The Santa Rally refers to a seasonal stock market trend where equities historically see stronger gains during the <a href="https://www.benzinga.com/24/12/42269611/dollar-enters-its-most-bearish-month-of-the-year-could-december-2024-be-any-different">final stretch of December. </a>



This phenomenon, often fueled by holiday cheer, year-end portfolio rebalancing, and investor optimism, has been a recurring pattern for decades.



 But what makes December stand out, and which stocks have historically outperformed during this period? 



Let's dig into the numbers.



<h3 class="wp-block-heading">December: A Seasonal Sweet Spot For Stocks</h3>



After a strong rally in November, with the S&amp;P 500 – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – rallying 6%, &#8220;momentum could continue for stocks as historically it has been a good month for stock market seasonals,&#8221; said George Smith, portfolio strategist at LPL Financials. 



Since 1950, December ranks as the second-best month for the S&amp;P 500, delivering an average return of 1.6%. Only November performs better, with a historical average of 1.8%. 



Smith also highlighted that the second half of December has typically delivered the lion's share of these gains, generating the so-called &#8220;Santa Rally&#8221; effect. 



Historically, stocks tend to stall or even decline slightly during the first half of the month before momentum builds around mid-December. Data suggests that the upward trajectory starts gaining steam near the 11th trading day of the month and accelerates as Christmas approaches.



<h3 class="wp-block-heading">Top 10 S&amp;P 500 Stocks With Strong Christmas Seasonality</h3>



For investors looking to capitalize on the Santa Rally, certain stocks have a history of delivering outsized gains in the back half of December. 



Looking back at the last 20 years of data, here are the top 10 S&amp;P 500 stocks that have historically shown the strongest average returns between Dec. 12 and Dec. 31:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Rank</th><th>Stock</th><th>Average Return</th><th>Median Return</th><th>Max Profit</th><th>Max Loss</th><th>Win Ratio</th><th>Sharpe Ratio</th></tr></thead><tbody><tr><td>1</td><td>Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILM#NASDAQ">ILM</a>)</td><td>+4.94%</td><td>+5.17%</td><td>+19.39%</td><td>-10.98%</td><td>75%</td><td>4.27</td></tr><tr><td>2</td><td>Invesco Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVZ#NYSE">IVZ</a>)</td><td>+4.34%</td><td>+3.04%</td><td>+23.10%</td><td>-5.10%</td><td>80%</td><td>3.72</td></tr><tr><td>3</td><td>Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>)</td><td>+3.78%</td><td>+4.37%</td><td>+12.89%</td><td>-8.52%</td><td>80%</td><td>3.70</td></tr><tr><td>4</td><td>Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>)</td><td>+3.73%</td><td>+3.84%</td><td>+24.23%</td><td>-13.26%</td><td>70%</td><td>2.75</td></tr><tr><td>5</td><td>Mohawk Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>)</td><td>+3.47%</td><td>+2.19%</td><td>+20.26%</td><td>-4.35%</td><td>70%</td><td>3.18</td></tr><tr><td>6</td><td>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</td><td>+3.34%</td><td>+4.60%</td><td>+25.84%</td><td>-15.06%</td><td>75%</td><td>2.03</td></tr><tr><td>7</td><td>BlackRock, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>)</td><td>+3.32%</td><td>+3.62%</td><td>+11.64%</td><td>-1.69%</td><td>80%</td><td>3.49</td></tr><tr><td>8</td><td>Global Payments Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPN#NYSE">GPN</a>)</td><td>+3.30%</td><td>+3.35%</td><td>+12.38%</td><td>-8.28%</td><td>80%</td><td>3.44</td></tr><tr><td>9</td><td>CBRE Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBRE#NYSE">CBRE</a>)</td><td>+3.20%</td><td>+3.24%</td><td>+13.27%</td><td>-7.11%</td><td>75%</td><td>2.22</td></tr><tr><td>10</td><td>Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>)</td><td>+3.14%</td><td>+1.80%</td><td>+36.95%</td><td>-14.54%</td><td>55%</td><td>2.36</td></tr></tbody></table><figcaption class="wp-element-caption">Data: Seasonax</figcaption></figure>



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<li><a href="https://www.benzinga.com/general/entertainment/24/12/42278850/why-this-streaming-giant-could-be-decembers-best-stock-pick-backed-by-20-years-of-data">Why This Streaming Giant Could Be December&#8217;s Best Stock Pick, Backed By 20 Years Of Data</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Equities

Large Cap

Mid Cap

Broad U.S. Equity ETFs

Tech

ETFs

CBRE

Santa Rally: 10 S&P 500 Stocks That Outperform In December's Second Half

GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares are surging Thursday after Roaring Kitty (aka Keith Gill) posted a new tweet signaling his return <a href="https://www.benzinga.com/general/education/24/05/38793704/who-is-roaring-kitty-why-does-his-return-to-social-media-matter-for-gamestop-stock">to social media.</a>



What Happened: The X account of Roaring Kitty, which has 1.6 million followers, posted a new image that has the financial world buzzing, after the investor's previous return this year saw shares of meme stocks surge.



The <a href="https://x.com/TheRoaringKitty/status/1864742787197116887">picture </a>shows a TIME magazine cover with a computer with a video screen. The video is paused at the 1:09 minute mark, for a total length of 4:20. While 420 is easily recognizable in internet culture, the 1:09 could potentially point to Jan. 9 or something else.



The GameStop short squeeze began in January 2021 and was one of the biggest financial events of that year.



The message of Time could suggest that investors have time to buy GameStop or another stock ahead of a key event. The image of a computer or the video could suggest that GameStop is getting more involved in video, or point to another company.



Images and posts from the account have provided clues to past investments, and they will be heavily investigated over the coming days.



<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">&#x1f6a8;$GME is ripping after a tweet from Roaring Kitty! <a href="https://t.co/Uo29oJUojE">pic.twitter.com/Uo29oJUojE</a>&mdash; Benzinga (@Benzinga) <a href="https://twitter.com/Benzinga/status/1864747374406447325?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Past tweets from Roaring Kitty have led to high volatility for stocks like GameStop and Chewy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) with the investor previously disclosing a large stake in the pet care company. This marks the first tweet from Roaring Kitty since September. 



A filing earlier this year showed that Gill had <a href="https://www.benzinga.com/news/24/10/41614177/roaring-kitty-puts-chewy-stock-in-the-litter-box-gamestop-shares-move-higher-after-hours">sold his stake </a>in Chewy, prompting speculation that he could be buying GameStop shares once again.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/09/40803991/gamestop-q2-earnings-highlights-revenue-miss-eps-beat-cash-update-and-more">GameStop Q2 Earnings Highlights: Revenue Miss, EPS Beat, Cash Update And More</a>



 What's Next: Tweets from the Roaring Kitty account have sometimes been followed by a series of memes and videos this year. Investors will be closely watching the X account to see if follow-up posts are made.



GameStop reports third-quarter financial results next week on Tuesday, Dec. 10, after market close.



Analysts predict the company will post a loss of $0.03 per share, compared to breaking even ($0.00 EPS) in the same quarter last year, according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120524&amp;t=be2bearmibe3na1">from Benzinga Pro</a>. The company has beaten analyst earnings per share estimates in three of the last five quarters.



Analysts expect GameStop to report third-quarter revenue of $887.7 million, down from last year's $1.08 billion in the third quarter. The company has missed analyst revenue estimates in four of the last five quarters.



 GME Price Action: GameStop stock is up 7.9% to $29.18 at the time of publication Thursday versus a 52-week trading range of $9.95 to $64.83. GameStop stock is up 70% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/08/40225079/roaring-kitty-loses-thousands-of-x-followers-after-going-silent-on-gamestop-chewy">Roaring Kitty Loses Thousands Of X Followers After Going Silent On GameStop, Chewy</a></li>
</ul>



Photo: Shutterstock

Gaming

Social Media

Movers

Trading Ideas

CHWY

GameStop Rockets As Roaring Kitty Returns To X: What Does His Tweet Signal Ahead Of Q3 Earnings?

Bullets and shell casings from the Wednesday shooting of UnitedHealthcare CEO Brian Thompson contain the words <a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">"deny," "depose" and "defend." </a>



What Happened: According to the <a href="https://nypost.com/2024/12/05/us-news/unitedhealthcare-ceo-brian-thompsons-assassin-may-have-left-message-on-bullets-used-in-murder-sources/">New York Post</a>, citing police records, new clues connected to the bullets from the incident could point to a motive for the gunman who is still at large.



Two of the words on the bullets and casings could be directly linked to a 2010 exposé on the <a href="https://www.benzinga.com/money/insurance">insurance business</a>. The 2010 book "Delay, Deny, Defend: Why Insurance Companies Don't Pay Claims And What You Can Do About It," authored by Jay Feinman, contains a title eerily similar to the words left on the bullets.



New York police recovered three casings and three live rounds at the crime scene.



Surveillance footage showed the shooter firing at Thompson at close range. He quickly fixed a malfunction with the weapon prior to firing. This prompted police officials to believe the shooter was experienced. 



The gun also appeared to have a silencer, which can cause weapons to malfunction or jam, <a href="https://www.cnn.com/2024/12/05/us/unitedhealthcare-ceo-killed-what-we-know-hnk/index.html">CNN</a> reports citing experts.



Read Also: <a href="https://www.benzinga.com/24/12/42322999/unitedhealth-deeply-saddened-and-shocked-by-death-of-brian-thompson-new-york-police-share-update-on-case-with-10k-reward-offered-rockefeller-center-tree-lighting-to-go-on">UnitedHealth &#8216;Deeply Saddened&#8217; By Death Of Executive Brian Thompson: New York Police Offer $10K Reward For Information</a>



Why It's Important: Thompson joined UnitedHealth Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) in 2004. He had been CEO of the insurance division, UnitedHealthcare, since April 2021. 



