The U.S. stock market closed at record highs Thursday after the Federal Reserve's widely expected decision to lower interest rates and Fed Chair Jerome Powell's press conference where he reassured markets by dismissing concerns about his potential resignation or removal following the <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41823887/powell-dismisses-talk-of-resignation-after-trump-victory-says-policy-is-still-res">election of Donald Trump. </a>



The S&amp;P 500 — as tracked by SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — closed at 5,973 points, up 0.7% for the day.



Tech stocks outperformed the broader market, with the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), surging 1.5% higher to an all-time high of 21,100 points.



Notably, the combined market capitalization of the Magnificent Seven — Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) — soared to over $17 trillion, setting a new peak.



The Dow Jones stalled after Wednesday&#8217;s 3.6% rise, while small caps eased 0.4% following a 5.8% jump the previous day.



Top-performing sectors in the S&amp;P 500 were technology, up 1.8%, followed by communications services and consumer discretionary, both up by 1.3%. Financials, which rallied the most Wednesday, lagged on Thursday, down 1.5%.



<h3 class="wp-block-heading">Fed Cuts Rates, Powell Dismisses Concerns Over His Future </h3>



The Federal Reserve cut interest rates by 0.25% to 4.5%-4.75% as expected, a reduction in the pace of easing after the larger 0.5% cut in September.



The Fed recognized robust economic momentum, with the GDP rising by 2.8% in the second quarter, and resilient consumer confidence.



Powell downplayed weak October employment data, noting that near-zero job growth was largely due to temporary factors like strikes and hurricanes rather than underlying economic weakness.



Powell described the rate cut as part of a "further recalibration" of monetary policy, which he emphasized remains "restrictive." He hinted at the possibility of more easing in the future but refrained from signaling a specific rate cut at the December meeting, stressing a data-dependent approach.



When asked if he would resign if requested by Trump, Powell responded firmly, "No," reiterating that the president does not have the legal authority to remove the Fed chair.



Following Powell's comments, market-implied expectations for a 25-basis-point rate cut in December surged to 75%, recovering from Wednesday's post-election dip.



Treasury yields pulled back sharply, with the 10-year yield dropping 10 basis points to 4.33%, almost erasing the spike from the previous day.



The U.S. dollar weakened 0.7%, while gold prices, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rebounded 1.8% after Wednesday&#8217;s 3% slump. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded up by 1% at 4:30 p.m. in New York, hitting a record-high of $76,990 during the session. 



<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Gainers On Thursday</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Name</td><td>Last</td><td>Chg %</td></tr><tr><td>EPAM Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPAM#NYSE">EPAM</a>)</td><td>233.00</td><td>14.95%</td></tr><tr><td>Viatris Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTRS#NASDAQ">VTRS</a>)</td><td>13.20</td><td>13.69%</td></tr><tr><td>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td><td>25.47</td><td>12.21%</td></tr><tr><td>Warner Bros. Discovery, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)</td><td>9.38</td><td>11.91%</td></tr><tr><td>McKesson Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCK#NYSE">MCK</a>)</td><td>607.76</td><td>10.64%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Losers On Thursday</h3>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Name</th><th>Last</th><th>Chg %</th></tr></thead><tbody><tr><td>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>)</td><td>31.11</td><td>-17.86%</td></tr><tr><td>APA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APA#NASDAQ">APA</a>)</td><td>21.93</td><td>-11.34%</td></tr><tr><td>CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>)</td><td>57.09</td><td>-7.33%</td></tr><tr><td>Rockwell Automation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROK#NYSE">ROK</a>)</td><td>277.22</td><td>-5.71%</td></tr><tr><td>Becton, Dickinson and Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDX#NYSE">BDX</a>)</td><td>227.16</td><td>-5.38%</td></tr></tbody></table></figure>



Read Next: 



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41824236/feds-interest-rate-cut-pace-expected-to-slow-economists-weigh-trumps-white-house-re">Fed&#8217;s Interest Rate Cut Pace Expected To Slow: Economists Weigh Trump&#8217;s White House Return</a></li>
</ul>



Wall Street bull illustration created using artificial intelligence via MidJourney.

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Wall Street Hits Record Highs After Powell's Speech, Lifts Magnificent 7 Stocks To $17 Trillion In Historic Trading

Federal Reserve Chair Jerome Powell firmly dismissed speculation Thursday over his potential resignation or removal upon Donald Trump&#8216;s return to the White House, stating the president cannot legally <a href="https://www.benzinga.com/topic/interest-rates">fire the central banker.</a>



At the press conference following the Federal Reserve&#8217;s decision to lower the benchmark interest rate by 25 basis points to a target range of 4.5%-4.75%, Powell addressed swirling questions about his future and the Fed reactions after the election results.



When asked &#8220;if he asked you to leave, would you go?&#8221; Powell responded with a clear &#8220;no.&#8221;



The president-elect, who has previously criticized Powell for not slashing rates quickly enough, is &#8220;not permitted under the law&#8221; to fire a central bank governor, stressing the need to preserve Fed&#8217;s independence from political will.



The Fed&#8217;s approach to setting policy remains reactive to economic data. &#8220;We don&#8217;t guess, we don&#8217;t speculate, and we don&#8217;t assume,&#8221; he said. 



He warned that &#8220;U.S. fiscal policy is on an unsustainable path,&#8221; though he emphasized that fiscal matters fall outside the Fed's direct control.



Powell also addressed the recent increase in Treasury yields, asserting that the rise likely reflects expectations for stronger economic growth rather than a significant shift in inflation expectations.



Related Link: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41820253/fed-cuts-interest-rates-to-lowest-since-february-2023-sticks-to-data-driven-path">Fed Cuts Interest Rates To Lowest Since February 2023, Sticks To Data-Driven Path</a>



<h3 class="wp-block-heading">Fed Rate Cut: &#8216;Recalibration&#8217; Amid Restrictive Policy</h3>



Powell described Thursday&#8217;s rate cut as a "further recalibration of policy stance" to support the economy&#8217;s strength while continuing the fight against inflation.



He emphasized that despite the reduction, "policy is still restrictive," indicating the Fed's stance is not yet accommodative or neutral.



Powell highlighted the U.S. economy's "robust" expansion, underscored by steady growth and moderating inflation. Despite signs of cooling, the labor market remains solid, with the unemployment rate at 4.1% in October.



Though the October nonfarm payrolls report showed a sharp drop in the pace of job creation — 12,000 compared to 232,000 in September — Powell attributes this decline to strikes and hurricanes rather than fundamental weakness.



Labor market dynamics have shifted over the last year, with wage growth moderating and job openings declining to levels considered more sustainable.



Labor conditions are no longer a significant source of inflationary pressure and wage gains have aligned with the Fed's 2% inflation target, Powell said. 



The omission of certain phrases in the November statement — such as &#8220;further progress&#8221; on disinflation and &#8220;the committee had gained greater confidence that inflation was progressing towards its 2% goal&#8221; — was not intended to signal a pause or suggest concerns about persistent inflation, he said. 



The previous language in the September statement was specific to the rationale behind the initial rate cut at that time, the Fed Chair said. 



When asked about the possibility of a December rate cut, Powell declined to give any indication, reiterating that the Fed's decision would be guided by incoming economic data. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41820744/9-stocks-to-watch-financial-sector-outshines-tech-in-2024-as-trump-trade-sparks-m-a">9 Stocks To Watch: Financial Sector Outshines Tech In 2024 As &#8216;Trump Trade&#8217; Sparks M&amp;A Optimism</a></li>
</ul>



Federal Reserve Chair Jerome Powell speaks at a press conference Wednesday, May 1, 2024. Photo courtesy of the Federal Reserve.

Macro Economic Events

Politics

Powell Dismisses Talk Of Resignation After Trump Victory, Says 'Policy Is Still Restrictive'

Electric vehicle company Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) reported third-quarter financial results <a href="https://www.benzinga.com/earnings">after market close Thursday.</a>



Here are the key highlights.



What Happened: Rivian announced third-quarter revenue of $874 million, which missed a Street consensus estimate of $1.00 billion, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110724&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company reported a loss of 99 cents per share, missing a Street consensus loss of 92 cents per share.



Operating expenses in the third quarter were $777 million, down from $963 million in the third quarter of the prior year.



Rivian had production of 13,157 vehicles in the third quarter and deliveries of 10,018 vehicles in the quarter. &nbsp;



"This quarter we have made progress against our key objectives and have seen meaningful progress on our Gen 2 R1 cost structure due to the new technologies incorporated into the vehicle and manufacturing process," Rivian CEO RJ Scaringe said.



The company announced a strategic supply agreement with LG Energy Solutions Thursday. The supply agreement will help power the company's next-generation midsize electric vehicle platform.



