Morgan Stanley is raising red flags about U.S. equity <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42224850/2025-stock-playbook-tap-into-ais-1-trillion-potential-us-growth-opportunities">markets heading into 2025</a>.



Sky-high valuations could set the stage <a href="https://www.benzinga.com/topic/expert-ideas">for a turbulent year</a>, according to Mike Wilson, the bank's chief U.S. equity strategist. The S&amp;P 500 is "extremely expensive" and investors should brace for lower multiples and more challenging conditions after 2024's rally, he says on the most recent edition of Morgan Stanley&#8217;s &#8220;Thoughts on the Market&#8221; <a href="https://www.morganstanley.com/ideas/thoughts-on-the-market-global-outlook">podcast</a>.



"The majority of this year's [2024] equity returns were multiple expansion. That's not going to happen again in 2025," he says. Morgan Stanley forecasts a 5% contraction in valuation multiples, which will likely cap equity market gains despite improving corporate earnings.



For investors, the implications are clear: The days of easy gains seem a distant memory and the importance of the stock picking will likely emerge.



<h3 class="wp-block-heading">S&amp;P 500 Outlook For 2025: Modest Returns With Wide Upside And Downside Scenarios</h3>



The S&amp;P 500 index — as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — is currently trading at 23 times forward earnings. That&#8217;s far above its historical average of 16-17. 



The elevated valuation leaves little room for error, as stocks could quickly become vulnerable to negative economic surprises or a deterioration in corporate profitability.



Morgan Stanley's base case for 2025 calls for high single-digit total returns for U.S. equities, driven primarily by modest earnings growth. 



But Wilson warned that lofty valuations will act as a drag, making further gains increasingly difficult. "You get what you pay for," he cautions, adding that investors may need to recalibrate their expectations.



&#8220;The consensus views are generally fairly narrow around the soft landing and that&#8217;s very priced as well. So, the risks are that the consensus view doesn&#8217;t play out. And that&#8217;s why we have two bull and two bear cases in the U.S.&#8221; he added.



Morgan Stanley&#8217;s optimistic scenario envisions the S&amp;P 500 climbing to 7,400 points by the end of 2025, while its most pessimistic projection predicts a sharp decline to 4,600 points.



<h3 class="wp-block-heading">Key Risks That Could Derail The Market In 2025 According To Morgan Stanely</h3>



Morgan Stanley's outlook for 2025 is shaped by a host of unsettling risks that threaten to shake markets out of their comfort zone.



<ul>
<li>Valuation compression: With the S&amp;P 500 already trading at a premium, any disappointment in earnings or macroeconomic data could trigger a significant pullback.</li>



<li>Policy uncertainty: Fiscal challenges loom large as Congress debates how to handle the expiration of the Tax Cut and Jobs Act (TCJA) in 2025. In addition, escalating tariffs on China and ongoing geopolitical tensions could reignite inflationary pressures.</li>



<li>Earnings pressure: While Morgan Stanley expects earnings to grow, the pace of that growth may not be enough to offset shrinking multiples.</li>



<li>Consensus overconfidence: Investors are overwhelmingly betting on a "soft landing" for the U.S. economy, leaving little room for the market to price in a less favorable outcome.</li>
</ul>



<h3 class="wp-block-heading">Market Opportunities For 2025: Stock Picking And Rotation</h3>



Wilson stressed that stock-picking will be critical in 2025, highlighting the high level of valuation dispersion across the market. 



"Clients are really being rewarded for taking single-stock exposures," he noted, underscoring the opportunities available to investors who are prepared to navigate sector and style rotations.



In this environment, investors will need to move away from relying on broad market momentum and instead focus on selective stock-picking and tactical rotation strategies to manage the growing uncertainty.



As Wilson puts it: "We're going to do what we did this year—rotate around from a style and size perspective, depending on the macro outlook."



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42236201/aerospace-ready-to-take-off-goldman-sachs-reveals-11-top-picks-in-the-sector">Aerospace Ready To Take Off: Goldman Sachs Reveals 11 Top Picks In The Sector</a></li>
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Morgan Stanley Sounds Alarm For Markets In 2025: 'S&P 500 Is Extremely Expensive'

Several Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) products are among the most searched-for items on Black Friday for the 2024 <a href="https://www.benzinga.com/topic/black-friday">holiday shopping season.</a>



What Happened: Apple could be one of the big winners in the 2024 Black Friday shopping season, which<a href="https://www.benzinga.com/news/24/11/42236796/black-friday-cyber-monday-shopping-set-to-break-sales-records" target="_blank" rel="noopener"> could set records</a>.



The technology giant is dominating searches at several of the largest retailers according to early Black Friday data, as reported by <a href="https://www.similarweb.com/">Similarweb</a>.



Similarweb data shows trending searches across Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Best Buy Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), Target Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), and Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) consistently feature several Apple products among the top 10 most-searched items, alongside other electronics and children's toys.



Here are the overall Apple rankings across the four retailers:



<ul>
<li>2. Airpods</li>



<li>3. iPad</li>



<li>7. Apple Watch</li>
</ul>



Across searches at Target, Airpods ranked fourth, with the Apple Watch and iPad ranking sixth and seventh.



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42244324/black-friday-frenzy-shoppers-queue-for-taylor-swift-merch-retro-gadgets-and-more-as-retailers-open-doors-early-amid-shortened-shopping-season">Black Friday Frenzy: Shoppers Queue For Taylor Swift Merch, Retro Gadgets And More As Retailers Open Doors Early Amid Shortened Shopping Season</a>



Why It's Important: The strong search traffic could signal interest from buyers of these products either as gifts for the holiday or for themselves.



Apple continues to see strong demand for its products as one of the top global brands that are well-known for their products.



The Christmas shopping season is shorter than in past years, with only 27 days from the day before Thanksgiving until Christmas Day.



Black Friday trends and data could signal how retailers and other companies will fare this short holiday season, with Apple looking to be one of the early winners.



AAPL Price Action: Apple stock is up 0.4% to $235.89 on Friday versus a 52-week trading range of $164.08 to $237.49. Apple stock is up 27.1% year-to-date in 2024.



Read Next: 



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Apple Products Dominate Early Black Friday Trending Searches

Many Americans will likely shop or place online orders this Black Friday. But National Football League fans will give thanks that there is another <a href="https://www.benzinga.com/topic/black-friday">football game to watch</a>.



What Happened: Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) looking to cash in on <a href="https://www.benzinga.com/topic/thursday-night-football">extra viewership</a> for the second straight year when Prime Video airs a <a href="https://www.benzinga.com/topic/nfl">Black Friday NFL game</a>.



On Friday, the Las Vegas Raiders (2-9) take on the Kansas City Chiefs (10-1) in Kansas City. The game streams exclusively on Prime Video.



While the teams don't have similar records and the game has the largest spread for an expected dominant performance for the Chiefs, Amazon hopes viewers will tune in.



Sportsbook DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) lists the betting spread as the Chiefs favored by 13.5 points. Of the NFL's Week 13 matchups, that&#8217;s the biggest spread. The Chiefs are 10-1 on the season as one of the top teams, but have been winning games close.



The Chiefs are 5-6 against the spread on the season, meaning they win games, but not by the margins expected by sportsbooks. Earlier this season, the Chiefs beat the Raiders 27-20.



Amazon is the exclusive home of "Thursday Night Football" games and viewership for the 2024 season is averaging 13.3 million for those contests, up 8% year-over-year, as reported by <a href="https://www.sportico.com/business/media/2024/nfl-amazon-black-friday-commericial-ad-cost-1234817640/">Sportico</a>.



Last year's Black Friday NFL game saw the Miami Dolphins defeat the New York Jets 34-13 with an average of 9.61 million people watching, less than the average for "Thursday Night Football" games at the time.



Items helping Amazon could be a minimal slate of sports content early Friday with the game set to kickoff at 3 p.m. ET and the fact that the Chiefs are in the game.



The Chiefs are America's most watched team in 2024 with eight national TV games averaging 24.2 million viewers this season.



While no NFL team has won three consecutive Super Bowls, the Chiefs are looking to be the first and have been among the top favored teams at sportsbooks. Back in February, the Chiefs ranked second in Super Bowl LIX odds at +650. The Chiefs moved to first throughout the 2024 season, but now rank second at +475 to the Detroit Lions (+260) who now hold an NFL best 11-1 record the Chiefs will hope to tie Friday.



Read Also: <a href="https://www.benzinga.com/general/sports/24/11/42226470/heres-why-the-detroit-lions-dallas-cowboys-always-have-thanksgiving-day-nfl-games">Here&#8217;s Why The Detroit Lions, Dallas Cowboys Always Have Thanksgiving Day NFL Games</a>



Why It Matters: Amazon could gain subscribers for Prime or the standalone Prime Video streaming platform membership.



