Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares are <a href="https://www.benzinga.com/premarket" target="_blank" rel="noreferrer noopener">trading lower in the premarket session on Wednesday</a>. 



The company reported third-quarter adjusted earnings per share of $1.85, <a href="https://www.benzinga.com/pressreleases/24/11/n42084061/target-corporation-reports-third-quarter-earnings" target="_blank" rel="noreferrer noopener">missing the street view of $2.30</a>. Quarterly total revenue of $25.67 billion (+1.1% year over year) missed the analyst consensus estimate of $25.90 billion.



&#8220;We encountered some unique challenges and cost pressures that impacted our bottom-line performance,&#8221; said&nbsp;Brian Cornell, chair and chief executive officer of Target.&nbsp;



The third-quarter gross margin rate decreased by 0.2 percentage points to 27.2%. This was primarily due to higher digital fulfillment and supply chain costs, driven by increased inventory levels, higher digital sales volume, and new supply chain facilities coming online. Operating income of $1.2 billion was 11.2% lower than last year.



Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42073589/target-q3-earnings-preview-analysts-expect-revenue-eps-growth-attention-may-quickly-turn-to-holiday-quarter" rel="noreferrer noopener">Target Q3 Earnings Preview: Analysts Expect Revenue, EPS Growth As Attention Turns To Holiday Quarter</a>



Target&#8217;s third-quarter comparable sales increased by 0.3%, driven by traffic and digital performance.



Guest traffic grew by 2.4% compared to the prior year. Digital comparable sales rose by 10.8%, reflecting nearly 20% growth in same-day delivery powered by Target Circle 360 and double-digit growth in Drive Up services.



Beauty comparable sales grew by more than 6%, while the Food &amp; Beverage and Essentials categories saw low-single-digit growth compared to the previous year.



Target exited the quarter with cash and equivalents worth $3.433 billion and inventory worth $15.165 billion. The company&#8217;s long-term debt and other borrowings as of quarter end was $14.346 billion.



Outlook Lowered: For FY24, the company now forecasts adjusted EPS between $8.30 and $8.90, down from the <a target="_blank" href="https://www.benzinga.com//node/40480867" rel="noreferrer noopener">previous guidance of $9.00 to $9.70</a>. The revised FY24 EPS outlook is also below the consensus estimate of $9.55.



Target expects its fourth-quarter adjusted EPS to range between $1.85 and $2.45, <a href="https://www.benzinga.com/calendars/guidance">below the consensus estimate of $2.66.</a>



Price Action: TGT shares are trading lower by 16.9% at $129.95 in the premarket session on Wednesday.



Photo via Shutterstock



Read Next:



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<li><a href="https://www.benzinga.com/general/entertainment/24/10/41338328/taylor-swift-teams-up-with-target-for-exclusive-black-friday-merch-will-swifties-boost-q4-s" target="_blank" rel="noreferrer noopener">Taylor Swift Teams Up With Target For Exclusive Black Friday Merch: Will Swifties Boost Q4 Sales, Prove Donald Trump Wrong?</a></li>
</ul>

Earnings

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Target Q3 Earnings: Supply Chain Chaos Hits Bottomline, Slashes Annual Profit Outlook, Stock Tanks

U.S. stocks could open on a tentative note on Wednesday amid <a href="https://www.benzinga.com/news/global/24/11/42064198/putin-revises-nuclear-doctrine-for-broader-strikes-after-us-backed-ukrainian-attack-markets-drop-bonds-gain">simmering geopolitical tensions</a>. Futures of all three major indices were marginally up as investors weighed escalating tensions between Russia and Ukraine, and earnings from AI bellwether Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).



U.S. equity markets have had a mixed week so far, with the Dow Jones facing pressure even as the S&amp;P 500 and Nasdaq witnessed sideway movements.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.11%</td></tr><tr><td>S&amp;P 500</td><td>0.12%</td></tr><tr><td>Dow Jones</td><td>0.19%</td></tr><tr><td>R2K</td><td>-0.09%</td></tr></tbody></table></figure>



In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.13% to $591.05 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.10% to $503.96, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



Markets had a second consecutive mixed session, with the Dow Jones closing lower by 0.3% while the S&amp;P 500 edged up. The Nasdaq gained over 1% in the run-up to Nvidia's earnings.



Crude oil prices continued to gain as Russia-Ukraine tensions escalated.



This geopolitical anxiety rubbed off on treasury yields as well, which edged up.



On the economic data front, housing starts in the U.S. declined by 3.1% to 1.311 million in October versus a revised 1.353 million in the previous month. U.S. building permits declined by 0.6% to an annual rate of 1.416 million in October.



Most sectors on the S&amp;P 500 closed on a positive note, with energy, communication services, and consumer discretionary stocks recording the biggest gains on Monday.



However, industrial stocks bucked the overall market trend, closing the session lower.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>1.04%</td><td>18,987.47</td></tr><tr><td>S&amp;P 500</td><td>0.40%</td><td>5,916.98</td></tr><tr><td>Dow Jones</td><td>-0.28%</td><td>43,268.94</td></tr><tr><td>Russell 2000</td><td>0.80%</td><td>2,324.83</td></tr></tbody></table></figure>



Insights From Analysts:



Wedbush's Dan Ives expressed upbeat sentiment about Nvidia's earnings, saying that the AI giant could deliver earnings beat and raise guidance as well.



"We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#8217;s GPUs the new oil and gold in this world."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#39;s GPUs the new oil and gold in this world. We believe $2 billion beat/$2 billion guide higher&#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1858854901801009208?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



While there is optimism among analysts about Nvidia and other AI stocks, the European Central Bank expressed caution about the possibility of an "AI bubble."



&#8220;This concentration among a few large firms raises concerns over the possibility of an AI-related asset price bubble,&#8221; the ECB said in its latest Financial Stability Review, underscoring the increasing dependence of the equity markets on select companies.



This could also be a cause of concern for equity markets beyond the U.S., noted the ECB.



"Also, in a context of deeply integrated global equity markets, it points to the risk of adverse global spillovers, should earnings expectations for these firms be disappointed."



Ryan Detrick, chief market strategist at Carson Group, on the other hand, remained optimistic about equity markets.



"Stocks historically do better in years 1 and 2 of a President who was re-elected vs a new President in office."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Stocks historically do better in years 1 and 2 of a President who was re-elected vs a new President in office. <a href="https://t.co/ndj0ZbE4jp">pic.twitter.com/ndj0ZbE4jp</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1858973644086772112?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



"We are in the third year of this bull market and it is worth noting these years can be on the weaker side of things. Good news is if the bull continues (as we expect) years 4-6 are all quite strong," he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We are in the third year of this bull market and it is worth noting these years can be on the weaker side of things. Good news is if the bull continues (as we expect) years 4-6 are all quite strong. <a href="https://t.co/HW2PqVo9QU">pic.twitter.com/HW2PqVo9QU</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1858966050886611130?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>



Upcoming Economic Data



Wednesday's economic calendar is fairly light.