The former executive was one of several under investigation by the Department of Justice for insider trading, the New York Post <a href="https://nypost.com/2024/12/04/us-news/slain-unitedhealth-ceo-brian-thompson-was-facing-doj-probe-for-insider-trading-report/">reported</a>.



Without locating the killer, a motive has not been officially determined. Early evidence could point to Thompson being targeted for his company rejecting insurance claims. Health insurance companies often have to decide which claims to accept and how much coverage to provide to customers.



While the investigation is early, without locating the shooter, the big question remaining is if the shooter had a connection to Thompson or if he was a hired gunman.



Thompson's wife, Paulette, <a href="https://www.nbcnews.com/news/us-news/man-fatally-shot-nyc-hotel-police-say-rcna182789">told </a>NBC News her husband had received several threats before the shooting.



"There had been some threats," she told NBC News. "Basically, I don't know, a lack of coverage? I don't know details. I just know that he said there were some people that had been threatening him."



Price Action: UnitedHealth Group stock is down 3% to $592.79 Thursday versus a 52-week trading range of $436.38 to $630.73. The stock closed at $610.79 Wednesday, up from Tuesday's closing price of $605.23.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/health-care/24/12/42317793/unitedhealth-introduces-2025-guidance-ahead-of-now-stopped-investor-conference">UnitedHealth Group Issued 2025 Guidance Ahead Of Now Stopped Investor Conference</a></li>
</ul>



Image: Shutterstock

News

Bullets Used To Kill UnitedHealthcare CEO Contained Eerie Message: Here's What They Could Mean

Traders are laser-focused on November's jobs data, slated for release this Friday, as one of the last pivotal data points — along with next week's inflation report — that could shape the Federal Reserve&#8217;s decision on a potential rate cut <a href="https://www.benzinga.com/topic/interest-rates">at its Dec. 18 meeting.</a>



With market odds sitting at about a 70% chance for a 25-basis-point reduction, the stakes are high.



Here's what the numbers need to show to lock in the move.



<h1 class="wp-block-heading">Nonfarm Payrolls Expected To Rebound Sharply From October Disruptions</h1>



After October's disappointing gain of just 12,000 jobs — a number heavily skewed by hurricanes and strikes — economists expect November will reflect stronger job growth as the effects of weather and strikes fade.



Consensus estimates peg November's nonfarm payroll growth at 200,000, according to TradingEconomics. 



Earlier this week, Federal Reserve Governor Adriana Kugler indicated October's disruptions may have caused 100,000 to 120,000 jobs to go unaccounted for, which could <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42299957/feds-kugler-sees-inflation-progress-but-warns-policy-is-not-on-a-preset-course">now materialize in November.</a>



Private payrolls data, however, painted a slightly murkier picture. The ADP National Employment Report for November — which uses private payrolls data from about 25 million employees — showed that U.S. businesses added 146,000 jobs, down from 184,000 in October and slightly below expectations of 150,000.



Economists expect the unemployment rate to tick up from 4.1% in October to 4.2% in November.



Average hourly earnings are projected to rise 0.3% month-over-month, down from 0.4% in October, and show a 3.9% annual increase, a slight cooling from 4.0% previously.



<h1 class="wp-block-heading">What It Means For Interest Rates</h1>



If November's report reveals softer-than-expected payroll growth, a slight rise in unemployment, and wage gains that align with or fall below forecasts, expectations for a December rate cut would likely firm up. 



In this case, policymakers might view the cooling labor market and tempered wage growth as evidence that inflation pressures are easing, paving the way for monetary easing.



On the other hand, a sharp November payroll increase combined with stronger-than-expected wage growth could force traders to recalibrate their bets. A hot jobs report would suggest a resilient, tight labor market, potentially reducing the urgency for the Fed to cut rates and increasing the chances of a pause.



<h1 class="wp-block-heading">Analyst Projections</h1>



Comerica expects a robust 250,000 jobs to be added in November but anticipates the unemployment rate will edge higher to 4.2%. 



This slight uptick, they said, could reflect previously sidelined workers — those affected by October's hurricanes and other one-off disruptions — returning to the labor market.



Analysts at JPMorgan are even more optimistic, forecasting a 275,000 job gain for November. 



They indicate the recent slowdown was "almost entirely" due to temporary issues, including hurricanes and the high-profile Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) strike, which suppressed October's growth by as much as 125,000 jobs. According to JPMorgan, "the underlying trend in job growth hasn't changed much from earlier months," signaling a labor market still firing on most cylinders.



Goldman Sachs is slightly more measured but still optimistic, projecting 235,000 jobs added in November. 



The firm highlighted "big data" indicators suggesting a pick-up in hiring momentum and estimated the resolution of hurricane disruptions could contribute roughly 50,000 jobs to the total.



BNP Paribas is taking a more cautious tone, forecasting 225,000 jobs but warning that special factors — such as election-related hiring and the resolution of the Boeing strike — could obscure the true underlying strength of the labor market.



They described the likely outcome as "just ambiguous enough" to keep the December rate cut as their base case: strong enough to signal growth, but not so robust as to derail Fed easing expectations.



Read Now:



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<li><a href="https://www.benzinga.com/24/12/42324505/jerome-powell-says-us-economy-in-remarkably-good-shape-fed-can-be-little-more-cautious-with-interest-rates">Jerome Powell Says US Economy In &#8216;Remarkably Good Shape,&#8217; Fed Can Be &#8216;A Little More Cautious&#8217; With Interest Rates</a></li>
</ul>



Photo: Shutterstock

Macro Economic Events

Econ #s

Economics

Federal Reserve

November Jobs Report Preview: Will It Seal The Deal For A Fed Interest Rate Cut?

Bitcoin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTC#NASDAQ">BTC</a>) could reach an impressive $200,000 by the end of 2025, driven by <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42325788/fed-chair-powell-bitcoin-is-like-gold-just-virtual-and-digital">surging institutional inflows</a> and greater adoption by traditional financial institutions, according to Standard Chartered&#8216;s Geoffrey Kendrick.



What Happened: Kendrick highlighted the robust institutional demand that has propelled Bitcoin past the $100,000 mark this year, with expectations for even greater momentum in the years ahead.



"Institutional inflows into Bitcoin have dominated 2024, with net purchases reaching 683,000 BTC year-to-date," Kendrick said in a note shared with Benzinga. "We believe these flows will continue at or above this pace in 2025, driven by regulatory changes and increasing participation from traditional finance."



Kendrick attributed Bitcoin's new all time high to significant institutional activity, including purchases by <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42317024/bitcoin-ethereum-etfs-recorded-over-800-million-in-inflows-on-tuesday">U.S. spot ETFs</a> and <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331483/michael-saylors-bitcoin-strategy-drives-microstrategys-490-surge-hedge-fund-cio-says-its-an-extreme-example-of-volatility-monetization">corporate buyers</a> like MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>).



Notably, 245,000 BTC were purchased in the weeks following the U.S. election, highlighting the confidence institutional investors have in Bitcoin as a long-term asset. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42338347/bitcoin-to-emerge-as-premier-store-of-value-asset-hit-1-million-by-2033-says-bernstein">Bitcoin To Emerge As &#8216;Premier Store Of Value Asset,&#8217; Hit $1 Million By 2033, Says Bernstein</a>



Why It Matters: MicroStrategy alone has added 213,000 BTC to its holdings this year, and its planned acquisitions for 2025 are expected to match or exceed this pace.



The report identifies U.S. retirement funds and sovereign wealth funds (SWFs) as critical players for Bitcoin's future growth. 



Currently, pension funds account for just 1% of the holdings across nine U.S. Bitcoin ETFs, per SEC 13F filings. 



Kendrick anticipates this percentage to rise significantly in 2025, fueled by <a href="https://www.benzinga.com/24/12/42269038/crypto-faces-regulatory-shift-as-gensler-exits-and-trump-prepares-to-overhaul-sec-approach">expected regulatory changes</a> under the Donald Trump administration, making it easier for traditional finance to enter the digital asset space.



Even a fractional allocation from the $40 trillion U.S. retirement fund market could dramatically impact Bitcoin prices.



"We would turn even more bullish if we saw rapid adoption from U.S. retirement funds, sovereign wealth funds, or even a potential U.S. strategic Bitcoin reserve," Kendrick stated.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42343200/bitcoin-breaks-100000-as-mcdonalds-brings-back-the-mcrib-buy-signal-or-spurious-correlation">Bitcoin Breaks $100,000 As McDonald&#8217;s Brings Back The McRib: Buy Signal Or Spurious Correlation?</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

MSTR

Bitcoin Set To Hit $200,000 By End Of 2025, Says Standard Chartered

Bank of America significantly raised Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) 12-month price target from $350 to $400, maintaining a Buy rating as the investment bank bets on the company&#8217;s ability to balance strong near-term growth in electric vehicles with bold long-term plays in <a href="https://www.benzinga.com/electric-vehicles">autonomous driving and robotics.</a>



In a note to clients Thursday, analyst John Murphy highlighted his optimism following a recent visit to Tesla's Gigafactory in Austin, Texas.



"The trip gave us increased confidence that Tesla is well-positioned to grow in 2025+," Murphy said, citing discussions with investor relations, a factory tour, and test drives that showcased Tesla's technological advancements.



<h3 class="wp-block-heading">FSD Advances Bolster Robotaxi Prospects</h3>



Tesla's Full Self-Driving (FSD) technology stood out during the test drive at Gigafactory Austin, with vehicles demonstrating significant improvements. 



