Streaming giant Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</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: Netflix reported third-quarter revenue of $9.825 billion, up 15% year-over-year. The revenue total beat a Street consensus estimate of $9.769 billion according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent101724&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



The company reported earnings per share of $5.40 in the third quarter, beating a Street consensus estimate of $5.12.



Netflix ended the third quarter with 282.72 million global paid subscribers, up 14.4% year-over-year. The company added 5.07 million new paid subscribers in the quarter, compared to 8.8 million net paid subscribers added in last year's third quarter.



The company said average revenue per member was flat on a year-over-year basis in the third quarter.



Revenue was up 16% year-over-year in the UCAN region. Revenue in the EMEA region was up 16% year-over-year. LATAM revenue was up 9% year-over-year. &nbsp;



The company said engagement remained strong in the third quarter. Through the first nine months of the year, view hours per member are up year over year. Engagement averages around two hours per day per paid membership.



Netflix said ad-supported plan membership was up 35% quarter-over-quarter in the third quarter. The company's ad-tech platform is "on track to launch" in the fourth quarter in Canada and other territories in 2025.



"Our ads plan allows us to offer a lower price point for consumers, which is proving to be popular," the company said.



Netflix said the ad-supported plan represented over 50% of new sign-ups in the third quarter.



"Our members rely on Netflix to entertain them, and we want to be the first place they go for entertainment." &nbsp;



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41366736/netflix-q3-earnings-preview-ad-supported-plan-price-hikes-and-content-slate-key-foc">Netflix Q3 Earnings Preview: Ad-Supported Plan, Price Hikes, And Content Slate Key Focus As Company &#8216;Adds More And More Live Content&#8217;</a>



What's Next: Netflix is guiding for fourth-quarter revenue to be $10.128 billion, up 14.7% year-over-year. The company's earnings per share guidance calls for the fourth quarter total to be $4.23, compared to $2.11 in last year's fourth quarter.



Netflix said the ad-supported plan efforts are still early and will take time to build out as a revenue stream.



"We're on track to reach what we believe to be critical ad subscriber scale for advertisers in all of our ads countries in 2025, creating a strong base from which we can further increase our ad membership in 2026 and beyond," the company said.



The company highlighted upcoming fourth-quarter content, including the boxing match between Jake Paul and Mike Tyson, a second season of "Squid Game", and two National Football League games on Christmas.



"As we look ahead to 2025, we're focused on improving every aspect of our service and continuing to deliver healthy revenue and profit growth."



Due to seasonality and the strong content slate, fourth-quarter paid net additions are expected to be higher than the third-quarter total.



Netflix expects 2025 revenue to range from $43 billion to $44 billion.



NFLX Price Action: Netflix stock is up 4% to $715.37 in after-hours trading Thursday, versus a 52-week trading range of $344.73 to $736.00.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/10/41365830/netflix-stock-stumbles-but-q3-earnings-could-flip-the-script-for-investors">Netflix Stock Stumbles, But Q3 Earnings Could Flip The Script For Investors</a></li>
</ul>



Photo courtesy of Netflix.

Earnings

Entertainment

News

Movers

Trading Ideas

NFLX

Netflix Q3 Earnings: Revenue Beats, EPS Tops, Q4 Guidance Projects Subscriber Boost From 'Squid Game,' NFL, And Boxing

Trading platform Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) continues to add to the offerings available<a href="https://www.benzinga.com/topic/retail-investors"> to retail traders.</a>



One of those offerings, <a href="https://www.benzinga.com/crypto">crypto</a>, will get a boost thanks to the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39204424/robinhood-announces-acquisition-of-crypto-exchange-bitstamp-in-200m-deal">acquisition of </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39204424/robinhood-announces-acquisition-of-crypto-exchange-bitstamp-in-200m-deal">Bitstamp</a>.



"We have a lot of products," Robinhood Crypto General Manager Johann Kerbrat told Benzinga&#8217;s Zunaid Suleman in an interview Thursday at the 2024 HOOD Summit in Miami. 



In addition to stock and options trading, Robinhood offers cryptocurrencies including Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>).



With Robinhood Crypto, users can self-custody and control their own assets in wallets, Kerbrat said.



For many new crypto investors it's important to start small and learn about the assets before trading, he said. 



"For me, it's all about education.&#8221;



Read Also: <a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading">Robinhood Announces Futures Trading, Index Options Trading</a>



Growth With Bitstamp Acquisition: Robinhood <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39204424/robinhood-announces-acquisition-of-crypto-exchange-bitstamp-in-200m-deal">announced the acquisition</a> of cryptocurrency exchange Bitstamp in June, a deal that Kerbrat said should close in early 2025.



Robinhood acquired Bitstamp for three primary reasons, Kerbrat said:



<ul>
<li>International expansion, has lots of licenses</li>



<li>It's an exchange</li>



<li>Institutional business with established relationships with big companies</li>
</ul>



Robinhood is a marketplace and sends its orders to market makers, something that Bitstamp integration could change.



"With the exchange we will be able to build more advanced trading futures," Kerbrat told Benzinga.



Investors are beginning to recognize that institutions are coming into the cryptocurrency space, something that the approval of Bitcoin ETFs helped amplify, he said: &#8220;it&#8217;s a good time for us to have this business.&#8221;



Robinhood&#8217;s 1-Stop Shop: Robinhood Crypto complements other business offerings for customers like stocks and options, Kerbrat said. 



&#8220;For us, it was really being able to give access to financial instruments that customers were looking for.&#8221;



Retail investors wanted to buy cryptocurrency, but they were worried about having their own wallet and paying higher fees on other exchanges, he said.



&#8220;We took what was really good for stocks… and we brought it into crypto.&#8221;



On the Robinhood platform, users can jump between different types of assets and the ability to sell a stock and buy Bitcoin the day after, he said. 



What's Next: Kerbrat predicts that regulation and continued investments in blockchain technology will be the biggest growth themes for the cryptocurrency sector moving forward.



Institutions coming to the cryptocurrency space have added to use cases for blockchain technology, particularly in the financial sector, the Robinhood exec said. 



"I think we are going to see that more and more," he said. 



More regulatory framework is needed for crypto to grow, Kerbrat said. 



"In the U.S. we are missing a clear framework we can follow. We know how to work with regulators."



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39313872/robinhoods-200m-bitstamp-deal-marks-major-step-in-growing-crypto-business-heres-where-you-">Robinhood&#8217;s $200M Bitstamp Deal Marks &#8216;Major Step In Growing Crypto Business&#8217;: Here&#8217;s Where You Can Learn More</a></li>
</ul>



Benzinga&#8217;s Zunaid Suleman, left, interviews Robinhood Crypto General Manager Johann Kerbrat at the 2024 Hood Summit.

Cryptocurrency

Exclusives

Markets

Interview

$BTC

$DOGE

$ETH

HOOD

EXCLUSIVE: Robinhood's Bitstamp Deal Will Drive Growth, Exec Says: 'What Was Good For Stocks ... We Brought Into Crypto'

The Israeli military confirmed on Thursday <a href="https://www.benzinga.com/markets/asia/24/10/41385179/hamas-chief-oct-7-mastermind-yahya-sinwar-possibly-dead-idf-conducts-dna-tests-after-gaza-clash">the death of Yahya Sinwar</a>, the top leader of Hamas, with one word: &#8220;Eliminated.&#8221; 



What Happened: Israel Defense Forces killed Sinwar — Israel's most wanted target since the war with Hamas began on Oct. 7 — in a firefight in Gaza.



Sinwar orchestrated an assault that killed about 1,200 people and led to the abduction of over 200 others.



<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">Eliminated: Yahya Sinwar.&mdash; Israel Defense Forces (@IDF) <a href="https://twitter.com/IDF/status/1846957737487278263?ref_src=twsrc%5Etfw">October 17, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In a prepared <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/10/17/statement-from-president-joe-biden-on-the-death-of-yahya-sinwar/">statement</a>, President Joe Biden said the IDF &#8220;relentlessly pursued Hamas's leaders&#8221; with the help of U.S. intelligence.



&#8220;There has rarely been a military campaign like this, with Hamas leaders living and moving through hundreds of miles of tunnels, organized in multiple stories underground, determined to protect themselves with no care for the civilians suffering above ground,&#8221; Biden said. 



&#8220;Today, however, proves once again that no terrorists anywhere in the world can escape justice, no matter how long it takes.&#8221;



Sinwar's body was retrieved after an exchange of fire on Wednesday, according to the <a href="https://www.nytimes.com/live/2024/10/17/world/israel-lebanon-iran-gaza-news?campaign_id=190&amp;emc=edit_ufn_20241017&amp;instance_id=137113&amp;nl=from-the-times&amp;regi_id=136109156&amp;segment_id=180692&amp;user_id=e415429009fa21c5b8b4141c24d72bca">New York Times</a>, citing Israeli authorities. His identity was verified using dental records and fingerprints that matched those on file, Israel Police said. There was no immediate response from Hamas regarding his death.



