Investors and speculators are gearing up for Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) earnings report on Wednesday, an event that&#8217;s expected to send ripples, if not tidal waves, <a href="https://www.benzinga.com/markets">across the U.S. stock market. </a>



If the options market is right, Nvidia's results could spark moves in 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>) – larger than those typically triggered by key economic data like the employment and inflation reports.



Nvidia's dominance in the AI-driven technology trade has turned its earnings into a barometer for overall market sentiment, and its influence on the stock market is unparalleled.



Over the past year, Nvidia accounted for 20% of the S&amp;P 500's total returns and Bank of America's derivatives analyst Gonzalo Asis didn't mince words: &#8220;It remains the most dominant stock in the market… expected to drive nearly 25% of the S&amp;P 500&#8217;s EPS growth in 3Q.&#8221;



In essence, whether Nvidia beats or misses expectations, the ripple effects will likely extend far beyond its ticker.



<h3 class="wp-block-heading">S&amp;P 500 Implied Move Is Higher Than Inflation Or Jobs Data</h3>



The options market implies a potential 1.05% move in the S&amp;P 500—higher than what traders expect from next month's Non-Farm Payroll (NFP) data, Consumer Price Index (CPI) print, and in line with the Federal Reserve&#8217;s December meeting.



&#8220;Options are assigning more broad-market risk around NVDA earnings than around next month&#8217;s NFP and CPI days, and as much as the Dec FOMC,&#8221; the analyst noted.



For Nvidia shares themselves, the implied one-day move is even more eye-popping: 12.5%.



&#8220;We remain cautious of fragility risks in single names around earnings, but NVDA hedges themselves are not particularly cheap relative to how much the stock has reacted to results in the last two years,&#8221; Assis wrote.



The analyst also warned that the recent easing of post-election euphoria and heightened single-stock fragility can be reasons for traders to hedge against potential market turbulence if Nvidia disappoints.



<h3 class="wp-block-heading">A Strategy For Hedging The Nasdaq Impact</h3>



For traders seeking to hedge the broader market risks tied to Nvidia&#8217;s performance, Bank of America recommended an option strategy using put spreads on the Nasdaq-100 ETF, the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>). Specifically, the QQQ 22Nov 490-480 put spreads are priced at $2 and could offer a 5x payout if the Nasdaq-100 falls by roughly 3.3% this week.



Despite the potential need for hedges, the bank also noted that hedging NVDA earnings directly is not cheap, considering how significantly the stock has reacted to its last few earnings reports.



<h3 class="wp-block-heading">Historical Nvidia Earnings Data</h3>



Data from <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111824&amp;t=be2bearmibe3na1">Benzinga Pro</a> shows that over the last 12 quarters, Nvidia has exceeded earnings-per-share (EPS) expectations 10 times and missed revenue expectations only once. 



On average, Nvidia shares moved 5.3% in the single trading day following its earnings release.



The largest 1-day gain followed its first quarter 2024 earnings, when the stock surged 24.4%, while the worst reaction occurred after fourth quarter 2024 results, with a decline of 7.6%. 



Here's a snapshot of the company's recent earnings performance:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Fiscal Quarter</th><th>Date Announced</th><th>Surprise % EPS</th><th>Surprise % Revenue</th><th>1-Day % NVDA Move</th></tr></thead><tbody><tr><td>Q2-2025</td><td>8/28/24</td><td>6.25%</td><td>4.73%</td><td>-6.38%</td></tr><tr><td>Q1-2025</td><td>5/22/24</td><td>2.86%</td><td>5.66%</td><td>9.32%</td></tr><tr><td>Q4-2024</td><td>2/21/24</td><td>11.45%</td><td>7.19%</td><td>16.40%</td></tr><tr><td>Q3-2024</td><td>11/21/23</td><td>19.64%</td><td>12.39%</td><td>-2.46%</td></tr><tr><td>Q2-2024</td><td>8/23/23</td><td>29.19%</td><td>20.38%</td><td>0.10%</td></tr><tr><td>Q1-2024</td><td>5/24/23</td><td>18.48%</td><td>10.31%</td><td>24.37%</td></tr><tr><td>Q4-2023</td><td>2/22/23</td><td>8.64%</td><td>0.68%</td><td>14.02%</td></tr><tr><td>Q3-2023</td><td>11/16/22</td><td>-15.94%</td><td>2.79%</td><td>-1.46%</td></tr><tr><td>Q2-2023</td><td>8/24/22</td><td>-59.20%</td><td>-17.23%</td><td>4.01%</td></tr><tr><td>Q1-2023</td><td>5/25/22</td><td>5.43%</td><td>2.07%</td><td>5.16%</td></tr><tr><td>Q4-2022</td><td>2/16/22</td><td>8.20%</td><td>3.01%</td><td>-7.56%</td></tr><tr><td>Q3-2022</td><td>11/17/21</td><td>6.36%</td><td>4.00%</td><td>8.25%</td></tr></tbody></table><figcaption class="wp-element-caption">Data: Benzinga Pro</figcaption></figure>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42042411/inflation-could-surge-to-3-if-trump-applies-universal-tariffs-goldman-sachs">Inflation Could Surge To 3% If Trump Applies Universal Tariffs: Goldman Sachs</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Earnings

Equities

Broad U.S. Equity ETFs

Previews

Options

Econ #s

Economics

Federal Reserve

Tech

ETFs

NVDA

Why Nvidia Earnings May Trigger Massive S&P 500 Volatility

Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) could serve as a bellwether for the health of U.S. consumers when the company reports third-quarter financial results on Tuesday, Nov. 19 <a href="https://www.benzinga.com/topic/retail">before the market opens</a>.



Earnings Estimates: Analysts expect Walmart to report third-quarter revenue of $167.72 billion, up from $160.8 billion in last year's third quarter, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



Walmart has beaten analyst estimates for revenue in more than 10 straight quarters.



Analysts expect the company to report third-quarter earnings per share of 53 cents, up from 51 cents per share in last year's third quarter. Walmart has beaten analyst estimates for earnings per share in three straight quarters.



Over the last 10 quarters, Walmart has beaten analyst earnings per share estimates eight times, met estimates one time and missed only one time.



Guidance from the company calls for third-quarter revenue to be in the range of $164.58 billion to $166.17 billion and earnings per share to be in a range of 51 cents to 52 cents per share.



What Analysts Are Saying: Discretionary and consumable trends could be steady for retailers in the third quarter, BMO Capital analyst Kelly Bania said in a new investor note.



The analyst maintained an Outperform rating on Walmart. Bania also raised the price target from $80 to $100 ahead of the earnings report.



Walmart is showing strong U.S. comparable sales and posting an earnings per share beat, Bania said. 



"We continue to believe WMT's decade of omni-channel investments are the early stages of paying off and believe WMT should remain a core holding," she added. 



Walmart could show strong market share gains in the grocery category along with improvement in discretionary and general merchandise, Bania said, adding that &#8220;share gains are coming across all income cohorts."



Bania estimates that Walmart's U.S. grocery sales are up 38% since 2019.



"We believe WMT's share price remains attractive for a global retailer with difficult-to-replicate scale."



The analyst said Walmart's valuation can move higher with a consistency of earnings growth in coming years.



Freedom Capital Markets Chief Global Strategist Jay Woods highlighted Walmart stock having one of its best performances in more than 25 years with shares up 60% year-to-date and trading near all-time highs ahead of the earnings report.



"Shares have climbed higher after earnings after eight of the last 10 reports and has an average move of +/- 3.8%," Woods said in a weekly newsletter.



Woods said it "will be interesting" to see if analysts raise their price targets after the third quarter earnings report.



Key Items to Watch: Walmart reported global e-commerce sales were up 21% year-over-year in the second quarter, helped by store-fulfilled pickup and delivery. The third quarter results could show if investments in e-commerce and order fulfillment continue to pay off.



Advertising is another area to watch with global advertising up 26% year-over-year in the second quarter.



"Our newer businesses like marketplace, advertising, and membership, are also contributing, diversifying our profits and reinforcing the resilience of our business model," Walmart CEO Doug McMillon said after second quarter results.



Walmart's third-quarter results come one day before Target Corporation reports quarterly results. Several large retail and e-commerce stocks could be under pressure after Walmart's report.



Price Action: Walmart stock is down 0.2% to $84.06 on Monday versus a 52-week trading range of $49.85 to $85.79. Walmart stock is up 58.3% year-to-date in 2024.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/11/42045345/us-stocks-rebound-tesla-rallies-bitcoin-soars-above-92000-whats-driving-markets-monday">US Stocks Rebound, Tesla Rallies, Bitcoin Soars Above $92,000: What&#8217;s Driving Markets Monday?</a></li>
</ul>



Image: Shutterstock

Price Target

Reiteration

Analyst Ratings

Trading Ideas

Will Walmart's Streak Of Earnings Beats Continue Tuesday? Analysts Say Retailer A 'Core Holding'

The future of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) could be decided by autonomous vehicles with the company betting aggressively on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">future of its robotaxis.</a>



After once threatening to ban autonomous vehicles in America, President-elect Donald Trump may be having a change of heart, bringing music to the ears of Elon Musk and Tesla investors.



