of-defense">FBI Warns Of Ongoing China-Backed Telecom Hacks: Here&#8217;s Why Encrypted Messaging Could Be Your Last Line Of Defense</a></li>
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Christopher Wray To Step Down As FBI Faces Leadership Shift

Alphabet Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) foray into quantum computing technology with Willow has found <a href="https://www.benzinga.com/topic/wall-street">Wall Street admirers</a>.



The Alphabet Analyst: On Tuesday, Bank of America analyst Justin Post issued a note on Alphabet following Google&#8217;s unveiling of Willow. The analyst reiterated his Buy rating for the company with a price target of $210.



Main Takeaways: Alphabet&#8217;s announcement centered on reducing the number of errors with quantum computing as computing power increased and <a href="https://www.benzinga.com/24/12/42397333/google-quantum-ais-willow-chip-outsmarts-supercomputers-completing-tasks-in-minutes-that-would-take-10-septillion-years">a benchmark computation</a> that showed the chip performing much faster than current computing capacity.



Post noted that Willow could provide Alphabet with a significant tech moat in the long run. He estimated the commercial introduction of the technology to be several years away. 



Still, Post is optimistic.



&#8220;Advancements with Willow, which illustrate that Alphabet remains at the leading edge of technology innovation, are important for stock sentiment,&#8221; he said. &#8220;Alphabet has a track record of developing next-gen technologies with successful monetization,&#8221; he continued. &#8220;Products and technologies that have proven applications and could be underappreciated in the stock could include AI Overviews (using Gemini), TPUs, Cloud, Workspace, and Waymo.&#8221;



Alphabet&#8217;s stock is trading up over 10% this week, closing in on a market capitalization of over $2.5 trillion.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/news/management/24/12/42444955/elon-musk-first-person-worth-400-billion-as-tesla-stock-hits-new-all-time-highs-how-2024-election-helped-could-lead-to-future-gains">Elon Musk First Person Worth $400 Billion As Tesla Stock Hits New All-Time Highs: How 2024 Election Helped</a></li>
</ul>



Image: Shutterstock

GOOG

Alphabet's Quantum Willow Chip Wows Analyst: Google At The 'Leading Edge Of Technology Innovation'

Billionaire Elon Musk is the first person ever worth more than $400 billion, thanks to a continue surge in the price of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock since Donald Trump won the<a href="https://www.benzinga.com/news/management/24/11/41856784/elon-musks-wealth-tops-300-billion-as-teslas-market-cap-soars-above-1-trillion"> 2024 presidential election.</a>



What Happened: Tesla stock is<a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42434317/tsla-stock-surges-in-premarket-after-multiple-price-target-hikes"> trading higher Wednesday</a> with several analysts raising their price targets on the electric vehicle company.



With shares briefly hitting a new 52-week high of $415 on Wednesday, Tesla has hit a new all-time high. The stock previously hit an all-time high of $414.50 on Nov. 4, 2021, and has an all-time closing high of $409.97 on the same day, which it could also surpass Wednesday if the gains hold.



The soaring price of Tesla stock helped boost Musk&#8217;s wealth to $439.2 billion on Wednesday, according to a Bloomberg report.



The increase comes from Tesla gains and from a recent share sale for SpaceX, the space company founded by Musk. SpaceX is now valued at $350 billion, a valuation that added around $50 billion to Musk's wealth, according to the report.



The valuation of artificial intelligence company xAI, founded by Musk, has also witnessed its valuation more than double since May, adding to Musk's wealth gains.



Musk has added $210.2 billion to his wealth in 2024, based on a<a href="https://www.benzinga.com/general/education/24/01/36454392/worlds-top-10-richest-people-gained-more-wealth-in-2023-than-walmarts-total-value-how-elon-musk"> year-end valuation </a>of $229 billion in 2023 by Bloomberg. This 2024 gain is more than all the richest people in the world are worth except for second and third place Jeff Bezos ($244 billion) and Mark Zuckerberg ($219 billion), respectively.



Are you buying when the CEOs of the Magnificent 7 are selling?



<ul>
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>



Why It's Important: The wealth of Musk has increased by 66% since the 2024 election according to Bloomberg. The gains come with Tesla shares up significantly since Trump's win.



Tesla stock closed at $251.44 on Nov. 5, the day of the 2024 presidential election. The stock closed at $288.53 the next day, posting a significant one-day gain. The stock is up 66.1% year-to-date with the majority of gains coming from early November until now.



While Musk's wealth is already up significantly in 2024, it could increase further in the coming years. Musk could benefit from the new White House administration, which could eliminate EV tax credits that would hurt Tesla competitors.



There is also optimism that the new administration <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42046316/trump-set-to-hand-musk-golden-path-for-tesla-after-reversing-course-on-autonomous-vehicle-ban">could support regulation</a> for self-driving vehicles such as the Tesla robotaxi, reversing course on Trump's<a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship"> previous plan to ban </a>autonomous vehicles.



Musk, who publicly supported Trump, donated money to his campaign and rallied in swing state Pennsylvania, has been picked by the president-elect to co-lead the Department of Government Efficiency.



The Department of Government Efficiency will look at cutting costs in government spending, but could also provide benefits to Musk or take on his competitors. A report said the D.O.G.E. will <a href="https://www.benzinga.com/news/24/11/42255070/musk-ally-ramaswamy-takes-aim-at-bidens-6-6b-loan-to-tesla-rival-rivian">look into a government loan </a>given to Tesla EV rival Rivian Automotive.



Trump has voiced support of Musk's space ambitions and the announcement that Trump will nominate Jared Isaacman<a href="https://www.benzinga.com/trading-ideas/movers/24/12/42323934/shift4-payments-stock-drops-after-ceo-jared-isaacmans-nasa-nomination-whats-going-on"> to lead NASA </a>could help SpaceX. Isaacman is an investor in SpaceX via his payments company Shift4 Payments, according to the report. Isaacman has also been on a commercial spacewalk via a chartered SpaceX launch.



The support for SpaceX by Isaacman could see the company get more government contracts and could boost the valuation further in the coming years.