See Also: <a href="https://www.benzinga.com/news/24/10/41112728/us-boosts-military-presence-in-middle-east-deploys-fighter-squadrons-amid-rising-tensions-with-iran">US Boosts Military Presence In Middle East As Tensions Spike With Iran</a> 



Why It Matters: Sinwar's killing marks a significant development in the yearlong conflict. 



So far, the war in Gaza devastated the region and its people. Despite being only 141 square miles, Gaza is home to over 2 million people. 



Gaza's health ministry reports over 41,000 deaths. Per the Associated Press, Gaza's health ministry <a href="https://apnews.com/article/israel-hamas-war-gaza-health-ministry-health-death-toll-59470820308b31f1faf73c703400b033">doesn't distinguish between civilians and combatants</a>. About 1.9 million Palestinians have been <a href="https://apnews.com/article/israel-palestinians-hamas-war-anniversary-statistics-e61765035c725b3c8d4840e2bab565cd">displaced</a>.



Sinwar&#8217;s death also presents an &#8220;opportunity&#8221; to proceed with negotiations between Israel and Hamas and end the war, Vice President Kamala Harris said, per <a href="https://www.bloomberg.com/news/articles/2024-10-17/harris-says-sinwar-s-death-offers-opportunity-to-end-gaza-war?srnd=phx-latest&amp;sref=TBDibEcD&amp;embedded-checkout=true">Bloomberg</a>. 



Both sides remain deadlocked over key issues. 



Israeli Prime Minister Benjamin Netanyahu addressed the nation and promised the Israeli military would secure the release of all hostages. See below for coverage via CNN.



<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="Reporter on what he found interesting from Netanyahu's remarks" width="500" height="281" src="https://www.youtube.com/embed/8hrXuXFzUjA?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>



Defense exchange-traded funds (ETFs) at last check Thursday afternoon, were trending up with the exception of the SPDR S&amp;P Aerospace &amp; Defense ETF:



<ul>
<li>IShares U.S. Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>) rose 1.8% to $154.70.</li>



<li>Invesco Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPA#NYSE">PPA</a>) is up 0.17% to $119.</li>



<li>SPDR S&amp;P Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XAR#NYSE">XAR</a>) is down 0.29% to $162.77.</li>
</ul>



Oil ETFs: 



<ul>
<li>The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), was up 0.15% at $72.51.</li>



<li>The VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) was down 0.25% at $286.69.</li>
</ul>



Now Read:



<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/10/41336413/oil-prices-take-largest-plunge-in-over-a-year-as-israel-vows-to-spare-iranian-facilities-energy-stoc">Oil Prices Take Largest Plunge In Over A Year As Israel Vows To Spare Iranian Facilities</a></li>
</ul>



Image: Shutterstock.

Sector ETFs

Politics

Global

Israeli Military, With Help Of US Intelligence, 'Relentlessly Pursued' Deceased Hamas Leader

CBOE (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) CEO Fred Tomczyk shared his excitement for upcoming product from Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) and put an emphasis <a href="https://www.benzinga.com/topic/retail-investors">on retail investors</a> during an exclusive interview Thursday with Benzinga.



Robinhood Growth: Since taking over the role of CEO of Cboe in September 2023, Tomczyk said not a lot has surprised him other than the impressive growth of Robinhood, a company that <a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading">announced several new products Wednesday.</a>



It was the demand for technology and access to data and the growth of the retail trader that surprised him the most about the markets over the last year since stepping from the Cboe Board of Directors to the CEO role.



Cboe is the parent company of the Chicago Board Options Exchange and BATS Global Markets. The company announced Wednesday that Robinhood customers will soon be able to trade Cboe&#8217;s index options on the S&amp;P 500, Cboe Volatility, Russell 2000 and Mini S&amp;P 500 indexes. 



The Cboe CEO said he was aware of Robinhood, but was surprised by its market growth.



"I never realized they were growing so fast," Tomczyk said to Benzinga&#8217;s Zunaid Suleman. "That was an eye opener for me."



Robinhood unveiled index options, futures and the Robinhood Legend platform at the 2024 HOOD Summit, where Tomczyk spoke to Benzinga.



With the new products, Tomczyk said Robinhood is "trying to take that place as the innovator and disruptor," comparing the broker to broker of old that dominated the space.



"They're really moving into the active trader space."



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40233817/robinhood-q2-earnings-highlights-revenue-beat-eps-beat-crypto-revenue-up-161-year-over-yea">Robinhood Q2 Earnings Highlights: Revenue Beat, EPS Beat, Crypto Revenue Up 161% Year-Over-Year, Gold Subscribers Hit 2 Million</a>



Cboe CEO On Risk, Volatility: The Cboe CEO acknowledged that trading companies go through ups and downs and the importance of having products and services to help investors trade through any environment.



It&#8217;s important to be focused on the long term and the secular growth trends during constant ups and downs, he said. 



While many non-investors or new investors may think of options as a risky trade, Tomczyk reiterated their purpose.



"The roots of options are in risk management, not speculative," Tomczyk said. "It's a risk mitigation tool."



For options beginners, Tomczyk said it's important to know the differences between them and key terminology and to take education offered by brokerages. Tomczyk suggested investors could try paper money trading in options to try out strategies first.



What's Next For The Markets? Asked for an outlook on what is coming for the markets over the next 12 months, Tomczyk couldn't help but point to the importance of the 2024 election, as presidential elections often bring high volatility.



"I think this one's no different," Tomczyk said. "This one's unpredictable."



Investors will likely trade based on the uncertainty of the election and the questions about the geopolitical environment, which is why the VIX (Cboe Volatility Index) is rising, he said. 



For CBOE, Tomczyk said the focus over the next 12 months is focusing on investments in technology, investments on the retail side of products, innovation on derivatives and providing data and solutions to traders.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/events/24/09/41074042/zero-dte-options-fuel-record-spx-trading-volumes-with-no-signs-of-slowing-down-expert">Zero DTE Options Fuel Record SPX Trading Volumes, With No Signs Of Slowing Down: Expert</a></li>
</ul>



Photo via Shutterstock.

Options

Management

CBOE

EXCLUSIVE: Cboe CEO Says Robinhood Growth 'An Eye Opener,' Unpredictable 2024 Election Could Increase Market Volatility

The FBI has arrested Eric Council Jr., a 25-year-old Alabama man, in connection with <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36575150/secs-hacked-tweet-on-bitcoin-etfs-causes-massive-trader-losses-over-220m-liquidated">the January 2024 hack</a> of the Security and Exchange Commission&#8217;s X account falsely stating Bitcoin ETFs were approved for trading that caused Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value to <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36574977/clown-show-account-hack-wont-affect-wednesday-bitcoin-etf-approval-deadline-analysts-say">spike by $1,000.</a> 



The ETFs were ultimately approved by the SEC the following day. 



What Happened: According to a Thursday <a href="https://www.justice.gov/usao-dc/pr/fbi-arrests-alabama-man-january-2024-sec-x-hack-spiked-value-bitcoin">press release</a> by the U.S. Attorney&#8217;s Office for the District of Columbia, Council is charged with conspiracy to commit aggravated identity theft and access device fraud. The indictment alleges that on Jan. 9, Council and his co-conspirators took unauthorized control of the @SECGov X account and posted a fake message purportedly from the SEC chair, falsely announcing the approval of <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36567663/market-moving-sec-twitter-hack-on-bitcoin-etfs-unacceptable-senate-banking-committee-membe">Bitcoin ETFs</a>.



U.S. Attorney Matthew Graves emphasized the severity of the accusations, stating, &#8220;Here, the conspirators allegedly used their illegal access to a phone to manipulate financial markets.&#8221; The hack&#8217;s impact was <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36583935/sec-confirms-fbi-investigation-into-its-twitter-account-hack-after-false-bitcoin-etf-annou">immediate and substantial</a>, with Bitcoin&#8217;s price initially surging by over $1,000 before plummeting by more than $2,000 after the SEC regained control and issued a correction.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></figure>



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41382444/analyst-predicts-bitcoin-high-in-weeks-90k-by-year-end-tsmc-nears-1-trillion-valuation-aft">Analyst Predicts Bitcoin High In Weeks, $90K By Year-End; TSMC Nears $1 Trillion Valuation After 8% Premarket Surge &#8211; Top Headlines Today While US Slept</a>



The hackers allegedly employed a &#8220;SIM swap&#8221; technique to gain control of the SEC&#8217;s account. Principal Deputy Assistant Attorney General Nicole Argentieri stated, &#8220;Council, Jr. unlawfully accessed the SEC&#8217;s account on X by using the stolen identity of a person who had access to the account to take over their cellphone number.&#8221;



FBI Acting Special Agent in Charge David Geist highlighted the broader implications of such cybercrimes, noting, &#8220;In this case, the unauthorized actor utilized SIM swapping to manipulate the global financial market.&#8221;



The indictment details Council&#8217;s alleged role, including creating a fake ID, obtaining a SIM card linked to the victim&#8217;s phone line and sharing access codes with co-conspirators. Council is alleged to have received bitcoin as payment for his part in the scheme.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41381492/bitcoin-is-a-100-trillion-idea-that-belongs-in-every-portfolio-corporate-balance-sheet-and">Bitcoin Is A $100 Trillion Idea That Belongs In Every Portfolio, Corporate Balance Sheet And Retirement Account, Analyst Says</a></li>
</ul>



Image: Shutterstock.