Amazon is also set to get a boost to its advertising revenue thanks to the strong demand for live sports content. Amazon charged up to $750,000 per 30-second advertisement. The company averaged $565,000 for its ad rates, which among NFL coverage trails only "Sunday Night Football" on NBC and "Monday Night Football" on ESPN averages of $1 million and $665,000 respectively.



The e-commerce giant sold out of advertising inventory months ago and saw strong demand from newcomers who didn't advertise in last year's game and haven't advertised in this season's "Thursday Night Football" games.



Amazon has commanded a younger audience for its NFL games with an average age of 48.4 compared to a national average of 55.4 and a broadcast average of 63.0.



Advertisers and Amazon will be hoping that trends from last year continue. In last year's Black Friday game, viewers were 78% more likely to search for brands they saw advertise during the NFL game.



This could be good news for advertisers who include Ralph Lauren, Google Pixel, Uber Eats, Solo Stove and Microsoft, as reported by <a href="https://www.adweek.com/convergent-tv/brands-amazon-black-friday-nfl-game/">AdWeek</a>. 



QR codes shown during last year's Black Friday game had 350% higher engagement than during other NFL games.



Leading the way with QR codes will likely be Amazon itself who with the rights to the game can control how many ad spots they get and how often they put their own QR codes on screen hoping to take advantage of the viewers while non-sports fans are also shopping on the e-commerce site throughout the weekend.



Price Action: Amazon stock trades at $205.61 on Friday versus a 52-week trading range of $142.81 to $215.90. Amazon stock is up 37% year-to-date in 2024.



Read Next: 



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<li><a href="https://www.benzinga.com/news/earnings/24/10/41664778/amazon-q3-earnings-highlights-revenue-beat-eps-beat-q4-guidance-new-kindles-significantly-outperfor">Amazon Q3 Earnings Highlights: Revenue Beat, EPS Beat, Q4 Guidance, New Kindles &#8216;Significantly Outperforming Our Expectations&#8217;</a></li>
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Black Friday NFL Game Preview: Kansas City Chiefs Continue Path To Super Bowl Three-Peat, Amazon Looks For Holiday Sales Boost

Retailers across the U.S. and Europe are rolling out Black Friday deals, enticing shoppers with exclusive items and substantial discounts. This comes as stores&nbsp;opened as early as 5&nbsp;a.m. following Thanksgiving, aiming to draw in consumers despite a condensed shopping season.



What Happened: U.S. and European retailers are enticing bargain hunters with exclusive products and significant discounts this Black Friday. As stores opened as early as 5 a.m. following Thanksgiving, retailers are eager to attract shoppers despite a shortened shopping season, Reuters reported.



At 5:30 a.m. outside a&nbsp;Target Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) in North Bergen, New Jersey,&nbsp;20 people queued up for the 6 a.m. opening, with many eager to purchase exclusive&nbsp;Taylor Swift&nbsp;merchandise. Store manager Jonathan Baldera noted&nbsp;it was the first time&nbsp;since the pandemic that people lined up outside on Black Friday, attributing the turnout to the &#8220;Taylor Swift craze.&#8221;



In London, Currys reported high demand for products like the Sony PlayStation 5 and retro-tech items.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Saylor&#8217;s MicroStrategy Convertible Notes To Buy Bitcoin Offer No Interest, So Why Are Investors Rushing To Buy Them?</a>



In the U.S.,&nbsp;Walmart Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and other major retailers like&nbsp;Best Buy&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) and&nbsp;Home Depot&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) opened early, offering deals on electronics and home goods. The National Retail Federation anticipates 85.6 million shoppers will&nbsp;visit stores this year, up&nbsp;from last year&#8217;s 76 million, despite the shortened 26-day shopping period between Thanksgiving and Christmas.



Why It Matters: The significance of this year&#8217;s Black Friday is underscored by the expectation of record-breaking sales during the Black Friday to Cyber Monday period. Management consultancy firm Bain &amp; Company <a href="https://www.benzinga.com/news/retail-sales/24/11/42225933/black-friday-cyber-monday-shopping-set-to-break-sales-records">forecasts U.S. retail sales</a> to reach $75 billion, marking a 5% increase from last year. This period is projected to account for 8% of total holiday sales, the highest share since 2019. The evolving shopping habits, with consumers purchasing earlier due to ongoing discounts, highlight the strategic importance of this period for retailers.



However, a survey by KnownHost, reveals that not all <a href="https://www.benzinga.com/news/retail-sales/24/11/42220200/black-friday-discounts-too-good-to-be-true-survey-shows-only-42-of-sales-are-authentic">Black Friday deals</a> are as genuine as they appear. The study found that nearly a third of the deals were not true savings, with some prices inflated before the event to create the illusion of discounts. This insight into consumer behavior and market strategies is crucial for understanding the dynamics of the holiday shopping season.



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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.



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Black Friday Frenzy: Shoppers Queue For Taylor Swift Merch, Retro Gadgets And More As Retailers Open Doors Early Amid Shortened Shopping Season

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock is up Friday amid reports indicating the U.S. government is set to announce further sanctions on exporting <a href="https://www.benzinga.com/topic/semiconductors">semiconductor equipment and AI memory chips</a> to China, which will be less stringent than the previous ones.



Additionally, the U.S. embargo will focus on Chinese companies that make semiconductor manufacturing equipment instead of the fabrication facilities following protests from&nbsp;Lam Research Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>),&nbsp;Applied Materials Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), and&nbsp;KLA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>) as the move will enable the U.S. companies to maintain their edge versus international rivals like ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) and Tokyo Electron Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TOELY#OTC">TOELY</a>) which have not wholly subscribed to the U.S. sanctions against China.



Also Read: <a href="https://www.benzinga.com/24/11/42216863/nvidia-intel-suppliers-rethink-mexico-operations-amid-trumps-tariff-threat" target="_blank" rel="noreferrer noopener">Nvidia, Intel Suppliers Rethink Mexico Operations Amid Trump&#8217;s Tariff Threat</a>



The U.S. could announce the fresh semiconductor sanctions by next week, according to Bloomberg, <a href="https://www.bloomberg.com/news/articles/2024-11-28/us-readies-china-chip-curbs-that-stop-short-of-earlier-proposals?sref=TBDibEcD" target="_blank" rel="noreferrer noopener">citing</a> sources familiar with the issue.



The fresh restrictions will follow months of negotiations between the U.S. government, allies like Japan and the Netherlands, and American chip equipment makers. The U.S. chip companies, including Nvidia and rivals, had previously urged the government to relax its embargo against China, a key semiconductor market.



Therefore, the U.S. expects to impose restrictions on fewer Huawei Technologies Co suppliers and restrict only&nbsp;two chip factories of Huawei partner&nbsp;Semiconductor Manufacturing International Corp.



However, the new restrictions will affect <a target="_blank" href="https://www.benzinga.com/government/24/08/40198085/huawei-and-baidu-increase-samsung-hbm-purchases-as-us-curbs-loom" rel="noreferrer noopener">high-bandwidth memory chip</a> companies like &nbsp;Samsung Electronics Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>),&nbsp;SK Hynix Inc, and&nbsp;Micron Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>).



The disruption of the semiconductor supply chain caused by the 2020 pandemic in China prompted global countries to consolidate their semiconductor bases and reduce their dependence on China. The U.S. and other countries started luring contract chipmakers like Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) with subsidies to manufacture advanced artificial intelligence chips in their U.S. facilities while insisting ally countries like the Netherlands and Japan to impose similar sanctions on China.



The VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) and iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>), which represent stocks like Nvidia, Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Taiwan Semiconductor, Intel and Micron were up about 1% on Friday.



Price Action: NVDA stock is up 1.04% at $136.80 in premarket trading at last check Friday.



Also Read:



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<li><a href="https://www.benzinga.com/news/global/24/11/42198109/nvidia-blackwell-supplier-vishay-intertechnology-likey-to-see-upside-courtesy-of-ai-frenzy-analyst" target="_blank" rel="noreferrer noopener">Nvidia Blackwell Supplier Vishay Intertechnology Likely To See Upside Courtesy Of AI Frenzy: Analyst</a></li>
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Nvidia, Chip Stocks Gain On Reports Of Softer China Sanctions

The U.S. dollar is poised to end an eight-week winning streak with its worst weekly drop since mid-August, as resilient European currencies and a surging Japanese yen <a href="https://www.benzinga.com/topic/forex">pull the greenback lower. </a>



A currency-weighted gauge of the dollar, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), has declined more than 1.4% this week, signaling a shift in market sentiment against the greenback.



