U.S. stock futures declined in premarket hours as traders digested new appointments for the key cabinet positions by President-elect Donald Trump. Hoards of data are expected to be released today which could give a clearer picture of where interest rates are headed.



Futures for the three major U.S. indices dropped and U.S. Dollar Index fell near the 106.5 level. However, the broader small-cap index Russell 200 futures were trading higher during the premarket. The two-year and 10-year U.S. Treasuries slipped to 4.21% and 4.26% respectively as the expectations of a further 25 basis point rate cut in December rose to just 66.3% now, according to CME Group&#8217;s FedWatch tool.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.34%</td></tr><tr><td>S&amp;P 500</td><td>-0.16%</td></tr><tr><td>Dow Jones</td><td>-0.06%</td></tr><tr><td>R2K</td><td>0.59%</td></tr></tbody></table></figure>



In premarket trading on Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was down 0.09% to $600.07 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.27% to $507.96, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Cues From The Last Session



The Dow Jones closed higher by around 124 points to 44,860.31 on Tuesday. The S&amp;P 500 rose 0.57% to 6,021.63, while the Nasdaq Composite rose 0.63% to close at 19,175.58 during Tuesday&#8217;s session. Both, Dow Jones and S&amp;P 500 surged to fresh record levels <a href="https://www.benzinga.com/news/earnings/24/11/42207507/dow-sp-500-settle-at-record-highs-fear-greed-index-remains-in-greed-zone">during the session</a>.



Most sectors on the S&amp;P 500 closed on a positive note, with utilities, communication services, and consumer discretionary stocks recording the biggest gains on Tuesday. However, energy and materials stocks bucked the overall market trend, closing the session lower.



On the economic data front, the S&amp;P CoreLogic Case-Shiller home price index rose 4.6% year-over-year in September versus a 5.2% increase in August. Sales of new single-family homes in the U.S. dipped by 17.3% to an annualized rate of 610,000 in October.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.63%</td><td>19,175.58</td></tr><tr><td>S&amp;P 500</td><td>0.57%</td><td>6,021.63</td></tr><tr><td>Dow Jones</td><td>0.28%</td><td>44,860.31</td></tr><tr><td>Russell 2000</td><td>-0.73%</td><td>2,424.31</td></tr></tbody></table></figure>



Also read: <a href="https://www.benzinga.com/news/earnings/24/11/42207507/dow-sp-500-settle-at-record-highs-fear-greed-index-remains-in-greed-zone">Dow, S&amp;P 500 Settle At Record Highs, Best Buy Reports Weaker Than Expected Earnings: Fear Index Remains In &#8216;Greed&#8217; Zone</a>



Insights From Analysts Comparing the average performance per day of the S&amp;P 500 Index from 1950 to 2023, Ryan Detrick, CMT and chief market strategist at Carson Group LLC said in an X (formerly Twitter) post that &#8220;now is one of the stronger times of the year for stocks.&#8221;



The chart shared by him showed that the average returns on the index from the dates Nov. 23 to Nov. 30 have been consecutively positive over the last 73 years.



<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">Now is one of the stronger times of the year for stocks. <a href="https://t.co/Hh4kA7xx6V">pic.twitter.com/Hh4kA7xx6V</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1861409159167549682?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Speaking about Tuesday&#8217;s cross-asset volatility, Mark Newton, CMT, Managing Director and global head of technical strategy at Fundstrat Global Advisors LLC said that the markets &#8220;got the long-awaited 10-year Treasury and U.S. Dollar rollover while Crude and Precious metals all fell more than 3% today.&#8221;



He added that &#8220;despite a +0.91% equal-weighted $SPX advance today (Tuesday), some might have felt like the market &#8220;got killed&#8221; Not quite, but important to pay close attention given the Cross-asset Volatility that kicked in today.&#8221;



Upcoming Economic Data



Here are the key events lined up for Wednesday.



<ul>
<li>Initial jobless claims, advanced durable goods orders, U.S. trade balance, retail and wholesale inventories, and the first revision of GDP will be released at 8:30 a.m. ET.</li>



<li>Chicago Business Barometer (PMI) will be released at 9:45 a.m. ET.</li>



<li>Nominal personal income and spending data will be released at 10 a.m. ET.</li>



<li>PCE index and pending home sales data will be released at 10 a.m. ET.</li>
</ul>



Stocks To Watch:



<ul>
<li>Crowdstrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) was down over 6% in premarket after it reported a GAAP loss of $16.8 million in the third quarter, compared to the income of $26.7 million in the third quarter of fiscal 2024. Loss from operations as per GAAP standards stood at $55.7 million, compared to income of $3.2 million in the third quarter of fiscal 2024.</li>



<li>Dell Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) declined 13.22% in premarket as the third-quarter revenue came in at $24.37 billion, which missed the consensus estimate of $24.65 billion.</li>



<li>HP Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) dipped 10% in pre-market trading. HP reported in-line earnings for its fourth quarter, while sales topped estimates.</li>



<li>Rigetti Computing, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) jumped over 11% in pre-market trading after dipping 20% on Tuesday. The company announced a registered direct offering of 50 million shares at $2 per unit.</li>



<li>HWH International Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HWH#NASDAQ">HWH</a>) was up 100% in premarket after Alset Inc. bought 4,411,764 of its shares for a total of approximately $2.99 million. It was priced at 0.68 each, according to SEC filing.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures rose in the early New York session, advancing 0.25% to hover around $68.96.



The Gold spot rose 1% to 2,673.01 per ounce.



Japanese and Korean markets fell on Tuesday, while Chinese, Australian, Indian and Hong Kong markets ended in green. Most European markets declined.



<ul>
<li>Read next: <a href="http://JD Vance's Investment Playbook Has Bitcoin And ETFs: Here's What Else The VP-Elect Is Betting On">JD Vance&#8217;s Investment Playbook Has Bitcoin And ETFs: Here&#8217;s What Else The VP-Elect Is Betting On</a></li>
</ul>



Image Created Using Midjourney

Equities

News

Economics

Markets

General

CRWD

DELL

RGTI

Major US Stock Futures Slide, Small-Caps Buck Trend: Market Strategist Flags This As The 'Stronger Times Of The Year For Stocks'

In a notable rebound, MicroStrategy Inc. experienced an 8.03% rise in pre-market trading on Wednesday following the slow recovery of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). This comes after a significant 12.33% drop and closing at $353.69 the previous day, as per <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 



What Happened: On Wednesday, at 6:00 AM ET, Bitcoin was trading around $93,789.55 after dropping to $92,000 levels on Tuesday. Consecutively, MicroStrategy, with a holding of 386,700 Bitcoins valued at $35.4 billion, experienced an upward tick in its pre-market activity.



The company, under the leadership of CEO Michael Saylor, has been a focal point of market speculation due to a 23.64% decline in its stock over the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42208320/michael-saylors-microstrategy-plunges-23-in-5-sessions-while-bitcoin-slips-under-6-gary-black-quips-dont-say-i-didnt-warn-you">past five sessions.</a> This period also saw a 5.52% decrease in Bitcoin.



Analysts are questioning the sustainability of the company&#8217;s strategy which involves borrowing through convertible notes to buy Bitcoin, then selling shares at a premium to reinvest in more Bitcoin.



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



Last week marked a record for retail investment in MicroStrategy, with nearly $100 million invested and trading volume reaching $136 billion, surpassing even Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).



