Bitcoin plummeted further, but Dogecoin rose as cryptocurrency investors braced for the high-stakes presidential election.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.55%</td><td>$67,984.27</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>-1.55%</td><td>$2,404.36</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>+9.07%</td><td>$0.1625</td></tr></tbody></table></figure>



What Happened: The world&#8217;s largest cryptocurrency fell to $66,800 in the early evening before recovering above $68,000 overnight.



Donald Trump&#8217;s increasing odds on Polymarket failed to boost the leading coin, which has now erased all of its gains since the climb to near-new highs last week.



Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.



Cryptocurrency liquidations breached $200 million in the last 24 hours, with bullish leveraged positions accounting for over 75% of the total.



Bitcoin's Open Interest dropped 0.87% in the last 24 hours. Interestingly, 60% of the top traders on the cryptocurrency exchange Binance were leveraged long on Bitcoin as of this writing.



The market sentiment remained in the "Greed" zone, as per the Cryptocurrency Fear and Greed Index, indicating the potential for higher buying pressure in the days to come.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Dogecoin (DOGE)</td><td>+8.62%</td><td>$0.1633</td></tr><tr><td>Mog Coin (MOG)</td><td>+3.44%</td><td>$0.000001779</td></tr><tr><td>Monero (XMR)</td><td>+1.90%</td><td>$159.68</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.22 trillion, following a decline of 2.92% in the last 24 hours.



Stock cracked ahead of the all-important election. The Dow Jones Industrial Average slipped 257.59 points, or 0.61%, to close at 41,794.60. The S&amp;P 500 lost 0.28% to end at 5,712.69, while the tech-heavy Nasdaq Composite dipped 0.33%, closing at 18,179.98.



Additionally, prices of U.S. Treasurys rose, with the yield for the 10-Year Treasury falling to 0.3% on Monday. This suggested that investors sought refuge in risk-free investments ahead of elections.



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



Analyst Notes: Widely followed cryptocurrency analyst Miles Deutscher highlighted the two possible trajectories Bitcoin could follow after the election outcome.



In the event of a Trump victory, he predicted an immediate rally and a new all-time high this year. On the other hand, a Kamala Harris victory would cause a sell-off and push the highs back to the first quarter of 2025.



"Either way BTC goes to $100,000+, it&#8217;s just the path that changes," Deutscher 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">In my opinion: Trump win = Instant pump, new ATH this year Kamala win = Instant dump, new ATH Q1 2025 Either way <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> goes to $100k+, it&#39;s just the path that changes. (I do, however, think the ceiling is higher for both <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> and alts if Trump wins)&mdash; Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1853453218086613140?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Influential cryptocurrency analyst and trader Ali Martinez likened Ethereum's trajectory to the S&amp;P 500, noting that this could be the last dip for the second-largest cryptocurrency before it sails to $10,000.



<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/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has been mimicking the S&amp;P500, and this could be the last dip before it triples and hits $10,000! <a href="https://t.co/BgpbZQXM6I">pic.twitter.com/BgpbZQXM6I</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853572432646299649?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Additionally, Martinez observed a buy signal for Bitcoin on the 12-hour chart using the TD Sequential indicator.&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">The TD Sequential has been spot-on with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> trends on the 12-hour chart, and it's now showing a buy signal! <a href="https://t.co/lGL3U0rUSd">pic.twitter.com/lGL3U0rUSd</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853502915417424043?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41723555/michigan-pension-fund-invests-10m-in-ethereum-etfs-exceeds-bitcoin-holdings">Michigan Pension Fund Invests $10M In Ethereum ETFs, Exceeds Bitcoin Holdings</a></li>
</ul>

Cryptocurrency

News

Markets

Movers

Trading Ideas

$BTC

$DOGE

$ETH

Bitcoin, Ethereum Slip While Dogecoin Surges Ahead Of Presidential Election; Analyst Predicts BTC Will Hit $100K+ Regardless Of Trump Or Harris Win

Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) reported a dramatic expansion in customer spending, with one equipment rental company increasing its annual recurring revenue twelvefold in less than eight months after implementing the company&#8217;s artificial intelligence platform, highlighting the rapid <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41732827/messi-of-ai-wall-street-analyst-gushes-over-robust-earnings-from-palantir">adoption of AI in enterprise operations</a>.



What Happened: The data analytics company, which joined the S&amp;P 500 index in September, announced Monday that its third-quarter revenue surged 30% to $725.52 million, exceeding analyst expectations of $701.13 million.



&#8220;Given how strong our results are, I almost feel like we should just go home,&#8221; CEO Alex Karp told investors during the earnings call, reflecting on the company&#8217;s robust performance.



The company&#8217;s U.S. operations showed particular strength, with revenue growing 44% year-over-year to $499 million. However, international operations faced headwinds, particularly in Europe, and saw a decline in revenue from a government-sponsored enterprise in the Middle East.



Despite these challenges, Palantir continues to build international partnerships. &#8220;We continue to capitalize on targeted growth opportunities in Asia, the Middle East and beyond,&#8221; said Chief Financial Officer David Glazer, noting a multi-year renewal with BP as evidence of ongoing international expansion.



See Also: <a href="https://www.benzinga.com/markets/equities/24/11/41734231/jim-cramer-keeps-recommending-tesla-because-he-loves-space-stuff-but-hes-not-keen-on-ford-i-cant">Jim Cramer Keeps Recommending Tesla Because He Loves &#8216;Space Stuff,&#8217; But He&#8217;s Not Keen On Ford: &#8216;I Can&#8217;t Recommend The Stock&#8217;</a>



Why It Matters: Palantir raised its full-year revenue guidance to between $2.805 billion and $2.809 billion. The company expects fourth-quarter revenue between $767 million and $771 million, with adjusted income from operations projected at $298 million to $302 million.



Palantir&#8217;s U.S. commercial revenue growth is expected to exceed 50% for the full year, reaching at least $687 million, according to Glazer.



The company r<a href="https://www.benzinga.com/news/earnings/24/11/41730179/palantir-q3-earnings-revenue-beat-eps-beat-customers-up-39-raises-guidance-results-driven-by-unrele">eported earnings of six cents per share</a>, double the figure from the same period last year and above analyst estimates of four cents per share. This marks the fifth consecutive quarter Palantir has met or exceeded analyst expectations for both revenue and earnings.



Price Action: In after-hours trading, Palantir stock surged to $47.08, reflecting an increase of 13.69%. The stock closed at $41.41 on Monday, down 1.22% for the day. Year to date, Palantir&#8217;s stock has shown growth, rising to 149.76%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41734592/palantir-trump-media-hims-hers-health-nxp-semiconductors-and-tesla-why-these-5-stocks-are-on-inv">Palantir, Trump Media, Hims &amp; Hers Health, NXP Semiconductors, And Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a></li>
</ul>



Image Via Shutterstock 



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

Equities

PLTR

Palantir's AI Gamble Pays Off As Customer Revenue From Single Customer Jumps 12x In Under 8 Months — Alex Karp Quips: 'We Should Just Go Home'

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has reportedly hit a roadblock in its plans to construct a nuclear-powered AI data center in the U.S. The discovery of a rare bee species on the proposed site has disrupted the project.



What Happened: Meta CEO Mark Zuckerberg had planned to collaborate with an existing nuclear power plant operator to provide emissions-free electricity for the new data center.



However, the project encountered several hurdles, including environmental and regulatory issues, <a href="https://www.ft.com/content/ed602e09-6c40-4979-aff9-7453ee28406a">reported</a> Financial Times, citing people familiar with the matter.



See Also: <a href="https://www.benzinga.com/news/24/11/41705075/jeff-bezos-backed-perplexitys-new-ai-election-hub-promises-real-time-vote-counts-and-candidate-summa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos-Backed Perplexity&#8217;s New AI Election Hub Promises Real-Time Vote Counts And Candidate Summaries — But What About Its Accuracy?</a>



The rare bee species found on the land adjacent to the plant, where the data center was to be built, added to the project&#8217;s challenges. Zuckerberg shared this information during a company-wide meeting last week.



Despite the setback, Meta is still investigating various carbon-free energy alternatives, including nuclear.



Meta did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.



Why It Matters: The tech industry&#8217;s increasing demand for <a href="https://www.benzinga.com/markets/equities/24/07/39568237/tech-giants-eye-nuclear-power-to-fuel-ai-boom-raising-concerns-over-stability-and-environmental-">electricity to fuel the AI boom</a> has led to a significant shift towards nuclear power.



Meta&#8217;s rivals, Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</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>) have inked deals with <a href="https://www.benzinga.com/news/24/10/41358363/nuclear-stocks-soar-as-amazon-becomes-latest-tech-giant-to-invest-in-nuclear-power">nuclear power plant operators</a> to cater to their data centers&#8217; growing energy needs.



In September, Microsoft revealed plans to <a href="https://www.benzinga.com/news/24/09/40994664/pennsylvania-governor-josh-shapiro-urges-quick-connect-for-microsofts-nuclear-power-plan-involving-t">reactivate the dormant nuclear facility</a> at Three Mile Island in Pennsylvania.



In March, Amazon invested $650 million to establish a data center adjacent to the Susquehanna Steam Electric nuclear plant, also located in Pennsylvania.



Last month, Google announced its <a href="https://www.benzinga.com/news/24/10/41321236/sam-altmans-oklo-jumps-on-google-nuclear-deal-whats-going-on">intention to purchase power from</a> small modular reactor (SMR) developer Kairos Power.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/41703422/google-delivers-new-ai-features-to-maps-google-earth-waze-apps?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Delivers New AI Features To Maps, Google Earth, Waze Apps</a></li>
</ul>



Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Tech

Media

AMZN

GOOG

GOOGL

MSFT

Mark Zuckerberg's Nuclear-Powered AI Ambitions At Meta Stung By Rare Bees

Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) reported third-quarter financial results after the market close on Monday. Here&#8217;s a look at the <a href="https://www.benzinga.com/pressreleases/24/11/b41727142/palantir-reports-revenue-growth-of-30-yy-u-s-revenue-growth-of-44-yy-gaap-eps-of-0-06-raises-full-">key metrics from the quarter</a>.



Q3 Earnings: Palantir reported third-quarter revenue of $725.52 million, beating the&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $701.13 million, according to&nbsp;<a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 30% year-over-year. U.S. revenue grew 44% year-over-year to $499 million. U.S. Commercial revenue grew 54% year-over-year and U.S. Government revenue climbed 40% year-over-year.