<h3 class="wp-block-heading">A Softening Dollar Amid Tariff Threats</h3>



Despite looming trade tariff threats from President-elect Donald Trump, the dollar has struggled to maintain its upward momentum. Trump recently reiterated his commitment to imposing <a href="https://www.benzinga.com/24/11/42178994/trump-says-he-will-impose-25-tariffs-on-canada-mexico-on-first-day-of-office-and-extra-tariffs-on-china-until-they-pay-attention">a 25% tariff on goods</a> from Mexico and Canada and an additional 10% on imports from China. Yet these aggressive trade policies failed to buoy the U.S. currency.



This week, the dollar fell 1.3% against both the euro and the British pound, but its steepest declines were against the Japanese yen. 



The yen, tracked by the Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXY#NYSE">FXY</a>), gained significant ground amid speculation that the Bank of Japan (BoJ) could announce an interest rate hike in December.



<h3 class="wp-block-heading">Dollar-Yen Pair Slumps As BoJ Rate Hike Looms</h3>



The dollar-yen pair dropped to the 150 level on Friday morning, marking a 1% decline during the session and extending its weekly loss to 3%. This marks the pair's lowest levels since October 21.



The catalyst for the yen&#8217;s rally came from Thursday&#8217;s release of Tokyo's November Consumer Price Index (CPI), which surpassed expectations. 



The headline inflation rate rose 2.6% year-over-year (YoY), beating forecasts of 2.2% and up sharply from October's 1.8%. Core inflation also climbed to 1.9% YoY, in line with projections but higher than the prior month's 1.8%.



Japan's October retail sales and industrial production data also indicated steady economic growth, reinforcing the narrative of an improving economy.



Masato Koike, senior economist at Sompo Institute Plus, told Reuters that increases in consumer prices have also spilled over to services-related items, which is &#8220;positive news for the BoJ in normalizing policy."



<h3 class="wp-block-heading">Analysts See BoJ Tightening Path</h3>



The stronger-than-expected inflation data has fueled expectations of a December rate hike by the BoJ. 



According to BBVA forex analyst Alejandro Cuadrado, the Tokyo inflation numbers have significantly increased the likelihood of policy action by the BoJ on Dec. 19.



"The market is currently pricing in a 60% probability of a 15-basis-point hike to bring the reference policy rate to 0.4%," Cuadrado said.



Cuadrado also emphasized the importance of the U.S.-Japan yield differential, which could drive further yen gains in the medium term. 



He added, "The BoJ will continue to raise rates, while we also think that the market could now be slightly more hawkish about what the Fed may ultimately do."



<h3 class="wp-block-heading">Why the Dollar-Yen Exchange Rate Matters for Stocks</h3>



The dollar-yen exchange rate has proven to be a critical barometer of global risk sentiment, particularly during periods of heightened market volatility. This dynamic was on full display over the summer, when abrupt yen appreciations in early August triggered sharp sell-offs across global equity markets.



Traders were unnerved by the prospect of an unexpected monetary tightening by the BoJ, fearing it could unravel large speculative positions — the so-called &#8216;carry trade&#8217; — that had bet on a widening interest rate differential between the Fed and the BoJ.



Such a scenario would have seen significant liquidity flow back into the yen, reducing capital availability for riskier assets like stocks.



Between Aug. 2 and Aug. 5, the Nasdaq 100 — tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) — had tumbled by a cumulative 8% in three sessions, registering its worst 3-day performance in over two years.



Check Out:



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<li><a href="https://www.benzinga.com/24/11/42225506/canada-prepares-retaliatory-tariffs-as-trumps-threat-looms-analysts-warn-of-further-loonie-weakness">Canada Prepares Retaliatory Tariffs After Trump Threats: Analysts Warn Of Further Loonie Weakness</a></li>
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Dollar Snaps 8-Week Winning Streak, Falls To 1-Month Low Versus Yen As Traders Brace For Bank Of Japan Interest Rate Hike

Leading cryptocurrencies powered down for Thanksgiving as signs of an incoming alt season emerged.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:00 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.03%</td><td>$95,544.73</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>-2.38%</td><td>$3,562.08</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>-1.50%</td><td>$0.4002</td></tr></tbody></table></figure>



What Happened: Bitcoin oscillated within the $95,000 zone for the greater part of the day. Trading volume for the apex cryptocurrency plunged by as much as 28%.



Ethereum made a quick surge to $3,640, only to reverse course to the $3,500 range.



Bitcoin and Ethereum dominance dipped over the last 24 hours, while the market share of the rest of the altcoins rose.



Total cryptocurrency liquidations exceeded $204 million in the last 24 hours, with more than $129 million in bullish leveraged positions getting wiped out.



About $627 million in long positions risked getting liquidated if Bitcoin retraces to $93,000.



Bitcoin's Open Interest (OI) fell 1.03% in the last 24 hours, while the dominance of traders shorting the digital asset also rose, per the Long/Shorts Ratio.



The "Extreme Greed" sentiment strengthened from 77 to 78 over the last 24 hours, according to the reading of the Crypto 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 8:00 p.m. ET)</td></tr><tr><td>Algorand (ALGO)</td><td>+20.07%</td><td>$0.3476</td></tr><tr><td>The Sandbox (SAND)</td><td>+8.90%</td><td>$0.6567</td></tr><tr><td>Worldcoin (WLD)</td><td>+8.79%</td><td>$2.81</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.32 trillion, contracting 0.26% in the last 24 hours.



Stock futures traded near the flatline Thursday overnight. The Dow Jones Industrial Average Futures rose 60 points, or 0.13%, as of 8 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 gained 0.08%, while Nasdaq 100 Futures added 0.07%.



Banks, post offices, shipping services, stock markets, and all the other over-the-counter markets like bond markets remained closed on the Thanksgiving holiday.&nbsp;



Stock markets will reopen on Friday to close early by 1:00 p.m. ET.



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



Analyst Notes: Arthur Azizov, CEO of cryptocurrency payment provider B2BINPAY, told Benzinga that the market was on the brink of a "significant shift," transitioning from Bitcoin season to alt season.



"It&#8217;s very close now, as the altseason index is already at 59, according to CoinMarketCap, which is more than half. When the index reaches 75, we can confidently say the alt season has begun. The index rises with the number of altcoins outperforming Bitcoin," Azizov remarked.



Widely-followed cryptocurrency analyst Dom's Crypto noted Bitcoin was flipping the $95,000 resistance level into support.



"This will lead to a $100,000 BTC faster than anyone thinks," the analyst forecast.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Path to $100,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is just as we &#39;speak&#39; flipping the resistance level $95,000 in to support This will lead to a $100k <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> faster than anyone thinks &#8211; Myself included <a href="https://t.co/nWewMHEH22">pic.twitter.com/nWewMHEH22</a>&mdash; Dom&#39;s Crypto (@Doms_Crypto) <a href="https://twitter.com/Doms_Crypto/status/1862285687195640218?ref_src=twsrc%5Etfw">November 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Image via Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42235119/ethereum-outperformed-bitcoin-this-week-as-key-indicators-shift-report">Ethereum Outperformed Bitcoin This Week As Key Indicators Shift: Report</a></li>
</ul>

Cryptocurrency

Markets

Movers

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Simmer Down On Thanksgiving: Analyst Sees 'Significant Shift' From BTC Season To Alt Season

Australia has passed a <a href="https://www.benzinga.com/news/24/09/40784803/after-feud-with-elon-musk-and-mark-zuckerberg-australian-pm-anthony-albanese-set-to-ban-social-media">law banning social media</a> access for children under 16, enforcing strict penalties on Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), ByteDance-owned TikTok, and Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>).



What Happened: The <a href="https://www.benzinga.com/news/24/09/40784803/after-feud-with-elon-musk-and-mark-zuckerberg-australian-pm-anthony-albanese-set-to-ban-social-media">Social Media Minimum Age Bill</a>, approved on Thursday, prohibits minors under 16 from accessing platforms such as X, formerly Twitter, Instagram, Facebook, TikTok, and Snapchat.



Violations could result in fines of up to $32 million (AUD 49.5 million), reported Reuters.



YouTube, a subsidiary of Alphabet Inc.'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, has been exempted from this ban as it is widely used in schools.



See Also: <a href="https://www.benzinga.com/news/earnings/24/11/42201885/dell-technologies-shares-drop-after-q3-revenue-misses-estimates-details?itm_source=parsely-api">Dell Technologies Shares Drop After Q3 Revenue Misses Estimates: Details</a>



In their statements to the report, spokespersons for Meta and Snap expressed concerns about the legislation.



They also promised to comply with the laws while engaging closely with the government during the 12-month implementation period.&nbsp;



Snapchat, Google, Met, and TikTok did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.



The law will undergo a trial implementation phase starting January 2025, with full enforcement expected in 2026.



Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.



