President-elect Donald Trump dropped an economic bombshell Monday, announcing plans to slap hefty tariffs on key U.S. trade partners once he returns to the White House <a href="https://www.benzinga.com/topic/donald-trump">on Jan. 20. </a>



Trump pledged 25% tariffs on all Mexican and Canadian imports and an additional 10% levy on Chinese goods, which would remain in place until drugs, and in particular fentanyl, will stop entering the U.S.



&#8220;Thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels never seen before,&#8221; Trump wrote on Truth Social.



&#8220;On January 20th, as one of my many first executive orders, I will sign all necessary documents to charge Mexico and Canada a 25% tariff on ALL products coming into the United States. This tariff will remain in effect until such time as drugs, in particular Fentanyl, and all illegal aliens stop this Invasion of our country!&#8221;



<h3 class="wp-block-heading">Markets React: Peso And Loonie Hit Hard</h3>



Currency markets were the immediate shock absorber of the news. The Canadian dollar, tracked by the Invesco CurrencyShares Canadian Dollar Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXC#NYSE">FXC</a>), nosedived 0.8%, breaching the 1.41 level against the U.S. dollar — a low not seen since April 2020.



The Mexican peso didn't fare much better, sliding 0.9% to 20.50 against the greenback, while the Chinese yuan slumped 0.4% to a four-month low.



Robin Brooks, economist at the Brookings Institution, warned that this may only be the beginning. "The Mexican Peso is down 1.5% after tonight&#8217;s tariff news from the president-elect. To put this fall in perspective, the Mexican peso fell 10% in just a few days right after Trump's surprise win in 2016. So this fall is small and only the beginning of a sorely needed repricing."



The iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) fell 1.5% in premarket trading on Tuesday.



James Thorne, a market strategist at Wellington Altus, questioned the practicality of Trump's rhetoric. "Do you really think Mr. Trump will put a 25% tariff on Canadian Sour Crude Oil?" Thorne wrote. "Recall it's mixed with Sweet Shale oil and then refined. Constraint of US refining capacity. Think about that for 1 minute."



<h3 class="wp-block-heading">China In The Crosshairs: Fentanyl And Tariffs</h3>



Trump renewed his criticism of China, blaming the country for America's fentanyl epidemic.



&#8220;I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States—But to no avail," Trump said. 



He accused Chinese officials of failing to deliver on promises to crack down on drug dealers, stating, "Until such time as they stop, we will be charging China an additional 10% tariff, above any additional tariffs, on all of their many products coming into the United States of America."



The tariffs, according to Trump, would serve as a dual-purpose weapon: curbing illegal drug imports and bolstering his "America First" economic policy.



<h3 class="wp-block-heading">Bill Ackman: Trump Is Using Tariffs As Weapon</h3>



Prominent investor Bill Ackman chimed in on X (formerly Twitter), suggesting that Trump's tariffs are less about trade and more about leverage. 



"To be clear, according to Trump, the 25% tariffs will not be implemented, or if implemented will be removed, once Mexico and Canada stop the flow of illegal immigrants and fentanyl into the U.S.," Ackman said. 



"In other words, Donald Trump is going to use tariffs as a weapon to achieve economic and political outcomes which are in the best interest of America, fulfilling his America First policy."



<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">To be clear, according to Trump the 25% tariffs will not be implemented, or if implemented will be removed, once Mexico and Canada stop the flow of illegal immigrants and fentanyl into the U.S. In other words, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> is going to use tariffs as a weapon to achieve… <a href="https://t.co/61oQvCpW92">https://t.co/61oQvCpW92</a>&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1861198845574815947?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42170135/its-the-most-wonderful-time-of-the-year-for-the-stock-market-history-says">&#8216;It&#8217;s The Most Wonderful Time Of The Year&#8217; For The Stock Market, History Says</a></li>
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Photo: Shutterstock

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Mexican Peso, Canadian Dollar Slide As Ackman Says Trump Will Use Tariffs 'As A Weapon'

On Tuesday, Best Buy Co., Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) reported fiscal 2025 third-quarter adjusted EPS of $1.26, missing <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of $1.29</a>.



Enterprise comparable sales fell 2.9%. Quarterly sales decreased to $9.45 billion from $9.76 billion a year ago, missing the&nbsp;analyst <a target="_blank" href="https://www.benzinga.com/24/11/42143717/best-buys-growth-hinges-on-computing-and-services-as-q3-approaches-analyst" rel="noreferrer noopener">consensus of $9.63 billion</a>.



Domestic revenue of $8.70 billion decreased 3.3% compared to last year, primarily due to a comparable <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42185402/best-buy-reports-third-quarter-results" rel="noreferrer noopener">sales decline of 2.8%</a>.



From a merchandising perspective, the largest drivers of the comparable sales decline on a weighted basis were appliances, home theater, and gaming, partially offset by growth in the computing, tablets, and services categories.



Domestic online revenue of $2.73 billion decreased 1.0% on a comparable basis, and as a percentage of total Domestic revenue, online revenue was 31.4% versus 30.6% last year.



Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42155932/apple-black-friday-2024-get-up-to-200-in-gift-cards-on-iphones-macs-airpods-and-more-heres-everything-you-need-to-know" rel="noreferrer noopener">Apple&#8217;s 2024 Black Friday Deals: Gift Cards Over Discounts — Here&#8217;s What You&#8217;ll Get</a>



&#8220;In the third quarter, our teams delivered an in-line non-GAAP operating income rate on sales that were a little softer than expected,&#8221; said Corie Barry, Best Buy CEO.



&#8220;During the second half of the quarter, a combination of the ongoing macro uncertainty, customers waiting for deals and sales events, and distraction during the run-up to the election, particularly in non-essential categories, led to softer-than-expected demand. In the first few weeks of Q4, as holiday sales have begun and the election is behind us, we have seen customer demand increase again.&#8221;



International revenue of $748 million decreased by 1.6%, driven by a comparable sales decline of 3.7% and the negative impact of foreign exchange rates, partially offset by revenue from Best Buy Express locations opened in Canada during FY25.



Outlook: Best Buy&nbsp;trimmed its fiscal year 2025 revenue outlook from <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40624075/best-buy-q2-earnings-domestic-sales-drop-3-raises-fy25-outlook-ceo-highlights-tablet-and-computing-" rel="noreferrer noopener">$41.3 billion &#8211; $41.9 billion</a> to $41.1 billion &#8211; $41.5 billion compared to the consensus of $41.59 billion.



The company revised the adjusted EPS outlook from $6.10 &#8211; $6.35 to $6.10 &#8211; $6.25, compared to the consensus of $6.25.



Comparable sales are expected to decline&nbsp;between 3.5% and 2.5%, compared to prior guidance for a decline between 3.0% and 1.5%.



Best Buy expects fourth-quarter comparable sales to be flat to down 3% and an <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">adjusted operating income rate of 4.6% &#8211; 4.8%</a>



Price Action: BBY stock is down 7.23% at $86.30 during the premarket session at last check Tuesday.



Also Read:



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<li><a href="https://www.benzinga.com/24/11/42186138/taiwan-semis-growth-fuels-us-rise-to-second-in-chipmaking" target="_blank" rel="noreferrer noopener">Taiwan Semi&#8217;s Growth Fuels US Rise To Second In Chipmaking: Report</a></li>
</ul>



Image via Shutterstock.

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General

Best Buy Says Q3 Sales 'Little Softer Than Expected' On Lower Demand For Appliances And Gaming, Trims Annual Forecast

Bitcoin-related stocks saw a decline in Tuesday&#8217;s pre-market trading as Bitcoin&#8217;s price slipped from its recent highs. The cryptocurrency&#8217;s rally appears to be losing steam after nearing the significant $100,000 milestone.



What Happened: Bitcoin, often dubbed &#8220;King Crypto,&#8221; was trading at $93,590.38 at 5:00 AM Eastern Time. A prominent trader has warned that if Bitcoin fails to break through the $100,000 resistance level, it could experience a significant correction, potentially dropping to $85,600 in a worst-case scenario.



As Bitcoin&#8217;s momentum seems to be waning, stocks tied to the cryptocurrency also face declines. As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, MARA Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) dropped by 3.63%, MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) fell by 3.33%, and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) decreased by 3.40% in pre-market trading on Tuesday.



See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Saylor Reveals MicroStrategy Is &#8216;Making $500M A Day&#8217; With Bitcoin: &#8216;May Very Well Be The Most Profitable Company In The US Growing The Fastest Right Now&#8217;</a>



Why It Matters: The recent dip in Bitcoin&#8217;s price comes amid a broader <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42163156/why-bitcoins-rally-is-stalling-below-100000">cooling of bullish sentiment </a>in the cryptocurrency market. According to&nbsp;Santiment data, the enthusiasm that fueled a prolonged rally since September is waning, especially for major cryptocurrencies like Bitcoin and Ethereum. 