What Happened: New reports say President-elect Trump has <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42038624/tesla-stock-is-trading-higher-monday-whats-going-on">plans to ease restrictions </a>on self-driving vehicles, which could help companies such as Tesla in its push to expand FSD and bring robotaxis to the market.



Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-17/trump-team-said-to-want-to-ease-us-rules-for-self-driving-cars?embedded-checkout=true&amp;sref=TBDibEcD">reported </a>the federal framework for autonomous vehicles could be prioritized by Trump's transition team. The report said the Transportation Department could make it easier to operate self-driving vehicles in America. While the plan could prioritize making it easier for companies to test self-driving vehicles, Congress would need to approve legislation to make mass adoption happen.



It's worth noting that this is only a report and Trump previously spoke out against autonomous vehicles.



Hours before Musk unveiled the Tesla Cybercab in California on Oct. 10, Trump spoke at the Detroit Economic Club and <a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship">took on autonomous vehicles.</a>



"Do you like autonomous? Does anybody like an autonomous vehicle? Know what that is? Right? When you see a car driving along? Some people do, I don't know. A little concerning to me, but the autonomous vehicles we're going to stop from operating on American roads,&#8221; Trump said.



Trump's comments came despite a growing friendship with Musk at the time, who had been campaigning for him in the 2024 election.



The comments weren't likely a huge surprise given Trump's <a href="https://www.benzinga.com/news/24/06/39255336/trump-praises-electric-vehicles-elon-musk-in-one-speech-blames-evs-for-destroying-bridges-in-another" target="_blank" rel="noreferrer noopener">largely antagonistic stance</a>&nbsp;toward electric vehicles, often criticizing the vehicles and in some cases blaming them for destroying bridges and American infrastructure.



Musk&nbsp;<a href="https://www.benzinga.com/news/24/07/39804113/exclusive-elon-musk-is-burning-his-own-blue-bridges-by-donating-to-trump-says-market-expert" target="_blank" rel="noreferrer noopener">supported Trump&#8217;s comments</a>&nbsp;that removing credits for American consumers to switch to electric vehicles would negatively impact the company but much more negatively impact&nbsp;Tesla&#8217;s competitors.



The Tesla CEO also supported Trump&#8217;s stance on making it harder for Chinese automakers to compete for electric vehicle market share in the U.S.



Trump's reversal of stance on autonomous vehicles could be the latest win for Musk and Tesla after the billionaire supported Trump in the election and has grown their friendship.



You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/space/24/11/42013739/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-43">check out five stocks flying under the radar that deserve your attention.</a>



Why It's Important: While it is unknown if Trump will make it easier for self-driving vehicles to be on roadways and what may have caused his change of heart, the impact on Tesla should not be underestimated.



Wedbush analyst Daniel Ives maintained an Outperform rating and $400 price target on Tesla while highlighting the impact of the reports of Trump's transition team making self-driving vehicles a priority in a new investor note.



"This would be a huge step forward in easing U.S. rules for self-driving cars and be a significant tailwind for Tesla's autonomous and AI vision heading into 2025," Ives said of the Bloomberg report. "Musk's significant influence in the Trump White House is already having major influence and ultimately the golden path for Tesla around Cybercabs."



Ives said a strategic alliance between Trump and Musk is "playing out in real time" and is bullish for Tesla.



"We estimate the AI and autonomous opportunity is worth $1 trillion alone for Tesla and we fully expect under a Trump White House these key initiatives will now get fast-tracked."



The analyst said Tesla can march to a market capitalization of $1.5 trillion to $2.0 trillion over the next 12 to 18 months thanks to the FSD and autonomous progress.



"We have never viewed Tesla simply as a car company…instead we have always viewed Musk and Tesla as a leading disruptive technology global player."



Musk "made a strategic and big bet on" Trump winning the election and the win could be known by Tesla bulls for years to come, Ives added.



"Tesla and Musk are set to reap the benefits from a new friendlier regulatory era in the Beltway ahead."



TSLA Price Action: Tesla stock is up 4.99% to $336.78 on Monday versus a 52-week trading range of $138.80 to $358.64. Tesla stock is up 38.1% year-to-date. The stock is up 36.4% since Election Day.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/42023767/tesla-owners-who-dont-like-musk-are-letting-bumper-stickers-do-the-talking">Tesla Owners Who Don&#8217;t Like Musk Are Letting Bumper Stickers Do The Talking</a></li>
</ul>



Photo: Courtesy Tesla

Government

Politics

TSLA

Trump Set To Hand Musk 'Golden Path For Tesla' After Reversing Course On Autonomous Vehicle Ban

Raoul Pal, CEO of Real Vision, expressed an optimistic outlook for the crypto market, predicting a &#8220;banana zone&#8221; liquidity surge that will <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41297376/bitcoin-will-hit-250k-raoul-pal-says-why-the-gurus-top-5-crypto-predictions-matter-if-your#:~:text=Speaking%20to%20crypto%20trader%20Scott,could%20see%20a%20robust%20upswing.">drive prices higher</a>.



What Happened: In an appearance on the &#8216;When Shift Happens&#8217; <a href="https://www.youtube.com/watch?v=c1PtlOd3pbw&amp;ab_channel=RaoulPalTheJourneyMan">podcast</a>, Pal, who will be a headline speaker at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19, outlined his strategy, focusing on leading cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), while also highlighting his bullish stance on Sui (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SUI</a>). 



He foresees a liquidity surge in the market, which he believes will drive cryptocurrency prices higher.



He emphasized that meme coins will dominate this cycle, allocating 10% of his portfolio to this sector. Pal specifically mentioned Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and a new entrant, Smoking Chicken Fish, as his key picks. 



He noted, Dogecoin's chart is fascinating—every four years, it forms a massive wedge, stays quiet, and then suddenly explodes: &#8220;Dogecoin does nothing, does nothing and then explodes.&#8221;



Despite recognizing the risks, Pal views the meme coin trend as a sign of the &#8220;tokenization of culture and communities&#8221; that could instigate larger developments in the crypto sector. 



He emphasized the need for risk management when investing in this volatile sector.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42033429/exclusive-binance-ceo-richard-teng-says-2025-will-outshine-2024-for-crypto">EXCLUSIVE: Binance CEO Richard Teng Says 2025 Will Outshine 2024 For Crypto</a>



Why It Matters: Pal expressed his belief that the Banana Zone and cryptocurrencies offer a way out for average individuals, especially younger generations who struggle to afford housing on an average salary. 



He emphasized that the crypto asset class provides a significant opportunity for these individuals.



In November 2024, Pal predicted that <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41927598/raoul-pal-predicted-bitcoin-to-hit-250-000-but-he-thinks-ethereum-could-outperform-under-d">Bitcoin could reach $250,000</a>, but also suggested that Ethereum could outperform under Donald Trump&#8217;s administration. 



His latest remarks indicate his continued confidence in the potential of cryptocurrencies, despite recent market stagnation.



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42038909/bitcoin-to-100000-seems-around-the-corner-bulls-are-on-the-right-side-of-historybernstein">Bitcoin To $100,000 &#8216;Seems Around The Corner,&#8217; Bulls Are &#8216;On The Right Side Of History&#8217;—Bernstein</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

News

$BTC

$DOGE

$ETH

$SOL

$SUI

Raoul Pal Bullish On Solana And Memes: 'Dogecoin Does Nothing, Does Nothing And Then Explodes'

President-elect Donald Trump reportedly added more names to his list of possible picks for Treasury secretary over the weekend after Elon Musk voiced his<a href="https://www.benzinga.com/politics/24/11/42026495/musk-pushes-lutnick-for-trumps-treasury-secretary"> preference for Howard Lutnick.</a>



What Happened: Musk threw his support behind Lutnick in a post on his social media platform, X, on Saturday. The Tesla CEO and Trump-confidante also called on others to weigh in on the appointment.&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">Would be interesting to hear more people weigh in on this for <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> to consider feedback. My view fwiw is that Bessent is a business-as-usual choice, whereas <a href="https://twitter.com/howardlutnick?ref_src=twsrc%5Etfw">@howardlutnick</a> will actually enact change. Business-as-usual is driving America bankrupt, so we need change… <a href="https://t.co/igGLZOJ8wz">https://t.co/igGLZOJ8wz</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857819784865362211?ref_src=twsrc%5Etfw">November 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Lutnick has organized fundraisers for the President-elect and is currently a co-chair of Trump's transition effort. Scott Bessent, the founder of hedge fund Key Square Group, was a principal economic advisor to Trump during his campaign and met with the President-elect at Mar-a-Lago on Friday.&nbsp;&nbsp;



Why It Matters: According to a Bloomberg<a href="https://www.bloomberg.com/news/articles/2024-11-16/musk-throws-support-to-lutnick-over-bessent-in-treasury-race?sref=TBDibEcD"> report</a>, Trump has appeared "frustrated" with the infighting. Alternatives to Lutnick and Bessent are in consideration.