Based on the ratings of 12 analysts, MicroStrategy has a consensus price target of $449.5 The high is $690 issued by BTIG on Dec. 11, 2023. The low is $140 issued by Jefferies on Nov. 10, 2022.



The average price target of $563.33 between TD Cowen, Barclays, and Benchmark implies a 41.90% upside for MicroStrategy.



Why It Matters: MicroStrategy&#8217;s <a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them">recent $3 billion offering</a> of 0% convertible senior notes due 2029 has intrigued investors. These notes, offering no interest, were quickly snapped up by institutional buyers, indicating strong market interest despite the lack of traditional returns. The notes&#8217; high conversion rate and potential equity upside have been attractive to investors.



However, the company&#8217;s stock has been under scrutiny. Gary Black of<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42208320/michael-saylors-microstrategy-plunges-23-in-5-sessions-while-bitcoin-slips-under-6-gary-black-quips-dont-say-i-didnt-warn-you"> The Future Fund LLC</a> has raised concerns about MicroStrategy&#8217;s valuation, suggesting it should be significantly lower than its current price. Black&#8217;s analysis points to a potential overvaluation, with a suggested price of $105 per share, which is about 75% lower than its current trading price.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42173367/shiba-inu-burn-rate-soars-487-in-a-day-what-is-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Burn Rate Soars 487% In A Day: What Is Going On?</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.



Photo by JOCA_PH on Shutterstock

Cryptocurrency

Pre-Market Outlook

$BTC

AMZN

MicroStrategy Surges 8% In Wednesday Pre-Market: What's Going On?

On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). The trades included the sale of Tesla shares across multiple ETFs, reflecting strategic adjustments in Ark&#8217;s portfolio.



The Tesla Trade



Ark Invest&#8217;s decision to sell Tesla shares on Tuesday was a continuation of its recent trading strategy. The ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) offloaded 33,837 shares, while the ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) sold 19,474 shares. With Tesla&#8217;s closing price at $338.23, these sales amounted to approximately $18.03 million. 



This move follows a series of trades where Ark has been recalibrating its holdings, including significant transactions involving Tesla earlier in the week. <a href="https://www.benzinga.com/24/11/42180029/ark-invest-shakes-up-portfolio-with-big-tesla-and-amazon-trades">Recent adjustments</a> came amid potential impacts from California&#8217;s consumer rebates proposal affecting Tesla&#8217;s eligibility.



Despite the sale, Cathie Wood has previously expressed a bullish outlook on Tesla&#8217;s future, particularly in the autonomous vehicle sector. She <a href="https://www.benzinga.com/markets/equities/24/10/41200165/cathie-wood-predicts-trillion-dollar-revenue-opportunity-for-tesla-in-autonomous-vehicles-winner">envisions</a> a &#8220;trillion-dollar-plus revenue opportunity&#8221; for Tesla, driven by advancements in autonomous driving technology. Wood&#8217;s confidence in Tesla&#8217;s long-term prospects remains strong, even as Ark Invest strategically reallocates its portfolio. Wood&#8217;s predictions highlight the potential for Tesla to dominate the market with its innovative technologies.



Other Key Trades:



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42159139/microstrategy-shares-rise-in-monday-pre-market-as-michael-saylor-reveals-mstr-generating-500m-daily-amid-bitcoins-surge?itm_source=parsely-api" target="_blank" rel="noopener">MicroStrategy Shares Rise In Monday Pre-Market As Michael Saylor Reveals MSTR Generating $500M Daily Amid</a>



<ul>
<li>Advanced Micro Devices Inc. : Ark Invest purchased 17,521 shares through the ARK Autonomous Technology &amp; Robotics ETF. The transaction was valued at $2.4 million based on AMD stock closing 2.4% lower at $137.22 on Tuesday.</li>



<li>Illumina Inc. : 50,424 shares were acquired by the ARK Innovation ETF .</li>



<li>Pacific Biosciences of California Inc. : Ark Invest bought 48,276 shares via the ARK Innovation ETF and 28,368 shares through ARK Genomic Revolution ETF. </li>



<li>Twist Bioscience Corp : The ARK Innovation ETF added 18,146 shares to its holdings. 3,275 shares were added through ARK Genomic Revolution ETF.</li>
</ul>



Image via Shutterstock



Read Next: 



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



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

ETFs

ARKK

ARKQ

TSLA

Cathie Wood's Latest Tesla Dump: Ark Sells $18M Worth Of Stock

The Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) has agreed to pay $43.25 million to settle a gender pay discrimination lawsuit, ending years of legal proceedings.



What Happened: The lawsuit, filed in 2019 by Disney employee LaRonda Rasmussen, alleged that she was paid less than male colleagues in similar roles.



The case expanded as more female employees joined, leading to a California judge granting class certification in December 2023.



Plaintiffs argued that Disney had a company-wide policy before 2018 that resulted in women receiving lower starting salaries than men.



This was partly due to basing pay on prior salaries, which often reflected gender disparities.



A labor economist&#8217;s analysis, cited by the plaintiffs, indicated that from 2015 to 2022, women at Disney earned less than their male counterparts, with a 2.01% female pay penalty.



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



Disney contested these findings, maintaining their commitment to fair pay. A Disney spokesperson stated, &#8220;We have always been committed to paying our employees fairly and have demonstrated that commitment throughout this case.&#8221;



Christine Webber, representing the plaintiffs, praised the women involved, stating, &#8220;This settlement would not be possible without these courageous women. Because of them, women can expect equitable treatment at Disney in the future.&#8221;



Why It Matters: The settlement comes amid a broader trend of gender pay discrimination lawsuits in major corporations.



Earlier this year in June, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) faced <a href="https://www.benzinga.com/24/06/39322674/apple-hit-with-class-action-lawsuit-over-alleged-unequal-pay-for-women">a class-action lawsuit</a> alleging unequal pay for women, highlighting ongoing issues in Silicon Valley.



Similarly, Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) settled a <a href="https://www.benzinga.com/markets/equities/23/05/32280690/goldman-sachs-woes-doesnt-end-women-employees-discrimination-lawsuit-costs-215m">gender discrimination lawsuit</a> for $215 million in May 2023, and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) agreed to a <a href="https://www.benzinga.com/news/22/06/27660579/google-agrees-to-pay-118m-to-settle-gender-discrimination-lawsuit">$118 million settlement</a> in June 2022.



Earlier this month, Disney reported strong financial performance, with a 6% revenue growth in <a href="https://www.benzinga.com/24/11/41971559/disneys-q4-boosted-by-streaming-gains-strong-box-office-and-solid-parks-performance">the fourth quarter of 2024</a>.



Price Action: Disney&#8217;s stock declined 0.47% on Tuesday, closing at $115.45, followed by a 0.11% drop in after-hours trading. Year-to-date, Disney shares have risen 27.27%, slightly outperforming the Nasdaq 100 index, which is up 26.47%, <a href="https://pro.benzinga.com/dashboard">according to Benzinga Pro data</a>.



Image via Shutterstock



Read Next:



<ul>
<li><a href="https://www.benzinga.com/tech/24/11/42154107/consumer-tech-news-nov-18-nov-22-us-doj-demands-google-to-divest-chrome-browser-gemini-ai-available-on-apple-more?itm_source=parsely-api">Consumer Tech News (Nov 18-Nov 22): US DOJ Demands Google To Divest Chrome Browser, Gemini AI Available On Apple &amp; More</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.

