If price pressures have taken a back seat in market conversations lately and much of the tariff anxiety seemed overblown, fresh signs suggest this inflation honeymoon may be <a href="https://www.benzinga.com/news/econ-s">ending sooner than expected. </a>



While official inflation data have not shown a dramatic spike—headline inflation still hovers around 3%, stubbornly above the Federal Reserve's 2% goal—there's a growing body of evidence that tariffs are silently doing their part to keep price pressures alive.



With government data sources disrupted by the prolonged Washington shutdown, the private sector has become the market's only compass—and it's pointing to renewed inflation risks.



On Wednesday, a widely watched inflation gauge based on business surveys from the services sector showed cost pressures hitting their highest level in over three years.



While companies have absorbed much of the strain for now, the bigger risk is that the next wave of price hikes gets passed on to consumers.



<h2 class="wp-block-heading">An Inflation Warning From The Services Sector</h2>



The clearest signal of elevated cost pressures from tariffs came from the services sector, which accounts for more than two-thirds of the U.S. economy.



In October, the ISM Services Prices Index jumped to 70%, the highest reading in three years and a level not seen since October 2022. It&#8217;s now been above 60% for 11 straight months.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="543" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-1024x543.png" alt="" class="wp-image-1149701" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-1024x543.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-768x407.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-1536x814.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-2048x1085.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



"Respondents continued to mention the impact of tariffs on prices paid," said Steve Miller, chair of the ISM Services Business Survey Committee. 



One executive in the Utilities industry noted that tariffs were "causing disruption in contracts" and "driving up pricing on engineered and manufactured equipment," with order delays compounding the strain.



The warning from the services sector adds to similar concerns brewing on the manufacturing side. Earlier this week, the ISM Manufacturing PMI revealed that price pressures remain elevated, with the Prices Index at 58%—marking the 13th straight month of increases.



Respondents from manufacturing-related industries pointed directly to tariffs as a driver of rising input costs.



&#8220;Prices on all products have gone up, some significantly. We are trying to keep up with the wild fluctuations and pass along what costs we can to our customers," said an executive from the Machinery industry. 



Matthew Martin, senior economist at Oxford Economics, said the recent spike in service prices should serve as a wake-up call. 



"The prices index hit a three-year high, with tariffs cited as the largest culprit," he said, warning that while tariff-driven inflation may be peaking, the risks of persistent inflation are rising.



Bill Adams, chief economist for Comerica Bank, commented in an emailed note. 



&#8220;The Fed will be unhappy to see price pressures intensify in the services PMI but not necessarily surprised,&#8221; he said. &#8220;Many Fed policymakers have been expecting a delayed pass-through of inflation through the value chain as businesses work through inventories built up ahead of the tariff hikes early this year. That pass-through looks to be continuing in the fourth quarter.&#8221;



<h2 class="wp-block-heading">The Data No One's Watching—But Should Be </h2>



In a recent note, Bank of America economists Aditya Bhave and Stephen Juneau estimated that tariffs have already added 30-50 basis points (0.3%-0.5%) to core Personal Consumption Expenditures inflation—one of the Fed's preferred measures.



They indicate consumers are bearing 50-70% of those costs, meaning more inflation could be on the way if businesses start passing along the rest. 



According to their analysis, core goods PCE prices—stripping out food and energy—rose 0.2% month-over-month in September, reversing last year's deflationary trend. 



Since March, prices have climbed at a 2.2% annualized rate, and current levels sit 1.8% above their 2024 trend. 



Their conclusion: "Tariffs have pushed consumer prices higher," and the pass-through isn't over yet.



<h2 class="wp-block-heading">Alternative Data Echoes The Same Story</h2>



Private inflation trackers are picking up similar signals. Harvard's Pricing Lab and Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WMT">WMT</a>) price-scraping data from Bank of America show a 3.4% increase in the cost of 101 general merchandise items since mid-April. 



Toys—many of which are imported from China and now face the highest effective tariff rate —led the increase.



Another study found that prices for imported goods began rising sharply after October 2024. Compared to domestic goods not affected by tariffs, imported products have seen the fastest and steepest increase. 



<h2 class="wp-block-heading">More Inflation Could Be In The Pipeline </h2>



While the current impact of tariffs is significant, the Bank of America team believes further inflation is likely.



They expect more companies to shift rising import costs onto consumers, especially as economic resilience gives businesses room to protect margins. And the rise in tariffs isn't over. 



The effective tariff rate on consumer goods has jumped 11 percentage points since January 2025, reaching a level that—if fully passed through—could boost core inflation by 60-70 basis points, according to the bank's rule-of-thumb estimates. 



The Supreme Court Wildcard: One major unknown is the Supreme Court's upcoming ruling on tariffs imposed under the International Emergency Economic Powers Act (IEEPA), which account for a significant portion of current duties.



If struck down, the ruling could lower inflation expectations, but analysts expect the administration to pursue alternative legal avenues to keep the tariffs in place.



Either way, the inflation story isn't over.



Read now: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48653204/hiring-rebounds-but-its-still-too-weak-to-derail-a-december-fed-cut">Hiring Rebounds, But It&#8217;s Still Too Weak To Derail A December Fed Cut</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Large Cap

Macro Economic Events

Econ #s

Economics

Analyst Ratings

Trump's Tariffs Are Quietly Fueling A New Wave Of Inflation, Economists Warn

BTIG analyst Mark Massaro reiterated a Buy rating for Tempus AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TEM">TEM</a>) with a price target of $96 following <a href="https://www.benzinga.com/quote/TEM/analyst-ratings" target="_blank" rel="noreferrer noopener">the third-quarter FY25 earnings beat</a>.



 •&nbsp;TEM is under selling pressure. <a href="https://www.benzinga.com/quote/TEM" target="_blank" rel="noreferrer noopener">Get the complete analysis here.</a>



<h2 class="wp-block-heading">Earnings Details</h2>



On Nov. 4, Tempus AI reported revenue of $334.21 million, topping&nbsp;analyst estimates&nbsp;of $328.73 million and marking an <a href="https://www.benzinga.com/markets/equities/25/11/48644466/tempus-ai-stock-tem-slides-6-overnight-heres-why-the-stock-is-trending" target="_blank" rel="noreferrer noopener">84.7% increase from a year earlier</a>.



The loss estimate of 17 cents was surpassed by the adjusted loss per share of 11 cents.



For FY25, the company raised its revenue guidance to $1.265 billion, up <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">from a previous guide of $1.260 billion</a>.



<h2 class="wp-block-heading">Analyst View</h2>



The analyst expects Tempus to secure additional pharma contracts for its data and services business.



The analyst expects average selling prices (ASPs) to rise as the mix shifts toward higher-priced tests, including the xT CDx at $4,500/test (up from $2,900 for xT LDT) and the xF liquid biopsy assay at $3,288/test (up from $2,919).



Expansion of commercial payor coverage for xF and xT CDx is expected, alongside continued development of TEM's algorithm business, says the analyst.



The analyst sees Tempus positioned at the convergence of several major trends: precision medicine and oncology (including liquid biopsies), AI and machine learning, and the move toward more personalized drug development and companion diagnostics for pharmaceutical companies.



TEM Price Action: TEM shares are down 2.74% at $82.18 at publication on Wednesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/10/48395936/ark-invest-dumps-amd-stock-doubles-down-on-chinese-tech-giants-alibaba-and-baidu" target="_blank" rel="noreferrer noopener">Ark Invest Dumps AMD Stock, Doubles Down On Chinese Tech Giants Alibaba And Baidu</a></li>
</ul>

Equities

Reiteration

Movers

Tech

Trading Ideas

Tempus AI Growth Outlook Boosted By Higher ASPs, Pharma Contracts, Analyst Says

<h2 class="wp-block-heading">Snapshot:</h2>



<ul class="wp-block-list">
<li>Google's new Willow quantum processor brings real-world quantum computing closer, reviving fears that Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) core cryptography could be cracked within a decade.</li>



<li>While "Q-Day" isn't here yet, the countdown has started and Bitcoin's famed immutability might soon become its biggest vulnerability.</li>
</ul>



<h2 class="wp-block-heading">Quantum Gets Practical</h2>



Despite the excitement it generates, quantum computing has largely remained in the lab – impressive in chess competitions but less so in practical, real-world business applications. Google's new Willow processor could change all that. It reportedly <a href="https://www.nature.com/articles/s41586-025-09526-6" rel="nofollow">slashes qubit error rates</a> and extends coherence times, the micro-moments when quantum states can hold still and make useful calculations.