Murphy highlighted how Tesla's Cybertruck and Model Y seamlessly navigated construction zones and managed a challenging left turn against traffic.



"Tesla noted that soon its FSD will require an intervention only once every 10,000 miles," Murphy said, emphasizing that the company's autonomous technology is nearing the safety level required to launch a monitored robotaxi service. 



For comparison, Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Waymo initiated its robotaxi operations after achieving one intervention every 17,000 miles, &#8220;a milestone TSLA believes it could achieve shortly with its growing AI compute.&#8221; 



Murphy highlighted Tesla's growing AI infrastructure, which includes 50,000 active Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H100 chips as of October. This positions the company to potentially launch its robotaxi service by 2025.



<h3 class="wp-block-heading">Optimus: Tesla's Robot Revolution</h3>



Tesla's humanoid robot, Optimus, is already making strides in automation.



Though Optimus currently accounts for just a single-digit percentage of Tesla's AI compute power, Murphy expects this to increase as the robotaxi program stabilizes, accelerating Optimus&#8217; development.



"With more robots in use, training will accelerate," he said, adding that mass production in 2026 and beyond could drive down costs and open new growth avenues for Tesla.



Murphy also indicated Tesla may consider raising capital to support its investments in Optimus, robotaxis, and artificial intelligence. 



"At its current valuation, Tesla could raise $50 billion+ through an equity raise at a relatively modest 4-5% dilution to shareholders," Murphy stated. 



&#8220;TSLA has historically been able to raise capital at an extremely low cost compared to its peers,&#8221; he added.



<h3 class="wp-block-heading">Lower-Cost EV And Expanding TAM</h3>



Tesla plans to launch a lower-cost EV in the first half of 2025, targeting a price point below $30,000, which includes the $7,500 federal EV tax credit. 



Murphy said this vehicle could expand Tesla's total addressable market (TAM), with cost savings achieved through &#8220;a number of areas such as de-contenting, making the motor more efficient and thereby enabling a smaller battery, and changing the interior.&#8221;



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



Shares of Tesla rose by 3.8% to $371.52 on Thursday, reaching levels last seen in early April 2022, pushing year-to-date gains to 50%.



The all-time highs of $414 reached in November 2021 are now approximately 10% above current prices.



Read Next:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42321567/amazon-hits-all-time-highs-eyes-best-2-year-rally-since-2010-cyber-season-marks-record-sales-aws-shines-with-ai-innovations">Amazon Hits All-Time Highs, Eyes Best 2-Year Rally Since 2010: Cyber Season Marks Record Sales, AWS Shines With AI Innovations</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

GOOG

GOOGL

NVDA

TSLA

Tesla's Path To $400: Bank Of America Highlights EV, AI Growth

The OPEC+ group decided on Thursday to extend its collective oil production cuts of 3.65 million barrels per day (bpd) through the end of 2026, solidifying the cartel&#8217;s cautious stance amid global demand concerns and rising output <a href="https://www.benzinga.com/markets/commodities">from non-OPEC+ producers.</a>



During its December meeting, the group also announced a gradual unwinding of cuts starting in April 2025, a move designed to prevent oversupply risks, <a href="https://www.cnbc.com/2024/12/05/oil-prices-little-changed-after-opec-members-delay-production-increase-until-april.html">CNBC </a>reports.



Here are the major takeaways from OPEC+&#8217;s latest meeting and how oil markets reacted to the news.



<h3 class="wp-block-heading">OPEC+ Key Announcements: Long-Term Cuts, Gradual Increases</h3>



<ol>
<li>Extension of Output Cuts OPEC+ confirmed the continuation of its collective cuts of 3.65 million bpd until the end of 2026. This includes both baseline adjustments and voluntary reductions.</li>



<li>Voluntary Cuts Extended Through March 2025 Member countries implementing additional voluntary cuts of 2.2 million bpd, first announced in November 2023, will extend these reductions until the end of March 2025.</li>



<li>Gradual Unwinding Over 18 Months Starting in April 2025, OPEC+ plans to begin a phased increase in production. Instead of the originally anticipated 12-month timeline, the unwinding process will stretch over 18 months, concluding in September 2026. This slower pace reduces monthly additions to the market, helping avoid potential oversupply.</li>



<li>Baseline Boost for UAE The UAE will receive a 300,000 bpd increase to its production baseline starting in April 2025, phased in gradually over the same 18-month period.</li>



<li>Extended Compensation Period Member states that overproduced in the past will now have until June 2026 to compensate for excess output.</li>



<li>Capacity Assessments Extended The group extended its capacity assessment period to November 2026. This is a sensitive issue that often requires delicate negotiations among members, and it helps preserve unity within the group.</li>
</ol>



<h3 class="wp-block-heading">Analyst Insights</h3>



Amena Bakr, senior research analyst at Energy Intelligence, highlighted the significance of the extended timeline for unwinding production cuts: "By pushing voluntary cuts back three months and extending unwinding over 18 months, OPEC+ reduces monthly increments and creates a bigger cushion for compensation cuts. This demonstrates the group's commitment to managing markets cautiously."



Prior to the OPEC+ meeting, Goldman Sachs analysts, including Daan Struyven, stated: &#8220;The rise in compliance and the likely extension of cuts support our view of modest near-term upside to oil prices. We maintain our $76/bbl average 2025 Brent price forecast.&#8221;



Last week, Bank of America warned that uncertainties surrounding key producers like Saudi Arabia, OPEC, and Iran could still disrupt market dynamics.



"The fortunes of commodity exporters will depend on the interplay between negative tariff and interest rate shocks and the positive effects of fiscal easing in China," the bank said in its 2025 economic outlook.



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



The oil market's immediate reaction to the OPEC+ announcements was negative, with prices dipping by about $1 per barrel after early reports of the deal. 



Yet, oil futures managed to trim losses as much of the news aligned with expectations.



Front-month West Texas Intermediate futures – broadly tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) – traded at $68.54 a barrel by 8:35 a.m. in New York, flat for the day.



Broader concerns about slowing global demand and rising non-OPEC+ production continue to weigh on market sentiment.



The muted oil market reaction extended to U.S.energy equities. 



The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) edged up by 0.1% in premarket trading. Major oil players Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) also traded flat.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/12/42334954/us-stocks-likely-to-see-tepid-opening-as-bitcoin-blasts-through-103000-investors-eye-jobless-claims-data-while-blackrock-expects-us-exceptionalism-to-power-earnings-in-2025">US Stocks Likely To See Tepid Opening As Bitcoin Blasts Through $103,000: Investors Eye Jobless Claims Data While BlackRock Expects &#8216;US Exceptionalism&#8217; To Power Earnings In 2025</a></li>
</ul>



Photo: Shutterstock

Sector ETFs

Commodities

Global

OPEC+ Extends Oil Output Cuts To Late 2026: What It Means For Markets

Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) historic surge past $100,000 has sparked varied reactions from industry leaders, who point out its transformative potential among <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41170398/bitcoin-gold-are-the-debasement-trade-in-uncertain-times-jpmorgan">looming economic uncertainties</a>.



Speaking with Benzinga, experts emphasize the milestone&#8217;s significance for decentralized finance, institutional adoption and the evolving global financial ecosystem while urging caution amid market volatility.



Bitcoin surged past the $100,000 milestone on Thursday morning, peaking at $103,679 before stabilizing at $102,450, according to CoinGecko data. 



With its new all time high, Bitcoin is now the world&#8217;s 10th largest currency, only to trail Canadian and Hong Kong dollars.



Bitcoin&#8217;s has triggered varied responses from industry leaders, reflecting on the implications for the cryptocurrency's future, the broader decentralized finance (DeFi) ecosystem, and its interplay with traditional financial markets.



James Toledano, COO of Unity Wallet, described the achievement as a "defining moment" for Bitcoin and the entire DeFi ecosystem. 



"At this record-high price point, it signals growing mainstream acceptance and the culmination of over a decade of innovation," Toledano told Benzinga. 



However, he cautioned against viewing $100K as a stable price floor, citing Bitcoin's history of volatility. "Corrections always come. For new entrants, I'd caution going all-in when the price is at an all-time six-figure high."



Toledano emphasized Bitcoin's potential to catalyze broader adoption of crypto-based payment systems and DeFi protocols, stating, "$100K reinforces the notion that decentralized technologies offer a viable alternative to traditional financial systems."



In a note sent to Benzinga, Raj Brahmbhatt, CEO of Zeebu, highlighted the milestone as validation of Bitcoin's legitimacy as a store of value and its role in redefining financial systems. 



"This isn't just about a number; it's a pivotal moment that underscores the real-world utility of blockchain technology," Brahmbhatt said. 



He also noted that the event signals a shift in public sentiment toward decentralized assets and away from traditional finance.



Sumit Gupta, co-founder of CoinDCX, celebrated the moment as a psychological breakthrough for Bitcoin. 



"It's incredible to see how far we've come—from Satoshi Nakamoto's vision to Bitcoin becoming a significant player in the global financial ecosystem," Gupta said. 



He predicted increased institutional and retail adoption, with Bitcoin becoming further integrated into mainstream investment products.



Also Read: <a href="https://www.benzinga.com/markets/24/12/42324828/xrp-price-explodes-415-in-30-days-experts-analyze-why-xrp-is-going-up">XRP Price Explodes 415% In 30 Days: Experts Analyze Why XRP Is Going Up</a>



Brett Reeves, Head of Go Network at BitGo, viewed the $100K milestone as reflective of Bitcoin's growing appeal as a store of value and hedge against macroeconomic uncertainty. 



"This borderless asset continues to attract adoption by individuals, institutions and governments alike," Reeves said, reiterating the importance of robust infrastructure to support the next wave of adoption.