<ul>
<li>Fed Gov. Lisa Cooks will speak at 11 a.m. ET.</li>



<li>Fed Gov. Michelle Bowman will speak at 12:15 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock edged up 0.3% in premarket trading on Monday after gaining 4.9% on Tuesday.</li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock surged nearly 12% on Tuesday and gained another 2.7% in premarket trading on Wednesday after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to chalk gains.</li>



<li>Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) is expected to spin off its TV cable channels into separate publicly traded companies. Its stock rose 2.4% in premarket trading.</li>



<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock fell over 4% in premarket trading after surging more than 31% on Tuesday after appointing a new auditor and submitting a plan to comply with the Nasdaq's listing requirements.</li>



<li>Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) was down by 1.5% in premarket trading after the Chinese EV player reported widening losses due to intense competition.</li>



<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell over 18% in premarket trading after the company posted $1.85 earnings per share in the third quarter, well below Street expectations of $2.30.</li>



<li>Investors are awaiting earnings results from Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) today. Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), and The TJX Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by 0.53% to hover around $69.61 per barrel.



The 10-year Treasury note yield increased to 4.426%.



Major Asian markets ended mixed on Wednesday, while European markets witnessed sideways movement in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42083607/as-spirit-airlines-files-for-bankruptcy-experts-weigh-potential-impact-on-flight-prices-this-is-not-a-black-and-white-situation">As Spirit Airlines Files For Bankruptcy Experts Weigh Potential Impact On Flight Prices</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

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Pre-Market Outlook

Trading Ideas

$BTC

CMCSA

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NVDA

PANW

SMCI

SNOW

US Stocks Poised For Tentative Start As Geopolitical Tensions, Nvidia Earnings Keep Investors Cautious: Tech Bull Expects AI Bellwether To Deliver 'Drop The Mic Performance'

Chinese electric vehicle maker NIO, Inc&nbsp;(NYSE:&nbsp;NIO) reported fiscal third-quarter revenue of 18.67 billion yuan ($2.66 billion), down 2.1% year-over-year and up 7.0% from the previous quarter. Analysts, on average, estimated revenue of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42082515/nio-inc-reports-unaudited-third-quarter-2024-financial-results" rel="noreferrer noopener">$2.70 billion&nbsp;for the quarter</a>.



Excluding share-based compensation expenses, the company reported an adjusted loss per share per ADS of 2.14 yuan or 31 cent loss compared to a 2.28 yuan loss in the year-ago quarter and a 2.21 yuan loss in the second quarter of 2024.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/24/11/42068742/sony-eyes-japans-kadokawa-to-strengthen-gaming-and-anime-dominance" rel="noreferrer noopener">Sony Eyes Japan&#8217;s Kadokawa to Strengthen Gaming and Anime Dominance</a>



Analysts had called for a&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">loss of 32 cents per ADS</a>. The stock price slid after the print.



Vehicle deliveries were 61,855 in the quarter, up 11.6% Y/Y and 7.8% Q/Q. Consequently, vehicle revenue declined by 4.1% Y/Y and increased by 6.5% Q/Q.



Nio delivered 20,976 vehicles in October 2024. As of October 31, 2024, the cumulative number of NIO vehicle deliveries reached 619,851.



Gross margin for the quarter expanded to 10.7%, up from 8.0% a year ago and 9.7% the previous quarter, as vehicle margin expanded Y/Y from 11.0% a year ago to 13.1%.&nbsp;



As of September 30, 2024, cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled 42.2 billion yuan ($6.0 billion).



NIO founder, Chair, and CEO William Bin Li said the company secured over 40% of China&#8217;s BEV market share for vehicles priced above RMB 300,000 during the year&#8217;s first nine months. The ONVO L60 deliveries began, with production capacity set for rapid growth in the coming months. NIO expects its total delivery volume in the fourth quarter to achieve a new record.



The ET9, NIO&#8217;s executive flagship, is entering mass production, showcasing its advanced technological capabilities and reinforcing its presence in the premium segment.



Additionally, NIO plans to debut Firefly, a boutique compact vehicle brand, at NIO Day 2024, broadening its product lineup to reach a broader customer base.



Cost optimization efforts raised the vehicle gross margin, with positive free cash flow achieved during the quarter.



NIO&#8217;s CFO, Stanley Yu Qu, highlighted that starting next year, the company&#8217;s three brands will launch a robust product cycle to significantly boost sales volumes and further enhance operational and financial performance.



NIO&#8217;s Forward Outlook: The company guided deliveries of 72,000–75,000 units for the fourth quarter, or 43.9%–49.9% year-over-year increase.&nbsp;



The company expects&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">fourth-quarter revenue</a> of $2.804 billion—$2.904 billion, representing 15.0%–19.2% year-over-year growth.



NIO stock plunged over 45% year-to-date as the&nbsp;Chinese EV industry&nbsp;grappled with weak domestic demand and protectionist tariffs, while the fiscal stimulus measures <a target="_blank" href="https://www.benzinga.com/24/11/41911946/whats-going-on-with-us-listed-chinese-stocks-like-alibaba-jd-nio-on-tuesday" rel="noreferrer noopener">disappointed the Street</a>.



Price Action:&nbsp;NIO stock is down 1.30% at $4.57 premarket at the last check on Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/24/11/42061321/vipshop-q3-earnings-revenue-beats-estimates-despite-order-decline-strong-margins-amid-soft-sales-reveals-q4-guidance-and-share-buybacks" target="_blank" rel="noreferrer noopener">Vipshop Beats Q3 Estimates Despite Sales Dip, Focuses On Long-Term Resilience</a></li>
</ul>



Photo Courtesy of NIO

Emerging Markets

Tech

NIO Q3 Earnings: 11.6% Gain In Vehicle Deliveries, Margins Improve, Issues Robust Q4 Delivery Outlook

On Tuesday, November 19th, U.S. markets ended mixed. Nasdaq rose over 1%, and the S&amp;P 500 closed higher, driven by technology gains as Nvidia surged 4.9% ahead of earnings. Walmart climbed after raising forecasts. Losses eased after Moscow downplayed nuclear tensions. The Dow ended lower.



According to economic data, U.S. housing starts fell 3.1% to 1.311 million in October, down from 1.353 million in September, while building permits dropped 0.6% to an annual rate of 1.416 million.



The majority of S&amp;P 500 sectors rose, led by energy, communication services, and consumer discretionary, while industrials lagged and closed lower.



The Dow Jones Industrial Average was down 0.28% and closed at 43,268.94, the S&amp;P 500 gained 0.40% to 5,917.00, and the Nasdaq Composite rose 1.04% to finish at 18,987.47.



Asia Markets Today



On Wednesday, Japan&#8217;s Nikkei 225 declined 0.08% and ended the session at 38,373.50, led by losses in the Paper &amp; Pulp, Gas &amp; Water, and Transport sectors.