Rivian ended the third quarter with $6.74 billion in cash and cash equivalents, which includes $1 billion of an unsecured convertible note issued to Volkswagen International America, related to the joint venture with Volkswagen (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>). The note will automatically convert into shares of Rivian Class A stock on Dec. 1, 2024.



Read Also: <a href="https://www.benzinga.com/trading-ideas/previews/24/11/41817826/rivian-q3-earnings-preview-analyst-worries-about-demand-will-company-comment-on-2024-elect">Rivian Q3 Earnings Preview: Analyst Worries About Demand, Will Company Comment On 2024 Election Impact?</a>



What's Next: Rivian said it expects to reach positive gross profit in the fourth quarter with higher revenue per unit and improved fixed costs per unit.



The company said it is making progress on the R2 vehicle.



Rivian reaffirmed its 2024 production guidance of a range of 47,000 to 49,000 and a delivery outlook of 50,5000 to 52,000 vehicles for the full year.



EBITDA guidance ranged from a loss of $2.825 billion to $2.875 billion.



"We are excited about the future and our midsize SUV, R2, which we believe will be a fundamental driver of Rivian's growth. We're also looking forward to closing our proposed joint venture with Volkswagen Group, which is expected in the fourth quarter," Scaringe said.



RIVN Price Action: Rivian stock is up 3.2% to $10.38 in after-hours trading Thursday, versus a 52-week trading range of $8.26 to $24.61.



Read Next: 



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<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/11/41814412/rivian-vs-lucid-which-ev-stock-has-the-edge-ahead-of-q3-earnings">Rivian Vs. Lucid: Which EV Stock Has The Edge Ahead Of Q3 Earnings?</a></li>
</ul>



<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: Rivian Q3 2024 Earnings Call &#x7C; $RIVN" width="500" height="281" src="https://www.youtube.com/embed/EWhgjRxRRlI?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>



Photo: rblfmr/Shutterstock.com

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Rivian Q3 Earnings Highlights: Revenue, EPS Miss, CEO Confident In Q4 Gross Profit, R2 Being 'Fundamental Driver' Of Growth

Financial stocks have surged ahead of tech in year-to-date performance, fueled by a Trump-led rally on Wednesday that lifted banks and brokers amid investor expectations of a <a href="https://www.benzinga.com/topic/donald-trump">deregulation-friendly political landscape ahead.</a>



The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) has risen by 30% in 2024, outpacing the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), which is up 26% this year. 



Small and mid-sized banks, tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), have also seen strong performance, with a 13% jump following election results, bringing them in line with tech sector gains. 



Financial stocks, which have lagged behind technology for six of the past seven years, are now catching up, propelled by renewed optimism for deregulation and M&amp;A activities.



<h1 class="wp-block-heading">Analysts Expect M&amp;A Activity to Heat Up</h1>



With the Trump administration&#8217;s return to the White House, analysts are projecting a significant uptick in mergers and acquisitions (M&amp;A) in the financial sector.



&#8220;Under the upcoming Trump II administration, we expect a more favorable backdrop for M&amp;A which could lead to additional activity in the space after having been quiet for the past few years,&#8221; said Anthony Elian, CFA, analyst at JPMorgan.



Lower regulatory barriers could pave the way for consolidation among smaller banks, while larger financial institutions are expected to benefit from a more active capital markets environment. 



Read also: <a href="https://www.benzinga.com/etfs/sector-etfs/24/11/41788181/regional-bank-stocks-notch-strongest-day-in-4-years-why-analysts-expect-several-tailwinds-from-t">Regional Bank Stocks Notch Strongest Day In 4 Years: Why Analysts Expect &#8216;Several Tailwinds&#8217; From Trump Policies</a>



<h1 class="wp-block-heading">A Lighter Regulatory Touch Boosts FinTech and Digital Assets</h1>



Devin Ryan, analyst at Citizens JMP Securities, highlighted that a Trump-led "sweep of Congress" could significantly ease regulatory pressures for the broader financial and fintech sectors.



&#8220;The &#8216;Trump Trade&#8217; had already been underway in the market in recent weeks, but the resounding presidential win, and perhaps more importantly, likely sweep of Congress, is adding fuel to the fire in stock moves,&#8221; Ryan explained.



For fintech firms, this shift could relieve recent regulatory scrutiny, particularly in areas such as connectivity with traditional banks and practices overseen by the Consumer Financial Protection Bureau (CFPB). Companies involved in digital assets stand to benefit even more, as regulatory clarity would open the door for new market entrants and increase industry participation.



"Digital assets could arguably be the biggest winner of them all," said Ryan, who sees sentiment in the space "improving materially from here." 



Ryan indicates the political climate has shifted to one more favorable for cryptocurrencies, as policymakers begin to recognize the economic and electoral weight of pro-crypto sentiment.



The expert is particularly bullish on several key players in the financial sector. 



Among asset managers and retail brokers poised to capitalize on the deregulation wave, Citizens JMP Securities&#8217; top picks are:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Company</th><th>Price Target</th><th>Sector</th></tr></thead><tbody><tr><td>Perella Weinberg Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PWP#NASDAQ">PWP</a>)</td><td> $26</td><td> Investment Banking</td></tr><tr><td>Blue Owl Capital Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OWL#NYSE">OWL</a>)</td><td> $25</td><td> Alternative Asset Mgmt</td></tr><tr><td>Carlyle Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CG#NASDAQ">CG</a>)</td><td> $60</td><td> Private Equity</td></tr><tr><td>LPL Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPLA#NASDAQ">LPLA</a>)</td><td>$310</td><td> Wealth Management</td></tr><tr><td>Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>)</td><td> $84</td><td> Retail Brokerage</td></tr></tbody></table></figure>



In fintech, Ryan sees considerable upside for digital asset players and platforms with a strong foothold in crypto and private markets. His top picks include:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Company</th><th>Price Target</th><th>Key Segment</th></tr></thead><tbody><tr><td>Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>)</td><td> $33</td><td> Retail Brokerage, Crypto</td></tr><tr><td>Forge Global Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRGE#NYSE">FRGE</a>)</td><td> $7</td><td> Private Markets</td></tr><tr><td>Dave Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAVE#NASDAQ">DAVE</a>)</td><td> $75</td><td> FinTech, Consumer Finance</td></tr><tr><td>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</td><td> $320</td><td> Crypto Exchange</td></tr></tbody></table></figure>



According to Ryan, Robinhood is expected to expand its crypto offerings, potentially enhancing customer engagement, while Forge Global is poised to gain from rising sentiment in private markets.



Coinbase, the largest U.S. cryptocurrency exchange, stands to benefit from clearer regulatory guidelines and the growing acceptance of crypto assets.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41807254/trump-election-raises-odds-of-roaring-2020s-scenario-veteran-wall-street-investor-s">Trump Election Raises Odds Of &#8216;Roaring 2020s Scenario,&#8217; Veteran Wall Street Investor Says: How High Could US Stock Market Rise?</a></li>
</ul>



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9 Stocks To Watch As Bank Stocks Blow Past Tech Names In 2024: Thank The 'Trump Trade'

Editor&#8217;s note: This story has been updated to clarify the exact words from the September Fed statement that were in omitted in November: &#8220;The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent.&#8221;



The Federal Reserve lowered interest rates by 0.25 percentage points on Thursday, as widely anticipated by the market, bringing the federal funds rate to a target range of 4.5% to 4.75%, the <a href="https://www.benzinga.com/topic/interest-rates">lowest since February 2023. </a>



With this decision, the Fed slowed the pace of rate cuts compared to September, when policymakers opted for a more substantial 0.5% cut to initiate the easing cycle.



The Fed's November policy statement continued to highlight that the economy has expanded at a &#8220;solid pace,&#8221; job growth &#8220;has generally eased&#8221; and inflation &#8220;has made further progress&#8221; toward the 2% target, although it remains &#8220;somewhat elevated.&#8221;



The Personal Consumption Expenditure (PCE) inflation rate eased to 2.1% year-over-year in September 2024, marking its smallest increase since February 2021. The Fed&#8217;s preferred inflation measure, the core PCE price index, which excludes food and energy, remained steady at 2.7%.



Yet the November statement surprisingly omitted a line from September that stated: &#8220;The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent.&#8221;



The Fed reiterated a data-driven approach and highlighted the need to monitor economic implications for future policy decisions, refraining from committing to a predetermined path.



The next Federal Open Market Committee (FOMC) meeting is scheduled for December 18, 2024.



Financial markets are placing a 66% probability on another 25-basis-point cut at the year's final meeting, as per CME FedWatch, though expectations have dropped significantly following this week&#8217;s election results.



Market attention now shifts to Fed Chair Jerome Powell's press conference at 2:30 p.m. ET. 