Robert Lighthizer, Senator William Hagerty, former Federal Reserve governor Kevin Warsh and Marc Rowan, CEO of Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) are among the names being floated as alternatives, according to people familiar with the matter.&nbsp;



Trump made several unconventional picks for cabinet nominees so far, including former U.S. Representative Matt Gaetz for US <a href="https://www.benzinga.com/markets/cannabis/24/11/42036132/trump-wants-matt-gaetz-confirmed-100-so-does-the-cannabis-industry">attorney general</a> and Fox News host Pete Hegseth for defense secretary. Trump recently nominated Chris Wright, <a href="https://www.benzinga.com/24/11/42024837/trump-taps-liberty-energy-ceo-chris-wright-for-energy-secretary">oil and natural</a> gas executive, to lead the Energy Department. Wright&#8217;s attorney, William Owen Scharf, is being considered for staff secretary. 



The entire country, including Wall Street, will be watching for Trump's Treasury secretary selection as the position is responsible for formulating financial, economic and tax policies and serves as the government&#8217;s chief financial officer.&nbsp;



Investors can monitor the market's reaction to a potential Trump selection with the SPDR S&amp;P 500 ETF which tracks the performance of the S&amp;P 500 index.&nbsp;



Image: Shutterstock

Trump Appears 'Frustrated' As Elon Musk Chimes In On Treasury Secretary, Adds More Names To Short List

Risk sentiment edged higher on Monday, rebounding after two consecutive losing sessions and the worst week for the U.S. stock market since early September, as pressures from dollar <a href="https://www.benzinga.com/news/econ-s">and Treasury yields faded.</a>



All 11 sectors of the S&amp;P 500 traded in positive territory, with consumer discretionary stocks outperforming, thanks to a 7% surge in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 



The electric vehicle maker's rally followed reports the incoming Donald Trump administration plans to prioritize a federal framework for fully autonomous vehicles. According to <a href="https://www.bloomberg.com/news/articles/2024-11-17/trump-team-said-to-want-to-ease-us-rules-for-self-driving-cars">Bloomberg</a>, the Department of Transportation could soon place this framework at the top of its agenda.



The tech-heavy Nasdaq 100 outperformed both the S&amp;P 500 and the Dow Jones Industrial Average on Monday. Gains in commodities also stood out, as gold, crude oil natural gas prices all posted strong rebounds amid escalating geopolitical tensions between <a href="https://www.benzinga.com/news/econ-s/24/11/42038707/gold-natural-gas-prices-rally-us-russia-tensions-escalate-over-ukraines-long-range-strikes">the U.S. and Russia. </a>



The U.S. dollar paused its recent rally after marking seven consecutive weeks of gains through Friday. Treasury yields, meanwhile, were flat, as the session lacked significant economic data or fresh comments from Federal Reserve officials to provide market direction.



The cryptocurrency market remained on fire, with Bitcoin (CRYPTO: BTC) surging 1.5% past the $92,000 mark and setting the stage for a potential record-high close. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) also advanced, rising 3% on the day. 



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % chg</td></tr><tr><td>Nasdaq 100</td><td>20,547.68</td><td>0.8%</td></tr><tr><td>Russell 2000</td><td>2,315.20</td><td>0.5%</td></tr><tr><td>S&amp;P 500</td><td>5,897.81</td><td>0.5%</td></tr><tr><td>Dow Jones</td><td>43,504.83</td><td>0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111824&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>) rose 0.4% to $587.87.</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;flattened at $434.49.</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>) rose 0.7% to $499.91.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $229.72.</li>



<li>The&nbsp;Consumer Discretionary 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;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, up 0.1%.</li>
</ul>



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



<ul>
<li>Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) fell 3.7% after<a href="https://www.benzinga.com/real-estate/reit/24/11/42044923/goldman-sachs-turns-bearish-on-redfin-affordability-could-weigh-on-a-housing-recovery"> Goldman Sachs downgraded</a> the stock from &#8220;Neutral&#8221; to &#8220;Sell.&#8221;</li>



<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) rallied 18% after the company announced plans to submit a compliance proposal to Nasdaq by Monday to avoid delisting.</li>



<li>Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rose 9.3% on Monday after the company revealed an expanded partnership with online travel agency Priceline, under which Affirm will serve as the pay-over-time provider for Priceline Partner Solutions.</li>



<li>Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>) dropped more than 7% as concerns over potential regulations on fully autonomous vehicles raised questions about the company's business model.</li>



<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) declined 5% due to profit-taking after an 11% rally on Friday, which had pushed the AI-defense company's year-to-date gains to nearly 290%.</li>
</ul>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42042411/inflation-could-surge-to-3-if-trump-applies-universal-tariffs-goldman-sachs">Inflation Could Surge To 3% If Trump Applies Universal Tariffs: Goldman Sachs</a></li>
</ul>



Photo: Shutterstock

Large Cap

Regulations

Commodities

AFRM

PLTR

RDFN

SMCI

UBER

US Stocks Rebound, Tesla Rallies, Bitcoin Soars Above $92,000: What's Driving Markets Monday?

Inflation is expected to surge back to 3% should the incoming Republican administration proceed with a potential universal tariff on imports, Goldman Sachs economist David Mericle said in a <a href="https://www.benzinga.com/news/econ-s">Sunday note.</a>



The sweeping trade measure, floated by President-elect Donald Trump, could complicate the Federal Reserve's efforts to keep inflation anchored at 2% and potentially slow the pace of rate cuts in 2025.



<h3 class="wp-block-heading">Could Tariffs Push Inflation Back To 3%?</h3>



Goldman Sachs estimates that a potential universal tariff would raise core personal consumption expenditures (PCE) inflation — the Fed&#8217;s favorite inflation gauge — by 0.9-1.2 percentage points (pp) at its peak, pushing inflation back to 3%.



"Our analysis of past tariffs suggests that every 1pp increase in the effective tariff rate raises core PCE prices by 0.1pp," Mericle said.



Under the Republican baseline scenario, more targeted tariffs on imports from China and autos are likely to increase the effective tariff rate by 3-4pp, adding 0.3-0.4pp to core PCE inflation. 



This would nudge inflation to 2.4% by December 2025. However, the implementation of a 10% universal tariff would triple this impact, causing a much sharper price surge.



While the inflationary bump is expected to be a one-time effect, such a move would force Fed policymakers to rethink the roadmap for rate cuts. 



<h3 class="wp-block-heading">Tariff Risks: China, Autos, and Beyond</h3>



The baseline scenario includes a 20 percentage point (pp) increase in tariffs on Chinese imports—less for consumer goods and as much as 60pp for non-consumer items. Tariffs on auto imports, which were hotly debated during Trump's first term, are also expected to return.



Goldman Sachs views these measures as disruptive but manageable, given their moderate inflationary impact. However, the specter of a 10%-20% universal tariff on all imports raises the stakes. 



If enacted, such a policy could shave 0.75-1.25pp off GDP growth, depending on whether it is offset by additional fiscal stimulus, such as tax cuts.



<h3 class="wp-block-heading">Tax Cuts And Spending: Fiscal Stimulus Expected To Rise</h3>



On the fiscal front, Republicans are likely to extend the 2017 tax cuts, which are set to expire in 2025, according to Goldman Sachs. 



The extension includes reinstating certain expired business investment incentives and adding modest personal tax cuts worth 0.2% of GDP.



Currently, the deficit sits at about 5% of GDP higher than historical norms for an economy operating at full employment. Meanwhile, the U.S. debt-to-GDP ratio is approaching record highs at 120%, raising concerns about fiscal sustainability.



Goldman Sachs warns that these imbalances could push bond yields higher, tightening financial conditions and creating additional headwinds for economic growth.



<h3 class="wp-block-heading">The Fed's Balancing Act: What's Next For Interest Rates?</h3>



Despite fiscal and tariff uncertainties, the Federal Reserve remains on track to cut interest rates in 2024 and 2025. Goldman expects the terminal rate to settle between 3.25% and 3.5%, higher than last cycle's 2.25%-2.5%.



"Non-monetary tailwinds, like fiscal deficits and resilient risk sentiment, are offsetting the drag from higher rates," said Mericle. 



Yet, the expert warns that fiscal imbalances and potential tariff shocks could complicate the Fed's strategy, especially if inflationary pressures or market volatility resurface.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/11/42013424/trumps-musk-ramaswamy-doge-plan-what-it-means-for-defense-and-it-stocks">Trump&#8217;s DOGE Plan: Goldman Sachs Says Defense Stocks Face Risks, IT Firms Could Win</a></li>
</ul>

Macro Economic Events

Inflation Could Surge To 3% If Trump Applies Universal Tariffs: Goldman Sachs

Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) made headlines over the weekend, both good and bad, thanks to its highly anticipated live boxing stream featuring Jake Paul and Mike Tyson. The younger Paul won <a href="https://www.benzinga.com/general/sports/24/11/42022601/mike-tyson-vs-jake-paul-netflixs-explosive-boxing-event-ends-with-pauls-victory">via unanimous decision.</a>



The event could be a huge win for Netflix as it ramps up live events, but Friday's fight night showed that sometimes demand is too high and can cause problems even for streamers.



What Happened: Friday&#8217;s fight card, postponed from an <a href="https://www.benzinga.com/general/sports/24/11/41985523/paul-vs-tyson-boxing-match-how-to-watch-betting-odds-what-the-stats-say-and-more" target="_blank" rel="noopener">earlier 2024 date,</a> featured the Paul vs. Tyson fight, which pitted one of the upcoming boxers and social media stars (Paul) against one of the most recognized and most awarded boxers in history (Tyson).