Palantir reported third-quarter earnings of six cents per share, beating analyst estimates of four cents per share. Palantir&#8217;s GAAP earnings results were up 100% year-over-year. The company has now met or exceeded analyst estimates on the top and bottom lines in five consecutive quarters, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Palantir's customer count grew 39% year-over-year and 6% on a quarter-over-quarter basis. The company said it closed 104 deals worth over $1 million during the quarter. Palantir generated $420 million in cash from operations and $435 million in adjusted free cash flow in the quarter.



Palantir ended the quarter with cash, equivalents and short-term U.S. treasury securities of $4.6 billion.



&#8220;We absolutely eviscerated this quarter, driven by unrelenting AI demand that won&#8217;t slow down. This is a U.S.-driven AI revolution that has taken full hold. The world will be divided between AI haves and have-nots. At Palantir, we plan to power the winners,&#8221;&nbsp;said&nbsp;Alex Karp, co-founder and CEO of Palantir.



Check This Out: <a href="https://www.benzinga.com/top-stories/24/11/41718416/exclusive-top-20-most-searched-tickers-on-benzinga-pro-in-october-2024-where-do-tesla-nvidia-apple-d">EXCLUSIVE: Top 20 Most-Searched Tickers On Benzinga Pro In October 2024 — Where Do Tesla, Nvidia, Apple, DJT Stock Rank?</a>



Outlook:&nbsp;Palantir expects fourth-quarter revenue to be in the range of $767 million to $771 million, versus estimates of $741.439 million. 



The company also raised its full-year outlook across the board. Palantir now expects full-year revenue in the range of $2.805 billion to $2.809 billion versus estimates of $2.759 billion. The company now sees full-year U.S. commercial revenue in excess of $687 million, representing growth of at least 50%. Palantir now expects adjusted free cash flow to be in excess of $1 billion for the year. 



Palantir executives will hold a conference call with analysts and investors to further discuss the company&#8217;s quarterly results at 5 p.m. ET. 



PLTR Price Action: <a href="https://www.benzinga.com/quote/PLTR" target="_blank" rel="noreferrer noopener">Palantir shares </a>were up approximately 140% year-to-date heading into the report. The stock was up 12.73% in after hours, trading at $46.68 at the time of publication Monday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41724383/wall-street-struggles-ahead-of-election-day-energy-sector-outperforms-solar-stocks-rise-whats-dr">Wall Street Struggles Ahead Of Election Day, Energy Sector Outperforms, Solar Stocks Rise: What&#8217;s Driving Markets Monday?</a></li>
</ul>



Photo: Shutterstock.



<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="&#x1f534;WATCH LIVE: Palantir Technologies Q3 2024 Earnings Call &#x7C; $PLTR" width="500" height="281" src="https://www.youtube.com/embed/1D_fxPC6H4I?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>

Earnings

After-Hours Center

Palantir Q3 Earnings: Revenue Beat, EPS Beat, Customers Up 39%, Guidance Raise — Results Driven By 'Unrelenting AI Demand That Won't Slow Down'

Donald Trump has regained his advantage over Kamala Harris <a href="https://www.benzinga.com/general/politics/24/11/41702729/harris-surges-in-prediction-markets-nabs-kalshi-lead-with-just-three-days-to-go">in online prediction markets</a> on the final day before the election, but FiveThirtyEight and Nate Silver aren&#8217;t so sure.



What Happened: Harris moved ahead of Trump on the Kalshi betting market over the weekend, but as of Monday afternoon, Kalshi wagerers are giving Trump a 54% chance of victory, expecting Trump to win in Arizona, Georgia, Nevada, North Carolina, and Pennsylvania, with Harris carrying Michigan and Wisconsin. But Kalshi betters also say there is a 75% chance that Harris will win the national popular vote.



On Polymarket, Trump is seen with a 58% chance of victory. Only PredictIt is anticipating a Harris victory, with her 54% chance among its users unchanged since Sunday. Across the prediction sites, Nevada and Pennsylvania are expected to be the closest states, with Trump expected to carry Arizona, Georgia, and North Carolina, and Harris expected to win in Michigan and Wisconsin.



The Election Betting Odds website, an aggregator of betting markets, shows Trump with a 54.8% chance of victory, up from 51.6% on Sunday.



Also Read: <a href="https://www.benzinga.com/general/politics/24/11/41725742/2024-election-stakes-potential-sweeps-split-outcomes-in-congressional-presidential-races">2024 Election Stakes: Potential Sweeps, Split Outcomes In Congressional, Presidential Races</a>



The somewhat comfortable odds for Trump on Kalshi and Polymarket, and for Harris on PredictIt, are not reflected in the latest data projections. FiveThirtyEight&#8216;s latest data-driven simulations show Trump winning 51.8% of the tests, to 48.0% for Harris. Silver, in his Silver Bullet newsletter, is even less certain, giving Trump a 50.2% chance of victory to Harris&#8217; 49.2%.



Why It Matters: Prediction markets that have generally favored Donald Trump moved away from him over the weekend, but now are shifting back, though not as strongly. This indicates late shifts in momentum in an election that is expected to be decided by the narrowest of margins.



FiveThirtyEight and Nate Silver, relying on polling numbers and other data gleaned from trends and past campaigns, are essentially calling the race a toss-up.



The presidential race remains too close to call, and may continue to be so long into Election Night.



Read Next



<ul>
<li><a href="https://www.benzinga.com/general/politics/24/11/41728436/trump-vs-harris-2024-election-deadlocked-final-emerson-poll-shows-one-candidate-with-small-edge-">Trump Vs. Harris: 2024 Election Deadlocked, Final Emerson Poll Shows One Candidate With Small Edge Among Independents</a></li>
</ul>



Image: Shutterstock

Politics

Prediction Markets Swing Back To Trump, But Data Analysts Say It's Too Close To Call

Cryptocurrency markets are trading lower on the day before the presidential election.



<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;$67,873.44</td><td>-1.1%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,429.33</td><td>-0.8%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$159.90</td><td>-0.6%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1596</td><td>+7.5%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001691</td><td>-1.5%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 7.7% and daily active addresses falling by 8.4%. Transactions greater than $100,000 are down from 6,498 to 5,942 in a single day. Exchanges netflows are down by 457.7%.</li>



<li>Coinglass data reports 59,506 traders were liquidated in the past 24 hours for $159.29 million.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41723555/michigan-pension-fund-invests-10m-in-ethereum-etfs-exceeds-bitcoin-holdings">Michigan Pension Fund Invests $10M In Ethereum ETFs, Exceeds Bitcoin Holdings</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41711028/why-do-crypto-projects-fail-naval-ravikant-reveals-surprising-reason-behind-this-phenomeno">Why Do Crypto Projects Fail? Naval Ravikant Reveals Surprising Reason Behind This Phenomenon</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41715056/61-000-is-bitcoin-line-in-the-sand-for-etf-demand-to-remain-steady-says-analyst">$61,000 Is Bitcoin&#8217; Line In The Sand For ETF Demand To Remain Steady, Says Analyst</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41710293/bitcoin-could-hit-90-000-if-trump-wins-hold-50-000-floor-under-harris-bernstein">Bitcoin Could Hit $90,000 If Trump Wins, Hold $50,000 Floor Under Harris: Bernstein</a></li>
</ul>



Top Losers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>THORChain (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/rune/usd">RUNE</a>)</td><td>&nbsp;$4.58</td><td>-8.9%</td></tr><tr><td>Popcat (SOL) (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POPCAT</a>)</td><td>&nbsp;$1.24</td><td>-6.6%</td></tr><tr><td>Optimism (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">OP</a>)</td><td>&nbsp;$1.33</td><td>-6.4%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices trading relatively flat, crypto chart analyst Ali Martinez flags a buy signal on Bitcoin&#8217;s 12-hour chart.



<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 TD Sequential has been spot-on with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> trends on the 12-hour chart, and it's now showing a buy signal! <a href="https://t.co/lGL3U0rUSd">pic.twitter.com/lGL3U0rUSd</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853502915417424043?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Crypto trader MaxBecauseBTC talks about the significance of the election, noting that based on historical trends, Bitcoin tends to perform well in the year following a U.S. presidential election, regardless of which party wins. However, the outcome could impact altcoins differently.



The analyst is heavily <a href="https://x.com/MaxBecauseBTC/status/1853503605111652566">invested</a> in Bitcoin and cautions others to brace for intense price swings over the next 48 hours, suggesting it may be less stressful to step away from monitoring charts during this period.



IntoTheBlock data shows that long-term holders are selling but in a less aggressive manner than in previous weeks. The tweet added that this moderate sell-off suggests a shift, with investors showing caution about Bitcoin's current market stage. 



<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 chart shows long-term Bitcoin holders&#39; balances. This cycle marks some clear differences from previous ones. While long-term holders are selling, it&#39;s less aggressive than in past bull peaks. This moderate sell-off suggests a shift, with investors showing caution about… <a href="https://t.co/Qi0MzNC8pJ">pic.twitter.com/Qi0MzNC8pJ</a>&mdash; IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1853491255365222589?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41720318/bitcoin-on-the-evening-of-the-election-heres-how-it-performed-in-2012-2016-and-2020">Bitcoin On The Evening Of The Election—Here&#8217;s How It Performed In 2012, 2016 And 2020</a></li>
</ul>



Image: Shutterstock

$POPCAT

$RUNE

$SHIB

$SOL

Bitcoin, Ethereum Wobble As Election Results Loom, But Dogecoin Surges: Expect 'Brutal' Price Action In The Next 48 Hours, Trader Warns

The stakes are high as Election Day 2024 approaches, with control of Congress and the presidency <a href="https://www.benzinga.com/topic/2024-election">hanging in the balance. </a>



The race remains tightly contested, with Democrats aiming to hold onto the Senate and regain control of the House, while Republicans push to expand their influence in both chambers. In a close election year, various split or sweep outcomes could reshape the U.S. political landscape in ways not seen before, New York Magazine <a href="https://nymag.com/intelligencer/article/who-will-win-control-of-house-senate-2024-election.html">reports</a>.