Entertainment

Legal

Tech

AAPL

GOOG

GOOGL

Disney Reaches $43M Settlement In Gender Pay Discrimination Lawsuit: 'Women Can Expect Equitable Treatment' Moving Forward

Leading cryptocurrencies slid further Tuesday, as long-term investors continued to chase profits.&nbsp;



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.18%</td><td>$92,538.27</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.32%</td><td>$3,335.13</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>-4.39%</td><td>$0.3886</td></tr></tbody></table></figure>



What Happened: Bitcoin fell to an intraday low of $90,770 before recovering to $92,500 in overnight hours. The corrective action has wiped all of the gains made over the week, halting the leading cryptocurrency&#8217;s rise to $100,000.



Long-term Bitcoin holders have offloaded 728,000 coins in the past 30 days, marking the largest sell-off since April.



<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">Long-term holders have offloaded 728,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> in the past 30 days. This marks the highest sell-off since April. <a href="https://t.co/oWqqgIUeSR">pic.twitter.com/oWqqgIUeSR</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1861467958851289158?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Over $364 million in long positions were liquidated in the past 24 hours, out of a total of $477 million. Bitcoin's Open Interest also declined by over 5% in the last 24 hours.&nbsp;



That said, the number of Binance traders going long on Bitcoin still heavily outpaced those betting against the asset, <a href="https://www.coinglass.com/LongShortRatio">according </a>to the Long/Shorts Ratio indicator.



Additionally, around $695 million in leveraged shorts risked liquidation if the apex cryptocurrency rebounds to $98,000.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Algorand (ALGO)</td><td>+13.71%</td><td>$0.3031</td></tr><tr><td>Fantom (FTM)</td><td>+7.27%</td><td>$1.08</td></tr><tr><td>Injective (INJ)</td><td>+7.09%</td><td>$29.61</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.18 trillion, following a contraction of 2.29% in the last 24 hours.



Stocks climbed to new records Tuesday. The Dow Jones Industrial Average rose 123.74 points, or 0.28%, to close at 44,860.31, while the S&amp;P 500 gained 0.57% to end at 6,021.63. Both the broad-based indexes closed at record highs. Tech-focused Nasdaq Composite added 0.63% higher to close at 19,175.58.



Investors parsed the minutes from the Federal Reserve meeting, which <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42198763/fed-minutes-reveal-confidence-in-inflation-reduction-yet-flag-divergent-views-on-interest-rate-path-ahead">revealed </a>a consensus among policymakers that inflation was gradually reducing.



Market participants raised the odds of a 25 basis-point cut in next month's FOMC meeting to 57.7%, up from 52.3% a day earlier, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.



The personal consumption expenditure (PCE) data, considered the Fed's preferred inflation gauge, is slated to be released Wednesday.



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



Analyst Notes: In a note shared with Benzinga, Haider Rafique, Global Chief Marketing Officer at cryptocurrency exchange OKX, commented on why Bitcoin was fumbling around the $100,000 mark.



&#8220;There&#8217;s definitely profit-taking at these levels. The average holding price is around $30,000, representing a two to three-times upside for investors. So, there&#8217;s significant sell pressure, but we also see equal buyback pressure," Rafique stated.



He added, "Many people have had $100,000 as a price target for liquidation. We&#8217;re seeing institutions like MicroStrategy buying and holding significant supply, which naturally reduces available liquidity on exchanges and creates upward momentum."&nbsp;



Widely-followed cryptocurrency analyst Ali Martinez spotted a ‘buy signal' from the TD Sequential indicator on Bitcoin's hourly chart.



Additionally, with the Relative Strength Index (RSI) forming a higher low, a bullish divergence was witnessed, potentially helping Bitcoin to rebound to $95,000-$96,000.



<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 TD Sequential presents a buy signal on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> hourly chart, while a bullish divergence forms against the RSI, which could help <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> rebound to $95,000 &#8211; $96,000! Join me in this trade by signing up to <a href="https://twitter.com/coinexcom?ref_src=twsrc%5Etfw">@coinexcom</a> using my referral link <a href="https://t.co/73n8mW9Y5p">https://t.co/73n8mW9Y5p</a>. <a href="https://t.co/lKozxI8JVP">pic.twitter.com/lKozxI8JVP</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861400256463737199?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by CMP_NZ on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">Trump-Linked Crypto Platform World Liberty Financial Appoints Justin Sun As Advisor After $30 Million Investment</a></li>
</ul>

Movers

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$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Tumble As 'Diamond Hands' Lock In Gains: Top Analyst Anticipates BTC Rebound

President-elect Donald Trump's latest tariff proposal could represent a potential economic earthquake, with economists already forecasting significant fallout for trade flows, exchange <a href="https://www.benzinga.com/etfs/currency-etfs/24/11/42190765/trumps-tariff-threats-slam-mexican-peso-canadian-dollar-only-the-beginning-of-a-sorely-needed-repricing-expert-warns">rates and consumer prices.</a>



On Monday, Trump announced plans to impose a 25% tariff on all imports from Mexico and Canada, blaming these nations for failing to curb drug trafficking and illegal immigration. Additional, he pledged a 10% hike on Chinese tariffs. 



Mexico, Canada, and China collectively make up 43% of U.S. goods imports, with shares of 15.4%, 13.6%, and 13.9%, respectively, according to Goldman Sachs. 



<h3 class="wp-block-heading">Goldman Sachs: Tariffs Could Rattle Global Markets</h3>



Goldman Sachs analysts were quick to assess the broader economic implications of Trump's tariff rhetoric. 



Isabella Rosenberg, a Goldman Sachs forex analyst, said the proposed 25% tariff on Mexican and Canadian imports would represent a significant economic shock for both the loonie and the peso.



"If tariffs were to rise to 25%, the estimated impact to USD/CAD and USD/MXN would be about 13% and 17%, respectively," she said in a note to clients on Tuesday.



On Tuesday, the Mexican peso weakened by 1.9%, while the Canadian dollar – as tracked by the Invesco CurrencyShares Canadian Dollar Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXC#NYSE">FXC</a>) – fell by 0.6%. 



Tariffs at the levels proposed by Trump would disrupt supply chains and amplify costs, Rosenberg said. 



The analyst said she expects that a renegotiation of United States-Mexico-Canada Agreement (USMCA) – which replaced the previous North America Free Trade Agreement (NAFTA) – will likely take place next year.



&#8220;The USMCA is up for review and renewal in 2026, and it appears likely that this will involve renegotiating some aspects of the Agreement,&#8221; she wrote. Such uncertainty will keep the Canadian dollar under pressure in 2025, according to her view.



Joseph Briggs, an economist at Goldman, said: "We expect that the incoming Trump administration will impose higher tariffs on imports from China as well as auto imports from Europe and Mexico shortly after his inauguration in January."



Briggs added that the tariffs would likely affect economic data even before they're enacted, citing heightened policy uncertainty and ripple effects across currency markets.



<h3 class="wp-block-heading">$300 Billion In Government Revenue, But At Cost Of Higher Inflation</h3>



If fully rolled out, the tariffs would generate nearly $300 billion in annual revenue for the U.S. government, equivalent to about 1% of GDP, according to Goldman's calculations.



Yet the direct effects of tariffs don't stop at border disputes — they also trickle down to the wallets of everyday Americans.