One item that could dent Musk's wealth is the pending case against his 2018 Tesla pay compensation plan. A Delaware judge <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42279851/elon-musk-56b-pay-package-rejected-by-judge-again-tesla-analyst-says-a-soap-opera-playing-out-in-delaware">struck down the plan again</a>, despite shareholder approval, but Tesla said it will appeal the decision. Without the pay package, Musk would still be the world's richest person, but not at such a high level.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/management/24/10/41302431/elon-musk-to-end-year-as-richest-man-in-the-world-prediction-market-says-yes-higher-chance-than-l">Elon Musk To End Year As Richest Man In The World? Prediction Market Says Yes, Higher Chance Than Larry Ellison Or Jensen Huang</a></li>
</ul>



Photo: Shutterstock

Elon Musk First Person Worth $400 Billion As Tesla Stock Hits New All-Time Highs: How 2024 Election Helped, Could Lead To Future Gains

Luigi Mangione, who is being charged with the <a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">Dec. 4 murder</a> of UnitedHealthcare CEO Brian Thompson, apparently kept a diary of sorts.



Law enforcement officials who <a href="https://www.benzinga.com/general/health-care/24/12/42398524/person-of-interest-named-in-unitedhealthcare-ceos-murder-ghost-gun-found">arrested Mangioni in Pennsylvania</a> on Monday found not only a ghost gun and false IDs, they also discovered a handwritten note and a spiral notebook detailing his plans and a militantly expressed motive for Thompson&#8217;s shooting, <a href="https://www.nytimes.com/2024/12/11/nyregion/luigi-mangione-assassination-plan-notebook.html?campaign_id=190&amp;emc=edit_ufn_20241211&amp;instance_id=141940&amp;nl=from-the-times&amp;regi_id=136109156&amp;segment_id=185442&amp;user_id=e415429009fa21c5b8b4141c24d72bca">reported</a> the New York Times Wednesday, citing local police officials. 



<h2 class="wp-block-heading">For Starters, Kill A CEO</h2>



"What do you do? You wack the C.E.O. at the annual parasitic bean-counter convention. It's targeted, precise and doesn't risk innocents," was one passage in the notebook, officials said. 



Thompson was shot and killed outside a UnitedHealth Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) investor day event. UnitedHealthcare is the insurance unit of UnitedHealth Group. 



After Mangione was arrested after being <a href="https://www.benzinga.com/general/restaurants/24/12/42427146/pennsylvania-mcdonalds-where-unitedhealthcare-ceo-murder-suspect-arrested-gets-review-bombed-more-like-narc-donalds">recognized by customers and employees</a> at a McDonalds (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NASDAQ">MCD</a>) in Altoona, Pennsylvania, authorities found a 262-word handwritten note, which seemed to be construed as taking responsibility for shooting Thompson on a midtown Manhattan street.



According to a New York Police Department internal report, which referred to Mangione&#8217;s note as a manifesto, the 26-year-old suspect viewed Thompson's murder as a "symbolic takedown," per the NY Times. The NYPD opined that Mangione "likely views himself as a hero of sorts who has finally decided to act upon such injustices" and expressed concern that others might see him as a "martyr and an example to follow."



<h2 class="wp-block-heading">Fingerprints Match Up</h2>



Local<a href="https://ktvl.com/news/nation-world/luigi-mangiones-fingerprints-match-prints-found-at-the-scene-of-unitedhealthcare-ceo-brian-thompson-killing-law-enforcement-sources-midtown-manhattan-altoona-pennsylvania-mcdonalds-arrest-health-insurance-motive-forensic-evidence"> Pennsylvania news outlets</a> also reported on Wednesday that Mangioni's fingerprints have been positively matched to those found at the New York City shooting. The fingerprints match those found on a water bottle and candy bar wrapper recovered near the crime scene, the New York Post <a href="https://nypost.com/2024/12/11/us-news/luigi-mangione-in-custody-12-11-2024/">reported</a>, citing a law enforcement official. 



<h2 class="wp-block-heading">Lawyer Says No To Extradition</h2>



Mangione's lawyer, Thomas Dickey, denies his client's involvement in the New York murder, noted CNN, and says Mangione will likely plead not guilty to the murder charge, among other counts. Mangione also plans to plead not guilty to Pennsylvania charges related to the gun and fake ID police found on him, Dickey said.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/news/24/12/42435528/google-removes-negative-reviews-targeting-altoona-mcdonalds-after-arrest-of-suspected-unitedhealthcare-ceo-shooter-tip">Google Removes Negative Reviews Targeting Altoona McDonald&#8217;s After Arrest Of Suspected UnitedHealthcare CEO Shooter Tip</a></li>
</ul>



Photo courtesy of Pennsylvania State Police.

Legal

'Wack The CEO,' United Health Care Murder Suspect Luigi Mangione Says In Papers Found By Police

<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42436676/inflation-rises-as-expected-in-november-sustain-hopes-for-next-weeks-fed-interest-rate-cut">An inline November inflation report</a> unleashed a surge of bullish momentum across markets on Wednesday.



Traders priced in near-certainty of a 25-basis-point rate cut at next week's Federal Reserve meeting, fueling optimism for a<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42436676/inflation-rises-as-expected-in-november-sustain-hopes-for-next-weeks-fed-interest-rate-cut"> more accommodating monetary policy.</a>



The Consumer Price Index rose by 2.7% year-over-year in November, matching expectations. Core inflation — excluding volatile items such as energy and food — remained steady at 3.3%.



Tech stocks took center stage as the Nasdaq 100 rallied 1.7%, notching a fresh record high and logging its best session in over a month. The so-called &#8220;Magnificent Seven&#8221; mega-cap stocks were the driving force behind the gains.



The Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>) jumped 2.6%, its best performance since Nov. 6, eyeing its eighth positive session in the last nine trading days.



Six of the seven mega-cap tech giants hit record highs, with the group's combined market cap reaching a staggering $17.3 trillion. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) was the sole exception among the elite names.



The S&amp;P 500 joined the rally, climbing 0.9% and nearing its all-time highs. Small-cap stocks added 0.7%, while the Dow Jones Industrial Average remained flat, lagging behind its peers.



Improving rate-cut expectations — fed futures now almost fully pricing in a 25-basis-point rate cut next week — supported gold, with the yellow metal rising 0.9% to 2,717 per ounce, heading for a fourth straight session of gains.



Bullish sentiment returned to the crypto market, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rallying 4% to above $100,000 again, almost erasing losses from prior two sessions. 



Oil prices rose more than 2% on Wednesday, even as OPEC downgraded its global demand outlook for both 2023 and 2024.



