Wall Street saw the first surge in risk aversion after Donald Trump's election victory last week, as concerns grew over potential tariffs and trade policy shifts spurred by the<a href="https://www.benzinga.com/trading-ideas/movers/24/11/41902202/trumps-china-hawks-rumored-for-top-roles-yuan-hits-3-month-low"> incoming administration's key appointments.</a>



Trump is reportedly considering Sen. Marco Rubio (R-Fla.) for secretary of state and Rep. Mike Waltz (R-Fla.) for national security advisor. Both are vocal hawks on China and NATO, raising concerns of a tougher U.S. stance that could strain key geopolitical and trade relationships.



Adding to the cautious sentiment, investors are bracing for Wednesday's key inflation data release, with economists forecasting the annual rate to hit 2.6% in October.



As of midday trading in New York, none of the major U.S. equity indices posted gains, while small caps underperformed, with the Russell 2000 down 1.5%. Ten out of 11 S&amp;P 500 sectors traded in the red, with consumer staples the only marking tiny gains.



Chinese stocks suffered steep declines, with major U.S.-listed companies falling between 5% and 9% as worries over potential tariffs spooked investors.



The dollar, viewed as a hedge against tariff risk, strengthened, with a currency-weighted index reaching its highest level since May 2024. 



The Japanese yen slipped past 154.7 per dollar, fully erasing gains from the Bank of Japan's August intervention, while the Chinese yuan and the euro also weakened, with the euro falling below $1.06.



Treasury yields climbed, with the 10-year Treasury yield up eight basis points to 4.42%, pushing the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) down 1.2%.



The cryptocurrency market also faced pressure, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) down 1.6%. Gold dropped for a third straight day, weighed down by a stronger dollar and higher Treasury yields, as it struggled to attract safe-haven inflows.



<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % chg</td></tr><tr><td>Nasdaq 100</td><td>21,057.69</td><td>-0.2%</td></tr><tr><td>S&amp;P 500</td><td>5,984.47</td><td>-0.3%</td></tr><tr><td>Dow Jones</td><td>44,071.38</td><td>-0.5%</td></tr><tr><td>Russell 2000</td><td>2,399.25</td><td>-1.5%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:20 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111224&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $596.29.</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 0.7% to $440.41.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.4% lower to $511.95.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 1.6% to $237.82.</li>



<li>The&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, rising 0.1%. The&nbsp;Materials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 1.6%.</li>
</ul>



<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>



Stocks moving on earnings reports were: 



<ul>
<li>Home Depot Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>), down 0.5%,</li>



<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>), up 26%, </li>



<li>Tyson Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>), up 9%, </li>



<li>Live Nation Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), up 4.4%. </li>
</ul>



Companies reporting their results after the close are Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), Occidental Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), Flutter Entertainment plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>), Natera Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>). CAVA Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>).



Read Next:



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<li><a href="https://www.benzinga.com/government/regulations/24/11/41909846/trumps-treasury-pick-frontrunner-scott-bessent-could-shift-wall-street-crypto">Trump&#8217;s Treasury Pick Frontrunner Scott Bessent Could Shift Wall Street, Crypto</a></li>
</ul>



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Stocks Fall On Tariffs Fears, Dollar Hits 6-Month Peak, Yen Tumbles: What's Driving Markets Tuesday?

Risk assets have surged since Donald Trump's 2024 presidential win, fueled by investor optimism for tax cuts and renewed hopes of <a href="https://www.benzinga.com/topic/donald-trump">financial sector deregulation.</a>



Yet, markets may face a reality check on Wednesday when October inflation data is released, as signs of lingering price pressures could cool the recent euphoria and shake expectations for the Federal <a href="https://www.benzinga.com/topic/interest-rates">Reserve&#8217;s interest rate cuts. </a>



<h3 class="wp-block-heading">Inflation Expected To Edge Up In October</h3>



Economists predict that October's Consumer Price Index (CPI) data will show a modest uptick in inflation, potentially halting the downward trend observed over the past six months. 



The economist consensus points to a 2.6% year-over-year rise in headline inflation, up from 2.4% in September. 



If accurate, this increase would mark the first inflation acceleration since March and could dampen hopes of a sustained disinflationary trend.



On a monthly basis, headline inflation is expected to rise by 0.2%, in line with September&#8217;s reading. Meanwhile, core inflation—which excludes volatile food and energy prices and provides a clearer view of underlying price pressures—is forecasted to remain steady at 3.3% year-over-year, with a 0.3% monthly gain. 



This resilience in core inflation could raise questions about the persistence of price pressures across key consumer sectors.



<h3 class="wp-block-heading">Analysts Sound Warnings On Upside Inflation Risks Under Trump</h3>



According to Stephen Juneau, an economist at Bank of America, "inflation is moving sideways after a period of substantial disinflation." 



Bank of America forecasts a slight monthly gain of 0.1% in headline CPI and a 0.3% rise in core CPI, which would keep annual rates unchanged at 2.4% and 3.3%, respectively.



While these numbers suggest inflation is not accelerating aggressively, Juneau cautions that the outlook could change if pro-growth fiscal policies, tariffs, and tighter immigration policies are enacted.



"We now see the risks as clearly tilted to the upside," he added, citing Trump's policy proposals as potential drivers of renewed inflationary pressures in the upcoming quarters. 



Goldman Sachs economists Ronnie Walker and Jessica Rindels also anticipate a firm core inflation reading, with an estimated 0.31% month-over-month surge, keeping the annual core CPI at 3.3%.



Goldman Sachs highlights specific areas likely to drive inflation, including auto insurance premiums, which continue to see increases, albeit at a slowing pace, and flat health insurance costs.



Walker and Rindels expect "further disinflation in the pipeline over the next year from rebalancing in the auto, housing rental, and labor markets," but warn of potential "catch-up inflation" in areas like car insurance. 



Their forecast suggests that while the broader disinflationary trend might continue, pockets of inflation could persist, challenging the narrative of a quick return to low inflation.



<h3 class="wp-block-heading">Market Implications: Will The Fed Stay Dovish?</h3>



If inflation data exceeds expectations, it could challenge the Federal Reserve's dovish stance. 



Fed Chair Jerome Powell has signaled openness to further rate cuts, with markets currently expecting a 25-basis-point reduction in December. Fed futures are currently assigning a 65% chance of a December rate cut, as per the CME FedWatch tool.



Yet, any signs of re-accelerating inflation could prompt the Fed to reconsider its easing timeline, especially if Trump's anticipated fiscal policies stoke demand-side inflation.



A higher-than-expected CPI reading could also weigh on risk assets, particularly if investors perceive that inflationary pressures could delay rate cuts or trigger a more cautious Fed. 



Major U.S. equity indices, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), and the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), are likely to experience volatility if investor expectations for a December rate cut fall.



Sectors sensitive to interest rates, such as technology and consumer discretionary stocks, may be especially vulnerable if inflation concerns resurface.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/federal-reserve/24/11/41900128/trump-vs-powell-dec-18-fed-meeting-sets-stage-for-new-tensions">Trump Vs. Powell: Dec. 18 Fed Meeting Sets Stage For New Tensions</a></li>
</ul>



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Trump-Led Market Honeymoon Faces Crucial Test With Wednesday's Inflation Data

"The U.S. government has got to get its act together and decide what it really thinks on this issue," says <a href="https://www.benzinga.com/topic/chris-christie">Chris Christie</a>, former New Jersey governor and longtime conservative voice, addressing the state of cannabis in America under a new Trump administration. 



In an exclusive conversation with <a href="https://www.benzinga.com/cannabis">Benzinga Cannabis</a> facilitated by <a href="https://www.covers.com/politics/us-election-betting-odds">Covers.com</a>, Christie outlines his perspectives on the future of cannabis regulation and cryptocurrency adoption, framing both within a broader trend of deregulation he expects to see under Trump's leadership. As the country moves forward, Christie believes cannabis and crypto are poised to experience significant changes though each industry will need to navigate its own unique challenges.



