A hiring freeze in October lifted market expectations for a Federal Reserve interest rate cuts, providing relief to U.S. <a href="https://www.benzinga.com/news/econ-s/24/11/41684710/us-economy-adds-only-12-000-jobs-in-october-sharply-misses-estimates-as-hurricane-strikes-pummel-hir">stocks after Thursday's decline</a>. 



The U.S. economy added only 12,000 jobs in October, 211,000 fewer than in September. This marked the lowest monthly pace since December 2020 and sharply missed estimates of 113,000.



Market pricing now reflects a full probability of a 25-basis-point rate cut at next week's Federal Reserve meeting, with the likelihood of another cut in December surging to 85%, according to the CME FedWatch tool.



<h2 class="wp-block-heading">Hurricanes, Strikes Knock October Employment Down</h2>



Beyond the dismal October employment figures, which suggest a recession-like scenario, factors such as hurricanes and strikes have significantly disrupted hiring across the nation.



Hurricane Helene hit Florida's Gulf Coast on Sept. 26, followed by Hurricane Milton on Oct. 9, prompting widespread evacuations and disrupting multiple economic sectors.



"It is likely that payroll employment estimates in some industries were affected by the hurricanes; however, it is not possible to quantify the net effect on the over-the-month change in national employment, hours, or earnings estimates," the Bureau of Labor Statistics (BLS) stated in its report.



Additionally, layoffs surged in manufacturing, rising to 46,000 — the highest since 2009, excluding the pandemic months of March and April 2020. "Manufacturing employment decreased by 46,000 in October, reflecting a decline of 44,000 in transportation equipment manufacturing largely due to strike activity," the BLS added.



Despite stagnant job growth in October, the unemployment rate held steady at 4.1%, indicating that businesses remain committed to retaining their workforce.



<h3 class="wp-block-heading">Equity ETFs Rise On Rising Rate-Cut Bets</h3>



<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500 index, rebounded 0.7% after Thursday&#8217;s 1.9% slump. </li>



<li>The tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), replicating the Nasdaq 100, was 0.6% higher. </li>



<li>Small caps outperformed, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soaring 1.2%. </li>



<li>The Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>) rose 1.4%. On Thursday, it tumbled 3.9%, marking the sharpest 1-day drop since late July.</li>



<li>Sector-wise, the Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) led gains, up over 2%, fueled by a 6% post-earnings rally from Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).</li>



<li>The Direxion Daily AMZN Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZU#NASDAQ">AMZU</a>) skyrocketed by 13%. </li>



<li>Rising expectations for Fed rate cuts fueled gains in real estate industries, with the iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>) rising 1.8%. </li>



<li>Semiconductors rebounded after tumbling by 3.9% on Thursday. The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) rose 1.6%. Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) was among the best performers following better-than-expected results. </li>



<li>The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) – the biggest physically-backed gold ETF – also rose 0.5%, rebounding after Thursday&#8217;s 1.6% decline. </li>



<li>The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks West Texas Intermediate (WTI) crude performance, gained 1% amid rising geopolitical tensions in the Middle East following Iran&#8217;s retaliatory attack on Israel. </li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41663633/biggest-gold-etf-posts-highest-monthly-inflows-in-2-5-years-as-investors-rush-to-">Biggest Gold ETF Posts Highest Monthly Inflows In 2.5 Years As Investors Rush To Safe Haven Ahead Of Presidential Election</a></li>
</ul>



Photo: Shutterstock

Equities

Large Cap

Macro Economic Events

Sector ETFs

Broad U.S. Equity ETFs

Specialty ETFs

Commodities

Econ #s

Economics

Federal Reserve

Tech

ETFs

AMZN

AMZU

INTC

MAGS

SOXX

Stocks Rebound After Selloff As October Hiring Slump Fuels Interest Rate Cut Bets: 10 ETFs To Watch Friday

The U.S. economy experienced almost no job growth in October as the pace of employment creation slowed to its lowest level since December 2020, according to the official <a href="https://www.benzinga.com/topic/economics">jobs report released Friday</a>. 



This downturn likely reflects the impact of hurricane disruptions, strikes in manufacturing and election-related uncertainties, all of which affected hiring nationwide.



Total nonfarm payrolls grew by only 12,000 last month, a sharp decline from the average monthly gain of 194,000 over the previous year.



Despite the hiring freeze, the unemployment rate held steady at 4.1%, suggesting that businesses are retaining their existing workforce even as new job creation stalls.



<h3 class="wp-block-heading">October Employment Situation: Key Highlights</h3>



<ul>
<li>Nonfarm payrolls rose by 12,000, sharply decelerating from the previous downwardly revised 223,000 and well below the expected 113,000 as per TradingEconomics estimates. </li>



<li>&#8220;Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity,&#8221; the Bureau of Labor Statistics wrote in the report.</li>



<li>Private payrolls contracted by 28,000, weighed down by 46,000 layoffs in manufacturing. </li>



<li>Government sector employment rose by 40,000 in October, close to the monthly average gain of 43,000 over the past year.</li>



<li>Total nonfarm payroll employment was revised down by 81,000 for August, from an initial estimate of 159,000, and by 31,000 for September, from 254,000, totaling 112,000 fewer jobs than previously reported.</li>



<li>The unemployment rate stood at 4.1%, as expected. </li>



<li>Average hourly earnings advanced at a 0.4% monthly pace, accelerating from September&#8217;s downwardly revised 0.3% increase and surpassing expectations of 0.3%. </li>



<li>On an annual basis, wages rose 4%, as predicted, up from September&#8217;s 3.9% rate.</li>
</ul>



<h3 class="wp-block-heading">Stocks Rally As Fed Rate-Cut Expectations Soar</h3>



Following the release of the October jobs report, futures on major U.S. equity indices rallied, driven by increased expectations of Federal Reserve rate cuts. 



Contracts on the S&amp;P 500 and Nasdaq 100 both rose by 0.5%, while Russell 2000 futures surged 0.8%. This rebound comes after the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 1.9% lower on Thursday, marking its steepest one-day decline since early September and ending a five-month winning streak.



The disappointing jobs data led markets to fully price in a 25-basis-point rate cut at the Fed&#8217;s upcoming meeting on November 7, according to the CME FedWatch Tool. Additionally, the probability of another quarter-point cut in December increased to 86%, up from 75% previously.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41680446/us-stocks-likely-to-open-higher-after-mag-7-wrap-up-busy-week-apple-amazon-and-intel-on-radar-inves">US Stocks Likely To Open Higher After &#8216;Mag 7&#8217; Wrap Up Busy Week, Apple, Amazon And Intel On Radar: Investors Eye Monthly Jobs Report, Economist Says Earnings Won&#8217;t Trump Bonds</a></li>
</ul>



Photo: National Oceanic and Atmospheric Adminstration (NOAA).

Markets

US Economy Adds Only 12,000 Jobs In October, Sharply Misses Estimates As Hurricanes, Strikes Pummel Hiring

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) shares are trading higher after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41679046/exxonmobil-announces-third-quarter-2024-results" rel="noreferrer noopener">third-quarter&nbsp;results</a>.&nbsp;



Total revenues and other income&nbsp;stood at&nbsp;$90.016 billion, missing the consensus of&nbsp;$93.938 billion.



Net production stood at 4,582 thousand oil-equivalent barrels per&nbsp;day, an increase of&nbsp;5%&nbsp;from the previous quarter, driven by increased volumes from Pioneer assets.



Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41659147/exxon-mobil-q3-preview-will-rising-production-cost-cuts-boost-earnings" rel="noreferrer noopener">Exxon Mobil Q3 Preview: Will Rising Production, Cost Cuts Boost Earnings?</a>



Adjusted net profit came in at&nbsp;$8.61 billion, down from&nbsp;$9.24 billion in the prior quarter. Adjusted EPS stood at&nbsp;$1.92,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;$1.88</a>.



Exxon&#8217;s&nbsp;capital and exploration expenditures stood at&nbsp;$7.16 billion in the&nbsp;third quarter, bringing year-to-date 2024 expenditures to&nbsp;$20 billion, in line with the <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">company&#8217;s full-year&nbsp;guidance&nbsp;of&nbsp;$28 billion.</a>



This month, ExxonMobil and HELLEniQ ENERGY completed Phase 1 of offshore Crete exploration,<a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41270873/exxonmobil-helleniq-energy-jv-completes-first-exploration-phase-in-crete-eyes-next-steps" rel="noreferrer noopener"> gathering 7,789 km of seismic data</a>.



Cost Reduction: The company achieved a cumulative structural cost savings of&nbsp;$11.3&nbsp; billion versus 2019, including an additional&nbsp;$1.6 billion&nbsp;of savings during the year and&nbsp;$0.6 billion&nbsp;during the quarter.



The company plans to deliver cumulative savings totaling&nbsp;$15 billion&nbsp;through the end of 2027 versus 2019.



Dividend Boost: Exxon raised its dividend per share by 4% to $0.99 from&nbsp;$0.95 per share, payable on December 10, to shareholders of record as of November 14.



The company&#8217;s year-to-date shareholder distributions totaled $26.1 billion, comprising $12.3 billion in dividends and $13.8 billion in share repurchases.



Darren Woods, chairman and chief executive officer, said, &#8220;Our industry-leading results continue to demonstrate how our enterprise-wide transformation is improving the structural earnings power of the company.&#8221;



&#8220;In the Upstream, we&#8217;ve doubled the profitability of the barrels we produce on a constant price basis. In Product Solutions, we&#8217;ve high-graded our refining footprint and increased high-value product sales.&#8221;



Investors can gain exposure to XOM via&nbsp;EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).



Price Action: XOM shares are up 2.07% at $119.20 premarket at the last check Friday.



Photo: Del Henderson Jr. via Shutterstock



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41553999/exxon-mobils-golden-pass-lng-plant-gets-3-year-extension-amid-contractor-challenges-report" target="_blank" rel="noreferrer noopener">Exxon Mobil&#8217;s Golden Pass LNG Plant Gets 3-Year Extension Amid Contractor Challenges: Report</a></li>
</ul>

Earnings

News

Guidance

Movers

DRLL

Exxon Q3 Earnings: $11.3 Billion Cost Savings, Rising Production, Dividend Hike And More

During Apple Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fourth-quarter earnings</a> call, Tim Cook said that the adoption rate of iOS 18.1 has outpaced its predecessor, iOS 17.1, by two-fold.



What Happened: On Thursday, Apple&#8217;s CEO addressed questions about the demand and supply balance for the iPhone 16, which was <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">launched in September</a> earlier this year.



During the conversation, Cook refuted the idea that Apple has consistently ended&nbsp;the December quarter with iPhone&nbsp;demand surpassing supply for the past four years.



See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41607481/apples-refreshes-mac-mini-smaller-form-factor-m4-chip-power-and-carbon-neutral?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Refreshes Mac Mini: Smaller Form Factor, M4 Chip Power, Carbon Neutral</a>



Cook acknowledged pandemic disruptions but assured that the supply constraints for the iPhone 16 Pro and iPhone 16 Pro Max models would be resolved soon.



Cook attributed the high adoption rate of iOS 18.1 to strong interest in the iPhone 16, which was launched just three days before the earnings call. He suggested that the new Apple Intelligence feature is a significant incentive for users to upgrade.



&#8220;If you just look at the first three days, which is all we have obviously from Monday, the 18.1 adoption is twice as fast as the 17.1 adoption was in the year-ago quarter. And so, there&#8217;s definitely interest out there for Apple Intelligence,&#8221; he stated.



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: Apple announced a fiscal fourth-quarter revenue of $94.9 billion, surpassing analyst projections of $94.56 billion. The company reported adjusted earnings of $1.64 per share for the quarter, exceeding expectations of $1.60 per share.



This marked the seventh consecutive quarter that Apple has outperformed analyst estimates in both revenue and earnings, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Earlier in October it was reported that the <a href="https://www.benzinga.com/government/24/10/41399541/apple-iphone-16-sees-20-sales-surge-in-china-but-ai-absence-prompts-early-price-cuts">iPhone 16 saw a 20% sales surge in China</a>, a crucial market for Apple, despite early price cuts due to the absence of AI.



Apple also set a new sales record for its iPhone during the third quarter of 2024, <a href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle">capturing an 18% market share</a>, just behind Samsung.



However, <a href="https://www.benzinga.com/markets/equities/24/10/41350072/iphone-16-sales-banned-in-indonesia-after-apples-investments-obligations-in-asian-giant-fall-sho">Apple faced a setback</a> when the Indonesian government banned the sale of the iPhone 16 due to the company&#8217;s failure to meet its investment commitments in the country.



Price Action: At the time of writing, Apple shares fell 1.86% to $221.71 in after-hours trading, following a 1.82% decline to $225.91 during the regular trading session, according to<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener"> Benzinga Pro data</a>.



Image via Shutterstock



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



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Alphabet Q3 Earnings Highlights: Revenue Beat, EPS Beat, Google Cloud Up 35%, &#8216;Momentum Across The Company Is Extraordinary&#8217;</a></li>
</ul>



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

AAPL

Apple Users Hungry For AI: Tim Cook Says 'iOS 18.1 Has Twice The Adoption Rate Of 17.1' — What It Means For iPhone 16

Investors on Wall Street could see some respite after major indices registered a downbeat session on Thursday. Index futures point to a positive start on Friday, ahead of the crucial monthly report on jobs data.



Thursday was a busy day as far as tech earnings are concerned, with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) reported their September quarter results.



While Meta and Microsoft both fell in after-market hours, Amazon surged after the company handily beat Street consensus. The company expects its fourth-quarter sales to surge between 7% to 11%.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.47%</td></tr><tr><td>S&amp;P 500</td><td>0.39%</td></tr><tr><td>Dow Jones</td><td>0.35%</td></tr><tr><td>R2K</td><td>0.12%</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>) rose 0.43% to $571.07 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.51% to $486.33, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data</a>.



Cues From Last Session:



All three major indices registered a downbeat Thursday, with S&amp;P 500 and Nasdaq Composite posting their biggest single-day fall since Sept. 3.



The overall investor sentiment declined, with the Greed index entering the "Fear" territory.



Most sectors on the S&amp;P 500 closed on a negative note, with information technology, consumer discretionary, and real estate stocks recording the biggest losses on Thursday. However, utilities and energy stocks bucked the overall market trend, closing the session higher.



Crude oil prices edged up, mostly recovering their losses over the previous weekend due to Israel's missile strikes on Iran.



Treasury yields continued to climb amid fears of higher deficits due to a possible re-election of former President Donald Trump.