What Happened: In the Senate, Democrats currently hold a slim majority of 51 seats, but Republicans are positioned to gain ground. With Sen. Joe Manchin (D-WV) retiring, West Virginia is expected to swing Republican, making other Democratic-held seats in battleground states crucial for control. 



The GOP has made significant investments in races like Ohio and Montana, where Democratic incumbents face strong Republican challengers. If Democrats lose key seats, Republicans could secure a Senate majority, especially if close races in Pennsylvania, Michigan, and Wisconsin tilt in their favor, according to New York Magazine.



According to the <a href="https://www.washingtonpost.com/politics/2024/11/01/presidential-election-results-scenarios-trump-harris/">Washington Post</a>, there are multiple possible outcomes in the House. Both parties have a path to victory, with 22 toss-up seats across battleground states like Pennsylvania, Arizona, Michigan, and North Carolina. Notably, five vulnerable Republican-held seats are in California, where Democrats are making a strong push.



If Republicans defend enough toss-up seats, they could narrowly retain control. If Democrats succeed in flipping multiple seats, the House majority could change hands.



Also Read: <a href="https://www.benzinga.com/news/24/11/41710411/market-analyst-who-predicted-trumps-2016-win-and-bidens-2020-victory-now-sees-former-president-retak">Market Analyst Who Predicted Trump&#8217;s 2016 Win And Biden&#8217;s 2020 Victory, Now Sees Former President Retaking The White House With &#8216;Large Majority Of Swing States&#8217;</a>



Why It Matters: The Washington Post outlines several potential election scenarios, each with unique implications:



<ul>
<li>A Harris and Democratic Sweep: In this scenario, Vice President Kamala Harris narrowly edges out former President Donald Trump, winning swing states like Michigan, Pennsylvania, and Wisconsin. Democrats manage to retain their Senate seats and make key gains in the House, especially in states with competitive districts like New York and California. </li>



<li>A Trump and Republican Sweep: If Trump overperforms in swing states, capitalizing on gains among Black and Hispanic voters in Southern states, he could secure an electoral win. With Republicans holding their Senate advantage and defending vulnerable House seats, this scenario would deliver unified Republican control, aligning both Congress and the White House. </li>



<li>Split Control with a Democratic House and Republican Senate: In a historic first, Democrats could reclaim the House while Republicans take control of the Senate. This split outcome would create a legislative impasse, with each chamber checking the other's power. </li>



<li>Split Control with a Republican House and Democratic Senate: Alternatively, if Republicans retain the House while Democrats hold onto the Senate by winning close races in states like Pennsylvania and Wisconsin, legislative efforts would likely be limited to bipartisan issues.</li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/11/41722178/if-trump-and-republicans-sweep-dollar-may-climb-7-but-harris-win-could-bring-5-drop-says-jpmorgan">If Trump And Republicans Sweep, Dollar May Climb 7% — But Harris Win Could Bring 5% Drop, Says JPMorgan</a></li>
</ul>



Photo: Maxim Elramsisy and Phil Mistry on Shutterstock.com

2024 Election Stakes: Potential Sweeps, Split Outcomes In Congressional, Presidential Races

Technology giant NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is set to join the Dow Jones Industrial Average on Nov. 8 replacing Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), a move predicted by several market experts to <a href="https://www.benzinga.com/top-stories/24/05/39011237/exclusive-nvidia-dow-jones-inclusion-a-matter-of-when-will-it-replace-intel">Benzinga months ago.</a>



Here's a look at what the Dow Jones Industrial Average inclusion means for Nvidia and why another addition to the index could be more important.



What Happened: Nvidia <a href="https://www.benzinga.com/markets/equities/24/11/41699259/nvidia-rides-ai-wave-to-replace-intel-on-dow-jones-industrial-average-ending-its-25-year-run">will replace Intel</a> in the Dow Jones Industrial Average, a move that may have been predicted by a 10-for-1 stock split by the tech giant earlier this year.



"Price wise, shares are at that elevated level where they have announced a split in the past. Rumor wise, a stock split would make shares more attractive to be added to the Dow Jones Industrial Average," Freedom Capital Markets Chief Strategist Jay Woods said before the split was announced.



Woods told Benzinga Nvidia was a prime candidate to be included in the Dow Jones Industrial Average, which is tracked by the SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>).



"When you're the face of the next wave of growth in technology, that being AI, that being the chipmaker, that to me says you should be represented in the Dow Jones Industrial Average," Woods previously told Benzinga.



Launched in 1896, the <a href="https://www.benzinga.com/topic/dow-jones-industrial-average">Dow Jones Industrial Average</a> is a well-known stock market index that includes 30 blue-chip U.S. companies. The index often changes to include the best barometers of American growth.



One of the key differences between the Dow Jones Industrial Average and other market indexes like the S&amp;P 500 is the Dow is price-weighted and does not account for changes in market capitalization.



This means that company's that have higher share prices have larger weightings than those with smaller stock prices. So while Nvidia's stock split may have helped the company get into the index, it will now hurt the company's position in the index.



Based on data from <a href="https://www.slickcharts.com/dowjones">Slickcharts</a>, Nvidia would be the 21st largest company by weighting in the index if it were added today. The stock would position after Chevron ($153.33) and ahead of 3M Co ($126.94) with a price of $138.76 at the time of writing. Nvidia would have an estimated weighting of between 1.98% and 2.38% based on the current weighting of 3M and Chevron respectively.



Compare that to UnitedHealth Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), currently the largest weighting in the Dow Jones Industrial Average at $556.81 and 8.8%.



Intel, which is being replaced by Nvidia, is currently ranked last in the index with a price of $22.54 and weighting of 0.36%.



As one of the largest companies in the world, Nvidia is the second largest weighting in the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, representing 6.8% of assets in the ETF. Nvidia is also the second largest weighting in the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), which tracks the tech sector, with the stock having a weighting of 14.25%.



Are you buying when the CEOs of the Magnificent 7 are selling?Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a>



Another Dow Index Addition: While investors are excited about Nvidia joining the Dow Jones Industrial Average, they might want to look at Sherwin-Williams Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>), which will have a large weighting in the index and see heavier buying from ETFs that cover the index.



Sherwin-Williams has a current share price of $372.97, which will give the company a higher weighting in the index. The stock would currently rank sixth in the index between Caterpillar ($377.72) and Amgen ($317.75). If Sherwin-Williams were added today, the stock would have an estimated weighting of between 4.97% and 5.91%.



Sherwin-Williams is replacing Dow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>) in the index, which currently ranks 28th with a price of $48.10 and a weighting of 0.76%.



The new weightings will depend on prices ahead of the Nov. 8 changes and also be impacted by two of the smaller holdings exiting the index.



Why It's Important: Intel has been a member of the Dow Jones Industrial Average since 1999 but has lagged in stock performance in recent years.



Nvidia is more relevant than Intel and used by the biggest companies, Woods previously told Benzinga.



"The growth is there, the story is there, and now the price is there," Woods said.



Benzinga's "PreMarket Prep" co-host Dennis Dick also predicted Nvidia replacing Intel in the index earlier this year.



"I'd expect this announcement sometime in the summer. I don't think it's a matter of ‘if' NVDA goes into the Dow, I think it's now a matter of ‘when,'" Dick said.



Nvidia shares are up 188.1% year-to-date in 2024 and up 2,573.6% over the past five years. Intel stock is down 52.9% year-to-date in 2024 and down 61.4% over the past five years.



Sherwin-Williams stock is up 22.3% year-to-date in 2024 and up 92.5% over the past five years. Dow stock is down 14.0% year-to-date in 2024 and down 15.0% over the last five years.



The negative performance for Intel and Dow may explain why the Dow Jones Industrial Average has underperformed the S&amp;P 500 index. The Dow Jones Industrial Average ETF is up 11.1% year-to-date and up 51.2% over the past five years. Compare that to the SPY, which is up 20.8% year-to-date and up 84.9% over the past five years.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/top-stories/24/11/41718416/exclusive-top-20-most-searched-tickers-on-benzinga-pro-in-october-2024-where-do-tesla-nvidia-apple-d">EXCLUSIVE: Top 20 Most-Searched Tickers On Benzinga Pro In October 2024 — Where Do Tesla, Nvidia, Apple, DJT Stock Rank?</a></li>
</ul>



Photo: Shutterstock

Broad U.S. Equity ETFs

ETFs

INTC

NVDA

Nvidia Joining Dow Jones Industrial Average: Where Tech Giant Ranks In The Index, Why Sherwin-Williams Addition Could Be More Important

JPMorgan Chase &amp; Co. analysts indicate that the fate of the U.S. dollar could swing dramatically depending on the outcome of <a href="https://www.benzinga.com/topic/2024-election">the upcoming presidential elections. </a>



A Donald Trump victory with Republicans gaining full control of Congress could drive the dollar up by as much as 7.3%, while a victory of Kamala Harris with a divided Congress might lead to a drop of over 5% in the dollar's trade-weighted index (TWI), according to a report released last week.



<h3 class="wp-block-heading">The impact of a Trump victory on the dollar</h3>



If Donald Trump returns to the White House, JPMorgan predicts a series of aggressive trade policies that could propel the dollar.



In particular, Trump has already threatened to hike tariffs on Chinese imports to 60% and suggested the possibility of introducing a 10% tariff on all U.S. imports. 



The return of Trump's protectionist trade policies would likely lead to a tariff-heavy approach that, according to JPMorgan's estimates, could bolster the dollar significantly.



&#8220;There is precedent for what the combination of fiscal stimulus and tariffs can do for FX; it is well known that the dollar benefited from both of these channels throughout 2018- 2019,&#8221; JPMorgan wrote. 



In a "Republican sweep" scenario, the dollar is expected to rally significantly, with the trade-weighted dollar index—tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>)—projected to gain 7.3%. In this case, the greenback could see its strongest gains against the Swedish krona (SEK), rising by 10.8%, and the euro (EUR), with an anticipated increase of 8.4%.



Conversely, if Harris wins with a split Congress, JPMorgan expects the dollar to experience its steepest decline, with the trade-weighted dollar index potentially dropping by 5.4%. This outcome would likely lead to a weaker dollar as trade tensions ease and economic priorities shift.