Adding to the concerns, a&nbsp;crypto analyst&nbsp;known for accurately predicting the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42154900/crypto-expert-who-called-2022-market-crash-warns-about-bitcoin">2022 market crash</a> has warned that Bitcoin may be approaching a local top. The analyst, known as Capo, has highlighted indicators such as overextended bullish sentiment and diminishing momentum as signs that a correction could be imminent.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42173805/bitcoin-dogecoin-dip-ethereum-stays-green-trader-predicts-first-major-btc-correction-only-after-one-key-level-hits?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin Dip, Ethereum Stays Green: Trader Predicts &#8216;First Major BTC Correction&#8217; Only After One</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 Shutterstock

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COIN

MARA

MSTR

MicroStrategy, Coinbase, And Other Bitcoin-Linked Stocks Tumble As BTC's March To $100,000 Stalls

U.S. stocks could open on a sluggish note on Tuesday after ending in green on Monday as President-elect Donald Trump threatened to hit two of U.S.&#8217;s largest trading partners &#8211; Canada and Mexico &#8211; with tariffs.



The Dollar Index strengthened and was hovering around the 107 level. Expectations of a further 25 basis point rate cut in December have fallen to just 59% now, down from 75% a month ago, according <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">to</a> CME Group's FedWatch tool.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.08%</td></tr><tr><td>S&amp;P 500</td><td>0.09%</td></tr><tr><td>Dow Jones</td><td>0.07%</td></tr><tr><td>R2K</td><td>-0.26%</td></tr></tbody></table></figure>



In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.06% to $597.87 and the Invesco QQQ ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) rose 0.04% to $506.80, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Cues From The Last Session



The Dow Jones closed higher by around 440 points to 44,736.57 on Monday. The S&amp;P 500 rose 0.30% to 5,987.37, while the Nasdaq Composite rose 0.27% to close at 19,054.84 during Monday&#8217;s session.



On the economic data front, the Chicago Fed National Activity Index fell to -0.40 in October compared to -0.27 in the previous month and versus market estimates of -0.20.



The Dallas Fed&#8217;s Texas manufacturing activity index rose to -2.7 in November compared to a reading of -3 in the previous month and versus market estimates of -2.4.



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



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



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.27%</td><td>19,054.84</td></tr><tr><td>S&amp;P 500</td><td>0.30%</td><td>5,987.37</td></tr><tr><td>Dow Jones</td><td>0.99%</td><td>44,736.57</td></tr><tr><td>Russell 2000</td><td>1.47%</td><td>2,442.03</td></tr></tbody></table></figure>



Insights From Analysts:



&#8220;Equity markets continue to display remarkable strength. The S&amp;P 500 and other major indices are flirting with or surpassing all-time highs. The breadth of the rally is particularly noteworthy, with a growing number of stocks hitting 52-week highs,&#8221; said Jeremy Siegel, a senior economist <a href="https://resources.wisdomtree.com/weekly-siegel-commentary/">at</a> WisdomTree.



&#8220;This breadth is a key signal of market health, as it indicates a robust and inclusive rally rather than one concentrated in a few mega-cap names,&#8221; he added.



Analysts at BlackRock <a href="https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary">said</a> that they are positive about the AI theme in the technology sector. &#8220;Valuations for AI beneficiaries are supported as tech companies keep beating high earnings expectations. We think upbeat sentiment can broaden out,&#8221; their note said.



BlackRock also added that they see the AI buildout and adoption creating opportunities across sectors. &#8220;We get selective, moving toward beneficiaries outside the tech sector. Broad-based earnings growth and a quality tilt make us overweight U.S. stocks overall.&#8221;



Predicting how December could look like for the stock markets, Ryan Detrick, chief market strategist at Carson Group, highlighted how markets have performed better than average in December in every election year since 1950.



<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">No month is more likely to be higher than December in an election year (83.3%). <a href="https://t.co/WrOI59tUiR">pic.twitter.com/WrOI59tUiR</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1861092399449284637?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Upcoming Economic Data:



This week&#8217;s economic calendar is not as packed as last week&#8217;s due to Thanksgiving. Here are the key events lined up for Tuesday:



<ul>
<li>The S&amp;P Case-Shiller home price index for 20 cities will be released at 9 a.m. ET.</li>



<li>Data on consumer confidence and new home sales will be released at 10 a.m. ET.</li>



<li>The minutes of the Fed's November FOMC meeting will be released at 2 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Woodward Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>) is up by almost 11% in premarket trading after Pathstone Holdings LLC boosted its position by 28.6% during the 3rd quarter, as per SEC filing. The company also reported a record revenue of $3 billion in the September quarter, aided by the performance in both aerospace and industrial segments.</li>



<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) rose 6% in premarket as it reacted to reports that Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reached a "conditional" settlement concerning a 2020 lawsuit. The Elon Musk-led company had accused Rivian of poaching Tesla employees to get ahold of its EV trade secrets.</li>



<li>Exact Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXAS#NASDAQ">EXAS</a>) was trading above 5.5% in premarket after the company advanced breast cancer care with the Oncotype DX test and genomic profiling research at the San Antonio Breast Cancer Symposium 2024.</li>



<li>Semtech Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) was up over 19% in premarket hours after the chipmaker reported a strong set of earnings. The company posted revenue of $236.8 million for the quarter with quarterly earnings of $0.26 per share as compared to $0.02 per share a year ago.</li>



<li>Blue Bird Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLBD#NASDAQ">BLBD</a>) was down over 10% in premarket after its fourth-quarter earnings missed analyst estimates. The quarterly earnings of $0.77 per share missed the Zacks Consensus Estimate of $0.78 per share. This compares to the EPS of $0.66 in Q4 of the previous fiscal.</li>



<li>Investors are awaiting earnings results from Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>), and Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures rose in the early New York session, advancing 0.93% to hover around $69.57.



The 10-year Treasury note yield eased to 4.293%.



Major Asian markets ended lower on Tuesday, except for Hong Kong&#8217;s Hang Seng Index. European markets were also down in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42180029/ark-invest-shakes-up-portfolio-with-big-tesla-and-amazon-trades">Cathie Wood-Led Ark Invest&#8217;s Latest Portfolio Maneuver: Dumps Tesla And Palantir Shares, Buys Amazon And AMD Stock</a></li>
</ul>



Photo courtesy: Wikimedia

Federal Reserve

Pre-Market Outlook

BLBD

DELL

EXAS

RIVN

SMTC

TSLA

US Stocks May Have A Slow Start As Trump's Tariff Threat Begins To Thwart Relief Rally: Analysts Remain Optimistic About AI-Linked Sectors Stocks

Contrary to growing concerns about <a href="https://www.benzinga.com/news/global/24/11/42180906/larry-summers-warns-trump-policies-could-trigger-far-larger-stimulus-to-inflation-than-bidens-actions-as-sp-500-surges-markets-go-up-markets-go-down">potential inflationary pressures</a> under President-elect Donald Trump&#8216;s administration, top economist Steve Hanke dismisses fears of a significant price surge, citing monetary policy and money supply as critical factors.



What Happened: In a recent interview with <a href="https://www.cnbc.com/video/2024/11/25/trumps-deregulation-will-not-affect-inflation-says-professor-of-economics.html">CNBC</a>, Hanke argued that the inflation trajectory depends more on Federal Reserve actions than proposed economic policies. &#8220;All this talk about Trump&#8217;s policies causing inflation to kick up again is just nonsense,&#8221; Hanke stated.



Hanke highlighted a critical economic indicator: the U.S. money supply, which has contracted since 2022. Historically, such contractions have preceded economic downturns. &#8220;The money supply is growing at 2.6% year-over-year, below my golden growth rate of 6%,&#8221; he explained.



The economist predicts inflation will fall below the Fed&#8217;s 2% target in 2025, challenging warnings from economists like former Treasury Secretary Larry Summers, who anticipates potential inflationary risks from proposed <a href="https://www.benzinga.com/news/global/24/11/42180906/larry-summers-warns-trump-policies-could-trigger-far-larger-stimulus-to-inflation-than-bidens-actions-as-sp-500-surges-markets-go-up-markets-go-down">tax cuts and trade policies</a>.



See Also: <a href="https://www.benzinga.com/24/11/42180029/ark-invest-shakes-up-portfolio-with-big-tesla-and-amazon-trades">Cathie Wood-Led Ark Invest&#8217;s Latest Portfolio Maneuver: Dumps Tesla And Palantir Shares, Buys Amazon And AMD Stock</a>



Why It Matters: Hanke praised the potential administration&#8217;s focus on economic deregulation, suggesting it could enhance GDP growth without triggering significant inflation. He referenced Scott Bessent, Trump&#8217;s potential Treasury Secretary pick, who has proposed strategies to mitigate potential inflationary impacts.