For the first time, Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) says its system can run hundreds of logical qubits with enough error correction to execute a small-scale version of <a href="https://www.geeksforgeeks.org/dsa/shors-factorization-algorithm/" rel="nofollow">Shor's algorithm</a>, the code capable of cracking RSA encryption. That's the nightmare scenario cybersecurity experts have warned about for decades.



If Shor's algorithm ever scales fully, it won't just break passwords. It will break the Internet's cybersecurity model – and Bitcoin holders could be among the first victims.



<h2 class="wp-block-heading">The "Q-Day" Clock Starts Ticking</h2>



Bitcoin's core defenses use classical standards: <a href="https://hackernoon.com/how-sha-256-hashing-works-in-bitcoin" rel="nofollow">SHA-256</a> for mining and <a href="https://www.geeksforgeeks.org/computer-networks/blockchain-elliptic-curve-digital-signature-algorithm-ecdsa/" rel="nofollow">ECDSA</a> for wallets. Both rely on math problems that even supercomputers can't solve in human timeframes. But Shor's algorithm, running on a sufficiently powerful quantum computer, could reduce that to minutes.



That's the so-called <a href="https://bernardmarr.com/why-you-should-all-be-worried-about-q-day-and-the-collapse-of-digital-security/" rel="nofollow">Q-Day</a> – when quantum machines can decrypt what's now unbreakable. For Bitcoin, it could be an extinction-level event.



Particularly exposed are legacy wallets with old <a href="https://www.unchained.com/blog/bitcoin-address-types-compared" rel="nofollow">P2PK</a> addresses used in Bitcoin's early years, including some belonging to Satoshi himself. These show their public keys directly on-chain, handing future quantum attackers a ready-made target list. Estimates suggest they hold <a href="https://x.com/caprioleio/status/1975715778164052402" rel="nofollow">up to a quarter</a> of all the Bitcoins ever mined.



<h2 class="wp-block-heading">Why a Fix Isn't Simple</h2>



In theory, Bitcoin's cryptography can be upgraded to post-quantum algorithms. In practice, that's a governance nightmare. Bitcoin's codebase is&nbsp;<a href="https://thebitcoinmanual.com/articles/btc-ossification/">famously ossified</a>, and meant to be. Even minor tweaks can take years of wrangling.



The last major upgrade, Taproot, took half a decade of debate. A move to quantum-resistant signatures would require a hard fork so divisive it could fracture the network's consensus, the very mechanism that makes Bitcoin secure.



Bitcoin's immutability is both its moat and its trap.



<h2 class="wp-block-heading">How Close Are We, Really?</h2>



Not that Q-Day is tomorrow. Experts still believe cracking Bitcoin's encryption would need&nbsp;millions&nbsp;of stable, error-corrected qubits. Google's Willow operates in the low hundreds.



Still, the direction is clear. IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>), IonQ (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IONQ">IONQ</a>), and Quantinuum are racing to close the gap. Governments are already preparing: NIST has standardized <a href="https://www.nist.gov/news-events/news/2024/08/nist-releases-first-3-finalized-post-quantum-encryption-standards" rel="nofollow">quantum-resistant algorithms</a> like CRYSTALS-Kyber and Dilithium for future systems. Ethereum's Vitalik Buterin advocates a <a href="https://hackernoon.com/ethereum-2030-vitaliks-audacious-vision-vs-harsh-reality-check" rel="nofollow">gradual migration</a> to such schemes, while startups like PQShield and Quantinuum are testing hybrid blockchains that combine classical and post-quantum primitives. 



<h2 class="wp-block-heading">BTC's Y2K Moment?</h2>



Skeptics call this the crypto version of Y2K: a real issue but inflated into <a href="https://www.empireonline.com/movies/news/y2k-trailer-millennium-bug-apocalypse-a24-horror-comedy/" rel="nofollow">an apocalypse</a>. Bitcoin has survived bans, energy crises, and 51% attack scares. But the difference is that Y2K had a deadline and a fix. Quantum's timeline is <a href="https://www.precedenceresearch.com/news/google-generative-ai-quantum-study" rel="nofollow">exponential</a> and opaque.



And some hackers aren't waiting. "Harvest now, decrypt later" is already a known tactic: steal encrypted data today, store it, and wait for quantum power to catch up. If applied to blockchain, that could mean millions of dormant BTC quietly mapped and waiting to be unlocked.



<h2 class="wp-block-heading">The Take Away</h2>



If Willow really signals the start of practical quantum computing, the countdown to a Bitcoin redesign has begun. Quantum might not kill it, but it could force the number one blockchain to make its first existential upgrade.



Cryptography underpins more than just crypto. Its the foundation of the modern digital economy. Once quantum hardware scales, the weakest links will go first. Bitcoin may simply be the canary in the quantum mine.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Cryptocurrency

Opinion

General

$BTC

GOOG

GOOGL

IONQ

Has Bitcoin's Q-day Countdown Begun? How Google's New Quantum Chip Could Break The Chain

(Editor&#8217;s note: The future prices of benchmark tracking ETFs and headlines were updated in the story.)



U.S. stock futures declined on Wednesday after Dow Jones pared initial gains following Tuesday&#8217;s lower close. Futures of major benchmark indices were lower.



Investors interpreted the latest batch of corporate earnings as solid but not spectacular, offering a convenient excuse to take profits after strong year-to-date rallies.



Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>), one of the poster children of this year's AI-fueled rally, <a href="https://www.benzinga.com/markets/equities/25/11/48645886/dan-ives-slams-michael-burry-for-betting-against-messi-of-ai-palantir-says-he-is-dead-wrong">slumped around 8%</a> despite easily beating Wall Street estimates and raising its full-year guidance.



President Donald Trump&#8216;s legal authority to impose his most sweeping duties faces a key test at the Supreme Court today. Justices will <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48582680/trump-wants-to-attend-supreme-courts-hearing-on-legality-of-his-tariffs-so-badly-but-wont-not-about-me-its-about-our-country">hear arguments in a case</a> whose decision could have significant reverberations for the global economy.



The 10-year Treasury bond yielded 4.08% and the two-year bond was at 3.58%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 70.1% likelihood of the Federal Reserve cutting the current interest rates during its December meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.06%</td></tr><tr><td>S&amp;P 500</td><td>-0.10%</td></tr><tr><td>Nasdaq 100</td><td>-0.22%</td></tr><tr><td>Russell 2000</td><td>0.11%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Wednesday. The SPY was down 0.23% at $673.74, while the QQQ declined 0.36% to $617.00, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Stock Market News Today &#x7C; McDonald&#039;s, AMD, Qualcomm, Robinhood In Focus &#x7C; Nov 5, 2025" width="500" height="281" src="https://www.youtube.com/embed/Pr2voKGVDmA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">Advanced Micro Devices</h2>



<ul class="wp-block-list">
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>) fell 2.81% in premarket on Wednesday despite better-than-expected financial results for the third quarter. It said it expects fourth-quarter revenue of approximately $9.6 billion, plus or minus $300 million.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that AMD maintains a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-1024x158.png" alt="Benzinga's Edge Stock Rankings for AMD." class="wp-image-1148833" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Qualcomm</h2>



<ul class="wp-block-list">
<li>Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QCOM">QCOM</a>) was 0.42% lower ahead of its earnings scheduled to be released after the closing bell. Analysts expect it to report earnings of $2.87 per share on revenue of $10.77 billion.</li>
</ul>



<ul class="wp-block-list">
<li>QCOM maintained a stronger price trend over the short, medium, and long terms, with a solid growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="162" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-1024x162.png" alt="Benzinga's Edge Stock Rankings for QCOM." class="wp-image-1148831" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-1024x162.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-768x121.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1.png 1159w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Robinhood Markets</h2>



<ul class="wp-block-list">
<li>Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>) was 0.66% higher as analysts expect it to report earnings of $0.53 per share on the revenue of $1.21 billion after the closing bell.</li>
</ul>



<ul class="wp-block-list">
<li>It maintained a stronger price trend over the long, short, and medium terms, with a poor value ranking. Additional performance details, as per Benzinga's Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5-1024x158.png" alt="Benzinga's Edge Stock Rankings for HOOD." class="wp-image-1148830" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Pinterest</h2>



<ul class="wp-block-list">
<li>Pinterest Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PINS">PINS</a>) tumbled 18.90% as it posted downbeat earnings for the third quarter with revenue of $1.05 billion, in line with analysts&#8217; estimates. The idea discovery platform company&#8217;s adjusted earnings of 38 cents per share missed analyst estimates of 42 cents per share.</li>
</ul>