The table below highlights JPMorgan&#8217;s projected currency movements over the next one to two quarters under various election outcomes, providing forex traders with insights into how the 2024 U.S. election could shape the dollar&#8217;s trajectory.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Election Scenario</th><th>USD TWI Change</th><th>USD vs. CNY</th><th>USD vs. EUR</th><th>USD vs. CAD</th><th>USD vs. CAD</th><th>USD vs. AUD</th><th>USD vs. SEK</th></tr></thead><tbody><tr><td>Republican Sweep</td><td>+7.3%</td><td>+4.4%</td><td>+8.4%</td><td>+4.7%</td><td>+6.1%</td><td>+7.9%</td><td>+10.8%</td></tr><tr><td>Trump w/ Split Congress</td><td>+3.3%</td><td>+3.0%</td><td>+4.3%</td><td>+3.3%</td><td>-5.4%</td><td>+4.6%</td><td>+5.0%</td></tr><tr><td>Harris w/ Split Congress</td><td>-5.4%</td><td>-2.7%</td><td>-3.9%</td><td>-4.0%</td><td>-4.0%</td><td>-2.9%</td><td>-5.6%</td></tr><tr><td>Democratic Sweep</td><td>-3.9%</td><td>-2.0%</td><td>-3.1%</td><td>-2.5%</td><td>-0.7%</td><td>-1.4%</td><td>-4.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Source: J.P. Morgan Global FX Strategy</figcaption></figure>



<h3 class="wp-block-heading">Why could Trump&#8217;s tariffs trigger a dollar rally?</h3>



Economists at JPMorgan, the world's largest investment bank, estimate that the tariffs imposed during Trump's first term raised inflation by about 0.3% and shaved 0.4% off GDP growth. 



However, analysts at JPMorgan warn that a second Trump administration could cause even greater economic disruptions if tariffs are ramped up further.



"In the event of a Trump 2.0 administration, the impact from a tariff war 2.0 could be much higher," the JPMorgan team stated. 



They project that a 60% tariff on all Chinese imports would raise U.S. consumer prices by 1.1%, while a universal 10% tariff on all imports could push inflation up by as much as 1.5%.



In a worst-case scenario—where both a 60% tariff on Chinese goods and a 10% universal tariff are imposed—inflation could spike by 2.4%, putting significant pressure on American consumers and businesses.



This inflationary surge would likely force the Federal Reserve to shift back to a more hawkish stance, reversing any plans to ease monetary policy. 



Higher interest rates would be necessary to counteract the inflationary impact of tariffs, which could create a stronger monetary policy divergence between the U.S. and other economies.



For the dollar, this scenario would represent a tailwind. Rising interest rates make U.S. assets, like Treasuries, more attractive to foreign investors due to their higher yields. This increased demand for U.S. assets, driven by yield differentials, would boost demand for dollars, strengthening the greenback further in the face of escalating trade tensions.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/24/10/41455013/how-us-elections-could-impact-us-dollar-goldman-sachs-expects-greenback-will-remain-stronger-for-lon">How US Elections Could Impact US Dollar: Goldman Sachs Expects Greenback Will Remain &#8216;Stronger For Longer&#8217;</a></li>
</ul>

Asia

Macro Economic Events

Eurozone

Currency ETFs

Forex

Econ #s

Economics

If Trump And Republicans Sweep, Dollar May Climb 7% — But Harris Win Could Bring 5% Drop, Says JPMorgan

The U.S. stock market struggled to gain momentum on Monday as investors remained cautious ahead of <a href="https://www.benzinga.com/topic/election-day">Election Day on Tuesday</a>. 



Vice President Kamala Harris holds a 1-point lead over ex-President Donald Trump, according to the New York Times national polling average; she has a 4-point lead among likely voters nationally, <a href="https://maristpoll.marist.edu/polls/u-s-presidential-contest-november-2024/">according to the latest PBS News/NPR/Marist poll</a>.



Betting markets, as tracked by the CFTC-regulated Kalshi, favor a Trump win at a 53% chance, <a href="https://www.benzinga.com/general/politics/24/11/41702729/harris-surges-in-prediction-markets-nabs-kalshi-lead-with-just-three-days-to-go">but with diminishing odds</a> compared to previous weeks. Also, the betting odds are susceptible to wild swings from so-called "whale" bettors, including one individual on Polymarket <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41463756/polymarket-to-review-user-base-in-light-of-whales-betting-millions-on-trump-election-win" target="_blank" rel="noreferrer noopener">who spent as much as</a> $43 million on a Trump victory.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41717129/polymarkets-all-time-leading-trader-bets-over-500-000-on-kamala-harris-slams-nate-silver-f">Polymarket&#8217;s All-Time Leading Trader Bets Over $500,000 On Kamala Harris, Slams Nate Silver For Including &#8216;Fake Poll&#8217; Data In Model</a>



&#8220;Neither candidate holds a meaningful edge in enough states to win 270 electoral votes. In the history of modern polling, there's never been a race where the final polls showed such a close contest,&#8221; said Nate Cohn, chief political analyst for the New York Times. 



The S&amp;P 500 slipped 0.2%, while the Dow dropped 0.6%, hitting its lowest intraday level since mid-September. In contrast, small-cap stocks in the Russell 2000 outperformed, rising 1%. The Nasdaq 100 also retreated, dipping below the 20,000 mark.



Treasury yields fell by nearly 10 basis points as investors scaled back positions linked to Trump&#8217;s inflationary policies, such as high tariffs and more expansionary fiscal measures. The dollar also weakened, down 0.5%.



The increasing likelihood of a Harris victory gave a boost to solar and renewable energy stocks, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) climbing 3.6%. 



Oil and gas stocks also gained, as crude prices surged 3% after OPEC+ postponed an anticipated production hike. Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) jumped 3%, marking its largest single-day gain since late June.



Gold held steady at $2,740, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell over 1%, dropping below $68,000.



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Russell 2000</td><td>2,230.95</td><td>1.0%</td></tr><tr><td>S&amp;P 500</td><td>5,715.31</td><td>-0.2%</td></tr><tr><td>Nasdaq 100</td><td>19,978.22</td><td>-0.3%</td></tr><tr><td>Dow Jones</td><td>41,807.92</td><td>-0.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110424&amp;t=be2bearmibe3na1">Benzinga Pro</a> 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 0.1% to $570.22.</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 0.5% to $418.44.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.2% to $486.77.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.1% to $221.27.</li>



<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, rising 1.7%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 1.5%.</li>
</ul>



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



Stocks reacting to earnings reports included: 



<ul>
<li>Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>), down 3.9%, </li>



<li>Constellation Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>), down 10.5%, </li>



<li>Marriott International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>), down 1.8%, </li>



<li>Fidelity National Information Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>), down 0.4%, </li>



<li>Public Service Enterprise Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEG#NYSE">PEG</a>), down 5.9%, </li>



<li>TPG Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPG#NASDAQ">TPG</a>), down 5.5%. </li>



<li>Fox Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>), up 3.7%, </li>



<li>YUM China Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>), up 7.9%, </li>



<li>Loews Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>), down 4.8%, </li>
</ul>



Stocks slated to report earnings after the close are Vertex Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), NXP Semiconductors NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), Diamondback Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>), Illumina Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Hologic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>) and Astera Labs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>).



Now Read:



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41702887/harris-takes-lead-in-red-state-iowa-in-shock-poll">Harris Takes Lead In Red State Iowa In Shock Poll</a></li>
</ul>



Image: Shutterstock

Large Cap

Mid Cap

ALAB

FANG

HOLX

ILMN

NXPI

VRTX

YUMC

Wall Street Struggles Ahead Of Election Day, Energy Sector Outperforms, Solar Stocks Rise: What's Driving Markets Monday?

Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) recently launched 2024 election contracts and in one week the company passed an impressive milestone as<a href="https://www.benzinga.com/topic/2024-election"> Election Day (Nov. 5) nears.</a>



What Happened: Robinhood CEO Vlad Tenev <a href="https://x.com/vladtenev/status/1853239431811211308?s=46">shared </a>on X that the company passed 100 million contracts traded in less than a week since <a href="https://www.benzinga.com/news/24/10/41573989/harris-vs-trump-robinhood-launches-election-event-contracts-for-traders-as-2024-presidential-race-he">launching election contracts.</a>



The news comes as interest in prediction markets for the 2024 election has soared with Polymarket and Kalshi attracting bets from people around the world.



Robinhood's election contracts launched to select users and have a U.S. citizenship requirement. Polymarket is only available to users outside the U.S. Kalshi is regulated&nbsp;by the Commodity Futures Trading Commission in the U.S.



On Robinhood, the 2024 election contracts show Donald Trump as the favorite at 57 cents and Vice President Kamala Harris the underdog at 45 cents. Each contract will cash out at $1 for the winning presidential candidate.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent110424">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Why It's Important: The new election contracts give Robinhood users another investment option alongside stocks, options and cryptocurrency. 



One of the key differences between Robinhood's contracts and the main Polymarket prediction market for the 2024 presidential election is the closing date for the market.



Polymarket, which has attracted $2.9 billion in wagers on the 2024 presidential matchup, has Trump as the <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730733004342">favorite </a>at 59.1% with Harris behind at 40.9%. Harris narrowed the gap over the weekend to 46.2% to Trump's 53.8% before dropping again. In late October, Trump's odds showed a commanding lead of around 66%.



On Polymarket, winning contracts also cash out at $1, with users able to deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).



Polymarket's prediction market for the 2024 election will cash out when the Associated Press, Fox and NBC all call the election for the same candidate. If this does not occur, the market will stay open until inauguration day, Jan. 20, 2025.



Robinhood's contracts do not close until the end of trading on Jan. 5, 2025, with a payout date of Jan. 8, 2025. The counting of electoral votes in Congress occurs on Jan. 6, 2025, to certify the election results.



There is a high likelihood that the results are known before January, which could give Robinhood traders the ability to sell their contracts at a profit. The question is if they can get close to the full $1 payout or need to wait until the payout date.



The success of the 2024 election contracts could lead to more on this front from Robinhood.