Australia&#8217;s S&amp;P/ASX 200 fell 0.57% and ended the day at 8,326.30, led by losses in the Telecoms Services, Industrials, and Consumer Discretionary sectors.



India Markets closed for Assembly Elections in Maharashtra state.



China&#8217;s Shanghai Composite gained 0.66% to close at 3,367.99, and the Shenzhen CSI 300 rose 0.22%, finishing the day at 3,985.77.



Hong Kong&#8217;s Hang Seng gained 0.21% and closed the session at 19,705.01.



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 index was up 0.47%.</li>



<li>Germany&#8217;s DAX rose 0.47%.</li>



<li>France&#8217;s CAC gained 0.34%.</li>



<li>FTSE 100 index traded higher by 0.22%</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.38% at $69.47/bbl, and Brent was up 0.26% at $73.51/bbl.</li>



<li>Natural Gas rose 2.00% to $3.058.</li>



<li>Gold was trading lower by 0.14% at $2,627.60, Silver fell 0.98% to $30.957, and Copper rose 0.31% to $4.1550.</li>
</ul>



U.S. Futures at 05:30 AM ET



Dow futures gained 0.15%, S&amp;P 500 futures were up 0.06% and Nasdaq 100 futures fell 0.01%.



Forex at 05:30 AM ET



<ul>
<li>The U.S. dollar index gained 0.40% to 106.63, the USD/JPY rose 0.74% to 155.80, and the USD/AUD rose 0.40% to 1.5370.</li>



<li>The U.S. dollar rebounded from a one-week low as safety-haven demand eased, while the yen fell to a three-month low, raising speculation about BOJ intervention.</li>
</ul>



Photo by Pavel Bobrovskiy via Shutterstock

Asia

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Asia Mixed, Europe Markets Gain; Gold Slips And Dollar Gains Against Yen - Global Markets Today While US Slept

Leading cryptocurrencies rose Tuesday with the successful debut of spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange-traded funds (ETFs) options.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+1.46%</td><td>$92,264.28</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.96%</td><td>$3,112.15</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+4.77%</td><td>$0.3875</td></tr></tbody></table></figure>



What Happened: Bitcoin recorded a new all-time high after breaching $94,000. The rally came after Nasdaq listed options for BlackRock&#8217;s iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) for the first time, giving a fillip to institutional adoption of the world's largest cryptocurrency.



Robert Mitchnick, BlackRock's head of digital assets, told a panel at the Benzinga <a href="https://www.benzinga.com/digital-assets">Future of Digital Assets </a>conference that the <a href="https://www.benzinga.com/news/events/24/11/42078359/blackrocks-head-of-digital-assets-says-ibit-spot-bitcoin-etf-options-blow-past-1-billion-in-trading-volume">options trading volume breached the 1 billion mark</a> on its first day.



Ethereum wiggled in the $3,100 zone throughout the day. Over the last week, the asset lost nearly 5% of its value, while Bitcoin gained 4.59%.



Total cryptocurrency liquidations reached $293 million in the last 24 hours, with $183 million in bullish bets getting evaporated. .&nbsp;



Bitcoin's Open Interest (OI) increased by 2.54% in the last 24 hours, indicating opening of new derivatives.&nbsp;



Most of the new positions bet against Bitcoin's price rise, as Long/Shorts Ratio fell sharply below 1 in the last 24 hours.



The euphoria ebbed considerably, as the reading on the Cryptocurrency Fear and Greed Index dropped from 90 to 83.&nbsp;



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Cronos (CRO)</td><td>+10.25%</td><td>$0.1855</td></tr><tr><td>Kaia (KAIA)</td><td>+8.04%</td><td>$0.1481</td></tr><tr><td>Goatseus Maximus (GOAT)</td><td>+7.70%</td><td>$1.13</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.08 trillion, growing by 0.43% in the last 24 hours.



Tech-related stocks moved up Tuesday, bolstered by Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rally.



The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&amp;P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average recorded a second straight day of decline, closing 0.28% lower at 43,268.94.



Shares of Nvidia jumped 4.89% ahead of the company's highly-anticipated third-quarter earnings report on Wednesday.



Oil prices rose slightly after Ukraine used American-made long-range ATACMS <a href="https://www.benzinga.com/news/global/24/11/42064198/putin-revises-nuclear-doctrine-for-broader-strikes-after-us-backed-ukrainian-attack-markets-drop-bonds-gain">missiles to hit Russia</a>. The U.S. West Texas Intermediate (WTI) traded at $69.53 a barrel, up 0.22%.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Popular on-chain analytics firm Santiment noted lower enthusiasm on social media despite Bitcoin smashing past $94,000.



"The lack of euphoria is an encouraging sign, as FOMO typically leads to corrections," it added.



Santiment stated that as long as retail investors were quiet, whales can pump the market with minimal pushback.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4ca; Bitcoin&#39;s new all-time high now sits at $94,002, and the commentary across social media could be described as luke-warm at best. The lack of euphoria is an encouraging sign, as FOMO typically leads to corrections. As long as there is retail trader disbelief, whales can… <a href="https://t.co/PovcZidNcp">pic.twitter.com/PovcZidNcp</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1858980865163796813?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely-followed cryptocurrency analyst Ali Martinez raised the possibility of Ethereum outperforming Bitcoin in the days ahead.&nbsp;



"That hasn't happened yet in the current cycle, but it is certainly on the horizon. As ETH lags behind, there is an opportunity here to buy before it outperforms," the analyst added.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Every market cycle has experienced a phase where <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> outperforms <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. That hasn't happened yet in the current cycle, but it is certainly on the horizon. As <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> lags behind, there is an opportunity here to buy before it outperforms.<a href="https://t.co/q3yTrkgHuz">https://t.co/q3yTrkgHuz</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1859014181334425660?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In terms of price action, Martinez predicted that the second-largest cryptocurrency will reach the middle and upper boundaries of the ascending parallel channel, at $4,000 and $6,000, respectively.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">So, where is <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> going next? Well, the formation of an ascending parallel channel suggests <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> will test the middle and upper boundary, sitting at $4,000 and $6,000, respectively.<a href="https://t.co/mkpxAeXtXq">https://t.co/mkpxAeXtXq</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1859014190410985544?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Avi Rozen on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/news/24/11/42027165/musks-doge-role-boosts-dogecoin-as-brian-armstrong-shows-support">Musk&#8217;s DOGE Role Boosts Dogecoin As Brian Armstrong Shows Support</a></li>
</ul>

Cryptocurrency

$DOGE

$ETH

IBIT

Bitcoin, Dogecoin Gain, Ethereum Drops As BlackRock's ETF Options Volume Breaches $1B On Debut: Analyst Flags 'Opportunity' To Buy ETH Before It Outperforms BTC

Jensen Huang-led Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is poised to dominate as major tech players Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Alphabet Inc.&#8217;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>) Google, and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) ramp up their capital expenditures on artificial intelligence.