<ul class="wp-block-list">
<li>PINS maintains a weaker price trend over the short, medium and long term, with a poor quality ranking. Additional information is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="157" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--1024x157.png" alt="Benzinga's Edge Stock Rankings for PINS." class="wp-image-1148829" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--1024x157.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE-.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



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



<ul class="wp-block-list">
<li>McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MCD">MCD</a>) shares rose 0.60% before the opening bell after the fast-food chain reported better-than-expected quarterly revenue of $7.1 billion, beating the estimate of $7.09 billion. </li>
</ul>



<ul class="wp-block-list">
<li>MCD maintained a weaker price trend over short, medium, and long terms, with a strong growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-1024x155.png" alt="Benzinga's Edge Stock Rankings for MCD." class="wp-image-1148823" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Sectors posting the biggest losses on Tuesday included communication services, consumer discretionary, and information technology, leading most S&amp;P 500 sectors to close on a negative note.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-2.04%</td><td>23,348.64</td></tr><tr><td>S&amp;P 500</td><td>-1.17%</td><td>6,771.55</td></tr><tr><td>Dow Jones</td><td>-0.53%</td><td>47,085.24</td></tr><tr><td>Russell 2000</td><td>-1.78%</td><td>2,427.34</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



BlackRock maintains a positive, overweight outlook on U.S. stocks, identifying the artificial intelligence theme as a powerful market driver. The firm's &#8220;Weekly commentary&#8221; highlights that recent &#8220;solid tech earnings&#8221; show &#8220;how the AI buildout remains a key equity driver.&#8221;



This is evidenced by mega-cap tech firms like Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) significantly upping their capex spending on AI infrastructure, a trend BlackRock expects to continue.



This optimistic equity stance is &#8220;supported by Federal Reserve rate cuts.&#8221; While the Fed signaled a pause, BlackRock&#8217;s view is, &#8220;we think it will likely cut again,&#8221; likely in December. The rationale is that a &#8220;softening labor market gives the Fed space to cut.&#8221;



Economically, BlackRock anticipates &#8220;a notable slowing of activity without recession,&#8221; a scenario that it believes should support U.S. stocks. While acknowledging that &#8220;policy-driven volatility and supply-side constraints are pressuring growth,&#8221; the firm ultimately believes the powerful AI mega-force will continue to support corporate earnings.



BlackRock&#8217;s tactical view concludes that U.S. valuations are backed by &#8220;stronger earnings and profitability relative to other developed markets.&#8221;



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



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Wednesday;



<ul class="wp-block-list">
<li>October&#8217;s ADP employment data will be out by 8:15 a.m., S&amp;P final U.S. services PMI by 9:45 a.m., and October&#8217;s ISM services data by 10:00 a.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading higher in the early New York session by 0.18% to hover around $60.67 per barrel.



Gold Spot US Dollar rose 1.31% to hover around $3,983.52 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.09% lower at the 100.1370 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 1.92% lower at $101,947.22 per coin.



Asian markets closed lower on Wednesday, except China&#8217;s CSI 300 index. South Korea's Kospi, Japan's Nikkei 225, Australia's ASX 200, Hong Kong's Hang Seng, and India&#8217;s NIFTY 50 indices fell. European markets were also lower in early trade.



Read Next:



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<li><a href="https://www.benzinga.com/markets/equities/25/11/48645965/jim-chanos-warns-iren-taking-all-the-risk-in-9-7-billion-microsoft-ai-pact-deal-will-decrease-eps">Jim Chanos Warns IREN Taking &#8216;All The Risk&#8217; In $9.7 Billion Microsoft AI Pact: &#8216;Deal Will Decrease EPS&#8217;</a></li>
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Photo courtesy: Shutterstock

Earnings

Market Summary

Short Sellers

Guidance

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Commodities

Treasuries

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Pre-Market Outlook

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PINS

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Stock Market Today: Dow, S&P 500, Nasdaq Futures Slip But McDonald's Rises After Q3 Beat— AMD, Qualcomm, Robinhood In Focus (UPDATED)

Bitcoin fell below $100,000 this week, and for the first time in crypto history, there was nobody there to catch it. Not because investors lost faith in digital assets, but because the very products designed to make Bitcoin safer, spot ETFs, created a ticking time bomb. Nearly every ETF buyer entered at the same price, around $89,600. When Bitcoin approached that number, millions of investors realized simultaneously they were about to lose money. Meanwhile, the retail traders who used to buy every dip? They&#8217;ve disappeared, migrated into those same ETFs. The result was a 20% crash that reveals the truth about Bitcoin&#8217;s evolution into a mainstream asset.



When the SEC approved <a href="https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023" rel="nofollow">spot Bitcoin ETFs</a> in early 2024, it was supposed to be a watershed moment. Finally, everyday investors could buy Bitcoin through their regular brokerage accounts. No confusing crypto wallets, no sketchy exchanges, just a simple ticker symbol like any other stock.



BlackRock&#8217;s IBIT Bitcoin ETF became the fastest-growing fund in history, pulling in $85 billion in assets. Fidelity, ARK Invest, and others followed suit. The message was clear: Bitcoin had gone mainstream, and it would be safer for it.



Except it wasn&#8217;t. And this week, we learned why.



The Price Everyone Paid



Here&#8217;s the problem that almost nobody saw coming: When millions of investors buy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) through ETFs, they don&#8217;t spread their purchases across different price levels like traditional crypto buyers did over the years. Instead, they cluster around a single average entry price.



For Bitcoin ETF investors, that magic number is $89,613.



Think about what that means. If you bought Bitcoin directly in 2020, you might have paid $10,000. In 2021, maybe $40,000. In 2023, perhaps $30,000. These scattered entry points created natural &#8220;support levels,&#8221; places where earlier buyers would step in to buy more, knowing they were still way ahead.



But ETF investors? They nearly all bought between $70,000 and $95,000 during the 2024-2025 rally. When Bitcoin approached that $89,613 average cost basis this week, something unprecedented happened: millions of investors simultaneously realized they were about to go underwater on their investment.



And they panicked together.



The Four-Day Bleed



The numbers tell the story. Between October 29 and November 3, <a href="https://www.reuters.com/markets/currencies/bitcoin-etfs-see-outflows-2024-11-03/" rel="nofollow">Bitcoin ETFs lost</a> $1.34 billion. On November 3 alone, BlackRock&#8217;s IBIT saw $186.5 million walk out the door. That represented 100% of all ETF outflows that day.



This wasn&#8217;t retail investors clicking &#8220;sell&#8221; on their Robinhood apps. This was institutional money heading for the exits.



Here&#8217;s where ETFs become dangerous in a way that traditional Bitcoin ownership never was: When you own actual Bitcoin, there&#8217;s friction to selling. You need to log into an exchange, verify your identity, transfer coins, and think about tax implications. It takes time, and time allows panic to subside.



ETF shares? One click. Same as selling a stock. No friction, no cooling-off period, no second thoughts.



Wall Street calls this &#8220;liquidity.&#8221; But liquidity cuts both ways. Great when everyone wants in. Catastrophic when everyone wants out simultaneously.



Where Did the Safety Net Go?



The second part of this story is quieter but equally important: Traditional retail crypto buyers have largely disappeared.



Data from <a href="https://www.binance.com/en/square/post/31897403741921" rel="nofollow">major exchanges</a> shows that small &#8220;retail&#8221; deposits to platforms like Binance have collapsed by 83%. From 552 Bitcoin per day in early 2023 to just 92 Bitcoin per day in October 2025. These weren&#8217;t people leaving crypto entirely. Many of them simply migrated to, you guessed it, ETFs.



For years, retail crypto investors played a key role during market corrections. When Bitcoin dropped 10-20%, they&#8217;d rush in to &#8220;buy the dip.&#8221; It became part of crypto culture, a contrarian behavior that actually stabilized markets during rough patches.



But ETF investors don&#8217;t have that culture. They&#8217;re trained by decades of stock market experience to cut losses quickly, set <a href="https://www.investopedia.com/terms/s/stop-lossorder.asp" rel="nofollow">stop-losses</a> at round numbers like $100,000, and follow the herd. When Bitcoin broke below $100,000 this week, it triggered a cascade of automated sell orders. Something that simply didn&#8217;t exist in crypto-native markets.



The result was simple. There was no safety net. No wave of bargain hunters stepping in at $95,000, then $90,000.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-1024x683.jpg" alt="" class="wp-image-21881" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-1024x683.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-300x200.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-768x512.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Bitcoin&#8217;s ETF cost basis ($89,613) vs. current price ($100K) and peak ($126K), alongside the 83% collapse in retail Binance deposits (552 to 92 BTC/day), reveals concentrated risk and disappearing retail support.