Why It Matters: The legislation has sparked a national debate. Some proponents cite the need to combat the <a href="https://www.benzinga.com/government/24/05/38751844/australia-calls-for-inquiry-into-metas-facebook-elon-musks-x-tiktok-to-make-these-platforms-accounta">negative mental health impacts</a> of social media on young people.



Critics, however, argue it may infringe on young users&#8217; rights, privacy, and access to online support networks.



The ban also follows a series of events that began with Australia&#8217;s Prime Minister Anthony Albanese&#8217;s feud with tech leaders like Elon Musk and Mark Zuckerberg.



Earlier in June, Musk's X prevailed in a <a href="https://www.benzinga.com/news/24/06/39184541/elon-musk-says-freedom-of-speech-is-worth-fighting-for-after-australia-drops-legal-battle-against-x">legal dispute with the Australian government</a> over its attempt to have footage of a church stabbing in Sydney removed.



During the same month, Meta also warned that it could restrict news content in Australia if <a href="https://www.benzinga.com/markets/equities/24/06/39542628/mark-zuckerbergs-meta-warns-it-may-block-news-content-in-australia-if-asked-to-pay-licensing-fee">required to pay licensing fees</a>.



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



Read Next:



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<li><a href="https://www.benzinga.com/24/11/42208148/russian-hackers-launch-widespread-cyber-assault-using-firefox-and-windows-zero-days-what-you-need-to-know-about-the-romcom-exploit?itm_source=parsely-api">Russian Hackers Launch Widespread Cyber Assault Using Firefox And Windows Zero-Days: What You Need To Know About The RomCom Exploit</a></li>
</ul>



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

Social Media

Politics

GOOG

GOOGL

SNAP

Meta, TikTok, Snapchat Could Face $32M Fines As Australia Enforces Social Media Ban For Under-16s

U.S. stock futures advanced on Friday after a day&#8217;s break for Thanksgiving as investors look to end November on a high note. The dollar slipped below the 106 mark in the hope of more measured tariffs.



U.S. markets will close at 1 p.m. ET on Friday during the truncated week.



Futures for the three major U.S. indices gained, while the two-year and 10-year treasury yields eased on Friday. The expectations of a further 25 basis point rate cut in December rose to 66%, according to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME Group&#8217;s FedWatch tool</a>.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.37%</td></tr><tr><td>S&amp;P 500</td><td>0.27%</td></tr><tr><td>Dow Jones</td><td>0.32%</td></tr><tr><td>R2K</td><td>0.81%</td></tr></tbody></table></figure>



In premarket trading on Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.31% to $600.69 and the Invesco QQQ Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) rose 0.44% to $507.50, according to <a href="https://www.benzinga.com/pro/">Benzinga Pro data</a>.



Cues From The Last Session



The S&amp;P 500 index fell 22.89 points or 0.38% to end at 5,998.74. The Dow Jones Industrial Average lost 138.25 points or 0.31% to close at 44,722.06 and the Nasdaq Composite Index dropped 115.10 points or 0.60% to 19,060.48. The 10-year Treasury note yield dropped six basis points to 4.24%, a one-month low close



On the economic front, the U.S. core PCE price index increased by 0.3% month-over-month in October, the same pace as in the previous month, in line with market estimates. U.S. initial jobless claims came in unchanged at 213,000 for the week ending Nov. 23, compared to market estimates of 216,000.



Pending home sales rose 2% month-over-month in October compared to a revised 7.5% gain in September.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.60%</td><td>19,060.48</td></tr><tr><td>S&amp;P 500</td><td>-0.38%</td><td>5,998.74</td></tr><tr><td>Dow Jones</td><td>-0.31%</td><td>44,722.06 </td></tr><tr><td>Russell 2000</td><td>0.08%</td><td>2,426.19</td></tr></tbody></table></figure>



Insights From Analysts



Markets have been under pressure only <a href="https://www.benzinga.com/24/11/42239447/markets-flopped-in-december-only-once-in-95-years-but-a-bearish-crossover-flagging-market-fall-is-on-the-cards-heres-what-analysts-say">once in December over the last 95 years</a>, according to the data highlighted by Ryan Detrick, chief market strategist at Carson Group.



Detrick highlighted data from 1928 to 2023 to show that while September has been the worst month for equities 13 times during this period, December was the worst only once in these 95 years. As far as 2024 is concerned, April has been the worst month so far with a 4% drop.



<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">Something to be thankful for? December has been the worst month of the year for stocks only once going back 95 years (2018 and the Fed policy mistake). Worst month this year has been the 4% drop in April. <a href="https://t.co/2ThL3DwD7x">pic.twitter.com/2ThL3DwD7x</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1862188406505185730?ref_src=twsrc%5Etfw">November 28, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Also read: <a href="https://www.benzinga.com/24/11/42239447/markets-flopped-in-december-only-once-in-95-years-but-a-bearish-crossover-flagging-market-fall-is-on-the-cards-heres-what-analysts-say">Wall Street&#8217;s December Surprise: What Investors Need to Know Now</a>



On the other hand, David Cox, CMT, CFA, portfolio manager at Raymond James, in an X Post highlighted the likelihood of an upcoming to the investors, saying "If you want to sidestep a decline, watch the trend…"



The 13/34-week Exponential Moving Average signals a bullish market trend when the 13-week EMA line is above the 34-week EMA line and a bullish crossover results in a market correction. Predicting an upcoming crossover through his chart Cox said that "there will be another red circle some day." The red circle in his chart represents a bullish crossover.



According to a note by CMGWealth, the 13/34-week EMA analysis is a "simple, tactical trend indicator that has historically captured the cyclical bull and bear market trends."



<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">again, look at how much easier we can make it on ourselves&#8230; time frame matters, if you want to sidestep a decline, watch the trend&#8230; look at these 13/34-week EMA <a href="https://twitter.com/hashtag/bearish?src=hash&amp;ref_src=twsrc%5Etfw">#bearish</a> crossovers&#8230; they help you remove emotion, and stay focused&#8230; there will be another red circle some day <a href="https://t.co/kpAXx8F5jX">pic.twitter.com/kpAXx8F5jX</a>&mdash; David Cox, CMT, CFA (@DavidCoxRJ) <a href="https://twitter.com/DavidCoxRJ/status/1861758050215891069?ref_src=twsrc%5Etfw">November 27, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Upcoming Economic Data



There are no scheduled economic events or data scheduled to be released today.



Stocks To Watch:



<ul>
<li>Cabaletta Bio Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CABA#NASDAQ">CABA</a>) <a href="https://www.benzinga.com/markets/equities/24/11/42229129/caballeta-bio-shares-surge-the-most-in-23-months-in-a-single-day-as-it-unveils-plan-to-meet-fda-by-2025-for-systemic-sclerosis-drug-trial">shares rose</a> by 11.63% to $3.36 per share in premarket following an update on their Systemic Sclerosis drug trial. The company anticipates meeting the U.S. Food and Drug Administration in 2025 to discuss potential registrational trial designs, as per a notice by DelveInsight Business Research.</li>



<li>Frontline Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRO#NYSE">FRO</a>) shares were down 2.38% to $16.78 per share following mixed third-quarter results. Revenue rose 29.9% year-over-year to $490.4 million, surpassing the $361.42 million consensus.</li>



<li>Rigetti Computing, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) jumped 8.33% to $2.60 apiece in pre-market trading after rising by 9% on Tuesday. Shares continued an up move as the company announced a registered direct offering of 50 million shares at $2 per unit aiming to raise $100 million in gross proceeds.</li>



<li>ZenaTech Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZENA#NASDAQ">ZENA</a>) fell by 6.89% to $7.30 apiece. The stock was pulling back after surging on Tuesday. Last Thursday its subsidiary, ZenaDrone, signed agreements ensuring compliance with Blue Unmanned Aerial Systems (UAS) and the U.S. National Defense Authorization Act (NDAA.)</li>



<li>Bitdeer Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTDR#NASDAQ">BTDR</a>) shares were up 7.52% to $13.15 per share after it announced a private placement of $360 million in Convertible Senior Notes, aiming to finance data center expansion and the development of crypto mining rigs.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures fell in the early New York session, declining 0.60% to hover around $68.30.



The Gold spot rose 0.94% to 2,662.10 per ounce.



Asian markets were mixed as major indices in Japan, Australia, and South Korea fell, whereas Hong Kong, China, and Indian markets closed higher. European markets were also mixed in early trading.