What Happened: On Tuesday, Wedbush analyst Dan Ives took to X, formerly Twitter, and predicted a strong performance from Nvidia, calling it the &#8220;only game in town with $1 trillion of AI Cap-Ex on the way.&#8221;



&#8220;We believe $2 billion beat/$2 billion guide higher,&#8221; Ives concluded.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#39;s GPUs the new oil and gold in this world. We believe $2 billion beat/$2 billion guide higher&#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1858854901801009208?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/11/42028954/peter-thiel-says-trumps-60-china-tariff-would-be-very-very-bad-for-beijing-heres-whats-at-stake?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Thiel Says Trump&#8217;s 60% China Tariff Would Be &#8216;Very, Very Bad&#8217; For Beijing, Here&#8217;s What&#8217;s At Stake</a>



Mark Zuckerberg&#8217;s Meta, which reported its <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">third-quarter financial results</a> last month, exceeded its capex spending forecasts, driven largely by AI investments.&nbsp;The company raised the lower end of its 2024 capex guidance by $1 billion to $38 billion, with a significant increase anticipated in 2025.



Google&#8217;s parent company is also <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">set to match its capex spending</a> in the fourth quarter, bringing its total 2024 capex to $51.4 billion, a 59% increase year-over-year. The company also anticipates a rise in apex in 2025, albeit at a slower rate.



Similarly, Microsoft reported a capex of $20 billion <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">for the first quarter</a>, nearly double the $11.2 billion from the same period last year. The company&#8217;s CFO Amy Hood expects a sequential increase in capital expenditure due to the projected demand&nbsp;for cloud and AI services.



Why It Matters: Analysts have predicted a &#8220;beat-n-raise&#8221; performance in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42068962/nvidia-q3-earnings-preview-analysts-expect-beat-n-raise-on-continued-data-center-strength">Nvidia&#8217;s third-quarter earnings</a>, with an expected revenue of $33.12 billion, a significant increase from last year&#8217;s $18.12 billion. The tech giant will report earnings on Wednesday, Nov. 20.



Despite recent <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">overheating issues with</a> Nvidia&#8217;s new Blackwell AI chips, the company&#8217;s value is expected to surge, driven by the potential of the next-generation AI chip. Earlier in September, Analyst Beth Kindig of I/O Fund projected a <a href="https://www.benzinga.com/markets/equities/24/09/40670634/nvidia-set-to-reach-10-trillion-valuation-as-blackwell-expected-to-propel-chip-maker-with-firewo">$10 trillion valuation for Nvidia</a>.



Price Action: Nvidia shares rose 4.89% on Tuesday, closing at $147.01, with an additional 0.46% gain in after-hours trading, reaching $147.69 at the time of writing, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener"> from Benzinga Pro.</a>



Image via Unsplash



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42054220/economics-professor-doubts-impact-of-dogecoin-inspired-elon-musk-led-department-on-federal-deficit-cites-this-as-major-concern?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Economics Professor Doubts Impact Of Dogecoin-Inspired, Elon Musk-Led Department On Federal Deficit, Cites This As Major Concern</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOG

GOOGL

MSFT

Dan Ives Expects 'Drop The Mic Performance' Tomorrow From Nvidia: Here's Why

On Tuesday, Cathie Wood-led Ark Invest made a notable move by offloading a significant number of shares in Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). This decision comes amidst a surge in Tesla&#8217;s stock, fueled by reports of the incoming administration&#8217;s plans to ease restrictions on self-driving vehicles.



The TSLA Trade



Ark Invest&#8217;s decision to sell Tesla shares coincides with a period of significant growth for the electric vehicle giant. The company&#8217;s stock has been on an upward trajectory, largely due to reports suggesting that President-elect Donald Trump&#8217;s administration intends to prioritize a federal <a href="https://www.benzinga.com/24/11/42052848/cathie-woods-ark-sells-10m-of-tesla-stock-as-trumps-av-plans-boost-stock">framework for autonomous vehicles</a>. Such a move could potentially simplify the operation of self-driving cars, providing a significant boost to companies like Tesla.



According to data provided, Ark Invest sold 44,520 shares of Tesla on Tuesday. Given the closing price of $346 per share, the total value of the trade amounts to approximately $15.4 million. The trade was made through the ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>).



Meanwhile, CNBC host Jim Cramer supports owning Tesla stock but <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42056899/jim-cramer-thinks-trumps-plans-for-robotaxis-are-fanciful-but-he-is-still-bullish-on-tesla-stock-the-musk-premium-will-work-its-magic-in-other-ways">dismisses reports </a>of Trump easing self-driving regulations as a "bad reason" to buy. He highlights Tesla's strength as a tech company with high valuation potential beyond regulatory changes.



Other Key Trades:



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To</a> 



<ul>
<li>Ark purchased Intellia Therapeutics Inc. (NTLA) and Tempus AI Inc. (TEM) stock on Tuesday.</li>



<li>The firm sold stock of Rocket Lab USA Inc. (RKLB) and of Markforged Holding Corp. (MKFG). </li>



<li>Ark also sold Senti Biosciences Inc (SNTI) and Nurix Therapeutics Inc (NRIX) stock.</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/42053687/peter-schiff-pokes-fun-at-microstrategys-bitcoin-buying-spree-michael-saylor-is-gonna-need-a-bigger-plan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Pokes Fun Of MicroStrategy&#8217;s Bitcoin Purchase: &#8216;Michael Saylor Is Gonna Need A Bigger Plan&#8217;</a></li>
</ul>

ETFs

ARKK

TSLA

As Tesla Rides Trump Rally, Cathie Wood Sells $15.4M Worth Of Stock

Donald Trump has announced several picks for potential nominees for his White House administration since winning the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">2024 presidential election.</a>



While the picks still have to be nominated and approved in many cases, voters were recently asked to share whether they approve of or disapprove of his current selections.



What Happened: Trump's announced picks have generated plenty of discussion on social media and across the political spectrum with the announced picks of Matt Gaetz <a href="https://www.benzinga.com/news/legal/24/11/41956594/matt-gaetz-is-trumps-attorney-general-pick-would-be-top-cop-is-under-house-ethics-investigation">as attorney general</a> and Robert F. Kennedy Jr. leading the Health and Human Services generating the most buzz.



A new Morning Consult <a href="https://pro.morningconsult.com/analysis/trump-transition-nominees-approval">poll </a>asked voters how they think Trump is doing with his transition.



The poll found that 54% of voters approve of Trump's handling of his transition since winning the 2024 election, with 38% disapproving and 8% saying they don't know or had no opinion.



Split by political party, Republicans showed a higher approval rating (93%) of Trump's handling of the transition compared to Democrats (20%). Independent voters were more split with 46% approving, 40% disapproving and 14% having no opinion or saying they don't know.



Trump's 54% approval rating is only six points below the 60% approval rating President Joe Biden had four years ago from a Morning Consult poll.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent111924">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Personnel Pick Ratings: Here are the approval and disapproval ratings of recent personnel picks by Trump for his next White House term.