Powell is expected to face questions on potential inflationary pressures from Trump&#8217;s trade tariffs and anticipated higher budget deficits and how the Fed might respond to changes in the <a href="https://www.benzinga.com/markets/equities/24/11/41785495/us-treasuries-take-sharpest-plunge-in-a-year-ahead-of-fed-meeting-could-powell-adjust-stance-in-">economic and political landscape</a>.



Read Next:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41814589/why-trumps-boost-to-treasury-yields-inflation-expectations-may-weaken-feds-efforts-">Why Trump&#8217;s Boost To Treasury Yields, Inflation Expectations May Weaken Fed&#8217;s Efforts To Cut Interest Rates</a></li>
</ul>



Illustration of Federal Reserve Chair Jerome Powell created using artificial intelligence via MidJourney.

Fed Cuts Interest Rates To Lowest Since February 2023, Sticks To Data-Driven Path (CORRECTED)

After Wednesday&#8217;s &#8220;everything rally&#8221; spurred by the election results, investors took a less euphoric approach on Thursday ahead of the Federal Open Market Committee (FOMC) meeting.



The Fed is widely expected to cut interest rates by 25 basis points, bringing them to a range of 4.5%-4.75%, following a previous 50-basis-point cut in September.



Yet, all eyes are on Fed Chair Jerome Powell&#8217;s comments at 2:30 p.m. ET regarding the potential for future rate hikes and his views on inflation risks. Concerns from the market center on the possibility of a policy U-turn driven by higher fiscal deficits and price pressures from trade tariffs under a Trump administration.



Tech stocks led gains, with the Nasdaq 100 extending its record-breaking levels, surpassing 21,000 points and eyeing a third consecutive positive session. The S&amp;P 500 and Dow Jones posted more modest gains, while the Russell 2000 paused after Wednesday&#8217;s 5.8% leap.



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) remained a top performer among mega-cap stocks, bolstered by expectations of Elon Musk&#8216;s influence in the upcoming administration.



Treasury yields reversed a substantial portion of Wednesday's post-election increase, while the U.S. dollar dipped by 0.7%.



Metal commodities rebounded after Wednesday&#8217;s sharp losses, with gold rising 1.3%, silver up 2% and copper rallying over 4%.



Oil prices strengthened by 1%, with West Texas Intermediate trading around $72 per barrel.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 0.8%, reaching $76,000 to extend its record highs, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) outperformed with a gain of over 4%.



<h1 class="wp-block-heading">Thursday&#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>21,050.78</td><td>1.3%</td></tr><tr><td>S&amp;P 500</td><td>5,968.27</td><td>0.7%</td></tr><tr><td>Dow Jones</td><td>43,748.20</td><td>0.0%</td></tr><tr><td>Russell 2000</td><td>2,389.10</td><td>-0.2%</td></tr></tbody></table></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110624&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 0.7% to $594.84.</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;stalled at $437.25.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) soared 1.3% to $512.38.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) eased 0.3% to $236.67.</li>



<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, rising 1.3%. The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) lagged, down 1.2%.</li>
</ul>



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



Some relevant reactions to earnings reports are:



<ul>
<li>Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), up 0.1%, </li>



<li>Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), up 6.2%, </li>



<li>MercadoLibre Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>), down 16%, </li>



<li>APPLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>), up 43%, </li>



<li>McKesson Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCK#NYSE">MCK</a>), up 11%, </li>



<li>Take-Two Interactive Software Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>), up 6.3%, </li>



<li>Transdigm Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDG#NYSE">TDG</a>), down 4.4%</li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41814589/why-trumps-boost-to-treasury-yields-inflation-expectations-may-weaken-feds-efforts-">Why Trump&#8217;s Boost To Treasury Yields, Inflation Expectations May Weaken Fed&#8217;s Efforts To Cut Interest Rates</a></li>
</ul>



This image was created using artificial intelligence.

Equities

Commodities

$ETH

GILD

MELI

QCOM

TTWO

XLRE

Nasdaq 100 Extends Record Levels Ahead Of Fed Meeting, Tesla Hits 26-Month Highs, Small Caps Stall: What's Driving Markets Thursday?

Rising U.S. Treasury yields and a strengthening in the value of the dollar in the wake of Donald Trump's return to the White House are threatening to counteract the Federal Reserve's efforts <a href="https://www.benzinga.com/topic/interest-rates">to lower interest rates. </a>



The Federal Reserve is expected to cut its benchmark interest rate by 25 basis points on Thursday, marking a back-to-back reduction and bringing the policy rate to a range of 4.5%-4.75%, the lowest since February 2023. 



The bond market appears less influenced by the Fed's dovish stance and more by the fiscal and inflationary implications of Trump's victory in the <a href="https://www.benzinga.com/topic/donald-trump">2024 presidential election.</a>



<h3 class="wp-block-heading">Trump's Fiscal Plans Drive Deficit Concerns</h3>



Trump's proposed fiscal policies are expected to add significantly to the U.S. national debt. 



According to the nonprofit Committee for a Responsible Federal Budget (CRFB), Trump&#8217;s tax and spending plans could increase the federal deficit by approximately $7.75 trillion between 2026 and 2035 in a baseline scenario.



This would push the debt-to-GDP ratio from 102% to a staggering 143%, or 18% higher than current law projections.



In a high-deficit scenario, the CRFB estimates that deficits could swell by $15.55 trillion, elevating the debt-to-GDP ratio to 157%. 



Such a sharp rise in the national debt would necessitate a sharp increase in Treasury issuance by the government in the upcoming years, putting upward pressure on yields as investors demand higher returns to offset heightened risks of fiscal instability.



On top of that, Trump's pledge to raise import tariffs — by 60% on goods from China and 10% on imports from other countries — is widely viewed by economists as an inflationary move.



Treasury yields have surged sharply in under two months, with the 10-year yield climbing from 3.6% to 4.35%. As a result, the U.S. 10 Year Treasury Note ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UTEN#NYSE">UTEN</a>) has fallen by over 5% since its September highs.



<h3 class="wp-block-heading">Chart: 10-Year Treasury Yields Spike, Anticipate Worsening Debt Path After 2024 Elections</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103246/image-80-1024x501.png" alt="" class="wp-image-635586" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103246/image-80-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103246/image-80-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103246/image-80-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103246/image-80-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103246/image-80.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Rising Yields Complicate Fed's Easing Path</h3>



In the meantime, the Fed cut interest rates by 50 basis points in September and guided investors toward a further cut in November, a stance that would typically lower borrowing costs and ease financial conditions.



The bond market's reaction has been the opposite, creating tighter financial conditions that investors wouldn't normally expect under a Fed easing bias.



In addition to rising yields, the U.S. dollar has also strengthened significantly. 



&#8220;Bond yields are rising for a good reason, as the economy is holding up stronger than expected and markets are also pricing in continued government spending and the potential for widening deficits,&#8221; said Glen Smith, chief investment officer at GDS Wealth Management.



The recent spike in yields is undermining the Fed's attempts to ease financial conditions, the CIO said. 



&#8220;Rising bond yields are reversing the Fed&#8217;s efforts to loosen policy, as bond yields determine the interest rates that consumers pay on mortgages and credit cards,&#8221; he said. 



Smith suggested Thursday&#8217;s expected rate cut could be the last for a while, as the Fed might pause its rate cuts in December and into 2025 if the economy remains resilient and disinflation slows.



<h3 class="wp-block-heading">Inflation Expectations Spike With Trump Win </h3>



Trump's return to the White House has heightened inflationary concerns.



The five-year breakeven inflation rate, a widely watched gauge of inflation expectations derived from Treasury yields, rose by 14 basis points to 2.46% on Wednesday.



This shift indicates that investors are now anticipating inflation to average 2.5% over the next five years, well above the Fed's 2% target.



Russell Shor, senior market specialist at Jefferies-owned trading platform Tradu, warned that Trump's policies could push inflation even higher.



"With Trump's return to the White House, the Fed may feel pressure to tighten its stance on inflation. His tariff and immigration plans could drive up prices, and the central bank will be watching closely for any inflation resurgence," Shor said.



<h3 class="wp-block-heading">Chart: 5-Year Breakeven Inflation Rate Spikes To Nearly 2.5% After Trump&#8217;s Election Victory</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103559/image-81-1024x501.png" alt="" class="wp-image-635594" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103559/image-81-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103559/image-81-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103559/image-81-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103559/image-81-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07103559/image-81.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41807254/trump-election-raises-odds-of-roaring-2020s-scenario-veteran-wall-street-investor-s">Trump Election Raises Odds Of &#8216;Roaring 2020s Scenario,&#8217; Veteran Wall Street Investor Says: How High Could US Stock Market Rise?</a></li>
</ul>



Image created using Shutterstock and Fed photos with a background created using artificial intelligence via MidJourney.