While Paul won the fight, many on social media Friday night labeled Netflix—or themselves as viewers—the real losers, as high traffic from the Katie Taylor vs. Amanda Serrano fight preceding the main event caused Netflix to crash.



The hashtag #NetflixCrash trended on social media platform X Friday and more than one million people around the world, from 50 countries, reported issues with their stream according to DownDetector. TechCrunch <a href="https://techcrunch.com/2024/11/16/jake-paul-vs-mike-tyson-fight-shows-netflix-still-struggles-with-live-events/">said </a>11 p.m. ET was the peak time for issues, and around 530,000 U.S. customers reported issues with their stream.



While the issues seemed to ease during the Paul vs. Tyson fight, some customers may have abandoned watching altogether due to repeated disruptions or reports of problems experienced by other subscribers.



"Over 120 million people on Netflix. We crashed the site," Paul boasted after the fight.



Netflix said over 60 million people tuned in for the Paul vs. Tyson fight, setting records along the way.



While Netflix has experimented with live comedy specials, live award shows and a live roast of Tom Brady, this was the company's biggest test to date and the stumbles could be bad news ahead of two highly anticipated National Football League games on Christmas Day.



Read Next: <a href="https://www.benzinga.com/general/entertainment/24/11/41821069/netflix-stock-hits-all-time-highs-company-confirms-stranger-things-season-5-for-2025">Netflix Stock Hits All-Time Highs, Company Confirms &#8216;Stranger Things&#8217; Season 5 For 2025</a>



What's Next: Netflix will air two games on Christmas Day, with the Kansas City Chiefs and Pittsburgh Steelers facing off at 1 p.m. ET and the Baltimore Ravens and Houston Texans facing off at 4:30 p.m. ET.



The games are <a href="https://www.netflix.com/tudum/articles/nfl-games-on-netflix">exclusive </a>on Netflix, outside of the local television markets for the teams playing in the two contests.



In case you were wondering if Friday's stumbles had Netflix or the NFL reconsidering the plans to stream games on Christmas Day, the streaming giant is already doubling down.



Netflix announced that Beyoncé will <a href="https://www.benzinga.com/24/11/42038673/netflix-scores-big-beyonce-set-to-headline-nfl-christmas-halftime-show" target="_blank" rel="noopener">perform at halftime </a>during the Ravens—Texans game in her hometown of Houston. Beyoncé will perform songs from her recent "Cowboy Carter" album and feature unnamed special guests, Netflix said.



Beyoncé previously performed during halftime of two Super Bowls, one as a headliner and one during a headline performance from Coldplay.



While Super Bowls regularly attract over 100 million viewers, which could be bad news for Netflix, it's important to remember that the average NFL game is watched by fewer people than those who tuned in for the Paul and Tyson fight.



Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), which is the exclusive home of "Thursday Night Football" games, <a href="https://www.benzinga.com/general/sports/24/11/41918005/super-bowl-lix-betting-odds-kansas-city-chiefs-favorite-to-three-peat-can-detroit-lions-spoil-the-party-make-team-history">is averaging 13 million </a>viewers per NFL game this season through Week 9, up 4% from last season. Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), which airs games on Sunday, is averaging 18.65 million viewers per NFL game.



The most watched game of the current NFL season is the Week 1 matchup of the Chiefs and Ravens, which aired on Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) units NBC and Peacock. The game<a href="https://www.benzinga.com/general/entertainment/24/01/36647034/peacock-has-most-livestreamed-event-in-u-s-history-with-nfl-playoffs-exclusive-can-comcast-"> had an average</a> of 29.2 million viewers.



Last season, the NFL had a streaming exclusive NFL Playoffs game on Peacock. The matchup between the Miami Dolphins and Chiefs was watched by an average of 23 million people, up 6% to the prior year's playoff game and setting records along the way.



Netflix ended the third quarter with 282.72 million global paid subscribers. Now, if every single subscriber tunes into the NFL games on Christmas Day, Netflix could have serious problems, given the Paul and Tyson fight.



However, viewership for the Christmas Day games will probably be below 60 million, and given Netflix's more than one month to get things right, fewer problems will likely occur.



NFLX Price Action: Netflix stock is up 1% to $832.70 on Monday after starting the day down. Netflix stock has traded between $445.73 and $841.00 over the last 52 weeks. The stock is up 77.8% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41235640/netflix-to-become-default-choice-for-tv-movies-analyst-predicts-more-live-sports-pr">Netflix To Become &#8216;Default Choice&#8217; For TV, Movies? Analyst Predicts More Live Sports, Price Increases</a></li>
</ul>



Photo: Shutterstock

Entertainment

Sports

AMZN

CMCSA

FOXA

NFLX

Netflix Crash Hits Jake Paul-Mike Tyson Fight: Can Streaming Platform Handle Christmas Day NFL Action?

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has announced the acquisition of 51,780 Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) for approximately $4.6 billion, with an average price of <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41878981/microstrategy-acquires-another-27200-bitcoin-worth-2-billion">$88,627 per coin</a>.



What Happened: According to the company's SEC <a href="https://assets.contentstack.io/v3/assets/bltb564490bc5201f31/bltc841ab65fe7d972b/673b392ad908785dbba03616/form_8-k_11-18-2024.pdf">filing</a> on Monday, this purchase occurred between Nov. 11and Nov. 17, funded through proceeds from the issuance and sale of shares under its Sales Agreement.



As of Nov. 17, MicroStrategy and its subsidiaries hold an aggregate of 331,200 BTC, acquired at a total purchase price of approximately $16.5 billion and an average cost of $49,874 per Bitcoin.



MicroStrategy views Bitcoin as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41902155/bitcoin-to-augment-gold-as-the-next-strategic-reserve-asset-says-expert">strategic reserve asset</a>, offering exposure to digital assets as an <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41878981/microstrategy-acquires-another-27200-bitcoin-worth-2-billion">alternative to traditional capital. </a>



Michael Saylor has emphasized Bitcoin's ability to "fix the balance sheet" and enhance stock value, recently highlighting its potential as a trillion-dollar opportunity for shareholders. 



With Bitcoin&#8217;s price surpassing $91,000, MicroStrategy now holds over $24 billion in Bitcoin, reporting $11.7 billion in unrealized profits, solidifying its leadership in corporate Bitcoin adoption.



On the same day, Metaplanet Inc. announced the issuance of its 3rd Series of Ordinary Bonds (Guaranteed) worth ¥1.75 billion ($11.4 million), with an annual interest rate of 0.36%.



The funds raised will be allocated to purchasing Bitcoin.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42036066/tidus-wallet-brings-wormhole-integration-for-ethereum-solana-transfers">Tidus Wallet Brings Wormhole Integration For Ethereum-Solana Transfers</a>



According to the <a href="https://x.com/Metaplanet_JP/status/1858352792647225371">company</a>, the bonds are guaranteed by Representative Director Simon Gerovich, with collateral secured through a first-priority mortgage on the Hotel Royal Oak Gotanda, owned by Metaplanet's subsidiary, Wen Tokyo Inc.



Metaplanet&#8217;s latest Bitcoin acquisition is part of a broader movement among global companies such as&nbsp;Tesla,&nbsp;Block Inc.&nbsp;(formerly Square) and&nbsp;PayPal, which have added Bitcoin to their balance sheets over recent years.



Tesla famously invested <a href="https://www.benzinga.com/startups/24/10/41434521/tesla-quietly-transfers-765-million-in-bitcoin-putting-musks-cryptocurrency-strategy-under-intense-s">$1.5 billion in Bitcoin in 2021</a>, while Block Inc. committed $220 million across 2020 and 2021, signaling increasing corporate confidence in Bitcoin as a long-term asset.



Emulating these major firms, Metaplanet has branded itself as <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41585530/asias-microstrategy-metaplanet-buys-another-10-4m-in-bitcoin-exceeds-1-000-btc-holdings">"Asia&#8217;s answer to MicroStrategy,"</a> with ambitions to build one of the largest Bitcoin treasuries among Asian companies.



Read Next: 



<ul>
<li><a href="EXCLUSIVE: Binance CEO Richard Teng Says 2025 Will Outshine 2024 For Crypto - Benzinga">EXCLUSIVE: Binance CEO Richard Teng Says 2025 Will Outshine 2024 For Crypto</a></li>
</ul>



Image: Flickr

MSTR

Bitcoin Buyer Spree: MicroStrategy Acquires $4.6B In BTC, Metaplanet Issues $11.4M In Bonds To Fund Purchases

Gold futures climbed 1.6% on Monday morning in New York, on track to snap a <a href="https://www.benzinga.com/markets/commodities/24/11/42036300/go-for-gold-says-goldman-sachs-precious-yellow-metal-price-would-rise-in-2025-amid-central-bank-buying-fed-rate-cuts">six-session losing streak</a>.



The yellow metal&#8217;s surge came on the heels of escalating rhetoric from Moscow after reports indicated that President Joe Biden had authorized Ukraine to launch strikes on Russian territory using American-made long-range missiles.



This marks a significant policy shift by the outgoing administration ahead of Donald Trump's January inauguration.