Read Next:



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<li><a href="http://gop%20megadonor%20ken%20griffin%20slashes%20citadel's%20palantir%20stake%20by%2091%25,%20bets%20big%20on%20nvidia%20as%20jensen%20huang-led%20company%20rises%20over%20180%25%20in%202024/" target="_blank" rel="noreferrer noopener">GOP Megadonor Ken Griffin Slashes Citadel's Palantir Stake By 91%, Bets Big On Nvidia As Jensen Huang-Led Company Rises Over 180% In 2024</a></li>
</ul>



Photo courtesy: Wikimedia

Earnings

Equities

Futures

Pre-Market Outlook

BTDR

CABA

RGTI

ZENA

US Stocks Likely To Open In The Green To End November On A High: Are Markets Set For A Santa Claus Rally In December? Analysts Decode

Mexican President Claudia Sheinbaum has publicly countered President-elect Donald Trump&#8216;s statement regarding Mexico&#8217;s agreement to close its border with the United States. Trump had claimed that Mexico would <a href="https://www.benzinga.com/24/11/42227649/trump-praises-wonderful-conversation-with-mexican-president-sheinbaum-she-has-agreed-to-stop-migration">immediately halt migration</a> to the U.S., a statement Sheinbaum has now addressed.



What Happened: Mexican President Claudia Sheinbaum has contested President-elect Donald Trump&#8216;s assertion that Mexico agreed to close its border with the U.S. &#8220;effectively immediately.&#8221; Sheinbaum clarified her stance in a post on X, stating that Mexico&#8217;s strategy focuses on addressing migration while respecting human rights.



<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">En nuestra conversación con el presidente Trump, le expuse la estrategia integral que ha seguido México para atender el fenómeno migratorio, respetando los derechos humanos. Gracias a ello se atiende a las personas migrantes y a las caravanas previo a que lleguen a la frontera.…&mdash; Claudia Sheinbaum Pardo (@Claudiashein) <a href="https://twitter.com/Claudiashein/status/1861946615315275962?ref_src=twsrc%5Etfw">November 28, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Sheinbaum emphasized that Mexico&#8217;s approach is not about shutting borders but fostering cooperation between governments and peoples. 



Her comments were a response to Trump&#8217;s post on Truth Social, where he claimed that Mexico would halt migration to the U.S. immediately. Trump described the conversation with Sheinbaum as &#8220;wonderful,&#8221; mentioning agreements on migration and drug inflow issues.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42214089/pepe-set-to-join-dogecoin-shiba-inu-as-multi-billion-dollar-meme-coin-by-2025-massive-breakout-coming-soon-trader-predicts?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Pepe Set to Join Dogecoin, Shiba Inu As Multi-Billion Dollar Meme Coin By 2025: &#8216;Massive Breakout&#8217; Coming</a>



Why It Matters: The talks come amid Trump&#8217;s announcement of a new executive order to impose tariffs on Chinese, Canadian, and Mexican goods. The tariffs aim to pressure these countries to enhance border security and combat fentanyl exports to the U.S. Sheinbaum has warned of <a href="https://www.benzinga.com/news/global/24/11/42198583/will-trump-lead-us-into-trade-war-with-mexico-president-claudia-sheinbaum-rebukes-threats">potential counter-tariffs</a>, suggesting a tit-for-tat response that could jeopardize mutual businesses.



Earlier, Sheinbaum had addressed Trump in a letter, stating that &#8220;neither threats nor tariffs will solve the migration or the drug abuse phenomenon in the US,&#8221; advocating for collaborative solutions to the fentanyl crisis.



Furthermore, Sheinbaum has expressed concerns about a potential trade war, warning that tariffs could lead to a cycle of retaliatory measures, risking the operations of major exporters out of Mexico like General Motors Co., Stellantis NV, and Ford Motor Co.



Did You Know?



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



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

Mexican President Sheinbaum Pushes Back Against Trump's Border Closure Claim, Clarifies Migration Stance

Billionaire entrepreneur and &#8220;Shark Tank&#8221; host Mark Cuban has offered his services to Elon Musk and Vivek Ramaswamy&#8217;s <a href="https://www.benzinga.com/topic/department-of-government-efficiency">Department of Government Efficiency (DOGE)</a> in a bid to cut federal healthcare costs.



What Happened: On Wednesday, Cuban responded to a user on X, formerly Twitter, who asked if his company, Cost Plus Drugs, could be integrated into government healthcare programs to help cut costs.



In response to the user, Cuban said "Both know how to reach me," referring to Musk and Ramaswamy.



The user's request was about DOGE, an agency led by Musk and Ramaswamy, which aims to drive cost-saving reforms within the federal bureaucracy.



Musk and Ramaswamy, through DOGE, are focused on achieving large-scale reforms within government agencies



See Also: <a href="https://www.benzinga.com/personal-finance/24/11/42193386/mark-cuban-shared-600-a-month-dallas-apartment-with-5-guys-and-slept-on-the-living-room-floor-i-had-nothing-so-i-had-nothing-to-lose">Mark Cuban Shared $600 A Month Dallas Apartment With 5 Guys And Slept On The Living Room Floor</a>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Both know how to reach me. <a href="https://t.co/Jl9gYpZAYs">https://t.co/Jl9gYpZAYs</a>&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1861524965750661386?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: With healthcare costs continuing to rise, especially prescription drug prices, there is growing interest in alternatives to the traditional pharmaceutical distribution system.



Cuban's pharma company, launched in 2022, was founded to reduce the cost of prescription drugs by <a href="https://www.benzinga.com/news/23/02/30672271/mark-cuban-aims-to-disrupt-a-365-billion-industry-with-the-only-startup-that-bears-his-name">cutting out intermediaries</a> in the pharmaceutical supply chain. 



The company's transparent pricing model provides consumers with generic medications at a much lower cost than traditional methods.



If DOGE partners with Cuban's company, it could potentially bring these cost-saving measures to federal healthcare programs, such as Medicare and Medicaid.



Last year in June, a social media user questioned Cuban why his company, Cost Plus Drugs, doesn't offer Ivermectin, citing a stark price disparity between Africa and the U.S. 



At the time, Musk chimed in saying, "Good question," to which Cuban responded, explaining that his company couldn't secure a competitive price for Ivermectin but offered Hydroxychloroquine as an alternative.



He also <a href="https://www.benzinga.com/news/23/12/36231355/mark-cubans-cost-plus-drugs-gets-medication-elon-musk-asked-about-6-months-ago-still-ready-to-save-t">suggested Musk explore Cost Plus Drugs</a> to save his employees and companies significant money.



Six months later, Cuban updated Musk, announcing that Ivermectin was now available on Cost Plus Drugs, reiterating the potential savings for Tesla Inc., SpaceX, and X employees, and inviting Musk's team to reach out for collaboration.



For anyone hoping to invest in a <a href="https://www.benzinga.com/news/24/01/36836747/mark-cuban-talks-elon-musk-dei-health-care-investments-buying-twitter-and-more-in-an-x-ama">future IPO of Cost Plus Drug Company</a>, Cuban earlier this year stated that it's &#8220;Not going to happen. Maximizing profits is not our goal.&#8221;



According <a href="https://www.fortunebusinessinsights.com/prescription-drugs-market-102709">to</a> Fortune Business Insights, in 2023, the global prescription drug market&#8217;s value reached approximately $1,162.61 billion, with North America contributing a significant share, estimated at $576.35 billion.



The iShares U.S. Healthcare Providers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHF#NYSE">IHF</a>) ended Wednesday&#8217;s session up by 0.24% at $54.40. Year-to-date, it has gained 1.8%, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Read Next:



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<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/42169194/joby-gets-toyotas-500m-dollar-lift-evtol-pioneer-making-new-highs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Joby Gets Toyota's $500M Dollar Lift: eVTOL Pioneer Making New Highs</a></li>
</ul>



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



Photos courtesy: Shutterstock

Health Care

Will Mark Cuban Join Rivals Elon Musk, Vivek Ramaswamy's DOGE? 'Shark Tank' Host Says 'Both Know How To Reach Me'

For many Americans across the country, today (Thursday) means meals with families to <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/23/11/35930411/is-the-stock-market-closed-on-thanksgiving-traders-prepare-for-a-holiday-break" target="_blank" rel="noreferrer noopener">celebrate the Thanksgiving holiday</a>.



One topic of conversation that has likely come up in recent years at holiday family gatherings is cryptocurrency. Here&#8217;s a look at how crypto has performed since last year&#8217;s Thanksgiving.



What Happened:&nbsp;The Thanksgiving Day holiday for many includes traditions such as family, food <a href="https://www.benzinga.com/general/sports/24/11/42226470/heres-why-the-detroit-lions-dallas-cowboys-always-have-thanksgiving-day-nfl-games">and football</a>. Dinner conversations could center on school, work, politics and potentially investments like stocks&nbsp;<a href="https://www.benzinga.com/money/crypto" target="_blank" rel="noreferrer noopener">and cryptocurrencies.</a>



The cryptocurrency markets were riding high in November 2021 when Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) hit then all-time highs and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) was also up significantly from the start of the year.