<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Nasdaq 100</td><td>21,744.29</td><td>1.8%</td></tr><tr><td>S&amp;P 500</td><td>6,088.08</td><td>0.9%</td></tr><tr><td>Russell 2000</td><td>2,398.19</td><td>0.6%</td></tr><tr><td>Dow Jones</td><td>44,268.39</td><td>0.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120224&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.9% to $608.33.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;flattened at $444.28.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1.8% to $529.86.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.9% to $238.38.</li>



<li>The&nbsp;Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and the Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, both rising 1.6%; the&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.1%.</li>
</ul>



<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>



<ul>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) rallied 4.4% after the tech giant announced the launch of <a href="https://www.benzinga.com/media/24/11/42030331/heres-when-google-gemini-could-be-integrated-with-apple-intelligence">Gemini 2.0 AI model</a>.</li>



<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) soared 5.7%, ahead of its earnings report slated for <a href="https://www.benzinga.com/24/12/42396941/broadcom-likely-for-upside-backed-by-ai-pipeline-market-recovery-vmware-synergy-as-key-ai-semiconductor-and-custom-chip-supplier">Thursday after market closes</a>.</li>



<li>Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) dropped 6.5% after surging 17% on Tuesday, following <a href="https://www.benzinga.com/24/12/42431136/walgreens-stock-pulls-back-326-in-pre-market-trading-as-wall-street-veterans-debate-private-equity-deal-value-amid-sycamore-partners-takeover-talks">reports of a $7.5 billion sale</a> negotiation with Sycamore Partners.</li>



<li>Gamestop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) rallied over 9% in <a href="https://www.benzinga.com/general/gaming/24/12/42425015/gamestop-q3-earnings-revenue-miss-4b-cash-no-more-offerings-planned-in-fiscal-year">reaction to earnings report</a>.</li>



<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) rose 0.4% in anticipation of its quarterly results, set to be released after market close.</li>
</ul>



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/news/legal/24/12/42444266/nvidia-loses-supreme-court-appeal-faces-continued-legal-battle-over-cryptocurrency-disclosure">Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

Macro Economic Events

Mid Cap

Broad U.S. Equity ETFs

Small Cap

Econ #s

Economics

$BTC

AVGO

XLRE

Nasdaq 100 Rallies To Record Highs, Magnificent 7 Market Cap Tops $17 Trillion, Bitcoin Soars To $100,000: What's Driving Markets Wednesday?

Kroger Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) and Albertsons Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>) will remain competitors after a U.S. judge blocked the companies&#8217; proposed merger. It didn&#8217;t take long for them to <a href="https://www.benzinga.com/pressreleases/24/12/b42436436/albertsons-files-lawsuit-against-kroger-for-breach-of-merger-agreement">start acting like it again</a>.



What Happened: Albertsons announced the termination of its proposed merger with Kroger and filed a lawsuit against the grocery giant, accusing Kroger of violating the contractual obligations of the merger agreement by failing to do all it could to secure regulatory approval.



&#8220;Rather than fulfill its contractual obligations to ensure that the merger succeeded, Kroger acted in its own financial self-interest, repeatedly providing insufficient divestiture proposals that ignored regulators&#8217; concerns. Kroger&#8217;s self-serving conduct, taken at the expense of Albertsons and the agreed transaction, has harmed Albertsons&#8217; shareholders, associates and consumers,&#8221; said Tom Moriarty, general counsel and chief policy officer of Albertsons.



On Tuesday, U.S. District Judge Adrienne Nelson <a href="https://www.benzinga.com/news/legal/24/12/42424808/kroger-stock-up-after-judge-blocks-albertsons-deal-what-you-need-to-know">blocked the proposed merger</a> of the two companies after finding the deal would impact competition in the grocery space. Attorneys for both companies previously said the deal would most likely be squashed if the judge ruled in favor of the U.S. Federal Trade Commission.



See Also: <a href="https://www.benzinga.com/news/econ-s/24/12/42440275/wall-street-gains-tech-rallies-tesla-hits-all-time-highs-as-inflation-data-firms-up-feds-next-interest-rate-cut">Wall Street Gains, Tech Rallies, Tesla Hits All-Time High As Inflation Data Firms Up Fed&#8217;s Next Interest Rate Cut</a>



Albertsons alleges Kroger failed to exercise &#8220;best efforts&#8221; and failed to take &#8220;any and all actions&#8221; to make sure the merger was approved as required of the company under terms of the merger agreement. Albertsons also alleges Kroger breached the merger agreement by &#8220;repeatedly refusing&#8221; to divest necessary assets for antitrust approval, ignoring regulators&#8217; feedback and failing to cooperate with Albertsons.



Kroger responded to the accusations Wednesday morning, calling the lawsuit &#8220;baseless and without merit.&#8221;



&#8220;Kroger refutes these allegations in the strongest possible terms,&nbsp;especially in light of Albertsons&#8217; repeated intentional material breaches and interference throughout the merger process, which we will prove in court,&#8221; the company said. 



&#8220;We went to extraordinary lengths to uphold the merger agreement throughout the entirety of the regulatory process and the facts will make that abundantly clear.&#8221;



Albertsons is seeking billions of dollars in damages from Kroger, alleging shareholders were unfairly denied a multi-billion-dollar premium that Kroger agreed to pay for Albertsons shares.



Albertsons also believes it&#8217;s entitled to a $600 million termination fee. Kroger challenged the allegation in its statement and said the company looks forward to responding in court.



KR, ACI Price Action: At the time of publication, Kroger shares were up 0.58% at $61.08 while Albertsons shares were down 0.38% at $18.44, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42440806/adobe-q4-earnings-preview-analyst-says-investors-may-be-missing-healthy-subscriber-growth">Adobe Q4 Earnings Preview: Analyst Says Investors May Be Missing Healthy Subscriber Growth</a></li>
</ul>



Photo: Shutterstock.

Albertsons Puts End To Merger Deal, Sues Kroger Following Court Ruling: 'We Believe Strongly In The Merits Of Our Case'

The U.S. Supreme Court dismissed Nvidia Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) appeal Wednesday of a lower court ruling on <a href="https://www.benzinga.com/topic/legal">a securities fraud lawsuit</a>.



The case, brought by Swedish investment firm E. Ohman J:or Fonder AB, accuses the chipmaker of misleading investors about the extent of its cryptocurrency-related sales.



This decision allows the lower court&#8217;s ruling, which revived the 2018 class action, to stand, Reuters reports.



Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/24/12/42389113/nvidia-hit-with-antitrust-probe-in-china-stock-slides" rel="noreferrer noopener">Nvidia Hit With Antitrust Probe in China, Stock Slides</a>



The plaintiffs allege that Nvidia and its CEO Jensen Huang downplayed the impact of cryptocurrency sales on the company&#8217;s revenue during 2017 and 2018. After <a href="https://www.benzinga.com/news/legal/24/11/41960485/nvidias-crypto-past-returns-to-haunt-as-supreme-court-signals-green-light-for-lawsuit" target="_blank" rel="noreferrer noopener">cryptocurrency profitability declined</a>, Nvidia&#8217;s revenues missed projections, causing its stock price to drop by 28%.