Legal

Arrest Made In SEC X Account Hack Prior To Bitcoin ETF Approval, FBI Says Phone Used To 'Manipulate Financial Markets'

A semiconductor rally pushed the S&amp;P 500 to new all-time highs on Thursday, with strong earnings from Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) boosting tech sentiment after a weak report from ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) <a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41383732/stock-of-the-day-taiwan-semiconductor-breaks-out-as-buyers-push-prices-higher">earlier in the week.</a>



The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) jumped 2.3%, leading sector gains. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) hit fresh record highs, reaching $141 per share during the morning session.



The Nasdaq 100 outperformed major indices, while small caps underperformed as the Russell 2000 faced resistance at a key technical level. The Dow briefly touched a record high of 43,289 points before pulling back slightly.



On the macro front, September retail sales exceeded expectations, and jobless claims fell last week, reinforcing views of strong economic resilience. However, this also slightly hit hopes for Fed rate cuts as economists voiced doubts about the <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41386234/strong-september-retail-sales-put-feds-next-move-in-doubt-interest-rate-cuts-are-">need for further easing in November.</a>



The U.S. dollar strengthened, with the dollar index (DXY) climbing to levels last seen in early August. The euro fell 0.4% as the European Central Bank cut interest rates amid weak economic data and ongoing disinflation.



Gold prices, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), rose 0.5%, setting new records despite rising Treasury yields. The 10-year Treasury yield gained 8 basis points to 4.10%, while the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) slid 1.6%, marking its worst session since early August.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 0.4%, taking a breather after four consecutive sessions of gains.



<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 % change</td></tr><tr><td>Nasdaq 100</td><td>20,304.26</td><td>0.6%</td></tr><tr><td>S&amp;P 500</td><td>5,865.46</td><td>0.4%</td></tr><tr><td>Dow Jones</td><td>43,231.61</td><td>0.4%</td></tr><tr><td>Russell 2000</td><td>2,279.25</td><td>-0.3%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101724&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 0.4% to $584.45.</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;inched 0.4% higher to $432.52.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) soared 0.7% to $494.15.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.4% to $226.02.</li>



<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1%. The Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 0.5%.</li>
</ul>



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



<ul>
<li>Semiconductor stocks rallying Thursday on the heels of strong TSM earnings were Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), up 4%; Lattice Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>), up 4%; Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), up 3.6% and Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>), up 3.1%.</li>



<li>Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) soared over 7% to fresh record highs after a strong quarterly report. </li>



<li>Other stocks reacting to company earnings included CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), down 6%; Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), up 0.1%; Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), up 2%; Equifax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFX#NYSE">EFX</a>), down 2.5%; Steel Dynamics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), up 6%; Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), down 3%; Marsh &amp; McLennan Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), up 0.1%; Elevance Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>), down 12%; Travelers Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), up 8%; Truist Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>), down 1.2%; M&amp;T Bank Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>), up 5%; Huntington Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>), down 1.8% and KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>), down 1.5%.</li>



<li>Companies slated to report their earnings after the close include Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), Crown Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>) and Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>). </li>
</ul>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/markets/asia/24/10/41385179/hamas-chief-oct-7-mastermind-yahya-sinwar-possibly-dead-idf-conducts-dna-tests-after-gaza-clash">Hamas Chief, Oct. 7 Mastermind Yahya Sinwar Possibly Dead: IDF Conducts DNA Tests After Gaza Clash</a></li>
</ul>



Photo: Shutterstock

Equities

Large Cap

Macro Economic Events

Bonds

Broad U.S. Equity ETFs

Eurozone

Commodities

Forex

Retail Sales

Small Cap

Treasuries

Econ #s

Economics

Federal Reserve

Tech

ETFs

ASML

AVGO

HBAN

ISRG

LSCC

NVDA

SOXX

STLD

Chipmakers Rally, Nvidia Smashes Records On TSMC Blowout Earnings, Gold Hits All-Time Highs: What's Driving Markets Thursday?

Shares of Taiwan Semiconductor Manufacturing Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) are trading higher after the company reported earnings <a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips">that beat expectations</a>.



Many analysts overthink the markets and make things more complicated than necessary. They forget that markets are driven by supply and demand.



If there isn't enough supply of shares for sale, buyers cannot fulfill their buy orders or meet their demand. As a result, they may have no choice but to offer successively higher prices to attract sellers into the market.



This trading action forces the shares into an uptrend.



When a stock reaches a resistance level, the dynamic changes. There is more than enough supply (sell orders) than there is demand (buy orders). Investors and traders can buy all the shares they need without driving the price any higher.



Sometimes stocks reverse and head lower after reaching resistance. This happens when some of the people who wish to sell become concerned that other sellers will undercut them. They know that the buyers will go to whoever is willing to sell at the lowest price.



So, these concerned sellers reduce the prices at which they are willing to sell. Other concerned sellers see this and do the same thing. This can result in a snowball effect that pushes the price lower.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41381558/netflix-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call">Netflix Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>



But sometimes when a stock reaches resistance, the buyers overpower the sellers and push the price higher. Traders refer to this as a breakout. And as you can see on the chart, Tawain Semi appears to be breaking out.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="630" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17105138/tsm-chart-1024x630.png" alt="" class="wp-image-600987" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17105138/tsm-chart-1024x630.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17105138/tsm-chart-300x185.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17105138/tsm-chart-768x472.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/17105138/tsm-chart.png 1182w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Breakouts can illustrate an important dynamic. If the price is higher than the resistance level, it means that the traders and investors who created the resistance with their sell orders have canceled or completed their orders.



Regardless, they have left the market.



With this large amount of supply out of the way, the market will be out of equilibrium. The buyers will again be forced to push the price higher if they want to acquire shares.



This means <a href="https://www.benzinga.com/quote/TSM">Taiwan Semi </a>may be entering a new uptrend.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41377745/tsmc-on-cusp-of-topping-1-trillion-valuation-as-stock-jumps-8-in-premarket-whats-going-on">European Central Bank Lowers Interest Rates Again, First Back-To-Back Cuts In 13 Years</a></li>
</ul>



Photo: Shutterstock

Technicals

Stock Of The Day: Taiwan Semiconductor Breaks Out As Buyers Push Prices Higher

The Federal Trade Commission (FTC) finalized a rule Wednesday aimed at simplifying <a href="https://www.benzinga.com/news/23/06/32982143/retailers-subscription-like-prime-and-walmart-under-scrutiny-ftc-to-review-alleged-malpractices">subscription cancellations. </a>



The Details: The <a href="https://www.ftc.gov/news-events/news/press-releases/2024/10/federal-trade-commission-announces-final-click-cancel-rule-making-it-easier-consumers-end-recurring">new rule</a> is called "click-to-cancel." It aims to protect consumers from businesses that make it difficult, or even impossible, to cancel subscriptions. 



"Too often, businesses make people jump through endless hoops just to cancel a subscription," said Commission Chair Lina M. Khan. "The FTC's rule will end these tricks and traps, saving Americans time and money. Nobody should be stuck paying for a service they no longer want."



The final rule is part of the FTC&#8217;s ongoing efforts to modernize the 1973 Negative Option Rule in order to combat unfair and deceptive practices related to subscriptions and memberships. The agency reported complaints regarding recurring subscription practices have been steadily increasing over the past five years and in 2024 the FTC received nearly 70 consumer complaints per day on average, up from 42 per day in 2021.