Goldman Sachs estimates the effective tariff rate in the U.S. would rise by 8.6%, leading to a 0.9% increase in core PCE (Personal Consumption Expenditures) prices.



For context, this inflationary impact is three times larger than the effect of previous tariffs under Trump's first administration, such as those targeting China and auto imports.



<h3 class="wp-block-heading">Bottom Line: Trade Tensions Are Back</h3>



Trump's latest trade salvo reintroduces significant tension to global markets, evoking comparisons to his first term's tariff battles. 



The potential 25% tariff on Mexico and Canada has economists and investors bracing for wide-ranging effects, from inflation and exchange rate volatility to supply chain disruption and consumer pain.



While Trump's hardline tactics often double as negotiating strategies, the sheer scale of this proposal ensures that its reverberations will be felt long before Jan. 20.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42198583/will-trump-lead-us-into-trade-war-with-mexico-president-claudia-sheinbaum-rebukes-threats">Will Trump Lead US Into Trade War With Mexico? President Claudia Sheinbaum Rebukes Threats</a></li>
</ul>

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Global

Goldman Sachs Expects Major Selloffs In Canadian Dollar, Mexican Peso, Says Trump Tariffs Threaten USMCA Agreement

Editor&#8217;s note: This story was updated to add missing detail in the introduction and further updated to reflect approval of a cease-fire deal by Israel&#8217;s cabinet and U.S. President Joe Biden&#8217;s Tuesday afternoon announcement. Stock price action in the story has been updated and exchange and ticker info for the ISRA ETF has been corrected as well. 



The governments of Israel and Lebanon have accepted a cease-fire deal, President Joe Biden said Tuesday. 



&#8220;Today I have some good news to report from the Middle East,&#8221; Biden said, adding that he spoke with the prime ministers of Israel and Lebanon. 



&#8220;I am pleased to announce that their governments have accepted the U.S. proposal to end the devastating conflict between Israel and Hezbollah,&#8221; said Biden, who made the remarks in the White House Rose Garden. 



The cease-fire is set to take effect at 4 a.m. Wednesday, Biden said.



Hezbollah has not immediately commented on the deal announcement, the New York Times reported. Lebanon&#8217;s government does not control the Hezbollah militant group. 



The deal calls for a 60-day truce, The New York Times reported, and would be overseen by the U.S., United Nations and others. Israel would withdraw forces from Lebanon and Hezbollah would move fighters to north of the Litani River.



Strikes between Israel and Hezbollah have continued during the cease-fire negotiations.



What Happened: The short-term proposal is to pause hostilities for 60 days but with the intention of a lasting truce, according to <a href="https://www.cnn.com/world/live-news/israel-hezbollah-ceasefire-deal-gaza-war-11-26-24-intl-hnk/index.html">CNN</a>, which cited an Israeli official. 



Israeli Prime Minister Benjamin Netanyahu offered three reasons for the cease fire, one being to shift focus to Iran, replenish Israeli troops and put greater pressure on Hamas to release the hostages that were captured <a href="https://www.benzinga.com/news/23/10/35136071/israel-under-siege-unprecedented-hamas-attack-sparks-intense-clashes-netanyahu-says-we-are-at-war">on Oct. 7, 2023</a>.



See Also: <a href="https://www.benzinga.com/24/11/42198266/crude-oil-moves-lower-dicks-sporting-goods-earnings-top-views">Crude Oil Moves Lower; Dick&#8217;s Sporting Goods Earnings Top Views</a>



Why It Matters: Not everyone is so confident the cease-fire will work.



Per the <a href="https://www.nytimes.com/live/2024/11/26/world/israel-hezbollah-lebanon-cease-fire">New York Times</a>, Israel&#8217;s national security minister Itamar Ben-Gvir stressed the need for a "security zone" inside Lebanon to defend against Hezbollah. Otherwise, the two countries risk another war in the future, he said. 



Ben-Gvir did not indicate that a cease-fire decision would cause him to leave Netanyahu's coalition.



<h3 class="wp-block-heading">Market Reactions</h3>



Oil prices were trading down Tuesday, with the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) 0.65% lower at last check. 



Israeli stocks, as monitored through the VanEck Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ISRA#NYSE">ISRA</a>) are up 23.5% year-to-date.



Other oil ETFs were in the red at last check Tuesday afternoon.



ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) fell by 0.93%, SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) was down 0.75% ahead of the closing bell and MicroSectorsTM Oil &amp; Gas Exploration &amp; Production 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILU#NYSE">OILU</a>) saw a 0.45% drop, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/24/11/42198583/will-trump-lead-us-into-trade-war-with-mexico-president-claudia-sheinbaum-rebukes-threats">Will Trump Lead US Into Trade War With Mexico? President Claudia Sheinbaum Rebukes Threats</a></li>
</ul>



Image: Shutterstock.

Sector ETFs

Commodities

ISRA

OILU

Ceasefire Deal Between Israel, Hezbollah Takes Effect Wednesday: Biden

Federal Reserve policymakers unanimously decided to reduce interest rates by 25 basis points to a range of 4.5%-4.75% during their November meeting, as they expressed confidence that inflation was moving sustainably toward their 2% target, according to <a href="https://www.benzinga.com/topic/interest-rates">meeting minutes released Wednesday.</a>



Participants highlighted several factors expected to maintain downward pressure on inflation, including diminishing business pricing power, the Fed&#8217;s restrictive monetary policy stance, and well-anchored long-term inflation expectations. 



<h3 class="wp-block-heading">Easing Inflation, But Core Pressures Persist</h3>



The minutes revealed that nearly all participants believed the latest data supported the view that inflation was steadily moderating, albeit with volatility in month-to-month readings. 



Inflation, they noted, had eased significantly from its peak. However, core inflation measures—excluding volatile food and energy prices—remained &#8220;somewhat elevated.&#8221;



Policymakers also discussed upside risks to inflation, including potential disruptions in global supply chains due to geopolitical events, a faster-than-anticipated loosening of financial conditions, unexpectedly robust consumer spending, persistent shelter price increases, and surging insurance costs across health, automotive, and housing sectors.



<h3 class="wp-block-heading">Resilient Economy and Labor Market Underpin Consumer Spending</h3>



Economic data reviewed at the meeting pointed to stronger-than-expected growth in consumer spending and overall economic activity. 



While participants generally agreed that the labor market remained solid, they emphasized the importance of closely monitoring indicators for signs of softening, which could influence the Fed&#8217;s future policy direction.



&#8220;Participants remarked that consumption had been supported by a solid labor market, rising real wages, and elevated household wealth,&#8221; the minutes stated. &nbsp;



<h3 class="wp-block-heading">Diverging Views on Monetary Policy Adjustments</h3>



The minutes also shed light on varying perspectives regarding the Fed&#8217;s next steps. 



While some participants suggested the central bank could pause its easing cycle and hold rates at restrictive levels if inflation remained sticky, others indicated that policy easing could be accelerated if economic conditions weakened, such as a downturn in the labor market or a notable slowdown in economic activity.



&#8220;Many participants observed that uncertainties concerning the level of the neutral rate of interest complicated the assessment of the degree of restrictiveness of monetary policy and, in their view, made it appropriate to reduce policy restraint gradually,&#8221; according to the November minutes. 



<h3 class="wp-block-heading">Market Reactions</h3>



The release of the Fed meeting minutes had little impact on short-term interest rate markets. 