Market indicators currently show resilience. S&amp;P 500 tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has gained 3.61% since Nov. 5, trading at $597.53 on Monday, while Nasdaq-100 Index tracked by Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) increased 2.92% during the same period to $506.59, <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



The potential economic shifts come amid a complex fiscal landscape, with the U.S. federal budget deficit projected to reach $1.7 trillion in 2024 and the&nbsp;<a href="https://www.benzinga.com/government/24/10/41461338/imf-upwardly-revises-us-economic-growth-but-warns-under-current-policies-the-us-public-debt-is-not-s" target="_blank" rel="noreferrer noopener">debt-to-GDP ratio approaching 120%</a>.



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<li><a href="https://www.benzinga.com/24/11/42181602/dow-sp-500-reach-fresh-highs-investor-sentiment-improves-fear-greed-index-remains-in-greed-zone">Dow, S&amp;P 500 Reach Fresh Highs: Investor Sentiment Improves, Fear Index Remains In &#8216;Greed&#8217; Zone</a></li>
</ul>



Image Via Flickr 



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

Economist Steve Hanke Brushes Off Trump Economic Worries As 'Nonsense,' Predicts Fed Will Bring Prices Below 2% In 2025

On Monday, Cathie Wood&#8217;s Ark Invest made significant trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>). These trades were part of a series of strategic moves made by the investment firm.



The Tesla Trade



Ark Invest sold 20,552 Tesla shares across two of its ETFs. The ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) fund sold 13,136 shares, while the ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) fund sold 7,416 shares. The total value of the sold shares, based on the closing price of $338.59, amounts to approximately $7 million. This move comes amidst news that Tesla vehicles <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42175967/whats-going-on-with-tesla-stock-today-3">may not be eligible</a> for rebates under a new California consumer rebates proposal, causing Tesla shares to close lower on Monday.



The Amazon Trade



Ark Invest&#8217;s ARKQ fund bought 19,747 shares of Amazon. The value of this trade, calculated from the closing price of $201.45, is approximately $4 million. This purchase follows <a href="https://www.benzinga.com/24/11/42176396/amazon-anthropic">Amazon&#8217;s recent investment</a> of $8 billion in artificial intelligence research and development company, Anthropic. Amazon&#8217;s partnership with Anthropic is expected to be mutually beneficial, with Anthropic naming Amazon Web Services as its primary training partner and cloud provider. The Palantir Trade



On Monday, Ark sold 26,047 shares of Palantir worth $1.7 million through its ARKK ETF.



Ark Invest&#8217;s move to trade in PLTR follows a significant endorsement of the artificial intelligence software sector by Wedbush Securities. The firm&#8217;s Managing Director, Dan Ives, has predicted that 2025 will be a pivotal year for AI implementation across the industry. This comes as <a href="https://www.benzinga.com/news/global/24/11/42156160/palantir-price-target-raised-to-75-by-dan-ives-amid-288-ytd-surge-analyst-calls-2025-a-primetime-year-for-ai">Palantir continues its impressive ascent</a>, having surged 288% year-to-date.



In a sector-wide upgrade, Ives raised Palantir's price target to $75, signaling broader confidence in the software sector's AI potential. The last close price for PLTR was $64.65, marking a 0.47% increase.



The AMD Trade



The Wood-led firm purchased 10,753 shares of AMD worth $1.5 million on Monday. The last close price for AMD was $141.13, marking a 2.01% increase.



Ark Invest&#8217;s trade in AMD comes as the company reportedly plans to enter the mobile device market with new accelerated processing unit (APU) chips designed for smartphones. These chips will leverage <a href="https://www.benzinga.com/media/24/11/42168509/amd-teams-up-with-taiwan-semi-to-take-on-samsung-in-smartphone-market">Taiwan Semiconductor Manufacturing Co's 3nm process</a>, extending Taiwan Semiconductor's order visibility for 3nm production into late 2026.



See Also: <a href="https://www.benzinga.com/markets/24/11/42152947/satellite-images-reveal-north-korea-reportedly-receiving-illicit-oil-from-russia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Satellite Images Reveal North Korea Reportedly Receiving Illicit Oil from Russia</a>



AMD is also boosting its presence in India, with a $400 million investment aimed at enhancing its R&amp;D capabilities and tapping into the burgeoning market.



See Also: <a href="https://www.benzinga.com/markets/equities/24/11/42153356/is-warren-buffett-preparing-for-a-market-downturn-with-berkshire-hathaways-325b-cash-pile-analyst-says-internet-bubble-and-2008-crash-may-have-lessons?itm_source=parsely-api" target="_blank" rel="noopener">Is Warren Buffett Preparing For A Market Downturn With Berkshire Hathaway&#8217;s $325B Cash Pile? Analyst Says</a>



Other Key Trades:



<ul>
<li>Ark Invest&#8217;s ARKF fund sold shares of SoFi Technologies Inc and bought shares of Ibotta Inc.</li>



<li>The ARKG fund sold shares of Butterfly Network Inc and bought shares of Recursion Pharmaceuticals Inc.</li>



<li>The ARKW fund bought shares of 3iQ Ether Staking ETF and sold shares of Genius Sports Ltd.</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42152684/musk-tweet-sparks-dogecoin-surge-fuels-speculation-on-x-payments?itm_source=parsely-api" target="_blank" rel="noopener">Musk Tweet Sparks Dogecoin Surge, Fuels Speculation On X Payments</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>

ETFs

AMZN

ARKK

ARKQ

PLTR

Cathie Wood-Led Ark Invest's Latest Portfolio Maneuver: Dumps Tesla And Palantir Shares, Buys Amazon And AMD Stock

Leading cryptocurrencies witnessed sell-offs on Monday as Bitcoin&#8217;s psychologically significant $100,000 barrier remained elusive.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.54%</td><td>$94,742.80</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+3.81%</td><td>$3,452.30</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>-2.28%</td><td>$0.4071</td></tr></tbody></table></figure>



What Happened: The leading cryptocurrency went downhill during U.S. trading hours, falling as low as $92,600, Overnight buying pushed the digital asset above $94,000.



Ethereum, on the other hand, rallied past $3,500 for the first time in four months. The rally triggered strong inflows into Ether spot exchange-traded funds (ETFs) totaling $283,000, <a href="https://sosovalue.com/assets/etf/us-btc-spot">according </a>to SoSo Value. In comparison, Bitcoin ETFs bled more than $684 million.&nbsp;



Over $386 million in long positions were liquidated in the past 24 hours. Additionally, more than $832 million in short positions risk liquidation if Bitcoin's price rebounds to $98,000.



Interestingly, the number of traders placing bullish bets on Bitcoin increased sharply against those shorting the asset, as per the Long/Shorts Ratio on cryptocurrency exchange Binance. This suggested that traders were buying the dip.



The reading on the Cryptocurrency Fear and Greed Index fell from 82 to 79, though overall sentiment remained in the "Extreme Greed" region.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Lido DAO (LDO)</td><td>+17.02%</td><td>$1.66</td></tr><tr><td>Arbitrum (ARB)</td><td>+9.92%</td><td>$0.914</td></tr><tr><td>Optimism (OP)</td><td>+9.80%</td><td>$2.33</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.25 trillion, following a contraction of 2.61% in the last 24 hours.



Stocks touched new peaks on Monday. The Dow Jones Industrial Average rose 440.06 points, or 0.99%, to end at a record high of 44,736.57. The S&amp;P 500 added 0.30% to close at 5,987.37, while the barometer of tech stocks, the Nasdaq Composite, edged 0.27% higher to close at 19,054.84.



The rally came amid President-elect Donald Trump's decision to pick hedge fund executive Scott Bessent as the new Treasury Secretary. In a recent interview, Beesent <a href="https://www.benzinga.com/news/24/11/42158330/trumps-treasury-secretary-pick-scott-bessent-says-a-global-economic-reordering-is-on-the-way-argues-president-elects-policies-will-lead-to-an-economic-lollapalooza">outlined his policy priorities</a>, focusing on fulfilling tax-cut promises made by Trump and deregulating parts of the U.S. economy



The shortened Thanksgiving trading week would see the release of October's personal consumption expenditure (PCE) data on Wednesday, considered as the Federal Reserve's preferred inflation gauge.



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



Analyst Notes: Widely-followed cryptocurrency analyst Ali Martinez noted the similarities between the ongoing bullish cycle and the ones in 2017 and 2020.



"If this pattern holds true, the first major price correction (15% to 30%) won&#8217;t come until Bitcoin hits $135,000 or even $159,000," the analyst predicted.



<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 current bullish cycle (black) is very similar to the ones in 2020 (grey) and 2017 (yellow). If this pattern holds true, the first major price correction (15% to 30%) won&#39;t come until <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> hits $135,000 or even $159,000. <a href="https://t.co/LLXT70E7dE">pic.twitter.com/LLXT70E7dE</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861082972901777633?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Prominent on-chain analytics firm Santiment observed positive discussions for Ethereum on social forums after the second-largest cryptocurrency made steady gains in the last 24 hours.