The False Stability



The cruel irony is that ETFs were supposed to reduce Bitcoin&#8217;s notorious <a href="https://www.federalreserve.gov/econres/notes/feds-notes/how-does-bitcoin-trade-20211119.html" rel="nofollow">volatility</a>. The theory was simple: Institutional investors with long time horizons would smooth out the wild swings driven by emotional retail traders.



But institutions aren&#8217;t buying and holding Bitcoin for the long term. They&#8217;re momentum traders. They&#8217;re algorithms that automatically rebalance portfolios. They&#8217;re <a href="https://www.aqr.com/Insights/Research/White-Papers/Risk-Parity" rel="nofollow">risk-parity funds</a> that cut exposure when volatility spikes.



In other words, they amplify trends. When Bitcoin was rising in 2024, institutional ETF flows accelerated the rally. When it started falling this week, those same flows accelerated the decline.



Traditional retail crypto investors, for all their reputation as emotional traders, actually exhibited more &#8220;diamond hands&#8221; than institutions ever did. They rode out 50% crashes. They bought when everyone else was fearful. They treated Bitcoin as a long-term bet, not a quarterly position.



ETF investors? Four days of losses and $1.34 billion fled.



What This Means For You



If you own Bitcoin through an ETF, this doesn&#8217;t mean you should panic. But you should understand what you actually own.



You&#8217;re not holding an emerging technology with a grassroots community of believers. You&#8217;re holding a financial product that behaves like other financial products. It rises on momentum, falls on fear, and amplifies whatever the crowd is doing.



That doesn&#8217;t make ETFs bad. But it does make them different from what many investors expected when they bought that &#8220;safe&#8221; way to own Bitcoin.



The deeper question is whether Bitcoin can survive being institutionalized. The asset was designed to be <a href="https://bitcoin.org/bitcoin.pdf" rel="nofollow">decentralized</a>. Owned directly by individuals around the world, resistant to coordinated behavior, resilient through its distribution.



Wrapping it in centralized products that concentrate ownership, synchronize behavior, and remove friction hasn&#8217;t made it safer. Maybe it made it more fragile.



This week, we saw what happens when millions of investors with identical cost bases and zero-friction selling meet a 10% decline. The answer: They create a 20% decline.



As Bitcoin searches for a bottom, investors need to ask themselves a hard question: Did Wall Street improve Bitcoin by making it accessible, or did it import the very problems that Bitcoin was supposed to escape? Herd behavior, algorithmic panic, <a href="https://www.imf.org/en/Publications/WP/Issues/2021/09/23/Crypto-Price-Discovery-through-Correlation-Networks-465601" rel="nofollow">momentum addiction</a>.



The November 2025 crash suggests the answer might not be what anyone wanted to hear. Sometimes the cure becomes the disease. The next weeks may determine whether this crash was a correction or the beginning of a new market regime, where the very instruments meant to stabilize crypto become its greatest source of fragility.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Bitcoin's ETF Problem: Why Wall Street's 'Safe' Investment Made Crypto More Dangerous

On Wednesday, McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MCD">MCD</a>) reported solid global comparable sales (comps) and loyalty momentum in the third quarter. However, it experienced slower underlying growth, and a decline in company-operated <a target="_blank" href="https://www.benzinga.com/pressreleases/25/11/n48649091/mcdonalds-reports-third-quarter-2025-results" rel="noreferrer noopener">restaurant sales weighed on the results</a>.



<ul class="wp-block-list">
<li>MCD shares are trending higher. <a href="https://www.benzinga.com/quote/MCD" target="_blank" rel="noreferrer noopener">Get the market research here</a></li>
</ul>



The shares of the fast-food giant&nbsp;gained premarket on Wednesday after the firm reported third-quarter adjusted earnings per share of $3.22, missing the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/11/n48649091/mcdonalds-reports-third-quarter-2025-results" rel="noreferrer noopener">analyst consensus estimate of $3.33.</a>



Quarterly sales of $7.07 billion missed the Street view of $7.095 billion. Consolidated revenues increased 3% (1% in constant currencies), while revenues from franchised restaurants rose 7% to $4.363 billion.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/11/48628198/taco-bell-kfc-power-yum-brands-growth-pizza-hut-under-review" rel="noreferrer noopener">Taco Bell, KFC Power Yum Brands Growth; Pizza Hut Under Review</a>



Sales by Company-owned and operated restaurants fell 3% to $2.563 billion.



The Non-GAAP operating margin for the third quarter was 47.2%, and the GAAP operating margin was 46.5%.



<h2 class="wp-block-heading">Same-store Sales</h2>



Global comparable sales rose 3.6%, driven by a 2.4% gain in the U.S. and a 4.3% increase across International Operated Markets.



International Developmental Licensed Markets performed the strongest, advancing 4.7% in the quarter, led by&nbsp;Japan.



Global Systemwide sales totaled over $36 billion for the quarter, up 8% year over year, or 6% in constant currency.



Operating income in the quarter under review increased to $3.357 billion from $3.188 billion.



Loyalty-member Systemwide sales across 60 markets were about $34 billion for the last twelve months and over $9 billion for the quarter.



&#8220;We&#8217;re fueling momentum by delivering everyday value and affordability, menu innovation, and compelling marketing that continue to bring customers through our doors,&#8221; &nbsp;said Chairman and CEO&nbsp;Chris Kempczinski.



<h2 class="wp-block-heading">Currency Impact</h2>



McDonald&#8217;s noted that its Systemwide sales and revenue continued to be negatively impacted by the war in the Middle East. This impact was felt primarily in the International Developmental Licensed Markets.



Conversely, the company&#8217;s consolidated results benefited from favorable foreign currency translation, which primarily reflected the strengthening of most major currencies against the U.S. Dollar. This currency benefit added $151 million to total revenues and had a positive impact of $0.04 on diluted earnings per share.



<h2 class="wp-block-heading">Outlook</h2>



McDonald&#8217;s reaffirmed its 2025 outlook, expecting net restaurant unit expansion to contribute slightly more than 2% to its 2025 Systemwide sales growth, in constant currencies.



It sees the 2025 operating margin to be in the mid-to-high 40% range.



Capital expenditures for 2025 are projected to be between $3.0 and $3.2 billion.



The majority of this spending will be directed toward expanding new restaurant units in the U.S. and internationally operated Markets.



Globally, the company expects to open approximately 2,200 restaurants in 2025, including about 600 new restaurants in the U.S. and International Operated Markets.



The company expects to achieve a free cash flow conversion rate in the low-to-mid 80% range.



MCD Price Action: McDonald&#8217;s shares were up 2.60% at $307.00 at the time of publication on Wednesday, <a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">according to Benzinga Pro data</a>.



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</ul>



Image via Shutterstock

News

McDonald's: International Markets Are 'Loving It'

Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NVO">NVO</a>) on Wednesday reported third-quarter 2025 sales of roughly $11.75 billion (74.98 billion Danish kroner), slightly below the <a target="_blank" href="https://www.benzinga.com/quote/NVO/earnings" rel="noreferrer noopener">consensus of $11.88 billion</a>.



Sales increased by 5% in Danish kroner and 11% at constant currency. <a target="_blank" href="https://www.benzinga.com/topic/weight-loss" rel="noreferrer noopener">GLP-1 diabetes sales</a> increased by 11% to 36.74 billion Danish kroner, and Obesity care sales increased by 18% to 21.11 billion Danish kroner.



Insulin sales <a target="_blank" href="https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916445" rel="noreferrer noopener">increased</a> by 1% to 11.99 billion Danish kroner, and Rare disease sales increased by 9% to 4.72 billion Danish kroner.



Also Read: <a target="_blank" href="https://www.benzinga.com/m-a/25/11/48634093/pfizer-novo-nordisk-intensify-fight-for-metsera-as-buyout-offers-continue-to-climb" rel="noreferrer noopener">Pfizer, Novo Nordisk Intensify Fight For Metsera As Buyout Offers Continue To Climb</a>



Operating profit decreased by 30% to 23.68 billion Danish kroner and by 21% at constant exchange rate (CER), impacted by one-off restructuring costs of around 9 billion Danish kroner. Operating margin fell from 47.4% to 31.6%.



Had Novo Nordisk not incurred such restructuring costs, operating profit would have decreased by 2% in Danish kroner and increased by 7% at CER.



The weight loss drug maker reported earnings of $1.03 per share (4.50 Danish kroner), beating the consensus of 77 cents. Adjusted net profit increased by 5% to 29.18 billion Danish kroner.