"Just this week, we launched our Presidential Election Market. We have a ton of momentum, and we're just getting started," Tenev said after Robinhood's <a href="https://www.benzinga.com/news/earnings/24/10/41636963/robinhood-stock-drops-after-q3-revenue-miss-details">third-quarter financial results.</a>



HOOD Price Action: Robinhood stock is down 0.13% to $23.93 on Monday at publication versus a 52-week trading range of $7.91 to $28.58. Robinhood stock is up 97% year-to-date in 2024.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41694948/trump-polymarket-whale-has-30m-bet-on-former-president-winning-2024-election-my-intent-is-">Trump Polymarket Whale Has $30M Bet On Former President Winning 2024 Election: &#8216;My Intent Is Just Making Money&#8217;</a></li>
</ul>



Photo: Andrew Angelov via Shutterstock

Sports Betting

$MATIC

$USDC

HOOD

Robinhood Passes 100 Million 2024 Election Contracts: Do Users Favor Trump Or Harris On Stock Brokerage App?

Elon Musk's endorsement of Donald Trump's 2024 presidential campaign might seem surprising to some, especially given <a href="https://www.benzinga.com/topic/elon-musk">Musk's past political inclinations.</a>



Once a supporter of Democratic candidates — he voted for Barack Obama in 2008, 2012 and Hillary Clinton in 2016 — Musk publicly soured on the party in recent years, and turned his focus to Trump's bid to retake the White House.



Musk's shift might seem ideological on the surface, but a closer look suggests his motivations may be less about politics and more about money. 



Musk's support for Trump — and his fierce rejection of Vice President Kamala Harris — aligns closely with the performance of his biggest asset: Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).



<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">&#x270b; <a href="https://t.co/9ofZwRQHGU">https://t.co/9ofZwRQHGU</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1853305641382584768?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h1 class="wp-block-heading">Tesla: Thriving under Trump, Lagging under Biden</h1>



To understand Musk's motives, it's crucial to examine Tesla's stock performance during Trump's presidency compared to Biden's. 



During Trump's term from November 2016 to November 2020, Tesla stock surged by an astounding 987%, yielding an annualized return of roughly 84%. 



This staggering growth propelled Musk's net worth from $8 billion in 2016 to $107 billion by the end of Trump's presidency — a more than 13-fold increase, according to data from the Bloomberg Billionaires Index.



Under Joe Biden&#8217;s presidency, Tesla's performance has been notably more modest. Since November 2020, Tesla shares have gained about 86.5%, or roughly 16.2% on an annualized basis.



While this is still a respectable performance, it pales in comparison to the growth Tesla saw during Trump's tenure. Musk's wealth has continued to rise, reaching an estimated $262 billion in November 2024, but the rate of increase has slowed significantly



Given that Musk's fortune is heavily tied to Tesla's stock price — he owns 22.3% of Tesla's 3.21 billion outstanding shares his wealth has become increasingly sensitive to the company's performance in the stock market.



According to the Economic Times, roughly three-quarters of Elon Musk&#8217;s wealth is tied directly to Tesla shares.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Metric</th><th>Trump Presidency (Nov. 2016 &#8211; Nov. 2020)</th><th>Biden Presidency (Nov. 2020 &#8211; Nov. 2024)</th></tr></thead><tbody><tr><td>Tesla Stock Price Increase</td><td>+987%</td><td>+86.5%</td></tr><tr><td>Annualized Return</td><td>~84%</td><td>~16.2%</td></tr><tr><td>Musk&#8217;s Net Worth (Start)</td><td>$8 billion</td><td>$107 billion</td></tr><tr><td>Musk&#8217;s Net Worth (End)</td><td>$107 billion</td><td>$262 billion</td></tr><tr><td>Net Worth Growth</td><td>13-fold increase</td><td>2.5-fold increase</td></tr></tbody></table></figure>



<h1 class="wp-block-heading">Musk&#8217;s Major Threat Is Jensen Huang and Nvidia's Meteoric Rise</h1>



While Tesla's growth cooled, Nvidia surged ahead, setting up Jensen Huang, NVIDIA Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO, as a real challenger to Musk's status as the world's richest person.



Nvidia shares have skyrocketed by 958% during Biden's presidency, curiously mimicking Tesla's returns during the preceding four years. 



This rally has driven Huang's wealth from $11.8 billion in November 2020 to $118 billion in November 2024, a nearly 10-fold increase that echoes Musk's meteoric rise during the Trump years.



Huang, who currently ranks 11th on Bloomberg's Billionaires Index, is not yet close to Musk's wealth level. 



But if Nvidia's stock continues its upward trajectory, Huang could quickly close the gap, especially if Tesla's performance remains moderate. 



For Musk, seeing the AI giant experience the kind of exponential growth Tesla once enjoyed might underscore the need for a return to Trump-era policies, which he may perceive as more business-friendly for Tesla and his wealth.



<h1 class="wp-block-heading">Chart: Tesla (Nov. 2016-Nov.2020) vs. Nvidia (Nov. 2020-Nov. 2024)</h1>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="504" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04105346/image-17-1024x504.png" alt="" class="wp-image-628265" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04105346/image-17-1024x504.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04105346/image-17-300x148.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04105346/image-17-768x378.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04105346/image-17-1536x756.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04105346/image-17.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41709990/trump-and-tesla-what-the-future-holds-for-elon-musks-ev-giant-in-case-of-a-gop-win">Trump And Tesla: What The Future Holds For Elon Musk&#8217;s EV Giant In Case Of A GOP Win</a></li>
</ul>



Photo: Shutterstock

TSLA

Tesla Vs. Nvidia Stock Performance Under Biden Might Reveal Truth About Elon Musk's Support For Trump

Each trading day features hundreds of headlines and press releases on Benzinga Pro, a source for traders to see the latest news on the overall market <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110424&amp;t=be2bearmibe3na1">and individual tickers.</a>



Here is a look at the most-searched stocks on Benzinga Pro for October 2024. Current prices and year-to-date performance are based on Nov. 1 and do not include dividends.



1. Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)



<ul>
<li>Current Price: $248.98</li>



<li>52-Week Range: $138.80 to $273.54</li>



<li>Year-to-Date Return: +0.2%</li>



<li><a href="https://www.benzinga.com/top-stories/24/08/40119459/exclusive-top-20-most-searched-tickers-on-benzinga-pro-in-july-2024-where-do-tesla-nvidia-apple-crow">July</a>/<a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40691773/exclusive-top-20-most-searched-tickers-on-benzinga-pro-in-august-2024-where-do-tesla-n">August</a>/<a href="https://www.benzinga.com/top-stories/24/10/41150827/exclusive-top-20-most-searched-tickers-on-benzinga-pro-in-september-2024-where-do-tesla-nvidia-apple">September </a>Ranking: 1st/3rd/3rd</li>
</ul>



2. NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)



<ul>
<li>Current Price: $135.37</li>



<li>52-Week Range: $44.90 to $144.42</li>



<li>Year-to-Date Return: +181.0%</li>



<li>July/August/September Ranking: 2nd/1st/1st</li>
</ul>



3. Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>)



<ul>
<li>Current Price: $30.56</li>



<li>52-Week Range: $11.75 to $79.38</li>



<li>Year-to-Date Return: +75.7%</li>



<li>July/August/September Ranking: Not in Top 20/Not in Top 20/20th</li>
</ul>



4. SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)



<ul>
<li>Current Price: $571.04</li>



<li>52-Week Range: $426.56 to $586.12</li>



<li>Year-to-Date Return: +20.8%</li>



<li>July/August/September Ranking: 3rd/2nd/2nd</li>
</ul>



5. Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)



<ul>
<li>Current Price: $26.05</li>



<li>52-Week Range: $24.92 to $122.90</li>



<li>Year-to-Date Return: -8.8%</li>



<li>July/August/September Ranking: 19th/4th/7th</li>
</ul>



6. Bright Minds Biosciences Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRUG#NASDAQ">DRUG</a>)



<ul>
<li>Current Price: $48.18</li>



<li>52-Week Range: $0.93 to $79.02</li>



<li>Year-to-Date Return: +2,518.5%</li>



<li>July/August/September Ranking: Not in Top 20 in Any</li>
</ul>



7. Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)



<ul>
<li>Current Price: $141.86</li>



<li>52-Week Range: $110.22 to $227.30</li>



<li>Year-to-Date Return: +2.4%</li>



<li>July/August/September Ranking: 14th/8th/Not in Top 20</li>
</ul>



8. Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)



<ul>
<li>Current Price: $222.91</li>



<li>52-Week Range: $164.08 to $237.49</li>



<li>Year-to-Date Return: +20.1%</li>



<li>July/August/September Ranking: 7th/6th/4th</li>
</ul>



9. Tevogen Bio Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TVGN#NASDAQ">TVGN</a>)



<ul>
<li>Current Price: $2.37</li>



<li>52-Week Range: $0.26 to $21.09</li>



<li>Year-to-Date Return: -78.7%</li>



<li>July/August/September Ranking: Not in Top 20 in Any</li>
</ul>



10. Oklo Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NYSE">OKLO</a>)



<ul>
<li>Current Price: $21.67 </li>



<li>52-Week Range: $5.35 to $28.12 </li>



<li>Year-to-Date Return: +104.4% </li>



<li>July/August/September Ranking: Not in Top 20 in Any </li>
</ul>



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent110424">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Honorable Mentions:&nbsp;The following stocks were the 11th&nbsp;to 20th&nbsp;most-searched tickers on&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent090324&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>&nbsp;in October 2024.



11. Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)



12. Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)



13. Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)



14. Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>)



15. Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)



16. MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>)



17. Genprex Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNPX#NASDAQ">GNPX</a>)



18. SoFi Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)



19. Boeing Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)



20. TeraWulf Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WULF#NASDAQ">WULF</a>)



Why It's Important: Tesla, regularly among the most searched tickers on the site, climbed the leaderboard to be the most-searched ticker on Benzinga Pro in October. The stock was third in the past two months, but ranked first in July. 



Nvidia ranked second in October, dropping from first place over the last two months. The technology giant briefly passed Apple and Microsoft to be the<a href="https://www.benzinga.com/markets/equities/24/10/41551461/nvidia-overtakes-apple-as-worlds-most-valuable-company-again"> most valuable company in the world.</a>



One of the biggest movers in October was Trump Media &amp; Technology Group, a media company co-founded by former President Donald Trump. The stock has surged in recent weeks ahead of Election Day. Trump's odds of winning the 2024 presidential election have <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41635149/2024-election-odds-on-polymarket-kalshi-show-trump-will-win-why-they-might-be-wrong">increased across prediction markets</a> and sports betting apps.