<h2 class="wp-block-heading">Christie On Cannabis: &#8216;Trump Will Attempt To Deschedule&#8217;</h2>



Christie begins by tackling the complexities surrounding cannabis regulation, a topic he's been openly conservative about throughout his political career. Although he's traditionally opposed to federal legalization, Christie notes a potential shift under President-elect <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump</a>. "What I suspect he would really like to do is get it downgraded by the DEA so that it&#8217;s not illegal," Christie says. Cannabis remains a Schedule I substance, making it federally illegal despite a growing wave of state-level legalization. For Christie, the legal status presents an obstacle for the industry, particularly regarding banking and financial services. "The trouble the cannabis industry has now is that a lot of people still won't do business with them, because the proceeds are tainted by the fact they are created through a drug that is illegal in the United States."



Christie suggests that descheduling cannabis—removing it from the DEA's list of controlled substances—could provide a workable solution. By changing its classification, he believes, the federal government could make way for legitimate business operations without directly endorsing legalization. "What I think Trump will attempt to do is change marijuana to a non-scheduled drug that wouldn&#8217;t be illegal, and then banks and other institutions would be more free to do business with cannabis store owners and entrepreneurs," he says. This stance marks a shift in Christie's approach, where he appears to reconcile his conservative views on cannabis with a pragmatic view of the industry's needs.



<h2 class="wp-block-heading">Christie On Crypto: Finding A &#8216;Sweet Spot&#8217;</h2>



Beyond cannabis, Christie also weighs in on another hot-button topic: cryptocurrency. Known for its volatility and potential for high returns, crypto has seen a significant uptick in adoption over recent years. With Trump heading to the White House, Christie predicts a favorable environment for crypto's continued expansion. "I think it will develop because he&#8217;ll not be in favor of doing a lot of regulating on it," he says, suggesting that Trump's general stance on deregulation could encourage further growth in the crypto sector.



However, Christie is quick to add a note of caution. "He&#8217;s got to be careful because when real people start to lose their money, and if that were to happen with crypto, they&#8217;re going to want the government to step in." For Christie, the challenge lies in striking a balance between fostering innovation and protecting the public. He stresses what he calls the "sweet spot" where regulation is minimal enough to allow growth, yet sufficient to shield investors from potential losses. "He&#8217;s got to try to find a sweet spot where he can regulate it enough so that grandma is not getting ripped off, but not so much that he puts a cap on its ability to grow and be a driver of America&#8217;s economy."



<h2 class="wp-block-heading">Are Christie&#8217;s Evolving Views A Reflection Of GOP&#8217;s Evolution?</h2>



Christie's pragmatic approach to cannabis and cryptocurrency reflects a broader trend within the GOP: a preference for state-led decision-making combined with cautious federal oversight. On cannabis, he continues to support a state-by-state approach, emphasizing that each state should have the freedom to regulate or prohibit cannabis as it sees fit. "The decision should be left to each individual state on cannabis regulation." This perspective aligns with Christie's conservative stance, although he acknowledges that a federal descheduling effort might make life easier for the industry.



With the potential <a href="https://www.benzinga.com/markets/cannabis/24/11/41828359/could-trumps-go-wild-on-health-invite-to-rfk-jr-drive-changes-for-cannabis-and-psychedelics">appointment of figures like RFK Jr. to key health positions</a> under a Trump administration, the regulatory landscape for both cannabis and crypto could evolve rapidly over the next four years. As Christie sees it, the approach Trump takes will shape not only the cannabis and crypto markets but also public sentiment and investor confidence. His vision, rooted in deregulation with a careful dose of oversight, aims to balance the drive for innovation with a commitment to public safety—a delicate act in today's rapidly shifting political and economic landscape.



Photo via Shutterstock

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EXCLUSIVE: Chris Christie Says Trump Will Remove Federal Restrictions On Marijuana, Find 'Sweet Spot' For Crypto Regulation

Prominent macro hedge fund manager Scott Bessent is emerging as the frontrunner for Treasury Secretary in <a href="https://www.benzinga.com/topic/donald-trump">President-elect Donald Trump's administration.</a>



According to betting markets, Bessent has surged well ahead of other contenders, positioning him as a top pick for the critical role at the Treasury.



<h3 class="wp-block-heading">Betting Markets Favor Bessent For Treasury</h3>



As of Nov. 12, betting odds on CFTC-regulated platform Kalshi show Bessent with an 82% probability of securing the nomination, followed by John Paulson at 7% and Jay Clayton at 3%. 



Bessent's background as a successful hedge fund manager with a macroeconomic focus appears to resonate with Trump's key advisers.



Bessent currently leads Key Square Group, a Connecticut-based hedge fund with assets under management (AUM) of approximately $307 million. 



<h3 class="wp-block-heading">Bessent's Take On Crypto: &#8216;Crypto Is About Freedom&#8217;</h3>



In July, Bessent made headlines with his bullish views on cryptocurrency, signaling he could be an advocate for digital assets if appointed. 



Speaking on Fox Business, he praised crypto for attracting a new generation of investors, especially those disillusioned by traditional markets after the 2008 financial crisis.



<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">Here are the full comments on <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> and <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> Bessent made on <a href="https://twitter.com/FoxBusiness?ref_src=twsrc%5Etfw">@FoxBusiness</a> in July. <a href="https://t.co/3O09jKZLJD">https://t.co/3O09jKZLJD</a> <a href="https://t.co/ggeLHs5JVc">pic.twitter.com/ggeLHs5JVc</a>&mdash; Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1856204133901963512?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



"Crypto is about freedom and the crypto economy is here to stay," Bessent said.



"One of the most exciting things about Bitcoin is it's bringing in young people, people who haven't participated in markets before. A strong market culture in the U.S., with people believing the markets work for them, is a cornerstone of capitalism."



With Bessent at the Treasury, crypto advocates might hope for a more favorable regulatory environment. 



His positive views could align with policies that encourage innovation in digital assets, potentially supporting the growth and the rate of penatration of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and other cryptocurrencies.



<h3 class="wp-block-heading">Wall Street Impact: Bessent&#8217;s Banking Playbook</h3>



Bessent's investment portfolio at Key Square Group offers insights into his potential impact on Wall Street. 



According to Key Square&#8217;s latest 13F filing, the fund held highly concentrated positions in two banking-focused ETFs: the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>), each representing 50% of the fund&#8217;s portfolio.



Since the election results indicated a Trump victory and Republican control of Congress, the KRE ETF has rallied by 15.2%, and the KBE ETF has surged 13.5%, reflecting optimism about banking-friendly policies under the incoming administration.



Year-to-date, the KRE ETF is up 27%, while KBE has gained 34%.



For Wall Street, Bessent&#8217;s appointment might signal a Treasury more open to financial innovation, deregulation, and support for small and mid-sized banks. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/federal-reserve/24/11/41900128/trump-vs-powell-dec-18-fed-meeting-sets-stage-for-new-tensions">Trump Vs. Powell: Dec. 18 Fed Meeting Sets Stage For New Tensions</a></li>
</ul>



Photo: Shutterstock

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Trump's Treasury Pick Frontrunner Scott Bessent Could Shift Wall Street, Crypto

The Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) is trading higher after posting strong earnings. The company reported $3.78 per share on revenues of $40.22 billion. Both of these were higher than estimates. Home Depot also said it is projecting comparable sales to fall by 2.5%, instead of the <a href="https://www.benzinga.com/news/earnings/24/11/41902698/home-depot-q3-earnings-revenue-and-eps-beat-lifts-full-year-forecast-despite-customer-traffic-dip">previously anticipated 3% to 4%.</a>



In addition to these strong fundamentals, the stock may have just had a classic technical analysis buy signal. This is why it is our Stock of the Day.