UTEN

Why Trump's Boost To Treasury Yields, Inflation Expectations May Weaken Fed's Efforts To Cut Interest Rates

In a Rose Garden address Thursday following the presidential election, President Joe Biden acknowledged Donald Trump's victory and reaffirmed his commitment <a href="https://www.benzinga.com/topic/2024-election">to a peaceful transition. </a>



"For over 200 years, America has carried out the greatest experiment in self-government in the history of the world. And that's not hyperbole, that's a fact," Biden said, emphasizing that democracy reflects the will of the people.



Biden said he spoke with President-elect Donald Trump and praised Vice President Kamala Harris for her "great character" and "backbone like a ramrod." He urged Americans to respect each other despite political differences.



You can't love your country only when you win. You can't love your neighbor only when you agree,&#8221; he said. 



Stressing the integrity of the U.S. electoral process, Biden defended it as "honest, fair, and transparent." He expressed gratitude to election workers for safeguarding democracy, adding, "We should thank them… for protecting the very integrity of the election."



Also Read: <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">Elon Musk&#8217;s Net Worth Soars By $26.5 Billion In Single Day After Tesla Stock Surges Post-Trump Victory</a>



Reflecting on his administration's accomplishments, Biden said it achieved transformative infrastructure projects benefiting rural and struggling communities. "We're going to see over a trillion dollars' worth of infrastructure work done," he said, adding that the full impact of these projects would unfold over the coming decade.



Biden urged resilience: "Setbacks are unavoidable, but giving up is unforgivable," he said.



The president thanked supporters and his staff, celebrating their efforts over the past four years. "It's been a presidency for all Americans… Together, we've changed America for the better," he said.



Biden's remarks come as Democrats reflect on the election outcome, with some attributing the party's defeat to the outgoing president&#8217;s prolonged candidacy. <a href="https://www.politico.com/news/2024/11/06/democrats-blame-biden-trump-win-00188092">Politico reports</a> that some party members felt Harris had limited time to campaign independently of Biden's policies.



Meanwhile, Trump's victory has sparked investor <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41798981/jim-cramer-calls-trumps-return-to-white-house-a-huge-win-for-the-stock-market">optimism for pro-business policies</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41814589/why-trumps-boost-to-treasury-yields-inflation-expectations-may-weaken-feds-efforts-">Why Trump&#8217;s Boost To Treasury Yields, Inflation Expectations May Weaken Fed&#8217;s Efforts To Cut Interest Rates</a></li>
</ul>



Photo: Shutterstock.

Biden Urges Unity After Trump Win, Says 'Giving Up Is Unforgivable'

Elon Musk witnessed a jaw-dropping increase in his wealth following Donald Trump's victory <a href="https://www.benzinga.com/topic/elon-musk">in the 2024 election</a>.



Data from the Bloomberg Billionaires Index showed Musk&#8217;s net worth soaring by $26.5 billion in a single day on Wednesday, lifting his total wealth to an unprecedented $290 billion.



Musk reportedly contributed $118 million to Trump's campaign, an amount that has already been dwarfed by the returns generated from the post-election Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rally.



The electric vehicle giant surged 16.2% on Wednesday, hitting the highest levels since July 2023. 



Musk&#8217;s one-day gain of $26.5 billion on Wednesday translates to a staggering 22,357% of his recent campaign contribution.



The world&#8217;s richest man, who holds approximately 20% of Tesla&#8217;s shares, maintains nearly 75% of his wealth linked to the performance of Tesla's stock in the market.



<h3 class="wp-block-heading">Tesla's Stock Exploded Under Trump's First Term</h3>



Tesla's stock performance under Trump's previous presidency was phenomenal.



In the four years after Trump&#8217;s November 2016 election victory, <a href="https://www.benzinga.com/markets/equities/24/11/41720723/tesla-vs-nvidia-stock-performance-under-biden-might-reveal-truth-about-elon-musks-support-for-tr">Tesla shares surged 987%</a>, yielding annualized returns of about 84%.



This growth transformed Musk's net worth from $8 billion in 2016 to $107 billion by the end of Trump's term—a jaw-dropping 13-fold increase.



In contrast, Tesla's growth has been more tempered under President Joe Biden's administration. Since Biden&#8217;s win in November 2020, Tesla's stock has appreciated by about 86.5%, yielding annualized returns of around 16.2% — still significant but a far cry from the near 1,000% growth seen during Trump's previous term.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Period</th><th>Tesla Stock Growth</th><th>Annualized Return</th><th>Musk's Net Worth Increase</th></tr></thead><tbody><tr><td>Trump (Nov. 2016- Nov.2020)</td><td>+987%</td><td>~84%</td><td>$8B to $107B (13x)</td></tr><tr><td>Biden (Nov. 2020- Nov. 2024)</td><td>+86.5%</td><td>~16.2%</td><td>$107B to $262B (2.5x)</td></tr></tbody></table></figure>



Read also: 



<ul>
<li><a href="https://www.benzinga.com/general/politics/24/11/41783357/how-did-s-p-500-sectors-perform-during-trumps-first-term-could-this-time-be-different">How Did S&amp;P 500 Sectors Perform During Trump&#8217;s First Term? Could This Time Be Different?</a></li>
</ul>



Photo: Shutterstock

Elon Musk's Net Worth Soars By $26.5 Billion In Single Day After Tesla Stock Surges Post-Trump Victory

The U.S. stock market erupted with gains following Donald Trump&#8216;s victory in the 2024 presidential election and a potential Republican sweep of Congress. This sets the stage for what some analysts call <a href="https://www.benzinga.com/analyst-ratings/analyst-color">a new &#8220;Roaring 2020s.&#8221;</a>



The S&amp;P 500 — tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — jumped 2.5% to fresh record highs on Wednesday, marking its best one-day performance in nearly two years and the strongest ever in a post-Election day.



Analysts and investors speculate that Trump&#8217;s planned corporate tax cuts and deregulation could fuel a prolonged rally in the stock market.



Notably, small-cap stocks, represented by the iShares Russell 2000 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), surged 5.8%, reflecting investor optimism that domestic-focused companies could benefit most from protectionist policies expected under Trump&#8217;s administration.



<h4 class="wp-block-heading">Chart: Small Caps Jump Nearly 6% After Election Day</h4>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07074522/image-74-1024x501.png" alt="" class="wp-image-635109" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07074522/image-74-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07074522/image-74-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07074522/image-74-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07074522/image-74-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/07074522/image-74.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41431485/goldman-sachs-predicts-bleak-long-term-s-p-500-returns-as-market-concentration-hits">Goldman Sachs Predicts Bleak Long-Term S&amp;P 500 Returns As Market Concentration Hits &#8216;Highest Level In 100 Years&#8217;</a>



<h3 class="wp-block-heading">A ‘Roaring 2020s' Market Rally?</h3>



Veteran Wall Street investor Ed Yardeni described this post-election surge as &#8220;consistent with a Roaring 2020s scenario.&#8221; Yardeni believes that Trump&#8217;s policies could increase the odds of robust economic growth, strong corporate earnings, and an extended bull market.



&#8220;Stocks soared today on the widespread perception that Trump 2.0 will include a cut in the corporate tax rate and reductions in business regulations,&#8221; Yardeni wrote in a note on Thursday.



According to Yardeni, the conditions are shaping up for an economic boom similar to the 1920s — a period of rapid economic growth, technological advancement, and soaring stock prices. 



But the economic boom of the 1920s eventually led to a stock market crash in 1929 and the onset of the Great Depression.



Yardeni draws a parallel, quoting Mark Twain: &#8220;History doesn't repeat itself, but it often rhymes.&#8221;



The expert assigns a 50% probability to the "Roaring 2020s" scenario, a 20% probability to a &#8220;1990s-style stock market meltup,&#8221; and a 30% chance of a "1970s-style geopolitical crisis with a possible U.S. debt crisis." 



Yardeni also indicates that he is considering increasing the probability of the Roaring 2020s scenario, given the likelihood of a more business-friendly environment under Trump.



<h3 class="wp-block-heading">How High Could The S&amp;P 500 Go?</h3>



Yardeni has bold projections for the S&amp;P 500 if the "Roaring 2020s" scenario materializes.



He estimates an average annual return of around 11% for the S&amp;P 500, including reinvested dividends. 



This forecast sharply contrasts with the one presented by Goldman Sachs last month, where analysts at the investment bank predicted a decade of modest gains for stocks, with the S&amp;P 500 averaging just 3% annually over the next 10 years.



In Yardeni&#8217;s view, stocks remain the best hedge against inflation, as companies can often pass on higher costs to consumers. 



Under his &#8220;Roaring 2020s&#8221; scenario, strong productivity growth and stable inflation rates could bolster corporate profits and sustain the market&#8217;s upward trajectory.