Ozempic&nbsp;sales increased 9% to 30.74 billion Danish kroner, and Wegovy sales jumped 23% to 20.35 billion Danish kroner.



<h2 class="wp-block-heading">Outlook</h2>



For the full-year 2025 outlook, Novo Nordisk revised sales growth guidance to be 8-11% at CER, with operating profit growth now expected to be 4-7% also at CER, including a negative impact of around 8 billion Danish kroner from the company-wide transformation.



In the second quarter, the company <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/08/46894213/compounded-glp-1s-and-competition-force-novo-nordisk-to-slash-outlook" rel="noreferrer noopener">reiterated the lowered guidance</a> in July of sales growth of 8-14% at CER, and operating profit growth of 10-16% at CER.



Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 6 percentage points lower than at CER, respectively.



The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk&#8217;s GLP-1 treatments within diabetes and obesity.



&#8220;&#8230;the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance,&#8221; said Mike Doustdar, president and CEO.



&#8220;&#8230;We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets,&#8221; Doustdar added.



Novo Nordisk said it accepted the U.S. Inflation Reduction Act&#8217;s Maximum Fair Price (MFP) for Ozempic, Rybelsus, and Wegovy in Medicare Part D, effective <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/11/48634128/eli-lilly-novo-nordisk-stocks-rise-on-reported-149-obesity-drug-deal-with-white-house" rel="noreferrer noopener">as of January 2027</a>. Price remains undisclosed



The company also said that if it applied starting in 2025, the estimated direct impact would have been a negative, low single-digit impact on 2025 sales growth.



<h2 class="wp-block-heading">Pipeline Update</h2>



The U.S. Food and Drug Administration <a target="_blank" href="https://ml-eu.globenewswire.com/Resource/Download/ae93d17e-6c68-433e-ac46-9ea814575af0" rel="noreferrer noopener">rejected</a> Novo Nordisk&#8217;s submission of Wegovy (semaglutide 2.4 mg) in the multi-dose PDS290 device. The FDA recommended the co-existence of the multi-dose pen with the single-dose pen already on the market.



In October 2025, Novo Nordisk submitted a variant application for semaglutide 7.2 mg (a higher dose of Wegovy) to the European Medicines Agency for the existing marketing authorisation for Wegovy in a single-dose pen.



Novo Nordisk still expects approval for the label extension application for semaglutide 7.2 mg in early 2026, as well as the approval of semaglutide 7.2 mg in a single-dose pen during the second half of 2026.



Wegovy is currently approved in the EU at doses up to 2.4 mg for obesity.



Oral semaglutide 25 mg (Wegovy pill) was submitted to the EU regulatory authorities in September.



In September and October, <a target="_blank" href="https://www.benzinga.com/general/biotech/25/02/43557877/novo-nordisk-eyes-2025-regulatory-filing-for-hemophilia-candidate-after-encouraging-pediatric-study-data" rel="noreferrer noopener">Novo Nordisk submitted Mim8</a>, an investigational prophylaxis treatment for haemophilia A with or without inhibitors, for regulatory approval in the U.S. and in the EU.



Price Action: NVO stock was trading higher by 2.40% to $49.41&nbsp;premarket at last check Wednesday.



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<li><a href="https://www.benzinga.com/markets/tech/25/11/48613654/tesla-robotaxi-rival-weride-raises-308-million-in-hong-kong-share-sale-ahead-of-hong-kong-debut" target="_blank" rel="noreferrer noopener">Tesla Robotaxi Rival WeRide Raises $308 Million In Hong Kong Listing</a></li>
</ul>



Photo by KK Stock via Shutterstock

Biotech

Government

Health Care

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Ozempic Maker Novo Nordisk Trims Growth Outlook For Obesity Drugs

Zohran Mamdani challenged President Donald Trump in his victory speech, as <a href="https://www.benzinga.com/news/politics/25/11/48643743/zohran-mamdani-wins-nyc-mayor-race-abigail-spanberger-becomes-virginias-first-female-governor-in-historic-democratic-win">other winning Democratic candidates</a>, Virginia&#8217;s Rep. Abigail Spanberger and New Jersey&#8217;s  Rep. Mikie Sherrill, vowed economic prosperity for their states.



<h2 class="wp-block-heading">Mamdani Wins In &#8216;City Of Immigrants&#8217;</h2>



Democratic socialist Mamdani won New York City&#8217;s mayoral race with a campaign focused on free childcare, fast buses, city-run grocery stores, and a rent freeze. An immigrant himself and the city's youngest and first Muslim leader, Mamdani declared New York a &#8220;city of immigrants&#8221;. 



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="LIVE: Zohran Mamdani delivers victory speech in New York City" width="500" height="281" src="https://www.youtube.com/embed/y7ysB8KifC8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



The 34-year-old told NYC residents, &#8220;We have toppled a political dynasty.&#8221;



He also invoked the words of India&#8217;s first Prime Minister, Jawaharlal Nehru, from his historic 1947 "Tryst With Destiny" address, calling this &#8220;a moment [that] comes but rarely in history.&#8221;



Mamdani then <a href="https://www.benzinga.com/news/politics/25/10/48166395/nyc-mayoral-candidate-zohran-mamdani-calls-letitia-james-indictment-political-retribution-under-trump-administration">openly challenged</a> President Donald Trump, saying, &#8220;Donald Trump, since I know you're watching, I have four words for you: turn the volume up.&#8221; 



Meanwhile, Trump posted: &#8220;AND SO IT BEGINS!&#8221;



<h2 class="wp-block-heading">Virginia&#8217;s Spanberger Calls To End Shutdown</h2>



In Virginia, Spanberger secured a historic win, becoming the state&#8217;s first female governor. She focused her campaign on economic, public safety, and healthcare issues. 



"In 2025, Virginia chose pragmatism over partisanship,&#8221; said Spanberger in her victory speech.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="FULL SPEECH: Abigail Spanberger victory speech after winning Virginia governor&#039;s race" width="500" height="281" src="https://www.youtube.com/embed/TbzQLkv5QbE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



As an incoming governor, the Democrat said, &#8220;&#8230;this was never about just winning an election. It was about what comes next. It's about the governing."&nbsp;



Spanberger also urged Trump and lawmakers from both parties to come together to resolve the federal <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48594325/when-goverment-shutdown-ends-odds-kalshi-goldman-sachs-economic-outlook">government shutdown</a>, which has now lasted for more than a month.



See Also: <a href="https://benzinga.com/news/topics/25/11/48627600/billionaire-sam-altman-says-his-own-son-wont-ever-be-smarter-than-ai-but-hell-still-be-happy-because-its-the-only-world-theyll" target="_blank" rel="noreferrer noopener">Billionaire Sam Altman Says His Own Son &#8216;Won&#8217;t Ever Be Smarter Than AI&#8217; — But He&#8217;ll Still Be Happy Because &#8216;It&#8217;s The Only World They&#8217;ll Ever Know&#8217;</a>



<h2 class="wp-block-heading">New Jersey&#8217;s Mike Sherrill Promises &#8216;Different Future&#8217; </h2>



Similarly, in New Jersey, Sherrill won the governor&#8217;s office. She emphasized the importance of the election in the context of democracy and the MAGA movement. Sherill adhered to moderate policies and focused on cost-of-living issues, introducing measures to tackle the state's soaring utility costs.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="New Jersey Governor-elect Mikie Sherrill (D) Victory Speech" width="500" height="281" src="https://www.youtube.com/embed/A4bKczOjSZI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Sherrill slammed Trump for &#8220;cutting SNAP, ripping away healthcare, terminating gateway,&#8221; and pledged to &#8220;fight&nbsp;for a different future&#8221; for the children of New Jersey, and to &#8220;build prosperity for all of&nbsp;our citizens.&#8221; 



She told New Jersey residents on Tuesday night, "take oaths to the Constitution, not a king."



<h2 class="wp-block-heading">A Comeback For Democrats?</h2>



This is the <a href="https://www.benzinga.com/news/politics/25/11/48643743/zohran-mamdani-wins-nyc-mayor-race-abigail-spanberger-becomes-virginias-first-female-governor-in-historic-democratic-win">first major electoral test</a> in Trump&#8217;s second term, where Democrats swept the major races in Virginia, New Jersey, and New York City, while voters in California approved a new congressional map that could help Democrats win five more House seats next year.



Trump attributed the GOP losses <a href="https://www.benzinga.com/news/politics/25/11/48644215/zohran-mamdanis-historic-victory-earns-him-congratulations-from-bill-ackman-bernie-sanders-trump-wasnt-on-the-ballot-says-president">to his absence</a> from the ballot and the impact of a prolonged federal shutdown.