A simple moving average price is the average of recent closing prices. For example, a 20-day simple moving average is the average closing price of the prior 20 days. A 30-day simple moving average is the average closing price of the previous thirty days, and so on.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/11/41892426/home-depot-tyson-foods-and-3-stocks-to-watch-heading-into-tuesday">Home Depot, Tyson Foods And 3 Stocks To Watch Heading Into Tuesday</a>



If the short-term moving average price of a stock is greater than a longer-term moving average price, there is a good chance the stock is in an uptrend. If a short-term moving average price is lower than a longer-term average price, there is a good chance the shares are moving lower.



Moving average crossover strategies are very common on Wall Street. They are entirely objective and easy to backtest.



With these strategies, a buy signal is given when a short-term moving average crosses above a longer-term average. If this action occurs, there is a good chance a new uptrend is forming.



A sell signal is generated if the short-term average price crosses below a longer-term one. If this happens, there is a good chance that a downtrend is forming.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="524" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12102144/hd-chart2-1024x524.webp" alt="" class="wp-image-643073" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12102144/hd-chart2-1024x524.webp 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12102144/hd-chart2-300x154.webp 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12102144/hd-chart2-768x393.webp 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12102144/hd-chart2-1536x786.webp 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12102144/hd-chart2.webp 1585w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



On the Home Depot chart, the blue line is the 5-day moving average and the red line is the 12-day average. In August a buy signal was given when the shares were trading around $362. A sell signal was given in September when they were close to $368.



Then in mid-September, a buy signal was given around $373. On October 22, a sell signal was given when the stock was trading around the $400 level.



As you can see, a buy signal was given three days ago. The 5-day simple moving average has once again crossed above the 12-day. This could mean a new uptrend is in the process of forming.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41895937/wall-street-futures-show-weakness-as-investors-look-to-lock-in-gains-after-strong-post-election-rally-bull-market-sentiment-remains-intact-says-wharton-economist">Wall Street Futures Show Weakness As Investors Look To Lock In Gains After Strong Post-Election Rally: &#8216;Bull Market Sentiment Remains Intact,&#8217; Says Wharton Economist</a></li>
</ul>



Photo: Shutterstock

Technicals

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Stock Of The Day: Home Depot Flashes Buy Signal As Earnings Beat Expectations

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading lower on Tuesday. The company won an appeal against a landmark climate ruling at a Dutch court in the case brought against by Milieudefensie, <a href="https://www.benzinga.com/pressreleases/24/11/g41893012/shell-welcomes-dutch-court-of-appeal-ruling" target="_blank" rel="noreferrer noopener">other NGOs, and private individuals</a>.



The court overturned the mandate requiring the company to significantly cut its emissions.



Notably, in 2021, The Hague&#8217;s District Court ruled that Shell must cut its reported global net carbon emissions across Scopes 1, 2, and 3 by 45% by 2030, relative to 2019 levels.



This required a &#8220;results-based&#8221; reduction for Scope 1 and a &#8220;significant best efforts&#8221; reduction for Scopes 2 and 3. Shell&#8217;s appeal did not pause this ruling.



Chief Executive Officer Wael Sawan said, &#8220;Our target to become a net-zero emissions energy business by 2050 remains at the heart of Shell&#8217;s strategy and is transforming our business. This includes continuing our work to halve emissions<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> from our operations by 2030</a>.&#8221;



Shell has previously noted that a court ruling alone wouldn&#8217;t curb overall demand for products like petrol, diesel, or natural gas, as customers would simply shift to other suppliers.



Shell believes real progress towards net-zero emissions requires coordinated government policies, investments, and cross-sector action.



As disclosed in March 2024, Shell reaffirmed its ambition to reduce customer emissions from the use of its oil products by 15-20% by 2030 compared with 2021 <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37690631/shell-reimagines-climate-goals-slows-pace-whats-going-on" rel="noreferrer noopener">and against its previous target of 20%</a>.



Also earlier, the company reiterated its targeted investment of $10 billion-$15 billion in 2023-2025<a target="_blank" href="https://www.benzinga.com/markets/equities/23/06/32850059/shell-boosts-dividend-by-15-discloses-5b-share-buyback-ahead-of-investor-day" rel="noreferrer noopener"> in low-carbon energy solutions</a>.



Notably, in 2023, Shell invested $5.6 billion in low-carbon solutions, accounting for over 23% of the total capital spending.



By the end of 2023, Shell had accomplished over 60% of its goal to reduce Scope 1 and 2 emissions from its operations by 50% by 2030, relative to 2016 levels.



Moreover,&nbsp;in 2023, Shell invested $5.6 billion in low-carbon solutions, accounting for over 23% of the total capital spending.



Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41692849/shell-reports-strong-q3-analysts-highlight-robust-buybacks-amid-market-challenges" rel="noreferrer noopener">Shell Reports Strong Q3: Analysts Highlight Robust Buybacks Amid Market Challenges</a>



Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and Xtrackers RREEF Global Natural Resources ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRES#NASDAQ">NRES</a>).



Price Action: SHEL shares are down 2.76% at $65.00 at the last check Tuesday.



Image by siam.pukkato via Shutterstock



Read Next:



<ul>
<li><a href="https://www.benzinga.com//node/41895853" target="_blank" rel="noreferrer noopener">Elon Musk Announced Tesla&#8217;s Berlin Gigafactory 5 Years Ago Today: Here&#8217;s How EV Giant&#8217;s Mega Factory Has Evolved</a></li>
</ul>

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SHEL

Shell Wins Appeal Against Landmark Climate Ruling, Dodging Major Emission Cut Mandate

As Occidental Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) gears up to announce its <a href="https://www.benzinga.com/quote/OXY/earnings">third-quarter earnings</a> on Tuesday after the close, investors are asking: Can the oil giant overcome its stock slump?



<h2 class="wp-block-heading">Buffett Bets Big As Occidental Struggles: Q3 Earnings On Deck</h2>



Occidental shares have taken a hit this year, down over 15%, while Warren Buffett's Berkshire Hathaway has been steadily increasing its stake, now holding 27.25% of the company.



With Wall Street's third-quarter consensus at 74 cents in EPS and $7.23 billion in revenue, analysts and Buffett-watchers alike are eager to see if Occidental can justify the Oracle's vote of confidence.



Buffett's investment rose to 5.93% of Berkshire's portfolio in the second quarter, signaling his bullish outlook — but can OXY deliver?



Read Also: <a href="https://www.benzinga.com/24/11/41902185/how-to-earn-500-a-month-from-occidental-petroleum-stock-ahead-of-q3-earnings">How To Earn $500 A Month From Occidental Petroleum Stock Ahead Of Q3 Earnings</a>



<h2 class="wp-block-heading">Occidental Charts Flash Bearish Signals As Earnings Loom</h2>



OXY's stock chart and recent trading activity isn't exactly inspiring confidence. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111224&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="627" height="452" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12073935/Screenshot-2024-11-12-at-5.58.16-PM.png" alt="" class="wp-image-642664" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12073935/Screenshot-2024-11-12-at-5.58.16-PM.png 627w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/12073935/Screenshot-2024-11-12-at-5.58.16-PM-300x216.png 300w" sizes="(max-width: 627px) 100vw, 627px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111224&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



The stock trades below its 20, 50 and even 200-day simple moving averages (SMAs), with a MACD (moving average convergence/divergence) of negative 0.61 and an RSI (relative strength index) of 44.85, indicating continued bearish momentum. 



Though its price of $50.81 sits just above the eight-day SMA of $50.57 (a tentative bullish signal), it's below the key 20-day SMA of $50.99, painting a mixed technical picture.



<h2 class="wp-block-heading">VanEck Ups The Ante, Following Buffett's Lead</h2>



OXY's shaky price action didn't stop VanEck Associates from doubling down, <a href="https://www.marketbeat.com/instant-alerts/van-eck-associates-corp-increases-holdings-in-occidental-petroleum-co-nyseoxy-2024-11-12/">upping</a> its OXY holdings by 124.5% last quarter, now worth nearly $948,000. 



This institutional boost might indicate confidence in OXY's potential rebound — a sentiment Buffett himself seems to share.