David Morrison, Senior Market Analyst at Trade Nation, linked Bitcoin's recent surge to optimism surrounding Donald Trump's pro-crypto administration. 



"Investors expect a Trump administration to push for a much friendlier regulatory framework," Morrison noted. 



However, he warned that Bitcoin's trajectory has often included sharp corrections after significant rallies.



Sergei Gorev, Head of Risk at YouHodler, predicted a moderate price increase beyond $100K but cautioned about potential corrections. "The cryptocurrency market is very fond of round numbers, and the price often unfolds in such cases," Gorev explained. He pointed to technical indicators suggesting a correction could be imminent.



Vishal Sacheendran, Head of Regional Markets at Binance, called the milestone a pivotal moment for Bitcoin's transition from a niche asset to a <a href="https://www.benzinga.com/24/12/42282144/will-your-bitcoin-holdings-be-at-risk-if-trump-establishes-a-national-reserve-analyst-says-government-can-employ-carrot-and-stick-policy">mainstream financial instrument</a>.



"Discussions around a U.S. Strategic Bitcoin Reserve and corporate treasury integration signal a shift toward mainstream adoption," Sacheendran said. 



He added that innovations in DeFi, tokenized assets and blockchain interoperability are likely to <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42270361/why-bitcoins-institutionalization-is-a-concern">redefine financial systems</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42323248/trump-nominates-paul-atkins-as-sec-chair-emphasizing-digital-assets-as-key-to-making-america-greater">Trump Nominates Paul Atkins As SEC Chair, Emphasizing Digital Assets As Key To &#8216;Making America Greater&#8217;</a></li>
</ul>



Image: Shutterstock

EXCLUSIVE: Bitcoin Crossing $100,000 Is A 'Defining Moment,' Experts Say

Amazon.com Inc. founder Jeff Bezos offered an optimistic perspective on addressing America&#8217;s national debt crisis, emphasizing economic growth over spending cuts at the New York Times DealBook Summit on Wednesday.



What Happened: &#8220;The way out is by outgrowing them,&#8221; Bezos <a href="https://www.youtube.com/watch?v=s71nJQqzYRQ">said</a>, referring to economic challenges including the deficit and national debt. He advocated for boosting GDP growth to 3-5% annually while maintaining slower debt growth, rather than focusing on debt reduction itself.



&#8220;We need a growth orientation in this country. This is the most important thing&#8230; a growth mindset,&#8221; Bezos said. 



His comments come as the U.S. economy showed 2.8% <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">growth in the third quarter</a>, though the International Monetary Fund projects concerning debt trajectories. According to <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">IMF forecasts</a>, U.S. gross debt as a percentage of GDP is expected to reach 121% in 2024 and climb to 131.7% by 2029.



Bezos&#8217;s growth-oriented approach contrasts with Tesla Inc. CEO Elon Musk&#8216;s recent appointment to lead the Department of Government Efficiency (DOGE), where Musk aims to reduce <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">federal spending and bureaucracy</a>.



See Also: <a href="https://www.benzinga.com/news/global/24/12/42331892/trump-eyes-shyam-sankar-for-pentagon-role-while-palantir-gains-from-border-crisis-contracts-analyst-says-this-is-a-win-for-the-stock">Trump Eyes Shyam Sankar For Pentagon Role While Palantir Gains From Border Crisis Contracts — Analyst Says, &#8216;This Is A Win For The Stock&#8217;</a>



Why It Matters: The DOGE initiative aims to address the federal government's annual $6.5 trillion in spending by identifying and eliminating waste and fraud.&nbsp;



Highlighting America&#8217;s unique advantages, Bezos pointed to the country&#8217;s entrepreneurial environment. &#8220;You can raise $15 million in seed funding to pursue an idea with a chance of working. That&#8217;s incredibly hard for other countries,&#8221; he noted, adding that English&#8217;s status as a global language enhances communication of these ideas worldwide.



The Amazon founder also expressed optimism about potential regulatory reductions under President-elect Donald Trump&#8216;s upcoming term, stating his <a href="https://www.benzinga.com/media/24/12/42331420/jeff-bezos-optimistic-about-trumps-second-term-wants-to-help-streamline-rules-we-do-have-too-many-regulations-in-this-country">willingness to assist</a> in reform efforts while maintaining focus on economic growth rather than purely cost-cutting measures.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/12/42333041/teslas-bitcoin-holdings-criticized-by-gary-black-calls-them-irrelevant-to-tsla-stock-price-and-urges-focus-on-ev-growth-and-capital-allocation">Gary Black Says Tesla&#8217;s Bitcoin Holdings Not &#8216;Relevant&#8217; To TSLA&#8217;s Stock Price, Urges Focus On EV Expansion And Share Buybacks</a></li>
</ul>



Image Via Shutterstock 



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

Entrepreneurship

Jeff Bezos Counters Elon Musk-Led DOGE Cost-Cutting Plan, Says America Needs 'Growth Orientation:' Here's What The Amazon Founder Said To Tackle National Debt

U.S. stocks could open on a weak note on Thursday after the <a href="https://www.benzinga.com/24/12/42332881/dow-settles-above-45000-for-first-time-investor-sentiment-improves-fear-greed-index-in-greed-zone">averages closed at a record high on Wednesday</a>. Futures of all three major indices were marginally down on Thursday, pointing to cautious sentiment on Wall Street.



The tentativeness in U.S. futures comes after Federal Reserve chair Jerome Powell tried to downplay expectations of swift rate cuts, citing a strong economy and uncertainty about inflation.



"The labor market is better, and the downside risks appear to be less in the labor market. Growth is definitely stronger than we thought, and inflation is coming [out] a little higher," Powell said during an interview at the New York Times' DealBook Summit on Wednesday.



"So, the good news is that we can afford to be a little more cautious as we try to find neutral."



However, CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> shows that expectations of a 25-basis-point rate cut in December stand at 74%, up from 66.5% a week ago.



On Thursday, Bitcoin surged past $103,000 for the first time, with the cryptocurrency trading at $102,407 at the time of writing, according to data from <a href="http://pro.benzinga.com">Benzinga Pro. </a>



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.10%</td></tr><tr><td>S&amp;P 500</td><td>-0.02%</td></tr><tr><td>Dow Jones</td><td>-0.01%</td></tr><tr><td>R2K</td><td>0.06%</td></tr></tbody></table></figure>



In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.03% to $607.46 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.10% to $522.72, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



U.S. stocks closed on a positive note on Wednesday, with all three major indices registering healthy gains. The Dow Jones settled above 45,000 for the first time, while the S&amp;P 500 and Nasdaq solidified their gains.



Crude oil prices edged up on Thursday ahead of OPEC+ decision on production.



Treasury yields rose after jobs data revealed private payrolls came in lower than expected.



On the economic data front, U.S. private businesses added 146K workers to their payrolls for the month of November compared to a revised 184K gain in October, versus market estimates of 150K. U.S. factory orders rose by 0.2% from the previous month to $586.7 billion in October. The ISM services PMI fell to 52.1 in November compared to 56 in October and down from market estimates of 55.5.



Most sectors on the S&amp;P 500 closed on a negative note, with energy, materials, and financial stocks recording the biggest losses on Wednesday.



However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session higher.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>1.30%</td><td>19,735.12</td></tr><tr><td>S&amp;P 500</td><td>0.61%</td><td>6,086.49</td></tr><tr><td>Dow Jones</td><td>0.69%</td><td>45,014.04</td></tr><tr><td>Russell 2000</td><td>0.42%</td><td>2,426.56</td></tr></tbody></table></figure>



Insights From Analysts:



Analysts at BlackRock Investment Institute expect American companies to register growth in the upcoming year.



"Currently, across all the scenarios in the outlook, the platform is gravitating towards the US corporate strength scenario, which is another way of calling for US exceptionalism," said BlackRock Investment Institute's chief investment strategist Wei Li at a media roundtable on Wednesday, according <a href="https://finance.yahoo.com/news/blackrock-sees-exceptionalism-powering-us-stocks-higher-in-2025-100025443.html">to</a> Yahoo Finance.



BlackRock strategists are not alone in their bullish outlook on US equities going into 2025.



Wells Fargo strategists also expect a bull run in 2025, giving a target of 7,007 for the S&amp;P 500.



"On balance, we expect the Trump Administration to usher in a macro environment that is increasingly favorable for stocks at a time when the Fed will be slowly reducing rates," said Wells Fargo&#8217;s Christopher Harvey and his team of strategists.



Ryan Detrick, chief market strategist at Carson Group, explained why bears shouldn't bet against equities in December.



"When the S&amp;P 500 was up 20% or more for the year heading into the final month, December has been up nine of the past 10 times," said Detrick in his latest note.



Detrick's analysis shows that big gains in November set equities on a path for a rally in the new year, too.



"Do big monthly gains matter? We'd say yes, as the S&amp;P 500 is up an average of 13.5% a year later and higher nearly 84% of the time after a calendar month gain of more than 5%."



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



Upcoming Economic Data



Thursday's economic calendar includes the release of initial jobless claims data for November and U.S. trade deficit data for October will be released at 8:30 a.m. ET.



Stocks In Focus:



<ul>
<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) <a href="https://www.benzinga.com/markets/equities/24/12/42333575/microstrategy-shares-rise-813-in-pre-market-as-bitcoin-surpasses-100k-driving-institutional-interest-and-490-gains-this-year">stock surged over 8%</a> in premarket trading on Thursday, while Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) surged over 3% after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) hit the <a href="https://www.benzinga.com/24/12/42331261/bitcoin-hits-historic-100000-milestone-michael-saylor-gets-ready-for-party">much-awaited $100,000</a> mark for the first time in its history late night on Wednesday.</li>



<li>SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) stock plunged 15% in premarket trading after the company <a href="https://www.benzinga.com/news/earnings/24/12/42327667/whats-going-on-with-sentinelone-stock-after-hours">missed earnings expectations</a>.</li>



<li>Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) stock fell over 7% in premarket after the software provider's guidance missed estimates.</li>



<li>Five Below Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) stock surged over 13% in premarket after the company raised guidance following strong Black Friday sales and a new CEO announcement.</li>



<li>Investors are awaiting earnings results from Dollar General Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>), Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>), and Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, gaining 0.50% to hover around $68.88 per barrel.