Family members discussing cryptocurrency that year were likely either supporting a further move up or questioning if investments in crypto were risky.



Family members who tried to talk their relatives into buying cryptocurrencies that year have likely received some questions from relatives in the past year or so with the sector facing high volatility and items such as cryptocurrency bankruptcies sending the price of major cryptocurrencies down in 2022.



As&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/22/11/29846094/so-you-told-your-family-to-invest-in-bitcoin-dogecoin-and-ethereum-at-thanksgiving-last-ye" target="_blank" rel="noreferrer noopener">Benzinga previously shared</a>, investing in Bitcoin, Dogecoin and Ethereum on Thanksgiving Day 2021 would have been down 72.3%, 64.6% and 72.5%, respectively a year later.



A $3,000 investment split between the three leading cryptocurrencies would have been down 69.8% to $905.69 from Thanksgiving 2021 to Thanksgiving 2022.



Family members who were convinced to buy cryptocurrency on Thanksgiving Day 2022 or Thanksgiving Day 2023 might have a more favorable attitude towards their crypto friendly relatives.



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42224605/10-insights-about-the-us-economy-for-thanksgiving-dinner-talk">10 Insights About The US Economy For Thanksgiving Dinner Talk</a>



Investing $1,000 in BTC, DOGE, ETH: If a relative did end up convinced and decided to invest in cryptocurrency for the first time on Thanksgiving Day 2023, they have been blessed with a good entry point.



Here's a look at how investments would have fared over the last nearly one-year period, investing $1,000 in each of Bitcoin, Dogecoin and Ethereum.



A $1,000 investment in Bitcoin on Thanksgiving 2023 could have purchased 0.0266 BTC. The investment would be worth $2,563.18 today based on a price of $96,360.02 at the time of writing. The investment would be up 156.3% since the holiday last year.



A $1,000 investment in Dogecoin on Thanksgiving 2023 could have purchased 13,097.92 DOGE. The investment would be worth $5,261.43 today based on a price of $0.4017 at the time of writing. The investment would be up 426.1% since the holiday last year.



A $1,000 investment in Ethereum on Thanksgiving 2023 could have purchased 0.4789 ETH. The investment would be worth $1,742.85 today based on a price of $3,639.28 at the time of writing. The investment would be up 74.3% since the holiday last year.



In total, a $3,000 investment in the three well-known and discussed cryptocurrencies would be worth $9,567.46 today, up 218.9%



For comparison a $1,000 investment in the&nbsp;SPDR S&amp;P 500 ETF Trust,&nbsp;which tracks the S&amp;P 500 stock market index, would be worth $1,311.44 and up 31.1% from Thanksgiving 2023 to Thanksgiving 2024.



The returns from 2023 to now outpaced the gains from both 2021 to 2022 and 2022 to 2023.



Last year, Benzinga shared that the returns of Bitcoin, Dogecoin and Ethereum from Thanksgiving 2022 to Thanksgiving 2023 would have been up 123.3%, down 9.2% and up 70.5% respectively. The $3,000 investment from Thanksgiving 2022 to Thanksgiving 2023 would have been worth $4,846.24 and up 61.5%.



The huge returns over the last year could have crypto investors smiling plenty at the Thanksgiving Day dinner table Thursday.



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<li><a href="https://www.benzinga.com/general/education/24/11/42125880/if-you-bought-1-worth-of-bitcoin-at-launch-heres-how-much-youd-have-today-2">If You Bought $1 Worth Of Bitcoin At Launch, Here&#8217;s How Much You&#8217;d Have Today</a></li>
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This article was previously published by Benzinga and has been updated.

Education

So You Told Your Family To Invest In Bitcoin, Dogecoin, Ethereum At Thanksgiving Last Year? Here's How Much They Now Have (And Why You Might Be Invited Back To The Adult Table)

Editor&#8217;s Note: A quote initially attributed to James Howells has been corrected to reflect its proper source, Halfina Eddy-Evans.



James Howells might go down in history books as one of the unluckiest people ever, having discarded hundreds of millions of dollars in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) accidentally.



But a new twist in this decade-old bizarre saga revealed that it was not him but his ex-girlfriend who unintentionally threw the fortune away. 



What Happened: Halfina Eddy-Evans <a href="https://www.dailymail.co.uk/news/article-14117759/threw-away-569million-Bitcoin-fortune-council-tip.html">confessed</a> during&nbsp;a Monday interview with the Daily&nbsp;Mail&nbsp;that she threw away the&nbsp;hard drive containing 8,000 Bitcoin&nbsp;at the request of Howells. She was adamant that the loss was not her fault, as she did so at Howells&#8217; request.



Halfina said Howells &#8220;begged&#8221; her to dispose of some &#8220;unwanted belongings,&#8221; in a black sack, which, unknown to her, included the hard drive.



&#8220;I thought he should be running his errands, not me, but I did it to help out,&#8221; Halfina said.



Halfina said that the blame for losing Bitcoins shouldn&#8217;t be fixed on her, though she hoped Howells would succeed in retrieving the drive. 



See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42228264/crypto-analyst-flags-convertible-debt-induced-liquidation-risk-to-michael-saylors-microstrategy">Crypto Analyst Flags Convertible Debt-Induced Liquidation Risk To Michael Saylor&#8217;s MicroStrategy</a>



Why It Matters: This revelation added a new layer to the unfortunate story of Howells, who has been waging a long battle to recover his fortune. 



A Wales-based software engineer, Howells, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla">sued the Newport City Council </a>for approximately $647 million in damages for repeatedly denying his request to excavate the landfill site housing the discarded hard drive.



He has even assembled a team of specialists to excavate at no cost to the council and proposed giving the council 10% of the recovered coins' value.



The 8,000 Bitcoins would be worth $797 million at the all-time high price of 99,645 recorded recently and $765.9 million at the current market price of $95.736.86.



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42229486/joe-rogan-hasnt-sold-his-bitcoins-for-over-a-decade-conviction-based-hodling-or-private-key-loss">Joe Rogan&#8217;s Bitcoin Pile Has Grown Over 30000% In Value, But He Hasn&#8217;t Sold: Conviction-Based HODLing Or Has The Podcast King Lost His Keys?</a></li>
</ul>



Disclaimer:&nbsp;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 generated using Dall-E<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

Remember James Howells Who Lost His Hard Drive With 8,000 Bitcoins Now Worth $760M? His Ex-Girlfriend Reveals It Was She Who Threw It Away (CORRECTED)

Berkshire Hathaway Inc's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) stock soared to unprecedented levels, closing Wednesday at $483.08 after touching a 52-week high of $491.67. 



<h2 class="wp-block-heading">Berkshire's Stock Surges to New Heights</h2>



The stock has been on a tear, boasting a 34% gain over the past year and 19.6% in the last six months. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/28132715/Screenshot-2024-11-28-at-11.57.02-PM.png" alt="" class="wp-image-669243" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/28132715/Screenshot-2024-11-28-at-11.57.02-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/28132715/Screenshot-2024-11-28-at-11.57.02-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112824&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>



With its price trading well above key moving averages—including a 200-day SMA of $430.63—technical indicators suggest the bullish trend is intact.



However, with the Relative Strength Index (RSI) at 68.79, the stock is teetering near overbought territory, raising questions about sustainability. Despite this, a Moving Average Convergence Divergence (MACD) reading of 5.56 signals continued strength.



Read Also: <a href="https://www.benzinga.com/personal-finance/24/11/42191171/warren-buffett-claims-he-killed-the-dow-investing-peanuts-and-explains-its-a-huge-structural-advantage-to-not-have-a-lot-of-money">Warren Buffett Claims He &#8216;Killed The Dow&#8217; Investing &#8216;Peanuts&#8217; – And Explains It&#8217;s A &#8216;Huge Structural Advantage To Not Have A Lot Of Money&#8217;</a>



<h2 class="wp-block-heading">Buffett's Generosity Knows No Bounds</h2>



Even as his net worth hits $150 billion, <a href="https://www.benzinga.com/topic/warren-buffett">Warren Buffett</a> isn't slowing down his philanthropic mission. On Monday, the Oracle of Omaha pledged another $1.15 billion worth of Berkshire stock to his family's charitable foundations, continuing his 2006 commitment to give away most of his wealth.



Buffett has now donated 56.6% of his Berkshire shares, solidifying his legacy as both an investing icon and a philanthropic force. His latest move follows a colorful shareholder<a href="https://www.businesswire.com/news/home/20241125323423/en/Berkshire-Hathaway-Inc.-News-Release"> letter</a>, where he reaffirmed his dedication to wealth redistribution.