Will Buffett's faith in OXY's future pay off, or are these big bets headed for more turbulence? As Occidental reports earnings, the market's about to find out if the Oracle's faith was well placed.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41895937/wall-street-futures-show-weakness-as-investors-look-to-lock-in-gains-after-strong-post-election-rally-bull-market-sentiment-remains-intact-says-wharton-economist">Wall Street Futures Show Weakness As Investors Look To Lock In Gains After Strong Post-Election Rally: &#8216;Bull Market Sentiment Remains Intact,&#8217; Says Wharton Economist</a></li>
</ul>



Image:

Previews

Markets

Occidental Petroleum Set To Release Q3 Earnings: Can It Justify Warren Buffett's Vote Of Confidence?

Home Depot Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) stock is trading higher after the home improvement retailer beat its third-quarter earnings estimates and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n41895039/the-home-depot-announces-third-quarter-fiscal-2024-results-updates-fiscal-2024-guidance" rel="noreferrer noopener">lifted its full-year 2024 outlook.</a>



HD reported third-quarter sales growth of 6.6% year-over-year to $40.217 billion, beating the consensus estimate of $39.173 billion.



Customer transactions for the quarter fell slightly by 0.2%. Comparable sales decreased 1.3%, and comparable sales in the U.S. dropped 1.2%.



Gross profit rose 5.4% YoY to $13.425 billion, with a margin of 33.4%, down 40 bps YoY. The operating margin was 13.5%, down 86 bps YoY, and operating income for the quarter dropped 0.22% to $5.418 billion. The adjusted operating margin slipped to 13.8% from 14.5% YoY.



Operating expenses increased 9.2% year over year to $8.01 billion. Adjusted EPS was $3.78 (-1.8% year over year), <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of $3.64</a>.



The average ticket in the third quarter was $88.65, a 0.8% decrease, and sales per retail square foot declined 2.1% to $582.97.



As of October 27, the company held $1.531 billion in cash and equivalents. It generated an operating cash flow of $15.139 billion for nine months, compared to $16.439 billion a year ago.



At the end of the quarter, HD operated 2,345 retail stores and over 780 branches across the U.S., Canada, and Mexico.



&#8220;While macroeconomic uncertainty remains, our third quarter performance exceeded our expectations. As weather normalized, we saw better engagement across seasonal goods and certain outdoor projects as well as incremental sales related to hurricane demand,&#8221; commented Ted Decker, chair, president, and CEO.



2024 Outlook raised: Home Depot raised its sales guidance from $156.49 billion &#8211; $158.01 billion to $158.78 billion versus the $157.33 billion consensus.



It expects comparable sales to decline approximately ~2.5% <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">(prior expected to decline 3% &#8211; 4%)</a>.



HD now expects Adjusted EPS of $15.10 (representing decline of approximately 1% from $15.25 in FY23) versus the consensus of $14.84. The company sees a gross margin of ~33.5% and an adjusted operating margin of 13.8%.



Price Action: HD shares are trading higher by 1.56% at $414.65 premarket on the last check Tuesday.



Photo via Shutterstock

Earnings

Guidance

Movers

Home Depot Q3 Earnings: Revenue And EPS Beat, Lifts Full-Year Forecast Despite Customer Traffic Dip

Chinese markets nosedived on Tuesday as news surfaced that President-elect Donald Trump is eyeing two China hawks, Sen. Marco Rubio (R-FL) and U.S. Rep. Mike Waltz (R-FL), for top <a href="https://www.benzinga.com/news/global/24/11/41893397/trump-reportedly-considers-marco-rubio-for-secretary-of-state-role-who-shares-similar-stance-for-china-but-says-stock-market-is-not-the-economy">roles in his administration.</a>



The potential appointments sparked fears of a tougher U.S. stance on China, sending the Chinese yuan tumbling and stock markets sharply lower in Shanghai and Hong Kong.



<h3 class="wp-block-heading">Yuan, Chinese Stocks Take a Beating</h3>



In currency markets, the yuan slid past 7.4250 against the U.S. dollar, a level not seen since early August. The Shanghai Composite dropped 1.39% to close at 3,422, while the Shenzhen Component fell 0.65% to 11,314. 



The Hong Kong Hang Seng Index had an even rougher day, plunging 580 points, or 2.8%, to finish at 19,847—its lowest close in six weeks.



This selloff comes amid growing concerns over a hardline shift in U.S.-China relations. Trump's rumored choice of Rubio, an outspoken critic of China, for Secretary of State, and Waltz, a NATO skeptic and China opponent, as national security adviser, suggests a more aggressive U.S. foreign policy toward Beijing.



If confirmed by the Senate, Rubio, who serves on the Senate Foreign Relations Committee, would be the first Latino to hold the position. Known for his hardline stance on China, Rubio has previously advocated for more stringent measures against Beijing on everything from trade to human rights issues.



Tech and insurance stocks bore the brunt of Tuesday's market rout in Hong Kong. Major Chinese firms saw their share prices sink, with Meituan, Lenovo, China Life Insurance and Semiconductor Manufacturing International recording daily losses between 5% and 8%. 



U.S.-listed Chinese companies also experienced sharp premarket declines in New York. At 8 a.m. ET, Alibaba Group Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) was down 3.1%, PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) dropped 2.8%, Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) fell 2.9%, and electric vehicle makers NIO Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NASDAQ">NIO</a>) and XPeng Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NASDAQ">XPEV</a>) tumbled 4% and 6%, respectively.



<h3 class="wp-block-heading">Weak Credit Data Adds to Market Woes</h3>



The political tension came on the heels of lackluster credit data in China, adding to investors&#8217; anxiety. October's new loans from Chinese banks totaled just 500 billion yuan—well below the forecast of 700 billion yuan and a sharp drop from September's figures. The disappointing credit numbers, coupled with the lowest monthly credit growth in 15 years, indicate that China's domestic demand remains fragile.



"China&#8217;s economy remains weak. The government seems to lack the will, or the way, to stimulate consumer demand," said veteran Wall Street strategist Ed Yardeni, president of Yardeni Research.



"China announced a $1.4 trillion financing package on Friday. That&#8217;s a big number, but it will mostly go to cleaning up and refinancing local government debt," Yardeni added, underscoring skepticism about Beijing's ability to spur economic growth.



David Morrison, senior market analyst at Trade Nation, attributed the market reaction to a "disappointing" fiscal stimulus package announced last week by the National People's Congress (NPC). "Investors continue to respond to the underwhelming fiscal stimulus… There's now the prospect of a huge rise in tariffs, both in size and scope, on exports to the U.S. as threatened by President-elect Donald Trump," Morrison said.



Bank of America analyst Anna Zhou echoed concerns about the limited impact of recent policy measures but sounded slightly more optimistic about the future.



"Weak loan growth for both households and corporates continues to underscore fragile domestic demand," Zhou said. 



"To turn credit demand around, more policy support is warranted. The recent pivot in policy stance has been a welcoming sign… we expect more measures to be rolled out in 2025 on both monetary and fiscal fronts, which could help stabilize demand and translate into better credit growth."



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/11/41885777/how-trumps-tax-cuts-tariffs-animal-spirits-could-shape-sp-500-earnings">How Trump&#8217;s Tax Cuts, Tariffs, &#8216;Animal Spirits&#8217; Could Shape S&amp;P 500 Earnings</a></li>
</ul>



Photo: Shutterstock

BABA

BIDU

XPEV

Chinese Currency Hits 3-Month Low: Trump's Anti-China Cabinet Appointments Rattle Investors

Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>)&nbsp;clocked fiscal third-quarter 2024 revenue growth&nbsp;of 26% year-over-year to $2.16 billion,&nbsp;which beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/41896523/shopify-q3-2024-revenue-growth-accelerates-to-26-free-cash-flow-margin-expands-to-19" rel="noreferrer noopener">analyst consensus estimate of&nbsp;$2.11 billion</a>.&nbsp;



Revenue growth marked its sixth consecutive quarter of greater than 25% revenue growth, excluding logistics.



The stock soared after it reported its&nbsp;quarterly results on Tuesday.



Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/24/11/41874534/canaan-secures-major-mining-deal-with-hive-shares-soar-on-equipment-order" rel="noreferrer noopener">Canaan Secures Major Mining Deal With HIVE, Shares Soar On Equipment Order</a>



The e-commerce platform company reported EPS of $0.64, which beat&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus&nbsp;estimate of $0.27</a>. The company reported a net income of $344 million compared to $173 million a year ago.



Gross merchandise volume increased 24% year-over-year to $69.7 billion. Merchant solutions revenue increased 26.4% year-over-year to $1.55 billion.&nbsp;



The gross margin for the quarter was 51.7%, compared to 52.6% a year ago. The gross profit grew by 24.1% year over year to $1.12 billion.



Shopify generated $423 million in operating cash flow and $421 million in free cash flow for the quarter.&nbsp;



President Harley Finkelstein highlighted Shopify's strong Q3 performance, reinforcing its position as a top choice for merchants across all sizes. He emphasized that as the peak shopping season nears, merchants rely on Shopify's robust platform for tools, speed, and reliability to drive success.



CFO Jeff Hoffmeister pointed out Shopify's 26% revenue growth and a 19% free cash flow margin for the quarter, marking the sixth consecutive quarter with over 25% revenue growth (excluding logistics).



Q4 Outlook: Shopify expects revenue growth to be at&nbsp;a mid-to-high-twenties percentage rate on a Y/Y basis versus a&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $2.11 billion</a>. It projects a free cash flow margin to be similar year-over-year.&nbsp;



In October, Jim Cramer <a target="_blank" href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41232142/jim-cramer-says-shopify-at-a-great-level-to-buy-as-golden-cross-signals-big-gains-ahead" rel="noreferrer noopener">expressed bullishness on</a> Shopify, highlighting the stock's recent Golden Cross formation, a key technical indicator signaling potential upward momentum. Cramer praised Shopify's leadership and current valuation, noting its strong market performance.



Shopify stock has surged 22% year-to-date.



SHOP Price Action:&nbsp;Shopify stock is up 20.50% at $108.40 premarket at last check Tuesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/downgrades/24/11/41855430/bath-body-works-stock-downgraded-due-to-this-risk-details" target="_blank" rel="noreferrer noopener">Bath &amp; Body Works Stock Downgraded Due To This Risk: Details</a></li>
</ul>



Photo via Shutterstock

Shopify Q3 Earnings: Ninth Consecutive Quarter of Revenue Beats, GMV Up 24%, Positive Outlook And More

A group of polled venture capital firms and hedge funds expected Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to peak between $100,000 and $150,000 this bull cycle, down from the astronomical forecasts set by other market researchers.



What happened: According to the "Q4 2024 Crypto Investment Manager Survey" by venture capital firm MV Global, nearly 45% of the respondents projected the top cryptocurrency to stay within the aforementioned range.&nbsp;



These estimates were somewhat modest when compared to global investment bank Standard Chartered&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41851865/bitcoin-to-200000-ethereum-to-10000-and-crypto-market-cap-to-4x-by-end-of-2025-says-standard-chartered">price target</a> of $200,000 by end-2025 and investment management company VanEck's <a href="https://www.youtube.com/watch?v=vl7zfkBBaI8">prediction </a>of $300,000.



"Our conjecture is the upside sentiment has been reduced because of the last six months of market chop. In other words, the upside-tail is much less priced in," MV Capital said in the report.



Meanwhile, nearly half of the interviewed investors believed Bitcoin would peak in the second half of 2025, a position consistent with popular opinion.



Most participants anticipated huge upside potential for Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), with over 30% predicting a peak of over $600 this cycle. This would mean a 172% spike from the current market value.



Just over 23% expected the fourth-largest cryptocurrency to peak between $450,000 and $600,000.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41873427/shiba-inu-lead-developer-shytoshi-kusama-pitches-s-h-i-b-in-response-to-elon-musks-call-for-new-roles-recommendations-in-trump-administration">Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk&#8217;s Call For New Roles Recommendations In Trump Administration</a>



A third of participants expected Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) to peak between $3,000 and $5,000, while the other third expected the second-largest cryptocurrency to top in the $5,000-$7,000 range.



"High conviction that both ETH and SOL outperform BTC this cycle, but SOL has much more upside," MV Capital quoted a liquid fund analyst as stating.



Why It Matters: The prediction markets have been energized amid the cryptocurrency market's record-breaking rally.



Bitcoin tapped an all-time high of $89,500 on Monday, representing a surge of nearly 30% over the week.



The odds in <a href="https://polymarket.com/event/will-bitcoin-hit-100k-in-2024">favor </a>of BTC hitting $100,000 in 2024 on the popular cryptocurrency-based prediction platform Polymarket zoomed to 63% as of this writing. 



Price Action: At the time of writing, Bitcoin was exchanging hands at $88,598.31, up 8.81% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41873479/after-anthony-scaramucci-ftx-sues-binance-and-ex-ceo-changpeng-cz-zhao-to-reclaim-1-8b-amid-bankruptcy-tussle">After Anthony Scaramucci, FTX Sues Binance And Ex-CEO Changpeng &#8216;CZ&#8217; Zhao To Reclaim $1.8B Amid Bankruptcy Tussle</a></li>
</ul>



Photo courtesy: Pixabay

$ETH

$SOL

Bitcoin To Peak Between $100K-150K, Solana To Top $600 This Cycle, Say Hedge Funds, VCs

U.S. stocks could open on a negative note on Tuesday after the <a href="https://www.benzinga.com/news/earnings/24/11/41892574/dow-settles-above-44000-for-the-first-time-as-tesla-continues-to-surge-after-trump-win-investor-sen">averages scaled record highs last week</a>. Futures of all three major indices were slightly down on Tuesday, pointing to a cautious sentiment on Wall Street.



The three major indices surged over 4% last week after the GOP sweep and the Federal Reserve delivered a widely expected 25 basis point rate cut. Investors could be looking to book profits in the meantime even as experts say there's gas left in the current equity bull run.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.35%</td></tr><tr><td>S&amp;P 500</td><td>-0.29%</td></tr><tr><td>Dow Jones</td><td>-0.19%</td></tr><tr><td>R2K</td><td>-0.80%</td></tr></tbody></table></figure>



In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.23% to $597.41 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.28% to $512.40, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



The Dow Jones scaled the 44,000 mark on Monday for the first time, closing the day up by over 300 points to end the day at 44,293.13.



Crude oil prices remained under the $70 mark as the risk of Hurricane Rafael receded, providing relief.



Treasury yields continued to rise, signaling concerns that the next administration might struggle with fiscal discipline.



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



However, information technology and real estate stocks bucked the overall market trend, closing the session lower.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.06%</td><td>19,298.76</td></tr><tr><td>S&amp;P 500</td><td>0.10%</td><td>6,001.35</td></tr><tr><td>Dow Jones</td><td>0.69%</td><td>44,293.13</td></tr><tr><td>Russell 2000</td><td>1.47%</td><td>2,434.98</td></tr></tbody></table></figure>



Insights From Analysts:



Ryan Detrick, chief market strategist at Carson Group, agreed with FundStrat's Tom Lee on the potential for small-cap stocks to grow further.



"Good to see @fundstrat sticking with the small caps and cyclical themes. We are right there with him," Detrick said.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Good to see <a href="https://twitter.com/fundstrat?ref_src=twsrc%5Etfw">@fundstrat</a> sticking with the small caps and cyclical themes. We are right there with him. <a href="https://t.co/1cKFZy90q8">pic.twitter.com/1cKFZy90q8</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1855977336606269674?ref_src=twsrc%5Etfw">November 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Earlier, Lee said "there's still&nbsp;a lot of upside" in small-cap stocks, adding,&nbsp;"So I think small-caps could,&nbsp;over the next couple of&nbsp;years, outperform by more than&nbsp;100%."



WisdomTree and Wharton School economist&nbsp;Jeremy Siegel continued to stress that the equity markets have enough gas in them to continue the ongoing bull run.