The 10-year Treasury note yield edged up to 4.207%.



Major Asian markets ended mixed on Thursday, while European markets were in the green in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42333041/teslas-bitcoin-holdings-criticized-by-gary-black-calls-them-irrelevant-to-tsla-stock-price-and-urges-focus-on-ev-growth-and-capital-allocation">Gary Black Says Tesla&#8217;s Bitcoin Holdings Not &#8216;Relevant&#8217; To TSLA&#8217;s Stock Price</a></li>
</ul>



Photo courtesy: Wikimedia

Earnings

Futures

Pre-Market Outlook

Markets

COIN

FIVE

LULU

SNPS

US Stocks Likely To See Tepid Opening As Bitcoin Blasts Through $103,000: Investors Eye Jobless Claims Data While BlackRock Expects 'US Exceptionalism' To Power Earnings In 2025

Future Fund LLC Managing Partner Gary Black criticized Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings Wednesday, arguing they have minimal impact on the electric vehicle maker&#8217;s stock value as the cryptocurrency reached record highs.



What Happened: &#8220;The price of Bitcoin is not relevant to Tesla&#8217;s stock price,&#8221; Black wrote on X, noting that even at $100,000 per Bitcoin, Tesla&#8217;s holdings amount to roughly $0.33 per Tesla share. &#8220;My issue has always been capital allocation &#8211; shareholders can buy Bitcoin themselves.&#8221;



Black emphasized Tesla should prioritize its core business investments. &#8220;I want Tesla to build new plants, introduce new EV models, expand its energy business, invest in robotaxi,&#8221; he stated. &#8220;If there is cash left over, management can buy back Tesla stock.&#8221;



The comments came as Bitcoin surpassed $100,000 for <a href="https://www.benzinga.com/24/12/42331261/bitcoin-hits-historic-100000-milestone-michael-saylor-gets-ready-for-party">the first time</a>, reigniting debate about Tesla&#8217;s cryptocurrency investments. Black has consistently opposed Tesla&#8217;s Bitcoin holdings, arguing in June 2021 that they distract from the company&#8217;s EV mission and raise questions about earnings quality.



<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 price of <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> is not relevant to TSLA's stock price (at <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a> = $100K, TSLA <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a> holdings are worth roughly $.33 per TSLA share). My issue has always been capital allocation &#8211; shareholders can buy <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> themselves. I want TSLA to build new plants, introduce new EV models,… <a href="https://t.co/dbqjpmyL5F">https://t.co/dbqjpmyL5F</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1864543038481322009?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/24/12/42331990/dogecoin-follows-bitcoins-100k-flourish-with-9-rally-bullish-predictions-galore-but-watch-out-for-the-lofty-ones">Dogecoin Follows Bitcoin&#8217;s $100K Flourish With 9% Rally As Bullish Predictions Rise, But Here&#8217;s What You Should Know</a>



Why It Matters: Black&#8217;s The Future Fund Active ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFND#NYSE">FFND</a>) reduced its Tesla position to 4.31% from 12.2%, making it <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41870590/tesla-remains-core-for-gary-black-despite-price-cuts-earnings-drop-nvidia-google-eli-lilly-among-top-performers-in-tech-bulls-portfolio">their fifth-largest holding</a>. 



The Future Fund&#8217;s <a href="https://www.benzinga.com/markets/24/11/42159444/gary-black-defends-tesla-trim-at-351-no-one-ever-went-broke-by-taking-profits-amid-stocks-150-surge">average Tesla stock purchase price</a> since early 2023 has been $162, with sales averaging $252. Despite recent criticism from Tesla bulls, Black defended his investment strategy, stating, &#8220;That&#8217;s what professional investors do – buy low, sell high.&#8221;



Tesla maintains its position as the EV market leader with a market cap exceeding $1 trillion.



Price Action: Tesla&#8217;s stock closed at $357.93 on Wednesday, up 1.85% for the day. In after-hours trading, the stock dipped 0.34%. Year to date, Tesla&#8217;s stock has surged 44.08%.



Data from Benzinga Pro shows <a href="https://www.benzinga.com/quote/TSLA/analyst-ratings">Tesla has a consensus price target</a> of $246.16 from 34 analysts, with estimates ranging from a high of $411 to a low of $24.86. Recent ratings from Roth MKM, Stifel, and UBS average $339, suggesting a 4.96% downside from Tesla&#8217;s current price.



<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05024402/Screenshot-2024-12-05-at-1.12.45%E2%80%AFPM-1024x381.png" alt="" class="wp-image-678059"/></figure>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331483/michael-saylors-bitcoin-strategy-drives-microstrategys-490-surge-hedge-fund-cio-says-its-an-extreme-example-of-volatility-monetization">Michael Saylor&#8217;s Bitcoin Strategy Drives MicroStrategy&#8217;s 490% Surge, Hedge Fund CIO Says It&#8217;s An &#8216;Extreme Example&#8217; Of Volatility Monetization</a></li>
</ul>



Image Via Shutterstock 



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

FFND

Gary Black Says Tesla's Bitcoin Holdings Not 'Relevant' To TSLA's Stock Price, Urges Focus On EV Expansion And Share Buybacks

On Wednesday, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the world&#8217;s largest cryptocurrency, crossed the $100,000 barrier for the first time.



What happened: The prized digital asset resisted pushback from bears to eventually surpass the long-awaited milestone.&nbsp;



The news was cheered by the cryptocurrency community, with MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) CEO Michael Saylor, one of the biggest Bitcoin advocates, calling for a $100,000 party.



<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">There is going to be a 100K Party. &#x1f680;<a href="https://t.co/Vo52KQZRe5">https://t.co/Vo52KQZRe5</a>&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1864500456552005731?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/24/12/42282930/cleanspark-sheds-light-on-bitcoin-acquisition-strategy-says-investments-in-core-business-contribute-the-most-to-shareholder-value">CleanSpark CEO Zach Bradford Explains Why The Company Is Betting on Bitcoin Mining, Not Buying</a>



Bitcoin has been set into a record-breaking bull run after President-elect Donald Trump's presidential victory last month. The asset has jumped 48% since the event, and more than 126% year-to-date.&nbsp;



Price Action: At the time of writing, Bitcoin was trading at $100,800.66, up 6.23% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/24/12/42282144/will-your-bitcoin-holdings-be-at-risk-if-trump-establishes-a-national-reserve-analyst-says-government-can-employ-carrot-and-stick-policy">Can Your Bitcoin Be Confiscated If Trump Establishes A National Reserve? Analyst Says Government Can Employ Carrot-And-Stick Policy</a></li>
</ul>

Bitcoin Hits Historic $100K Milestone, Michael Saylor Gets Ready For Party

The <a href="https://www.benzinga.com/general/education/24/07/39717220/warren-buffett-indicator-sounds-alarm-stock-market-levels-now-surpass-dot-com-bubble-great-fina">Buffett Indicator</a> &#8211; a market valuation measure &#8211; is signaling potential danger as it surpasses levels witnessed during the Dot-Com Bubble and the Great Financial Crisis.



What Happened: This indicator, attributed to&nbsp;Berkshire Hathaway Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) CEO Warren Buffett, compares&nbsp;the market capitalization of stocks&nbsp;to the Gross Domestic Product (GDP) to determine if&nbsp;equities are overvalued or undervalued. 



The total market index,&nbsp;tracked by the Wilshire 5000,&nbsp;and the U.S. GDP are used to calculate this ratio. The Wilshire 5000, a market-cap-weighted index, tracks&nbsp;all U.S. publicly traded companies,&nbsp;which includes more than 3,000 firms. The higher the ratio, the more overvalued the market is deemed to be.



Data from Longtermtrends <a href="https://www.longtermtrends.net/market-cap-to-gdp-the-buffett-indicator/">reveals</a> that the current Wilshire 5000-to-GDP ratio stands at approximately 208%, surpassing levels seen prior to both the Dot-Com Bubble and the Great Financial Crisis. 



See Also: <a href="https://www.benzinga.com/markets/24/12/42309028/sp-500s-record-breaking-streak-in-2024-could-signal-caution-for-investors-in-2025-warn-analysts-stocks-do-not-go-up-forever">S&amp;P 500&#8217;s Record-Breaking Streak In 2024 Could Signal Caution For Investors In 2025, Warn Analysts: &#8216;Stocks Do Not Go Up Forever&#8217;</a>



For context, during the height of the Internet stock frenzy in 2000, the Buffett Indicator reached 140%. In 2007, just before the subprime mortgage crisis disrupted global markets, the ratio was around 110%.



In a Fortune <a href="https://www.forbes.com/sites/chuckjones/2016/06/21/warren-buffetts-gdp-to-market-cap-ratio-signaling-low-returns/">article</a> from 2001, Buffett characterized this level as &#8220;playing with fire&#8221; alluding to the dotcom bubble.



&#8220;Nearly two years ago the ratio rose to an unprecedented level,&#8221; Buffett wrote.