Fed funds futures continued to show a 59% probability of another 25-basis-point rate cut in December, unchanged from market expectations prior to the minutes&#8217; publication.



The U.S. dollar index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), held steady, gaining 0.2% on the day. Meanwhile, Treasury yields saw marginal changes, with the 10-year Treasury yield broadly holding at 4.32%.



The S&amp;P 500 index – tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – also held its marginal session gains, up 0.3%. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Broad U.S. Equity ETFs

Econ #s

Federal Reserve

Fed Minutes Reveal 'Confidence' In Inflation Reduction, Yet Flag Divergent Views On Interest Rate Path Ahead

Mexican President Claudia Sheinbaum offered a sharp rebuke of President-elect Donald Trump&#8216;s <a href="https://www.benzinga.com/topic/tariffs">tariff threats</a>.



What Happened: <a href="https://www.bloomberg.com/news/articles/2024-11-26/mexico-hints-at-retaliation-after-trump-threatens-steep-tariffs?srnd=homepage-americas">According</a> to Bloomberg. Sheinbaum has suggested that Mexico could respond to U.S. tariffs with a protectionist policy of its own.



"One tariff will be followed by another in response, and so on until we put common companies at risk," Sheinbaum said at a press conference. "The main exporters from Mexico to the US are General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), and Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), which arrived 80 years ago. Why put in place a tariff that puts them at risk?"



Why It Matters: Retaliatory action could put the two allied countries in a trade war. 



Trump <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">announced</a> that he would put a 25% tariff against Mexico and Canada on his first day in office in retaliation for illegal border crossings into the U.S. 



Trump also said it was in response to fentanyl trafficking. But the policy would hurt the Big Three automakers, which have roots in Detroit, Michigan. 



The U.S.-based auto manufacturers have slumped in recent quarters; all three traded well in the red on Tuesday after Trump&#8217;s announcement. Tariffs on automobiles would likely leave Americans paying more for cars.



Mexican stocks also performed poorly on Tuesday; the iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) traded down over 3% following Trump&#8217;s announcement.



Trump ally Bill Ackman seemed to not take the President-elect at his word. The billionaire hedge fund manager suggested the tariffs are <a href="https://www.benzinga.com/etfs/currency-etfs/24/11/42190765/trumps-tariff-threats-slam-mexican-peso-canadian-dollar-only-the-beginning-of-a-sorely-needed-repricing-expert-warns">&#8220;a weapon&#8221;</a> and won&#8217;t be implemented. 



Trump did implement tariffs against China during his first term; the Tax Foundation later <a href="https://taxfoundation.org/research/all/federal/tariffs/">estimated</a> that Americans incurred $80 billion in taxes from the tariffs.



Republican megadonor and Citadel CEO Ken Griffin has a <a href="https://www.benzinga.com/news/global/24/11/42056528/gop-megadonor-ken-griffin-warns-of-slippery-slope-in-trumps-tariff-plans-sees-us-returning-to-the-business-of-business">less favorable view</a> of Trump&#8217;s policy, calling tariffs a &#8220;slippery slope&#8221; that will hurt U.S. companies.



Most economists say tariffs are regressive taxes that disproportionately hurt poor Americans while stifling economic growth. Trump&#8217;s adoption of pro-tariff policies is a stark contrast to the free trade policies championed by Republican President Ronald Reagan during the 1980s.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High</a></li>
</ul>



Image: Shutterstock

Government

STLA

Will Trump Lead US Into Trade War With Mexico? President Claudia Sheinbaum Rebukes Threats

Cryptocurrency markets are trading lower on Tuesday.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$91,912.69&nbsp;</td><td>-2.9%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$3,277.87</td><td>-4.8%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$226.08</td><td>-5.1%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.3746</td><td>-6.8%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00002385</td><td>-6.7%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 77.4% and daily active addresses up by 16.4%. Transactions greater than $100,000 are up from 9,585 to 13,037 in a single day. Exchanges netflows are up by 858.2%.</li>



<li>Coinglass data reports 193,074 traders were liquidated in the past 24 hours for $590.74 million.</li>



<li>CryptoQuant <a href="https://x.com/cryptoquant_com/status/1861467958851289158">noted</a> long-term holders offloaded 728,000 BTC in the past 30 days, the highest sell-off since April.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42183963/microstrategy-coinbase-and-other-bitcoin-linked-stocks-tumble-as-btcs-march-to-100000-stalls">MicroStrategy, Coinbase, And Other Bitcoin-Linked Stocks Tumble As BTC&#8217;s March To $100,000 Stalls</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42196910/pantera-bitcoin-fund-hits-1000x-return-predicts-btc-at-740000-by-2028">Pantera Bitcoin Fund Hits 1,000X Return, Predicts BTC At $740,000 By 2028</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42181280/crypto-billionaire-justin-sun-pledges-30m-investment-in-trump-backed-world-liberty-financial-whats-happening">Crypto Billionaire Justin Sun Pledges $30M Investment In Trump-Backed World Liberty Financial: What&#8217;s Happening?</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198180/dogecoin-gets-its-first-exchange-traded-product-in-sweden">Dogecoin Gets Its First Exchange-Traded Product In Sweden</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42180536/pro-bitcoin-trump-administration-could-see-el-salvador-emerging-as-us-strategic-partner-says-vaneck">Pro-Bitcoin Trump Administration Could See El Salvador Emerging As US &#8216;Strategic Partner,&#8217; Says VanEck</a></li>
</ul>



Top Losers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>The Sandbox (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sand/usd">SAND</a>)</td><td>&nbsp;$0.5954</td><td>-18.6%</td></tr><tr><td>Stellar (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xlm/usd">XLM</a>)</td><td>&nbsp;$0.4344</td><td>-14.9%</td></tr><tr><td>Maker (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/mkr/usd">MKR</a>)</td><td>&nbsp;$1,689.37&nbsp;</td><td>-11.7%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin&#8217;s recent price drop dragging the cryptocurrency market lower, chart analyst Ali Martinez highlights the availability of crypto assets at &#8220;discounts.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Black Friday came early! These are pretty good discounts. <a href="https://t.co/BJFWCdmR2U">pic.twitter.com/BJFWCdmR2U</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861379672572870988?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to More Crypto Online, Bitcoin's correction remains in progress.



The $92,802 support hasn't been invalidated, meaning bulls could still regain momentum. 



Key support levels <a href="https://x.com/Morecryptoonl/status/1861405295232131425">include</a> $88,650, with additional Fibonacci targets at $85,558 and $77,874 if the downward trend persists.



CoinDesk senior analyst James Van Straten noted a record-breaking $4 billion in Bitcoin panic sales to exchanges, triggering liquidation cascades that allowed smart money to accumulate at discounted prices. Van Straten <a href="https://x.com/btcjvs/status/1861455973854126504">believes</a> the correction, which reached 10%, may now be complete.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42197276/anthony-scaramucci-trump-win-is-the-greatest-political-comeback-in-us-history-crypto-surge-following-it-was-3-years-overdue">Anthony Scaramucci: Trump Win Is &#8216;The Greatest Political Comeback In US History,&#8217; Crypto Surge Following It Was 3 Years Overdue</a></li>
</ul>



Image: Shutterstock

$MKR

$SAND

$SHIB

$SOL

$XLM

Bitcoin, Ethereum, Dogecoin Drop Further: 'Black Friday Came Early,' Says Trader Touting 'Good Discounts'

American consumers are feeling better about the economy than they have in years, as the latest data Tuesday from <a href="https://www.benzinga.com/news/econ-s">The Conference Board</a><a href="https://www.benzinga.com/news/econ-s"> shows.</a>



The Consumer Confidence Index rose from 111.3 in October to 111.7 in November, reaching its highest level in nearly two years, aided by an improving labor market and easing concerns about a potential recession.