Besides, the International Monetary Fund has also warned about the long-term trajectory <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41495286/deficit-strain-in-washington-will-get-worse-imf-warns-national-debt-projections-rev">of U.S. national debt</a>



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-2.76%</td><td>18,095.15</td></tr><tr><td>S&amp;P 500</td><td>-1.86%</td><td>5,705.45</td></tr><tr><td>Dow Jones</td><td>-0.90%</td><td>41,763.46</td></tr><tr><td>Russell 2000</td><td>-1.63%</td><td>2,196.55</td></tr></tbody></table></figure>



Insights From Analysts:



Ryan Detrick, Chief Market Strategist at Carson Group, highlighted that November is the "best month of the year" as far as equity markets are concerned.



"The last time it fell more than 1% was in 2008, and it has been higher 11 of the past 12 years. Not to be outdone, it is the best month since 1950, in the past decade, and in election years, while it ranks as the second-best month the past 20 years (only July is better)."



Detrick <a href="https://www.carsongroup.com/insights/blog/seven-reasons-this-bull-market-is-alive-and-well/">added</a> that the bull market is here to stay. After experiencing a bull run for the past three years, the expert highlighted that "the potential for many more years of gains is actually quite high."



WisdomTree and Wharton School economist&nbsp;Jeremy Siegel, too, thinks earnings will beat interest rates, but there's something more important to consider.



He added that there could be increased anxiety in the markets until the election is over, after which there could be a bounce back.



However, Siegel added that he now anticipates only three 25-basis point rate cuts between now and June next year.



"Earnings will trump interest rates for stocks, but certainly for bonds, they are not good," Siegel told CNBC in <a href="https://www.cnbc.com/video/2024/10/31/earnings-will-trump-interest-rates-for-stocks-but-not-bonds-says-whartons-jeremy-seigel.html">an</a> interview.



On the economic data front, U.S. initial jobless claims declined by 12,000 from the previous week to 216,000 in the week ending Oct. 26.



The personal consumption expenditure price index rose 0.2% month-over-month in September following a 0.1% increase in August.



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



Upcoming Economic Data:



<ul>
<li>The monthly jobs report is scheduled to be released at 8 a.m. ET.</li>



<li>S&amp;P&#8217;s final U.S. manufacturing PMI will be released at 9:30 a.m. ET.</li>



<li>Construction spending data will be released at 10 a.m. ET.</li>



<li>Auto sales data is expected to be released during the day.</li>
</ul>



Stocks In Focus:



<ul>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares fell 1.2% in premarket even as the company posted record quarterly revenue on the back of a rebound in iPhone sales.</li>



<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) will be on investors' radar after the company reported better-than-expected results during the September quarter. The stock is up 6.8% in premarket trading.</li>



<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) is up nearly 6% in premarket trading even after the company posted a record loss of $16.6 billion during the September quarter.</li>



<li>Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) shares surged 1.3% in premarket trading after the company beat earnings per share (EPS) estimates, even though it posted a slight miss on revenue.</li>



<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares continued to fall amid increased volatility, falling 3.3% in premarket trading. The stock fell 11.7% on Thursday.</li>



<li>Investors are awaiting earnings results from Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Cardinal Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAH#NYSE">CAH</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures gained in the early New York session, rising 2.08% as Iran prepares for another attack on Israel.



The benchmark 10-year Treasury note yield rose marginally to 4.289%.



Most Asian markets closed in the red on Friday, while European stocks were mostly higher in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41663633/biggest-gold-etf-posts-highest-monthly-inflows-in-2-5-years-as-investors-rush-to-">Biggest Gold ETF Posts Highest Monthly Inflows In 2.5 Years As Investors Rush To Safe Haven Ahead Of Presidential Election</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Pre-Market Outlook

Trading Ideas

US Stocks Likely To Open Higher After 'Mag 7' Wrap Up Busy Week, Apple, Amazon And Intel On Radar: Investors Eye Monthly Jobs Report, Economist Says Earnings Won't Trump Bonds

On Thursday, October 31st, U.S. markets closed lower as Microsoft and Meta highlighted rising AI-related costs that could affect future earnings, dampening optimism for megacap stocks that have driven this year&#8217;s rally. Meta and Microsoft shares both slipped despite beating earnings estimates, while Amazon and Apple reported strong quarterly results after market close, bolstered by growth in cloud services and iPhone sales, respectively.



According to economic data, U.S. initial jobless claims fell by 12,000 to 216,000 for the week ending October 26th, while the personal consumption expenditure price index rose by 0.2% in September, up from a 0.1% increase in August.



S&amp;P 500 sectors fell, led by information technology, consumer discretionary, and real estate, while utilities and energy stocks closed higher.



The Dow Jones Industrial Average dipped 0.90% to close at 41,763.46, the S&amp;P 500 declined 1.86% to 5,705.45, and the Nasdaq Composite fell 2.76% to finish at 18,095.15.



Asia Markets Today



<ul>
<li>On Friday, Japan&#8217;s Nikkei 225 closed lower by 2.79% at 38,009.50, led by losses in the Transportation Equipment, Rubber, and Pharmaceutical Industry sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 declined 0.50% and ended the day at 8,118.80, led by losses in the Transportation Equipment, Rubber, and Pharmaceutical Industry sectors.</li>



<li>India markets are closed for the Diwali Holiday.</li>



<li>China&#8217;s Shanghai Composite fell 0.22% to close at 3,272.57, and the Shenzhen CSI 300 slid 0.03%, finishing the day at 3,890.90.</li>



<li>Hong Kong&#8217;s Hang Seng gained 0.93% and closed the session at 20,506.43.</li>
</ul>



Eurozone at 06.00 AM ET



<ul>
<li>The European STOXX 50 index was up 0.59%.</li>



<li>Germany&#8217;s DAX gained 0.56%.</li>



<li>France&#8217;s CAC rose 0.52%.</li>



<li>U.K.&#8217;s FTSE 100 index traded higher by 0.56%.</li>
</ul>



Commodities at 06.00 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 2.63% at $71.08/bbl, and Brent was up 2.40% at $74.56/bbl.</li>



<li>Oil prices rose over +2% amid reports of Iran preparing a retaliatory strike on Israel from Iraq. The increase was also supported by expectations that OPEC+ might delay planned production hikes.</li>



<li>Natural Gas rose 0.07% at $2.792.</li>



<li>Gold was trading higher by 0.34% at $2,758.65, Silver gained 0.41% to $32.935, and Copper rose 0.60% to $4.3660.</li>
</ul>



U.S. Futures at 06.00 AM ET



Dow futures were up 0.27%, S&amp;P 500 futures gained 0.35%, and Nasdaq 100 Futures rose 0.40%.



Forex at 06.00 AM ET



<ul>
<li>The U.S. dollar index rose 0.16% to 104.15, the USD/JPY rose 0.48% to 152.77, and the USD/AUD gained 0.26% to 1.5235.</li>



<li>The dollar steadied after its strongest month in two years as investors awaited U.S. jobs data. The yen softened, giving up recent gains ahead of Japan&#8217;s three-day weekend and key risk events.</li>
</ul>



Photo by Pavel Bobrovskiy via Shutterstock

Asia

Emerging Markets

Eurozone

Forex

ADIV

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ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

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USDU

Asia In Red, Europe Markets Gain; Crude Oil Rises 2.5% - Global Markets Today While US Slept

While discussing Meta Platforms Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">third-quarter earnings</a> report, financial analyst Jim Cramer made a striking statement about CEO Mark Zuckerberg&#8216;s marketing prowess.