See Also: <a href="https://www.benzinga.com/news/24/10/41370426/pepsi-fights-back-against-shrinkflation-why-your-chip-bags-will-be-fuller-in-the-future">Pepsi Fights Back Against Shrinkflation: Why Your Chip Bags Will Be Fuller In The Future</a>



Why It Matters: The click-to-cancel rule will go into effect in about six months and could have major consequences for digital retailers including Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), online service providers like Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and more traditional subscriptions like The New York Times Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYT#NYSE">NYT</a>). Under the new rule, companies will have to get consent for subscriptions, auto-renewals and free trials that convert to paid memberships and must "make it as easy for consumers to cancel their enrollment as it was to sign up."&nbsp;



The FTC has previously targeted Amazon's <a href="https://www.ftc.gov/news-events/news/press-releases/2023/06/ftc-takes-action-against-amazon-enrolling-consumers-amazon-prime-without-consent-sabotaging-their">business practices</a> which it claims includes enrolling consumers into its Prime subscription service without their expressed consent and then making it difficult for consumers to cancel the Prime subscriptions. The FTC has also scrutinized similar subscription services from other large retailers including Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>).&nbsp;



Planet Fitness, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) has become well-known for its notoriously difficult-to-cancel gym memberships. The issue was highlighted in a <a href="https://x.com/linakhanftc/status/1479162568799395840">tweet</a> from FTC Chair Kahn and later featured in a Bear Cave <a href="https://www.benzinga.com/news/23/01/30486679/planet-fitness-an-illegal-billing-operation-with-gyms-on-the-side-short-seller">short-seller report</a> on the company.&nbsp;&nbsp;



"FTC has made clear that to comply with the law, businesses must ensure sign-ups are clear, consensual and easy to cancel," Khan tweeted in reference to a complaint about Planet Fitness's cancellation process.&nbsp;



Read Also:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41379867/european-central-bank-lowers-interest-rates-again-first-back-to-back-cuts-in-13-years">European Central Bank Lowers Interest Rates Again, First Back-To-Back Cuts In 13 Years</a></li>
</ul>



Image:&nbsp;Markus Winkler from Pixabay

Regulations

General

AMZN

PLNT

FTC 'Click-To-Cancel' Rule Makes It Easy To End Subscriptions: What It Means For Netflix, Planet Fitness And More

The European Central Bank on Thursday lowered the deposit rate by 25 basis points. The widely-anticipated move marks the ECB's third interest <a href="https://www.benzinga.com/government/24/09/40831961/european-central-bank-cuts-key-interest-rates-as-inflation-cools">rate cut of the year.&nbsp;</a>



"The incoming information on inflation shows that the disinflationary process is well on track. The inflation outlook is also affected by recent downside surprises in indicators of economic activity. Meanwhile, financing conditions remain restrictive," the central bank <a href="https://www.ecb.europa.eu/press/pr/date/2024/html/ecb.mp241017~aa366eaf20.en.html">stated</a>.&nbsp;



The ECB's decision to lower rates marks its first set of back-to-back rate cuts in 13 years. The new interest rates will be effective from Oct. 23 and are set at 3.25% for the deposit facility, 3.6% for the refinancing rate, and 3.65% for the marginal lending rate.



Read Next: <a href="https://www.benzinga.com/news/24/10/41370426/pepsi-fights-back-against-shrinkflation-why-your-chip-bags-will-be-fuller-in-the-future">Pepsi Fights Back Against Shrinkflation: Why Your Chip Bags Will Be Fuller In The Future</a>



The central bank says that it sees inflation increasing in the coming months before coming down to its 2% medium-term target next year. The ECB noted domestic inflation remains high, as wages continue to rise at an elevated pace and said it "will keep policy rates sufficiently restrictive for as long as necessary" to ensure that inflation returns to its 2% target.&nbsp;



Markets React: European markets are trading higher on Thursday as traders assess the ECB's interest rate cut. The pan-European Stoxx 600 index was up 0.8% at around 1:30 p.m. London time. Investors will be watching the Xtrackers MSCI Europe Hedged Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBEU#NYSE">DBEU</a>) and the SPDR Portfolio Europe ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPEU#NYSE">SPEU</a>) to gauge the market reaction to the cuts.  



Read Also:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/government/24/10/41346351/cybersecurity-firm-warns-of-threats-to-2024-presidential-election-integrity">Cybersecurity Firm Warns Of Threats To 2024 Presidential Election Integrity</a>&nbsp;</li>
</ul>



Photo: Shutterstock

DBEU

SPEU

European Central Bank Lowers Interest Rates Again, First Back-To-Back Cuts In 13 Years

Retail sales in September exceeded expectations, highlighting strong consumer spending and reinforcing positive signals for broader economic growth <a href="https://www.benzinga.com/topic/economics">as the third quarter wrapped up</a>.



Simultaneously, the latest labor market data saw a decline in jobless claims rose during the week ending Oct. 12.



<h3 class="wp-block-heading">September Retail Sales Report: Key Highlights</h3>



<ul>
<li>Retail sales increased by 0.4% in September from the previous month, surpassing both the 0.3% economist consensus, as per TradingEconomics, and the 0.1% growth in August.</li>



<li>On a year-over-year basis, retail sales decelerated, down to 1.7% compared to 2.2% in August.</li>



<li>Excluding motor vehicles and parts, retail sales grew 0.5% month-over-month, exceeding the forecasted 0.1% increase and the upwardly revised 0.2% growth in August.</li>



<li>Stripping out gasoline, motor vehicles, and parts, sales climbed by a robust 0.7% in September, a sharp improvement from the upwardly revised 0.3% gain in August.</li>



<li>Among spending categories, the largest monthly gains were recorded in miscellaneous store retailers, up 4%, and clothing &amp; clothing accessories stores, up 1.5%.</li>



<li>Conversely, gasoline station, electronics and appliance stores experienced the steepest monthly decline, with sales dropping by 1.6% and 3.3%, respectively.</li>
</ul>



<h3 class="wp-block-heading">Weekly Unemployment Claims: Key Highlights</h3>



<ul>
<li>Initial jobless claims came in at 241,000, coming in below a consensus estimate of 260,000 claims, per TradingEconomics, and the prior week&#8217;s upwardly revised 260,000 figure. </li>



<li>The four-week average of claims rose from 231,500 to 236,250.</li>



<li>Continuing claims, reflecting those still receiving benefits after an initial week of aid, rose slightly to 1.867 million, remaining above the 1.87 million expected.</li>



<li>States hardest hit by the increase in jobless claims include Georgia, where claims rose by 3,100 and Pennsylvania, with a surge of 1,300. </li>



<li>Surprisingly, Florida recorded a decline of over 3,000 claims during the week, showing the Hurricane Milton had no major disruption on the region&#8217;s labor market.</li>
</ul>



<h3 class="wp-block-heading">Market Reactions: Stocks Rise Fueled By Chipmakers, Dollar Strengthens On ECB Cut</h3>



Stocks rallied in premarket trading on Thursday, driven by a tech-led surge that boosted futures for the S&amp;P 500 and Nasdaq 100.



Futures on the S&amp;P 500 climbed 0.5%, while Nasdaq 100 contracts advanced 1%, with semiconductor stocks leading the charge. Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) soared nearly 9% on strong earnings, propelling the sector higher.



The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) was up 3% on the news. 



Meanwhile, the U.S. dollar strengthened by 0.2% following the European Central Bank's 25-basis-point rate cut, as the ECB signaled that disinflation was &#8220;well on track.&#8221;



Treasury yields rose in response to stronger-than-expected retail sales and lower-than-predicted jobless claims. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41377257/wall-street-poised-to-open-higher-as-tsmc-earnings-expected-to-kick-off-rally-in-tech-stocks-strate">Wall Street Poised To Open Higher As TSMC Earnings Expected To Kick Off Rally In Tech Stocks: Strategist Says AI Trade Will Have Legs Even In Case Of Recession In 2025</a></li>
</ul>



Photo via Shutterstock.

September Retail Sales Exceed Estimates, Jobless Claims Fall More Than Expected

Spirit Airlines Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) is facing turbulent skies ahead. While the broader airline industry is flying high, Spirit's financial woes are pushing it toward <a href="https://www.benzinga.com/general/social-media/24/10/41189534/spirit-airlines-bankruptcy-chatter-has-critics-blaming-biden-heres-what-history-shows-about-">a potential bankruptcy</a>. 



With debt piling up and its stock plummeting, the budget carrier is now fast-tracking the retirement of its Airbus A319 fleet. 



Investors are left wondering: Can Spirit pull off a turnaround, or is this the beginning of the end?



<h2 class="wp-block-heading">What Happened?</h2>



Spirit Airlines is expediting the retirement of its Airbus A319 fleet, with final flights scheduled for Jan. 8, 2025—months ahead of its original plan, <a href="https://aviationa2z.com/index.php/2024/10/17/spirit-airlines-early-retiring-its-airbus-a319-fleet/">reported</a> Aviationa2z. The carrier's last four A319 flights will depart from Fort Lauderdale to Newark, Boston, Houston, and San Juan. This move comes as Spirit scrambles to streamline operations amid financial distress, exacerbated by the failed $3.8 billion merger with JetBlue Airways Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>).



The early fleet retirement underscores Spirit's urgent need to cut costs as it battles mounting debt and prepares for potential Chapter 11 bankruptcy. 