<ul>
<li>Mike Huckabee, U.S. Ambassador to Israel: 44% approval, 31% disapproval, 25% no opinion</li>



<li>Marco Rubio, Secretary of State: 45% approval, 34% disapproval, 21% no opinion</li>



<li>Elise Stefanik, U.S. Ambassador to the United Nations: 38% approval, 29% disapproval, 33% no opinion</li>



<li>Stephen Miller, Deputy White House Chief of Staff: 36% approval, 30% disapproval, 34% no opinion</li>



<li>Tulsi Gabbard, Director of National Intelligence: 39% approval, 33% disapproval, 29% no opinion</li>



<li>Robert F. Kennedy Jr., Health and Human Services Secretary: 44% approval, 39% disapproval, 16% no opinion</li>



<li>Elon Musk, co-leader of the Department of Government Efficiency: 45% approval, 40% disapproval, 15% no opinion</li>



<li>Vivek Ramaswamy, co-leader of the Department of Government Efficiency: 39% approval, 34% disapproval, 27% no opinion</li>



<li>Lee Zeldin, Environmental Protection Agency Administration: 34% approval, 29% disapproval, 37% no opinion</li>



<li>Pete Hegseth, Secretary of Defense: 37% approval, 32% disapproval, 31% no opinion</li>



<li>Kristi Noem, Secretary of Homeland Security: 37% approval, 33% disapproval, 30% no opinion</li>



<li>Matt Gaetz, Attorney General: 34% approval, 41% disapproval, 25% no opinion</li>
</ul>



Why It's Important: The selection of Gaetz could face the most scrutiny by members of Congress if he is formally nominated. The Republican resigned from Congress the same day Trump announced the attorney general role for him.



Gaetz was investigated by the Department of Justice for sex trafficking before it declined to charge the congressman.



The former Congressman was under investigation by the House Ethics Committee for sexual misconduct. Allegations against the Trump ally include sexual misconduct, illicit drug use, accepting improper gifts and more. Gaetz has denied the allegations.



Gaetz is the only person in the poll to receive a higher percentage of disapproval than approval.



When it comes to disapproval, Gaetz ranks first at 41% followed by Tesla CEO Elon Musk at 40%.



Musk, who has been named by Trump to lead the Department of Government Efficiency and cut government spending, also has the <a href="https://www.benzinga.com/politics/24/11/41993300/elon-musks-favorability-with-gop-voters-nearly-as-high-as-j-d-vance-how-views-of-billionaire-changed-among-political-parties">highest approval rating</a> at 45%, tied with Marco Rubio.



Musk has the lowest percent of voters saying no opinion, showing how opinionated voters are of his potential selection. Musk maintains a positive net approval rating of 45% to a disapproval rating of 40%.



Kennedy Jr. ranks among the highest for approval at 44% and for disapproval at 39%. Like Musk, Kennedy also has a low amount of voters saying they have no opinion at 16%.



Huckabee has the highest net approval rating in the poll at 13 points.



This poll was taken before Trump announced Dr. Mehmet Oz as his choice as <a href="https://www.benzinga.com/general/health-care/24/11/42077057/trump-picks-dr-oz-as-centers-for-medicare-and-medicaid-services-administrator">Centers For Medicare and Medicaid Services administrator</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/11/42036132/trump-wants-matt-gaetz-confirmed-100-so-does-the-cannabis-industry">Trump Wants Matt Gaetz Confirmed &#8216;100%,&#8217; So Does The Cannabis Industry</a></li>
</ul>



Photo: Musk, White House, public domain; Trump and Getz, Shutterstock

Politics

Donald Trump's Personnel Picks: New Poll Finds Elon Musk With Highest Approval By Voters, Matt Gaetz With Highest Disapproval

The retail investing landscape is changing as individuals are increasingly looking to take on more risk. Yoni Assia, co-founder and CEO of investing platform eToro, believes crypto is playing a big role in the <a href="https://www.benzinga.com/money/retail-investors-ve-institutional-investors">evolution of the retail investor</a>.



What To Know: Tuesday at the <a href="https://www.benzinga.com/fintech-awards?__hstc=28787939.5f6980ec6f37192ae95c332ee656a790.1732029557803.1732029557803.1732029557803.1&amp;__hssc=28787939.1.1732029557803&amp;__hsfp=3317113319">Benzinga Fintech Deal Day &amp; Awards</a>, Assia made the case that risk appetite is the biggest difference between older generations and retail investors today.



Older generations focused on dividend yields, the Baby Boomers started focusing on price-to-earnings multiples, Gen X began focusing more on growth, Millennials took it a step further and focused on tech stocks and now Gen Z is more focused on crypto and things like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) becoming the currency of Mars, he said.



EToro started the year with just 2% of its customers trading crypto and now has more than 90% of customers involved with crypto in some capacity across its platform, Assia said.



Crypto is driving that bigger tolerance for risk due to its becoming a &#8220;generational asset class&#8221; and a &#8220;gateway trade&#8221; for a lot of individual investors. Many retail investors come to the platform to trade Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), for example, and then end up exploring other investment options, he said.



Many crypto investors have a higher appetite for risk and as crypto investors cross into traditional markets, retail traders are starting to make a bigger splash. The surge in retail investors in recent years has changed market dynamics, Assia explained.



Check This Out: <a href="https://www.benzinga.com/news/events/24/11/42071064/exclusive-anthony-pompliano-calls-for-us-to-buy-250b-bitcoin-on-day-1-of-trump-administration-protect-our-future-its-such-a-no-brainer">EXCLUSIVE: Anthony Pompliano Calls For US To Buy $250B Bitcoin On Day 1 Of Trump Administration: &#8216;Protect Our Future, It&#8217;s Such A No Brainer&#8217;</a>



The way investors get information has also changed. In the past, a lot of individuals would read investment reports and put a lot of time into researching a potential investment, but now traders are getting information very quickly from various news outlets and from other individual investors on social media platforms like Reddit and X. If they are reading research reports, they are likely using ChatGPT or another LLM to pull the key information, he added.



When talking about retail investors versus individual investors, you often hear the terms &#8220;dumb money&#8221; and &#8220;smart money,&#8221; but &#8220;I think that&#8217;s completely wrong,&#8221; Assia said: &#8220;We see it on our platform.&#8221;



eToro allows investors to see what other investors on the platform are doing and even copy their trades. Assia told the crowd at the Benzinga conference that there are 3,200 investors on the platform that are being copied by other traders. Most of those investors consistently generate double-digit returns and often outpace the S&amp;P 500. 



&#8220;These are like hedge-fund level returns of our top retail investors on the platform. I think this narrative is coming from the people who want to manage the retail&#8217;s money and don&#8217;t want them to manage their own money,&#8221; he said. 



The playing field is already in the process of being leveled and new AI tools are only going to help accelerate retail&#8217;s ability to see consistent success in the markets, Assia said. 