&#8220;That should have been a very strong warning signal.&#8221;



Why It Matters: Berkshire&nbsp;has been offloading stocks and <a href="https://www.benzinga.com/markets/equities/24/11/42153356/is-warren-buffett-preparing-for-a-market-downturn-with-berkshire-hathaways-325b-cash-pile-analyst-says-internet-bubble-and-2008-crash-may-have-lessons">bolstering its cash reserves</a> recently. This could be a sign of Buffett&#8217;s wariness of an overpriced market, or it could be setting the stage&nbsp;for potential acquisitions. Buffett has&nbsp;previously expressed that Berkshire would be receptive to such opportunities.



Despite this warning, some analysts remain optimistic about the stock market's future.&nbsp;Bank of America analysts&nbsp;have predicted&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42276232/bank-of-america-eyes-sp-500-at-6666-in-2025-we-are-expecting-another-good-year-for-equities" target="_blank" rel="noreferrer noopener">a positive outlook for stocks in 2025</a>, with the S&amp;P 500 Index expected to reach 6,666 by the end of 2025, marking a 10% increase from current levels. This forecast is based on confidence in productivity gains, resilient corporate earnings, and strategic sector rotation.



Ark Invest's Cathie Wood&nbsp;has also expressed&nbsp;<a href="https://www.benzinga.com/markets/equities/24/12/42262916/ark-invests-cathie-wood-says-stock-market-will-broaden-out-under-trump-but-growth-wont-be-linear-nothing-goes-up-in-a-straight-line" target="_blank" rel="noreferrer noopener">her positive outlook</a>&nbsp;for the stock market under President-elect Donald Trump's administration. She believes that the market is already starting to anticipate a shift, indicating potential future growth.



According to data from <a href="http://pro.benzinga.com">Benzinga Pro</a>, the S&amp;P 500 index, which is tracked by SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), has gained 28.33% so far this year. During the same period, the tech-heavy Nasdaq-100, which is tracked by Invesco QQQ Trust Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), is up 29.91%. 



Read Next:



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<li><a href="https://www.benzinga.com/24/12/42331812/trumps-antitrust-chief-pick-gail-slater-signals-difficult-days-ahead-for-google-heres-why-jim-cramer-sounds-the-alarm">Jim Cramer Says Google Could Be In Hot Water As Trump Taps Gail Slater For Antitrust Position: &#8216;Not A Friend Of Big Tech&#8217;</a></li>
</ul>



Image via Shutterstock.

General

Warren Buffett Labeled It 'Playing With Fire' When The Indicator Named After Him Reached 140% — Cut To Today And It's Over 200%: Is A Market Downturn Looming?

On Wednesday, Walt Disney Co.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) Disney+ announced its expansion in sports content via the integration of ESPN into its platform.



What Happened: Subscribers to the Disney+ bundle, which includes Hulu and ESPN+, will now be able to access all their content in one place.



Standalone Disney+ subscribers will also benefit by gaining access to ESPN+ content, primarily featuring college football and basketball, along with select premium live events.



See Also: <a href="https://www.benzinga.com/24/12/42260222/how-nvidia-ceos-clever-but-nerdy-pick-up-line-turned-a-homework-proposal-into-marriage-while-building-338-trillion-ai-chip-giant-along-the-way?itm_source=parsely-api">How Nvidia CEO Jensen Huang&#8217;s Clever Pick-Up Line Turned A Homework Proposal Into Marriage While Building $3.38 Trillion AI Chip Giant Along The Way</a>



This integration is a step towards launching ESPN&#8217;s direct-to-consumer service Flagship, which is expected in Fall 2025, the company stated in a blog post.



Standalone Disney+ users will have access to live ESPN events, including five NBA games on Christmas Day and the opening day of the Australian Open.



Special broadcasts like the &#8220;Monday Night Football&#8221; alternate featuring The Simpsons and the &#8220;Dunk the Halls&#8221; NBA broadcast are already scheduled for Disney+.



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



Why It Matters: In September, Macquarie analyst Tim Nollen said, the launch of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40946689/disney-faces-more-change-ahead-as-espn-dtc-launch-will-accelerate-cord-cutting-nba-">ESPN&#8217;s direct-to-consumer platform</a> could accelerate cord-cutting trends, which will impact traditional cable revenues.



Earlier this month, it was reported that PENN Entertainment has been closely monitoring <a href="https://www.benzinga.com/general/sports-betting/24/11/41852305/penn-entertainment-analysts-say-all-eyes-remain-on-espn-bet-after-q3-earnings-miss">ESPN&#8217;s integration</a>. The company sees potential growth opportunities in 2025, partly due to ESPN&#8217;s expanded reach and product enhancements.



Disney&#8217;s <a href="https://www.benzinga.com/24/11/41971559/disneys-q4-boosted-by-streaming-gains-strong-box-office-and-solid-parks-performance">fourth-quarter earnings</a> report highlighted a 6% increase in revenue, reaching $22.57 billion, slightly surpassing the projected $22.35 billion from analysts.&nbsp;



Price Action: Disney&#8217;s stock edged up by 0.46% on Wednesday, closing at $116.99, with a further 0.060% increase in after-hours trading. So far this year, Disney shares have risen 28.97%, slightly trailing the Nasdaq 100 index, which has gained 29.91% during the same timeframe, <a href="http://pro.benzinga.com/">as per Benzinga Pro data</a>.



Disney has a consensus price target of $121.41 from 30 analysts, with the highest set at $140 by BofA Securities on Nov. 15. The latest ratings from Needham, Evercore ISI Group, and Needham average $131.33, indicating a potential 12.19% upside.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/DIS/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04204909/Screenshot-2024-12-05-at-7.19.03%E2%80%AFAM-1024x376.png" alt="" class="wp-image-677698"/></a></figure>



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



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<li><a href="https://www.benzinga.com/24/12/42256614/trumps-ai-czar-plans-alibabas-new-model-cathie-wood-on-tesla-ai-and-musks-combat-transformation-this-week-in-artificial-intelligence?itm_source=parsely-api">Trump&#8217;s AI Czar Plans, Alibaba&#8217;s New Model, Cathie Wood On Tesla AI, And Musk&#8217;s Combat Transformation: This Week In Artificial Intelligence</a></li>
</ul>



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

Entertainment

ESPN Lands On Disney+ in Major Content Fusion: Here's What It Actually Means

Mohamed El-Erian, Allianz&#8216;s Chief Economic Advisor, warned on Wednesday about the growing intersection of political and economic challenges in France following Prime Minister Michel Barnier&#8216;s historic no-confidence ouster, even as Greek bonds achieved parity with French sovereign debt for the <a href="https://www.benzinga.com/news/global/24/12/42328909/french-government-collapses-after-vote-of-no-confidence">first time since the Eurozone crisis</a>.



What Happened: &#8220;What we are seeing in France these days is yet another example of messy politics contaminating economics,&#8221; El-Erian wrote on X, distinguishing the current situation from Britain&#8217;s 2022 &#8220;Liz Truss moment&#8221; due to France&#8217;s Eurozone backing and different global financial context.



The political upheaval comes as Greek 10-year sovereign bonds closed their yield gap against French bonds in late November, trading below 3% &#8211; a remarkable turnaround from the peak of the Eurozone crisis when Greek bonds yielded 40 percentage points more than French debt.



<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">I was just asked whether the current political moment in France is a &quot;Liz Truss moment.&quot; Several reasons led me to answer no, including: The Truss moment was about a bad budgetary situation being made worse; the &quot;Barnier moment&quot; is about obstacles to making a bad budgetary…&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1864270186867478530?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Bank of America analyst Athanasios Vamvakidis attributes Greece&#8217;s resurgence to fiscal discipline and economic reforms, with the country expecting a primary budget surplus of 2.4% of GDP this year, <a href="https://www.euronews.com/business/2024/11/29/greek-bonds-mark-historical-milestone-spread-erased-against-france">reported</a> Euronews. Meanwhile, according to Goldman Sachs, France faces mounting pressure over its rising debt-to-GDP ratio, which is projected to reach 118% by 2027.



See Also: <a href="https://www.benzinga.com/24/12/42324505/jerome-powell-says-us-economy-in-remarkably-good-shape-fed-can-be-little-more-cautious-with-interest-rates">Jerome Powell Says US Economy In &#8216;Remarkably Good Shape,&#8217; Fed Can Be &#8216;A Little More Cautious&#8217; With Interest Rates</a>



Why It Matters: Barnier&#8217;s removal followed <a href="https://www.benzinga.com/news/global/24/12/42328909/french-government-collapses-after-vote-of-no-confidence">parliamentary opposition to his proposed</a> €60 billion spending-cut package, with National Rally leader Marine Le Pen calling the budget &#8220;toxic for the French.&#8221; 



The political stalemate threatens to complicate France&#8217;s fiscal consolidation efforts as Eurostat forecasts French economic growth to slow to 0.8% in 2025, while Greece is projected to grow by 2.3%.



President Emmanuel Macron is expected to name a new prime minister, though the political deadlock in the Assembly will likely persist until new elections can be held in July. 



El-Erian noted that while France benefits from Eurozone institutional support, the current situation &#8220;will undermine growth and raise borrowing costs.&#8221;



Investors can track the market&#8217;s response to political turmoil via the iShares MSCI France ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWQ#NYSE">EWQ</a>), offering focused exposure to the French economy. The ETF&#8217;s top holdings feature LVMH Moët Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>), TotalEnergies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>), and Schneider Electric (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBGSY#OTC">SBGSY</a>).