The stock has also been highlighted as a potential <a href="https://www.benzinga.com/general/politics/24/10/41630878/djt-short-squeeze-could-push-stock-to-60-if-trump-wins-but-analysis-says-loss-could-make-shares-">short-squeeze stock </a>with high short interest. A 2024 election win by Trump could see the stock shoot higher. Likewise, the stock could fall significantly if Trump loses the election.



Trump Media &amp; Technology Group will likely be among the most searched tickers on Benzinga Pro in November with Election Day happening on Nov. 5. The stock was the 20th most searched ticker in September and wasn't in the top 20 in August or July, ranking just outside the top 20.



The SPDR S&amp;P 500 ETF Trust falls to fourth place from second in the past two months, likely due more to the surge in interest in the stocks mentioned above and not less interest in the S&amp;P 500 market index. Although it should be noted that the Invesco QQQ Trust ETF, which tracks the Nasdaq 100 Index, fell from sixth place to 15th in October, potentially signaling less interest in ETFs and market indexes.



Other newcomers to the top 10 were Bright Minds Biosciences, Tevogen Bio and Oklo, who have each not previously been among the top 20 most-searched tickers in any given month. Tevogen shares have fallen significantly in 2024, while Bight Minds Sciences and Oklo are each up over 100% in 2024.



Advanced Micro Devices also returned to the top 10, ranking seventh, which comes after falling out of the top 20 in September. The stock has regularly gone back and forth between the top 10 and top 20 each month in 2024.



Dropping out of the top 10 along with Invesco QQQ were Wheeler Real Estate Investment Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WHLR#NASDAQ">WHLR</a>), Galmed Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLMD#NASDAQ">GLMD</a>), Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and Intuitive Machines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>). &nbsp;



Overall the month of October saw five of the same top 10 tickers from September and eight of the top 20 tickers from September.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/education/24/10/41665149/these-10-stocks-were-s-p-500s-top-performers-in-bidens-first-year-could-the-trend-continue-if-h">These 10 Stocks Were S&amp;P 500&#8217;s Top Performers In Biden&#8217;s First Year: Could Trend Continue If Harris Wins 2024 Election?</a></li>
</ul>

Exclusives

AAPL

DRUG

GLMD

GNPX

LUNR

MSTR

OKLO

SMCI

SOFI

TVGN

WHLR

WULF

EXCLUSIVE: Top 20 Most-Searched Tickers On Benzinga Pro In October 2024 — Where Do Tesla, Nvidia, Apple, DJT Stock Rank?

Oil prices kicked off the week with a notable rally, driven by OPEC+'s decision to postpone an anticipated production increase ahead of the <a href="https://www.benzinga.com/topic/2024-election">imminent U.S. presidential elections. </a>



The oil cartel and its allies, including Russia, opted to delay plans to ramp up output by another month, citing ongoing market weakness and sluggish demand.



On Monday, West Texas Intermediate (WTI) crude — as closely tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) — surged as much as 3% to hit $71.50 per barrel, its highest since Oct. 25, while Brent crude rose 2.7% to reach $75 per barrel.



See Also: <a href="https://www.benzinga.com/news/earnings/24/11/41709016/us-stocks-likely-to-open-in-green-amid-hints-of-tentativeness-on-election-eve-expert-says-brace-for">US Stocks Likely To Open In Green Amid Hints Of Tentativeness On Election Eve: Expert Says Brace For Volatility Ahead Of Fed&#8217;s Rate Decision</a>



These gains effectively erased last week&#8217;s losses, which followed Israel's limited response to Iran — a development that experts said reduced the risk of a broader conflict in the Middle East, providing temporary relief for oil markets.



OPEC+ announced on Sunday that it would maintain its production cut of 2.2 million barrels per day (bpd) through December. 



Originally, the group had planned to increase output by 180,000 bpd in December, but it conditioned this hike on favorable price conditions. 



The next formal meeting of OPEC+ ministers is scheduled for December 1, although the group has the flexibility to convene extraordinary meetings or alter its policies at any time.



<h3 class="wp-block-heading">US Sanctions Policy Could Shape Future Of Oil</h3>



The outcome of the upcoming U.S. presidential election could be crucial for the oil market, particularly with regard to sanctions policies that affect OPEC+ producers like Russia, Iran, and Venezuela. 



&#8220;After plummeting during the first Trump administration, production in Iran and Venezuela has recovered under President Joe Biden, with the focus of sanctions moving to Russia,&#8221; wrote S&amp;P Global. 



Combined, Iran and Venezuela pumped 4.15 million bpd in September, up from 3.2 million bpd in February 2022, according to Platts' OPEC+ Survey by Commodity Insights, as both countries are exempt from quotas under the OPEC+ agreement, allowing them to pump as much as they can. 



Sanctions policy is expected to remain a key factor influencing the global oil supply, particularly amid ongoing geopolitical tensions in Ukraine and the Middle East.



The Biden-Harris administration has imposed extensive sanctions on Russia, aiming to weaken its military capabilities and hinder its economic resources that support the ongoing war in Ukraine. These sanctions, coordinated with allies like the G7 and EU, target key areas, including Russia&#8217;s defense sector, critical supply chains, and financial networks.



However, Jim Burkhard, vice president of research at S&amp;P Global Commodity Insights, suggested that a second Donald Trump administration might be more inclined to <a href="https://www.benzinga.com/news/24/10/41303548/kremlin-critic-warns-russia-could-grow-stronger-if-trump-wins-white-house-will-basically-be-handing">loosen sanctions on Russia</a>. 



Both parties are likely to maintain pressure on Iran given its ongoing conflict with Israel.



<h3 class="wp-block-heading">US Energy ETFs To Watch Amid Rising Oil Prices</h3>



The surge in oil prices could buoy U.S. energy stocks, particularly those tied to exploration, production, and refining. Here are five key U.S. energy ETFs that may see gains as crude prices continue their upward trend:



<ul>
<li>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), which had already risen by 1% during premarket trading in New York on Monday</li>



<li>SPDR S&amp;P Oil &amp; Gas Explor. &amp; Product ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>)</li>



<li>Invesco Oil &amp; Gas Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXJ#NYSE">PXJ</a>)</li>



<li>VanEck Oil Refiners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>)</li>



<li>EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>)</li>
</ul>



Now Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41709016/us-stocks-likely-to-open-in-green-amid-hints-of-tentativeness-on-election-eve-expert-says-brace-for">US Stocks Likely To Open In Green Amid Hints Of Tentativeness On Election Eve: Expert Says Brace For Volatility Ahead Of Fed&#8217;s Rate Decision</a></li>
</ul>



Image: Shutterstock

Sector ETFs

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Oil Prices Spike By Over 3% As OPEC+ Delays Production Increases Ahead Of US Elections: 5 Energy ETFs To Watch Monday

Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares are volatile Monday as polls and prediction markets show a tight race with less than 48 hours to go in the <a href="https://www.benzinga.com/news/24/11/41710411/market-analyst-who-predicted-trumps-2016-win-and-bidens-2020-victory-now-sees-former-president-retak">U.S. presidential election. </a>



What To Know: Trump Media &amp; Technology stock has become a proxy for the presidential election outcome and the stock has dropped in the last week as the race draws to a close. Both polls and prediction markets turned away from a Trump win near the middle of last week and Trump Media shares slumped more than 20% as a result.&nbsp;



Polls: Though the election remains a very tight race, Harris has pulled ahead in polling of early voters in several swing states. New polling from the New York Times and Siena College shows Kamala Harris with an 8% lead among early voters while Donald Trump is ahead among voters who plan to vote but have not yet cast a ballot.&nbsp;



Read More: <a href="https://www.benzinga.com/general/politics/24/10/41630878/djt-short-squeeze-could-push-stock-to-60-if-trump-wins-but-analysis-says-loss-could-make-shares-">DJT Short Squeeze Could Push Stock To $60 If Trump Wins, But Analysis Says Loss Could Make Shares &#8216;Worthless&#8217;</a>



The poll also found Harris was <a href="https://www.benzinga.com/news/24/11/41708937/trump-trade-weakens-dollar-as-polls-indicate-race-tightening-with-kamala-harris">slightly ahead</a> in three swing states, with Trump leading in one while the other three swing states remain too close to call.



Nationally, Trump and Harris are neck-in-neck, both notching 49% of registered voters in a new poll released Sunday by NBC News.



Prediction Markets: <a href="https://www.benzinga.com/general/politics/24/11/41702729/harris-surges-in-prediction-markets-nabs-kalshi-lead-with-just-three-days-to-go">Harris took the lead</a> on the Kalshi prediction market late last week. That&#8217;s a major reversal from odds that showed Trump with a 65% chance of victory as recently as Tuesday afternoon. 



The Kalshi forecast now has odds in favor of Trump once again, with a 54.5% chance of regaining the White House. 



The PredictIt market shows Harris with a slightly higher chance of victory than Trump. Trump maintains his advantage on Polymarket, which has him with a 55% chance of victory, but that is down from a 67% chance five days ago.



The Election Betting Odds website, which aggregates betting markets, shows Trump pulling ahead with a 55% chance of victory and 44.6% for Harris.&nbsp;



Why It Matters: Investors will be watching closely as the polls close on Tuesday night. A recent report from S3 Partners suggested Trump Media shares <a href="https://www.benzinga.com/general/politics/24/10/41630878/djt-short-squeeze-could-push-stock-to-60-if-trump-wins-but-analysis-says-loss-could-make-shares-">could rocket higher</a> on a Trump victory based on the increased short squeeze potential and the options market's implied move of 50%.



Yet S3 Partners said the same model suggests that DJT stock &#8220;could become worthless" if Trump loses the election.&nbsp;



Read Also:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41690154/shock-october-jobs-report-leaves-fed-in-tight-spot-experts-say-interest-rate-cuts-a">Shock October Jobs Report Leaves Fed In &#8216;Tight Spot:&#8217; Experts Say Interest Rate Cuts Ahead</a></li>
</ul>



Image: Shutterstock

General

Trump Media Stock Volatile On Election Eve As Polls, Betting Markets Predict Tight White House Race

NXP Semiconductors NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) will be reporting its third-quarter earnings on Monday. Wall Street expects $3.43 in EPS and $3.25 billion in revenues as the company reports<a href="https://www.benzinga.com/calendars/earnings?tickers=NXPI" target="_blank" rel="noreferrer noopener"> after market hours</a>.