Read Also: <a href="https://www.benzinga.com/general/social-media/24/10/41189534/spirit-airlines-bankruptcy-chatter-has-critics-blaming-biden-heres-what-history-shows-about-">Spirit Airlines Bankruptcy Chatter Has Critics Blaming Biden: Here&#8217;s What History Shows About Carrier Mergers</a>



CEO Ted Christie has confirmed ongoing talks with bondholders, with $1.1 billion in secured bonds coming due within a year.



<h2 class="wp-block-heading">Why It Matters?</h2>



For Spirit investors, these developments paint a grim picture. The accelerated retirement of the A319 is part of the airline's broader effort to reduce operational costs, but it also signals deeper financial troubles. 



Spirit's stock has cratered, down 90% year-to-date, trading at $1.63. The company hasn't generated an annual profit since before the pandemic, and technical indicators show continued bearish momentum, with the stock below key moving averages.



Meanwhile, the airline sector is enjoying a resurgence, with United Airlines Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) reporting strong third quarter earnings and announcing a $1.5 billion stock buyback.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41364779/tech-stocks-stall-small-caps-surge-as-regional-banks-rally-airlines-rocket-whats-driving-markets-we">Tech Stocks Stall, Small Caps Surge As Regional Banks Rally, Airlines Rocket: What&#8217;s Driving Markets Wednesday?</a>



The Dow Jones U.S. Airlines Index and the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) also hit new 52-week highs on Wednesday, leaving Spirit far behind as competitors surge.



<h2 class="wp-block-heading">What's Next?</h2>



Spirit Airlines is on a tightrope. Bondholder negotiations could stave off bankruptcy, but the clock is ticking. 



The airline also faces operational challenges, including the recall of Pratt &amp; Whitney engines, forcing part of its fleet to be grounded. 



With a planned 20% capacity reduction in the fourth quarter, Spirit's future remains uncertain, while the rest of the airline industry continues to climb.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41367511/boeing-shares-are-trading-higher-today-what-you-need-to-know">Boeing Shares Are Trading Higher Today: What You Need To Know</a></li>
</ul>



Image via Wikimedia Commons

Short Ideas

Travel

JBLU

JETS

SAVE

Spirit Airlines Struggles To Regain Altitude As Competitors Soar, Bankruptcy Concerns Intensify

Amid a thriving economy, former United States Federal Deposit Insurance Corporation (FDIC) Chief Sheila Bair has raised alarms over the Federal Reserve&#8217;s potential rate cuts. 



What Happened: Despite the economy showing positive signs such as increasing wages, a strong stock market, and robust job creation, the Federal Reserve, under the leadership of Chair Jerome Powell, is contemplating further rate cuts.



The aim is to stimulate a labor market that is perceived to be cooling, even though the unemployment rate is at 4.1% with 254,000 jobs added in September.



Core inflation remains a pressing issue, with the Consumer Price Index showing a 3.3% rise, excluding food and energy. A survey by the University of Michigan indicates growing consumer inflation expectations. Bair, in an <a href="https://www.ft.com/content/b9d5bf73-5156-4a01-a8b8-fc13f168b7fc">opinion</a> piece in the Financial Times, warns that additional rate cuts could worsen inflation, disproportionately affecting low- and middle-income households.



&#8220;Some have called it a &#8216;Goldilocks economy,&#8217; but it feels more like Papa Bear's soup, running a bit hot,&#8221; Bair wrote.



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41331839/financial-sector-hits-record-highs-as-goldman-sachs-bank-of-america-citi-beat-q3-ea?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Financial Sector Hits Record Highs As Goldman Sachs, Bank of America, Citi Beat Q3 Earnings Expectations</a>



While some argue that rate cuts could enhance consumer spending by reducing borrowing costs, household debt has already reached a record $17.8 trillion. Bair stresses that stimulating demand through rate cuts might lead to increased inflation, offsetting any consumer savings from lower borrowing rates.



&#8220;The Fed should not stir the pot with further cuts,&#8221; she warned.



Why It Matters: The debate over interest rate cuts comes amidst differing views within the Federal Reserve. Raphael Bostic, President of the Atlanta Federal Reserve, recently projected <a href="https://www.benzinga.com/news/24/10/41350896/feds-bostic-projects-just-a-single-rate-cut-by-january-one-and-done-for-real">only one more rate cut</a> this year, deviating from the median projection of 50 basis points. He anticipates a single additional reduction of 25 basis points.



Meanwhile, Federal Reserve Governor Christopher J. Waller has expressed caution <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41321467/feds-waller-signals-caution-on-interest-rate-cuts-latest-inflation-data-was-disap">regarding interest rate cuts</a>, citing disappointing recent inflation data. Waller emphasized the economy&#8217;s solid footing but acknowledged concerns over inflation upticks, suggesting a careful approach to rate adjustments.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/government/24/10/41308384/mark-cuban-clashes-with-bill-ackman-after-billionaire-fund-manager-calls-kamala-harris-startup-tax-d?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Clashes With Bill Ackman After Billionaire Fund Manager Calls Kamala Harris&#8217; Startup Tax Deduction Proposal &#8216;Extremely Misleading:&#8217; &#8216;We Need To Get You Watching Shark Tank&#8217;</a></li>
</ul>



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.



Image via Federal Reserve

Analyst Color

Former FDIC Chief Warns Federal Reserve To 'Not Stir The Pot' With Further Rate Cuts: 'Some Have Called It A Goldilocks Economy, But…'

Technology stocks, specifically chipmakers, could lead from the front on Thursday as a<a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips"> stellar third-quarter earnings report </a>from Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is triggering positive sentiment toward all artificial intelligence plays. Oil prices have rebounded and gold traded at a fresh record, while bond yields held steady ahead of a slew of market-moving data that include retail sales, a regional manufacturing activity index, industrial production, and jobless claims.



Earnings news could provide an offsetting impact in the eventuality of the market construing the economic data as inclement. Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) is the first among the mega-cap earnings due after the market close and the results could evince interest among traders and set the tone for the tech reporting season.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>+0.81%</td></tr><tr><td>S&amp;P 500</td><td>+0.42%</td></tr><tr><td>Dow</td><td>+0.11%</td></tr><tr><td>R2K</td><td>-0.09%</td></tr></tbody></table></figure>



In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up 0.42% to $584.76 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) jumped 0.83% to $495, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



Small-caps ripped higher on Wednesday, extending their recent gains amid hopes of a benign economic environment but the major averages opened on a tentative note. Solid earnings reports from financial companies and strong gains by real-estate and utility stocks helped the major indices close firmly in the green.



The Dow Jones Industrial Average turned solidly higher immediately after spending the better part of the session above the unchanged line. The 30-stock blue-chip average ended at a fresh high, although it did not have enough momentum to break above its Oct. 15 intraday high of 43,277.78.



The S&amp;P 500 Index and the Nasdaq Composite had a lackluster first-half before picking up momentum in the afternoon. 



Of the 11 S&amp;P 500 sector classes, only communication services and consumer discretionary stocks declined in Wednesday&#8217;s session.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Index</td><td>Performance (+/)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>+0.28%</td><td>18,367.08</td></tr><tr><td>S&amp;P 500 Index</td><td>+0.47%</td><td>5,842.47</td></tr><tr><td>Dow Industrials</td><td>+0.79</td><td>43,077.70</td></tr><tr><td>Russell 2000</td><td>+1.64%</td><td>2,286.68</td></tr></tbody></table></figure>



Insights From Analysts:



Delving into the small-cap rally that has been on, LPL Financial Chief Technical Strategist Adam Turnquist said after being stuck in a consolidation phase over the past few months, small-caps have picked up some momentum in recent sessions, with the growth outlook recently improving — underpinned by better-than-feared labor market conditions — and increased visibility into Fed rate cuts, he said.



The strategist noted that the Russell 2,000 Index, or RTY, has rallied off the lower end of its rising price channel. &#8220;Recent strength in the banking space — the RTY's largest sector by weighting — has further supported small caps,&#8221; he said.



Technically, a close above 2,275 would confirm a breakout from its current symmetrical triangle and leave&nbsp;the 2021 highs (2,243)&nbsp;as the next resistance hurdle to clear, Turnquist said, adding that momentum indicators have also recently turned bullish, adding to the evidence of a topside breakout.



&#8220;Despite the improving absolute performance, the RTY vs. S&amp;P 500 ratio chart still remains in a downtrend and below its declining 200-day moving average (DMA),&#8221; he said. A close above the July highs would validate a trend reversal in favor of small caps outperforming, he added.



Meanwhile, a fund manager thinks AI-levered companies could be defensive plays. Louis Navellier said, &#8220;Semiconductor demand has become the new proxy for global growth trends, being incorporated into almost everything, and also has geopolitical implications with technology export controls in place and China continuing to saber rattle about taking Taiwan back.&#8221;



&#8220;The upshot here is the inference that AI will still have legs even if we slide into a global recession in &#8217;25,&#8221; he added.