"The ‘bull market' sentiment remains intact, though valuations remain a watchpoint," he said, adding that the expectations of "lighter regulations" from President-elect Donald Trump's administration would benefit equities.



"Corporate earnings have continued to impress, and with no immediate breakdowns in tech's big players, I do not see a downturn for equities in the near term. With inflation easing on essential items like oil and ongoing global cooling in commodity prices, the environment is favorable for continued economic stability."



"The bull market in stocks looks set to continue, while bonds face a rougher road," Siegel said but noted that the gains that equity investors have been seeing this year are unlikely to repeat in 2025.



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



Upcoming Economic Data



Tuesday's economic calendar is fairly light.



<ul>
<li>Fed Gov. Christopher Waller will speak at 10 a.m. ET.</li>



<li>Richmond Fed President Tom Barkin will speak at 10:15 a.m. ET.</li>



<li>Philadelphia President Patrick Harker will speak at 10 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares continued to rally, gaining nearly 9% on Monday. However, in premarket trading on Tuesday, the EV giant's shares were down nearly 2.9%.</li>



<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares were down over 5.6% in premarket trading.</li>



<li>Live Nation Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>) shares were up over 6.6% in premarket trading after the Ticketmaster parent beat market expectations and said it is looking toward an "even bigger 2025."</li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), and Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) surged between 7% to 26% after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to set new highs.</li>



<li>Investors are awaiting earnings results from Tyson Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>), The Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>), and Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by 0.7% to hover around $68.50 per barrel.



The 10-year Treasury note yield surged to 4.355%.



Major Asian markets ended in the red on Tuesday, and European stocks showed weakness as well in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/tech/24/11/41894615/tesla-q4-deliveries-expected-to-set-new-records-but-not-enough-to-avoid-yearly-sales-decline-says-researcher">Tesla Q4 Deliveries Expected To Set New Records But Not Enough To Avoid Yearly Sales Decline, Says Researcher</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Pre-Market Outlook

COIN

HOOD

MSTR

TSLA

Wall Street Futures Show Weakness As Investors Look To Lock In Gains After Strong Post-Election Rally: 'Bull Market Sentiment Remains Intact,' Says Wharton Economist

Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) sales in China and worldwide will likely set new records in the last quarter but not enough to <a href="https://www.benzinga.com/news/24/09/41060572/ev-sales-expected-to-gain-momentum-in-us-in-q3-even-as-market-leader-tesla-is-projected-to-decline-r">avoid a decline in full-year sales</a>, according to researcher Troy Teslike.



What Happened: Tesla has to deliver at least 514,926 in the last quarter if it is to beat its 2023 delivery number of nearly 1.81 million. 



According to Teslike, both China and global sales are expected to set new records in the fourth quarter. Tesla&#8217;s highest quarterly delivery number to date was in the last quarter of 2023 when the company delivered 484,507 vehicles worldwide. 



&#8220;This quarter should be higher than that. Unfortunately, that&#8217;s not enough to avoid a decline in total yearly sales,&#8221; Teslike said. According to the researcher, Tesla&#8217;s Model Y sales in the U.S. and <a href="https://www.benzinga.com/news/24/10/41447878/tesla-registrations-rise-in-eu-in-september-but-not-enough-to-make-up-for-drop-through-year">sales in Europe</a> are down this quarter as compared to the corresponding period last year. 



<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">17,300 Tesla sales in China last week is pretty good. Both China sales and global sales are expected to set new records this quarter. Tesla&#39;s best quarter so far was Q4 last year with 484,507 deliveries. This quarter should be higher than that. Unfortunately, that&#39;s not enough…&mdash; Troy Teslike (@TroyTeslike) <a href="https://twitter.com/TroyTeslike/status/1856218524416405936?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: While Tesla followers might overlook the decline in yearly deliveries if the company managed to deliver over 500,000 EVs in Q4, it &#8220;looks difficult&#8221; based on current data, Teslike said.



Quarterly deliveries of below 500,000, however, would be &#8220;disappointing,&#8221; he added.



Teslike also opined earlier this week that Cybertruck production will <a href="https://www.benzinga.com/tech/24/11/41873767/cybertruck-likely-wont-be-profitable-in-q4-says-tesla-researcher">likely not be profitable</a> in the fourth quarter given the company has begun selling the regular versions of the vehicle instead of the pricier Foundation series.



While the foundation series Cybertruck had a starting price of about $100,000, the regular series Cybertruck starts at about $80,000.



Cybertruck production achieved a positive gross margin for the first time in the third quarter.



Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



Read Next:



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<li><a href="https://www.benzinga.com/general/space/24/11/41871398/spacex-aims-to-launch-starship-once-every-2-weeks-by-late-2025-ceo-elon-musk-says-we-will-be-much-faster" target="_blank" rel="noreferrer noopener">SpaceX Aims To Launch Starship Once Every 2 Weeks By Late 2025, CEO Elon Musk Says ‘We Will Be Much Faster'</a></li>
</ul>



Photo courtesy: Tesla

Tesla Q4 Deliveries Expected To Set New Records But Not Enough To Avoid Yearly Sales Decline, Says Researcher

Palantir Technologies Inc.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) market capitalization has exceeded that of traditional defense industry leader Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), marking a significant shift in the <a href="https://www.benzinga.com/24/11/41871055/jeff-bezos-backed-anthropic-ai-startup-to-partner-with-palantir-and-aws-for-us-defense-following-meta-and-microsoft">defense and technology sector landscape</a>.



What Happened: The data analytics company&#8217;s market value reached $137.17 billion, surpassing Lockheed Martin&#8217;s $135.25 billion, reflecting Palantir&#8217;s growth in artificial intelligence and data analytics within modern defense and security 



Palantir stock reached an all-time high at $60.24 on Monday, with its stock up 263.33% year-to-date, pushing its market capitalization to $137.17 billion, surpassing Lockheed Martin&#8217;s $135.25 billion. Lockheed Martin's stock has risen 25.09% to $570.58 in 2024, according to <a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



The stark difference in valuation metrics between the two companies highlights their distinct market positions. Palantir trades at a premium price-to-earnings ratio of 304.78. Meanwhile, Lockheed Martin maintains a more traditional defense industry P/E ratio of 20.64.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41867380/anthony-scaramucci-sued-by-ftx-says-bankman-fried-made-investments-in-skybridge-endeavors-that-conveyed-little-to-benefit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Sued By FTX, Says Bankman-Fried Made Investments In SkyBridge Endeavors That &#8216;Conveyed Little To No Benefit&#8217;</a>



Why It Matters: This development underscores Palantir&#8217;s meteoric rise in the market, reflecting its growing influence. This surge in market cap comes on the heels of a series of <a href="https://www.benzinga.com/24/11/41871055/jeff-bezos-backed-anthropic-ai-startup-to-partner-with-palantir-and-aws-for-us-defense-following-meta-and-microsoft">strategic moves by Palantir</a>, including its partnership with Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) for U.S. defense initiatives.



Additionally, Palantir&#8217;s strong financial performance, with a 30% year-over-year increase in total revenue and a 39% growth in customer count, has <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">been lauded by analysts</a>, with Wedbush analyst Dan Ives calling the company &#8220;The Messi of AI.&#8221;



Meanwhile, Lockheed Martin has been making <a href="https://www.benzinga.com/markets/equities/24/11/41735903/meta-amazon-microsoft-partner-on-defense-ai-initiative">strategic moves of its own</a>, such as partnering with Meta, Amazon, and Microsoft for a defense AI initiative and reporting a strong free cash flow of $2.1 billion in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41505464/lockheed-martin-analyst-spotlights-revenue-free-cash-flow-cautious-about-conservati">the third quarter</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41862517/as-tesla-market-capitalization-soars-past-1-trillion-dan-ives-calls-musks-trump-bet-poker-move-for-the-ages-gene-munster-say-it-is-more-than-just-a-meme-stock?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Tesla Market Capitalization Soars Past $1 Trillion, Dan Ives Calls Musk&#8217;s Trump Bet &#8216;Poker Move For The Ages: Gene Munster Say It Is &#8216;More Than Just A Meme Stock&#8217;</a></li>
</ul>



Image Via Shutterstock



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

AMZN

PLTR

Palantir Overtakes Lockheed Martin In Market Cap, How Does The 'Messi Of AI' Stack Up Against The Traditional Defense Player

Leading cryptocurrencies catapulted Monday as the rally sparked by Donald Trump&#8217;s victory entered top gear.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:15 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+10.40%</td><td>$89,128.08</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>+3.44%</td><td>$3,307.99</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>+22.73%</td><td>$0.355</td></tr></tbody></table></figure>



What Happened: Bitcoin sailed past $89,500 as the leading cryptocurrency's record-breaking trajectory showed no signs of exhaustion.&nbsp;



The market heavyweight rose more than 31% over the last week, bringing its November gains to 24.82%, the best since 2020.