As digital currencies like Bitcoin and Ethereum surged, Nvidia&#8217;s graphics chips gained popularity among cryptocurrency miners. Yet as crypto profitability declined in late 2018, Nvidia&#8217;s revenue fell below projections, leading to a drop in its stock price.



The Supreme Court&#8217;s <a href="https://www.supremecourt.gov/opinions/24pdf/23-970_2dq3.pdf" target="_blank" rel="noreferrer noopener">one-line order did not give further detail</a>. Nvidia argued the plaintiffs failed to prove the company&#8217;s statements were false or intentionally misleading.



Without admitting wrongdoing, Nvidia previously agreed to a $5.5 million settlement with U.S. regulators in 2022 over similar disclosure issues.



According to the Reuters report, President Joe Biden supported the shareholders in the case.



Nvidia stock has surged 174% year-to-date thanks to the artificial intelligence frenzy. Bitcoin has gained 138%. Nvidia surged 2,436% in the last five years compared to Bitcoin&#8217;s 1,292%.



NVDA Price Action: NVDA stock is up 2.5% at $138.45 at the last check on Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/24/12/42420201/trumps-return-threatens-billions-in-us-chip-investment-from-taiwan-samsung" target="_blank" rel="noreferrer noopener">Trump&#8217;s Return Threatens Billions in US Chip Investment from Taiwan, Samsung</a></li>
</ul>



Photo via Shutterstock.

Media

Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure

Wall Street kicked off Wednesday on a positive note as November inflation data came in line with expectations, leaving traders confident in the likelihood of a Federal Reserve interest <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42436676/inflation-rises-as-expected-in-november-sustain-hopes-for-next-weeks-fed-interest-rate-cut">rate cut next week.</a>



The Consumer Price Index rose 2.7% year-over-year in November, slightly above October's 2.6% annual rate, but perfectly aligned with economist forecasts. Core inflation, which excludes volatile categories like food and energy, remained flat at an annual rate of 3.3%, also meeting expectations.



Following the report, the probability of a 25-basis-point rate cut at the Fed's Dec. 18 meeting surged to 96%, up from 86% before the data release, as per CME FedWatch. 



This leaves little doubt that investors are almost fully pricing in an easing move by the central bank, pushing back any fears of a potential pause. 



<h3 class="wp-block-heading">Market Reactions: Stocks Rally, Treasury Yields Dip</h3>



Key equity indices reflected growing optimism:



<ul>
<li>The S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gained 0.5%.</li>



<li>The Nasdaq 100, represented by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), rallied 1% to 21,556 points, just shy of its all-time high of 21,626 set last Friday.</li>



<li>Blue-chip stocks traded flat, while small caps, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), climbed 0.7%.</li>
</ul>



In the bond market, Treasury yields fell across maturities:



<ul>
<li>The 2-year Treasury yield, which is particularly sensitive to monetary policy moves, dropped 4 basis points to 4.10%.</li>



<li>The benchmark 10-year yield declined by 2 basis points to 4.20%.</li>



<li>The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) ticked up 0.1%.</li>
</ul>



Meanwhile, the U.S. dollar index (DXY) – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – held steady. 



<h3 class="wp-block-heading">Standout Stock Performers</h3>



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) climbed 1.2% to $412 per share, marking its highest level since November 2021. The rally followed Goldman Sachs' 12-month price target increase from $250 to $345. </li>



<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) surged 4%, nearly erasing its Tuesday losses as demand recovery in semiconductors bolstered sentiment.</li>



<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) gained 2.8%, extending its rally to a third session after confirming the resumption of 737 MAX production.</li>



<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) rose 2.7%, adding to its 5.3% jump on Tuesday. Shares reached levels last seen in July and moved tantalizingly close to record highs. </li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42434317/tsla-stock-surges-in-premarket-after-multiple-price-target-hikes">TSLA Stock Surges In Wednesday Pre-Market After Multiple Price Target Hikes: Elon Musk-Led EV Giant Has Made Investors $490 Billion Richer So Far In 2024</a></li>
</ul>



Image: Shutterstock

Federal Reserve

Wall Street Gains, Tech Rallies, Tesla Hits All-Time High As Inflation Data Firms Up Fed's Next Interest Rate Cut

Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) could highlight its strong subscriber revenue and growth when the company reports fourth-quarter results after<a href="https://www.benzinga.com/earnings"> market close Wednesday.</a>



Earnings Estimates: Analysts expect Adobe to report fourth-quarter revenue of $5.54 billion, up from $5.05 billion in last year's fourth quarter, according to data from<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent121024&amp;t=be2bearmibe3na1"> Benzinga Pro.</a>



The company has beaten analyst revenue estimates in seven straight quarters and nine of the last 10 quarters overall.



Analysts expect the company to report earnings per share of $4.65 in the fourth quarter, compared to $4.27 in last year's fourth quarter. The company has beaten analyst estimates for earnings per share in 11 straight quarters.



<a href="https://www.benzinga.com/news/earnings/24/09/40843018/adobe-reports-record-q3-revenue-eps-beats-estimates">Guidance from the company</a> sees fourth-quarter revenue coming in a range of $5.50 to $5.55 billion and earnings per share coming in a range of $4.63 to $4.68.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/12/42322196/how-nvidia-paypal-adobe-are-driving-genais-productivity-revolution-report">How Nvidia, PayPal, Adobe Are Driving GenAI&#8217;s Productivity Revolution: Report</a>



What Analysts Are Saying: Adobe could offer a compelling risk-reward profile ahead of 2025, Piper Sandler analyst Brent Bracelin recently said.



The analyst <a href="https://www.benzinga.com/24/12/42349678/adobe-exudes-potential-to-go-from-laggard-to-leader-backed-by-healthy-subscription-improving-growth-metrices">reiterated an Overweight rating</a> and $635 price target on the stock in the note.



Bracelin said with shares down year-to-date, the stock could go from laggard to leader.



Concerns of threats on Adobe's business from artificial intelligence could be overshadowing healthy subscription growth trends, the analyst added.



The analyst said the earnings report could show the durability of subscription growth and high operating margins.



Adobe Express Mobile is also attracting new users with quarterly downloads over 10 million, Bracelin said.