Yardeni expects the S&amp;P 500 could climb to 8,000 by the end of the decade, driven largely by rising corporate earnings rather than inflated valuation multiples.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/etfs/sector-etfs/24/11/41788181/regional-bank-stocks-notch-strongest-day-in-4-years-why-analysts-expect-several-tailwinds-from-t">Regional Bank Stocks Notch Strongest Day In 4 Years: Why Analysts Expect &#8216;Several Tailwinds&#8217; From Trump Policies</a></li>
</ul>

Trump Election Raises Odds Of 'Roaring 2020s Scenario,' Veteran Wall Street Investor Says: How High Could US Stock Market Rise?

Investors love a good landmark, and in the world of stocks, the 52-week high is an enticing one. For members of <a href="https://www.benzinga.com/topic/magnificent-seven">the Magnificent Seven</a> – the top tech titans by market cap – Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) stands out, with the most headroom to revisit its previous high. Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), on the other hand, are already nudging at their own peaks.



But for savvy investors, the 52-week high isn&#8217;t a ceiling so much as a signal of momentum and investor confidence.



Here&#8217;s the data:



<figure class="wp-block-table is-style-regular"><table><tbody><tr><td>Symbol</td><td>Company</td><td>Price (Nov. 6 close)</td><td>52W Low ($)</td><td>52W High ($)</td><td>Price to 52W High Potential</td></tr><tr><td>MSFT</td><td>Microsoft Corp</td><td>$420.18</td><td>$357.63</td><td>$468.35</td><td>11.46%</td></tr><tr><td>GOOG</td><td>Alphabet Inc</td><td>$178.33</td><td>$129.4</td><td>$193.31</td><td>8.40%</td></tr><tr><td>AAPL</td><td>Apple Inc</td><td>$222.72</td><td>$164.08</td><td>$237.49</td><td>6.63%</td></tr><tr><td>META</td><td>Meta Platforms Inc</td><td>$572.05</td><td>$313.66</td><td>$602.95</td><td>5.40%</td></tr><tr><td>NVDA</td><td>Nvidia Corp</td><td>$145.61</td><td>$44.9</td><td>$146.49</td><td>0.60%</td></tr><tr><td>TSLA</td><td>Tesla Inc</td><td>$288.53</td><td>$138.8</td><td>$289.59</td><td>0.37%</td></tr><tr><td>AMZN</td><td>Amazon.com Inc</td><td>$207.09</td><td>$139.53</td><td>$207.55</td><td>0.22%</td></tr></tbody></table></figure>



Data Source: <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110724&amp;t=be2bearmibe3na1">Benzinga Pro</a>



<h2 class="wp-block-heading">Microsoft Stock: Potential For New Heights On The Horizon</h2>



Microsoft's price of $420.18 leaves it with 11.46% potential to reach its 52-week high of $468.35 – a milestone that could still reflect the stock&#8217;s upward momentum rather than a cap. The tech giant's diversified growth in cloud, AI, and gaming, combined with its strong fundamentals, sets it apart from some peers that may have been more volatile or reliant on single catalysts. 



Investors eyeing Microsoft are likely attracted to its solid positioning, which could make it a contender not just for revisiting, but possibly surpassing its past high.



Read Also: <a href="https://www.benzinga.com/news/large-cap/24/11/41774549/trumps-big-tech-policies-what-gop-victory-means-for-apple-google-microsoft">Trump&#8217;s Big Tech Policies: What GOP Victory Means For Apple, Google, Microsoft</a>



<h2 class="wp-block-heading">Tesla, Nvidia, Amazon: Approaching Familiar Peaks</h2>



Tesla, Nvidia, and Amazon, on the other hand, find themselves tantalizingly close to their 52-week highs. Tesla, at $288.53, is just 0.37% shy of its previous peak, and Nvidia sits similarly close, with only 0.6% to reach its $146.49 high. 



While these milestones could hint at strong underlying sentiment, they don't limit the potential for further gains if market conditions, earnings, or tech advancements push them higher.



<h2 class="wp-block-heading">Why The 52-Week High Is Only A Marker – Not The Limit</h2>



For investors, the 52-week high is a way to gauge how close a stock is to a recent peak – and how attainable that price might be. But it's far from a ceiling; instead, it reflects a level that has been reached before and could well be surpassed in the right environment. 



With Microsoft holding the most room among the Magnificent Seven to revisit its high, the stock may signal investors that there's a steady growth trajectory ahead.



Meanwhile, those teetering near their highs may still have gas left in the tank, even if the next leg up requires new catalysts to drive them higher.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41794926/trump-white-house-could-unlock-trillion-dollar-ai-potential-for-tesla-says-dan-ives">Trump White House Could Unlock Trillion-Dollar AI Potential For Tesla, Says Dan Ives</a></li>
</ul>



Photo: Shutterstock

Long Ideas

Microsoft Shows Room To Climb As Tesla, Nvidia, Amazon Near 52-Week Highs

President-elect Donald Trump&#8217;s 2024 election victory has intensified China&#8217;s focus on economic stimulus, with significant plans expected to be announced soon.



During his campaign, Trump proposed raising tariffs on Chinese imports by as much as 60%. This potential increase could reduce Chinese exports to the U.S. by about $200 billion and shave one percentage point off China&#8217;s GDP, CNBC <a target="_blank" href="https://www.cnbc.com/2024/11/07/trump-win-and-threat-of-more-tariffs-raises-expectations-for-more-china-stimulus.html" rel="noreferrer noopener">cites</a> former Chinese economic planning official Zhu Baoliang.



U.S.-listed Chinese stocks&nbsp;Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>),&nbsp;JD.com, Inc&nbsp;(NASDAQ:&nbsp;JD),&nbsp;Baidu, Inc (NASDAQ: )BIDU,&nbsp;NIO Inc (NYSE:&nbsp;NIO),&nbsp;Li Auto Inc&nbsp;(NASDAQ: LI),&nbsp;and XPeng Inc&nbsp;(NYSE:&nbsp;XPEV)&nbsp;are trading higher Thursday, regaining <a target="_blank" href="https://www.benzinga.com/government/24/11/41773691/us-listed-chinese-stocks-like-alibaba-jd-nio-fall-after-trumps-win-whats-going-on" rel="noreferrer noopener">from the selloff</a> after Trump&#8217;s victory.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/11/41785553/alibabas-ai-strategy-massive-ad-spend-to-dominate-crowded-market" rel="noreferrer noopener">Alibaba&#8217;s AI Strategy: Massive Ad Spend to Dominate Crowded Market</a>



Amid signs of slowed growth and weak consumer spending, China&#8217;s parliament, the National People&#8217;s Congress, is meeting this week and will likely approve a stimulus package.



Expected measures may include over 10 trillion yuan ($1.39 billion) in financial support, mainly directed at local government debt and real estate, CNBC cites Yue Su from the Economist Intelligence Unit.



This move is seen as China&#8217;s response to anticipated &#8220;Trump shocks&#8221; on trade.



Following Trump&#8217;s win, Chinese stocks took a hit while U.S. markets rallied. Analysts expect Beijing to roll out gradual stimulus measures instead of a large package. According to Liqian Ren of WisdomTree, while



China might add around 2–3 trillion yuan annually in fiscal support, caution prevails due to uncertainties surrounding Trump&#8217;s potential tariff actions.



Liu Shijin, former deputy director of the State Council&#8217;s Development Research Centre, recently emphasized <a target="_blank" href="https://www.scmp.com/economy/policy/article/3285449/chinese-economists-push-reform-stimulus-takes-hold-trump-win-creates-uncertainty" rel="noreferrer noopener">to</a> SCMP the importance of boosting domestic demand through structural adjustments, urging for &#8220;short-term measures&#8221; to stabilize the economy immediately.



Other experts echoed the call for sustainable strategies during a forum in Hainan, especially after President Xi Jinping&#8217;s recent address hinting at economic stabilization.



Raymond Yeung, ANZ Bank&#8217;s chief Greater China economist, told SCMP China could meet its growth target without large-scale stimulus, pointing instead to improving economic indicators like the recent uptick in the manufacturing PMI.



Zhang Zhiwei, chief economist at Pinpoint Asset Management, stressed to SCMP the need for a careful balance between reforms and stimulus, suggesting that a more significant fiscal deficit could help stimulate consumption and lift China from its deflationary pressures.



Price Actions: At the last check on Thursday, BABA stock is up 2.22% at $98.88 premarket. JD is up 3.08%, BIDU is up 2.12%, NIO is up 3.60%, LI is up 2.83%, and XPEV is up 6.02%.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41778593/trimble-beats-q3-expectations-boasts-record-revenue-as-ceo-outlines-focused-growth-strategy" target="_blank" rel="noreferrer noopener">Trimble Beats Q3 Expectations, Boasts Record Revenue As CEO Outlines Focused Growth Strategy</a></li>
</ul>



Photo by Oleg Elkov via Shutterstock

Government

Regulations

Media

BABA

What's Going On With US-Listed Chinese Stocks Like Alibaba, JD, Nio On Thursday?