<h2 class="wp-block-heading">A Wealth Legacy Like No Other</h2>



Buffett, who <a href="https://www.forbes.com/sites/dereksaul/2024/11/25/never-wished-to-create-a-dynasty-warren-buffett-donates-11-billion-in-berkshire-stock-and-updates-will/">ranks</a> as the sixth-richest person in the world, has more than doubled his fortune since 2014. Yet, he trails Elon Musk's $330 billion net worth by a significant margin. Unlike Musk's splashy ventures, Buffett's wealth engine—Berkshire Hathaway—continues its steady climb, reinforcing its position as a titan of diversified investing.



Investors are left wondering: can Berkshire maintain its momentum, or is the stock's RSI warning of a potential pullback? Either way, one thing remains clear: Buffett's empire isn't just breaking records—it's making history.



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</ul>

Long Ideas

Technicals

Warren Buffett's Billion-Dollar Moves Propel Berkshire Stock To Record Highs

Israel's ceasefire agreement with Hezbollah which entered into force on Wednesday appears to be unraveling after alleged violations by the Lebanese militant group prompted <a href="https://www.benzinga.com/topic/israel">an Israeli military response</a>.



According to the Israel Defense Forces (IDF), a Hezbollah-linked facility in southern Lebanon was targeted in an airstrike on Thursday after suspicious activity was identified. 



The site reportedly housed medium-range rockets, which were deemed a potential threat.



<h3 class="wp-block-heading">IDF&#8217;s Response To Alleged Breaches</h3>



IDF spokesperson Avichay Adraee announced on X that several suspects, some traveling in vehicles, were spotted entering multiple areas in southern Lebanon, violating the ceasefire agreement. IDF forces responded by opening fire on the group.



Adraee further stated that &#8220;terrorist activity was detected at a Hezbollah site in southern Lebanon, which contained medium-range rockets.&#8221; He confirmed that Israeli warplanes carried out a strike to neutralize the threat.



&#8220;The IDF is deployed in southern Lebanon and is actively working to prevent any violations of the ceasefire agreement,&#8221; Adraee added.



He also issued a warning to residents of southern Lebanon, emphasizing that movement south of the Litani River is strictly prohibited between 5 p.m. and 7 a.m. local time.



Separately, Avital Leibovich, director of the American Jewish Committee Israel Office, highlighted that Hezbollah operatives had entered the village of Kfarkela near the Israeli border, where they are prohibited under the agreement. In response, IDF forces fired warning shots toward the group.



<h3 class="wp-block-heading">Markets React To Renewed Middle East Tensions</h3>



Commodities showed reactions following the latest headlines in Middle East. 



Oil futures rose 0.5% on Thursday, with West Texas Intermediate (WTI) prices – tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) – climbing to $68.9 a barrel, marking a potential end to a three-day losing streak. 



Gold futures edged up 0.4%, continuing a strong rally. The precious metal is now eyeing its sixth consecutive positive session as investors turn to safe-haven assets amid geopolitical uncertainty.



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</ul>



Image: Shutterstock

Commodities

Econ #s

Israel-Hezbollah Ceasefire Violations Spark Tensions, IDF Strikes Southern Lebanon: Oil Prices Surge

Elon Musk's artificial intelligence company, xAI, reportedly reached a valuation of $50 billion just 16 months after its founding in July 2023. It is now worth more than what the billionaire paid for Twitter. Arguably the most well-known name in the AI space, OpenAI, last valued at $157 billion, needed over nine years to achieve the same milestone.&nbsp;



Don't Miss:



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<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>



<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>



According to Business Insider, xAI is gaining traction in the competitive AI sector and is now valued higher than other AI startups, such as Anthropic (valued at $19 billion) and Perplexity (at $2.8 billion).&nbsp;



xAI's journey has been marked by significant milestones, including raising $5 billion in its latest funding round to purchase 100,000 Nvidia chips. These chips will power the Memphis supercomputer, a facility designed to enhance the company's AI capabilities and support Tesla's Full Self-Driving (FSD) technology. According to WSJ and other outlets, the funding included $5 billion from Valor Equity Partners, Sequoia Capital, Andreessen Horowitz and Qatar Investment Authority.



The Memphis supercomputer, awaiting final approval, is a <a href="https://www.benzinga.com/24/11/42022077/elon-musks-xai-seeks-6b-at-50b-valuation-to-acquire-100k-nvidia-chips-for-memphis-data-center">key part of xAI&#8217;s strategy</a>. It was built in less time than is customary for projects of this kind and is situated on a former manufacturing site. In a recent podcast, Nvidia CEO Jensen Huang mentioned that xAI finished building the supercluster in 19 days, although the procedure usually takes more than a year.&nbsp;



See Also: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>



&#8220;Just to put in perspective, 100,000 GPUs are easily the fastest supercomputer on the planet as one cluster. A supercomputer that you would build would normally take three years to plan,&#8221; Huang said, <a href="https://www.benzinga.com/news/24/10/41307824/nvidia-ceo-jensen-huang-praises-elon-musk-for-achieving-something-with-xai-in-19-days-that-usually-t">stressing the role of xAI's engineering</a> and infrastructure teams and crediting them with the system's rapid deployment.&nbsp;



xAI has most notably developed the AI chatbot Grok, inspired by the sci-fi novel The Hitchhiker's Guide to the Galaxy. Grok is positioned as a competitor to OpenAI's ChatGPT, Google's Gemini and Anthropic's Claude. The chatbot uses xAI's proprietary large language model, Grok-2 and has been a notable part of the company's portfolio.



Elon Musk has openly said that his social media platform, X, is<a href="https://www.benzinga.com/news/24/07/39979855/elon-musks-x-shares-your-posts-on-his-social-media-platform-with-grok-for-training-heres-how-you-can"> being used to help train xAI's Grok chatbot</a>. By tapping into the conversations and posts on X, the chatbot can learn to respond more naturally and relevantly.



In just 16 months, xAI has achieved a notable valuation and infrastructure development within the industry. The company is preparing for further advancements with plans to double the number of AI chips at the Memphis facility.



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<li>Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a></li>
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Startups

In Just 16 Months, Elon Musk Achieved With xAI What Took OpenAI Nearly Nine Years To Accomplish

The incoming Donald Trump administration's ambitious energy plans, including a 3 million barrels per oil equivalent a day (mboe/d) production boost, a potential 25% tariff on Canadian oil and gas imports, and accelerated liquified natural gas (LNG) export approvals, could reshape U.S. energy markets — but not <a href="https://www.benzinga.com/24/11/42225506/canada-prepares-retaliatory-tariffs-as-trumps-threat-looms-analysts-warn-of-further-loonie-weakness">without winners and losers</a>.



In note to clients on Thursday, Goldman Sachs crunched the numbers on what could be seismic changes in U.S. energy markets under a Trump's second term. 



Let's break it down: what's realistic, what's speculative, and who bears the cost in this evolving energy landscape.



<h3 class="wp-block-heading">Can The US Really Pump An Extra 3M Barrels a Day?</h3>



Trump's vision of ramping U.S. energy production by 3mboe/d from 2025 to 2028 is ambitious but not entirely unrealistic, according to Goldman.



It can be &#8220;achievable&#8221; by 2028, provided natural gas and natural gas liquids (NGLs) are included in the mix, according to analyst Callum Bruce, CFA. 



Between 2018 and 2023, U.S. energy production grew at an annual pace of 1.8mboe/d — more than double the 0.75mboe/d pace needed to hit that 3mboe/d goal. For 2025-2026, Goldman forecasts growth of 2.0mboe/d, achieving two-thirds of the target in the first two years of a possible Trump second term.



"Rising LNG demand, capital discipline, and energy prices are the key drivers behind this growth," Bruce said. However, policy changes are expected to have limited short-term effects on production.



<h3 class="wp-block-heading">What A 25% Tariff On Canadian Oil Could Mean</h3>



The administration&#8217;s other attention-grabbing idea — a 25% tariff on Canadian oil imports—has raised some eyebrows.



Canada is the U.S.'s largest crude oil supplier, exporting 4.0 million barrels per day (mb/d) to the U.S. over the past year — about 25% of total U.S. refinery inputs.



Most of that oil (2.8mb/d) heads to the Midwest, where refiners rely heavily on Canadian crude.



Key players in this market include Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), and Exxon Mobile Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>). 



Goldman's analysis suggests a 25% tariff on Canadian oil imports would hit U.S. consumers in the short term through higher gas prices at the pump. However, over time, the burden could shift. 



At a later stage, Canadian producers could bear the brunt as they offer steep discounts to keep their oil flowing south. Western Canadian Select (WCS) crude, currently priced just under $60/barrel, could face a tariff-induced discount of $15/barrel to compete with U.S. alternatives.



Currently, WCS trades at just under $60 per barrel. A 25% tariff would add roughly $15 per barrel to costs, pressuring Canadian producers to cut prices and incentivizing U.S. refiners to seek cheaper alternatives.