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<li><a href="https://www.benzinga.com/24/12/42322999/unitedhealth-deeply-saddened-and-shocked-by-death-of-brian-thompson-new-york-police-share-update-on-case-with-10k-reward-offered-rockefeller-center-tree-lighting-to-go-on">UnitedHealth &#8216;Deeply Saddened&#8217; By Death Of Executive Brian Thompson: New York Police Offer $10K Reward For Information</a></li>
</ul>



Image Via Shutterstock 



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

Eurozone

LVMHF

SBGSY

Mohamed El-Erian Calls Michel Barnier's Ouster An Example Of 'Messy Politics,' Notes Greek And French Bonds Achieving Historic Parity

Federal Reserve Chair Jerome Powell painted a rosy picture of the U.S. economy ahead of key jobs data due Friday. The strength of the economy is allowing the Fed to be <a href="https://www.benzinga.com/news/econ-s/24/12/42316647/interest-rate-cut-in-december-st-louis-feds-musalem-urges-patient-approach-in-last-mile-to-2">more cautious with interest rates</a>.



What Happened: Speaking at the New York Times DealBook Summit on Wednesday, Powell stressed that the current state of the economy allows the Fed to exercise caution in moving rates back down to a more neutral level.



&#8220;The U.S. economy is in very good shape right now. It&#8217;s in remarkably good shape, we are sort of the envy of other large economies around the world, and I&#8217;m going to do everything I can to keep it there during the rest of my term, and I feel very good about where the economy is and where monetary policy is,&#8221; Powell said.



The economy is growing at about a 2.5% clip and inflation has come down from above 7% to around 2.3%, while unemployment remains in check, the Fed chair said.



&#8220;We&#8217;re not quite there on inflation, but we&#8217;re still making progress &#8230; We&#8217;re now on a path to bring rates back down to a more neutral level over time,&#8221; Powell said.



&#8220;The good news is that we can afford to be a little more cautious as we try to find neutral.&#8221;



If the Fed lowers rates too quickly, it risks undermining the progress the central bank has made on inflation, but if it moves toward neutral too slowly, it could cause unnecessary harm to the labor market.



Check This Out: <a href="https://www.benzinga.com/news/econ-s/24/12/42316647/interest-rate-cut-in-december-st-louis-feds-musalem-urges-patient-approach-in-last-mile-to-2">Interest Rate Cut In December? St. Louis Fed&#8217;s Musalem Urges &#8216;Patient Approach&#8217; In &#8216;Last Mile&#8217; To 2%</a>



Why It Matters: The Fed lowered interest rates <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41820253/fed-cuts-interest-rates-to-lowest-since-february-2023-sticks-to-data-driven-path">by 0.25% in November</a>, bringing the federal funds target range to between 4.5% and 4.75%, marking the lowest levels seen since February 2023.



The Fed is currently in a &#8220;quiet&#8221; period ahead of its next interest rate decision, due on Dec. 18. The implied probability of a 0.25% rate cut at the Fed&#8217;s next meeting currently sits at 75.5%, according to CME Group&#8217;s FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>. Another cut to rates later this month would mark the Fed&#8217;s third consecutive interest rate cut.



Powell <a href="https://www.benzinga.com/news/econ-s/24/11/41991849/powell-with-strong-us-economy-fed-has-no-need-to-be-in-a-hurry-to-lower-rates">said in mid-November</a> that the Fed was in a position to &#8220;carefully&#8221; consider the appropriate level of rate cuts and did not need to &#8220;hurry,&#8221; pushing the odds for another cut in December lower. However, the implied probability moved higher earlier this week after Fed Governor Christopher Waller said he was <a href="https://www.benzinga.com/news/24/12/42282037/federal-reserves-waller-leans-toward-rate-cut-in-december-cites-inflations-downward-path-to-2">&#8220;leaning toward&#8221;</a> a rate cut later this month.



The Fed will get another look at key jobs data on Friday when the Bureau of Labor Statistics reports unemployment figures for November at 8:30 a.m. ET.



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This illustration was generated using artificial intelligence via Midjourney.



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<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Fed Chair Powell speaks at the New York Times DealBook Summit 2024" width="500" height="281" src="https://www.youtube.com/embed/4umAoF9l17c?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>
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Image created using artificial intelligence via Midjourney.

Jerome Powell Says US Economy In 'Remarkably Good Shape,' Fed Can Be 'A Little More Cautious' With Interest Rates

Leading cryptocurrencies spiked Wednesday on Federal Reserve Chair Jerome Powell's favorable comments on Bitcoin and nomination of Paul Atkins as the next U.S. Securities and Exchange Commission Chair.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+2.88%</td><td>$98,465.76</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>+5.01%</td><td>$3,808.09</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>+3.25%</td><td>$0.4253</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency breached $99,000 after a 10-day gap, while Ethereum tapped $3,800 for the first time in six months.&nbsp;



The rally was likely spurred by Powell <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42325788/fed-chair-powell-bitcoin-is-like-gold-just-virtual-and-digital">equating Bitcoin with gold</a> and dispelling notions that the leading cryptocurrency was a threat to the U.S. monetary system.



The appointment of Paul Atkins, perceived to be <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42323248/trump-nominates-paul-atkins-as-sec-chair-emphasizing-digital-assets-as-key-to-making-america-greater">cryptocurrency-friendly</a>, as SEC's next Chair by President-elect Donald Trump, also provided fuel.



More than $513 million was liquidated from the cryptocurrency market in the last 24 hours, with $330 million in bullish bets getting erased.



About $383 million in short positions risked liquidation on Binance if Bitcoin hits $100,000.



Additionally, the number of top trader accounts shorting Bitcoin exceeded those placing bullish bets on the asset, as per Long/Short Ratio.



The "Extreme Greed" strengthened from 78 to 84 in the last 24 hours, per reading from the Cryptocurrency Fear &amp; Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Curve DAO Token (CRV)</td><td>+23.66%</td><td>$1.09</td></tr><tr><td>The Sandbox (SAND)</td><td>+19.72%</td><td>$0.9311</td></tr><tr><td>Gala (GALA)</td><td>+18.08%</td><td>$0.06085</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.58 trillion, following an increase of 1.75% in the last 24 hours.



Stocks extended their record-breaking rally on Wednesday. The Dow Jones Industrial Average jumped 308.51 points, or 0.69%, to close above 45,000 for the first time. The S&amp;P 500 gained 0.61% to end at 6,086.49, while the tech-heavy Nasdaq Composite spiked 1.30%, ending at 19,735.12. All three indexes closed at record highs.



The rally comes amid <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42314234/private-employers-add-fewer-than-predicted-jobs-in-november-manufacturing-was-the-weakest-weve-seen-since-spring">lower-than-expected growth</a> in U.S. private businesses in November.



Investors shrugged off Fed Chair Powell's remarks on moving cautiously with rate cuts given the healthy state of the economy, as odds of a 0.25% slash increased from 72.9% to 74% in the last 24 hours, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool.&nbsp;



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



Analyst Notes: Cryptocurrency analyst venturefounder expected Ethereum to break out of the range where it has been for the last seven years.



"Ethereum to repeat this impulsive breakout it did between 2016-2017 to shoot to new ATH very quickly," the analyst remarked, setting a bold price target of $15,937 by May 2025



<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"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> about to break out of the 3 years of triangle consolidation, and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> could break out of the range where it has been for past 7 yrs. Ethereum to repeat this impulsive breakout it did between 2016-2017 to shoot to new ATH very quickly Price Target: $15,937 by May 2025 <a href="https://t.co/YpOeWmM03T">pic.twitter.com/YpOeWmM03T</a>&mdash; venturefounder (@venturefounder) <a href="https://twitter.com/venturefounder/status/1864411777703833742?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



CrypNuevo, a popular X account known for offering technical analysis, predicted that a decisive close above $98,398 will propel Bitcoin to $104,000-$105,000.



<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"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> update: 4h time frame &#x270d;&#xFE0F; Acceptance above this dotted yellow line, 2-3 candles above it is enough to signal a potential push to $104k-$105k. Very important: candle closes above it! I don&#39;t want wicks (resistance), I want candle closes. In the meantime, patience&#8230; <a href="https://t.co/rAnsPbhzPw">pic.twitter.com/rAnsPbhzPw</a>&mdash; CrypNuevo &#x1f528; (@CrypNuevo) <a href="https://twitter.com/CrypNuevo/status/1864443770902651141?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Citing on-chain data, Influential analyst Ali Martinez revealed that nearly 400 whales, those holding between 100 and 10,000 BTC, have joined the network in the last two weeks.



<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">Around 400 new <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> whales—holding between 100 and 10,000 $BTC—have joined the network in the last two weeks! <a href="https://t.co/7qY6EGOWKv">pic.twitter.com/7qY6EGOWKv</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1864355485291565257?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by SvetlanaParnikova on Shutterstock



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$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Jump On Jerome Powell's Bullish BTC Take, Paul Atkins SEC Nomination: Analyst Highlights Impressive 320% Upside For ETH By May

The New York City shooting death of UnitedHealthcare CEO Brian Thompson Wednesday is believed to be a preplanned and premeditated, police said Wednesday hours after <a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">the attack.</a>



What Happened: Thompson, who was CEO of UnitedHealth Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)&#8217;s insurance division UnitedHealthcare, was fatally shot while outside the New York Hilton Midtown hotel in Manhattan, New York, where the company was hosting its investor day.



Police said the shooting appears to be preplanned and premeditated with the shooter, who is still at large, having known which door Thompson was going to enter and waiting for him there.



New York Police Commissioner Jessica Tisch called Wednesday's shooting a "brazen targeted attack," as <a href="https://www.nytimes.com/live/2024/12/04/nyregion/brian-thompson-uhc-ceo-shot">reported </a>by the New York Times.



New York Chief of Police Jeffrey Maddrey and Chief of Detectives Joseph Kenny also spoke at a Tuesday press conference. 



The shooter fled the scene on a bike, police said. Surveillance video shows the shooter leaving of the scene. There is no audio on the surveillance footage. Police are offering a reward up to $10,000 for more information on the case.