While Mamdani&#8217;s win was historic, there could be challenges waiting for him. New York Gov. Kathy Hochul has opposed Mamdani&#8217;s idea of taxing the rich. She reiterated her stance in late October at Fox News's  <a href="https://www.youtube.com/watch?v=1bUkB-558O0" target="_blank" rel="noreferrer noopener">"Raging Moderates</a>" podcast, saying, "I also have to balance governing this state and making sure that those people who are actually the reason we have a generous, supportive budget that helps lift people up, it's their revenues that we tax."



Meanwhile, Spanberger and Sherrill minimized their emphasis on progressive causes such as LGBTQ rights and opposition to Trump's efforts to undermine American institutions. Spanberger seldom mentioned Trump during her campaign and chose not to participate in any of the <a href="https://www.benzinga.com/news/politics/25/10/48292902/donald-trump-faces-no-kings-day-protests-as-millions-march-nationwide-gop-stays-silent-amid-authoritarianism-claims">"No Kings" demonstrations</a> against him.



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Image via Shutterstock



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

Politics

Zohran Mamdani Tells Trump 'To Turn The Volume Up' As Spanberger, Sherrill Promise 'Pragmatism' And 'Prosperity' In Victory Speeches

US Transportation Secretary Sean Duffy has slammed the Democratic Party amid the government shutdown, highlighting delays and hinting at airspace closure. The shutdown has entered its 35th day <a href="https://www.benzinga.com/news/politics/25/10/47961129/us-government-shuts-down-as-trumps-last-ditch-effort-fails-from-jobs-to-travel-and-more-heres-the-potential-impact">since kicking into effect</a> on October 1.



<h2 class="wp-block-heading">May Be Forced To Close Airspace, Says Duffy</h2>



Duffy on Tuesday warned that the government might be forced to close parts of the national airspace amid the shutdown, according to a Reuters report.



&#8220;You will see mass flight delays. You&#8217;ll see mass cancellations, and you may see us close certain parts of the airspace, because we just cannot manage it,&#8221; Duffy said at a press conference, as per the report.



<h2 class="wp-block-heading">46% Delays Due To Shutdown, Says Duffy</h2>



Duffy pointed out that over 46% of the delays on November 3rd were due to staffing shortages, in a post on the social media platform X on Tuesday, sharing a video of the White House Press Secretary Karoline Leavitt slamming the Democrats ahead of the Thanksgiving holiday season.



&#8220;It is only going to get worse the longer the shutdown goes and the holiday travel season approaches,&#8221; Duffy said, urging Democrats to &#8220;END THE SHUTDOWN and pay our controllers.&#8221;



It&#8217;s worth noting that official FAA data shows that there were about 11,000 Certified Professional Controllers in the U.S. employed by the agency, who face paycheck issues amid the shutdown. 80% of the staff in New York City were absent, according to the FAA, last week. 



<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">Yesterday 46% of flight delays were due to staffing issues in air traffic control towers.   This is UNACCEPTABLE! <a href="https://twitter.com/PressSec?ref_src=twsrc%5Etfw">@PressSec</a> is right: It is only going to get worse the longer the shutdown goes and the holiday travel season approaches. Democrats need to END THE SHUTDOWN and pay… <a href="https://t.co/o57XGSOAqr">pic.twitter.com/o57XGSOAqr</a>&mdash; Secretary Sean Duffy (@SecDuffy) <a href="https://twitter.com/SecDuffy/status/1985806308998537404?ref_src=twsrc%5Etfw">November 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading"></h2>



<h2 class="wp-block-heading">‘Schumer-Jefferies Shutdown'</h2>



Duffy also criticized the Democrats for affecting recruitment. "The damage from the Schumer-Jeffries shutdown is REAL and will be LONG-TERM," Duffy said. He added that the DoT was on the lookout for the "best and the brightest air traffic controllers," citing President Donald Trump's comments.



However, Duffy outlined that the ongoing shutdown has affected "the pipeline" of recruits, saying that paycheck uncertainties have affected potential candidates to reconsider becoming ATCs. "The consequences don't lift when the government re-opens," Duffy said.



<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">The damage from the Schumer-Jeffries shutdown is REAL and will be LONG-TERM. <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> and I are bringing in the BEST and BRIGHTEST air traffic controllers. But the Democrats' shutdown is chilling our recruitment as potential controllers consider the possibility that they won't… <a href="https://t.co/4sbJlMdSp7">pic.twitter.com/4sbJlMdSp7</a>&mdash; Secretary Sean Duffy (@SecDuffy) <a href="https://twitter.com/SecDuffy/status/1985786618964283786?ref_src=twsrc%5Etfw">November 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Republicans Have Gone Too Far, Says Hakeem Jeffries</h2>



Meanwhile, in an address to the media, House Minority Leader Hakeem Jeffries slammed the Republicans and Trump over the shutdown. "There's nothing to be optimistic about… Donald Trump shut the government down, forcing hundreds of thousands of people to be out on furlough or to work without pay," Jeffries said. He added that the results of the elections would "decisively reflect" that the Republicans have "gone way too far."



<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://t.co/dTZERcjLn1">https://t.co/dTZERcjLn1</a>&mdash; Hakeem Jeffries (@RepJeffries) <a href="https://twitter.com/RepJeffries/status/1985755754540708251?ref_src=twsrc%5Etfw">November 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



It's worth noting that Democratic Mayoral candidate Zohran Mamdani <a href="https://www.benzinga.com/news/politics/25/11/48643743/zohran-mamdani-wins-nyc-mayor-race-abigail-spanberger-becomes-virginias-first-female-governor-in-historic-democratic-win">won the NYC Mayoral Race</a>, beating former New York State Governor Andrew Cuomo. Abigail Spanberger (D-Va.) also claimed victory and became Virginia&#8217;s first female governor.



<h2 class="wp-block-heading">NYC Officials Warn Of Delays, Sean Duffy Says ATCs Working Gig Economy Jobs</h2>



The news comes as officials in NYC <a href="https://www.benzinga.com/news/travel/25/11/48582775/as-government-shutdown-enters-33rd-day-nyc-officials-warn-of-potential-delays-ground-stoppage-at-newark-airport">warned of delays and cancellations</a> amid staff shortages at Newark Airport. Officials also warned that delays at Newark would also potentially affect operations at JFK, as well as LaGuardia airports in the city.



Meanwhile, Duffy claimed that ATCs working without paychecks were resorting to driving for DoorDash Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DASH">DASH</a>) and Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UBER">UBER</a>) to <a href="https://www.benzinga.com/news/travel/25/10/48295748/sean-duffy-says-air-traffic-controllers-working-without-pay-doing-gigs-to-put-food-on-the-table-as-staffing-shortages-hit-major-airports">"put food on the table."</a>



Robert Isom, CEO of American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAL">AAL</a>), on the other hand, said that the company is in <a href="https://www.benzinga.com/news/politics/25/10/48400651/american-airlines-ceo-in-constant-contact-with-sean-duffy-amid-shutdown-hopeful-that-government-will-reopen-soon">constant contact with Duffy</a>, working to find solutions amid delays and staff shortages, urging lawmakers to reopen the government.



Elsewhere, Jeffries and Senate Majority Leader Chuck Schumer criticized Trump's <a href="https://www.benzinga.com/news/politics/25/11/48577698/hakeem-jeffries-chuck-schumer-blast-trumps-white-house-bathroom-makeover-millions-of-americans-will-face-quadruple-health-insurance-premiums">decision to renovate the White House bathroom</a>, with Jeffries saying that millions of Americans would face "double, triple, or even quadruple health insurance premiums as a result of the Republican shutdown."



Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link</a>.



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<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48453735/ross-gerber-sounds-alarm-as-air-traffic-controllers-will-stop-getting-paid-amid-the-shutdown-thanksgiving-travel-season-is-just-around-the-corner">Ross Gerber Sounds Alarm As Air Traffic Controllers Will ‘Stop Getting Paid' Amid The Shutdown: ‘Thanksgiving Travel Season Is Just Around The Corner'</a></li>
</ul>



Photo courtesy: Joshua Sukoff / Shutterstock.com

SPACE

DASH

UBER

Sean Duffy Warns US May Be Forced To Close Some Airspace If Government Shutdown Continues: 'It's Only Going To Get Worse'

Editor's Note: Updates have been made to include recent developments. On Tuesday, Wall Street futures edged lower as Abigail Spanberger (D-Va.) made history in Virginia, defeating Republican Lt. Gov. Winsome Earle-Sears to become the state's first female governor in a closely watched race that flipped control of the governor's mansion. In New York, Democratic contender Zohran Mamdani won against former Gov. Andrew Cuomo.