"Ethereum&#8217;s price performance is being discussed in contrast to other cryptocurrencies like Bitcoin and XRP," Santiment stated.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f5e3;&#xFE0F; While Bitcoin has dropped back to as low as $93K Monday, traders are still riding the hot altcoins and discussing specific stories surrounding under the radar opportunities: &#x1fa99; The Sandbox <a href="https://twitter.com/search?q=%24SAND&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SAND</a>: There has been a notable resurgence in metaverse-related investments and growing… <a href="https://t.co/7HPyInN7gE">pic.twitter.com/7HPyInN7gE</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1861207097561510032?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Avi Rozen on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42176684/exclusive-tim-draper-predicts-bitcoin-to-reach-120k-by-end-of-2024-250k-in-2025">EXCLUSIVE: Tim Draper Predicts Bitcoin To Reach $120K By End Of 2024, $250K In 2025</a></li>
</ul>

$BTC

$DOGE

$ETH

Bitcoin, Dogecoin Reverse, Ethereum Gains As Stocks Touch New Peaks: Top Analyst Anticipates No 'Major' Correction For BTC Until $135K

Wedbush analyst Dan Ives has reaffirmed his $75 price target on Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), citing strong growth potential amid the AI revolution.



What Happened: On Monday, while appearing in a segment of CNBC, Ives argued that the market is undervaluing Palantir&#8217;s potential, especially in the software sector.



He highlighted that the company&#8217;s enterprise solutions could generate billions in revenue, positioning Palantir as a future leader like Oracle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>).&nbsp;



Despite the current market price hovering around $37, Ives remains optimistic about Palantir&#8217;s growth trajectory in the coming years.



See Also: <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">Joby Gets Toyota&#8217;s $500M Dollar Lift: eVTOL Pioneer Making New Highs</a>



He acknowledged the skepticism from bears but maintained that the company&#8217;s advancements in AI and software use cases are unparalleled.



"The haters will continue to hate," Ives said, adding, "They are still underestimating when it comes to the software, the use cases." He continued by saying that there's no product out there that matches what Palantir has done with AIP.



<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">Dan Ives breaks down why <a href="https://twitter.com/search?q=%24PLTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PLTR</a> is just scratching the surface &#x1f44f; <a href="https://t.co/W3hSrOhBAG">pic.twitter.com/W3hSrOhBAG</a>&mdash; Tom Nash (@iamtomnash) <a href="https://twitter.com/iamtomnash/status/1861125940585082987?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Palantir&#8217;s Advanced Intelligence Platform or AIP, introduced in April 2023, integrates advanced AI features like large language models into the company's Foundry and Gotham platforms. It aims to streamline decision-making in sectors such as defense and intelligence.



Why It Matters: The endorsement from Ives comes as Palantir experiences a remarkable ascent, with its stock <a href="https://www.benzinga.com/news/global/24/11/42156160/palantir-price-target-raised-to-75-by-dan-ives-amid-288-ytd-surge-analyst-calls-2025-a-primetime-year-for-ai">surging 289.928% year-to-date</a>.



Ives has previously raised Palantir's price target to $75, highlighting 2025 as a pivotal year for AI implementation across the industry.



This optimism is shared with other software companies like Elastic NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) and Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), which were also upgraded to Buy ratings.



Despite the bullish outlook, some analysts have <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/42039361/palantir-soars-to-150b-market-cap-as-analysts-flag-risks-in-valuation-insider-sales">flagged risks in Palantir&#8217;s valuation</a>. Hedge fund titans like Renaissance Technologies and ARK Investment Management have trimmed their stakes, selling over 3 million shares in the third quarter, although they still hold significant positions.



Palantir&#8217;s third-quarter earnings report <a href="https://www.benzinga.com/news/earnings/24/11/41730179/palantir-q3-earnings-revenue-beat-eps-beat-customers-up-39-raises-guidance-results-driven-by-unrele">showed a revenue beat</a>, with total revenue up 30% year-over-year, driven by &#8220;unrelenting AI demand.&#8221;



U.S. revenue grew 44% year-over-year, with commercial and government sectors showing significant growth, further supporting Ives&#8217; bullish stance.



Price Action: Palantir's stock finished Monday at $64.65, up 0.47% during regular trading. However, it dropped 1.24% in after-hours trading, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Photo by Spyro the Dragon on Shutterstock



Read Next:



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<li><a href="https://www.benzinga.com/media/24/11/42151510/jensen-huangs-nvidia-fast-tracks-samsungs-ai-memory-certification-as-ai-giant-looks-to-catch-up-to-demand?itm_source=parsely-api">Jensen Huang&#8217;s Nvidia Fast-Tracks Samsung&#8217;s AI Memory Certification As AI Giant Looks To Catch Up To Demand</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

Media

ESTC

ORCL

SNOW

Dan Ives Defends $75 Palantir Target Amid AI Revolution And Revenue Surge: 'Haters Will Continue To Hate'

Legendary investor Warren Buffett has announced new charitable donations and updates to how his fortune will be spent after he is gone, news that comes months after he turned<a href="https://www.benzinga.com/general/education/24/08/40652464/warren-buffett-celebrates-94th-birthday-with-1-trillion-market-cap-milestone-a-look-back-at-hig"> 94 years old.</a>



What Happened: Buffett announced Monday that he is converting 1,600 Berkshire Hathaway Class A (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) shares into 2,400,000 Berkshire Hathaway Class B (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) shares to make new donations as part of his<a href="https://www.benzinga.com/startups/24/11/41866296/with-warren-buffett-donating-99-of-his-fortune-whats-left-for-his-three-children-well-its-complicated"> continued philanthropic efforts.</a>



Buffett is donating 1,500,000 Class B shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation.



After the latest donation, Buffett will own 206,363 Class A shares, down 56.6% since his 2006 Giving Pledge.



Buffett recalled his belief and his late wife Susie's belief to support their children and philanthropic efforts in a new shareholder <a href="https://www.berkshirehathaway.com/news/nov2524.pdf">letter</a>.



"These bequests reflected our belief that hugely wealth parents should leave their children enough so they can do anything but not enough that they can do nothing," Buffett said. "Susie and I had long encouraged our children in small philanthropic activities and had been pleased with their enthusiasm, diligence and results."



Buffett said he is lucky to have lived as long as he has, while also recognizing his current age and the age of his children who are 71, 69 and 66.



"Father time always wins. But he can be fickle — indeed unfair and even cruel — sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit."



Buffett said he never wished to create a family dynasty and trusts his children to pursue his wishes to continue philanthropic donations, along with successor trustees younger than his children.



"As such, three potential successor trustees have been designated. Each is well known to my children and makes sense to all of us."



Read Also: <a href="https://www.benzinga.com/general/education/24/10/41418702/warren-buffetts-words-of-wisdom-benzinga-readers-pick-their-favorite-oracle-of-omaha-quote">Warren Buffett&#8217;s Words Of Wisdom: Benzinga Readers Pick Their Favorite Oracle Of Omaha Quote</a>



Why It's Important: Buffett said friends question his strategies for donating his wealth and the instructions left for his children.



"I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before they sign it," Buffett said.



Buffett said it's important that children understand the logic of decisions and any responsibilities that they will take on after your death.



"You don't want your children asking "Why?" in respect to testamentary decisions when you are no longer able to respond."



Buffett recalls his life's success and early confidence that he could become rich.



"By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings — call these units of deferred consumption — that can be passed along to others who were given a very short straw at birth."



The legendary investor said he lived his life the way he wanted by taking good care of his family and passing on wealth to others.



"With this philosophy, I have lived the way I wanted to live since my late 20s, and I have now watched my children grow into good and productive citizens."



Read Next: 



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<li><a href="https://www.benzinga.com/news/23/05/32270873/warren-buffett-shares-advice-on-succeeding-at-life-heres-how-your-obituary-could-be-involved">Warren Buffett Shares Advice On Succeeding At Life: Here&#8217;s How Your Obituary Could Be Involved</a></li>
</ul>



Photo: Shutterstock

Warren Buffett Announces New Charitable Gifts, Updates Plans For $150B Fortune: Billionaire Wants To Help Others 'Given A Very Short Straw At Birth'

Small-cap stocks are positioned for significant upside in 2025, driven by recovering earnings, potential corporate tax cuts, and favorable valuations, according to Brian Manby, investment strategy <a href="https://www.benzinga.com/exclusives?page=5">analyst at WisdomTree. </a>



In an exclusive interview with Benzinga, Manby shared his optimism for the Russell 2000 Index – as tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) – which has already surged 23% year-to-date and <a href="https://www.benzinga.com/news/small-cap/24/11/42171130/russell-2000-dow-sp-500-all-achieve-record-highs-in-wall-streets-historic-day-bitcoin-gold-tumble-whats-driving-markets-monday">achieved record highs on Monday</a>, surpassing its previous peak from November 2021.



Manby said their domestic focus positions them as key beneficiaries of U.S.-centered policies, such as tax cuts and tariffs, while their relatively lower valuations create a compelling investment case for investors unwilling to excessively concentrate their portfolio on large caps.