See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>



Upcoming Economic Data:



<ul>
<li>The Labor Department is scheduled to release the weekly jobless claim report at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment insurance to come in at 260,000 in the week ended Oct. 12, up from 258,000 in the previous week.</li>



<li>The Commerce Department will release its September retail sales report at 8:30 a.m. EDT. The consensus estimates call for a 0.3% month-over-month increase in headline retail sales and a more modest 0.1% rise in retail sales, excluding the volatile auto sales. This compares to 0.1% increases for both in August.</li>



<li>The Philadelphia Fed is due to release the results of its manufacturing survey at 8:30 a.m. EDT. The diffusion index of business activity is expected to rise from 1.7 in September to 3 in October.</li>



<li>The Federal Reserve will release its industrial production report for September at 9:15 a.m. EDT. The consensus estimate models a 0.2% month-over-month decline in industrial output compared to 0.8% growth in August. </li>



<li>The Commerce Department&#8217;s business inventories report, due at 10 a.m. EDT, is expected to show a 0.3% month-over-month increase in business inventories for August, slightly slower than July&#8217;s 0.4% increase.</li>



<li>The National Association of Home Builders will release its housing market index for October at 10 a.m. EDT. The headline index, which measures confidence among homebuilders, is expected to rise a point from September to 42. A reading below 50 suggests a lack of confidence.</li>



<li>The Energy Information Administration will release its weekly oil inventories report at 11 p.m. EDT.</li>



<li>The Treasury is scheduled to auction four- and eight-week bills at 11:30 a.m. EDT.</li>
</ul>



Stocks In Focus:



<ul>
<li>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) climbed nearly 5% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the aluminum maker&#8217;s quarterly results, and TSMC surged up over 8% on a beat-and-raise quarter.</li>



<li>Other stocks moving on earnings are CSX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>) (down about 5%) Nokia Oyj (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) (down nearly 6%), and Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (up over 3%).</li>



<li>Blackstone Inc. (BX), Marsh &amp; McLennan Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>), and M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) are among the noteworthy <a href="https://www.benzinga.com/calendars/earnings">companies reporting ahead of the market opening.</a></li>



<li>Those reporting after the close include Netflix, Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>), WD-40 Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDFC#NASDAQ">WDFC</a>), and Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>).</li>



<li>Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>) climbed over 7.7% on the news that Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) might be interested in buying the company.</li>



<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) plunged over 15% on a common stock offering.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures are reversing course and were up modestly after their recent pullback and gold futures traded at a record. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped over 1% over the past 24 hours and was at a sub-$67K level.



The 10-year U.S. Treasury note yield was little changed at 4.036%.



The Asian markets ended mixed on Wednesday, as the Japanese, Chinese, Hong Kong, Indian, and South Korean markets retreated. Most other markets ended on a firm note, tracking higher energy prices and the positive close on Wall Street overnight.



European stocks traded in the green in the early hours, thanks to earnings optimism.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41375637/market-very-convinced-of-a-trump-win-says-stanley-druckenmiller-why-billionaire-inv">Market &#8216;Very Convinced&#8217; Of A Trump Win, Says Stanley Druckenmiller: Why Billionaire Investor Thinks Blue Sweep Is &#8216;Highly Unlikely&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

Futures

Previews

Pre-Market Outlook

EXPE

LCID

UBER

WDFC

Wall Street Poised To Open Higher As TSMC Earnings Expected To Kick Off Rally In Tech Stocks: Strategist Says AI Trade Will Have Legs Even In Case Of Recession In 2025

The stock market is currently at its most expensive in decades, according to David Einhorn, a billionaire investor. This assessment is based on the <a href="https://www.benzinga.com/news/24/08/40435655/warren-buffetts-189b-cash-pile-not-a-sign-of-looming-market-crash-says-fund-manager-everybody-gets-e">recent stock sales by another prominent investor</a>, Warren Buffett.



What Happened: Einhorn&#8217;s hedge fund, Greenlight Capital, issued a quarterly letter that highlighted the current overvaluation of equities. 



The letter pointed out that this is the highest overvaluation since the fund&#8217;s inception in 1996. The letter also suggested that now might not be the best time for high equity exposure, using Buffett&#8217;s stock sales as evidence.



Buffett, the renowned investor behind Berkshire Hathaway, has been steadily reducing his equity positions and increasing his cash reserves. By August, Buffett had amassed a record <a href="https://www.benzinga.com/news/24/08/40435655/warren-buffetts-189b-cash-pile-not-a-sign-of-looming-market-crash-says-fund-manager-everybody-gets-e">cash pile of $189 billion</a> and had continued to sell off successful stocks.



&#8220;Our sense is that Mr. Buffett's portfolio adjustments are not a prediction that the market will fall next week, next month, or even next quarter. Rather, these stock sales more likely express a long-term view that right now is not a great time to have a lot of equity exposure and that the opportunity set is expected to be better at some point in the not-so-distant future.&#8221; Einhorn wrote in the letter. 



While Greenlight does not interpret Buffett&#8217;s actions as a prediction of an impending crash, it does note that Buffett has a knack for reducing exposure at the right time. The letter cited examples of Buffett&#8217;s actions before the 1960s market bubble and the 1987 crash.



Greenlight suggests that these sales indicate that high equity exposure might be best avoided until a better opportunity arises in the near future. The firm also noted that despite cyclical highs in corporate earnings, elevated price-to-earnings ratios and low dividend yields are concerning.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41372587/robinhood-legend-desktop-app-launches-to-high-demand-ceo-vlad-tenev-reveals-1-000-early-access-u">Robinhood Legend Desktop App Launches To High Demand — CEO Vlad Tenev Reveals 1,000 Early-Access Users Opted In In &#8217;46 Seconds&#8217;</a>



Greenlight is trading based on these concerns and has disclosed that it has a &#8220;very low exposure to equity beta.&#8221; The fund reported a third-quarter return of 1.1%, compared to the S&amp;P 500&#8217;s 5.9% gains.



Why It Matters: This is not the first time Einhorn has raised concerns about the market. In an interview in August, he described the <a href="https://www.benzinga.com/general/entertainment/24/08/40491031/billionaire-hedge-fund-manager-david-einhorn-says-stock-market-is-fundamentally-broken-here">market as &#8220;fundamentally broken</a>,&#8221; arguing that not enough money is being dedicated to investing in undervalued companies.



Einhorn has also been <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38099167/greenlights-david-einhorn-is-loading-up-on-gold-as-a-hedge-against-something-not-so-good">loading up on gold as a hedge against inflation</a>, a move that could be seen as a response to his concerns about the market.



Meanwhile, Buffett has been making significant moves in the market, including <a href="https://www.benzinga.com/markets/asia/24/10/41266529/warren-buffetts-berkshire-hathaway-reportedly-raises-1-9b-through-largest-samurai-bond-sale-in-5-yea">raising $1.9 billion through a Samurai bond sale</a> and <a href="https://www.benzinga.com/markets/equities/24/10/41294370/warren-buffett-continues-trimming-bank-of-america-position-no-longer-needs-to-report-sales">trimming his Bank of America position</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41306653/anthony-scaramucci-praises-trump-for-shifting-the-crypto-debate-hes-now-forced-the-democra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Praises Trump For Shifting The Crypto Debate: &#8216;He&#8217;s Now Forced The Democrats To Come Back Into The Middle&#8217;</a></li>
</ul>



Image via MidJourney



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

Warren Buffett's Stock Sales Point To Overvalued Market, Says Hedge Fund Manager David Einhorn: 'Not A Great Time To Have A Lot Of Equity Exposure'

Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>) announced quarterly results that came in ahead of forecasts, thanks to strong demand for advanced processor node technologies used in artificial intelligence applications. The foundry, which supplies chips to most global corporations including Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), guided fourth-quarter revenue sharply above the consensus.



TSMC&#8217;s Key Q3 Metrics: Hsinchu, Taiwan-based TSMC reported consolidated third-quarter revenue of NT$759.69 billion ($23.50 billion), up 39% year-over-year. Sequentially, the top line expanded by 12.8%. In dollar terms, the revenue growth was 36% year-over-year and 12.9% quarter-over-quarter.



Revenue topped the NT$748 billion consensus, as provided by Bloomberg.



The top-line performance also exceeded the company&#8217;s guidance of $22.4 billion- $23.2 billion.



TSMC said its business was supported by strong smartphone and AI-related demand for our industry leading 3nm and 5nm technologies.



Net income and earnings per share climbed a steeper 54.2% each to NT$325.26 billion and NT$12.54 per share ($1.94), respectively. Analysts, on average, expected a net profit of NT $300.2 billion, according to LSEG estimate available through Reuters.