The <a href="https://www.benzinga.com/fintech-awards?__hstc=28787939.5f6980ec6f37192ae95c332ee656a790.1732029557803.1732029557803.1732029557803.1&amp;__hssc=28787939.1.1732029557803&amp;__hsfp=3317113319">Benzinga Fintech Deal Day &amp; Awards</a> panel was called &#8220;The Evolution of the Retail Investor&#8221; and was hosted by CoinDesk&#8217;s Benjamin Schiller.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42069891/sp-500-to-reach-6500-by-end-of-2025-analysts-predict-could-it-spark-ma-revival">S&amp;P 500 To Reach 6,500 By End Of 2025, Analysts Predict: Could It Spark M&amp;A Revival?</a></li>
</ul>



Photo: Shutterstock.

Events

EXCLUSIVE: Retail Investors Are Taking On More Risk And Finding Success — Is Crypto Acting As A 'Gateway Trade?'

Cryptocurrency markets are trading higher, with Bitcoin recording a new all-time high at $94,040, according to Coingecko data. 



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$93,312.89</td><td>+2.9%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$3,122.39</td><td>-0.3%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$243.76</td><td>+2.9%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.4053</td><td>+10%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00002537&nbsp;&nbsp;</td><td>+4%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 102.3% and daily active addresses up by 13%. Transactions greater than $100,000 are up from 8,261 to 11,812 in a single day. Exchanges netflows are down by 192%.</li>



<li>Coinglass data reports 98,554 traders were liquidated in the past 24 hours for $289.96 million. Open interest spiked to $59.3 billion.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42059827/crypto-exchange-gemini-launches-services-in-france-following-regulatory-approval">Crypto Exchange Gemini Launches Services In France Following Regulatory Approval</a></li>



<li><a href="https://www.benzinga.com/24/11/42069770/us-congress-could-set-the-stage-for-broader-crypto-adoption-says-digital-asset-leader">Crypto Growth Hinges On &#8216;Thoughtful Policy,&#8217; Clear Regulations, Says Expert</a></li>



<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/42069258/whats-going-on-with-bakkt-holdings-stock-tuesday">What&#8217;s Going On With Bakkt Holdings Stock Tuesday?</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42055570/bitfinex-bitcoin-laundering-case-lands-crocodile-of-wall-street-in-jail">Bitfinex Bitcoin Laundering Case Lands &#8216;Crocodile Of Wall Street&#8217; In Jail</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42058823/blackrocks-spot-bitcoin-etf-to-open-for-options-trading-heres-why-it-could-be-a-big-deal-for-bitcoin">BlackRock&#8217;s Spot Bitcoin ETF To Open For Options Trading: Here&#8217;s Why It Could Be A Big Deal For Bitcoin</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>)</td><td>&nbsp;$0.00005573</td><td>+14%</td></tr><tr><td>Hedera (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/hbar/usd">HBAR</a>)</td><td>&nbsp;$0.1378</td><td>+13.5%</td></tr><tr><td>Goatseus Maximus (CRYPTO: GOAT)</td><td>&nbsp;$1.17&nbsp;</td><td>+12.8%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices crossing all-time highs of $94,000, crypto trader Jacob Canfield predicts a minimum target of $97,000.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> &#8211; A breakout fom our ascending triangle above here should give us a minimum target of $97,000. <a href="https://t.co/PLtKTWEmlz">pic.twitter.com/PLtKTWEmlz</a>&mdash; Jacob Canfield (@JacobCanfield) <a href="https://twitter.com/JacobCanfield/status/1858928153185427592?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Crypto trader More Crypto Online hopes that Bitcoin can move forward toward $95,000 and then maybe $97,000. On the other hand, the trader <a href="https://x.com/Morecryptoonl/status/1858936812082807069">remains</a> cautious suggesting this could be a corrective range. He believes the structure lacks clear direction and momentum and is therefore very fragile.



Santiment data noted that with Bitcoin peaking to all-time highs, whale transactions and retail FOMO could make the "short-term price action unpredictable, but the long-term indicators for Bitcoin looking quite sound."



It also added that in any long-term bull market, dormant coins continuously moving back into circulation.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f973; Bitcoin has officially made a new all-time high, scraping as high as $93,850 on Coinbase at the time of this writing. Whale transactions and retail FOMO may make the short-term price action unpredictable, but the long-term indicators for BTC (and therefore, crypto) look quite… <a href="https://t.co/Ae5qtdU8QN">pic.twitter.com/Ae5qtdU8QN</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1858942762206261428?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Image: Shutterstock

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Bitcoin Crosses $94,000 For New All-Time High, Dogecoin Back At $0.40, Ethereum Flat: 'Short-Term Price Action Unpredictable,' Say Analysts

Entrepreneur Anthony Pompliano expects more cryptocurrency companies to go public and or get acquired now that a new pro-crypto administration is in <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41403206/bitcoin-is-the-simplest-story-in-finance-will-climb-regardless-of-election-winner-says-ant">the White House.</a>



Coinbase a Winner: Pompliano compared Coinbase Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) to iPhone maker Apple during a discussion at the<a href="https://www.benzinga.com/digital-assets"> 2024 Benzinga Future of Digital Assets </a>conference.



"Coinbase has something that can't be bought, they have trust," Pompliano said.



Pompliano, an investor in Coinbase, highlighted the company as one of the last big crypto IPOs. In his opinion, Coinbase does right by people, has a product that people love and has grown by word of mouth. With new investors getting interested in crypto, Coinbase has <a href="https://www.thestreet.com/crypto/markets/coinbase-app-climbs-in-ranking-after-trumps-win-and-bitcoin-shatters-records">become</a> the number one app in the app store again thanks to its brand awareness.



Pompliano said that while Apple may not have the best phone in the world, the company's brand and connected network of products make the iPhone a strong seller.



"Coinbase is putting together a brand of products," he said.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41916359/bitcoin-is-the-decentralized-king-says-anthony-pompliano-whose-100000-price-prediction-is-close-to-coming-true">Bitcoin Is The &#8216;Decentralized King,&#8217; Says Anthony Pompliano, Whose $100,000 Price Prediction Is Close To Coming True</a>



IPOs and M&amp;A: Pompliano expects the cryptocurrency sector to power a renaissance of IPOs. Young investors, for years wanted to be angel investors and deal with illiquid stakes in companies and investments, Pompliano said.



Crypto is all about liquidity and a new generation of crypto investors realizes the value of liquidity, he added.



Pompliano said right now more companies are going private than public and there are around 4,000 public companies, down from 8,000 in the 1990s.



"The progression into public is going to happen in general," Pompliano said.



The investor also predicts that M&amp;A activity will pick up in the cryptocurrency sector as some companies aren't sustainable. Companies in some cases have built cool products, but don't have a good business model, he added.



Moderator MacKenzie Sigalos of CNBC and Pompliano also discussed the fact that Circle has been wanting to go public for a long time.