The Dutch semiconductor powerhouse, known for its innovative product lineup — including microcontrollers and the i.MX family of application processors — recently announced enhancements to its eIQ AI and machine learning development software. 



The new eIQ Time Series Studio and GenAI Flow tools are designed to simplify AI deployment across edge processors, further solidifying NXP's place in the tech landscape.



The stock is up 30.52% over the past year, 7.87% year-to-date.



Read Also: <a href="https://www.benzinga.com/insights/news/24/10/41339513/100-invested-in-nxp-semiconductors-10-years-ago-would-be-worth-this-much-today">$100 Invested In NXP Semiconductors 10 Years Ago Would Be Worth This Much Today</a>



Let&#8217;s look at what the charts indicate for NXPI stock and how the stock currently maps against Wall Street estimates.



<h2 class="wp-block-heading">NXPI Stock Chart Bearish Ahead Of Q3 Earnings&nbsp;</h2>



NXPI stock is riding a strongly bearish trend. Its share price of $238.59 remains below the five, 20 and 50-day Exponential Moving Averages (EMA), signaling sustained selling pressure.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="455" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04090515/Screenshot-2024-11-04-at-5.45.37-PM.png" alt="" class="wp-image-627875" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04090515/Screenshot-2024-11-04-at-5.45.37-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/04090515/Screenshot-2024-11-04-at-5.45.37-PM-300x217.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110424&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



However, the short-term technical picture is a mixed bag. With NXPI&#8217;s eight-day Simple Moving Average (SMA) at $242.78, a bearish tone prevails. Yet, the 20-day SMA sits just below the current price at $238.01, flashing a bullish signal, as does the 50-day SMA of $237.48, indicating a slight technical rebound. 



Conversely, the long-term 200-day SMA at $247.70 reinforces the broader bearish stance.



Supporting this mixed scenario, the Moving Average Convergence Divergence (MACD) indicator of 1.42 shows bullish momentum, while a Relative Strength Index (RSI) reading of 49.81, and declining, suggests that NXPI stock is headings towards being oversold. 



With indicators sending both bearish and bullish signals, NXP's chart implies potential upside for patient investors if buying pressure can overcome the current bearish trend.



<h2 class="wp-block-heading">NXPI Analysts See 13.85% Upside</h2>



Ratings &amp; Consensus Estimates:<a href="https://www.benzinga.com/quote/NXPI/analyst-ratings" target="_blank" rel="noreferrer noopener"> The consensus analyst rating</a> on NXPI stock stands at a Buy currently with a price target of $273. The latest analyst ratings from Stifel, Cantor Fitzgerald and UBS give NXP Semiconductors&#8217; stock an average price target of $271.67, implying a 13.85% upside.



Price Action: NXPI stock closed the trading day Friday at $238.59, up 1.74%.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/politics/24/10/41584466/these-10-stocks-were-the-best-s-p-500-performers-in-2017-when-trump-was-president-will-history-r">These 10 Stocks Were The Best S&amp;P 500 Performers In 2017 When Trump Was President: Will History Repeat Itself?</a></li>
</ul>



Image: NXP Semiconductors

Technicals

Previews

NXP Semiconductors Prepares For Earnings With New AI Tools: But What Do The Charts Reveal?

U.S. stocks could get off to a positive start on Monday after the <a href="https://www.benzinga.com/news/earnings/24/11/41696201/market-volatility-soars-ahead-of-elections-tech-earnings-mixed-strikes-and-hurricanes-knock-employm">averages registered a mixed October</a>. While the S&amp;P 500 and Dow Jones snapped their five-month winning streak, the Nasdaq Composite closed in the green buoyed by <a href="https://www.benzinga.com/earnings">Big Tech earnings</a>.



America goes to polls on Tuesday to elect its 47th president, and data so far suggests that it will be a neck-to-neck race between Democratic candidate Kamala Harris and Republican nominee Donald Trump.



The Federal Open Market Committee, or FOMC, is also widely expected to deliver another rate cut this week, with CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> suggesting there is a 96% chance that this will happen.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.15%</td></tr><tr><td>S&amp;P 500</td><td>0.19%</td></tr><tr><td>Dow Jones</td><td>0.08%</td></tr><tr><td>R2K</td><td>-0.01%</td></tr></tbody></table></figure>



In premarket trading on Monday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 0.20% to $572.21 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.22% to $488.50, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Week:



Oil prices continued to rebound after tanking the week before, amid delays in production output increase by the Organization of the Petroleum Exporting Countries, or OPEC.



Most sectors on the S&amp;P 500 closed on a negative note, with utilities, energy, and real estate stocks recording the biggest losses on Friday.



However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session higher.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Last Week&#8217;s Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-1.5%</td><td>18,518.61</td></tr><tr><td>S&amp;P 500</td><td>-1.4%</td><td>5,728.80</td></tr><tr><td>Dow Jones</td><td>-0.15%</td><td>42,052.19</td></tr><tr><td>Russell 2000</td><td>0.1%</td><td>2,210.13</td></tr></tbody></table></figure>



Insights From Analysts:



A Harris win could see the U.S. dollar weakening, according to ING analyst Francesco Pesole.



"Despite some unwinding of Trump trades, asset markets are still broadly pricing in a Trump win. As things stand now, we expect the dollar to sell off if Harris wins, while the impact of a Trump win may depend more on the Congress composition."



On the other hand, rate cut expectations seem to be unanimous among analysts, even though the Presidential race is neck-to-neck.



"On Thursday, when we may or may not know who the next President is going to be, we should almost certainly see a 25 basis points cut from the Fed and a reiteration from [Fed Chair] Powell that the Fed&#8217;s subsequent meetings will be data dependent," Deutsche Bank analyst Jim Reid in a research note.



Fed chair Jerome Powell's commentary would also be on the Street's radar as it looks for guidance on the central bank's rate action going forward.



&#8220;We look for Fed Chair Powell to once again be the voice of reason corralling the FOMC to prudently ease monetary policy,&#8221; said EY Chief Economist Gregory Daco.



Nathan Peterson, Director of Derivatives Analysis at the Schwab Center for Financial Research, laid <a href="https://www.schwab.com/learn/story/weekly-traders-outlook/">out</a> the thesis for market movements for the next week.



"My overall forecast for next week is &#8220;volatile and bearish.&#8221; What could challenge my outlook? If Election Results are not drawn out (meaning we have clarity on the winner following Election Day), or the Fed doesn&#8217;t provide a hawkish tone next Thursday, like I suspect they will, then stocks will likely rally."



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



Upcoming Economic Data



Monday's economic calendar is light, but crucial economic data is scheduled for the rest of the week.



<ul>
<li>On Monday, factory order data will be released at 10 a.m. ET.</li>



<li>On Tuesday, U.S. trade deficit data will be released at 8:30 a.m. ET.</li>



<li>ISM services data will be released at 10 a.m. ET.</li>



<li>On Wednesday, S&amp;P will release the final U.S. services purchasing manager's index (PMI) at 9:45 a.m. ET.</li>



<li>On Thursday, initial jobless claims data and preliminary productivity numbers will be released at 8:30 a.m. ET.</li>



<li>Wholesale inventories data will be released at 10 a.m. ET.</li>



<li>FOMC will announce its rate decision at 2 p.m. ET.</li>



<li>Fed Chair Powell will address a press conference at 2:30 p.m. ET.</li>



<li>On Friday, preliminary consumer sentiment data will be released at 10 a.m. ET.</li>



<li>Fed Governor Michelle Bowman will speak about banking regulations at 11 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) will be in focus on election eve. The stock experienced increased volatility last week and fell over 27%.</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares will be in focus on Monday after the Elon Musk-led EV giant saw its China sales decline in October.</li>



<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will join the Dow Jones Industrial Average this week, replacing Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) and ending its 25-year run.</li>



<li>Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) largest shareholder, the Warren Buffett-led Berkshire Hathaway, pared its stake in the iPhone maker by 25% in the July-September quarter.</li>



<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) machinists are set to vote on the new proposed deal that could bring an end to a seven-week-long strike.</li>



<li>Investors are awaiting earnings results from Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>), Marriott International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>), and Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by over 3% after OPEC announced a delay in increasing production.



The 10-year Treasury note yield eased marginally to 4.285%.



Major Asian markets ended in the green on Monday, and European stocks showed strength as well in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41704748/tesla-investors-confuse-valuation-and-stock-price-says-gary-black-as-investor-sees-recovery-in-s">Tesla Investors Confuse &#8216;Valuation And Stock Price,&#8217; Says Gary Black As Investor Sees Recovery In Stock</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Federal Reserve

Pre-Market Outlook

WYNN

US Stocks Likely To Open In Green Amid Hints Of Tentativeness On Election Eve: Expert Says Brace For Volatility Ahead Of Fed's Rate Decision

On Friday, November 1st, U.S. markets closed higher, rebounding from Thursday&#8217;s drop as Amazon&#8217;s strong earnings provided a boost despite weak October job growth in the U.S.



Amazon&#8217;s solid retail sales helped offset investor worries, while Apple faced pressure due to declining China sales. Other tech giants, including Meta and Microsoft, had reported earnings with caution over AI infrastructure costs, impacting the Nasdaq earlier.



Economic data showed that the U.S. economy added 2,000 jobs, a notable drop from the revised 223,000 positions added in September and falling short of the anticipated 113,000. Average hourly wages rose by 0.4% to $35.46, while the unemployment rate held steady at 4.1%.



The majority of S&amp;P 500 sectors ended down Friday, led by losses in utilities, energy, and real estate, while consumer discretionary and tech stocks closed higher.



The Dow Jones Industrial Average gained 0.69% to close at 42,052.19, the S&amp;P 500 rose 0.41% to 5,728.80, and the Nasdaq Composite increased 0.80% to finish at 18,239.92.