What Happened: On Thursday, during a conversation on CNBC&#8217;s Squawk on the Street, Cramer and Scott Wapner discussed Meta&#8217;s potential for long-term growth.



During this time, Cramer suggested that tech leaders like Zuckerberg operate on a different level, stating, &#8220;These guys think different from you and me.&#8221;



&#8220;They have a view which just says we want to dominate in this area. So we are going to spend a little more than others and we will dominate,&#8221; he added.



Cramer then used Procter &amp; Gamble as an example, stating that if the company wanted to make Tide a global brand, it would need to pay Zuckerberg a significant amount.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41621390/google-just-got-fined-in-russia-and-its-more-than-the-worlds-gdp-20-decillion-for-blocking-media?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Just Got Fined In Russia And It&#8217;s More Than The World&#8217;s GDP: $20 Decillion For Blocking Media Content</a>



In return, Zuckerberg could target 1.6 billion potential customers currently deciding between Tide and other brands.



&#8220;He can target them,&#8221; Cramer said, referring to Zuckerberg&#8217;s ability to identify potential customers. &#8220;He knows who is trying to decide. I&#8217;ve never seen anything like it. He has your brain.&#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">After <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> reported earnings for Q3, <a href="https://twitter.com/jimcramer?ref_src=twsrc%5Etfw">@jimcramer</a> and <a href="https://twitter.com/ScottWapnerCNBC?ref_src=twsrc%5Etfw">@ScottWapnerCNBC</a> discuss whether their strategy will sustain long-term growth. &quot;These guys think different from you and me.&quot; <a href="https://t.co/338vlfEEGc">pic.twitter.com/338vlfEEGc</a>&mdash; Squawk on the Street (@SquawkStreet) <a href="https://twitter.com/SquawkStreet/status/1852093063394365810?ref_src=twsrc%5Etfw">October 31, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Meta reported third-quarter revenue of $40.59 billion, surpassing analyst expectations of $40.29 billion. Adjusted earnings for the quarter came in at $6.03 per share, exceeding the forecasted $5.25 per share.



Meta projects fourth-quarter revenue between $45 billion and $48 billion, compared to an estimated $46.31 billion. For the full year 2024, expected total expenses are revised to $96 billion to $98 billion, down from previous guidance of $96 billion to $99 billion. 



Despite the positive earnings report, Meta witnessed a drop in stocks during the after-hours trading. However, in his earlier post, Cramer <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41649350/as-microsoft-meta-slide-after-earnings-calls-jim-cramer-says-hyperscalers-are-not-w">dismissed concerns</a> about worsening AI losses, underscoring that the tech giant is thriving with AI advancements.



Price Action: At the time of writing, Meta shares rose 0.14% to $568.40 in after-hours trading, following a 4.09% drop to $567.58 during the regular session, according to<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener"> Benzinga Pro data</a>.



Read Next:



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<li><a href="https://www.benzinga.com/news/24/10/41593651/how-to-unlock-apple-intelligence-on-your-iphone-with-ios-18-1?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Unlock Apple Intelligence On Your iPhone With iOS 18.1</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.

Jim Cramer Says Mark Zuckerberg Has 'Your Brain' As Meta Pours Billions Into Global Domination Strategy

On Thursday, the Cathie Wood-led Ark Invest made significant moves in the market, with prominent trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>).



The Tesla Trade: Ark Invest&#8217;s ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold a total of 8,384 shares of the Elon Musk-led company. With Tesla&#8217;s closing price at $249.85 on Thursday, the value of this trade amounts to approximately $2.09 million. This move is in line with Ark&#8217;s <a href="https://www.benzinga.com/markets/equities/24/10/41642374/cathie-wood-shuffles-her-tech-deck-continues-dumping-tesla-and-palantir-stocks-up-on-amd-and-met">recent trend of reducing its Tesla holdings</a>.



Wood&#8217;s ARK Investment Management sees Tesla's driverless <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">ride-hailing plans as a game-changer</a>, potentially unlocking $11 trillion in revenue by leveraging lower operating costs of electric vehicles. ARK&#8217;s analysis suggests that Tesla&#8217;s robotaxi service could offer rides at a fraction of current ride-hailing and personal vehicle costs, making it a competitive alternative.



The Meta Platforms Trade: Ark Invest&#8217;s Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARKK, and ARKW bought a total of 34,076 shares of Meta Platforms. Given Meta&#8217;s closing price of $567.58 on Thursday, the total value of this trade is approximately $19.34 million. This purchase comes after the Mark Zuckerberg-led company&#8217;s third-quarter earnings report, where the company <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">beat revenue and EPS estimates</a>.



The Palantir Trade: Ark Invest&#8217;s ARKF, ARKK, and ARKW sold a total of 334,767 shares of Palantir Technologies. With Palantir&#8217;s closing price at $41.56 on Thursday, the value of this trade is approximately $13.9 million. This move follows a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41660695/l3harris-and-palantir-collaboration-key-to-future-growth-bofa-upgrades-stock">recent upgrade</a> of L3Harris Technologies, a key collaborator with Palantir, by BofA Securities.



The Block Trade



Ark Invest&#8217;s decision to offload shares of Block Inc. was a notable one. The firm sold 243,549 shares of the Jack Dorsey-led company from its ARKK and ARKW. The value of this trade, based on Block&#8217;s closing price of $72.32 on the same day, amounts to approximately $17.6 million.



The move came on the same day that Block CEO Dorsey <a href="https://www.benzinga.com/news/24/10/41646193/block-ceo-jack-dorsey-announces-another-round-of-layoffs-at-tidal">announced a fresh wave of layoffs</a> at Tidal. In a note to Tidal employees, Dorsey stated the need for the company to function &#8220;like a startup again,&#8221; necessitating a much smaller team across the organization.



Interestingly, the trade also comes at a time when Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), a core focus of Block, has been <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41596516/bitcoin-clips-71-500-as-wall-street-etf-inflows-fuel-bullish-momentum-whats-next">hovering near previously reached all-time highs.</a>



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616239/shytoshi-kusama-touts-shiba-inu-lifetime-gains-of-33774726-we-still-have-far-to-go-and-muc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: &#8216;We Still Have Far To Go And Much Work To Be Done&#8217;</a> 



Other Key Trades:



<ul>
<li>Ark Invest&#8217;s ARKF and ARKK bought a total of shares of Roku Inc. (ROKU).</li>



<li>Ark Invest&#8217;s ARKK bought shares of Twist Bioscience Corp (TWST). Ark Invest&#8217;s ARKK sold shares of Moderna Inc. (MRNA).</li>
</ul>



Photo Courtesy: Ark Invest



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41644730/shytoshi-kusama-schools-x-user-who-said-shib-will-remain-chump-change-meme-unless-it-can-r?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shytoshi Kusama Schools X User Who Said SHIB Will Remain &#8216;Chump Change Meme&#8217; Unless It Can Rise Above A Penny: &#8216;Those Who Are Wise Give Us Respect&#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>

$BTC

ARKF

ARKK

ARKW

PLTR

TSLA

Cathie Wood Bets Big On Mark Zuckerberg: Ark Pours $19M Into Meta Shares, Dumps Palantir And Tesla Stock

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reported financial results for the fourth quarter after the market close on Thursday. Here&#8217;s a look at the<a href="https://www.benzinga.com/pressreleases/24/10/b41665048/apple-reports-fourth-quarter-results"> key details from the quarter</a>.