<h3 class="wp-block-heading">Small Caps, Regional Banks: Positioned For Growth In 2025</h3>



The small-cap rally in 2024 has been particularly strong in the regional banking sector, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) soaring 35% this year. 



This outperformance was driven by combination of factors, including Federal Reserve rate cuts, U.S. economic resilience, and the anticipation of deregulation under a Republican-controlled Congress. 



The expert stressed that regional banks could continue to benefit in the coming year as policy tailwinds strengthen their earnings potential. 



"We think there&#8217;s a potential opportunity for a catch-up rally, hopefully bolstered by the deregulatory agenda of the incoming administration. We are pretty optimistic on small cap financials and regional banks in particular." he said.



&#8220;Any sort of pressure that the incoming administration can take off of the small cap financials operations would be really, really welcomed by the sector,&#8221; he added.



According to the house view, small-cap earnings projections for 2025 are optimistic, with potential upside tied to fiscal stimulus and economic expansion. Additionally, small-cap companies, with their U.S.-centric operations, stand to benefit significantly from proposed corporate tax rate reductions, such as a potential 15% tax rate championed by Republicans.



Manby also addressed the potential impact of tariffs under a Republican administration. 



"We think that the prospect of tariffs would be a bit of a greater headwind for large caps. Since small caps are more tied to the domestic economy, we think they would probably benefit," Manby said.



Also Read: <a href="https://www.benzinga.com/news/retail-sales/24/11/42170721/thanksgiving-dinner-gobbles-up-19-more-cash-this-year-many-holiday-hosts-already-regret-their-decision">Thanksgiving Dinner Gobbles Up 19% More Cash This Year, Many Holiday Hosts &#8216;Already Regret Their Decision&#8217;</a>



<h3 class="wp-block-heading">Small Caps Are Still Sharply Undervalued Compared To Large Caps</h3>



Discussing the valuation picture, Manby highlighted that small caps remain discounted relative to large caps, and that creates a strong opportunity for investors. 



&#8220;The Russell 2000 is still very discounted relative to the S&amp;P 500. It basically trades at about 2 standard deviations below its long term multiple versus the S&amp;P 500 and that gives us a lot of confidence in the valuation opportunity as well,&#8221; Manby stated.



Looking ahead to 2025, WisdomTree remains optimistic about the potential for small caps to outperform. "This is a great opportunity for U.S.-based investors seeking returns without paying lofty multiples," Manby said.



Furthermore, he highlighted that &#8220;ongoing potential rate cuts would certainly be beneficial within the broader small cap universe.&#8221;



Read Next:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42170135/its-the-most-wonderful-time-of-the-year-for-the-stock-market-history-says">&#8216;It&#8217;s The Most Wonderful Time Of The Year&#8217; For The Stock Market, History Says</a></li>
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Photo: Shutterstock

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Broad U.S. Equity ETFs

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EXCLUSIVE: Small Caps Hit Records As Expert Says Russell 2000 'Still Very Discounted' Compared To S&P 500

Over half of Americans — 56% — say they plan to host guests for Thanksgiving this year. With costs rising 19% from last year, consumers are<a href="https://www.benzinga.com/news/econ-s/24/11/41944635/inflation-on-track-but-fed-may-go-slowly-on-interest-rate-cuts-experts-say"> feeling the pinch. </a>



What To Know: The cost of hosting Thanksgiving dinner in 2024 is up 19% from last year with an average of $431 spent on food, drink and decor for the event, according to <a href="https://www.lendingtree.com/credit-cards/study/thanksgiving-cost-report/">a survey</a> from LendingTree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>). 



"Whenever you start spending more, there's always going to be more risk. That's especially true when you're spending almost 20% more than last year," said Matt Schulz, LendingTree chief credit analyst.&nbsp;



"Most people's budgets are tight, leaving little financial wiggle room from month to month, so a 20% increase can be a big deal," Schulz added.&nbsp;



Read More: <a href="https://www.benzinga.com/news/global/24/11/42101365/indian-billionaire-one-of-the-worlds-richest-men-indicted-for-alleged-250-million-bribery-scheme">Indian Billionaire, One Of The World&#8217;s Richest Men, Indicted For Alleged $250 Million Bribery Scheme</a>



Survey respondents said they expect to spend an average of $265 on food and drinks and $166 on decor for an average of 11 guests at their table for the holiday this year. Most hosts — 60% — expect their guests to pitch in with either money or an item to offset expenses with 25% saying they may reconsider sending an invitation next year to a guest that arrives empty-handed. 



More than a third — 36% — of potential hosts say the amount they will spend on Thanksgiving will be a financial strain with 34% of potential hosts planning to use credit cards for Thanksgiving costs. Strikingly, 14% of hosts already regret their decision to do so. 



Sales and Promos: According to the survey, 30% of potential hosts will shop around, while 22% will use coupons and 33% will do both to help to offset costs. Retailers are trying to ease the financial strain by offering special Thanksgiving promotions and sales events.&nbsp;



Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) is promoting its Inflation-Free Thanksgiving Meal for 2024, which the company says allows customers to prepare the holiday meal for under $7 per person. The total cost for the meal to serve eight people is just over $53 and includes turkey, stuffing, gravy, cranberry sauce and dessert. 



Albertsons Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>) is offering a Thanksgiving promotion for a free 16- to 20-pound turkey when customers spend $150 or more on groceries in a single transaction. Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) has brought back its Thanksgiving meal deal, priced at $20, for four people. In addition to the meal, Target is offering frozen turkeys at 79 cents per pound, a 20% reduction from last year. 



"It's such old and cliched advice, but it's true," Schulz says. "Taking the time to comparison shop can save you significant money at the holidays or any other time of year."



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<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a></li>
</ul>



Photo: Shutterstock

Personal Finance

TREE

Thanksgiving Dinner Gobbles Up 19% More Cash This Year, Many Holiday Hosts 'Already Regret Their Decision'

Analysts expect CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) to report third-quarter revenue of $982.36 million <a href="https://www.benzinga.com/earnings">after market close Tuesday.</a> That&#8217;s up from $786.01 million in last year's third quarter, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



Observers will be closely watching the stock for signs of a recovery following a July IT outage — <a href="https://www.benzinga.com/news/24/07/39870313/microsoft-crowdstrike-issue-caused-largest-it-outage-in-history-showing-how-much-we-depend-on-a-hand">one of the largest in history</a>. 



Earnings Estimates: CrowdStrike has beaten analyst revenue estimates in more than 10 straight quarters.



Analysts expect the company to report third-quarter earnings per share of 81 cents, versus 82 cents in last year's third quarter. The company has beaten analyst earnings per share estimates in more than 10 straight quarters.



Guidance<a href="https://www.benzinga.com/news/earnings/24/08/40613150/crowdstrike-q2-earnings-revenue-beat-eps-beat-arr-up-32-even-more-customer-obsessed-company-followi"> from the company</a> calls for third-quarter revenue to be in a range of $979.2 million to $984.7 million. The company also is guiding for third-quarter earnings per share to be in a range of 80 cents to 81 cents per share.



Read Also: <a href="https://www.benzinga.com/markets/equities/24/11/41800177/crowdstrike-expands-cybersecurity-reach-in-europe-and-launches-ai-red-team-services">CrowdStrike Expands Cybersecurity Reach In Europe And Launches AI Red Team Services</a>



What Analysts Are Saying: Investor attention will be on CrowdStrike's recovery from its July 19 outage, Rosenblatt analyst Catherine Trebnick said in a new investor note.



The analyst reiterated a Buy rating and raised the price target from $325 to $385.



"Our channel checks suggest that customers remain confident in the company and are not stepping away," Trebnick said.



Trebnick said CrowdStrike could show "modest upside" from quarterly estimates and raise guidance.



"Some renewals may be delayed, but overall customer retention appears strong."



Guidance and the litigation overhang are key items being watched by WestPark Capital&#8217;s Paul Rodriguez. The analyst has a Hold rating and no price target. Future revenue can be impacted by customer discounts being used to help offset customer complaints about the July outage.



"Our checks suggest CRWD has not suffered much customer churn but CrowdStrike has had to make concessions to its clients base," Rodriguez said.



The analyst said there are concerns about heavy discounting being done in the field.



A litigation overhang mainly revolves around Delta Air Lines, is also a concern for the analyst after Delta decided to move forward with legal action.



"If other companies move further with litigation against CrowdStrike post the Delta news remains to be seen but this scenario does pose a risk to CrowdStrike shares."



Key Items to Watch: CrowdStrike said second-quarter annual recurring revenue was up 32% year-over-year. This remains a key item for investors to watch on Tuesday.



The company said the July outage inspired a renewed focus on becoming a "more customer-obsessed CrowdStrike." 



Cybersecurity remains a key theme going forward with companies increasing focus and spending on this category. Aside from the July outage recovery, new products and commentary on customer spending will be big items to watch for investors.