Police said they are trying to identify a witness who was near Thompson when the shooting occurred. 



Thomspon was getting to the conference early to help set up and he did not travel with security detail, according to police, who added that early findings show he did not typically travel with security. 



A cell phone that could belong to the shooter was located in a nearby alley and is undergoing forensics testing. Police also said they have a search warrant and were looking through Thompson's hotel room to try and find more clues. 



Kenny said it was too early to answer whether a silencer was used on the weapon in response to a press question Wednesday. The chief of detectives said it's too early to know if the shooter was a professional but surveillance shows he was able to fix a firing malfunction quickly, suggesting proficiencytwith firearms.



Police are interviewing Thompson's coworkers to see if any threats were recently been made against him and also checking social media for more clues.



Thompson, who joined UnitedHealth Group in 2004 and held various positions, arrived in New York Monday ahead of the conference, according to police.



Read Also: <a href="https://www.benzinga.com/general/health-care/24/12/42317793/unitedhealth-introduces-2025-guidance-ahead-of-now-stopped-investor-conference">UnitedHealth Group Issued 2025 Guidance Ahead Of Now Stopped Investor Conference</a>



Statements Pour In: UnitedHealth Group shared a statement on Wednesday's killing shortly before noon ET.



"We are deeply saddened and shocked at the passing of our dear friend and colleague Brian Thompson, the CEO of UnitedHealthcare. Brian was a highly respected colleague and friend to all who worked with him. We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time. Our hearts go out to Brian's family and all who were close to him," the <a href="https://www.unitedhealthgroup.com/newsroom/2024/2024-12-4-uhg-statement-on-events.html">statement </a>reads.



New York Gov. Kathy Hochul called Wednesday's events "horrific" and said state police will help if they are needed for the investigation.



"Our hearts are with the family and loved ones of Mr. Thompson, and we are committed to ensuring the perpetrator is brought to justice," Hochul said, as reported by the New York Times.



New York City Mayor Eric Adams told reporters the shooting was targeted and "does not appear to be a random act of violence.



U.S. Sen. Amy Klobuchar of Minnesota, where UnitedHealth Group is headquartered, said Wednesday's event was "a horrifying and shocking act of violence."



What's Next: Police officials told the public that the event was preplanned and premeditated and encouraged New Yorkers to go on with their daily routines while also reporting any suspicious activity and taking a look at the surveillance footage to help identify the shooter.



Wednesday's shooting occurred the same day as the lighting of the Christmas tree in Rockefeller Center, located several blocks away from the crime scene. 



The tree lighting, which is set to air as a two-hour special beginning at 8 p.m. ET on Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)-owned NBC and Peacock, will go on as planned.



"We will have a massive police presence," Maddrey said.



Additional police will be located in subways to help ease the concern of New Yorkers traveling to the tree lighting ceremony, Maddrey added.



New York police are using drones, K9 units and aviation with no expenses spared to "keep New Yorkers safe," Maddrey said.



UNH Price Action: UnitedHealth Group stock is up 1% to $613.66 on Wednesday versus a 52-week trading range of $436.38 to $630.73.



Read Next: 



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<li><a href="https://www.benzinga.com/news/legal/24/11/41917050/justice-department-moves-to-block-unitedhealths-amedisys-takeover-whats-going-on">Justice Department Moves To Block UnitedHealth&#8217;s Amedisys Takeover: What&#8217;s Going On?</a></li>
</ul>



Photo via Shutterstock.

Management

Media

CMCSA

UnitedHealth 'Deeply Saddened' By Death Of Executive Brian Thompson: New York Police Offer $10K Reward For Information

Federal Reserve Chair Jerome Powell addressed the perception of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) at the DealBook Summit on Wednesday, asserting that the cryptocurrency is more akin to gold than <a href="https://www.benzinga.com/24/12/42281924/peter-schiff-highlights-lack-of-congressional-support-for-the-bitcoin-reserve-bill">the U.S. dollar</a>.



&#8220;People use Bitcoin as a speculative asset. It&#8217;s like gold—it&#8217;s just virtual and digital,&#8221; Powell <a href="https://x.com/andrewrsorkin/status/1864379310599196846">said</a> during the discussion.



Powell dispelled notions that Bitcoin undermines the Federal Reserve or the strength of the U.S. dollar and highlighted that Bitcoin is not being used as a primary form of payment or as a reliable store of value due to its high volatility. 



&#8220;It&#8217;s not a competitor for the dollar. It&#8217;s really a competitor for gold,&#8221; he added.



Asked about a potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42220158/donald-trump-to-establish-a-national-bitcoin-reserve-pros-vs-cons-compared">national Bitcoin reserve</a>, Powell stressed the Federal Reserve&#8217;s objective of keeping the banking system &#8220;safe and sound.&#8221;



Possible interaction between the cryptocurrency ecosystem and the traditional financial banking system should not threaten the latter&#8217;s health, Powell said.



He further pointed out that it isn&#8217;t the Federal Reserve&#8217;s responsibility to regulate the cryptocurrency industry.



Asked whether he owns any Bitcoin himself, Powell said &#8220;he is not allowed&#8221; to own it.



Also Read: <a href="https://www.benzinga.com/markets/24/12/42322403/michael-saylor-says-microsoft-could-add-4-trillion-in-valuation-by-investing-in-bitcoin">Michael Saylor Says Microsoft Could Add $4 Trillion In Valuation By Investing In Bitcoin</a>



Powell also discussed the state of the U.S. economy, saying it &#8220;is <a href="https://www.benzinga.com/24/12/42324505/jerome-powell-says-us-economy-in-remarkably-good-shape-fed-can-be-little-more-cautious-with-interest-rates">in remarkably good shape.&#8221;</a>



Powell attributed this strength to stable growth and decreasing inflation. 



He noted that the economy is growing at approximately 2.5% annually, while inflation has decreased from over 7% to around 2.3%, all while maintaining steady unemployment rates.



This economic stability allows the Federal Reserve the flexibility to adopt a cautious approach towards reaching a &#8220;neutral&#8221; interest rate level. 



This methodical approach aims to minimize risks; moving too quickly might reverse progress on inflation, while a slow approach might hurt <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42314234/private-employers-add-fewer-than-predicted-jobs-in-november-manufacturing-was-the-weakest-weve-seen-since-spring">the labor market.</a>



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Image: Shutterstock

Fed Chair Powell: Bitcoin Is 'Like Gold, It's Just Virtual And Digital'

Wall Street extended its rally on Wednesday, driven by robust gains in technology stocks, as investor optimism around AI-fueled <a href="https://www.benzinga.com/markets">growth continued to strengthen.</a>



The Nasdaq 100 climbed 0.9%, pushing further into record territory following Tuesday&#8217;s highs. The S&amp;P 500 advanced 0.4%, hitting 6,077—a fresh record-high milestone—eyeing its twelfth gain in thirteen sessions.



Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) advanced over 2% by midday, breaking all-time highs previously set in November. The e-commerce giant&#8217;s gains were bolstered by strong early holiday sales and optimism stemming from the AWS annual conference, where AI <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42321567/amazon-hits-all-time-highs-eyes-best-2-year-rally-since-2010-cyber-season-marks-record-sales-aws-shines-with-ai-innovations">advancements took center stage.</a>



Fresh economic data offered a mixed narrative. The ISM services index showed a slower-than-expected growth in November, while ADP reported private payroll growth of 146,000 for the month, slightly under the <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42314234/private-employers-add-fewer-than-predicted-jobs-in-november-manufacturing-was-the-weakest-weve-seen-since-spring">consensus estimate of 150,000.</a>



St. Louis Federal Reserve President Alberto Musalem struck a cautious tone on monetary policy, suggesting a potential slowdown or pause in the pace of interest rate cuts <a href="https://www.benzinga.com/news/econ-s/24/12/42316647/interest-rate-cut-in-december-st-louis-feds-musalem-urges-patient-approach-in-last-mile-to-2">might soon be warranted.</a>



The dollar weakened after the ISM report, while U.S. Treasury yields erased earlier gains and remained steady by midday.



In commodities, gold added 0.3%, while natural gas and crude oil prices declined 2.6% and 1%, respectively.



Meanwhile, the cryptocurrency market struggled to keep up with the broader risk-on mood. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped 0.2%, trading just above $95,000



<h2 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg</td><td>%</td></tr><tr><td>Nasdaq 100</td><td>21,428.69</td><td>+199.37</td><td>0.9%</td></tr><tr><td>S&amp;P 500</td><td>6,073.20</td><td>+23.32</td><td>0.4%</td></tr><tr><td>Dow Jones</td><td>44,864.46</td><td>+158.93</td><td>0.4%</td></tr><tr><td>Russell 2000</td><td>2,422.11</td><td>+5.76</td><td>0.2%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120224&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $606.41.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $449.79.</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>) rallied 1% to $521.87.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.3% to $240.68.</li>



<li>The&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, rising 1.6%; the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 2.4%.</li>
</ul>



<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>



<ul>
<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) rose over 7% in reaction to its quarterly results, which delivered slightly lower-than-expected earnings. </li>



<li>Other stocks reacting to earnings included Pure Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) up 24%, Okta Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) up 4.8%, The Campbells Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPB#NASDAQ">CPB</a>) down 6%, Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) up 2.4%, and Chewy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) down 3.8%.</li>



<li>Companies slated to report their earnings after the close are Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>), PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) and Five Below Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>). </li>
</ul>



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Image created using artificial intelligence via Midjourney.

AMZN

DLTR

MRVL

OKTA

PSTG

Tech Stocks Extend Record Highs On AI Optimism, Marvell Rockets, Bitcoin Hovers Near $95,000: What's Driving Markets Wednesday?

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