"The proportion of consumers anticipating a recession over the next 12 months fell further in November and was the lowest since we first asked the question in July 2022," said Dana M. Peterson, chief economist at The Conference Board.



<h3 class="wp-block-heading">Labor Market Drives Optimism</h3>



The surge in consumer confidence was fueled by the Present Situation Index, which reflects business and labor market conditions.



That metric jumped 4.8 points to 140.9, signaling widespread belief in the strength of the job market. Notably, 33.4% of respondents said jobs were &#8220;plentiful,&#8221; while only 15.2% said jobs were &#8220;hard to get.&#8221; Both figures improved compared to October.



Consumers are also optimistic about the future availability of jobs. In November, 21.7% expected more jobs to be available in six months, up sharply from 18.4% in October. It's the most upbeat reading on job prospects in nearly three years.



"November's increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labor market," Peterson said.



Confidence surged among younger Americans in November, with consumers under 35 driving much of the increase. Sentiment among those aged 35-54 dipped slightly after strong gains in October.



Among income groups, households earning over $100,000 and those under $35,000 saw the most optimism, while the wealthiest consumers — earning above $125,000 — reported flat or slightly declining confidence.



<h3 class="wp-block-heading">Recession Risk At Record Lows</h3>



One of the most striking developments in the report is the collapse in recession fears. Recession expectations for the next 12 months have reached their lowest level since mid-2022, The Conference Board said. 



With the Expectations Index rising slightly to 92.3, well above the critical threshold of 80 that often signals economic downturn, consumers are showing little concern about a looming slowdown.



&#8220;Consumers' optimism for their finances over the next six months reached a new high, even as their assessments of their family's current financial situation fell slightly,&#8221; Peterson said. 



Regarding spending preferences, plans to buy homes have stalled, while auto-buying intentions ticked up slightly. Buying plans for most appliances and electronics declined. Spending on services, particularly travel and health care, remains a bright spot, with consumers prioritizing experiences over material goods.



<h3 class="wp-block-heading">Stock Market Confidence Reaches Record High</h3>



Wall Street appears to have won over Main Street. A staggering 56.4% of consumers now believe stock prices will rise over the next year, a record-high share for this metric. 



Just 21.3% of respondents expect stocks to decline, marking a sharp contrast to the bearish sentiment seen earlier in the year.



In addition, expectations for lower interest rates have increased. Over one-third of consumers (34.6%) now believe rates will fall in the next 12 months, the highest figure since April 2020.



<h3 class="wp-block-heading">Inflation Expectations Ease, But Price Worries Persist</h3>



Inflation expectations continued to moderate, with consumers projecting 12-month inflation at 4.9%, down from 5.3% in October. That's the lowest reading since March 2020, reflecting growing confidence that price pressures are cooling. Write-in survey responses showed a decline in mentions of inflation, though higher prices remain a top concern for 2025.



Interestingly, when asked about their hopes and worries for the coming year, consumers overwhelmingly prioritized lower prices and improved household finances. 



Paying off debt, saving more money and reducing taxes also ranked high on their wish list.



<h3 class="wp-block-heading">Market Reactions</h3>



Stocks delivered mixed performance during Tuesday morning&#8217;s session in New York, showing little reaction to the latest consumer confidence report.



Among the major equity indices, the tech-heavy Nasdaq 100 led gains, rising 0.5%, while the S&amp;P 500 also advanced 0.5%. The Dow Jones Industrial Average slipped 0.6%.



Wall Street remains on edge as concerns ripple through markets following President-elect Donald Trump's pledge to impose a 25% tariff on all imports from Mexico and Canada, part of a plan to curb drug trafficking into the U.S.



Small-cap stocks lagged behind their larger peers, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) falling 1%. This pullback comes after the Russell 2000 index hit a fresh all-time high on Monday.



Consumer-oriented sectors also showed mixed performance. The Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) rose 0.4%, while the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) edged 0.1% lower. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42176317/exclusive-small-caps-hit-records-yet-russell-2000-is-still-very-discounted-relative-to-the-sp-500-expert-says">EXCLUSIVE: Small Caps Hit Records As Expert Says Russell 2000 &#8216;Still Very Discounted&#8217; Compared To S&amp;P 500</a></li>
</ul>



Illustration created using AI via Midjourney.

Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High

Shares of automakers including Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) are trading lower Tuesday after President-elect Donald Trump threatened tariffs on goods imported <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42189225/trump-threatens-25-tariffs-on-canada-mexico-until-invasion-is-stopped-but-polymarket-traders-arent-convinced">from Canada and Mexico</a>.



What To Know: Trump indicated he could put 25% tariffs on imports from Canada and Mexico, sending automotive stocks lower Tuesday morning as the automotive industry has relied on the countries for lower-cost production, according to <a href="https://www.cnbc.com/2024/11/26/gm-stellantis-shares-fall-on-trump-tariff-threat-for-mexico-canada.html">CNBC</a>.



The report highlights UBS data showing the automotive industry accounts for more than a quarter of all imports from Mexico to the U.S., and about 12% from Canada. U.S. automakers have reportedly relied heavily on Mexico and Canada for production since the North American Free Trade Agreement became effective in 1994.



Ford shares were down about 2.19% at last check, while GM shares were down about 8.40% and Stellantis shares were off by about 5.42%.



Check This Out: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High</a>



The report indicates that GM and Stellantis make some of their most profitable pickup trucks in Mexico. GM reportedly has five large assembly factories in Mexico and Canada expected to produce 1 million vehicles this year, and Stellantis has four major factories in the countries.



Trump reportedly said he will use an executive order to put 25% tariffs on imported goods. CNBC reported that the tariffs are being viewed as more aggressive than what most were expecting, but analysts see the move as creating leverage for upcoming negotiations.



"We view [the] announcement as largely negotiation tactics (as seen in 2016), and see such magnitude of tariffs unlikely,&#8221; Barclays analyst Dan Levy reportedly said in a note late Monday.



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Photo: Shutterstock.

General Motors, Stellantis Lead Automaker Stock Declines As Trump Proposes Aggressive Tariffs On Mexico, Canada

The U.S. stock market traded mixed on Tuesday morning, with major indices showing tight movements as investors awaited the release of the Federal Reserve's <a href="https://www.benzinga.com/topic/interest-rates">November meeting minutes</a>. 



Reports are expected to provide fresh critical insights into the central bank's outlook for interest rates. Fed futures currently assign a 59% probability of a 25-basis-point rate cut in December. The remaining odds suggest the Fed may hold rates steady in the 4.5%-4.75% range, as per CME FedWatch.



Fed futures are currently assigning a 59% chance to a 25-basis-point Fed rate cut in December, while remaining odds point to the option of holding rates steady at 4.5%-4.75%, as per CME FedWatch. 