U.S. stocks could open in the green on Thursday after a strong post-election rally on Wednesday that saw former President Donald Trump <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">emerge victorious</a> after a long-drawn battle with Joe Biden and Kamala Harris.



Futures of all three major indices edged up on Thursday, pointing to positive sentiment on Wall Street.



Shares of Trump's social media company, Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) will remain in focus once again on Thursday after surging nearly 6% on Wednesday.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.22%</td></tr><tr><td>S&amp;P 500</td><td>0.19%</td></tr><tr><td>Dow Jones</td><td>0.19%</td></tr><tr><td>R2K</td><td>0.35%</td></tr></tbody></table></figure>



In premarket trading on Thursday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 0.22% to $592.42 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.26% to $506.87, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.



Cues From Last Session:



All three major indices registered strong surges as election results poured in on Wednesday, ending the session with major gains. The wider Dow Jones index surged by over 1,500 points, closing the day with 3.6% gains.



Oil prices continued to ease as Trump's win increased expectations of a stronger U.S. dollar.



Treasury yields continued to gain after <a href="https://www.benzinga.com/news/24/11/41765345/treasury-yields-pop-on-trump-victory-chances-10-year-benchmark-reaches-4-month-high">popping on Wednesday at the prospect</a> of a Trump victory.



All eyes will be on the Federal Open Market Committee (FOMC) and Federal Reserve chair Jerome Powell on Thursday as investors await signals on the path for rate decisions going forward.



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



However, consumer staples 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>2.95%</td><td>18,983.47</td></tr><tr><td>S&amp;P 500</td><td>2.53%</td><td>5,929.04</td></tr><tr><td>Dow Jones</td><td>3.57%</td><td>43,729.93</td></tr><tr><td>Russell 2000</td><td>5.84%</td><td>2,392.92</td></tr></tbody></table></figure>



It's not just equities that surged—top cryptocurrency Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to gain momentum, scaling a new all-time high of $76,460.15. At the time of writing, Bitcoin was trading at $74,967.38, up by 1.48% in the last 24 hours.



Insights From Analysts:



Veteran investor Mark Mobius, chairman of Mobius Emerging Opportunities Fund, <a href="https://www.cnbc.com/">told</a> CNBC that a Trump victory would not just be good for the U.S. economy, but also for emerging ones.



A decisive Trump victory would lead to "lots of deregulation," according to Mobius, which would also be "very good" for emerging countries.



"One of the things [I observe] as I travel around the world, is the incredible impact of U.S. regulations on these countries regarding the transfer of funds, know your customer… hopefully, that will go down the drain and there will be much freer trade and much freer movement of currencies."



Ryan Detrick, chief market strategist at Carson Group, highlighted that the U.S. equity markets have already hit new all-time highs 48 times in 2024, with nearly two months still to go.



Per Detrick's analysis, this could mean the U.S. markets could witness 56 all-time highs in 2024, which would make it the fifth most in history.



He is also bullish on the impact of a potential Fed rate cut on U.S. equities. He noted that when the Fed cut rates at a time when the S&amp;P 500 was near an all-time high, it resulted in stocks being higher a year later.



"They&#8217;ve done this 20 other times and a year later stocks were higher 20 times. As we&#8217;ve been saying all year, the Fed is a tailwind."



<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">Tomorrow the Fed will cut rates with the S&amp;P 500 near an all-time high. They&#39;ve done this 20 other times and a year later stocks were higher 20 times. As we&#39;ve been saying all year, the Fed is a tailwind. <a href="https://t.co/YgfF3WJ4B3">pic.twitter.com/YgfF3WJ4B3</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1854350014425788872?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to CME Group's FedWatch tool, markets are currently anticipating a 100% chance of a rate cut. Powell's remarks in the press conference will be worth looking out for, though, as investors look for guidance on the future trajectory of rate action.



On the economic data front, U.S. mortgage applications fell by 10.8% from the previous week in the week ended Nov. 1.



U.S. crude oil inventories increased by 2.149 million barrels in the week ended Nov. 1, compared to market estimates of a 1.8 million gain.



See Also:&nbsp;<a href="https://www.benzinga.com/money/how-to-trade-futures" target="_blank" rel="noreferrer noopener">How To Trade Futures</a>



Upcoming Economic Data



While Powell and Fed will be the stars of Thursday's economic calendar, here's all the activity investors will be watching today:



<ul>
<li>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>
</ul>



Stocks In Focus:



<ul>
<li>Trump Media &amp; Technology Group Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares plunged nearly 20% in premarket trading on Thursday.</li>



<li>Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) shares <a href="https://www.benzinga.com/news/24/11/41799780/why-lyft-shares-are-trading-higher-by-over-21-here-are-20-stocks-moving-premarket">popped over 22% </a>after the company raised its outlook amid a surge in sales and ridership.</li>



<li>Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) beat Street expectations and extended its share buyback program. Qualcomm shares rose over 7% in premarket trading.</li>



<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are in focus after Baird downgraded the lender's stock from neutral to sell.</li>



<li>Investors are awaiting earnings results from The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>), Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>), and Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures eased in the early New York session, falling by 0.92% as Trump's return to the White House has led to a stronger U.S. dollar.



The 10-year Treasury note yield surged to 4.433%.



Most Asian markets ended Thursday on a positive note, but Japan's Nikkei 225 index ended the day 0.25% lower. European stocks showed strength in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41798981/jim-cramer-calls-trumps-return-to-white-house-a-huge-win-for-the-stock-market">Jim Cramer Calls Trump&#8217;s Return To White House A &#8216;Huge Win For The Stock Market&#8217;</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Pre-Market Outlook

LYFT

US Stocks Likely To Open Higher, Extending Post-Election Rally: Fed's Rate Decision On Investors' Radar As Expert Highlights Markets Scaling 48 All-Time Highs This Year

Wedbush Securities predicts Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) artificial intelligence initiatives could see major gains under a Trump presidency, despite potential headwinds for the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">broader electric vehicle sector</a>. 



What Happened: Dan Ives, a leading analyst at Wedbush Securities, projects that Donald Trump&#8216;s return to the White House could significantly boost Tesla&#8217;s AI ambitions, potentially unlocking &#8220;$1 trillion of incremental AI valuation&#8221; for the electric vehicle maker over the coming years.



However, the outlook for the broader EV industry appears mixed. Tesla CEO Elon Musk, who actively campaigned for Trump, has acknowledged that the incoming administration would likely eliminate EV subsidies and tax credits, as discussed during Tesla&#8217;s second-quarter earnings call.



&#8220;We believe Trump in the White House changes the landscape for Elon Musk and Tesla,&#8221; Ives said during an appearance on CNBC&#8217;s Squawk Street. The analyst characterized Musk&#8217;s alignment with Trump as a &#8220;major strategic bet&#8221; that could prove &#8220;very bullish for Tesla&#8217;s AI/autonomous story.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We believe Trump in the White House changes the landscape for <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a> and will start the unlock the $1 trillion of incremental AI valuation in the Tesla story in our view over the coming years <a href="https://twitter.com/SquawkStreet?ref_src=twsrc%5Etfw">@SquawkStreet</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f; <a href="https://t.co/nDyomh80F7">https://t.co/nDyomh80F7</a>&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1854307652056015007?ref_src=twsrc%5Etfw">November 6, 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/general/politics/24/11/41790636/kamala-harris-concedes-calls-for-unity-commitment-to-democracy">Kamala Harris Concedes: Calls For Unity, Commitment To Democracy</a>



Why It Matters: The firm projects Tesla&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi">stock could see a $40-$50 price increase under a Trump presidency</a>, representing a potential upside of 16% to 20% based on current trading levels. Analysts attribute this positive outlook to Tesla&#8217;s established market position and manufacturing capabilities.



&#8220;We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled,&#8221; Wedbush analysts wrote on Tuesday. &#8220;However, for Tesla, we see this as a potential positive with some caveats.&#8221;



Beyond Tesla, Ives anticipates significant AI initiatives that could benefit other <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi">major tech players</a>, including Microsoft Corp., Amazon.com Inc., Alphabet Inc.&#8216;s Google, and Palantir Technologies Inc.



The analysis comes as Trump prepares to <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">assume office as the 47th president of the United States</a>, marking a period of potential transformation for both the technology and automotive sectors.



Price Action: Tesla Inc. showcased a standout performance on Wednesday, closing up 14.75% at $288.53, marking a significant single-day gain that brought its year-to-date rise to 16.15%. 