See Also: <a href="https://www.benzinga.com/general/space/24/11/42033393/spacexs-gwynne-shotwell-sees-starlink-becoming-profitable-in-2024-bets-on-starship-making-it-one-of-the-most-valuable-companies-amid-reports-of-tender-offer-valuing-it-over-250b">SpaceX&#8217;s Gwynne Shotwell Sees Starlink Becoming Profitable In 2024</a>



Such strikes would represent "a qualitatively new round of tension" with the U.S., Dmitry Peskov, a spokesperson for Russian President Vladimir Putin, said per Reuters.



In September, Putin had already declared that the U.S.&#8217;s allowing Ukraine to fire Western missiles into Russian territory would mean NATO's direct participation in the war.



On Monday, Peskov reiterated this stance, accusing the Biden administration of &#8220;adding fuel to the fire&#8221; as its term winds down.



Reports confirmed that thousands of North Korean troops have been deployed to Russia's Kursk region to aid Moscow's forces following a Ukrainian incursion.



The rally in gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), mirrored gains across the broader commodity complex, with oil and natural gas prices also advancing.



Futures on West Texas Intermediate (WTI) crude oil rose 0.8%, while Henry Hub U.S. natural gas futures surge by nearly 4% amid concerns over energy disruptions in Europe.



On Saturday, Gazprom, the state-controlled Russian natural gas giant, halted supplies to Austria, heightening fears of energy shortages in Europe as the winter season approaches. The decision followed Friday's rare hour-long phone call between German Chancellor Olaf Scholz and Putin, their first direct communication in nearly two years.



<h3 class="wp-block-heading">Risk-Off Sentiment Hits European Markets</h3>



The heightened geopolitical risks weighed on European equities Monday. 



The Euro Stoxx 50, broadly tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>), fell 0.7%, while Italy's FTSE MIB, tracked by the iShares MSCI Italy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWI#NYSE">EWI</a>), was the hardest hit among major indices, sliding 1%. 



A hour ahead the Wall Street market open, futures on major U.S. indices hovered near flat, signaling caution among investors hesitant to buy the dip after last week&#8217;s declines.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 index, fell a combined 1.9% on Thursday and Friday as hawkish comments from Fed Chair Jerome Powell and uncertainty surrounding Donald Trump&#8217;s potential economic policies dampened investor sentiment.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/etfs/24/11/42018463/trumps-post-election-rally-fades-dollar-surges-to-over-1-year-highs-powell-puts-december-interest-rate-cut-into-question-this-week-in-the-market">Trump&#8217;s Post-Election Rally Fades, Dollar Surges To Over 1-Year Highs, Powell Puts December Interest Rate Cut Into Question: This Week In The Market</a></li>
</ul>



Image: Shutterstock

Specialty ETFs

Eurozone

Gold, Natural Gas Prices Rally As US-Russia Tensions Escalate Over Ukraine's Long-Range Strikes

Spirit Airlines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) shares are trading higher premarket on Monday. The company disclosed a restructuring support agreement (RSA) with a supermajority of its loyalty and convertible bondholders to implement a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n42030743/spirit-airlines-announces-comprehensive-agreement-to-deleverage-balance-sheet-and-position-the-com" rel="noreferrer noopener">comprehensive balance sheet restructuring</a>.



The plan aims to reduce debt, enhance financial flexibility, support long-term success, and accelerate investments to improve guest travel experiences and value.



The company&#8217;s key measures include a $350 million backstopped equity investment from existing bondholders and the equitization of $795 million in funded debt.



Additionally, bondholders are providing $300 million in DIP financing, complemented by Spirit&#8217;s cash reserves and operational cash flow, to support the restructuring process.



Spirit has filed a Plan of Reorganization as part of its Chapter 11 process, incorporating the terms of the RSA and awaiting Court approval.



With support from a supermajority of loyalty and convertible bondholders, the company expects to emerge from Chapter 11 in the&nbsp;first quarter of 2025.



First-day motions are also being filed to ensure normal business operations during the process.



As a result of the filing, Spirit anticipates being delisted from the NYSE soon, with its common stock continuing to trade over-the-counter. The shares are expected to be canceled and hold no value as part of the restructuring.



Ted Christie, Spirit&#8217;s President and Chief Executive Officer, said, &#8220;This set of transactions will materially strengthen our balance sheet and position Spirit for the future while we continue executing on our strategic initiatives to transform our Guest experience, providing new enhanced travel options, greater value and increased flexibility.&#8221;&nbsp;



Last week, Spirit filed the form, signaling it cannot submit its 2024 third-quarter earnings on time, as the company has diverted resources from reviewing and completing financial statements to<a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/24/11/41946520/whats-going-on-with-spirit-airlines-stock-wednesday-2" rel="noreferrer noopener"> ongoing debt restructuring discussions</a>.



This came after Spirit&#8217;s merger conversations with Fronter Group Holdings Inc. and and its takeover by&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41932146/spirit-airlines-nears-bankruptcy-creditors-may-approve-equity-cancellation-heres-what-it-means-for-investors-as-shares-fall-with-a-thud" rel="noreferrer noopener">JetBlue Airways</a><a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41932146/spirit-airlines-nears-bankruptcy-creditors-may-approve-equity-cancellation-heres-what-it-means-for-investors-as-shares-fall-with-a-thud" rel="noreferrer noopener"> fell through</a>.



Price Action: SAVE shares are up 3.70% at $1.12 premarket at the last check Monday.



Photo: Courtesy of Smart Calendar via Shutterstock



Read Next:



<ul>
<li><a href="https://www.benzinga.com/ma/24/11/42025534/deal-dispatch-shell-unilever-and-more-are-on-the-sell-side-the-onion-makes-alex-jones-cry-foul" target="_blank" rel="noreferrer noopener">Deal Dispatch: Shell, Unilever And More Are On The Sell Side; The Onion Makes Alex Jones Cry Foul</a></li>
</ul>

Small Cap

Movers

SAVE

Spirit Airlines Eyes Restructuring With Chapter 11 Filing And Equity Injection

As Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) inches closer to the Department of Justice's final proposed remedies on Nov. 20, the<a href="https://www.benzinga.com/quote/GOOGL/news"> stakes couldn&#8217;t be higher</a>.



While JPMorgan analyst Doug Anmuth sees potential headline risk, he believes this could also bring clarity, setting the stage for Google&#8217;s response and future appeal strategies.



&#8220;The DOJ's final proposal should represent the worst possible remedies,&#8221; Anmuth notes, adding that Google&#8217;s counterproposal on Dec. 20 will likely paint a much less drastic picture. Despite these looming legal battles, Anmuth maintains an Overweight rating on GOOGL stock, citing a price target of $212 &#8211; 20% above its current levels.



<h2 class="wp-block-heading">Remedies, Risks, And The Trump Factor</h2>



The DOJ's remedies are expected to focus on limiting Google's exclusive search agreements, restructuring its Android and Chrome platforms and curbing its AI-driven monetization practices. "A separation proposal could be severe," warns Anmuth, "and remedies may extend beyond search to include limitations on AI advancements."



Read Also: <a href="https://www.benzinga.com/government/regulations/24/11/41981957/meta-hit-with-841-million-eu-fine-over-antitrust-violations-tied-to-facebook-marketplace">Meta Hit With $841 Million EU Fine Over Antitrust Violations Tied To Facebook Marketplace</a>



Adding to the uncertainty, the coming Donald Trump administration could bring renewed scrutiny. Trump has oscillated between calling for Google&#8217;s &#8220;prosecution at maximum levels&#8221; and emphasizing its strategic importance in competing with China.



Such a backdrop could influence not just the final remedies but also the broader tech landscape.



<h2 class="wp-block-heading">Investors Eye The Bigger Picture</h2>



Despite the regulatory fog, Alphabet&#8217;s fundamentals remain robust. Recent third-quarter earnings showcased a 35% year-over-year surge in Google Cloud revenue, operating profit margins exceeding expectations, and steady progress in AI search initiatives. &#8220;Google shares are just 9% below all-time highs,&#8221; Anmuth highlights, &#8220;and the GAAP P/E multiple discount to Meta has narrowed significantly."



The road ahead includes pivotal milestones, such as the judge&#8217;s anticipated remedies decision in August 2025 and Apple&#8216;s critical choice on retaining Google as Safari's default search provider.



While challenges abound, clarity from the DOJ and Google&#8217;s continued operational strength could reassure investors.



With Alphabet's stock trading at a discount compared to its peers, Anmuth's bullish stance signals confidence in Google&#8217;s ability to navigate both courtroom battles and Wall Street expectations.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/media/24/11/42030331/heres-when-google-gemini-could-be-integrated-with-apple-intelligence">Here&#8217;s When Google Gemini Could Be Integrated With Apple Intelligence</a></li>
</ul>



Photo: Shutterstock

Long Ideas

Legal

GOOG

GOOGL

Alphabet Braces For DOJ Remedies: Analyst Sees 20% Upside Despite 'Worst Possible' Risks

Charlie Giancarlo, CEO of Pure Storage, has raised concerns about U.S. tax laws pushing companies to relocate their operations abroad. This comes as businesses strive to maintain competitiveness in the global market.



What Happened: Giancarlo highlighted in an interview that current U.S. tax policies are forcing companies to consider moving their operations overseas. He pointed out that while tariffs have offered some relief, they are not the ultimate solution, Barron&#8217;s <a href="https://www.barrons.com/amp/articles/tech-pure-storage-ceo-interview-taxes-manufacturing-005625f7">reported</a> on Monday.