Here are other <a href="https://www.benzinga.com/quote/ADBE/analyst-ratings">analyst ratings on Adobe </a>and their price targets:



<ul>
<li>Citigroup: Maintained Neutral rating, lowered price target from $616 to $590</li>



<li>BMO Capital: Maintained Outperform rating, lowered price target from $600 to $580</li>



<li>RBC Capital: Reiterated Outperform rating, price target $610</li>
</ul>



Key Items to Watch: Subscription revenue and strength will be one of the biggest areas to watch, as shared by Bracelin above.



Investors and analysts will also be looking to hear any comments on how AI is impacting the company and what Adobe is doing to offset this competitive threat.



Updates on new products and their initial reaction will also be an item to watch.



With this being the fourth-quarter financial results, analysts and investors will also be waiting to see if Adobe shares guidance for the next fiscal year. 



ADBE Price Action: Adobe stock is down 0.3% to $545.23 on Wednesday versus a 52-week trading range of $433.98 to $638.25. Adobe stock is down 6% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41339153/adobe-stock-to-turn-from-laggard-to-leader-analysts-highlight-ai-monetization-oppor">Adobe Stock To Turn From Laggard To Leader, Analysts Highlight &#8216;AI Monetization Opportunities&#8217; From MAX Creativity Conference</a></li>
</ul>



Photo: Shutterstock

Previews

Adobe Q4 Earnings Preview: Analyst Says Investors May Be Missing Healthy Subscriber Growth

The price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has soared in 2024 thanks to several catalysts including Bitcoin ETFs, more companies acquiring the cryptocurrency and expectations for a more pro-crypto White House administration with Donald Trump winning the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778425/bitcoins-all-time-high-a-groundbreaking-milestone-and-strong-post-election-rally-coming-ex">2024 presidential election.</a>



As Bitcoin dips below the $100,000 level, Benzinga readers predict whether new all-time highs will be hit next or a further dip to $85,000.



What Happened: Bitcoin has reached several new all-time highs since the 2024 presidential election in November, passing the $80,000 and $90,000 levels and recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331507/happy-bitcoin-100k-day-heres-how-nayib-bukele-brian-armstrong-and-peter-schiff-reacted-to-the-historic-milestone">clearing the $100,000 level.</a>



The leading cryptocurrency hit an all-time high of $103,900.47 on Dec. 4 and spent several days above the $100,000 milestone.



Since then, Bitcoin has fallen and has struggled to pass the milestone again. Benzinga recently asked readers which price milestone they think Bitcoin will hit next.



"Which level is Bitcoin more likely to reach next: $105,000 or $85,000?" Benzinga asked.



The results were:



<ul>
<li>$105,000: 63%</li>



<li>$85,000: 37%</li>
</ul>



The majority of readers polled see Bitcoin reaching all-time highs of $105,000 before the leading cryptocurrency trades back down to $85,000, if it ever goes that low again.



Bitcoin last traded at $85,000 or below one month ago on Nov. 11.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42433831/bitcoin-to-200000-ethereum-to-7000-solana-to-750-in-2025-predicts-bitwise">Bitcoin To $200,000, Ethereum To $7,000, Solana To $750 In 2025, Predicts Bitwise</a>



What's Next: Bitcoin is up 123% year-to-date in 2024, which ranks higher than leading stock indexes and many assets. While many would be happy with ending the year up over 100%, the fact that Bitcoin recently passed $100,000 and the move was short-lived could have investors wanting more.



<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42367065/exclusive-bitcoin-briefly-tops-100000-but-where-do-benzinga-readers-predict-it-will-finish-2024">Benzinga recently asked</a> readers what price they thought Bitcoin would end 2024 at. The results were:



<ul>
<li>Under $90,000: 18%</li>



<li>$90,000 to $100,000: 30%</li>



<li>$100,000 to $120,000: 40%</li>



<li>Over $120,000: 12%</li>
</ul>



The range of $100,000 to $120,000 won the poll with 40% of the vote. Adding in the 12% of respondents who said Bitcoin would trade over $120,000 at year-end and a majority (52%) of voters see a six-figure price to close out the year.



The range of $90,000 to $100,000 got second place in the poll with 30%, suggesting a further pullback could happen in the coming weeks. &nbsp;



Bitcoin topped a poll asking readers to <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378513/can-bitcoin-ethereum-dogecoin-shiba-inu-or-solana-beat-xrp-in-2025-poll-says-yes-one-coin-stands-out">choose which cryptocurrency </a>they believe will outperform others in 2025, including Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), Hedera (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/hbar/usd">HBAR</a>), and XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>).



Bitcoin won the poll with 28% of readers believing the leading cryptocurrency will outperform the other options next year. Ranking second in the poll was XRP with 24%.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/education/24/12/42345466/if-you-invested-1000-in-bitcoin-when-peter-schiff-said-btc-would-never-hit-100k-heres-how-much-youd-have-now">If You Invested $1,000 In Bitcoin When Peter Schiff Said BTC Would Never Hit $100K, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



The study was conducted by Benzinga from Dec. 10 through Dec. 11, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 147 adults.



Photo: Shutterstock

Exclusives

$DOGE

$ETH

$HBAR

$SHIB

$SOL

$XRP

Bitcoin's Next Move: $105,000 Or $85,000? Poll Finds Over 60% Say…

On Wednesday, Macy&#8217;s Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) reported third-quarter sales of $4.74 billion, beating the <a target="_blank" href="https://www.benzinga.com/trading-ideas/technicals/24/12/42422245/macys-q3-earnings-loom-can-bullish-momentum-break-200-day-resistance" rel="noreferrer noopener">consensus of $4.72 billion</a>.



Macy&#8217;s net sales decreased 2.4%, with comparable sales down 2.4% on an owned basis and down 1.3% on an owned-plus-licensed-<a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/b42432930/macys-inc-reports-third-quarter-2024-results" rel="noreferrer noopener">plus-marketplace basis</a>.



Sales growth at Macy&#8217;s First 50 locations, Bloomingdale&#8217;s, and Bluemercury was offset primarily by weakness in Macy&#8217;s non-First 50 locations, digital channels, and cold weather categories.



Also Read: <a target="_blank" href="https://www.benzinga.com//node/42162655" rel="noreferrer noopener">Macy&#8217;s Delays Q3 Earnings Report Amid Investigation Over $154M Accounting Scandal; Stock Dips</a>



Macy&#8217;s go-forward business&nbsp;comparable sales were down 2.0% on an owned basis and down 0.9% on an owned-plus-licensed-plus-marketplace basis.