In contrast, key U.S.-based EV competitors struggled considerably, including Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) and Nio Inc. (NYSE: NIO). Rivian dropped 8.31% to $9.71, extending its challenging 2024 trajectory with a year-to-date decline of 53.98%. Nio fell 5.30% to $5.00, with a year-to-date slide of 40.62%.



Chinese EV maker Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and leading Chinese hybrid-electric giant BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) also experienced losses, albeit to a lesser extent. Xpeng closed down 3.98% at $12.30, while BYD dropped 4.53% to $71.93, though BYD remains a strong performer overall, up 33.95% year-to-date.



On the ETF side, Tesla&#8217;s momentum mirrored that of Simplify Volt RoboCar Disruption and Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCAR#NYSE">VCAR</a>), which surged 18.48% on Tuesday. However, the broader EV sector showed mixed results, with the SPDR S&amp;P Kensho Smart Mobility ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAIL#NYSE">HAIL</a>) increasing by only 1.23%, 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/24/11/41785495/us-treasuries-take-sharpest-plunge-in-a-year-ahead-of-fed-meeting-could-powell-adjust-stance-in-">US Treasuries Take Sharpest Plunge In A Year Ahead Of Fed Meeting: Could Powell Adjust Stance In Response To Trump?</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.

BYDDY

HAIL

VCAR

XPEV

Trump White House Could Unlock Trillion-Dollar AI Potential For Tesla, Says Dan Ives

A leading economist warns that U.S. consumers may rush to purchase big-ticket items in the fourth quarter, anticipating President-elect Donald Trump&#8216;s <a href="https://www.benzinga.com/news/large-cap/24/11/41774549/trumps-big-tech-policies-what-gop-victory-means-for-apple-google-microsoft">proposed 20% tariff on imports</a>.



What Happened: &#8220;I wonder whether we are going to see a burst of spending on consumer durables in Q4, as people pull forward spending on big ticket items ahead of the tariffs. I&#8217;m already hearing anecdata of this,&#8221; economist Justin Wolfers wrote on X following Trump&#8217;s victory in the 2024 presidential election.



Wolfers&#8217; observation comes as Trump secured a decisive win over Democrat Kamala Harris, capturing 277 electoral votes and 51% of <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">the popular vote</a>, according to Associated Press figures. The president-elect has promised to implement broad tariffs, including a 10% levy on all imports and higher rates on Chinese goods.



<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">I wonder whether we are going to see a burst of spending on consumer durables in Q4, as people pull forward spending on big ticket items ahead of the tariffs. I&#39;m already hearing anecdata of this.&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1854301761651024056?ref_src=twsrc%5Etfw">November 6, 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/markets/equities/24/11/41785495/us-treasuries-take-sharpest-plunge-in-a-year-ahead-of-fed-meeting-could-powell-adjust-stance-in-">US Treasuries Take Sharpest Plunge In A Year Ahead Of Fed Meeting: Could Powell Adjust Stance In Response To Trump?</a>



Why It Matters: Trump&#8217;s victory, marking the first non-consecutive second term since Grover Cleveland in the 1800s, sets the stage for significant economic policy shifts. Beyond tariffs, his agenda includes extending the 2017 tax cuts and exempting Social Security payments, tips, and overtime income from taxation.



The potential consumer response highlights the broader economic implications of <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">Trump&#8217;s trade agenda</a>. ABN Amro senior economist Rogier Quaedvlieg cautioned that &#8220;a full-scale implementation of Trump&#8217;s tariffs will increase inflation and put the U.S. in a recession.&#8221;



JPMorgan analysts estimate the proposed trade policies could push inflation up by 2.4% in a <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">worst-case scenario</a>, potentially triggering a surge in consumer spending before the tariffs take effect. 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41794198/trump-has-asked-me-to-do-3-things-says-robert-kennedy-jr">Trump Has Asked Me To Do 3 Things, Says Robert Kennedy Jr.</a></li>
</ul>



Image Via Pixabay 



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

Global

Trump's 20% Tariff Plans Could Unleash Wave Of Spending On Big Ticket Buys In Holiday Quarter, Says Economist Justin Wolfers — 'Already Hearing Anecdata'

Leading cryptocurrencies gave a thumbs up to Donald Trump's presidential victory in anticipation of a friendlier White House.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+6.15%</td><td>$75,185.83</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>+9.67%</td><td>$2,706.00</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>+8.18%</td><td>$0.1941</td></tr></tbody></table></figure>



What Happened: Bitcoin bettered its previous all-time high established in March with a handsome rally that pushed it above $75,000 for the first time.



The apex cryptocurrency's fourth-quarter gains increased to 18.74%, with history showing average returns of 83%.



Ethereum jumped to levels last seen in late August, while Dogecoin spiked over 8%.



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



Bearish leveraged traders witnessed a bloodbath, with nearly $400 million in short positions getting wiped out in the last 24 hours.



Bitcoin's Open Interest surged 9.30%, indicating a significant rise in speculative interest. Most top traders on the cryptocurrency exchange Binance leaned toward bullish positions, as the Binance Top Trader Long/Short Ratio was 1.48 as of this writing.



Market sentiment snowballed to "Extreme Greed," as per the Cryptocurrency Fear and Greed Index, raising concerns of a correction.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>First Neiro On Ethereum (NEIRO)</td><td>+59.56%</td><td>$0.002222</td></tr><tr><td>Ethena (ENA)</td><td>+36.18%</td><td>$0.5015</td></tr><tr><td>Bittens (TAO)</td><td>+32.70%</td><td>$1.32</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.47 trillion, following an increase of 5.55% in the last 24 hours.



Stocks erupted in a frenzy on Wednesday. The Dow Jones Industrial Average jumped 1,508.05 points, or 3.57%, to a record close at 43,729.93.&nbsp;



The S&amp;P 500 lifted 2.53% to end at 5,929.04, while the tech-focused Nasdaq Composite gained 2.95% to close at 18,983.47. Both of these indexes notched a new record as well.



The benchmarks were helped by a 14.8% rally in the shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), the tech behemoth whose CEO Elon Musk geared up for a potential role in the new Trump administration.



Trump-owned Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) also lifted nearly 6% during the session.



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



Analyst Notes: Popular on-chain analytics firm CryptoQuant noted that Bitcoin was still not overvalued, despite leaping to new highs.



"The MVRV ratio shows BTC is still far from peak levels. The price is also close to the purchase cost of traders, indicating it's not overheated. This hints at a potential for further growth," the firm said in an X post.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin's new all-time high doesn't mean it's overvalued relative to its cost basis. The MVRV ratio shows <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is still far from peak levels. The price is also close to the purchase cost of traders, indicating it's not overheated. This hints at a potential for further growth. <a href="https://t.co/xeeDdipN9O">pic.twitter.com/xeeDdipN9O</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1854187011168420126?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Arthur Azizov, CEO of cryptocurrency payment provider B2BINPAY, said in a statement to Benzinga that Bitcoin might correct sharply by the end of this week or early next.



"The Bitcoin chart shows significant uncovered liquidity below the current price, while liquidity above has already been absorbed, indicating that a downward movement is needed to support sustainable future growth. Additionally, the Federal Reserve's rate announcement on Thursday is expected to bring further price volatility," Azizov added.



Furthermore, he expected BTC to range between $80,000 and $90,000 by year-end.



Photo by Avi Rozen on Shutterstock



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778985/the-bitcoin-act-of-2024-is-a-significant-proposal-will-it-redefine-us-crypto-regulation">The BITCOIN Act Of 2024 &#8216;Is A Significant Proposal&#8217; — Will It Redefine US Crypto Regulation?</a></li>
</ul>

$DOGE

Bitcoin, Ethereum, Dogecoin Slingshot To The Moon After Trump Victory But 'Sharp' Correction Might Be In Store: Analyst Views BTC Between $80-90K By End Of Year

Editors Note: This story has been updated to include a response from a Rocket Lab USA spokesperson and to correct the spelling of the company&#8217;s name in the headline. 



The social media account of&nbsp;Peter Beck, CEO of&nbsp;Rocket Lab USA Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>), was hacked, leading to a fraudulent post about a new crypto-based token.



What Happened: On Wednesday, the unauthorized post from Beck&#8217;s X, formerly Twitter account, promoted a new Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based token to fund space-related projects, reported Reuters.



<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06202850/Screenshot-2024-11-07-at-6.54.15%E2%80%AFAM-935x1024.png" alt="" class="wp-image-634096"/><figcaption class="wp-element-caption">Screenshot from Peter Back&#8217;s compromised X Account</figcaption></figure>



At the time of writing, the above post from Back&#8217;s account was removed.