"It's a set of different tax laws and labor laws and so forth that make manufacturing in the U.S. economically a competitive disadvantage," he said.



Pure Storage has adopted a global manufacturing approach, with significant operations in Southeast Asia, Europe, and the U.S., collaborating with outsourcing partners like Foxconn (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>). The company, which serves 60% of Fortune 500 firms, including Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), and NASA, is closely monitoring potential tax reforms under President-elect Donald Trump. S&amp;P Global suggests that a reduced corporate tax rate could boost domestic production and reduce overseas business activities.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42014985/matt-gaetz-to-be-confirmed-as-attorney-general-in-a-trump-administration-not-so-fast-polymarket-traders-say?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Matt Gaetz To Be Confirmed As Attorney General In A Trump Administration? Not So Fast, Polymarket Traders</a>



However, S&amp;P Global also notes the uncertainty surrounding the broader economic impact of such tax changes. Companies like Pure Storage are awaiting new tariffs and trade policies to assess the future U.S. tax landscape.



Why It Matters: The discussion around U.S. tax policies is gaining momentum as Donald Trump&#8217;s<a href="https://www.benzinga.com/government/regulations/24/11/41885777/how-trumps-tax-cuts-tariffs-animal-spirits-could-shape-sp-500-earnings"> return to the White House</a> brings potential pro-business policies into focus. Analysts are adjusting their forecasts for S&amp;P 500 earnings, considering Trump&#8217;s possible policy changes, which include tax cuts and deregulation. However, trade tariffs on Chinese imports remain a potential threat to corporate earnings.



Trump&#8217;s proposal to lower the federal corporate tax <a href="https://www.benzinga.com/startups/24/10/41291635/are-trumps-proposed-corporate-tax-cuts-the-key-to-unleashing-a-stock-market-boom-heres-what-history">rate from 21% to 15%</a> has sparked debate. Some view it as a catalyst for economic growth and a stock market boom, while others remain skeptical. Historical data suggests that such tax cuts could increase U.S. GDP by 0.4% and create approximately 93,000 full-time jobs, according to the Tax Foundation.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To&nbsp;Broaden Out&#8217;</a></li>
</ul>



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



Image via Shutterstock

Global

General

HNHPF

Meta, Comcast And NASA Supplier CEO Says US Tax Laws Are Driving Business Exodus, All Eyes On Trump For Policy Change

U.S. stocks could get off to a tentative start on Monday after investors switched to a <a href="https://www.benzinga.com/news/econ-s/24/11/42017118/stocks-tumble-as-traders-rethink-feds-action-vix-spikes-17-nasdaq-erases-back-post-trump-gains-whats-driving-markets-friday">risk-on mode last week</a> as the post-election rally lost some of its steam.



Economic data and Federal Reserve chair Jerome Powell's comments about the future of rate cuts put the sentiment on a dampener. Powell said the Federal Open Market Committee (FOMC) is not in a hurry after economic data showed strength.



Expectations of a further 25 basis point rate cut in December have fallen to just 62% now, down from 72% last week, 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>0.44%</td></tr><tr><td>S&amp;P 500</td><td>0.09%</td></tr><tr><td>Dow Jones</td><td>-0.20%</td></tr><tr><td>R2K</td><td>0.52%</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 0.13% to $586.50 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.45% to $498.78, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.



Cues From Last Week:



All three major indices registered a decline last week, with the tech-heavy Nasdaq seeing a bigger fall. This was the week prior, Dow Jones and S&amp;P 500 registered their best week of the year after the election of Trump as the 47th U.S. president.



On the economic data front, U.S. export prices increased by 0.8% in October, while import prices rose by 0.3% month-over-month in October. U.S. retail sales rose 0.4% month-over-month in October compared to a revised 0.8% increase in September, topping market estimates of 0.3%



Most sectors on the S&amp;P 500 closed on a negative note, with information technology, communication services, and healthcare stocks recording the biggest losses on Friday.



However, utilities and financials stocks bucked the overall market trend, closing the session higher.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Week&#8217;s Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-2.92%</td><td>18,680.12</td></tr><tr><td>S&amp;P 500</td><td>-2.28%</td><td>5,870.62</td></tr><tr><td>Dow Jones</td><td>-2.34%</td><td>43,444.99</td></tr><tr><td>Russell 2000</td><td>-5.04%</td><td>2,303.84</td></tr></tbody></table></figure>



Insights From Analysts:



Wells Fargo's Jay Bryson thinks the recent surge in inflation could needle the Fed to reevaluate its pace of rate cuts.



"Slower progress on inflation in recent months may prompt the Fed to reevaluate its pace of easing moving forward," he said.



On the other hand, investors will keep a close eye on earnings from AI bellwether Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), while Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) investors will be interested in President-elect Donald Trump's policy outlook on regulations for autonomous driving.



Ryan Detrick, chief market strategist at Carson Group, maintained his bullish outlook on equities.



"The S&amp;P 500 is looking at back-to-back 20% gains. The four previous times it did this (since WWII) the next year did this: 2.6%, 31%, 26.7%, 19.5%."



He underscored that while it's not unwise to be cautious about the ongoing rally, investors should not base their concerns on the upward movement so far.



<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 S&amp;P 500 is looking at back-to-back 20% gains. The four previous times it did this (since WWII) the next year did this: +2.6% +31.0% +26.7% +19.5% Sure, there are reasons to be cautious, but stocks up a lot two years in a row shouldn&#39;t be one of them.&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1858235842851954762?ref_src=twsrc%5Etfw">November 17, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Nathan Peterson, Director of Derivatives Analysis at the Schwab Center for Financial Research, laid<a href="https://www.schwab.com/learn/story/weekly-traders-outlook/"> out</a> the thesis for market movements for the next week.



"I wouldn&#8217;t be surprised to see an attempt to rally from these levels at the beginning of the week if we can bounce from today&#8217;s lows into the close," Peterson said.



"Further rotation out of the largest market cap sector, Information Technology, or a negative response to Nvidia&#8217;s guidance, leading to a further downdraft in overall price action."



Peterson continues to maintain a cautious stance and noted that investors will wait for Nvidia earnings with bated breath.



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



Upcoming Economic Data



While this week's economic calendar is not as heavy as last week's, some crucial data is scheduled for the days ahead.



<ul>
<li>On Monday, the home builder confidence index is set to be released at 10 a.m. ET.</li>



<li>Chicago Fed President Austan Goolsbee&nbsp;will speak at 10 a.m. ET.</li>



<li>On Tuesday, data on new home construction and building permits will be released at 8:30 a.m. ET.</li>



<li>Chicago Fed President Austan Goolsbee&nbsp;will speak at 12:25 p.m. ET.</li>



<li>On Wednesday, Fed Gov. Lisa Cooks will speak at 11 a.m. ET.</li>



<li>Fed Gov. Michelle Bowman will speak at 12:15 p.m. ET.</li>



<li>On Thursday, initial jobless claims data will be released at 8:30 a.m. ET.</li>



<li>Philadelphia Fed manufacturing survey will be released at 8:30 a.m. ET.</li>



<li>Cleveland Fed President Beth Hammack will speak at 8:45 a.m. ET.</li>



<li>Existing home sales data and leading economic index will be released at 10 a.m. ET.</li>



<li>Kansas City Fed President Jeff Schmid will speak at 1:10 p.m. ET.</li>



<li>Fed Vice Chair for Supervision Michael Barr will speak at 4:40 p.m. ET.</li>



<li>On Friday, the S&amp;P U.S. Services and Manufacturing Purchasing Manager's Index will be released at 9:45 a.m. ET.</li>



<li>Consumer sentiment data will be released at 10 a.m. ET.</li>



<li>Fed Gov. Michelle Bowman will speak at 6:15 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) will be in focus after reports of Trump's transition team looking to create a <a href="https://www.benzinga.com/pre-market-outlook/24/11/42031099/tesla-stock-responds-to-fsd-nod-in-monday-premarket-as-trump-team-prioritizes-self-driving-framework">framework for self-driving vehicles</a>. Tesla stock was up 7.9% in premarket trading on Monday.</li>



<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares fell over 2% in premarket trading after reports said that its Blackwell AI chips are <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">facing overheating issues</a>.</li>



<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares were up over 12% in premarket trading after reports suggested that the company is looking to submit a plan to be in compliance once again with the listing requirements to trade on the Nasdaq.</li>



<li>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) shares surged over 1% after the company reached an agreement with the National Basketball Association (NBA) over TV rights.</li>



<li>T-Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) shares will also be watched closely after the company was <a href="https://www.benzinga.com/24/11/42022124/t-mobile-hit-by-chinese-hackers-after-rivals-att-verizon-suffer-breach-report">hit by Chinese hackers</a>.</li>



<li>Investors are awaiting earnings results from Trip.com Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCOM#NASDAQ">TCOM</a>), Brady Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRC#NYSE">BRC</a>), and AECOM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACM#NYSE">ACM</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures rose in the early New York session, gaining 0.78% to hover around $67.44.



The 10-year Treasury note yield continued to surge, rising to 4.465%.