The company said 3-nm accounted for 20% of the total revenue, while 5-nm and 7-nm technologies accounted for 32% and 17%, respectively. The more advanced technologies together made up 69% of the total wafer revenue, up from 67% in the previous quarter.



&#8220;Our business in the third quarter was supported by strong smartphone and AI-related demand for our industry-leading 3nm and 5nm technologies," said Wendell Huang, Senior VP and Chief Financial Officer of TSMC.



See Also: <a href="https://www.benzinga.com/money/best-semiconductor-stocks">Best Semiconductor Stocks</a>



Margin Profile: Here&#8217;s how margins compare to the prior-year periods:



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td></td><td>Q3&#8217;24</td><td>Q2&#8217;24</td><td>Q3&#8217;23</td></tr><tr><td>Gross Margin</td><td>57.8%</td><td>53.2%</td><td>54.3%</td></tr><tr><td>Operating Margin</td><td>47.5%</td><td>42.5%</td><td>41.7%</td></tr><tr><td>Net Profit Margin</td><td>42.8%</td><td>36.8%</td><td>38.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Source: Company statement</figcaption></figure>



TSMC&#8217;s End-Market Performance: High-performance computing accounted for 51% of the total revenue and smartphone 34%. The fastest quarter-over-quarter growth was in IoT.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td></td><td>Contribution to revenue</td><td>Q-o-Q growth</td></tr><tr><td>HPC</td><td>51%</td><td>+11%</td></tr><tr><td>Smartphone</td><td>34%</td><td>+16%</td></tr><tr><td>IoT</td><td>7%</td><td>+35%</td></tr><tr><td>Automotive</td><td>5%</td><td>+6%</td></tr><tr><td>DCE</td><td>1%</td><td>-16%</td></tr><tr><td>Others</td><td>2%</td><td>+8%</td></tr></tbody></table></figure>



TSMC&#8217;s Outlook: TSMC guided to fourth-quarter revenue of $26.1 billion to $26.9 billion. The guidance is well above the $24.86 billion consensus estimate. Huang said, &#8220;Moving into fourth quarter 2024, we expect our business to continue to be supported by strong demand for our leading-edge process technologies.&#8221;



Assuming an exchange rate of NT$32 for one USD, the company expects gross and operating profit margins of 57%-59% and 46.5%-48.5%, respectively.



TSMC Stock: The AI euphoria has driven shares of companies levered to the technology sharply higher and TSMC is no exception. The Taiwanese company&#8217;s ADRs listed on the NYSE are up over 82% for the year-to-date period. It ended Wednesday&#8217;s session up 0.19% at $187.48, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>



Photo by Sundry Photography on Shutterstock



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41351475/after-asml-rocks-ai-hardware-names-gene-munster-explains-why-its-overreaction-ai-tr">After ASML Rocks AI Hardware Names, Gene Munster Explains Why It&#8217;s &#8216;Overreaction:&#8217; &#8216;AI Trade Is On Track&#8217;</a></li>
</ul>

AAPL

TSMC

Nvidia Supplier TSMC Q3 Trumps Estimates On Strong AI Chip Demand, Guides Q4 Above Consensus (UPDATED)

On Wednesday, October 16th, U.S. markets closed higher, with the Dow Jones Industrial Average hitting a record high, closing above 43,000 points. Gains in small-caps and financial stocks, led by strong earnings from Morgan Stanley, offset declines in mega-cap tech shares. The S&amp;P 500 and Nasdaq also rose.



According to economic data, U.S. export prices declined by 0.7% month-over-month, surpassing market expectations of a drop of 0.4%, and import prices fell by 0.4% compared to the previous month.



Most sectors on the S&amp;P 500 ended higher, with utilities, financials, and real estate stocks leading the gains, while communication services and consumer staples stocks declined.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;



The Dow Jones Industrial Average gained 0.79% and closed at 43,077.70. The S&amp;P 500 ended the day higher by 0.47% at 5,842.47, and the Nasdaq Composite rose 0.28%, finishing the session at 18,367.08.



Asia Markets Today



<ul>
<li>On Thursday, Japan&#8217;s Nikkei 225 closed lower by 0.65% at 38,945.50, led by losses in the Precision Instruments, Electrical/Machinery, and Machinery sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 gained 0.86% and ended the day at 8,355.90, led by gains in the Gold, Industrials and Financials sectors.</li>



<li>India&#8217;s Nifty 50 traded lower by 0.88% at 24,750.75, and the Nifty 500 was down 1.25% at 23,376.55.</li>



<li>China&#8217;s Shanghai Composite fell 1.05% to close at 3,169.38, while the Shenzhen CSI 300 declined 1.13%, finishing the day at 3,788.22.</li>



<li>Hong Kong&#8217;s Hang Seng slid 1.02% and closed the session at 20,079.10.</li>
</ul>



Eurozone at 06.00 AM ET



<ul>
<li>The European STOXX 50 index was up 0.73%.</li>



<li>Germany&#8217;s DAX gained 0.63%.</li>



<li>France&#8217;s CAC rose 1.08%.</li>



<li>U.K.&#8217;s FTSE 100 index traded higher by 0.36%.</li>
</ul>



Commodities at 06.00 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.48% at $70.74/bbl, and Brent was up 0.49% at $74.57/bbl.</li>



<li>Oil prices remained steady as investors awaited developments in the Middle East, U.S. oil inventory data, and China&#8217;s stimulus plans. Uncertainty over potential conflict-related supply disruptions continues.</li>



<li>Natural Gas was down 0.21% at $2.362.</li>



<li>Gold was trading up 0.15% at $2,695.60, Silver slid 0.60% to $31.788, and Copper declined 1.33% to $4.3090.</li>
</ul>



U.S. Futures at 06.00 AM ET



Dow futures were up 0.09%, S&amp;P 500 futures gained 0.41%, and Nasdaq 100 Futures rose 0.69%.



Forex at 06.00 AM ET



The U.S. dollar index slid 0.03% to 103.56, the USD/JPY was down 0.02% to 149.59, and the USD/AUD fell 0.39% to 1.4943.



Photo by Pavel Bobrovskiy via Shutterstock

Asia

Emerging Markets

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Asia Down, Europe Gains; Crude Oil Steady As Investors Eye Middle East Developments - Global Markets Today While Us Slept

Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) unveiled its new desktop trading platform, Robinhood Legend, at the HOOD Summit 2024, marking another step in the company&#8217;s transformation from a mobile-first trading app to a c<a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading">omprehensive wealth management platform</a>.



What Happened: The new platform, which offers advanced charting capabilities including up to eight simultaneous charts and enhanced technical indicators, aims to attract more sophisticated retail investors. CEO Vlad Tenev announced that initial demand was strong, with the first thousand early access spots claimed in under a minute.



&#8220;Our first thousand early access spots to Robinhood Legend were claimed in 46 seconds,&#8221; Tenev wrote on X.



<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">Our first thousand early access spots to Robinhood Legend were claimed in 46 seconds &#x1f525; More access coming soon: <a href="https://t.co/CheGywIcHh">https://t.co/CheGywIcHh</a>&mdash; Vlad Tenev (@vladtenev) <a href="https://twitter.com/vladtenev/status/1846701469430333618?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



&#8220;We really think for many people, including those in this room, this will likely become the primary way you trade on Robinhood,&#8221; Tenev said during the summit presentation. &#8220;I think we&#8217;ve come a long way from an investing app on your phone all the way to a desktop platform for advanced [traders].&#8221;



The platform will be available free to Robinhood users and will roll out gradually over the coming weeks. During the summit, Abhishek Fatehpuria, Senior Director of Product at Robinhood, demonstrated Legend&#8217;s features, which allow users to conduct detailed technical analysis before executing trades through the platform.



Tenev also outlined several upcoming platform enhancements, including:



<ul>
<li>Lower margin rates</li>



<li>Simulated returns</li>



<li>Futures trading capabilities</li>



<li>Realized profit and loss tracking</li>



<li>Index options trading</li>
</ul>



The company offered immediate early access to summit attendees and the first thousand users who visit robinhood.com/legend on a desktop or laptop computer.



This launch represents Robinhood&#8217;s latest effort to expand its service offerings beyond its initial mobile-focused, commission-free trading model that gained popularity during the meme stock trading boom. The move positions the company to compete more directly with traditional brokerages that offer comprehensive desktop trading tools.



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41366736/netflix-q3-earnings-preview-ad-supported-plan-price-hikes-and-content-slate-key-foc">Netflix Q3 Earnings Preview: Ad-Supported Plan, Price Hikes, And Content Slate Key Focus As Company &#8216;Adds More And More Live Content&#8217;</a>



Why It Matters: Robinhood&#8217;s introduction of the Legend platform comes amid a series of strategic expansions. Robinhood announced also the launch of <a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading">futures and index options trading</a>, signaling a major expansion of its offerings. CEO Tenev highlighted the availability of index options trading in the coming months, with extended-hours trading expected next year.