Ethereum, the second-largest cryptocurrency, also maintained its bullish momentum, spiking to levels last seen on July 25.



More than $669 million locked in futures contracts were wiped out of the market in the last 24 hours, with leveraged shorts bleeding $369 million.&nbsp;



A further $1 billion in short positions would be liquidated if Bitcoin hits $91,000.



Bitcoin's Open Interest rose 6.44% in the last 24 hours to $52.32 billion, indicating an influx of fresh money into the derivatives market.



Market sentiment remained in the "Extreme Greed" zone, according to the Cryptocurrency Fear and Greed Index, signaling that the market could be due for a correction.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:15 p.m. ET)</td></tr><tr><td>Cronos (CRO)</td><td>+73.86%</td><td>$0.2164</td></tr><tr><td>BitTorrent [New] (BTT)</td><td>+27.36%</td><td>$0.000001231</td></tr><tr><td>Worldcoin (WLD)</td><td>+26.62%</td><td>$2.74</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization approached $3 trillion, following a jump of 7.72% in the last 24 hours.



Like cryptocurrencies, the stock market continued to revel in Trump's victory. The Dow Jones Industrial Average jumped 304.14 points, or 0.69%, to close at a record high of 44,293.13. The S&amp;P 500 gained 0.10% to end at 6,001.35, while the tech-heavy Nasdaq Composite added 0.06% to hit 19,298.76.



The benchmark 10-year yield on U.S. sovereign bonds rose over 2 basis points to 4.334%.



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



Analyst Notes: Widely-followed cryptocurrency trader, known by the alias Symbiote, projected Bitcoin to reach $100,000 in 55 days after the election, based on historical trends.



"Right after that, BTC might go sidelined, and alt season will begin. $100 in right altcoins will become $100,000 in a few," the trader predicted.&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"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will hit $100k in ~55 days after the U.S. Election! Right after that <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> might go sideline and altseason will begin $100 in right alts will become $100,000 in a few days&#8230; Here is the list of the best 10 alts with over 100x potential&#x1f9f5;&#x1f447; <a href="https://t.co/qs1zxClSEP">pic.twitter.com/qs1zxClSEP</a>&mdash; symbiote (@cryptosymbiiote) <a href="https://twitter.com/cryptosymbiiote/status/1856000048078758169?ref_src=twsrc%5Etfw">November 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another influential cryptocurrency analyst, Rekt Capital, reminded everyone about Bitcoin's +106% rally in 2020 after breaching its 4-year cycle resistance.&nbsp;



"If Bitcoin were to repeat a +106% move in this current 2024 Candle 4, it would end the year at $96500," the analyst remarked.



<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/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> The 2020 Candle 4 rallied +106% after breaking its respective 4-Year Cycle resistance ($13856, black) If Bitcoin were to repeat a +106% move in this current 2024 Candle 4, it would end the year at $96500<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/8p2Hsygp8C">https://t.co/8p2Hsygp8C</a> <a href="https://t.co/sI8IHv2QPH">pic.twitter.com/sI8IHv2QPH</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1856079523986768335?ref_src=twsrc%5Etfw">November 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Avi Rozen on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41890024/much-wow-dogecoin-is-now-larger-than-ford-adidas-lululemon-roblox-15-companies-worth-less-than-meme-crypto">Much Wow! Dogecoin Is Now Larger Than Ford, Adidas, Lululemon, Roblox: 15 Companies Worth Less Than Meme Crypto</a></li>
</ul>

$DOGE

Bitcoin Hovers Around $90K, Ethereum, Dogecoin Extend Trump Victory Rally: How Long Before BTC Hits $100,000? Analysts Reveal

Elon Musk-led Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has surged over 40% <a href="https://www.benzinga.com/news/24/11/41766547/trump-gives-victory-speech-in-florida-as-winning-pennsylvania-puts-him-at-brink-of-victory-vows-to-f">since Election Day</a>, with analyst Dan Ives calling President-elect Donald Trump&#8217;s victory a pivotal boost for AI and autonomous driving.



What Happened: On Monday, while appearing on CNBC&#8217;s Closing Bell, Wedbush analyst Ives, who has raised his price target for <a href="https://www.benzinga.com/analyst-ratings/price-target/24/11/41875624/tesla-bull-hikes-elon-musks-ev-giants-price-target-to-400-as-stock-rallies-47-in-one-month">Tesla to $400 from $300</a>, has called Trump&#8217;s win a &#8220;game changer&#8221; for the EV giant.



&#8220;Tesla is the most undervalued AI name in the market in our view,&#8221; he posted on X, formerly Twitter, while sharing a clip from his appearance on the show. 



Ives believes Tesla&#8217;s focus on autonomous driving and AI could add $1 trillion in valuation, potentially boosting the stock by an additional 20% to 30%.



See Also: <a href="https://www.benzinga.com/tech/24/11/41834327/elon-musk-reveals-toughest-part-of-building-teslas-humanoid-robot-improving-the-design-of-optimus-for-ease-of-manufacturing?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reveals Toughest Part Of Building Tesla&#8217;s Humanoid Robot: &#8216;Improving The Design Of Optimus For Ease Of Manufacturing&#8230;&#8217;</a>



He also suggested that Musk&#8217;s strategic role as an advisor to Trump could greatly benefit Tesla, specifically in navigating regulatory issues more effectively.



"He's going to have a significant seat at the table," Ives said of Musk, adding, "Trump's win changes the whole game for Musk, for Tesla, for autonomous, for FSD.&#8221;



&#8220;They&#8217;ll still have issues on states, this is not going to be a 100% smooth road. But this is a much different stock than it was a week ago with Trump in the White House."



<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">Tesla is the most undervalued AI name in the market in our view <a href="https://twitter.com/CNBCClosingBell?ref_src=twsrc%5Etfw">@CNBCClosingBell</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f; <a href="https://t.co/bmewkTv4Dg">https://t.co/bmewkTv4Dg</a>&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1856131332327518236?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Following Trump&#8217;s victory, <a href="https://www.benzinga.com/markets/equities/24/11/41813356/elon-musks-net-worth-soars-by-26-5-billion-in-single-day-after-tesla-stock-surges-post-trump-vic">Musk&#8217;s net worth soared by $26.5 billion</a> in a single day, lifting his total wealth to an unprecedented $290 billion. This increase was largely due to the post-election rally of Tesla&#8217;s stock.



At the time of writing, Musk had a net worth of $335 billion.



Musk endorsed Trump and campaigned for him online and on the ground in the <a href="https://www.benzinga.com/news/24/11/41709658/stephen-king-slams-elon-musk-claims-most-of-his-posts-spread-pro-trump-disinformation-and-outright-l">key state of Pennsylvania</a>. Meanwhile, the President-elect has previously announced plans to establish a <a href="https://www.benzinga.com/government/24/09/40739165/trump-plans-to-appoint-elon-musk-to-government-efficiency-commission-if-elected-tesla-ceo-says-hell">government efficiency commission</a>, led by Musk.