Asia Markets Today



<ul>
<li>Japan Markets closed for the Culture Day holiday.</li>



<li>On Monday, Australia&#8217;s S&amp;P/ASX 200 gained 0.56% and ended the day at 8,164.60, led by gains in the IT, Utilities, and Telecoms Services sectors.</li>



<li>India&#8217;s Nifty 50 traded lower by 1.29% at 23,989.65, and the Nifty 500 was down 1.38% at 22,508.65.</li>



<li>China&#8217;s Shanghai Composite rose 1.17% to close at 3,310.21, and the Shenzhen CSI 300 gained 1.41%, finishing the day at 3,944.76.</li>



<li>Hong Kong&#8217;s Hang Seng gained 0.30% and closed the session at 20,567.52.</li>
</ul>



Eurozone at 05.45 AM ET



<ul>
<li>The European STOXX 50 index was up 0.27%.</li>



<li>Germany&#8217;s DAX gained 0.15%.</li>



<li>France&#8217;s CAC rose 0.40%.</li>



<li>U.K.&#8217;s FTSE 100 index traded higher by 0.63%.</li>
</ul>



Commodities at 05.45 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 2.33% at $71.10/bbl, and Brent was up 2.19% at $74.70/bbl.</li>



<li>Oil prices rose as OPEC+ postponed its planned output increase, signaling support amid weak demand. This gain occurs as markets prepare for a significant week, with the U.S. presidential election, potential Federal Reserve rate cuts, and key economic decisions from China&#8217;s Congress.</li>



<li>Natural Gas declined 1.01% at $2.636.</li>



<li>Gold was trading higher by 0.07% at $2,751.15, Silver gained 0.65% to $32.883, and Copper rose 0.87% to $4.4095.</li>
</ul>



U.S. Futures at 05.45 AM ET



Dow futures were up 0.09%, S&amp;P 500 futures gained 0.22%, and Nasdaq 100 Futures rose 0.21%.



Forex at 05.45 AM ET



<ul>
<li>The U.S. dollar index fell 0.54% to 103.72, the USD/JPY was down 0.76% to 151.82, and the USD/AUD gained 0.30% to 1.5169.</li>



<li>The dollar fell as markets reacted to a surprise poll showing Kamala Harris leading, boosting investor sentiment for continuity. Uncertainty surrounding the close U.S. election and potential Fed rate cut also contributed to caution in currency markets.</li>
</ul>



Photo by Pavel Bobrovskiy via Shutterstock

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Asia Mixed, Europe Market Gains In US Election Week; Crude Oil Up 2% - Global Markets Today While US Slept

Gary Black, managing partner at The Future Fund, shared his outlook on Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), stressing that "many TSLA investors still conflate valuation and stock price."



What Happened: In response to Tesla's electric vehicle price cuts in October 2022, The Future Fund reduced its Tesla earnings estimates and price target, expecting minimal volume growth. 



Black noted, "We cut our TSLA position from 12.2% in Oct 2022 to ~4%," a decision validated as Wall Street's 2024 earnings per share estimate for Tesla fell 60% over the past two years, pulling down valuations and stock price.



Looking ahead, Black sees an opportunity as Tesla prepares to launch a compact EV priced between $25,000 and $30,000, aimed at boosting its total addressable market.



"Analysts are again starting to increase TSLA EPS estimates," he explained, a trend he believes will positively impact Tesla's valuation and stock price.



Contrary to popular assumptions, Black emphasized that his price target "changes as our fundamental outlook changes," not based on stock price movements. As Tesla's gross margins stabilize, Black anticipates a stock rebound, predicting that as "TSLA earnings estimates continue to recover," the stock price should follow suit.



&#8220;We expect [Tesla] stock to continue to recover as TSLA earnings [estimates] continue to recover,&#8221; Black wrote.



<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">Many <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> investors still conflate valuation and stock price. When <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> started cutting EV prices back in Oct 2022, we cut our TSLA earnings estimates and TSLA valuation (i.e. price target) to reflect our view that TSLA would get little or no volume growth from the price cuts,… <a href="https://t.co/tROOTNStxp">pic.twitter.com/tROOTNStxp</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1853151545057247335?ref_src=twsrc%5Etfw">November 3, 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/analyst-ratings/analyst-color/24/10/41649350/as-microsoft-meta-slide-after-earnings-calls-jim-cramer-says-hyperscalers-are-not-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Microsoft, Meta Slide After Earnings Calls, Jim Cramer Says &#8216;Hyperscalers Are Not Warning About Worsening AI Losses&#8217;</a>



Why It Matters: Black&#8217;s comments come at a time when Tesla is making significant strides in its autonomous driving technology. Despite <a href="https://www.benzinga.com/news/24/11/41699028/tesla-investor-says-ev-giant-will-admit-it-needs-lidar-despite-elon-musk-calling-it-a-crutch">initially dismissing the need for Lidar</a>, the company is now reportedly considering its use.



Additionally, Tesla&#8217;s <a href="https://www.benzinga.com/news/24/10/41651786/tesla-to-expand-actually-smart-summon-feature-beyond-us-eyeing-europe-and-china-rollout">plans to expand its &#8216;Actually Smart Summon&#8217; feature</a> beyond the U.S. and its <a href="https://www.benzinga.com/news/24/11/41676465/tesla-can-make-cybercab-for-the-same-money-it-takes-waymo-to-install-lidar-sensors-on-its-robotaxi-s">cost-efficient Cybercab production</a> are indicative of the company&#8217;s commitment to innovation and growth.



Despite these advancements, Tesla has faced stiff competition from Chinese EV giant BYD, which <a href="https://www.benzinga.com/news/24/10/41647639/teslas-chinese-rival-byd-outshines-elon-musks-ev-giant-in-quarterly-revenue-for-first-time-since-202">recently outperformed Tesla in quarterly revenue</a> for the first time since 2022. This has raised questions about Tesla&#8217;s ability to maintain its market dominance in the face of increasing competition.



Price Action: Tesla Inc.&#8217;s stock closed at $248.98 on Friday, down 0.35% for the day. In after-hours trading, the stock edged up by 0.16%. Year-to-date, Tesla shares have increased by 0.23%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41686435/intel-says-it-wont-even-make-500m-from-gaudi-ai-chips-in-2024-despite-nvidia-minting-billions-ce?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Intel Says It Won&#8217;t Even Make $500M From Gaudi AI Chips In 2024 Despite Nvidia Minting Billions: CEO Gelsinger Says Uptake &#8216;Slower Than We Anticipated&#8217;</a></li>
</ul>



Image Via Shutterstock 



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

Global

Tesla Investors Confuse 'Valuation And Stock Price,' Says Gary Black As Investor Sees Recovery In Stock

Leading cryptocurrencies retraced over the weekend as the probability of Donald Trump winning the presidential election fell sharply in prediction markets.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.21%</td><td>$68,324.16</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>-1.93%</td><td>$2,438.68</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>-4.17%</td><td>$0.1519</td></tr></tbody></table></figure>



What Happened: Bitcoin slipped to a low of $67,500 in the morning hours, a sharp reversal from its near-new highs last week. The leading cryptocurrency recovered to $68,000 late evening.



The pullback looked to be associated with Trump&#8217;s <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730683254450">declining </a>odds on prediction markets, including Polymarket, which gave him a 54% chance of winning, down from 66% on Oct. 30.



Total cryptocurrency liquidations blasted above $362 million over the last 24 hours, with $264 million in leveraged longs getting wiped out.



Bitcoin's Open Interest rose 1.45% in the last 24 hours. An increase in OI, coming alongside a dip in price, indicated a surge in short selling.



Additionally, more than 61% of all derivatives traders with open positions were short on Bitcoin, according to the Long/Short Ratio.



That said, the market sentiment remained in the "Greed" category, as per the Cryptocurrency Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Immutable (IMX)</td><td>+2.63%</td><td>$1.10</td></tr><tr><td>Chainlink (LINK)</td><td>+0.98%</td><td>$156.80</td></tr><tr><td>Sui (SUI)</td><td>+0.56%</td><td>$1.92</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.28 trillion, following a contraction of 1.05% in the last 24 hours.



Stock futures slipped during overnight trading on Sunday. The Dow Jones Industrial Average Futures dipped 151 points, or 0.37%, as of 7:35 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 lost 0.19%, while Nasdaq 100 Futures were down 0.10%.



Investors braced for the high-stakes Nov. 5 presidential election between Trump and Kamala Harris with no clear favorite on <a href="https://www.benzinga.com/general/politics/24/11/41702729/harris-surges-in-prediction-markets-nabs-kalshi-lead-with-just-three-days-to-go">betting markets</a> and <a href="https://www.benzinga.com/general/politics/24/10/41667786/harris-vs-trump-vice-presidents-lead-shrinks-key-demographic-grows-one-week-before-2024-election">national polls</a>.



The other major event to watch is the Federal Reserve&#8217;s FOMC meeting on November 7, with traders pricing in a 25 basis point rate drop, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.



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



Analyst Notes: CrediBULL Crypto, a popular X account known for providing cryptocurrency trading insights, observed Bitcoin&#8217;s &#8220;constructive&#8221; lower-timeframe trajectory and that the leading cryptocurrency was forming a bottom before a push to new highs.



<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">Lower timeframes looking very constructive here- <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> looks to be forming a bottom here for that push to ATH. The yellow line on my chart that we tapped to mark our pico bottom is a very important retest level- if you want to know where it came from zoom out to the monthly… <a href="https://t.co/XVNmyEAmif">https://t.co/XVNmyEAmif</a> <a href="https://t.co/JVF3F97ZF6">pic.twitter.com/JVF3F97ZF6</a>&mdash; CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1853198498633551915?ref_src=twsrc%5Etfw">November 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Contrary to the market's bearish view, widely followed cryptocurrency trader Nihilus believed Ethereum's bull run to begin after the elections.&nbsp;



"Many people think ETH will drop due to the liquidity levels below, but the market maker doesn't think so. Last year around this time, nobody was saying ETH would reach $2,000, and now almost no one is saying that ETH is preparing for a bull season," the trader remarked.&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">Many people think <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> will drop due to the liquidity levels below, but the market maker doesn't think so. Last year around this time, nobody was saying <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> would reach $2,000, and now almost no one is saying that <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is preparing for a bull season. After the election, the… <a href="https://t.co/JgQ9T1G2BD">pic.twitter.com/JgQ9T1G2BD</a>&mdash; Nihilus (@nihilus_XBT) <a href="https://twitter.com/nihilus_XBT/status/1852766433203118115?ref_src=twsrc%5Etfw">November 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Igor Faun on Shutterstock



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Bitcoin, Ethereum, Dogecoin Reverse As Trump's Odds Fall On Betting Markets: Trader Says 'Bull Run Will Begin' For This Crypto After The Election

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