See Also:&nbsp;<a href="https://www.benzinga.com/news/24/11/41702294/apple-begins-shifting-iphone-17-production-in-india-cooks-china-optimism-and-more-this-week-in-apple?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Begins Shifting iPhone 17 Production In India, Cook&#8217;s China Optimism, And More: This Week In Appleverse</a>



A major player in the small satellite launch market valued at $6.5 billion, Rocket Lab was working with the platform to regain control of the account.&nbsp;



&#8220;Peter&#8217;s account has been compromised,&nbsp;so this is not an&nbsp;official tweet. We are working&nbsp;with X to restore it,&#8221;&nbsp;a company spokesperson confirmed in an email to Reuters.



Rocket Lab responded to Benzinga&#8217;s email updating about the account&#8217;s restoration. The company&#8217;s CEO also took to X, to share this information.



<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">Account restored, thanks <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and the X team for such a speedy fix! <a href="https://t.co/aOYIgeZ7Cd">https://t.co/aOYIgeZ7Cd</a>&mdash; Peter Beck (@Peter_J_Beck) <a href="https://twitter.com/Peter_J_Beck/status/1854342132099961311?ref_src=twsrc%5Etfw">November 7, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: On Tuesday, Rocket Lab announced the successful launch of its <a href="https://www.benzinga.com/news/24/11/41750137/whats-going-on-with-rocket-lab-stock-tuesday">54th Electron mission</a>, deploying a single satellite to Low Earth Orbit for a confidential commercial customer.



Last month, Rocket Lab&#8217;s shares saw a boost following the Joe Biden administration&#8217;s <a href="https://www.benzinga.com/government/24/10/41392734/rocket-lab-stock-climbs-as-biden-administration-plans-to-ease-export-restrictions-on-space-companies">plans to ease export restrictions</a> on U.S. commercial space companies.



Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Photo via Shutterstock



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<li><a href="https://www.benzinga.com/news/24/11/41706934/how-to-master-ios-18s-control-center-tips-to-reset-and-customize-your-iphones-quick-access-hub?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Master iOS 18&#8217;s Control Center: Tips To Reset And Customize Your iPhone&#8217;s Quick Access Hub</a></li>
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

RKLB

Rocket Lab CEO Thanks Elon Musk And X Team For Speedy Restoration Of Hacked Account: 'Such A Speedy Fix!' (Updated)

Longer-dated U.S. Treasury bonds, tracked by the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), saw their steepest decline in over a year on Wednesday, plummeting more than 2.6%, as investors offloaded fixed-income assets amid rising expectations of wider budget deficits and higher inflation, spurred by Donald Trump&#8216;s victory <a href="https://www.benzinga.com/topic/donald-trump">in the presidential election. </a>



This bond sell-off comes one day before a pivotal Federal Reserve interest rate decision scheduled for 2 p.m. ET Thursday.



The Federal Reserve is broadly expected to cut interest rates by 25 basis points to a range of 4.5%–4.75%, a move fully priced in by market participants, according to the CME FedWatch Tool.



While the rate decision itself is almost certain, investors will be more focused on Fed Chair Jerome Powell's remarks, which may offer crucial insights into the Fed&#8217;s stance on the evolving inflation and fiscal policy.



Fed watchers are keen to highlight if a potential shift in fiscal policy under Trump could prompt the Fed to modify its approach.



Economists broadly agree that tariffs and tax cuts are likely to drive up inflation, potentially leading to a more hawkish response from the Federal Reserve. JPMorgan analysts estimate that universal tariffs, coupled with domestic tax cuts, could increase U.S. inflation by as much as 2.4%. 



Goldman Sachs chief economist Jan Hatzius suggests that Trump's policies might keep core inflation above 3% by 2025, well above the Fed's 2% target. Hatzius highlighted that these factors &#8220;might delay cuts that would otherwise come more swiftly.&#8221;



Read also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">Trump&#8217;s Historic Return: 7 Ways His Second Term Could Impact The US Economy</a>



<h3 class="wp-block-heading">Fed Expected To Cut Rates In November, But All Eyes Are On What Comes Next</h3>



"We expect a 25-basis-point cut in November, with Powell likely to maintain an optimistic tone," said Bank of America rates analyst Mark Cabana. He explained that softer-than-expected jobs data for October, combined with downward payroll revisions, were key factors solidifying the case for this November rate cut.



Bank of America also indicated that these labor data trends increase the likelihood of another rate cut in December.



Goldman Sachs economist David Mericle highlighted that recent inflation data has eased concerns about inflation reaccelerating. &#8220;Better inflation news has alleviated fears of sticky inflation from earlier in the year,&#8221; he said. He also emphasized strong Q3 GDP growth as a sign of resilience in the U.S. economy, despite a cooling labor market.



Goldman Sachs now forecasts four additional cuts in the first half of next year, bringing rates down to 3.25%–3.5%.



Mericle acknowledged "uncertainty about both the pace and final rate" of future cuts, noting that the Fed&#8217;s path forward will depend heavily on evolving economic data.



<h3 class="wp-block-heading">Will Trump Pressure Powell on Interest Rates?</h3>



During Thursday&#8217;s Q&amp;A, Powell will likely face questions on whether the Fed plans to act preemptively or reactively in response to changing fiscal dynamics.



Investors are eager to understand if the Fed will proactively address anticipated inflation or wait for economic data to reflect any significant change.



Powell, whose term expires in 2026, could also be questioned about the Fed's independence. In his previous term, Trump frequently pressured the Fed to lower rates and has hinted that, if re-elected, he would not renew Powell's term. 



During Trump's first presidency, he issued over hundreds of tweets criticizing Fed policy, often urging for lower rates, according to data shared by the Brookings Institution. 



<h3 class="wp-block-heading">How Could Markets React To November Fed Meeting?</h3>



Market data suggest a 70% probability of another 25-basis-point cut at the Fed's Dec. 18 meeting, down slightly from 77% the previous day.



If Powell delivers dovish remarks that reinforce expectations of a December rate cut, risk assets could rally. The S&amp;P 500, represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), might respond positively, while small-cap stocks, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), may extend gains following Wednesday's rally.



Conversely, if Powell signals hesitation about further rate cuts, particularly in December, and indicates a potential inclination toward addressing rising inflation expectations, investors could be disappointed, potentially putting downward pressure on the markets.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/politics/24/11/41783357/how-did-s-p-500-sectors-perform-during-trumps-first-term-could-this-time-be-different">How Did S&amp;P 500 Sectors Perform During Trump&#8217;s First Term? Could This Time Be Different?</a></li>
</ul>



Image: Shutterstock

US Treasuries Take Sharpest Plunge In A Year Ahead Of Fed Meeting: Could Powell Adjust Stance In Response To Trump?

Hurricane Rafael made landfall in Cuba as a Category 3 storm on Wednesday. Here's a look at what stocks could be affected as the hurricane takes <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">aim at the Gulf of Mexico. </a>



What To Know: According to <a href="https://www.foxweather.com/weather-news/tracking-hurricane-rafael-us-gulf-of-mexico-caribbean">a report</a> from Fox Weather, Hurricane Rafael made landfall in the Cuban province of Artemisa with sustained winds of 115 miles per hour, making it a Category 3 hurricane. The storm is expected to enter the Gulf of Mexico on Wednesday night and residents along the coast from Florida to Texas will be watching the storm's path.&nbsp;



Read Next: <a href="https://www.benzinga.com/news/24/11/41781921/what-does-trumps-victory-mean-for-ev-giant-tesla-and-the-big-3-automakers">What Does Trump&#8217;s Victory Mean For EV Giant Tesla And The Big 3 Automakers?</a>



What To Watch: Hurricanes affect people, homes and companies in their paths and spread wide-reaching effects on various sectors and industries. Insurance companies see an influx of claims resulting from damage to property and vehicles. Homes will have to be repaired and rebuilt driving sales of lumber, windows and sheetrock higher. Power outages cause consumers to seek portable generators as an alternative way to power their homes.&nbsp;



Home improvement stores like Home Depot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) and Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) could see a pop in sales as people rush to secure their homes before the storm and repair damage after. 



Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) designs and manufactures standby generators and portable generators and often sees its shares rise before and after major weather events. 



Shares of insurance companies tend to drop after natural disasters and investors may want to keep an eye on Allstate Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Travelers Companies, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) and Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) in the days and weeks following a potential landfall from Hurricane Rafael. 



Power companies including Duke Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) and Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>) could face increased labor costs and additional costs to repair infrastructure after the storm.



Read More:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/41774549/trumps-big-tech-policies-what-gop-victory-means-for-apple-google-microsoft">Trump&#8217;s Big Tech Policies: What GOP Victory Means For Apple, Google, Microsoft</a></li>
</ul>



Photo: Hurricane Rafael as a tropical storm, 11.5.2024. Courtesy the NOAA/Public Domain

General

GNRC

Hurricane Rafael Hits Cuba As Category 3 Storm: Stocks To Watch As Storm Heads Into Gulf Of Mexico

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