Q4 Earnings: Apple reported fiscal fourth-quarter revenue of $94.9 billion, beating analyst <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $94.56 billion. The iPhone maker reported fourth-quarter adjusted earnings of $1.64 per share, beating analyst estimates of $1.60 per share.



Apple has now beat analyst estimates on the top and bottom lines in seven consecutive quarters, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Total revenue was up 6% year-over-year. Products revenue came in at $69.96 billion, up from $67.18 billion year-over-year. Services revenue totaled $24.97 billion, up from $22.31 billion year-over-year. Here&#8217;s a breakdown of product sales by category:



<ul>
<li>iPhone: $46.22 billion, versus $43.8 billion last year</li>
</ul>



<ul>
<li>Mac: $7.74 billion, versus $7.61 billion last year</li>
</ul>



<ul>
<li>iPad: $6.95 billion, versus $6.44 billion last year</li>
</ul>



<ul>
<li>Wearables, Home and Accessories: $9.04 billion, versus $9.32 billion last year</li>
</ul>



Americas sales totaled $41.66 billion in the quarter, Europe sales came in at $24.92 billion, Greater China sales were $15.03 billion, Japan sales totaled $5.93 billion and the rest of Asia Pacific sales were $7.38 billion.



Apple noted that its active installed base of devices reached a new all-time high across all products and all geographic segments.



&#8220;Today Apple is reporting a new September quarter revenue record of&nbsp;$94.9 billion, up&nbsp;6 percent&nbsp;from a year ago,&#8221; said Tim Cook, CEO of Apple.



&#8220;During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season.&#8221;



Check This Out: <a href="https://www.benzinga.com/news/24/10/41633790/apple-refreshes-macbook-pro-lineup-with-m4-pro-and-m4-max-3nm-chips">Apple Refreshes MacBook Pro Lineup With M4 Pro and M4 Max 3Nm Chips</a>



Apple&#8217;s board declared a quarterly cash dividend of&nbsp;25 cents&nbsp;per share. The dividend is payable on Nov. 14 to shareholders of record as of Nov. 11.



Apple didn&#8217;t provide forward guidance in its fourth-quarter earnings release, but the company typically provides commentary on the conference call on how it generally expects its different product lines to perform moving forward. Apple&#8217;s conference call with analysts and investors is scheduled for 5 p.m. ET.



AAPL Price Action: Apple shares were up approximately 17.5% year-to-date heading into the print. The stock was down 0.91% in after-hours, trading at $223.85 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41629361/an-obscure-stock-sends-a-warning-to-apple-and-the-stock-market">An Obscure Stock Sends A Warning To Apple &#8211; And The Stock Market</a> </li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Apple Q4 2024 Earnings Call &#x7C; $AAPL" width="500" height="281" src="https://www.youtube.com/embed/dceetXpyLQs?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Photo: Shutterstock.

After-Hours Center

Apple Q4 Earnings: Revenue Beat, EPS Beat, Installed Base Hits New Highs, iPhone Sales Rise As Apple Intelligence 'Supercharges' Product Lineup

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) reported third-quarter financial results <a href="https://www.benzinga.com/earnings">after the market close Thursday.</a>



Here are the key highlights.



What Happened: Amazon reported third-quarter net sales of $158.9 billion, up 11% year-over-year. The total beat a Street consensus estimate of $157.2 billion, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company reported third-quarter earnings per share of $1.43, which beat a Street consensus estimate of $1.14.



Sales for the third quarter were as follows:



North America: $95.5 billion, +9% year-over-year



International: $35.9 billion, +12% year-over-year



AWS: $27.5 billion, +19% year-over-year



Operating income was $17.4 billion in the third quarter, up from $11.2 billion in last year's third quarter. AWS led the way on operating income with $10.4 billion, up from $7 billion in last year's third quarter. Operating income was $5.7 billion and $1.3 billion in North America and International segments respectively, both up on a year-over-year basis.



Amazon highlighted the strength of its streaming segment with "The Lord of the Rings: The Rings of Power" season two launch and its distinction of becoming the most-watched returning season on Prime Video by hours watched.



The Sept. 26 "Thursday Night Football" matchup between the Dallas Cowboys and New York Giants had over 17 million viewers, ranking as the most streamed NFL regular season game ever, Amazon said. 



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41636292/amazon-q3-earnings-preview-aws-prime-video-streak-of-analyst-beats-on-watch">Amazon Q3 Earnings Preview: AWS, Prime Video, Streak Of Analyst Beats On Watch</a>



What's Next: Guidance from the company calls for fourth-quarter net sales to come in a range of $181.5 billion to $188.5 billion, up 7% to 11% year-over-year.



The company expects operating income to come in a range of $16 billion to $20 billion in the fourth quarter.



"We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations, and there's so much more coming, from tens of millions of deals to our NFL Black Friday game and Election Day coverage," Amazon CEO Andy Jassy said.



Jassy said Amazon will share more details on new cloud infrastructure and AI capabilities at re:Invent, which takes place the week after Thanksgiving.



AMZN Price Action: Amazon stock is up 3.93% to $193.50 in after-hours trading Thursday. versus a 52-week trading range of $133.86 to $201.20.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/10/41276044/amazon-prime-big-deal-days-2024-scores-record-breaking-sales">Amazon Prime Big Deal Days 2024 Scores Record-Breaking Sales</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Amazon.com Q3 2024 Earnings Call &#x7C; $AMZN" width="500" height="281" src="https://www.youtube.com/embed/9QbNoHUPCl4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>







Photo courtesy of Amazon.

Amazon Q3 Earnings Highlights: Revenue Beat, EPS Beat, Q4 Guidance, New Kindles 'Significantly Outperforming Our Expectations'

The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), the largest physically backed gold ETF, saw a significant influx of capital this month as economic and policy uncertainties surrounding the upcoming U.S. presidential election drive investors <a href="https://www.benzinga.com/topic/gold">toward safe-haven assets.</a>



GLD&#8217;s assets under management reached $79.7 billion as of Oct. 30, bolstered by $1.8 billion in net inflows for October — the fund&#8217;s strongest monthly inflow since March 2022, data from TradingView shows.



Additionally, the ETF notched its fourth consecutive month of gains and its eleventh positive month out of the last 13, with a remarkable 50% rally from the lows of October 2023.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="503" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-1024x503.png" alt="" class="wp-image-624677" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-1024x503.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-1536x754.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Gold Demand Surges As ETF Investments Soar</h3>



Global demand for gold surged 5% year-over-year in the third quarter of 2024, reaching 1,313 tonnes, a record level for the third quarter, according to a report from the World Gold Council released this week.



This increase reflects a rising appetite for the precious metal as macroeconomic concerns and market uncertainty drive both institutional and retail investors toward gold-backed assets.



Gold prices touched new record highs throughout the quarter as demand continued to build.



A key factor behind this growth was a resurgence in gold ETF investment, with global gold ETF inflows reaching 95 tonnes in the third quarter, the first quarter of positive inflows since the first quarter of 2022. 



This marked a sharp year-over-year turnaround from the third quarter of 2023, when ETFs saw outflows of 139 tonnes.



&#8220;Gold is continuing its relentless rally and may even have the $3,000 level in its sights before too long,&#8221; said Michael Gayed, CFA.