Before the election, Musk had warned of <a href="https://www.benzinga.com/personal-finance/24/11/41701075/elon-musk-warns-of-hardship-for-americans-if-trump-puts-him-in-charge-of-cutting-33-trillion-deb">potential &#8220;hardship&#8221; if Trump appointed him</a> to lead government efficiency efforts, aiming to reduce federal spending drastically.



Last month, Tesla reported third-quarter revenue of $25.18 billion, <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">marking an 8% year-over-year increase</a>. However, it fell short of the Street&#8217;s consensus estimate of $25.37 billion, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102324&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro</a>.



Price Action: Tesla shares closed Monday with an 8.96% gain, finishing at $350. In after-hours trading, the stock continued to climb, reaching $357.98 at the time of writing.



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<li><a href="https://www.benzinga.com/personal-finance/24/11/41773588/elon-musks-mom-knew-he-was-a-genius-by-3-years-old-but-worried-hed-end-up-in-a-basement-now-hes-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Mom Knew He Was A &#8216;Genius&#8217; By 3 Years Old But Worried He&#8217;d &#8216;End Up In A Basement&#8217; – Now He&#8217;s The Richest Man In The World</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.

Tesla The 'Most Undervalued AI Name In The Market In Our View,' Says Dan Ives — Trump's Win A 'Game Changer'

Even as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) crossed $88,000, up nearly 11% in 24 hours and over 30% the past week, experts say that "euphoria has set into the market," suggesting <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41876266/bitcoin-blasts-past-82000-buy-everything-you-can-says-bernstein">prices could reach $100,000</a> before encountering serious resistance.



This rise has fueled significant liquidations totaling $655.12 million across long and short positions, sparking conversation about the factors driving Bitcoin's rally and its potential trajectory. BTC had set an all-time high of $88,364 at the time of publication.



According to <a href="https://www.coinglass.com/LiquidationData">data </a>from CoinGlass, shorts worth $341.88 million got liquidated over the past 24 hours.



Speaking with Benzinga, Azeem Khan, co-founder of Morph, said, "Now that Bitcoin has crossed $85k, we're absolutely at the place where euphoria has set into the market." He cautioned against further buying due to the high likelihood of a future correction.



With factors like the Trump election win and talks of SEC leadership changes, Khan suggests that a run toward $100,000 could be imminent. 



However, he added, "Where it goes from there is hard to say… since we're so early in euphoria I'd say we're back at the place where people who don't care about crypto from our families will be asking us what tokens to buy."



Kevin Lehtiniitty, CEO of Borderless.xyz, told Benzinga that Bitcoin&#8217;s surge could impact stablecoins, which are often used as a store of value on trading platforms. 



As Bitcoin's price rise brings more funds into the crypto market, stablecoins might see net outflows as traders reposition into other tokens. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41883348/donald-trump-cant-fire-gary-gensler-but-pro-crypto-policies-means-industry-is-on-the-verge-of-a-golden-era">Donald Trump Can&#8217;t Fire Gary Gensler, But Pro-Crypto Policies Means Industry Is On The Verge Of &#8216;A Golden Era&#8217;</a>



"With the majority of stablecoin collateral invested in US Treasuries, this will create sell pressure in those instruments at a time when the Fed has just lowered rates," Lehtiniitty said, hinting at potential broader impacts on traditional finance markets.



Eneko Knörr, CEO of Stabolut, attributes Bitcoin's rise to a combination of historical patterns, scarcity, and strategic accumulation by large holders. 



Knörr cited the recent Bitcoin halving and low exchange supply as crucial factors, noting, "Sources indicate that today the levels are ridiculously low, which could trigger a short squeeze and send Bitcoin much higher in a short time." 



He added that "whales" have been accumulating substantial amounts of Bitcoin, with over 2,000 wallets now holding more than 670,000 BTC.



As experts debate the sustainability of Bitcoin's rally, these developments will be a focus at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19



BTC Price Check: At the time of publication Monday, Bitcoin was trading $88,112.04, up 10.66% in the past 24 hours.  



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</ul>



Photo: Shutterstock

Bitcoin Blasts Through $88,000 As Market 'Euphoria,' Regulatory Optimism Take Hold

The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) witnessed its biggest weekly outflow in over two years driven by a post-election shift in sentiment following <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump's election victory. </a>



What Happened: The world's largest physically backed gold ETF just saw an outflow of $1 billion between Nov. 4 and Nov. 8, according to data from ETF.com. 



Investors appear to be cashing out of the safe-haven asset, banking on a strong dollar under a second Trump term.



The trend comes after gold hit a record high of $2,789 per ounce at the end of October — a level that marked a 35% year-to-date gain. That&#8217;s the metal's strongest performance since 1979.



The rally pulled back in recent days as gold prices fell 6%. November is now shaping up to be the worst month for gold since September 2023.



See Also: <a href="https://www.benzinga.com/markets/bonds/24/11/41887642/bond-etfs-slide-as-fed-cuts-clash-with-trumps-fiscal-agenda">Bond ETFs Slide As Fed Cuts Clash With Trump&#8217;s Fiscal Agenda</a>



Why It Matters: Last week's $1 billion outflow from the SPDR Gold Trust is the largest weekly outflow since July 2022. Investors are evidently taking profits and reallocating funds amid shifting market expectations.



Analysts suggest that gold's decline is largely a reaction to Trump's economic policies. Trump's promises of tax cuts for the wealthy and deregulation have fueled expectations for faster economic growth. It&#8217;s worth noting that overall economic growth <a href="https://www.forbes.com/sites/dereksaul/2024/11/01/how-the-economy-really-fared-under-bidenharris-and-trump-from-jobs-to-inflation-final-update/">never</a> hit 3% a year when Trump was president.



Trump also pitched tariff plans as a boost to domestic manufacturing and reduce dependency on foreign goods. Economists warn that <a href="https://www.benzinga.com/personal-finance/24/09/40961812/economists-warn-trumps-plans-for-tax-cuts-tariffs-and-deportation-could-trigger-skyrocketing-inf">they&#8217;ll worsen inflation</a>. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), often touted as &#8220;digital gold,&#8221; has instead seen strong gains in recent days, hitting fresh record highs. Some analysts, like longtime gold advocate Peter Schiff, dismiss the cryptocurrency's rise as speculative.



"Bitcoin's rise has nothing to do with its supposed fundamentals," Schiff wrote on social media X. 



"The U.S. dollar is rising, gold is falling, and the U.S. economy is believed to be on the verge of a boom, with debt-to-GDP plunging, reducing the need for U.S. dollar alternatives. It's a Trump-inspired mania."



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Image: Shutterstock

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Gold ETF Hit With $1 Billion Outflow: Investors Dump Safe Haven Asset After Trump Win

U.S. Military Central Command (CENTCOM) <a href="https://x.com/CENTCOM/status/1856088134028558467">said its</a> forces launched strikes on nine targets in two locations in Syria on Monday. The strikes targeted groups associated with Iran in response to multiple attacks on U.S. personnel and allies in the region over the past 24 hours.



&#8220;These strikes will degrade the Iranian-backed groups&#8217; ability to plan and launch future attacks on U.S. and Coalition forces,&#8221; the U.S. military said after the most recent strikes, <a href="https://www.reuters.com/world/us-carried-out-strikes-against-iranian-linked-targets-syria-2024-11-11/">according </a>to Reuters.



&#8220;Our message is clear. Attacks against U.S. and coalition partners in the region will not be tolerated,&#8221; said Gen. Michael Erik Kurilla, CENTCOM commander. &#8220;We will continue to take every step necessary to protect our personnel and coalition partner and respond to reckless attacks.&#8221; 



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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/Hnw4dW6LEe">pic.twitter.com/Hnw4dW6LEe</a>&mdash; U.S. Central Command (@CENTCOM) <a href="https://twitter.com/CENTCOM/status/1856088134028558467?ref_src=twsrc%5Etfw">November 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Photo: Shutterstock

U.S. Central Command Confirms Strikes On Iranian-Linked Targets In Syria

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