Pomplinao said the long-time question is if the government will have too big of an interest in Circle as the largest owner of USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>). If Circle goes public it could become more valuable and the bad thing is the company could get too big, Pompliano added.



Coincheck, a Japanese cryptocurrency exchange <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38698334/japanese-crypto-exchange-coincheck-to-list-on-nasdaq-listing-via-spac-merger">going public via SPAC merger</a> with Thunder Bridge Capital Partners IV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THCP#NASDAQ">THCP</a>), was also used to illustrate the potential change in crypto companies getting approval to go public.



What's Next: Pompliano said Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is the only asset in the world that the higher it goes, the less risky it becomes.



He added that institutions are continuing to become more attracted to Bitcoin as they are subject to FOMO (fear of missing out) just like retailer investors.



"I don't think you've seen anything yet," Pompliano said on institutional interest in Bitcoin.



Pompliano said that, for institutions, the final boss level is when they get their own cryptocurrency custody &#8212; something he predicts could happen in the next 24 months.



The investor also said Tuesday that the United States <a href="https://www.benzinga.com/news/events/24/11/42071064/exclusive-anthony-pompliano-calls-for-us-to-buy-250b-bitcoin-on-day-1-of-trump-administration-protect-our-future-its-such-a-no-brainer">should buy $250 billion</a> in Bitcoin for its strategic reserves.



Pompliano said that while global currencies have often been put into place after violent conflicts are completed, Bitcoin will rise and become a reserve currency without dropping bombs.



Price Action: Bitcoin trades at $92,517.23 at the time of writing, up 1% over the last 24 hours and up 6% over the last week. Bitcoin hit an all-time high of $93,434.26 on Nov. 13.



Read Next:



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41274733/in-2022-bitcoin-helped-to-humble-anthony-pompliano-a-look-at-how-his-price-predictions-hav">In 2022, Bitcoin &#8216;Helped To Humble&#8217; Anthony Pompliano: A Look At How His Price Predictions Have Evolved</a></li>
</ul>



Image: Shutterstock

Exclusives

$USDC

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THCP

EXCLUSIVE: Bitcoin Advocate Anthony Pompliano Says Coinbase Is Similar To Apple, 'Has Something That Can't Be Bought'

Wall Street managed to recover from a red start caused by heightened geopolitical tensions stemming from the <a href="https://www.benzinga.com/topic/russia">ongoing Russia-Ukraine conflict.</a>



Ukraine launched its first U.S.-made missile strike on a Russian city, while Russian President Vladimir Putin adjusted the nation's nuclear doctrine to broaden scenarios for a potential response. Yet, Russian Foreign Minister Sergei Lavrov sought to assuage fears of a nuclear escalation, stating that a nuclear war is not something Russia is considering.



Amid the geopolitical noise, investors remained focused on corporate earnings. Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), often regarded as a bellwether of consumer health, surpassed expectations for the recent quarter. The retailer&#8217;s stock surged 4%, hitting fresh all-time highs and boosting market sentiment.



At midday, both the S&amp;P 500 and Nasdaq 100 posted marginal gains, while blue-chip stocks showed a slight deceleration and small caps held steady.



In fixed income, longer-dated bond yields dipped, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) climbing 0.5%. The U.S. dollar gained 0.1%, attempting to rebound after two consecutive sessions of losses.



Geopolitical risks lifted demand for commodities, with gold and oil rebounding 0.8% and 0.5%, respectively. Natural gas prices – as closely tracked by the United States Natural Gas Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) – extended the rally, adding 2.6% after a 5.3% jump on Monday and hitting the highest levels since June. 



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to display extraordinary strength, with the cryptocurrency breaking to a new all-time high of $93,931, underscoring robust market interest despite broader macro uncertainties.



<h2 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h2>



<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>20,610.47</td><td>0.3%</td></tr><tr><td>S&amp;P 500</td><td>5,907.68</td><td>0.2%</td></tr><tr><td>Russell 2000</td><td>2,309.75</td><td>0.1%</td></tr><tr><td>Dow Jones</td><td>43,316.79</td><td>-0.2%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 13:10 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&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 0.2% to $589.41.</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;fell 0.3% to $433.10.</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>) edged 0.4% higher to $502.08.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.3% to $229.50.</li>



<li>The&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, rising 0.5%. The&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.7%.</li>
</ul>



<h2 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h2>



<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) surged 22% after appointing BDO US as its auditor and submitting a compliance plan to Nasdaq, signaling a proactive effort to address delisting concerns. The news bolstered investor confidence in the company&#8217;s governance and market stability.</li>



<li>United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) climbed 3.5%, reaching its highest level since December 2019, following a bullish call from TD Owen, which raised the stock's price target from $100 to $110.</li>



<li>Incyte Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NYSE">INCY</a>) plummeted over 14% after announcing that data from its Phase 2 clinical study failed to support further development, disappointing investors hoping for progress in its pipeline.</li>



<li>Valvoline Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VVV#NYSE">VVV</a>) dropped 8% in reaction to a weaker-than-expected earnings report, as the market digested concerns over the company&#8217;s growth trajectory and profitability.</li>



<li>Vertive Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) rallied 11.7% in reaction to price target raises from investment banks such as Deustsce Bank and Oppenheimer.</li>
</ul>



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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42069891/sp-500-to-reach-6500-by-end-of-2025-analysts-predict-could-it-spark-ma-revival">S&amp;P 500 To Reach 6,500 By End Of 2025, Analysts Predict: Could It Spark M&amp;A Revival?</a></li>
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Image created using artificial intelligence via Midjourney.

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INCY

Stocks Move Higher, Walmart Hits Record High, Natural Gas Reaches 5-Month Peak: What's Driving Markets Tuesday?

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advocate Anthony Pompliano calls for the new Donald Trump administration to buy $250 billion in the leading cryptocurrency on day one of the new regime, as reports grow for a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41938972/donald-trump-to-establish-a-national-bitcoin-reserve-a-30-chance-polymarket-traders-speculate">Bitcoin Strategic Reserve.</a>



What Happened: Pompliano was asked how Trump can make a difference for the cryptocurrency sector during a discussion at the 2024<a href="https://www.benzinga.com/digital-assets"> Benzinga Future of Digital Assets </a>event on Nov. 19.



The investor and entrepreneur didn't hold back with commentary on how positive the Trump administration could be for the cryptocurrency and with his suggestion to make an initial mark felt worldwide.



"It's not about individual policy, it's about the signal that we're changing regimes. The new regime is pro-Bitcoin," Pompliano said.



Pompliano said he has an upcoming piece coming out that will call on the U.S. to buy $250 billion in Bitcoin on day one of the new administration. The investor said in order to make the purchase, the country could print the money.



With the purchase, and around 200,000 Bitcoin already owned, the U.S. would become the largest holder in the world.



Pompliano said the $250 billion amount may sound like a lot, but it's a "rounding error" compared to the hundreds of billions of debt added to the national debt.



"Protect our future, it's such a no brainer."