The pace of central bank buying slowed to 186 tonnes in the third quarter, yet year-to-date purchases remain on track with 2022 levels, the World Gold Council wrote. Central banks, particularly in emerging market economies, continue to diversify away from the U.S. dollar, reflecting a strong and steady institutional demand for gold as a reserve asset.



<h3 class="wp-block-heading">Fiscal, Geopolitical Uncertainty Sparks Investor Rush to Gold</h3>



Gold prices have surged 33% in 2024, positioning the commodity for its third-strongest year in the last 50. Notably, this rally has defied traditional drivers like falling Treasury yields or a weakening dollar that typically boost gold.



Instead, two primary factors are fueling investor demand for the safe-haven asset.



The first driver is concern over the U.S. government's fiscal policies, which some fear could trigger renewed inflationary pressures. 



"Gold is rising as the market begins to price in the likelihood of a Fed forced to cut rates further, despite persistent inflation," said Otavio Costa, macro strategist at Crescat Capital.



Bank of America analysts agree, noting that regardless of the outcome of the upcoming presidential election, both political parties seem reluctant to tackle the precarious budget deficit and soaring national debt. 



&#8220;Gold may be the last perceived safe haven asset standing," wrote Bank of America commodity analyst Michael Widmer, emphasizing the risks posed by unchecked government spending.



A second key factor is the evolving role of gold as &#8220;a hedge against U.S. economic sanctions.&#8221; 



Veteran Wall Street investor Ed Yardeni recently described gold as an asset that can protect nations from Western financial controls. 



After Russia invaded Ukraine in February 2022, the U.S. and its allies froze Russia&#8217;s foreign exchange reserves held abroad. Since then, there have been proposals to seize nearly $300 billion of these assets to support Ukraine&#8217;s defense and reconstruction — a move that has sent a clear signal to other nations.



&#8220;China and other countries have been increasing their allocations of gold in their countries&#8217; international reserves,&#8221; Yardeni added, suggesting that gold is becoming a preferred reserve asset for nations looking to insulate themselves from potential U.S.-led sanctions. 



By holding more gold, countries can reduce their dependence on assets vulnerable to Western financial controls, diversifying away from the U.S. dollar.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41605605/gold-hits-record-highs-defies-market-gravity-why-the-precious-metal-is-decoupling-f">Gold Hits Record Highs, Defies Market Gravity: Why The Precious Metal Is Decoupling From Treasury Yields</a></li>
</ul>



Photo via Shutterstock.

Biggest Gold ETF Posts Highest Monthly Inflows In 2.5 Years As Investors Rush To Safe Haven Ahead Of Presidential Election

Traders are eagerly awaiting October&#8217;s official jobs data, set for release on Friday at 8:30 a.m. ET — widely viewed as the week&#8217;s <a href="https://www.benzinga.com/news/econ-s">most crucial economic event.</a>



The Employment Situation report is expected to provide valuable insights into the resilience of the U.S. labor market, especially in light of recent disruptions from hurricanes, strikes and uncertainties surrounding <a href="https://www.benzinga.com/topic/election-day">the imminent U.S. elections</a>.



What are economists forecasting, and how have markets responded to recent jobs reports?



See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41623984/us-economy-grows-less-than-expected-in-q3-yet-private-employment-soars-by-233-000">US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October</a>



<h3 class="wp-block-heading">October Jobs Report: What Do Economists Expect?</h3>



The consensus among Wall Street economists is forecasting a sharp deceleration in the pace of employment growth in October. 



Nonfarm payrolls are expected to slow down from 254,000 in September to 113,000 in October, an outcome that would represent the lowest monthly employment gain since April, suggesting that U.S. firms have hold back in their hiring plans. 



&#8220;We expect nonfarm payrolls to rise by 100,000 in October after coming in at 254,000 in September. Although this is below consensus, we&#8217;d still view it as a solid print, since we estimate that Hurricane Milton and the Boeing strike temporarily lowered payrolls in October,&#8221; Bank of America economist Shruti Mishra stated.



According to Bank of America, Hurricane Milton&#8217;s landfall in Florida on Oct. 9, which coincided with the jobs survey week, likely weighed on payroll figures, particularly in sectors like leisure and hospitality. Additionally, lingering effects from Hurricane Helene, which struck in late September, may have added a slight drag on employment.



Bank of America analysts also noted that the Bureau of Labor Statistics estimates a 41,000 increase in striking workers from September to October, largely driven by the Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) strike. Taken together, these factors could have reduced October payrolls by at least 50,000 jobs.



On the positive side, government payrolls may see a 25,000 boost due to temporary hiring for election-related roles.



Looking at other indicators in the October jobs report, the unemployment rate is expected to hold steady at 4.1%, suggesting that the pace of job losses has also not advanced. 



Wages are broadly expected to hold their recent trend, as average hourly earnings are expected to surge 0.3% month-over-month, down from 0.4% in September, and by 4.1% year-over-year as seen in the previous month. 



<h3 class="wp-block-heading">Recent Data Shows Potential For Positive Employment Surprises</h3>



Earlier this week, the ADP National Employment report showed that private payrolls surged by 233,000 in October, sharply accelerating from 143,000 in September and well above economist expectations of 115,000, as tracked by TradingEconomics.



Nearly the whole increase in private employment came from services, with education, health services, trade, transportation, utilities and leisure and hospitality being the most active in the monthly increases. 



The ADP data — which uses anonymized payroll data of more than 25 million U.S. employees – offered encouraging insights ahead of Friday&#8217;s official jobs report, suggesting the U.S. economy likely maintained robust job growth throughout the month. 



&#8220;Even amid hurricane recovery, job growth was strong in October. As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient,&#8221; said Nela Richardson, chief economist at ADP.



<h3 class="wp-block-heading">Stock Reactions To Recent Jobs Reports</h3>



The last three jobs reports have highlighted how market sentiment shifts depending on whether employment numbers come in hotter or cooler than expected.



In the July jobs report, released on Aug. 2, the U.S. economy added 114,000 jobs, later revised up to 144,000 — significantly below the consensus estimate of 175,000. On that day, the 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>), dropped 1.9% as investors grew concerned about potential economic slowdown.



Another cooler-than-expected report arrived with the August jobs data, published on Sep. 6. The U.S. added 142,000 jobs in August, missing forecasts of 160,000. The S&amp;P 500 responded with a 1.7% decline, reflecting ongoing worries about weakening labor market momentum.



In contrast, the September jobs report, released on Oct. 4, showed the U.S. economy added a robust 254,000 jobs, well above the revised 159,000 in August and far exceeding expectations of 140,000. This marked the strongest job growth in six months, significantly above the prior 12-month average of 203,000. 



The S&amp;P 500 responded positively, rallying 0.9% on the day as investors saw this as a sign of resilience in the labor market.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41631465/us-gdp-rises-2-8-in-q3-but-can-the-momentum-last-what-6-top-economists-are-saying">US GDP Rises 2.8% In Q3, But Can The Momentum Last? What 6 Top Economists Are Saying</a></li>
</ul>

Analyst Color

Previews

Jobs Report Preview: Could October Nonfarm Payrolls Defy Hurricane Disruptions, Strikes And Election Uncertainty?