<h3 class="wp-block-heading">25% Tariffs On All Imports</h3>



In a relatively quiet trading session, both Mexican and Canadian assets saw a surge in volatility after President-elect Donald Trump pledged to <a href="https://www.benzinga.com/etfs/currency-etfs/24/11/42190765/trumps-tariff-threats-slam-mexican-peso-canadian-dollar-only-the-beginning-of-a-sorely-needed-repricing-expert-warns">raise tariffs to 25% on all imports from Mexico and Canada</a>, citing efforts to combat drug trafficking and illegal immigration.



The Mexican peso dropped 2.5%, falling to 22.80 per U.S. dollar, a level of weakness not seen since August 2022. The iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) also declined sharply, tumbling 2.9%.



President Claudia Sheinbaum responded with a retaliatory warning, suggesting Mexico could impose its own tariffs, escalating the risk of economic damage for both nations.



The Canadian dollar fared slightly better, sliding 0.7% but still reaching its lowest level in more than four years.



U.S. Treasury yields ticked higher, reversing some of the sharp declines seen on Monday following President-elect Trump's announcement of Scott Bessent as his pick for Treasury Secretary. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.5%, cooling off after Monday's 2.6% rally.



Gold traded flat, remaining near $2,010 per ounce. Oil prices fell 0.8% to $68.30 per barrel, as markets monitored developments around the ceasefire deal between Israel and Hezbollah as the Israeli Security Cabinet meets for the official approval.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose slightly by 0.7%, after logging its worst single-day performance in more than four months on Monday. 



<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>% (1-day)</td></tr><tr><td>S&amp;P 500</td><td>6,013.26</td><td>0.4%</td></tr><tr><td>Nasdaq 100</td><td>20,891.08</td><td>0.4%</td></tr><tr><td>Dow Jones</td><td>44,656.98</td><td>-0.2%</td></tr><tr><td>Russell 2000</td><td>2,426.91</td><td>-0.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:52 p.m. ET</figcaption></figure>



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



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged 0.4% higher to $596.83, eyeing the seventh straight session of gains.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% lower to $447.10.</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 0.5% up to $508.98.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.4% to $241.28.</li>



<li>The&nbsp;Utilities Sector Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 1%. The&nbsp;Materials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 0.9%.</li>
</ul>



<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>



<ul>
<li>Shares of automakers fell after President-elect Donald Trump threatened tariffs on goods <a href="https://www.benzinga.com/news/global/24/11/42196251/general-motors-stellantis-lead-automaker-stock-declines-as-trump-proposes-aggressive-tariffs-on-mexico-canada">imported from Canada and Mexico.</a> Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) were down 2.3%, 8.4% and 5.3%, respectively. For GM this may potentially mark the worst day since August 2021. </li>



<li>Eli Lilly &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) rose 5.4% while Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) tumbled over 8%, after the latter saw weight-loss drug results coming in below analyst expectations. </li>



<li>Zoom Video Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) fell over 7% in reaction to quarterly earnings. </li>



<li>Other stocks reacting to quarterly results included Semtech Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>), up 18%, Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>), down 3%, Agilent Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>), down 1.8%, Woodward Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>), up 6%, Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), down 7%, Dicks Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>), down 0.2%, VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>), up 1%. </li>
</ul>



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Image: Shutterstock

Large Cap

Mid Cap

Emerging Market ETFs

AMGN

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Stocks Mixed Ahead Of Fed Minutes, Mexican Peso Tumbles To Over 2-Year Lows On Tariff Fears: What's Driving Markets Tuesday?

Billionaire Elon Musk surprised many people when he bought social media platform Twitter in 2022, and he could be back with another media acquisition in 2025. In a post, he asked about the price of Comcast Corporation&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) cable assets, ahead of <a href="https://www.benzinga.com/news/global/24/11/42081224/comcast-plans-major-cable-networks-spinoff-msnbc-and-cnbc-to-form-new-public-company-report">a planned spinoff.</a>



What Happened: Musk spent $44 billion to acquire Twitter, now known as X, <a href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next">back in 2022</a>. The move added to the portfolio of companies owned or controlled by the world's richest man.



Musk could have his eyes set on the cable assets of Comcast Corporation being spun off, which include MSNBC, CNBC, USA, Oxygen, E!, Syfy and Golf Channel. Comcast will keep ownership of the NBC broadcast network, Bravo, NBC Sports, Peacock streaming platform and Universal theme parks.



While Comcast has not placed MSNBC or other assets for sale, choosing instead to spin them off as a separate company, Musk has expressed interest either jokingly or as a foreshadowing of an eventual purchase.



"How much does it cost?" Musk <a href="https://x.com/elonmusk/status/1860037420710080687">tweeted </a>in reply to a post from Donald Trump Jr. saying he had "the funniest idea ever."



Trump Jr. shared a post suggesting that Comcast was looking for a buyer of MSNBC.



While Musk has spoken ill of the "mainstream media" for many years, a purchase of MSNBC or the cable assets from Comcast wouldn't be a huge surprise at this point, given his past purchase of Twitter.



Musk <a href="https://x.com/redletterdave/status/1518585718012059648">posted </a>that he loved Twitter on Dec. 21, 2017, which prompted a user to say "you should buy it then." Musk responded "how much is it" and that post preceded Musk's eventual acquisition of the company.



The billionaire has often said "the most entertaining outcome is the most likely" and an acquisition of MSNBC would certainly be entertaining.



Prediction market Polymarket has a betting market <a href="https://polymarket.com/event/will-elon-musk-buy-msnbc-before-april-2025">open </a>for "Will Elon Musk buy MSNBC?" The market, which has around $520,000 wagered, currently shows a 15% chance that Musk buys MSNBC. The market, which opened for trading on Nov. 22, hit a high of 19% on Nov. 23. The prediction market shows a low probability of Musk announcing an acquisition.



On Polymarket, users deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Winning wagers cash out at $1 per contract.



The market will resolve as &#8220;Yes&#8221; if Musk or a Musk-controlled entity announced a plan to acquire MSNBC by March 31, 2025 whether the acquisition has been completed.



<ul>
<li>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/trading-ideas/24/11/42144099/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-44">check out five stocks flying under the radar that deserve your attention.</a></li>
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Is Musk Serious?: The big question on everyone's mind is whether Musk is serious. Buying MSNBC would add to the billionaire's portfolio of companies and also increase his workload, which comes as he is set to take on a government role co-leading the Department of Government Efficiency.



Musk currently owns or leads X, SpaceX, Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), xAI, The Boring Company, Neuralink and more. While some of these companies count on other individuals as CEO or COO to offset Musk's other time commitments, there likely aren't enough hours in the day for Musk to make an impact at all these companies already on the daily.



"My workload went up from 70 to 80 hours a week to probably 120," Musk said <a href="https://www.benzinga.com/news/22/11/29582707/elon-musks-life-after-twitter-acquisition-i-wake-up-work-go-to-sleep-work-do-that-7-days-a-week-1">after buying Twitter.</a> "Go to sleep, I wake up, work, go to sleep, work, do that 7 days a week."



While Musk is a known workaholic and likely would love the challenge of adding another company to the mix, Tesla shareholders might not love the thought.



As a publicly traded company, Tesla is one of Musk&#8217;s top priorities and frequently faces intense scrutiny for missed milestones and performance targets. If Musk were to devote more time to leading MSNBC after a potential acquisition, it would likely raise concerns among investors and analysts.



Musk is worth $348 billion according to <a href="https://www.bloomberg.com/billionaires/?sref=TBDibEcD">Bloomberg</a>, making him the richest person in the world. Another key question would be how much cash Musk readily has available or if he would need to borrow against his key holdings or sell Tesla stock to complete the acquisition.