Price Action: CrowdStrike stock is down 2% to $363.80 on Monday versus a 52-week trading range of $200.81 to $398.30. CrowdStrike stock is up 47% year-to-date.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41803738/invesco-launches-new-etfs-targeting-ai-cybersecurity-and-defense-heres-how-some-of-their-peers-have">Invesco Launches New ETFs Targeting AI, Cybersecurity, And Defense. Here&#8217;s How Some Of Their Peers Have Performed In The Past Year</a></li>
</ul>



Image: Shutterstock

Price Target

Previews

Reiteration

CRWD

CrowdStrike Q3 Earnings Preview: Analysts Anticipate Recovery, 'Customers Remain Confident'

Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) recent rally could face a sharp downturn, with a prominent trader warning of a potential correction if the cryptocurrency fails to break the <a href="https://www.benzinga.com/news/small-cap/24/11/42171130/russell-2000-dow-sp-500-all-achieve-record-highs-in-wall-streets-historic-day-bitcoin-gold-tumble-whats-driving-markets-monday">$100,000 resistance level.</a>



The <a href="https://x.com/ali_charts/status/1860409141677662707">forecast</a>, which points to a drop as low as $85,600 in a worst-case scenario, comes as Bitcoin shows signs of a cooling rally after nearing the critical $100,000 milestone. 



On Nov. 23, chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1860409141677662707">flagged</a> a bearish signal on Bitcoin's 12-hour chart using the TD Sequential indicator.



Ali predicted that Bitcoin could correct to $91,583, with a deeper drop to $85,610 if selling pressure intensifies.



The apex crypto is trading around $94,660 at the time of writing, down 1.6% over the past 24 hours.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42171439/solana-meme-coin-platform-pumpfun-faces-backlash-over-scandalous-livestreams-but-polymarket-traders-arent-convinced-theyll-go-dark">Solana Meme Coin Platform Pump.Fun Faces Backlash Over Scandalous Livestreams, But Polymarket Traders Aren&#8217;t Convinced They&#8217;ll Go Dark</a>



Altcoins such as Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) are down over 5%, while Solana's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Ether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Cardano's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) and Binance's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) fell between 2% and 5%.



This market-wide retreat caused the overall crypto market capitalization to decline by 2.4%.



The volatility also hit crypto-tracked futures, with over $400 million liquidated in both long and short positions.



According to Coinglass <a href="https://www.coinglass.com/LiquidationData">data</a>, $283 million in bullish bets and $156 million in bearish bets were wiped out over the past 24 hours. 



Interestingly, small altcoins and midcap futures saw higher liquidation volumes than Bitcoin and Ether, suggesting increased risk-taking among traders.



The market correction comes against the backdrop of deteriorating sentiment in the cryptocurrency industry as Bitcoin failed to break <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42163156/why-bitcoins-rally-is-stalling-below-100000">the $100,000 threshold</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42170669/wisdomtree-files-for-xrp-etf-trust-report">WisdomTree Files For XRP ETF Trust: Report</a></li>
</ul>



Image: Shutterstock

$ADA

$BNB

$SOL

$XRP

Bitcoin Slides Below $95,000 — Analyst Predicts Potential Correction To $85,000

As the world hurtles toward an electrified future, the copper market <a href="https://www.benzinga.com/topic/copper">stands at a crossroads</a>. 



Insights from JPMorgan analysts Patrick Jones, Greg Shearer and Bill Peterson paint a complex picture: short-term hurdles for copper prices, but a glittering long-term outlook driven by electric vehicles and evolving supply dynamics.



This could seem as good news for those invested in United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>), Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), iShares Copper and Metals Mining ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>) for the long-term.



<h2 class="wp-block-heading">EV Boom: Supercharging Copper Demand</h2>



The electric vehicle revolution is set to electrify copper demand. JPMorgan predicts copper usage in EVs will more than double from 1.4 million metric tons in 2023 to 3 million by 2030. While some worry that technological advances like thinner copper anode foils could dampen demand, the analysts argue otherwise. 



Larger EV sizes and a pivot toward lithium-iron-phosphate (LFP) batteries — which are more copper-intensive — are expected to drive long-term growth.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41337566/trump-2-0-trade-policies-could-hit-copper-stocks-harder-warns-jpmorgan-analyst">Trump 2.0 Trade Policies Could Hit Copper Stocks Harder, Warns JPMorgan Analyst</a>



<h2 class="wp-block-heading">New Technologies: Leaching A Lifeline?</h2>



Leaching technologies are generating buzz, but can they revolutionize copper supply? Not yet, say the analysts. While projects from major miners like Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) are on the horizon, these advancements are unlikely to offset supply declines before 2030.



At best, leaching could add 550,000 metric tons annually, just 2% of global supply.



<h2 class="wp-block-heading">Scrap &amp; Recycling: The Unsung Hero?</h2>



Recycling is a crucial cog in the copper machine, accounting for about 17% of refined supply in 2024, up from 14% in 2020. JPMorgan forecasts scrap supply will grow by 5-6% annually, faster than historical rates, yet insufficient to bridge the long-term deficit. Recycling alone won't solve copper's supply crunch.



<h2 class="wp-block-heading">Near-Term Risks, Long-Term Rewards</h2>



JPMorgan warns of near-term risks from macroeconomic pressures, particularly a potential devaluation of the Chinese yuan to 7.8 to 8.0 per U.S. dollar. This could lead to a 12-15% dip in copper prices, presenting headwinds for equities. However, the analysts remain bullish on the long-term trajectory, underpinned by a looming supply-demand gap.



Their picks? 



Lundin Mining Corp (OTCPK: LUNMF) leads in EMEA, while Teck Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) tops the Americas. Asia-Pacific favorites include Zijin Mining and Merdeka Copper, with caution advised on Jiangxi Copper and Sandfire Resources.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41877899/trump-re-election-jolts-metals-market-as-gold-sees-a-stumble-not-a-sea-change">Trump Re-Election Jolts Metals Market As Gold Sees A &#8216;Stumble, Not A Sea Change&#8217;</a></li>
</ul>



Image: Shutterstock

Long Ideas

Specialty ETFs

Commodities

COPX

CPER

ICOP

LUNMF

TECK

Copper's High-Wire Act: Can EVs, New Tech Power The Metal's Next Big Surge?

A mix of easing global geopolitical tensions, post-election bullish momentum and favorable seasonal trends propelled major U.S. stock indices to new record heights during Monday morning trading, marking what could be another <a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.benzinga.com/markets&amp;ved=2ahUKEwjAlZHc__eJAxU2BfsDHQLbGvkQFnoECCsQAQ&amp;usg=AOvVaw1FmExYgZnKyK1W0mkY7TrX">historic session on Wall Street.</a>



The S&amp;P 500 and Dow Jones Industrial Average surged to all-time records, hitting intraday highs of 6,020 and 44,815 points, respectively, before paring back some gains.



Yet, the small-cap Russell 2000 index stole the spotlight, up 1.4% and reaching an all-time high for the first time since November 2021.



Investors cheered President-elect Donald Trump's nomination of hedge fund manager Scott Bessent for Treasury secretary, betting his Wall Street experience could steer fiscal policies<a href="https://www.google.com/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.benzinga.com/news/24/11/42158330/trumps-treasury-secretary-pick-scott-bessent-says-a-global-economic-reordering-is-on-the-way-argues-president-elects-policies-will-lead-to-an-economic-lollapalooza&amp;ved=2ahUKEwjl2srK__eJAxV3KvsDHal-N2sQFnoECCAQAQ&amp;usg=AOvVaw2RHZDfMG584ba6QTHSP-jq"> toward a pro-market direction</a>.



Meanwhile, the barometer of geopolitical fears eased as Israel and Lebanon agreed to a framework for <a href="https://www.benzinga.com/24/11/42166676/israel-reaches-groundbreaking-ceasefire-deal-with-lebanon-gold-oil-tumble-sp-500-dow-jointly-hit-record-highs">ending the Israel-Hezbollah conflict</a>. While the deal still requires approval from Israel&#8217;s Security Cabinet, traders embraced the news, which sent ripples through commodity markets.



West Texas Intermediate (WTI) crude tumbled 2.7%, falling below $70 per barrel, erasing Friday&#8217;s gains. Gold plummeted over 3%, marking one of its worst sessions in 2024, as safe-haven demand receded.



Bucking the trend, natural gas prices soared 8%, driven by reports that Trump's team is preparing to end Biden's freeze on liquefied natural gas (LNG) exports.



U.S. Treasury yields plunged as optimism around Bessent's nomination suggested a potential curb on unchecked deficit spending. The yield on the 10-year Treasury note fell more than 10 basis points to 4.29%, dragging the U.S. dollar down 0.6%.



While traditional equities rallied, the risk-on sentiment did not extend to cryptocurrencies. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dropped 3% to around $95,000, further distancing itself from the highly anticipated $100,000 milestone.