Major Asian markets ended mixed on Monday, with Japan's Nikkei 225 falling the most. A similar sentiment was also visible in European markets, which demonstrated tentativeness in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42028334/bitcoin-ethereum-dogecoin-slip-as-feds-hawkish-stance-tempers-rally-analyst-expects-btc-to-reach-100k-before-new-year">Bitcoin, Ethereum, Dogecoin Slip As Fed&#8217;s Hawkish Stance Tempers Rally: Analyst Expects BTC To Reach $100K Before New Year</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Pre-Market Outlook

Markets

TCOM

TMUS

US Stocks On Edge As Investors Gear Up For Nvidia, Retail Earnings: Analyst Updates S&P 500 Target For 2025, Says Market Is 'Expensive'

Nvidia Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) new Blackwell AI chips are reportedly grappling with overheating issues. 



What Happened: Nvidia&#8217;s Blackwell AI chips are experiencing overheating problems when connected to server racks designed to hold up to 72 chips, <a href="https://www.theinformation.com/articles/nvidia-customers-worry-about-snag-with-new-ai-chip-servers">reported</a> The Information, citing Nvidia employees working on the problem and customers and suppliers familiar with the situation.



The chipmaker has reportedly requested its suppliers to modify the rack design multiple times to address the overheating issue. 



See Also: <a href="https://www.benzinga.com/general/social-media/24/11/42022443/ibm-disney-and-other-large-advertisers-return-to-elon-musks-x-after-a-year-long-boycott-we-super-appreciate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">IBM, Disney And Other Large Advertisers Return To Elon Musk&#8217;s X After A Year-Long Boycott: &#8216;We Super Appreciate&#8217;</a>



A Nvidia spokesperson told Reuters, &#8220;Nvidia is working with leading cloud service providers as an integral part of our engineering team and process. The engineering iterations are normal and expected.&#8221;



Nvidia did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.



The Blackwell chips, unveiled by Nvidia in March, were initially slated to ship in the second quarter.



However, they faced delays, potentially affecting customers such as Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google and Elon Musk&#8217;s xAI.



Why It Matters: The Blackwell chip combines two silicon squares into a single component. It is touted to be 30 times faster at tasks like responding to chatbot queries than the company&#8217;s previous offering.



The <a href="https://www.benzinga.com/news/24/10/41156900/nvidia-ceo-jensen-huang-says-demand-for-next-gen-blackwell-gpu-platform-insane-everyone-wants-to-hav">demand for the Blackwell GPU</a> platform was described as &#8220;insane&#8221; by Nvidia CEO Jensen Huang last month.



Nvidia&#8217;s Blackwell chip revenue was projected to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41883803/nvidias-blackwell-chip-revenue-could-hit-6-billion-next-quarter-analyst">hit $6 billion in the next quarter</a>, according to a Morgan Stanley analyst. This projection was made despite Nvidia being fully supply-constrained on new products.



Earlier this month, <a href="https://www.benzinga.com/news/large-cap/24/11/41761849/nvidia-blows-past-apple-to-become-worlds-most-valuable-company">Nvidia surpassed Apple</a> to become the world&#8217;s most valuable company, largely due to its dominance in the artificial intelligence chip market. The AI giant&#8217;s current market capitalization stands at $3.482 trillion.



Price Action: Nvidia shares closed Friday&#8217;s trading session with a 3.26% decline, settling at $141.98. In after-hours trading, the stock saw a slight uptick, reaching $142.70 at the time of writing, according to <a href="https://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42022124/t-mobile-hit-by-chinese-hackers-after-rivals-att-verizon-suffer-breach-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">T-Mobile Hit By Chinese Hackers After Rivals AT&amp;T, Verizon Suffer Breach: Report</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.

MSFT

Nvidia's Blackwell Chips Are Extra Toasty, Server Overheating Issues Impact Meta, Microsoft And Elon Musk's xAI

On Friday, November 15, U.S. markets closed lower, with the S&amp;P 500 and Nasdaq recording their steepest losses in two weeks. The decline was fueled by worries over delayed interest rate cuts, reactions to economic data, and Trump&#8217;s cabinet picks, including Robert F. Kennedy Jr., raising vaccine policy concerns.



Related: <a target="_blank" href="https://www.benzinga.com/24/11/42013119/whats-going-on-with-large-european-and-us-vaccine-makers" rel="noreferrer noopener">European And U.S. Vaccine Stocks Are Under Pressure &#8211; Here&#8217;s Why</a>



According to economic data, U.S. export prices rose by 0.8% in October, while import prices increased by 0.3%. Retail sales grew 0.4% month-over-month, exceeding market expectations of 0.3% but lower than September&#8217;s revised 0.8% gain.



Most S&amp;P 500 sectors fell, led by losses in tech, communication services, and healthcare, while utilities and financials gained, defying the broader market trend.



The Dow Jones Industrial Average was down 0.47% and closed at 43,750.86, the S&amp;P 500 declined 0.50% to 5,949.17, and the Nasdaq Composite slid 0.64% to finish at 19,107.65.



Asia Markets Today



<ul>
<li>On Monday, Japan&#8217;s Nikkei 225 declined 1.05% and ended the session at 38,232.50, led by losses in the Real Estate, Shipbuilding, and Financial Services sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 rose 0.18% and ended the day at 8,300.20, led by gains in the Consumer Staples, Utilities and Gold sectors.</li>



<li>India&#8217;s Nifty 50 closed 0.50% lower at 23,462.70, and Nifty 500 down 0.28% at 21,901.10, led by losses in the Technology, Oil &amp; Gas, and Fast Moving Consumer Goods sectors.</li>



<li>China&#8217;s Shanghai Composite declined 0.21% to close at 3,323.85, and the Shenzhen CSI 300 fell 0.46%, finishing the day at 3,950.38.</li>



<li>Hong Kong&#8217;s Hang Seng gained 0.77% and closed the session at 19,576.61.</li>
</ul>



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 index was down 0.27%.</li>



<li>Germany&#8217;s DAX slid 0.08%.</li>



<li>France&#8217;s CAC fell 0.00%.</li>



<li>FTSE 100 index traded higher by 0.30%</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.70% at $67.39/bbl, and Brent was up 0.73% at $71.56/bbl.</li>



<li>Oil prices rose amid the escalating Russia-Ukraine conflict. However, market gains were tempered by weak demand in China and a global oil surplus forecast. U.S. support for Ukrainian strikes against Russia increased geopolitical risks.</li>



<li>Natural Gas rose 2.34% to $2.888.</li>



<li>Gold was trading higher by 0.99% at $2,595.80, Silver gained 1.27% to $30.820, and Copper rose 0.46% to $4.0830.</li>



<li>Gold prices rose, supported by a slowing dollar rally. Investors await Federal Reserve comments amid strong U.S. economic data reducing expectations for December rate cuts.</li>
</ul>



U.S. Futures at 05:30 AM ET



Dow futures declined 0.22%, S&amp;P 500 futures up 0.02%, and Nasdaq 100 futures gained 0.35%.



Forex at 05:30 AM ET



<ul>
<li>The U.S. dollar index gained 0.02% to 106.70, the USD/JPY rose 0.41% to 154.97, and the USD/AUD rose 0.08% to 1.5484.</li>



<li>The dollar strengthened against the yen as Bank of Japan Governor Kazuo Ueda signaled potential future rate hikes without confirming timing.</li>
</ul>



Image via Shutterstock

Asia

Emerging Markets

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Asia And Europe Markets Mostly Lower, Dollar's Uptrend Continues - Global Markets Today While US Slept

Leading cryptocurrencies dipped on Sunday as investors reduced their risk-taking appetite amid the Federal Reserve's cautious stance on rate cuts.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.76%</td><td>$90,085.28</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.88%</td><td>$3,119.31</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>-1.12%</td><td>$0.3621</td></tr></tbody></table></figure>



What Happened: Bitcoin rose above $91,000 early morning hours but lost steam and retreated below $89,000 by evening. Dip-buying eventually boosted it over $90,000.



Ethereum followed a similar trajectory, plummeting to $3,040 from an intraday high of $3,160, only to recover to $3,110 overnight.



Total cryptocurrency liquidations hit $373 million in the last 24 hours, with bullish leveraged positions losing over $258 million.



The Open Interest (OI) in Bitcoin futures rose 0.78% in the last 24 hours.



Bitcoin's funding rates across major cryptocurrency exchanges continued to be positive, indicating dominance of longs.



The "Extreme Greed" sentiment weakened sharply from 90 to 83 due to the corrective action, reading from the Cryptocurrency Fear and Greed Index showed.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>MANTRA (OM)</td><td>+50.55%</td><td>$4.13</td></tr><tr><td>Raydium (RAY)</td><td>+19.43%</td><td>$5.83</td></tr><tr><td>Peanut the Squirrel (PNUT)</td><td>+12.22%</td><td>$1.88</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.01 trillion, declining 1.25% in the last 24 hours.



Stock futures edged marginally higher Sunday night. The Dow Jones Industrial Average Futures rose 10 points, or 0.02%, as of 7:45 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 gained 0.20%, while Nasdaq 100 Futures added 0.47%.



The three benchmark averages witnessed sell-offs last week after the Fed's Jerome Powell's <a href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips">hawkish tone</a> cast doubts about December's interest rate cuts.