Advocating against the Bitcoin strategic reserve could represent being against the growth of the U.S., Pompliano added.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41403206/bitcoin-is-the-simplest-story-in-finance-will-climb-regardless-of-election-winner-says-ant">Bitcoin Is &#8216;The Simplest Story In Finance,&#8217; Will Climb Regardless Of Election Winner, Says Anthony Pompliano</a>



Why It's Important: The comments from Pompliano come as Bitcoin has soared in value since Donald Trump won the 2024 presidential election, hitting multiple new all-time highs in November 2024.



Pompliano said the move by the U.S. would show the country's support for Bitcoin and could elevate the value and make the country's investment pay off.



BTC Price Action: Bitcoin trades at $92,517.23 at the time of writing, up 1% over the last 24 hours and up 6% over the last week. Bitcoin hit an all-time high of $93,434.26 on Nov. 13.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41916359/bitcoin-is-the-decentralized-king-says-anthony-pompliano-whose-100000-price-prediction-is-close-to-coming-true">Bitcoin Is The &#8216;Decentralized King,&#8217; Says Anthony Pompliano, Whose $100,000 Price Prediction Is Close To Coming True</a></li>
</ul>



Photos: Shutterstock

Government

EXCLUSIVE: Anthony Pompliano Calls For US To Buy $250B Bitcoin On Day 1 Of Trump Administration: 'Protect Our Future, It's Such A No Brainer'

Wall Street analysts are painting optimistic pictures for the U.S. stock market heading into 2025, with the S&amp;P 500 index — as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — expected to climb to 6,500 points by year's end, according to both Goldman <a href="https://www.benzinga.com/topic/expert-ideas">Sachs and Morgan Stanley. </a>



That projection represents an 11% gain from current levels and places the return in the 46th percentile of 12-month S&amp;P 500 returns since 1980. 



Yet, while both firms share optimism about the market's trajectory, their outlooks show notable differences in the rationale behind the call.



<h1 class="wp-block-heading">Goldman Sachs: Growth Hinges On Resilient Economy</h1>



In a note shared to clients on Monday, Goldman Sachs equity analyst David J. Kostin said the bullish forecast hinges on continued economic expansion and a robust corporate earnings outlook. 



The analyst expects &#8220;continued U.S. economic expansion, earnings growth of 11% in 2025 and 7% in 2026."



Economic and fiscal policies are likely to have a significant impact on corporate performance. Kostin's team assumes that the Trump administration will implement targeted tariffs on imported automobiles and select imports from China, alongside a 15% corporate tax rate for domestic manufacturers.



<h1 class="wp-block-heading">Morgan Stanley: Multiple Scenarios, But 6,500 Base Case</h1>



Michael Wilson, chief investment officer and strategist at Morgan Stanley, echoed Goldman Sachs' optimism. 



"We raise our base case 12-month price target to 6,500," Wilson said in his latest research note, adding that a post-election rise in "corporate animal spirits" could catalyze balanced earnings growth across sectors.



In the base case, Morgan Stanley expects the S&amp;P 500's valuation multiple to hold steady despite its historically elevated level. "It's rare to see significant multiple compression in periods of above-average earnings growth and accommodative monetary policy," Wilson explained.



Wilson also laid out a wider range of scenarios for 2025, reflecting potential economic and policy volatility. 



His bull case sees the S&amp;P 500 reaching 7,400, while his bear case forecasts a steep drop to 4,600. 



&#8220;Our prior bull case narrative has been playing out as macro data has improved alongside accommodative policy,&#8221; Wilson wrote.



<h1 class="wp-block-heading">Election Impacts: Lighter Regulation and Fiscal Shifts</h1>



Both analysts noted the recent U.S. presidential election could have profound market implications.



Kostin's team anticipates regulatory rollbacks and a business-friendly tax environment, while Wilson highlighted the potential creation of a new Department of Government Efficiency (DOGE) as a key wildcard.



The proposed DOGE could shift fiscal policy by consolidating deficits and cutting federal spending. "In short, we are potentially going through another sea change in policy outcomes that could have both short- and longer-term implications for markets," Wilson wrote.



<h1 class="wp-block-heading">Magnificent 7: Still Leading, But Margins Are Narrowing</h1>



The "Magnificent 7" tech giants — Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), 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>), Amazon.com 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>) — have dominated the market narrative for the past two years, delivering a jaw-dropping 148% return since the end of 2022. For context, the other 493 stocks in the S&amp;P 500 gained just 35% in the same period.



"The seven companies in aggregate accounted for more than half of the S&amp;P 500's 57% rise over the past two years," Kostin said. However, their dominance has begun to wane.



In 2023, the Magnificent 7 outperformed the rest of the index by 63 percentage points. In 2024, that gap has narrowed to just 22 points, with the Magnificent 7 rising 41% year-to-date versus an 18% gain for the remaining stocks.



For 2025, Kostin predicts that the Magnificent 7 will continue to outperform, but the margin will shrink even further. 



"We expect in 2025 the Magnificent 7 stocks collectively will outperform the S&amp;P 493, but by roughly seven percentage points, the slimmest margin in seven years," he said.



<h1 class="wp-block-heading">Beyond Big Tech: Mid-Caps And Cyclical Opportunities</h1>



Both Kostin and Wilson are urging investors to look beyond the Magnificent 7 and explore mid-cap and cyclical opportunities. 



"We recommend investors benchmark the Magnificent 7 and seek opportunities in mid-cap equities," Kostin said, pointing to the S&amp;P 400 MidCap Index, which trades at a lower 16x forward P/E multiple and has historically outperformed large- and small-cap stocks.



Sector-wise Kostin is also particularly bullish on Materials, Software &amp; Services, and Utilities.



Wilson also highlighted cyclicals, noting that lighter regulation and renewed optimism post-election could drive growth in this group. "In our view, the outcome of the U.S. election raises the likelihood of a lighter regulatory environment and a potential rebound in animal spirits, which should further benefit this group," Wilson said.



<h1 class="wp-block-heading">M&amp;A Surge Ahead?</h1>



Both analysts also highlighted the potential for a revival in merger and acquisition activity in 2025. 



"CEO confidence is a key variable affecting executives' inclination to engage in M&amp;A activity," Kosting said. Federal regulators' antitrust policies over the past four years have created headwinds for dealmaking, but an expected reduction in regulatory uncertainty could reignite activity.



&#8220;We continue to expect a major, multiyear rebound in activity, aided by record-high stock market levels, an economic soft landing, lower interest rates, open capital markets, greater corporate confidence, and growing pressure on private asset managers to both deploy funds and harvest investments,&#8221; Wilson said. 



Read Now:



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<li><a href="https://www.benzinga.com/markets/24/11/42051894/why-nvidia-earnings-may-trigger-massive-s-p-500-volatility">Why Nvidia Earnings May Trigger Massive S&amp;P 500 Volatility</a></li>
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Photo: Shutterstock

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S&P 500 To Reach 6,500 By End Of 2025, Analysts Predict: Could It Spark M&A Revival?

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