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % chg.</td></tr><tr><td>Russell 2000</td><td>2,439.45</td><td>1.4%</td></tr><tr><td>Dow Jones</td><td>44,565.41</td><td>0.6%</td></tr><tr><td>S&amp;P 500</td><td>5,974.05</td><td>0.1%</td></tr><tr><td>Nasdaq 100</td><td>20,745.11</td><td>-0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:35 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged 0.1% higher to $596.04, eyeing the sixth straight session of gains.</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;rose 0.6% to $445.93.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) inched 0.065% up to $506.12.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.5% to $242.71.</li>



<li>The&nbsp;Consumer Discretionary Sector Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, rising 1.2%. The&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 1.6%.</li>
</ul>



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



<ul>
<li>Bath &amp; Body Works Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>) rallied 14.5% in reaction to better-than-expected quarterly earnings. </li>



<li>Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) fell over 3% after the company announced that a former employee allegedly concealed between $132 million and $154 million in delivery expenses from the fiscal fourth quarter of 2021 through the most recent <a href="https://www.benzinga.com/24/11/42166888/stock-of-the-day-accounting-fraud-at-macys">quarter ending Nov. 2</a>. As a result, it has postponed its earnings release and conference call to as late as Dec. 11 to allow time for an independent audit.</li>



<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) soared 13%, after Volkswagen announced to boost its initial investment by an additional $800 million to $5.8 billion.</li>
</ul>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42170135/its-the-most-wonderful-time-of-the-year-for-the-stock-market-history-says">&#8216;It&#8217;s The Most Wonderful Time Of The Year&#8217; For The Stock Market, History Says</a></li>
</ul>



Photo: Shutterstock

Government

Mid Cap

Small Cap

BBWI

Russell 2000, Dow, S&P 500 All Achieve Record Highs In Wall Street's Historic Day; Bitcoin, Gold Tumble: What's Driving Markets Monday?

When Andy Williams released the song "It's the Most Wonderful Time of the Year" on his first 1963 Christmas album, the S&amp;P 500 was singing a bullish tune of its own. The index had just hit a record high of 74 points, shaking off the scars of<a href="https://www.benzinga.com/markets"> the 1962 bear market. </a>



Fast-forward 61 years, and history looks ready to rhyme: the U.S. stock market is again trading at all-time highs as the holiday season ushers in what has historically been a joyful period for investors.



If history is any guide, the next five weeks could be a strong, if not the best, time of the year for U.S. equities.



<h1 class="wp-block-heading">December: A Tradition Of Holiday Cheer On Wall Street</h1>



Since 1928, 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>) — has averaged a 1.25% gain during the month, making it the second-best performer of the year, behind only July.



But here's the kicker: when you include the final week of November, the stock market truly enters its most wonderful time of the year for investors. 



&#8220;I think that U.S. equities will rally starting next week into the end of the year, with the S&amp;P 500 hitting 6,200,&#8221; Goldman Sachs analyst Scott Rubner said last Friday. 



&#8220;We are entering the best seasonal period of the year for U.S. equities,&#8221; he added. 



Both the S&amp;P 500 and the Dow Jones Industrial Average surged to record highs on Monday, driven by investor optimism following reports of a cease-fire agreement between Israel and Lebanon that eased geopolitical concerns<a href="https://www.benzinga.com/24/11/42166676/israel-reaches-groundbreaking-ceasefire-deal-with-lebanon-gold-oil-tumble-sp-500-dow-jointly-hit-record-highs"> in the Middle East.</a>



<h3 class="wp-block-heading">The Thanksgiving Week&#8217;s Effect</h3>



Thanksgiving week itself has a solid track record of lifting the S&amp;P 500. 



According to Stephen Suttmeier, a Bank of America analyst and market technician, the index has risen 60% of the time during Thanksgiving week since 1928, delivering an average return of 0.28%, or 0.46% median.



In a note shared to clients on Monday, Suttmeier highlighted that in the period from Thanksgiving through the end of the year, the S&amp;P 500 has climbed 71% of the time, with an average return of 1.46%, or 1.70% median.



&#8220;Thanksgiving into year-end SPX seasonality is strong for all years and in Presidential election years,&#8221; Suttmeier wrote.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Indicator</th><th>Thanksgiving week</th><th>Thanksgiving through Dec. 31</th><th>Thanksgiving week (Presidential election years)</th><th>Thanksgiving through Dec. 31 (Presidential election years)</th></tr></thead><tbody><tr><td>Average</td><td>0.28%</td><td>1.46%</td><td>0.88%</td><td>1.38%</td></tr><tr><td>Median</td><td>0.46%</td><td>1.70%</td><td>1.08%</td><td>1.6%</td></tr><tr><td>% Time positive</td><td>60.42%</td><td>70.83%</td><td>75%</td><td>75%</td></tr></tbody></table><figcaption class="wp-element-caption">Source: Bank of America</figcaption></figure>



<h1 class="wp-block-heading">Election Years Also Show Solid Year-End S&amp;P 500 Returns</h1>



Since 1928, the S&amp;P 500 has posted gains in 75% of election-year Thanksgiving weeks, with an average return of 0.88% or 1.08% median. 



The post-Thanksgiving to year-end period has also delivered the goods, with the index rising 75% of the time, delivering an average return of 1.38%, or 1.6% median.



As investors dig into their turkey this Thanksgiving, they might also consider digging into some U.S. equities. 



After all, history suggests that the combination of optimism, holiday spending and year-end portfolio adjustments could be the season of giving — at least on Wall Street.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42165391/vanguards-sp-500-etf-hits-100-billion-inflows-in-2024-is-spys-crown-at-risk">Vanguard&#8217;s S&amp;P 500 ETF Hits $100 Billion Inflows In 2024: Is SPY&#8217;s Crown At Risk?</a></li>
</ul>



Photo: Unsplash

'It's The Most Wonderful Time Of The Year' For The Stock Market, History Says

Cassava Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) stock is falling Monday after the company shared an update on its Phase 3 trial for a treatment for Alzheimer's disease that has been widely followed<a href="https://www.benzinga.com/news/24/09/41007173/cassava-sciences-stock-rises-on-interim-safety-review-of-simufilam-phase-3-trials"> by the market</a>.



Martin Shkreli, a well-know figure in the pharmaceutical space, predicted the stock&#8217;s crash Sunday night.



What Happened: Cassava Sciences reported that its Phase 3 topline results for the ReThink-ALZ study on Simufilam did not meet primary endpoints, <a href="https://www.benzinga.com/24/11/42164927/cassava-sciences-controversial-alzheimers-drug-fails-to-hit-primary-goal-in-pivotal-study-halts-late-stage-studies">sending shares significantly lower </a>to start the trading week.



The company said it intends to present the data at an upcoming meeting, and Simufilam showed a favorable safety profile.



"Simufilam did not show a significant reduction in cognitive or functional decline versus placebo in patients with mild-to-moderate Alzheimer's disease," the company said.



Cassava Sciences CEO Rick Barry called the results "disappointing for patients and their families."



Benzinga reached out to Cassava for comment.



Shkreli, a former hedge fund manager, predicted Monday's sharp shared decline.



"If you have $ on robinhood or interactive, short SAVA now," Shkreli <a href="https://x.com/MartinShkreli/status/1860886801617125798">tweeted </a>at 10:22 p.m. ET Sunday night.



The tweet signaled a belief that Cassava Sciences stock was set to fall. Robinhood and Interactive Brokers are among the brokers who offer 24-hour trading on select stocks, which is why they were named by Shkreli.



Shkreli was asked by several people on X if his tweet was financial advice, to which he replied yes. Shkreli also told people that waiting until Monday's opening bell at 9:30 a.m. ET would be too late to short the stock.



Cassava Sciences shares were halted at 7:25 a.m. ET with the company's update coming at 7:30 a.m. ET and shares resuming for trading at 7:55 a.m. ET.



Shares quickly fell Monday morning by over 80% after the company's update.



The post by Shkreli shouldn't come as a huge surprise since a Nov. 21 thread about a 38-page paper on Cassava by the former hedge fund manager is his pinned <a href="https://x.com/MartinShkreli/status/1859681514415607930">tweet</a>.



"I don't &#x2A;think&#x2A; it doesn't work. It is impossible for it to work," the thread says.



Shkreli said Alzheimer's Disease is a very tough market to target to begin with as 98% of the last Phase 3 trials for the disease have failed. Cassava's Phase 3 treating symptomatic patients could doom it, Shkreli predicted in the thread.



"Cassava bulls are looking for a ‘lotto ticket' return, but their chances are worse than the lotto."



Shkreli was extremely confident in his prediction, with a post <a href="https://x.com/MartinShkreli/status/1860878868028269051">listing </a>the things that he would do if the Phase 3 trial met its primary endpoint.



<ol>
<li>Delete my X account</li>



<li>Shave my head on YouTube and delete that account as well</li>



<li>Begin estrogen therapy and legally change my name to Martina</li>



<li>Move to Haiti, bringing my best friend/cat Nibbles</li>



<li>Retire from business completely</li>
</ol>



Shkreli took aim at WallSteetBets, a subreddit on Reddit Monday with a <a href="https://x.com/MartinShkreli/status/1861031460586831913">tweet </a>saying that "garbage like $SAVA" comes from the subreddit.