Investors <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">priced </a>in a 62% chance of a 25 basis-point cut as per the CME FedWatch tool, down from 64.6% a week before.



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



Analyst Notes: Popular cryptocurrency analyst Ali Martinez stated that a daily close for Bitcoin above $91,000 would negate his previous bearish prediction and propel the cryptocurrency to $100,680.



<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">Finally, I believe a sustained daily close above $91,900 will invalidate this bearish <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> outlook and trigger a breakout to $100,680! <a href="https://t.co/eau2mCe0wY">https://t.co/eau2mCe0wY</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1858234742224937337?ref_src=twsrc%5Etfw">November 17, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In the case of Bitcoin retrace, Martinez flagged $85,800 &#8211; $83,250 and $75,520 &#8211; $72,880 as important support levels to keep track of.



<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">In the event of a <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> price correction, the key support walls to watch are $85,800 &#8211; $83,250 as well as $75,520 &#8211; $72,880. <a href="https://t.co/j0rTqnKLqT">https://t.co/j0rTqnKLqT</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1858234736910684601?ref_src=twsrc%5Etfw">November 17, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Michaël van de Poppe, another widely-followed cryptocurrency researcher, said he was buying Bitcoin and Ethereum dips amid growing volatility.



"Expect that we&#8217;ll see $100K per Bitcoin before 1st of January 2025," he added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Outside of my <a href="https://twitter.com/hashtag/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoin</a> portfolio, it&#39;s time to be trading actively again. The volatility is going up on everything. Buying the dips on <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> &amp; <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>. Expect that we&#39;ll see $100K per Bitcoin before 1st of January 2025.&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1858235515029291124?ref_src=twsrc%5Etfw">November 17, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Photo by Igor Faun on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/news/24/11/42027165/musks-doge-role-boosts-dogecoin-as-brian-armstrong-shows-support">Musk&#8217;s DOGE Role Boosts Dogecoin As Brian Armstrong Shows Support</a></li>
</ul>

Bitcoin, Ethereum, Dogecoin Slip As Fed's Hawkish Stance Tempers Rally: Analyst Expects BTC To Reach $100K Before New Year

The Future Fund LLC, Managing Partner Gary Black pushed back against accusations of short-term trading, clarifying his firm's Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) investment approach focuses on <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41870590/tesla-remains-core-for-gary-black-despite-price-cuts-earnings-drop-nvidia-google-eli-lilly-among-top-performers-in-tech-bulls-portfolio">strategic position adjustment rather than active trading</a>.



What Happened: Black revealed that The Future Fund&#8217;s average Tesla stock purchase price since early 2023 has been $162, while their average selling price has been $252. This disclosure came amid debate over the fund&#8217;s trading practices on social media platform X.



&#8220;We don&#8217;t trade Tesla,&#8221; Black stated. &#8220;We trim when Tesla&#8217;s price goes higher, which causes upside/downside to decline. We tend to buy more when Tesla&#8217;s price falls.&#8221;



The investment veteran expressed concern about growing polarization within the Tesla investor community, noting that moderate voices are being pushed out by extreme positions. Black highlighted recent instances where well-known Tesla bulls faced criticism for discussing potential short-term risks, even while maintaining overall positive outlooks.



&#8220;The community has lost some great Tesla longs as spokespeople and is in danger of losing still more because the cult is prone to attack anyone who is not over the top bullish,&#8221; Black wrote.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We don't trade <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a>. As with all stocks in our portfolio, we trim when TSLA's price goes higher, which ceteris paribus causes TSLA upside/downside to decline. We tend to buy more as we did in early 2023 when TSLA's price falls. Since the beginning of 2023, our avg TSLA buy… <a href="https://t.co/vcByxTJNzh">https://t.co/vcByxTJNzh</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1858271575235047804?ref_src=twsrc%5Etfw">November 17, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Of particular concern to Black is the potential loss of the $7,500 federal EV tax credit, which he argues could significantly impact Tesla&#8217;s business. With electric vehicles comprising approximately 80% of Tesla&#8217;s revenue, the company faces greater exposure to EV market dynamics compared to traditional automakers.



See Also: <a href="https://www.benzinga.com/startups/24/11/42026926/bitcoin-hits-an-all-time-high-but-nvidia-has-outperformed-it-dramatically-over-the-last-five-years">Bitcoin Hits An All-Time High, But Nvidia Has Outperformed It Dramatically Over The Last Five Years</a>



Why It Matters: The Future Fund has maintained Tesla as a significant holding since its 2021 launch, though the position has been adjusted from 12.2% in October 2022 to 4.6% as of November 2023. These adjustments reflect Black&#8217;s disciplined investment approach and response to changing market conditions.



Tesla&#8217;s stock has shown significant volatility over the past year, trading between a low of $138.80 and a high of $358.64, according to market data. Black&#8217;s fund recently trimmed positions at $351 after the stock rose 150% from its April bottom.



&#8220;As disciplined growth investors, we have to like Tesla less at $350 than we did at $140 since the relative upside/downside is less favorable,&#8221; Black explained.



The veteran investor emphasized that maintaining a balanced perspective, including acknowledging both bullish and bearish cases, has been key to his credibility in financial media appearances.



Price Action: Tesla stock closed at $320.72 on Friday, gaining 3.07% for the day. In after-hours trading, the stock edged up 0.0062%. Year to date, Tesla&#8217;s stock has risen by 29.10%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



Read Next: 



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<li><a href="https://www.benzinga.com/general/social-media/24/11/42022443/ibm-disney-and-other-large-advertisers-return-to-elon-musks-x-after-a-year-long-boycott-we-super-appreciate">IBM, Disney And Other Large Advertisers Return To Elon Musk&#8217;s X After A Year-Long Boycott: &#8216;We Super Appreciate&#8217;</a></li>
</ul>



Image Via Shutterstock 



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

Gary Black Defends Tesla Strategy Amid Clash With Elon Musk Bulls: 'We Don't Trade Tesla... We Trim When The Price Goes Higher'

Elon Musk has expressed gratitude as major brands, including IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Comcast (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), and Warner Bros.&nbsp;Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>), resumed advertising on X, formerly Twitter.



What Happened: On Friday, Musk took to X and expressed his appreciation to companies for recommencing advertising on X following a <a href="https://www.benzinga.com/news/23/12/36056462/elon-musks-standoff-with-apple-disney-and-other-big-advertisers-forces-x-to-turn-to-smaller-ones">year-long boycott due to brand safety concerns</a>.



This information was shared by social media personality Mario Nawfal on X.



Musk responded to Nawfal's post,&nbsp;saying,&nbsp;&#8220;Just want to say that&nbsp;we super appreciate&nbsp;major brands resuming advertising on&nbsp;our platform!&#8221;



See Also:&nbsp;<a href="https://www.benzinga.com/24/11/41872302/taylor-swift-fans-abandon-elon-musks-x-for-bluesky-how-trumps-election-victory-triggered-swifties-uprising?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Taylor Swift Fans Abandon Elon Musk&#8217;s X For Bluesky, Says Report: How Trump&#8217;s Election Victory Triggered Swifties Uprising</a>



He also expressed&nbsp;his gratitude to&nbsp;X CEO Linda Yaccarino and&nbsp;the entire X team&nbsp;for restoring&nbsp;advertisers&#8217; confidence.



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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Just want to say that we super appreciate major brands resuming advertising on our platform! Thanks <a href="https://twitter.com/lindayaX?ref_src=twsrc%5Etfw">@lindayaX</a> and the whole &#120143; team for your hard work in restoring confidence in our platform and ensuring that advertising content only appears where advertisers want it shown. <a href="https://t.co/e508KrMo9g">https://t.co/e508KrMo9g</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857471850676367646?ref_src=twsrc%5Etfw">November 15, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: In September, it was reported that more companies were <a href="https://www.benzinga.com/news/24/09/40762349/x-faces-major-advertiser-exodus-amid-string-of-elon-musk-controversies">considering pulling ads from X</a> next year due to concerns that their <a href="https://www.benzinga.com/news/23/11/35842015/ibm-pulls-adverts-from-elon-musks-x-following-antisemitic-content-allegations">brands could be harmed by the platform&#8217;s content</a>.



A Kantar survey also&nbsp;revealed that 26% more marketers&nbsp;plan to decrease their spending&nbsp;on X ads in 2025,&nbsp;marking the largest recorded decline&nbsp;in ad spending for any major global platform.



However, following the U.S. 2024 Presidential election, it was reported that some advertisers are contemplating a return to X to gain favor with Musk and President-Elect Donald Trump.



This development also comes as&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <a href="https://www.benzinga.com/general/social-media/24/11/41963996/mark-zuckerbergs-meta-eyes-2025-to-introduce-ads-on-threads-as-elon-musks-x-loses-favor-with-major-brands-report">plans to introduce ads</a> on its Threads early next year, potentially capitalizing on X&#8217;s loss of favor with major brands.



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



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<li><a href="https://www.benzinga.com/tech/24/11/41927135/greg-brockman-returns-to-work-at-chatgpts-parent-company-back-to-building-openai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Greg Brockman Returns To Work At ChatGPT&#8217;s Parent Company: &#8216;Back To Building OpenAI&#8217;</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.



Photo courtesy: Shutterstock

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