The billionaire<a href="https://www.benzinga.com/m-a/22/10/29444090/musk-hasnt-sold-more-tesla-shares-to-fund-44b-twitter-deal-could-overhang-be-gone"> sold Tesla shares </a>in 2022 to help fund the Twitter acquisition, a move some analysts referred to as an overhang on Tesla stock. Tesla stock was down 65% in 2022, marking the worst year since the company went public and one of only two years the stock has been down since going public in 2010.



Why It's Important: A report from <a href="https://www.cnn.com/2024/11/25/media/elon-musk-msnbc-spinoff-cable/index.html">CNN </a>says that at least one billionaire has reached out to express interest in buying MSNBC and it wasn't Musk.



Comcast has not indicated that MSNBC or its other assets are for sale. With plans already in motion for a tax-free spinoff of a new company to shareholders, it would likely require an exceptionally compelling offer to persuade the board or shareholders to consider an alternative course.



While one unnamed billionaire is interested, another told CNN he has no interest.



"I don't think there is anything anyone can do to change the impact of linear TV news. So the answer is no," Mark Cuban told CNN.



CMCSA Price Action: Comcast stock is down 1.5% to $42.54 on Tuesday, versus a 52-week trading range of $36.43 to $47.11. The stocks' year-to-date and five-year returns of negative 1.1% and negative 2.2%, respectively, have greatly trailed the overall market, with the SPDR S&amp;P 500 ETF Trust up 26.4% year-to-date and up 90.1% over the last five years.



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Photo: Shutterstock

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Will Elon Musk Buy MSNBC? Recent News Parallels Twitter Acquisition, But Polymarket Shows Low Odds Of A Deal

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">To be clear, according to Trump the 25% tariffs will not be implemented, or if implemented will be removed, once Mexico and Canada stop the flow of illegal immigrants and fentanyl into the U.S. In other words, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> is going to use tariffs as a weapon to achieve… <a href="https://t.co/61oQvCpW92">https://t.co/61oQvCpW92</a>&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1861198845574815947?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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Photo: Shutterstock

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

The Biden-Harris Administration has proposed expanding Medicare and Medicaid coverage for anti-obesity medications, aiming to address the high costs that have drawn criticism. In the U.S., Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) has faced backlash for the steep prices of Wegovy and Ozempic, two popular <a href="https://www.benzinga.com/general/biotech/24/08/40534249/novo-nordisks-ozempic-might-be-among-2027-medicare-price-negotiation-targets">drugs in this category.</a>



While Novo Nordisk&#8217;s CEO&nbsp;Lars Fruergaard Jørgensen&nbsp;has defended the high U.S. prices of the company&#8217;s blockbuster drugs,&nbsp;Ozempic&nbsp;and&nbsp;Wegovy, stating that these medications are reducing the economic burden of&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40550961/novo-nordisk-does-not-operate-as-drug-cartel-ceo-defends-us-pricing-of-ozempic-against-criticism-" rel="noreferrer noopener">obesity-related health issues</a>.



Recent advancements in anti-obesity medications have demonstrated the potential to prevent Type 2 diabetes and reduce cardiovascular-related mortality by up to 20%.



However, the steep cost of these medications—often as high as $1,000 per month without insurance—places them beyond reach for many Americans.



The proposed rule <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/26/fact-sheet-biden-harris-administration-takes-latest-step-to-lower-prescription-drug-costs-by-proposing-expanded-coverage-of-anti-obesity-medications-for-americans-with-medicare-and-medicaid/" rel="noreferrer noopener">seeks</a> to make these treatments more accessible, benefiting an estimated 3.4 million Medicare recipients and 4 million Medicaid enrollees. For some, the expanded coverage could cut out-of-pocket expenses by up to 95%.



The Department of Health and Human Services (HHS) highlighted the disparity between U.S. and international drug prices, with Americans paying significantly more for anti-obesity medications.



The proposed expansion aligns with broader efforts to lower drug costs through negotiations and increased competition, aiming to ensure life-saving treatments are affordable and accessible.



According to some analysts, Novo Nordisk&#8217;s blockbuster diabetes drug Ozempic might be included in the next round of Medicare <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40534249/novo-nordisks-ozempic-might-be-among-2027-medicare-price-negotiation-targets" rel="noreferrer noopener">drug price negotiations</a>.



Most recently, Novo Nordisk said it will officially launch its weight-loss drug Wegovy in China. A four-injection pack costs around $194 (CNY 1,400) compared to around $1,349 per patient&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/11/42041147/novo-nordisk-to-offer-wegovy-in-china-at-fraction-of-usa-cost" rel="noreferrer noopener">per month in the U.S</a>.



In the third quarter, Wegovy sales reached 17.30 billion Danish kroner, up 81%, and Ozempic sales increased 26% at constant currency to 29.80 <a target="_blank" href="https://www.benzinga.com/general/biotech/24/11/41775675/ozempicwegovy-maker-maintains-q3-sales-growth-on-booming-demand" rel="noreferrer noopener">billion Danish kroner</a>.



&#8220;The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments,&#8221; Jørgensen said.



As per a report in August, several older Americans are having little success getting prescriptions for Wegovy, covered by Medicare, despite the federal healthcare program&#8217;s decision to pay for&nbsp;patients with obesity&nbsp;at <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40422798/doctors-struggle-to-secure-medicare-coverage-for-heart-patients-on-novo-nordisks-wegovy" rel="noreferrer noopener">risk of heart disease</a>.



Price Action: NVO stock is up 1.7% at $106.41 at last check Tuesday.



The stocks of several pharmaceutical companies involved in developing or marketing weight-loss medications showed mixed performance as of Tuesday&#8217;s publication.



<ol>
<li>Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) was up 3.9% to $785.49.</li>



<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) was down 11.4% to $260.84.</li>



<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) was down 1.3% to $25.81.</li>



<li>Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) was up 5.2% to $54.74.</li>
</ol>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/42187787/intel-to-receive-nearly-8-billion-in-federal-funding-under-chips-act-for-us-expansion" target="_blank" rel="noreferrer noopener">Intel To Receive Nearly $8 Billion In Federal Funding Under CHIPS Act for US Expansion</a></li>
</ul>



Photo by lev radin on Shutterstock

Biotech

Health Care

VKTX

Biden Proposes Medicare, Medicaid Access For Popular Weight-Loss Drugs

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



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



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



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



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



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



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



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



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



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



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



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



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



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



Also Read:



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



Image via Shutterstock.

Earnings

Guidance

Retail Sales

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

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



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



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



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



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



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



Read Next:&nbsp;



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



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



Image via Shutterstock

COIN

MARA

MSTR

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

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



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



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



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



Cues From The Last Session



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



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



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



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



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



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



Insights From Analysts:



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">No month is more likely to be higher than December in an election year (83.3%). <a href="https://t.co/WrOI59tUiR">pic.twitter.com/WrOI59tUiR</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1861092399449284637?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Upcoming Economic Data:



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



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



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



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



Stocks In Focus:



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



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



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



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



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



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



Commodities, Bonds And Global Equity Markets:



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



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



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



Read Next:



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



Photo courtesy: Wikimedia

BLBD

EXAS

RIVN

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

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



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



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



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



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



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



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



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



Read Next: 



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



Image Via Flickr 



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

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

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