Additionally, Robinhood&#8217;s efforts to attract younger investors have been bolstered by its <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40820571/robinhood-woos-millennials-as-crypto-based-transaction-revenue-spikes-161">crypto strategy</a>, which has significantly increased its revenue. The company&#8217;s acquisition of Bitstamp and expansion into the European Union are part of its strategy to enhance its crypto trading services.



Furthermore, the company&#8217;s stock has seen positive momentum, with a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40945948/this-robinhood-analyst-raises-forecast-by-17-on-retail-trading-and-crypto-expansion">recent re-rating</a> by Piper Sandler analyst Patrick Moley, who raised the price target from $23 to $27. 



Price Action: Robinhood stock closed at $26.93 on Wednesday, up 0.49% for the day. In after-hours trading, the stock rose an additional 2.49%. Year to date, Robinhood&#8217;s stock has surged by an impressive 117.70%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41372383/apple-had-a-hush-hush-relationship-with-teslas-chinese-rival-byd-for-now-abandoned-car-plans-cuperti">Apple Had A Hush-Hush Relationship With Tesla&#8217;s Chinese-Rival BYD For Now-Abandoned Car Plans — Cupertino Poured Nearly $1B Each Year For A Decade Into The Project</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.

Robinhood Legend Desktop App Launches To High Demand — CEO Vlad Tenev Reveals 1,000 Early-Access Users Opted In In '46 Seconds'

YouTube, a subsidiary of Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, is extending its &#8220;Premium Lite&#8221; plan to additional countries, offering a more affordable subscription with fewer ads.



What Happened: YouTube&#8217;s &#8216;Premium Lite&#8217; plan, which is approximately half the price of the standard Premium subscription, is now accessible in more countries, <a href="https://www.androidauthority.com/youtube-premium-lite-returns-3491193/">reported</a> Android Authority.



Unlike the standard Premium plan that&nbsp;includes YouTube Music, offline downloads,&nbsp;and background play, &#8216;Premium Lite&#8217; only reduces ads. However, it doesn&#8217;t completely remove them.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s iPhone 16 Powers Record Sales In Q3, Just Behind Samsung In Global Market Share Battle</a>



YouTube had previously pulled back the &#8216;Lite&#8217; plan from most countries in late 2023, but it was never fully discontinued. The tech giant confirmed plans to continue testing the plan, which was initially launched in Thailand.



&#8220;We're testing a different version of Premium Lite and some users in Australia, Germany and Thailand may see the option to sign up,&#8221; the company told the report.



Users from various countries, including Australia and Germany, have reported seeing the &#8216;Premium Lite&#8217; option.



In Australia, the plan is priced at&nbsp;$11.99/month, half the cost of&nbsp;the&nbsp;standard Premium plan. An $8.99/month&nbsp;price also appears to be under testing.



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: This expansion comes after YouTube introduced a range of <a href="https://www.benzinga.com/general/entertainment/24/10/41350347/youtube-rolls-out-new-features-including-sleep-timer-collaborative-playlists-and-enhanced-m">new features designed to improve</a> user experience and foster a stronger connection between creators and their audiences.



Earlier in the same month, YouTube faced a bug that erroneously <a href="https://www.benzinga.com/news/24/10/41178356/youtube-bug-bans-users-and-removes-channels-googles-video-streaming-service-says-they-know-about-it">banned accounts and removed channels</a> worldwide.



The platform eventually reinstated the channels and restored access to paid services like YouTube TV, YouTube Premium, and YouTube Music subscriptions.



Photo by Sky Motion on Shutterstock



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>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41306527/apples-low-cost-vision-pro-could-hit-the-shelves-next-year-everything-you-need-to-know-about-iphone?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Low-Cost Vision Pro Could Hit The Shelves Next Year — Everything You Need To Know About iPhone Maker&#8217;s Plan To Challenge Meta</a></li>
</ul>



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

Media

GOOG

GOOGL

YouTube's 'Premium Lite' Plan That Removes Some Ads, But Doesn't Offer Any Other Perks Is Rolling Out To More Countries

Bitcoin saw a halt in its rally, while the king of meme coins, Dogecoin, fared among the biggest gainers Wednesday.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 9:30 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+0.21%</td><td>$67,611.27</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.24%</td><td>$2,617.40</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>+7.19%</td><td>$0.1253</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency bounced above $68,000 in the early morning hours, a level not seen since the last week of July.&nbsp;



However, bulls faced stiff resistance subsequently, resulting in a sideways movement in the high $67,000s.



Dogecoin jumped over 7%, becoming the best-performing billon-dollar capitalization coin in the last 24 hours.



"BTC continues to remain resilient above the $65,000 level as betting markets point to higher odds of <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41363075/26m-bet-on-trumps-election-victory-fuels-speculation-of-coordinated-activity-on-polymarket">Trump&#8217;s win</a>," Digital asset trading firm QCP Capital said.



Total cryptocurrency liquidations hit $126.32 million in the last 24 hours after hitting a two-week high the previous day. More than $72 million in bullish bets was wiped out.



Bitcoin's Open Interest jumped 3.20% in the last 24 hours. A rise in OI, coupled with a sideways price movement, indicated a potential breakout to the upside.



Market sentiment continued to be "Greed," according to the Cryptocurrency Fear &amp; Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 9:30 p.m. EDT)</td></tr><tr><td>Mog Coin (MOG)</td><td>+11.56%</td><td>$0.000002064</td></tr><tr><td>Bonk (BONK)</td><td>+11.02%</td><td>$0.00002471</td></tr><tr><td>Dogecoin (DOGE)</td><td>+6.39%</td><td>$0.1244</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.32 trillion, following an increase of 0.63% in the last 24 hours.



Stocks recovered from Tuesday's retrace to close at record highs. The Dow Jones Industrial Average surged 337.28 points, or 0.79%, to close at a new peak of 43,077.70. The S&amp;P 500 gained 0.47% to end at 5,842.47, while the tech-heavy Nasdaq Composite rose 0.28% to close at 18,367.08.



Banking giant Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) jumped 6.51% during Wednesday's trading after<a href="https://www.benzinga.com/news/earnings/24/10/41354865/morgan-stanley-q3-earnings-institutional-securities-sees-momentum-total-client-assets-surpass-7-5t-"> its third-quarter profit beat estimates</a>.



Traders have priced in a 92% probability of a 25 basis point rate cut during the next month's FOMC meeting, according to CME FedWatch tool.



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



Analyst Notes: On-chain analytics firm Santiment highlighted the astronomical surge in Bitcoin whale transactions this week.



Furthermore, conversations around the apex cryptocurrency have spiked as it breached $68,000 for the first time since July.



"Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO," Santiment said, clarifying that any retrace would likely be for a shorter period.



<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">&#x1f433; Bitcoin&#39;s whale transactions have spiked to their highest level in over 10 weeks, with 11,697 $100K+ transfers on the network Tuesday, and Wednesday on pace for a high mark as well. &#x1f5e3;&#xFE0F; Additionally, conversations across social media have veered heavily toward BTC over… <a href="https://t.co/Izhq6JeaAd">pic.twitter.com/Izhq6JeaAd</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1846663363088236545?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst Michaël van de Poppe predicted a new all-time high for King Crypto in the coming weeks.&nbsp;



"I think we&#8217;ll see this happening in the next 3-4 weeks that we&#8217;ll see that all-time high and likely $90K before EOY," he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is aiming for a new all-time high. The trend has switched. I think we&#39;ll see this happening in the next 3-4 weeks that we&#39;ll see that all-time high and likely $90K before EOY. <a href="https://t.co/7jnSyZHVR3">pic.twitter.com/7jnSyZHVR3</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1846551684622999963?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41372090/anthony-scaramucci-tells-what-percentage-of-his-wealth-is-tied-up-in-bitcoin-i-havent-sold">Anthony Scaramucci Tells What Percentage Of His Wealth Is Tied Up In Bitcoin: &#8216;I Haven&#8217;t Sold Any. Thank God, Knock On Wood!&#8217;</a></li>
</ul>

Bitcoin, Ethereum Shift Sideways, Dogecoin Jumps As Stocks Hit New Record: Top Analyst Predicts King Crypto To Hit New High In 3-4 Weeks, $90K By Year-End

The Symbol LFHLF was not found. Here are some similar symbols and popular symbols to consider.

LFHLF Page Not Found - Benzinga

Symbol Similar to: LFHLF

Top Gaining Stocks

Notizie

PARTNER/COLLABORATORE

BENZINGA NEL MONDO