Read Also: <a href="https://www.benzinga.com/insights/options/24/11/41817544/looking-at-cassava-sciencess-recent-unusual-options-activity">Looking At Cassava Sciences&#8217;s Recent Unusual Options Activity</a>



Why It's Important: Shkreli said Cassava not meeting the primary endpoint would make the stock "an easy short" and shares could trade near their cash value levels of $2 to $3 per share.



The prediction from Shkreli comes after the former hedge fund manager's wild past in the pharmaceutical sector. Known as "pharma bro" to many, Shkreli previously was CEO of Retrophin and Turing Pharmaceuticals. Shkreli <a href="https://www.benzinga.com/government/21/11/23904774/wall-street-crime-and-punishment-martin-shkreli-the-self-destructive-pharma-bro">famously raised the price</a> of antiparasitic drug Daraprim from $13.50 to $750 for insurance providers after Turing acquired the drug.



Shkreli was convicted of securities fraud in 2017 and currently has<a href="https://www.benzinga.com/news/24/10/41222384/pharma-bro-martin-shkreli-loses-appeal-supreme-court-imposes-65m-fine-issues-lifetime-ban-from-pharm"> a lifetime ban</a> from the pharmaceutical sector.



Before his recent Cassava Sciences focus, the former hedge funder has been making recent headlines in <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40185861/djt-trumpcoin-allegedly-launched-by-martin-shkreli-with-barron-trumps-help-tanks-98" target="_blank" rel="noopener">the cryptocurrency sector</a>.



Benzinga reached out to Shkreli for comment and did not hear back by the time of publication.



Citron Research, known for their short reports, praised Shkreli's prediction on Cassava Sciences in a <a href="https://x.com/CitronResearch/status/1861043591369429143">tweet</a>.



"$SAVA illustrates the difficulty in shorting stocks. Has been a clear fraud for years but almost became an impossible short because of the ‘new market forces'. Nice to see some good homework by @martinshkreli added with a dose of reality to achieve real price discovery," Citron Research tweeted.



SAVA Price Action: Cassava Sciences stock is down 84.6% to $4.06 on Monday versus a previous 52-week trading range of $8.79 to $42.20, hitting new 52-week lows.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/09/41065699/sec-charges-cassava-sciences-over-manipulated-alzheimers-trial-data-company-and-former-execs-agre">SEC Charges Cassava Sciences Over Manipulated Alzheimer&#8217;s Trial Data, Company And Former Execs Agree To Pay Penalty</a></li>
</ul>



Photo: Wikimedia

Health Care

SAVA

'Pharma Bro' Martin Shkreli Tells Investors To 'Short SAVA,' Stock Falls Over 80% After Phase 3 Update

Macy's <a href="https://www.benzinga.com/24/11/42162655/macy-falls-as-preliminary-q3-highlights-mixed-performance-and-154-million-expense-concealment">delayed its Q3 earnings release</a>, revealing an internal investigation into an employee who allegedly hid hundreds of millions of dollars in expenses.



Shares of Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) are trading lower on Monday, and there is a good chance that the downtrend will continue.



This is why it is our Stock of the Day.



A person who was responsible for small package delivery expense accounting made intentional &#8220;erroneous accounting accrual entries.&#8221; As much as $154 million may have been hidden. The activity occurred between Q4 2021 and the current third quarter.



Macy's said there was &#8220;no indication that the accounting error had any impact on the cash management activities or vendor payments.&#8221; It also said the employee is no longer with the company.



Read Also: <a href="https://www.benzinga.com/news/24/11/42093639/why-macys-stock-is-falling">Why Macy&#8217;s Stock Is Falling</a>



The stock was looking technically vulnerable prior to the news coming out. As you can see on the chart, it had run into resistance again around the $16.40 level. Stocks tend to sell off after they hit resistance. This is what happened with Macy's in mid-October and early November.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="557" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25101907/m-chart-1024x557.webp" alt="" class="wp-image-663574" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25101907/m-chart-1024x557.webp 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25101907/m-chart-300x163.webp 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25101907/m-chart-768x418.webp 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25101907/m-chart.webp 1501w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



When a stock trends higher, there aren't enough sellers to fill all the buy orders. As a result, buyers are forced to bid successively higher prices to attract sellers into the market, forcing the stock into an uptrend.



When resistance is reached, the uptrend ends. There are more than enough sellers to fill all of the buy orders. Buyers can acquire all of the shares they wish to without pushing the price any higher.



Sometimes, some investors and traders who create resistance with their sell orders become concerned. They know the buyers will go to whoever will sell at the lowest price.



They fear that other sellers may lower their asking prices, prompting them to do the same. This behavior often triggers a chain reaction, with more sellers reducing their prices in response.



It results in a snowball effect that can push the price lower.



This is what happened the last two times Macy's reached the $16.40 level, and it may be about to happen again.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/42154628/larry-page-google-co-founder-said-hed-leave-his-fortune-to-elon-musk-over-charity-because-of-his-plans-to-go-to-mars-to-back-up-humanity">Larry Page, Google Co-Founder, Said He&#8217;d Leave His Fortune To Elon Musk Over Charity Because Of His Plans &#8216;To Go To Mars To Back Up Humanity&#8217;</a></li>
</ul>



Photo: Shutterstock

Technicals

Stock Of The Day: Macy's Hits Resistance Following Accounting Scandal

Israel and Lebanon have agreed on the framework for a cease-fire deal to end over a year of violent conflict between Israel and Hezbollah, a senior U.S. official told Axios on Monday.



While the agreement awaits formal approval from Israel's Security Cabinet on Tuesday, global financial markets are already reacting, with gold and oil prices tumbling as geopolitical risks recede and risky assets soar<a href="https://www.benzinga.com/topic/israel"> amid improving investor optimism. </a>



Both the Dow Jones Index and the S&amp;P 500 indices hit fresh record highs minutes following Monday&#8217;s market open in New York. 



<h3 class="wp-block-heading">Israel-Lebanon Deal: What It Includes</h3>



The cease-fire, if approved, would mark the end of a bloody chapter that has claimed the lives of over 3,500 Lebanese and 140 Israelis while displacing hundreds of thousands of people on both sides of the border. 



Under the proposed agreement, Israel would initiate a 60-day withdrawal of its military from southern Lebanon, the <a href="https://www.axios.com/2024/11/25/israel-lebanon-near-hezbollah-ceasefire-deal">Axios report said</a>. 



Simultaneously, the Lebanese army would deploy along border areas, and Hezbollah would relocate its heavy weaponry north of the Litani River.



To ensure compliance, a U.S.-led oversight committee would monitor the agreement, while the U.S. has pledged to support Israeli military action against imminent threats if Lebanese forces fail to act.



A senior U.S. official told Axios: "We think we have a deal. We are on the goal line, but we haven't passed it yet."



<h3 class="wp-block-heading">Oil, Gold Take A Blow</h3>



The news sent shockwaves through the commodities market. 



With the threat of broader regional conflict subsiding, West Texas Intermediate (WTI) crude oil – as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) – fell 1.5% on Monday to $70 per barrel, almost fully paring back Friday&#8217;s gains. 



Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) plunged over 3% to $2,640 an ounce as investors scaled back safe-haven bets. Silver followed suit, dropping 3% to $30.40 an ounce. 



The U.S. dollar also softened, losing 0.7% against a basket of major currencies, reflecting the shift in risk sentiment.



<h3 class="wp-block-heading">Stock Market Soars To New Heights</h3>



The cease-fire optimism spilled into equities. The S&amp;P 500 index – tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) –reached an all-time high of 6,020 points, gaining 0.8% on the day, while the Dow Jones Industrial Average – mimicked by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) – climbed 1% to a record-breaking 44,738.



Notably, all major S&amp;P sectors except energy posted gains, with the broader index aiming for its sixth straight session of gains.



Israeli stocks – tracked by the VanEck Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ISRA#NYSE">ISRA</a>) – soared 1.9%, also eyeing a six-day winning streak.



S&amp;P 500&#8217;s top gainers during morning trading in New York included: 



<ul>
<li>Bath &amp; Body Works (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>)</li>



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



<li>Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>)</li>



<li>Clarivate Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLVT#NYSE">CLVT</a>)</li>



<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>)</li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42165391/vanguards-sp-500-etf-hits-100-billion-inflows-in-2024-is-spys-crown-at-risk">Vanguard&#8217;s S&amp;P 500 ETF Hits $100 Billion Inflows In 2024: Is SPY&#8217;s Crown At Risk?</a></li>
</ul>



Photo via Shutterstock.

ALAB

CLVT

ISRA

SMCI

WOLF

Israel, Lebanon Reach Reported Cease-Fire Deal: Gold, Oil Tumble; S&P 500, Dow Jointly Hit Record Highs

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