<h2 class="wp-block-heading">Spanberger's Win Marks Major Shift in Virginia Politics</h2>



Former congresswoman Spanberger secured a decisive victory over Winsome Earle-Sears, earning 56.1% of the vote compared to her Republican opponent's 43.7%, <a href="https://apnews.com/live/2025-election-updates-news">according</a> to the Associated Press.



The win represents a significant Democratic comeback in the commonwealth, where local issues are intertwined with the national political climate.



President Donald Trump's influence over the Republican Party may have hindered Earle-Sears' chances, the report said.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/10/48549464/jim-cramer-says-apple-bears-owe-us-an-explanation-after-q4-report-dan-ives-calls-earnings-pound-the-table-moment-for-the-stock" target="_blank" rel="noreferrer noopener">Jim Cramer Says Apple Bears ‘Owe Us An Explanation' After Q4 Report, Dan Ives Calls Earnings ‘Pound-The-Table Moment' For The Stock</a>



<h2 class="wp-block-heading">Markets Dip As Investors React To Political Uncertainty</h2>



U.S. stock futures were trading lower at the time of writing, with Dow futures slipping 94 points, or 0.2%, to 47,114. S&amp;P 500 futures fell 0.7% to 6,775.50, while Nasdaq futures dropped 1.07% to 25,301.50.



The drop also comes amid <a href="https://www.benzinga.com/markets/equities/25/11/48614075/stock-market-today-sp-500-dow-jones-nasdaq-futures-plunge-as-uber-misses-q3-estimates-advanced-micro-devices-palantir-dennys-in-focus">growing talk of a potential AI bubble</a>, intensified by "Big Short" investor Michael Burry's purchase of more than $1 billion in put options on Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) and Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>).



<h2 class="wp-block-heading">Mikie Sherrill Wins New Jersey's Gubernatorial Race</h2>



In New Jersey's 2025 gubernatorial race, Democratic Rep. Mikie Sherrill emerged victorious, according to the Associated Press, with 63% of votes counted.



Sherrill secured 57.0% of the vote, defeating Republican Jack Ciattarelli, who received 42.5%.



<h2 class="wp-block-heading">Mamdani Set To Become New York Mayor</h2>



The highly anticipated New York City mayoral race wrapped up tonight, featuring Democratic nominee Mamdani, former Gov. Cuomo running as an independent, and Republican Curtis Sliwa.&nbsp;Mamdani has won the race, according to the Associated Press. The democrat socialist will become New York&#8217;s first Muslim mayor and first person of South African heritage to hold the post, according to the report. He is also reportedly set to become the youngest Mayor of New York in more than a 100 years. Notably, the contest attracted a large turnout with nearly 2 million New Yorkers exercising their right to vote.



President Donald Trump has endorsed Cuomo in the mayoral race.



<h2 class="wp-block-heading">Abbott's Tariff Remark On New Yorkers Moving To Texas Draws Backlash</h2>



Gov. Greg Abbott (R-Texas) sparked controversy late Tuesday after posting on X, formerly Twitter, that he would "impose a 100% tariff on anyone moving to Texas from NYC" once polls closed. 



<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">After the polls close tomorrow night, I will impose a 100% tariff on anyone moving to Texas from NYC.&mdash; Greg Abbott (@GregAbbott_TX) <a href="https://twitter.com/GregAbbott_TX/status/1985417851037991321?ref_src=twsrc%5Etfw">November 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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<li><a href="https://www.benzinga.com/markets/equities/25/11/48585829/palantirs-cto-shyam-sankar-warns-us-might-no-longer-frighten-its-adversaries-weve-lost-deterrence-as-a-nation" target="_blank" rel="noreferrer noopener">Palantir&#8217;s CTO Shyam Sankar Warns US Might No Longer Frighten Its Adversaries: ‘We&#8217;ve Lost Deterrence As A Nation&#8217;</a></li>
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Photo Courtesy: Lev Radin on Shutterstock.com



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

Zohran Mamdani Wins NYC Mayor Race, Abigail Spanberger Becomes Virginia's First Female Governor In Historic Democratic Win (UPDATED)

A&nbsp;United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UPS">UPS</a>)&nbsp;cargo plane has reportedly crashed shortly after departing from Louisville, Ky., as confirmed by the Federal Aviation Administration. The incident took place&nbsp;after 5 p.m. local time&nbsp;on Tuesday.



<h2 class="wp-block-heading">Shelter-In-Place Order Issued</h2>



The aircraft, identified as UPS Flight 2976,&nbsp;was headed to Daniel K.&nbsp;Inouye International Airport in Honolulu, <a href="https://edition.cnn.com/2025/11/04/us/ups-plane-crash-louisville-airport">reported</a> CNN. The&nbsp;National Transportation Safety Board&nbsp;will lead the investigation, with assistance from the FAA. The&nbsp;Louisville Metro Police Department&nbsp;reported injuries and noted a large smoke plume near the&nbsp;Louisville Muhammad Ali International Airport.



Three crew members were on board,&nbsp;according to a statement from&nbsp;UPS, which has not confirmed any injuries or fatalities. The Louisville airport, a global hub for UPS, processes over two million packages daily at its Worldport facility. 



LMPD said on X that the accident site was an &#8220;active scene&#8221; and advised members of the public to stay away from fire and debris.



<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">This is an active scene with fire and debris. Stay away.&mdash; LMPD (@LMPD) <a href="https://twitter.com/LMPD/status/1985837646124380525?ref_src=twsrc%5Etfw">November 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



A shelter-in-place order has been issued for areas within a five-mile radius of the airport. Videos seen on social media show a huge fire in the affected area.



<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">Injuries have been reported after a UPS plane heading to Honolulu, Hawaii, crashed near the Louisville International Airport on Tuesday, according to police. The Louisville Metro Police Department described the scene as active with "fire and debris," warning residents to stay… <a href="https://t.co/oYz9JeTdGM">pic.twitter.com/oYz9JeTdGM</a>&mdash; CBS News (@CBSNews) <a href="https://twitter.com/CBSNews/status/1985852116166951314?ref_src=twsrc%5Etfw">November 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">McDonnell Douglas MD-11F Popular As Freighters</h2>



The McDonnell Douglas MD-11F involved in the crash was manufactured in 1991. Initially, a passenger aircraft, many of these planes were converted to freighters due to rising fuel costs. The plane is capable of carrying over 38,000 gallons of fuel and has a maximum takeoff weight of 633,000 pounds. Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BA">BA</a>) took over McDonnell Douglas in August 1997.



<h2 class="wp-block-heading">Other Significant Incidents In 2025</h2>



The crash of the UPS cargo plane is the latest in a series of aviation incidents this year. On Oct. 19, 2025, a Boeing cargo plane operated by Emirates <a href="https://www.benzinga.com/news/travel/25/10/48294979/boeing-cargo-plane-veers-off-runway-at-hong-kong-airport-claims-two-lives">veered off the runway</a> at Hong Kong International Airport, resulting in two fatalities.



Just a day earlier, on Oct. 18, 2025, two <a href="https://www.benzinga.com/news/travel/25/10/48291559/united-airlines-plane-hits-parked-jet-at-ohare-all-passengers-safe">United Airlines</a> jets collided at Chicago O&#8217;Hare International Airport, though no injuries were reported.



Earlier in the year, on June 12, a Boeing Dreamliner <a href="https://www.benzinga.com/markets/equities/25/06/45899174/boeing-dreamliner-carrying-over-200-passengers-crashes-shortly-after-takeoff-near-indias-ahmedabad-ba-stock-falls-over-5-in-thursday-pre-market">crashed shortly</a> after takeoff near India&#8217;s Ahmedabad airport, impacting Boeing&#8217;s stock significantly. The flight en route to London had 242 passengers on board.