Ark Funds, led by Cathie Wood, is one of the most well-known fund managers thanks to its actively managed ETFs that focus on future growth <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">areas of innovation.</a>



Two of the fund's ETFs celebrate their 10th anniversaries on Thursday. Here's a look back at the funds' launch and how they've performed over the last 10 years.



Ark Innovation: Wood and<a href="https://www.benzinga.com/topic/ark-funds"> Ark Funds launched</a> the Ark Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) on Oct. 31, 2014. The fund has grown to become the most well-known and largest of the company's funds, with $5.78 billion in assets under management.



"ARRK is an actively managed ETF that seeks long-term growth of capital by investing under normal circumstances primarily in domestic and foreign equity securities of companies that are relevant to the Fund's investment theme of disruptive innovation," the company's <a href="https://www.ark-funds.com/funds/arkk">website </a>says.



Disruptive innovation themes include autonomous mobility, precision therapies, next gen cloud, neural networks, intelligent devices, digital wallets, digital assets, smart contracts and multiomic technologies, according to the company.



"ARK defines ‘disruptive innovation' as the introduction of a technologically enabled new product or service that potentially challenges the way the world works."



Here are the current top 10 holdings in the ARKK ETF and their percent of net assets:



<ol>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): 14.1%</li>



<li>Roku Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>): 10.8%</li>



<li>Coinbase Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>): 8.1%</li>



<li>Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>): 6.2%</li>



<li>Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>): 5.1%</li>



<li>Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>): 5.0%</li>



<li>Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>): 4.9%</li>



<li>CRISPR Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>): 4.5%</li>



<li>Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>): 3.9%</li>



<li>UiPath Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>): 2.9%</li>
</ol>



Since the fund's inception, the ETF is up 161.4%. This return trails the current 10-year return of the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500.



Here's a look at how the returns of ARKK stack up against SPY, which is the <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/10/41407647/spy-reaches-600-billion-in-assets-oldest-us-etf-hits-milestone-as-all-time-highs-conti">oldest and largest </a>U.S. ETF, over time:



<figure class="wp-block-table"><table><tbody><tr><td>Average Annual Returns</td><td>ARKK</td><td>SPY</td></tr><tr><td>1-Year</td><td>+19.9%</td><td>+36.2% </td></tr><tr><td>3-Year</td><td>-24.3%</td><td>+11.8%</td></tr><tr><td>5-Year</td><td>+2.6% </td><td>+15.8%</td></tr><tr><td>Since ARKK Inception 10/31/14</td><td>+10.2%</td><td>+13.2% </td></tr></tbody></table></figure>



The chart below from <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1">Benzinga Pro </a>shows the 10-year return of ARKK.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1003" height="513" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224.png" alt="" class="wp-image-624517" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224.png 1003w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224-768x393.png 768w" sizes="(max-width: 1003px) 100vw, 1003px" /></a></figure>



For comparison, here is the 10-year chart of the SPY. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="995" height="508" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226.png" alt="" class="wp-image-624522" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226.png 995w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226-768x392.png 768w" sizes="(max-width: 995px) 100vw, 995px" /></a></figure>



Read Next: <a href="https://www.benzinga.com/markets/penny-stocks/23/08/34102486/exclusive-cathie-wood-tells-benzinga-why-tesla-should-trade-as-a-tech-stock">EXCLUSIVE: Cathie Wood Tells Benzinga Why Tesla Should Trade As A Tech Stock</a>



ARK Genomic: The Ark Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>) was also launched by Ark Funds on Oct. 31, 2014. The fund currently has $1.33 billion in assets under management.



"ARKG is an actively managed ETF that seeks long-term growth of capital by investing under normal circumstances primarily in domestic and foreign equity securities of companies across multiple sectors, including health care, information technology, materials, energy, and consumer discretionary, that are relevant to the Fund's investment theme of the genomics revolution," the company's <a href="https://www.ark-funds.com/funds/arkg">website </a>says.



Themes for the genomics ETF include precision therapies, multiomic technologies, programmable biology, neural networks, next gen cloud and adaptive robotics, according to the company.



Here are the current top 10 holdings in the ARKG ETF and their percent of net assets:



<ol>
<li>Twist Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWST#NASDAQ">TWST</a>): 8.7%</li>



<li>Recursion Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXRX#NASDAQ">RXRX</a>): 7.0%</li>



<li>CRISPR Therapeutics: 7.0%</li>



<li>CareDx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNA#NASDAQ">CDNA</a>): 5.1%</li>



<li>Adaptive Biotechnologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADPT#NASDAQ">ADPT</a>): 4.7%</li>



<li>Veracyte Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VYCT#NASDAQ">VYCT</a>): 4.6%</li>



<li>Ionis Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IONS#NASDAQ">IONS</a>): 4.3%</li>



<li>Nurix Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRIX#NASDAQ">NRIX</a>): 4.1%</li>



<li>Natera Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>): 3.8%</li>



<li>10x Genomics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>): 3.8%</li>
</ol>



Since the fund's inception, the ETF is up 38.9%. This return trails the current 10-year return of the SPDR S&amp;P 500 ETF Trust.



Here's a look at how the returns of ARKG stack up against SPY over time. &nbsp;



<figure class="wp-block-table"><table><tbody><tr><td>Average Annual Returns</td><td>ARKG</td><td>SPY</td></tr><tr><td>1-Year</td><td>-7.9% </td><td>+36.2%</td></tr><tr><td>3-Year</td><td>-29.9%</td><td>+11.8% </td></tr><tr><td>5-Year</td><td>-1.9% </td><td>+15.8% </td></tr><tr><td>Since ARKG inception 10/31/14</td><td>+3.3%</td><td>+13.2%</td></tr></tbody></table></figure>



Here is the 10-year chart of ARKG. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="993" height="510" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225.png" alt="" class="wp-image-624525" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225.png 993w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225-768x394.png 768w" sizes="(max-width: 993px) 100vw, 993px" /></a></figure>



Why It's Important: The charts above show that ARKK and ARKG both experiences several years of strong growth and returns for investors, but have underperformed the broader S&amp;P 500 market index in recent years.



The ETFs were once among the most talked about funds, and the company&#8217;s daily trading activity often moved stocks higher, given Wood's outperformance years ago.



While the S&amp;P 500 ETF rebalances quarterly, the actively managed funds complete trades almost every day. Often, the average cost of shares rises over time for stocks that are going up, potentially hurting the gains.



Ark Funds typically invests in companies that it believes will have strong growth over the next five to ten years, which means the funds&#8217; returns can sometimes take years to pay off.



Wood has been early to many themes, including buying shares of NVIDIA Corporation for around $5 in 2014, before the most recent stock split. The fund later sold out of its position in late 2022 and early 2023 and<a href="https://www.benzinga.com/general/education/24/02/37294405/heres-how-much-cathie-wood-ark-invest-flagship-fund-missed-by-selling-nvidia-early"> missed out on huge gains </a>over the last nearly two years.



The fund manager was also early in the Tesla growth story, <a href="https://www.benzinga.com/news/22/03/26046331/if-you-invested-1-000-in-tesla-when-cathie-wood-made-her-4-000-prediction-heres-how-much-youd-have-n-1" target="_blank" rel="noopener">predicting a $4,000 price target</a> for the electric vehicle company back in February 2018. While Wood was laughed at for the price prediction at the time, the stock would hit the target on a split-adjusted basis in January 2021.



Getting the Tesla prediction right helped elevate Wood's status as a fund manager and led to increased interest in the Ark Funds ETFs.