Bloomingdale&#8217;s net sales were up 1.4%, with comparable sales up 1.0% on an owned basis and up 3.2% on an owned-plus-licensed-plus-marketplace basis. Key drivers included strength in contemporary apparel, beauty, and digital.



Bluemercury net sales were up 3.2%, and comparable sales were up 3.3% on an owned basis.



&#8220;Our third quarter results reflect the positive momentum we are building through our Bold New Chapter strategy,&#8221; said Tony Spring, chairman and chief executive officer of Macy&#8217;s.



&#8220;We are encouraged by the consistent sales growth in our Macy&#8217;s First 50 locations and the strong performance of Bloomingdale&#8217;s and Bluemercury. Quarter-to-date, comparable sales continue to trend ahead of third-quarter levels across the portfolio.&#8221;



In November, the department store chain delayed its Q3 earnings release to allow for&nbsp;the completion of an <a target="_blank" href="https://www.benzinga.com/24/11/42162655/macy-falls-as-preliminary-q3-highlights-mixed-performance-and-154-million-expense-concealment" rel="noreferrer noopener">independent investigation</a>.



In its Q3 earnings release, the company said it identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $151 million of cumulative delivery expenses from the fourth quarter of 2021 through the third quarter of 2024



The retailer reported adjusted EPS of $0.04, down from $0.21 a year ago, beating the consensus of $0.03.



Guidance: Macy&#8217;s expects 2024 sales of&nbsp;$22.3 billion—$22.5 billion, compared to prior&nbsp;guidance&nbsp;of&nbsp;$22.1 billion—$22.4 billion&nbsp;and a consensus of&nbsp;$22.42 billion.



The company expects a 2024 comparable owned-plus-licensed-plus-marketplace sales change of Down ~1.0% to ~flat versus 2023 versus Down ~2.0% to down ~0.5% expected earlier.



Macy&#8217;s expects 2024 adjusted EPS of&nbsp;$2.25-$2.50&nbsp;compared to prior&nbsp;guidance&nbsp;of&nbsp;$2.34-$2.69&nbsp;and a consensus of&nbsp;$2.73, including accounting error.



Price Action: At last check on Wednesday, M stock was down 10.3% at $14.99 during the premarket session.



Read Next:



<ul>
<li><a href="https://www.benzinga.com//node/42177026" target="_blank" rel="noreferrer noopener">Peacock Pays Up: Macy&#8217;s Thanksgiving Parade Costs Set To Balloon For Content-Hungry NBC</a></li>
</ul>



Image via Shutterstock

General

Macy's Lowers Annual Profit Forecast Amid Accounting Misstep, Stock Tumbles

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/report/TSLA">stock closed up</a> 2.9% at $400.99 on Tuesday and is up 1.55% in pre-market trading after back-to-back price target (PT) revisions by analysts, with the latest PT revisions coming from Cantor Fitzgerald and Morgan Stanley.



What Happened: Cantor Fitzgerald on Tuesday hiked Tesla&#8217;s price target from $255 to $365 while maintaining a &#8220;neutral&#8221; rating. 



Morgan Stanley also hiked Tesla&#8217;s target price from $310 to $400 while maintaining an &#8220;overweight&#8221; rating. 



The two are the latest PT revisions for Tesla in the last few weeks. The company witnessed its last PT downgrade in September from RBC Capital. RBC Capital then lowered the company&#8217;s PT from $227 to $224. However, the investment bank has since then increased PT and now has an &#8220;outperform&#8221; rating on the stock and a $313 price target.



Year-to-date, the Tesla stock has gained over 61%, adding nearly $490 billion to investor wealth in this period. Tesla&#8217;s market capitalization has increased from $797 billion at the beginning of 2024 to $1.287 trillion as of market close on Tuesday.



Why It Matters: The most significant price target hike in recent weeks, however, is from Roth MKM analyst&nbsp;Craig Irwin, who was bearish on Tesla for a long time. Last week, Irwin <a href="https://www.benzinga.com/24/12/42285783/tesla-bear-craig-irwin-turns-bullish-increases-price-target-from-85-to-380" target="_blank" rel="noreferrer noopener">raised&nbsp;the EV company's price target</a>&nbsp;by 347% from $85 to $380 and upgraded the rating to a &#8220;buy&#8221; from &#8220;neutral.&#8221;



&#8220;I don&#8217;t see very many negative catalysts… There are abundant positive catalysts… Bias is now to the upside, not the downside. The market cap may be huge… but they are doing big things," Irwin then said.



Overall, 33 analysts have a consensus rating of "Buy" on the Tesla stock, with the highest price target being $411 and the lowest price target being $24.86. The most recent analyst ratings by&nbsp;Cantor Fitzgerald, Morgan Stanley, and Deutsche Bank&nbsp;have an average price target of $378.33, implying a 6.86% downside.



Tesla stock is up by 61.4% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The stock started rallying steadily since <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42046316/trump-set-to-hand-musk-golden-path-for-tesla-after-reversing-course-on-autonomous-vehicle-ban">Trump&#8217;s landslide victory</a> in the U.S. Presidential elections.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/quote/TSLA/analyst-ratings"><img loading="lazy" decoding="async" width="470" height="355" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11073629/Tesla-ratings-2.jpg" alt="" class="wp-image-687274" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11073629/Tesla-ratings-2.jpg 470w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/11073629/Tesla-ratings-2-300x227.jpg 300w" sizes="(max-width: 470px) 100vw, 470px" /></a></figure>



Check out more of Benzinga'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 Next:



<ul>
<li><a href="https://www.benzinga.com/tech/24/12/42429588/gms-cruise-exit-draws-sharp-reaction-from-co-founder-kyle-vogt-tesla-ceo-elon-musk-says-autonomous-driving-is-a-very-hard-problem" target="_blank" rel="noreferrer noopener">GM's Cruise Exit Draws Sharp Reaction From Co-Founder Kyle Vogt: Tesla CEO Elon Musk Says Autonomous Driving Is A ‘Very Hard Problem'</a></li>
</ul>



Photo courtesy: Tesla

Pre-Market Outlook

TSLA Stock Surges In Wednesday Pre-Market After Multiple Price Target Hikes: Elon Musk-Led EV Giant Has Made Investors $490 Billion Richer So Far In 2024

Inflationary pressures intensified as expected in November, but the trend is beginning to show signs of stickiness, posing fresh challenges to the Federal Reserve&#8217;s 2% target <a href="https://www.benzinga.com/topic/inflation">after months of disinflation.</a>



The Consumer Price Index rose by 2.7% year-over-year in November 2024, exceeding October&#8217;s 2.6% reading and matching analyst estimates of 2.7%, according to TradingEconomics. This marks the second consecutive increase in annual inflation — a trend not seen since April.