<h3 class="wp-block-heading">Tariffs On Canadian Gas: Who Pays?</h3>



A 25% tariff on Canadian natural gas would tell a slightly different story.



Canadian gas exports to the U.S. average 5-6 billion cubic feet per day (Bcf/d), accounting for 5% of U.S. supply. A 25% tariff on these imports would likely squeeze Canadian producers in the short term, 



According to Goldman Sachs, a 25% tariff could slash U.S. imports by approximately 200 million cubic feet per day, based on current price differentials.



Goldman projects that, in the short term, Canadian producers would shoulder most of the tariff burden due to oversupply and low prices. But tighter U.S. gas balances from 2026 onward — driven by higher LNG exports — could allow more of the cost to be passed on to American consumers.



"Canadian gas producers would likely bear the bulk of the burden until U.S. balances tighten from 2026," he said. 



<h3 class="wp-block-heading">LNG Exports: Speeding Up Approvals Won't Move the Needle (Yet)</h3>



The report is skeptical that accelerating U.S. Department of Energy (DoE) approvals for LNG export projects will have any material impact on global or domestic gas balances before 2027.



"DOE approval is necessary, but not sufficient, for new LNG projects to move forward," Bruce said. Long-term capacity contracts and the time-intensive construction process remain the bigger hurdles.



That said, U.S. LNG exports are still on track to more than double by 2030, reaching 25 Bcf/d and increasing the U.S.'s global market share from 22% to 31%.



<h3 class="wp-block-heading">Bottom Line: Winners And Losers</h3>



Goldman's analysis offers a clear takeaway: while the energy boom may lift U.S. production, tariffs and policy changes could ripple through markets in ways that aren't always predictable.



Trump's proposed energy policies could reshape North American energy markets, but the impact varies depending on the player:



<ul>
<li>U.S. Consumers: Likely to face higher gas prices in the short term if Canadian tariffs are imposed.</li>



<li>Canadian Producers: Under pressure from lower prices for both oil and natural gas.</li>



<li>U.S. Producers: Positioned to capitalize on higher domestic production targets and rising LNG exports.</li>



<li>Midwest Refiners: Will face margin pressure but may offset costs by negotiating deeper discounts on Canadian crude.</li>
</ul>



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</ul>



Image: Shutterstock

Trump's Energy Policies Poised To Reshape Oil & Gas Market: Winners And Losers Revealed

As U.S. markets paused for Thanksgiving, European equities staged a rebound on Thursday, snapping a three-day losing streak. Lower-than-expected consumer inflation data from Germany rekindled optimism for more aggressive rate cuts by <a href="https://www.benzinga.com/topic/interest-rates">the European Central Bank (ECB)</a>.



Germany&#8217;s annual inflation rate edged higher, rising from 2.0% in October to 2.2% in November , but came in just below market expectations of 2.3%. On a monthly basis, Germany&#8217;s consumer price index (CPI) fell 0.2%, marking the sharpest decline in over a year. The unexpected contraction in monthly CPI added to speculation that the ECB could accelerate monetary easing to support the region&#8217;s economy.



<h3 class="wp-block-heading">European Equities Post Gains</h3>



The Euro STOXX 50, a key benchmark for the eurozone's 50 largest blue-chip stocks, closed up 0.5%, buoyed by gains in industrials and energy stocks. Among the biggest winners were:



<ul>
<li>Airbus SE (OTCPK: AEDSY): +4.2%</li>



<li>RWE AG (OTCPK: RWEOY): +2.7%</li>



<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>): +2.3%</li>
</ul>



<h3 class="wp-block-heading">Dollar Rebounds, Yen Slips After Wednesday&#8217;s Rally</h3>



Meanwhile, the euro slipped 0.2%, trading at $1.0550 against the U.S. dollar. A currency weighted measure of the greenback – tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – was also up by 0.2%. 



The yen was the underperformer among major currencies, falling by 0.3% following a 1.3% rally on Wednesday. 



<h3 class="wp-block-heading">Commodities: Gold Shines, Oil Sees Volatility</h3>



Commodities were mixed in Thursday&#8217;s session:



<ul>
<li>Gold futures edged up 0.2%, eyeing their sixth gain in the last seven trading days. </li>



<li>Natural gas futures climbed 2.3%, recovering some ground after an 8.5% drop on Wednesday. Thus far in November, natural gas prices are up by 20%. </li>



<li>Oil prices had a choppy session, initially rising on reports of Israeli forces citing violations of the Israel-Hezbollah ceasefire agreement. However, as tensions eased, oil pared gains to trade flat.</li>
</ul>



<h3 class="wp-block-heading">Crypto Struggles To Maintain Momentum</h3>



Cryptocurrencies saw a pullback after recent gains:



<ul>
<li>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 0.9% to around $95,000, failing to sustain momentum from Wednesday's 4.6% rally.</li>



<li>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) dropped 3%, erasing part of its 10% surge the previous day. The pullback highlighted a weaker appetite for risk-on assets within the crypto space.</li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42234954/will-apple-or-nvidia-be-the-worlds-most-valuable-company-by-the-end-of-2024-polymarket-traders-have-a-clear-favorite">Will Apple Or NVIDIA Be The World&#8217;s Most Valuable Company By The End Of 2024? Polymarket Traders Have A Clear Favorite</a></li>
</ul>

Large Cap

Eurozone

European Stocks Close Higher, Dollar Gains, Bitcoin Eases To $95,000: What's Driving Markets Thursday?

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and NVIDIA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) are seen as the top contenders for the title of the world's largest company by the end of 2024, according <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42189225/trump-threatens-25-tariffs-on-canada-mexico-until-invasion-is-stopped-but-polymarket-traders-arent-convinced">to Polymarket traders</a>.



Apple <a href="https://polymarket.com/event/largest-company-eoy?tid=1732725661447">leads</a> with a 55% probability of holding the top spot, while NVIDIA trails at 40%.



Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), once a dominant force, has only a 4.5% chance, and other companies have less than 1%.



With $119,473 in total betting volume on the market, the data showcases investor sentiment about the dominance of these technology giants. 



Here's a closer look at the frontrunners, their industries, and current market valuations:



<h3 class="wp-block-heading">Apple: Leading The Pack With 55%</h3>



Apple Inc., currently the most valuable company globally, has a market capitalization exceeding $3.47 trillion. 



The company's strength lies in its ecosystem of consumer products, including the iPhone, Mac, and Apple Watch, combined with a growing services segment featuring Apple Pay, Apple Music and iCloud.



Recent innovations, such as the Vision Pro headset and advancements in AI-powered features, continue to solidify Apple's position as a market leader. 



Its high probability on Polymarket reflects confidence in its ability to maintain its dominance in the face of strong competition.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42232116/dogecoin-to-hit-69-cents-by-inauguration-day-polymarket-traders-are-not-convinced">Dogecoin To Hit 69 Cents By Inauguration Day? Polymarket Traders Are Not Convinced</a>



<h3 class="wp-block-heading">NVIDIA: Gaining Ground With 40%</h3>



NVIDIA, a leader in graphics processing units (GPUs) and artificial intelligence (AI), has surged in market value amid the AI boom. 



With a market cap of $3.44 trillion, NVIDIA has become a critical supplier for generative AI technologies and data center processors. 



The company's revenue has skyrocketed in 2024, driven by demand for its cutting-edge chips used in AI model training and deployment. 



Bettors view NVIDIA's innovative technology and increasing relevance in the AI-driven economy as a strong case for challenging Apple's top spot.



<h3 class="wp-block-heading">Microsoft: A Fading Contender At 4.5%</h3>



Microsoft, with a market cap of about $3.06 trillion, remains a powerhouse in enterprise software, cloud computing, and productivity tools. 



Its Azure cloud platform and integration of AI tools, such as Copilot in Microsoft Office, have kept it competitive. 



However, its relatively low probability on Polymarket suggests that investors view it as unlikely to overtake Apple or NVIDIA by the year's end.



<h3 class="wp-block-heading">Other Contenders: Less Than 1%</h3>



The &#8220;Other&#8221; category, representing all remaining global companies, has less than a 1% chance of ending 2024 as the largest, reflecting the dominance of tech giants in the global economy and the high barriers for other industries to compete at this scale.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42221726/crypto-dad-chris-giancarlo-advocates-for-passing-crypto-regulation-from-the-sec-to-another-commission-heres-why">&#8216;Crypto Dad&#8217; Chris Giancarlo Advocates For Passing Crypto Regulation From The SEC To Another Commission — Here&#8217;s Why</a></li>
</ul>



Image: Shutterstock

MSFT

Will Apple Or NVIDIA Be The World's Most Valuable Company By The End Of 2024? Polymarket Traders Have A Clear Favorite

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