Although interest in Ark Funds ETFs may have cooled in recent years, many investors still recall their impact and continue to track daily trading activity, watching closely which stocks Wood selects to hold for the next five to 10 years.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/23/08/34028505/exclusive-why-does-cathie-wood-think-bitcoin-is-going-to-1-million-what-does-she-know-that">EXCLUSIVE: Why Does Cathie Wood Think Bitcoin Is Going To $1 Million — What Does She Know That We Don&#8217;t?</a></li>
</ul>



Image courtesy of Ark Invest and Shutterstock.

Education

ADPT

ARKG

CDNA

COIN

CRSP

HOOD

IONS

NRIX

NTRA

PATH

RBLX

ROKU

RXRX

SHOP

TWST

VYCT

Cathie Wood's Ark Innovation, Genomic ETFs Celebrate 10 Years: How Annual Returns Stack Up Against S&P 500

Cannabis stocks are experiencing notable declines this Thursday, aligning with a general downturn across major economic indices. At the time of publication of this article, the S&amp;P 500 index was trading down by 1.62%, the Nasdaq 100 by 2.44%, and the Dow Jones Industrial Average (DJIA) showed a similar downward trend earlier in the day, only partially recovering.



This widespread decline points to a broader economic shift, with investors adopting a more cautious approach amid market volatility. 



The performance of these major indices often reflects investor sentiment across sectors, and the impact on cannabis stocks highlights their sensitivity to these broader economic movements.



<h3 class="wp-block-heading">Cannabis Stocks Hit Hard</h3>



Several prominent cannabis stocks saw significant drops today. Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) fell by 2.8%, Aurora Cannabis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) dropped by 4.14% and Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) saw a 6.67% decline. Other companies, like SNDL Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) and Cronos Group Inc. (NASDAD: CRON), also recorded losses. The downward trend isn't limited to individual companies; cannabis ETFs, such as the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and Amplify Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>), experienced losses as well. This widespread impact underscores the challenges cannabis stocks face in a volatile market.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="788" height="990" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12.png" alt="" class="wp-image-624602" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12.png 788w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12-239x300.png 239w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12-768x965.png 768w" sizes="(max-width: 788px) 100vw, 788px" /></figure>



Cannabis Stocks Watchlist In <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Movements recorder prior to the writing of this article.



Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41629360/criminal-organizations-lose-30m-annually-as-uruguays-legal-cannabis-expands-but-some-say-the-gov">Criminal Organizations Lose $30M Annually As Uruguay&#8217;s Legal Cannabis Expands, But Some Say The Government Is Now The Criminal</a>



<h3 class="wp-block-heading">Election Uncertainty Adds Pressure</h3>



Political factors may also be contributing to the <a href="https://www.benzinga.com/markets/cannabis/24/10/41656834/trump-harris-and-cannabis-stocks-are-election-results-already-priced-in">pressure on cannabis stocks</a>. 



With the upcoming U.S. elections, rising support for Donald Trump could signal potential GOP control of Congress. Historically, a Republican-led Congress has been less supportive of cannabis reform, raising concerns about policy stagnation for the industry. Investors might be factoring in this possibility, creating additional headwinds for cannabis-related equities in an already challenging market environment.



<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/10/41656834/trump-harris-and-cannabis-stocks-are-election-results-already-priced-in">Trump, Harris And Cannabis Stocks: Are Election Results Already Priced In?</a></li>
</ul>



COVER: AI-generated image

Cannabis

CRON

MSOS

SNDL

TLRY

Cannabis Stocks Sink Amid Broader Market Decline And Election Jitters

Risk aversion swept across markets on Thursday as investor disappointment over third-quarter tech earnings triggered the steepest drop in major U.S. indices <a href="https://www.benzinga.com/markets">in nearly two months.</a>



Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) plummeted over 5% by midday trading in New York, on track for its worst session in two years. Although the company surpassed earnings estimates, it forecasted slower growth in its Azure cloud business, dampening future revenue expectations.



Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) also declined by over 4% despite a strong quarterly performance, as the social media giant projected &#8220;significant&#8221; capital expenditure growth next year, particularly for AI infrastructure.



The elite &#8220;Magnificent Seven&#8221; tech group shed nearly $500 billion in market capitalization within a single day after reaching a record high of $16.8 trillion. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) are set to report earnings after the market close.



In economic news, inflation sent mixed signals for September. The Personal Consumption Expenditures (PCE) price index slowed as expected to 2.1% annually, while the Fed's preferred inflation measure, the core PCE price index, remained at 2.7% year over year, slightly <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41658542/fed-interest-rate-cuts-expected-but-economists-warn-of-bumpy-course-in-this-last-">above the expected 2.6%.</a>



The S&amp;P 500 dropped 1.4%, and the tech-heavy Nasdaq 100 slid 2.2%, both tracking their worst session since Sept. 6. The CBOE Volatility Index (VIX) surged 12%.



Risk aversion also weighed on commodities, with gold prices dropping 1.7%, marking their worst day since July, and silver plunging 3% after a 2% decline on Wednesday. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slid 2.4%, and crypto-related stocks suffered significant losses. Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) tumbled over 10% on disappointing earnings, eyeing its worst day since May.



<h3 class="wp-block-heading">Thursday&#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 %chg</td></tr><tr><td>Dow Jones</td><td>41,832.30</td><td>-0.7%</td></tr><tr><td>Russell 2000</td><td>2,213.10</td><td>-0.9%</td></tr><tr><td>S&amp;P 500</td><td>5,729.43</td><td>-1.4%</td></tr><tr><td>Nasdaq 100</td><td>19,943.07</td><td>-2.2%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:20 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 1.5% to $571.51.</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;fell 0.8% to $418.60.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) tumbled 2.2% to $485.78. </li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.7% to $219.65.</li>



<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 1.4%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 2.4%.</li>
</ul>



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



Stocks reacting to corporate earnings were: 



<ul>
<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), up over 5%, </li>



<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), up 1.7%,</li>



<li>Starbucks Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NYSE">SBUX</a>), down 0.6%, </li>



<li>eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), down over 8%, </li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), up 1.9%,</li>



<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>), up 24%,</li>



<li>Mastercard Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), down 1.8%, </li>



<li>Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), down 2.8%,</li>



<li>Linde plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NASDAQ">LIN</a>), down 2.9%, </li>



<li>Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), up 2.9%, </li>



<li>Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), down over 11%, </li>



<li>Eaton Corp. plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>), down 5%, </li>



<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), up 6%, </li>



<li>Bristo-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), up 3.3%, </li>



<li>Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), up 2.2%, </li>



<li>Altria Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>), up 7.6%, </li>



<li>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>), down 9%, </li>



<li>The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>), up 3%, </li>



<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), up over 9%. </li>



<li>Cheniere Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>), up over 5%. </li>
</ul>



Large-cap companies slated to report their earnings after the close include Apple Inc, Amazon.com Inc, Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Atlassian Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) and Coterra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRA#NYSE">CTRA</a>).



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41658754/microsoft-in-major-growth-mode-not-slowing-down-4-analysts-see-strong-azure-demand-">Microsoft &#8216;In Major Growth Mode,&#8217; Not Slowing Down: 4 Analysts See Strong Azure Demand, AI Monetization Efforts</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Mid Cap

AMGN

BKNG

CMCSA

CTRA

CVNA

EBAY

MSFT

MSTR

NCLH

REGN

SBUX

TEAM

UBER

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