On a monthly basis, the CPI jumped 0.3%, accelerating from October's 0.2% gain and matching expectations of a 0.3% rise, official data released Wednesday shows.



The index for shelter rose 0.3% in November, representing 40% of the monthly overall inflation increase.



Items that surged in November include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles and recreation. &#8220;The index for communication was among the few major indexes that decreased over the month,&#8221; the Bureau of Labor Statistics said in a press release. 



Core inflation, which excludes volatile items like food and energy, remained stubbornly high at 3.3% year-over-year, in line with forecasts and consistent with the previous two months. This persistent level underscores the challenges in taming underlying price pressures. On a monthly basis, core inflation rose 0.3%, unchanged from October and matching expectations.



Indexes that increased in November include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles and recreation. The index for communication was among the few major indexes that decreased over the month.



Services inflation grew by 4.6% on a year-over-year basis, marking a slowdown from October's 4.8% figure.



<h3 class="wp-block-heading">November Inflation Report: Key Highlights</h3>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Metric</th><th>November 2024</th><th>October 2024</th><th>Estimate</th></tr></thead><tbody><tr><td>CPI (year-over-year)</td><td>2.7%</td><td>2.6%</td><td>2.7%</td></tr><tr><td>CPI (month-over-month)</td><td>0.3%</td><td>0.2%</td><td>0.3%</td></tr><tr><td>Core CPI (YoY)</td><td>3.3%</td><td>3.3%</td><td>3.3%</td></tr><tr><td>Core CPI (MoM)</td><td>0.3%</td><td>0.3%</td><td>0.3%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">Interest Rate Cut Expectations Under Scrutiny</h3>



The November CPI report comes just one week before the Federal Reserve&#8217;s final policy meeting of 2024. 



Markets have widely priced in a 86% probability of a 25-basis-point rate cut, anticipating further easing.



The U.S. dollar index, as tracked by Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), showed no major reactions after the report, holding gains of 0.2% for the session.



Treasury yields slightly fell, with the rate-sensitive two-year note yield down by 2 basis points to 4.14%.



Equity futures rose during premarket trading. S&amp;P 500 futures were 0.4% higher. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42426732/wall-street-veteran-slams-feds-rate-cut-plans-wake-up-to-economic-realities">Wall Street Veteran Slams Fed&#8217;s Rate Cut Plans: &#8216;Wake Up To Economic Realities&#8217;</a></li>
</ul>



Photo via Shutterstock.

Currency ETFs

Inflation Rises As Expected In November, Sustains Hopes For December Interest Rate Cut

U.S. futures were mixed on Wednesday in premarket hours ahead of the crucial inflation data. Major index futures like Dow Jones and Russell 2000 fell, while Nasdaq 100 and S&amp;P 500 advanced.



The 10-year and two-year Treasury notes yielded 4.24% and 4.17%, respectively. Expectations of a further 25 basis point rate cut in December rose to 86.1%, up from 78.1% a week ago, according <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">to</a> CME Group&#8217;s FedWatch tool.



Economists <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42423745/december-interest-rate-cut-is-almost-a-done-deal-could-wednesday-inflation-data-derail-investor-hopes">expect annual CPI inflation to rise</a> from 2.6% in October to 2.7% in November, according to TradingEconomics consensus estimates. Core CPI — which excludes volatile food and energy prices — is projected to remain steady at 3.3% year-over-year, with a 0.3% monthly gain, mirroring October's pace.



Wednesday&#8217;s release will provide insights into inflation trends. Federal Reserve officials are currently in a quiet period ahead of their December meeting.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.21%</td></tr><tr><td>S&amp;P 500</td><td>0.10%</td></tr><tr><td>Dow Jones</td><td>-0.12%</td></tr><tr><td>Russell 2000</td><td>-0.03%</td></tr></tbody></table></figure>



In premarket trading on Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.09% to $603.38 and the Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) advanced 0.2% to $521.64, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Cues From The Last Session



U.S. stocks declined on Tuesday, extending the Dow&#8217;s four-day losing streak. Oracle Corp.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) weak earnings and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) subsidiary Google&#8217;s quantum computing chip news impacted the market.



On the economic data front, U.S. nonfarm business sector labor productivity increased by 2.2% in the third quarter, which is in line with the preliminary reading.



Most sectors on the S&amp;P 500 closed on a negative note, with real estate, information technology, and materials stocks recording the biggest losses on Tuesday.



However, communication services and consumer staples stocks bucked the overall market trend, closing the session higher.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.25%</td><td>19,687.24</td></tr><tr><td>S&amp;P 500</td><td>-0.30%</td><td>6,034.91</td></tr><tr><td>Dow Jones</td><td>-0.35%</td><td>44,247.83 </td></tr><tr><td>Russell 2000</td><td>-0.42%</td><td>2,382.77</td></tr></tbody></table></figure>



Insights From Analysts 



<a href="https://www.benzinga.com/24/12/42430296/carson-researchs-50-year-study-suggests-that-the-26-months-old-bull-market-is-far-from-over">Carson Research&#8217;s note</a> written by its chief market strategist Ryan Detrick, said, 2024 "would go down as the best election year return ever," as the S&amp;P 500 Index has made 56 new all-time highs.



He also highlighted that the current bull market is nearly 26 months old and is now up more than 70% from the mid-October 2022 lows. "But the good news for investors is that once previous bull markets got to this point there were many more years of gains left," he said.



"Going back 50 years, we found five other bull markets that had lasted at least this long and the shortest any of them lasted was five total years. Think of it like a cruise ship — once it gets moving, it can be quite hard to stop.&#8221;



In the graph shared by Detrick, he highlighted the August 1987 and October 2007 bull markets which lasted for five years each, the November 1980 bull market which lasted 6.2 years, and also March 2000 bull market which lasted for 12.3 years.



The Dow hit a record eight 1,000-point milestones this year and November was a huge month for small caps, with the Russell 2000 up by 10.9%.



"We found 22 other times the Russell 2000 gained at least double digits in a month and six months later it has been higher 90% of the time and a year later up a very solid 15% on average," the note said.



According to a JPMorgan note on its <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/2025%20Year-Ahead%20Investment%20Outlook.pdf">2025 outlook</a>, &#8220;the prospect of deregulation and corporate tax cuts may finally give investors conviction to add to previously unloved areas of the market, like value and mid/small cap stocks, which are also benefiting from earnings recovery and attractive valuations.&#8221;



As the cost of capital declines with interest rates, &#8220;Consumers and companies should resume capital-intensive expenditures. Durable goods subsectors, particularly those tied to housing, should also see a boost.