Price Action: UPS stock fell 1.6% to $91.75 in the after-hours trading. The shares closed 0.9% lower at $93.25 in regular trading on Tuesday. Boeing shares ended the day almost 3.2% lower at $198.05, according to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110425&amp;t=be2bearmibe3na1">data from Benzinga Pro.</a>



Benzinga's Edge Stock Rankings indicate UPS stock has Quality in the 46th percentile. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Here is how UPS ranks</a> on other parameters.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="337" height="105" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/04192630/Screenshot-2025-11-05-at-9.26.10.png" alt="" class="wp-image-1147986" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/04192630/Screenshot-2025-11-05-at-9.26.10.png 337w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/04192630/Screenshot-2025-11-05-at-9.26.10-300x93.png 300w" sizes="(max-width: 337px) 100vw, 337px" /></a></figure>



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Photo Courtesy: Your Hand Please on Shutterstock.com



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

UPS Cargo Plane Crashes Near Louisville Airport, Shelter-In-Place Order Issued Amid Fire And Debris

Leading cryptocurrencies sank deeper into misery on Tuesday, while stocks also closed down.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 8:25 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-7.06%</td><td>$99,477.87</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>-12.48%</td><td>$3,183.64</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-8.72%</td><td>$2.13</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-9.94%</td><td>$150.48</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-6.65%</td><td>$0.1579</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Crypto Liquidations Top $2 Billion</h2>



Bitcoin crashed below $100,000 for the first time since early May, a sharp U-turn from its all-time highs only a month ago. The apex cryptocurrency&#8217;s trading volume surged 47% in the last 24 hours to a whopping $111 billion.



Bitcoin&#8217;s drop caused tremors across the market, with Ethereum plummeting over 12% and nearly sinking below $3,000. XRP and Dogecoin fell 8.72% and 6.65%, respectively.



A liquidation tsunami swept across the market, wiping off more than $2 billion in the last 24 hours. Long liquidations accounted for $1.70 billion.



Bitcoin's open interest plummeted 6% in the last 24 hours, while funds locked in Ethereum derivatives dropped by over 18%.



Interestingly, over 72% of Binance traders with open BTC positions were betting on the asset&#8217;s bullish recovery.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency (Market Cap&gt;$100 M)</th><th>Gains +/-</th><th>Price (Recorded at 8:25 p.m. ET)</th></tr></thead><tbody><tr><td>Momentum (MMT )&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+319.89%</td><td>$2.06</td></tr><tr><td>DeAgentAI (AIA)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+127.06%</td><td>$2.69</td></tr><tr><td>Giggle Fund (GIGGLE )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+67.12%</td><td>$100.88 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.31 trillion, collapsing by 6.52% in the last 24 hours.



<h2 class="wp-block-heading">Stocks Pressured By Palantir&#8217;s Decline</h2>



Stocks declined on Tuesday. The Dow Jones Industrial Average slipped 251.44 points, or 0.53%, to end at 47,085.24. The S&amp;P 500 fell 1.17% to close at 6,771.55, while the tech-focused Nasdaq Composite closed down 2.04% at 23,348.64.



The downsides came as Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>) shares <a href="https://www.benzinga.com/markets/equities/25/11/48629095/whats-going-on-with-palantir-technologies-stock-today-11">tumbled nearly 8% </a>despite the company's strong quarterly results.



Meanwhile, spot gold traded up 0.26% to $3,942.97, while the <a href="https://www.benzinga.com/topic/dollar-index#:~:text=The%20U.S.%20dollar%20commenced%20the,COVID%2D19%20cases%20in%20China.&amp;text=Dollar%20Index%20Up%2018%25%20In%202022.">U.S. dollar index </a>rose to a three-month high.



<h2 class="wp-block-heading">Analyst Expects BTC To Trade In This Range In Near Term</h2>



Lacie Zhang, Research Analyst at Bitget Wallet, said in a note to Benzinga that Bitcoin could trade within a $94,000–$118,000 range in the near term



"The lower bound represents a healthy retracement zone consistent with subdued ETF inflows, while the upper range reflects a measured recovery below the October high near $125,000," Zhang added.



The analyst projected Ethereum to fluctuate between $3,000 and $4,400.



On-chain analytics firm Santiment noticed a sharp increase in bearish social media commentary on Bitcoin and Ethereum, which has historically preceded market bottoms and relief rallies.



"Bitcoin&#8217;s drop to $98,900 and Ethereum&#8217;s to $3,090&nbsp; may have your timeline showing fellow traders left in shambles. But social data indicates there are still many buying dips with confidence," Santiment said.



<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">&#x1f631; Bitcoin&#39;s drop to $98.9K and Ethereum&#39;s to $3.09K may have your timeline showing fellow traders left in shambles. But social data indicates there are still many buying dips with confidence. We look at <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, &amp; <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> sentiment after the bloodbath. &#x1f447;<a href="https://t.co/smG1LYyI77">https://t.co/smG1LYyI77</a> <a href="https://t.co/SdEusnzXUv">pic.twitter.com/SdEusnzXUv</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1985875807923761280?ref_src=twsrc%5Etfw">November 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: vinnstock on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/etfs/new-etfs/25/11/48641944/hedera-gets-its-first-etf-canarys-hbar-fund-lets-investors-tap-into-the-tokenization-boom">Hedera Gets Its First ETF: Canary&#8217;s HBAR Fund Lets Investors Tap Into The Tokenization Boom</a></li>
</ul>

$DOGE

$ETH

$SOL

$XRP

Bitcoin Drowns Below $100,000; Ethereum, XRP, Dogecoin Also Fall: Analytics Firm Says Many Still 'Buying Dips With Confidence'

Bitcoin tapped the $100,000 level on Tuesday, triggering over $1 billion in liquidations amid continued ETF outflows. 



Major altcoins including Ethereum, XRP, and Dogecoin have plunged around 10%, while the Crypto Fear and Greed Index has dropped to 27, signaling growing market fear.  



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Ticker</td><td>Price</td></tr><tr><td>Bitcoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$101,137.01</td></tr><tr><td>Ethereum</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$3,297.69</td></tr><tr><td>Solana</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$155.65</td></tr><tr><td>XRP</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.19</td></tr><tr><td>Dogecoin</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1589</td></tr><tr><td>Shiba Inu</td><td>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.058815</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>Coinglass data shows 335,064 traders were liquidated in the past 24 hours for $1.27 billion.        </li>



<li>In the past 24 hours, top gainers include Decred, Internet Computer and Dash.</li>
</ul>



Notable Developments:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48626786/ripple-expands-institutional-footprint-as-xrp-drops-below-2-30">Ripple Expands Institutional Footprint As XRP Drops Below $2.30</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48620626/donald-trump-says-china-is-getting-big-into-crypto-right-now-but-is-that-true">Donald Trump Says China &#8216;Is Getting Big Into Crypto Right Now&#8217;—But Is That True?</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48630583/mstr-drops-below-250-as-strategy-announces-new-bitcoin-linked-stock-offering">MSTR Drops Below $250 As Strategy Announces New Bitcoin-Linked Stock Offering</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48613531/amazon-google-deals-boosted-cipher-minings-credibility-says-ceo-but-admits-bias-linked-to-bitcoin-mining-background">Amazon, Google Deals Boosted Cipher Mining&#8217;s Credibility, Says CEO, But Admits &#8216;Bias&#8217; Linked To Bitcoin Mining Background</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48617413/bitcoins-downtrend-explained-by-wall-street-vet-its-an-ipo-style-distribution">Bitcoin&#8217;s Downtrend Explained By Wall Street Vet: It&#8217;s An &#8216;IPO-Style Distribution&#8217;</a></li>
</ul>



Trader Notes: IncomeSharks <a href="https://x.com/IncomeSharks/status/1985747047790809589">noted</a> that Bitcoin is holding above $100,000 despite widespread panic, viewing this level as a key support zone that could spark a rebound or "spring" to higher prices.



Crypto chart analyst Ali Martinez echoed this sentiment, suggesting Bitcoin could bounce toward $106,500 or even $112,000 as momentum builds.



<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">Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> could rebound here to at least $106,500 or $112,000. <a href="https://t.co/BaWBJ7VCTx">pic.twitter.com/BaWBJ7VCTx</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1985760737424269366?ref_src=twsrc%5Etfw">November 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Castillo Trading <a href="https://x.com/CastilloTrading/status/1985761652852330498">described</a> the current setup as a "do or die" moment for Bitcoin after clearing all nPOC zones from May to October, potentially paving the way for a more sustainable upward move.



Michael van de Poppe <a href="https://x.com/CryptoMichNL/status/1985765737663996352">highlighted</a> that Bitcoin's liquidity from the Oct. 10 crash could serve as a crucial point for a bounce or bottom formation, emphasizing that $112,000 remains the level to reclaim for any attempt at new all-time highs. He called this as a &#8220;disastrous start of the month.&#8221;



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48623944/bitcoin-whales-continue-to-sell-heres-what-it-means-for-the-bull-market">Bitcoin Whales Continue To Sell—Here&#8217;s What It Means For The Bull Market</a></li>
</ul>

$SHIB

Bitcoin Plunges To $100,000 As $1 Billion In Liquidations Hit XRP, ETH, Dogecoin

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