&#8220;Financials should benefit from increased loan and insurance demand, a more favorable yield curve, normalizing M&amp;A and IPO activity and prospects for deregulation, while falling rates also increase the relative value of bond proxy sectors like utilities and real estate,&#8221; the note added.



Upcoming Economic Data



This week&#8217;s economic calendar is packed with essential data releases that will help investors shape their future plans and strategies.



<ul>
<li>On Wednesday, November&#8217;s headline and core consumer price index data will be released at 8:30 a.m. ET.</li>



<li>The monthly U.S. federal budget data will be released at 2:00 p.m. ET.</li>



<li>On Thursday, initial jobless claims data till Dec. 7 and the core and headline producer price index for November will be released at 8:30 a.m. ET.</li>



<li>On Friday, the import price index data will be released at 8:30 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Rigetti Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) was up 12.3% in premarket after the company along with its partner Quantum Machines <a href="https://www.benzinga.com/24/12/42417674/why-is-rigetti-computing-stock-gaining-on-tuesday">made progress in quantum computing</a> by using AI to automate the calibration of a 9-qubit Novera QPU, achieving unprecedented accuracy and speed,</li>



<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) <a href="https://www.benzinga.com/markets/equities/24/12/42431772/gamestop-stock-rises-despite-a-sales-decline-as-the-company-swings-back-to-profitability-technic">rose 3.30% in the premarket session</a> as the company swung to profit despite a dip in its revenue.</li>



<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) was up 1.20% in premarket after it announced a major development in quantum computing through the use of its Willow quantum chip.</li>



<li>Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) declined 6.7% in the premarket hours. The company said that it has entered into a securities purchase agreement to raise up to $50 million in a registered direct offering to institutional investors.</li>



<li>Sealsq Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAES#NASDAQ">LAES</a>) rose 138.18% after it partnered with IC&#8217;ALPS to strengthen its ASIC development capabilities by combining IC&#8217;ALPS&#8217; design expertise with its own security IP and production knowledge.</li>



<li>Investors are awaiting earnings results from Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>), Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), and Nordson Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDSN#NASDAQ">NDSN</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures rose in the early New York session, advancing 1.14% to hover around $69.7 per barrel.



The gold spot index rose by 0.26% to $2,725.21 per ounce. The Dollar Index was up 0.26% to 106.68 level.



Asian markets were mixed on Wednesday as China&#8217;s CSI 300, Australia&#8217;s ASX 200, and Hong Kong&#8217;s Hang Seng declined. While, Japan&#8217;s Nikkei 225, India&#8217;s S&amp;P BSE Sensex, and South Korea&#8217;s Kospi Index advanced. Most European markets declined.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/24/12/42405749/bitcoin-far-more-of-a-threat-than-a-brics-reserve-currency-says-jeremy-siegel-find-it-curious-that-trump-championed-btc-at-100k">Bitcoin Far More Of A Threat Than A BRICS Reserve Currency, Says Jeremy Siegel: Find It &#8216;Curious&#8217; That Trump Championed BTC At 100K</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

LAES

NDSN

ORCL

QUBT

RGTI

US Futures Mixed As Street Braces For Inflation Data: Analyst Says 2024 Will Go Down As The 'Best Election Year Return Ever'

Bitwise Investments has outlined an ambitious outlook for 2025, predicting Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) will surpass $200,000 while Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) emerges as a major player in decentralized finance (DeFi) and <a href="https://www.benzinga.com/money/top-meme-coins">meme coin ecosystems</a>.



What Happened: These forecasts, among other bold predictions, underscore the continued evolution and mainstream adoption of cryptocurrencies.



&#8220;Bitcoin's tight supply and increasing institutional interest set the stage for unparalleled price momentum,&#8221; Bitwise noted in its <a href="https://s3.us-east-1.amazonaws.com/static.bitwiseinvestments.com/Research/Bitwise-The-Year-Ahead-10-Crypto-Predictions-for-2025.pdf">report</a>, emphasizing the impact of record inflows into <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42380475/bitcoin-etfs-have-outstripped-satoshi-nakamotos-holdings">Bitcoin exchange-traded funds</a> (ETFs) and the aftermath of the April 2024 halving.



Additionally, the firm anticipates a surge in Solana's adoption, projecting it will solidify its position as a dominant blockchain in the DeFi and meme coin spaces. Dubbed &#8220;crypto&#8217;s phoenix,&#8221; Solana is projected to rise to $750 in 2025.



The firm also highlighted significant <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42422705/donald-trump-would-welcome-150000-bitcoin-early-in-presidency-its-another-stock-market-for-him">regulatory and institutional developments</a>.



It predicts that more countries will hold Bitcoin in their reserves, reflecting increasing global competition to adopt the cryptocurrency. 



&#8220;With discussions of a U.S. Bitcoin strategic reserve gaining traction, we expect a ripple effect worldwide,&#8221; the report added.



Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana are expected to see unprecedented activity, particularly from Layer-2 solutions and decentralized applications. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42433049/microstrategy-nasdaq-100-inclusion-on-the-horizon-could-spell-59-upside-says-bernstein">MicroStrategy: Nasdaq 100 Inclusion On The Horizon Could Spell 59% Upside, Says Bernstein</a>



Bitwise pointed to Solana's growing appeal among developers and its robust ecosystem as key drivers of its predicted growth. 



&#8220;Solana's scalability and efficiency make it an attractive platform for developers, fueling its rise in the crypto hierarchy,&#8221; the report stated.



Bitwise also foresees broader adoption of blockchain technology in traditional finance, with tokenized real-world assets expected to exceed $50 billion in market value by the end of 2025. 



Stablecoin market capitalization, another key area of focus, is projected to double to $400 billion, bolstered by anticipated U.S. legislation.



Based on these two trends, Bitwise forecasts a valuation of $7,000 for Ethereum.



The report positions Bitcoin and Solana as dual frontrunners as 2025 approaches. 



With Bitcoin's institutional adoption accelerating and Solana's ecosystem expansion, the year ahead could be transformative for both networks.



Also Read: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42423570/ripple-secures-nydfs-approval-for-rlusd-stablecoin-xrp-price-up-9">Ripple Secures NYDFS Approval for RLUSD Stablecoin: XRP Price Up 9%</a></li>
</ul>



Image: Shutterstock

Bitcoin To $200,000, Ethereum To $7,000, Solana To $750 In 2025, Predicts Bitwise

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