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AlphaVest Acquisition Corp - Right

Many are concerned about the accessibility of social security services as the <a href="https://www.benzinga.com/personal-finance/25/02/43957909/social-security-in-uncertain-times-what-the-resignation-of-michelle-king-and-musks-doge-data-push-could-mean-for-beneficiaries-2">Social Security Administration</a> faces office closures. As of Feb. 26, several locations have been closed or consolidated due to budget cuts and a federal push for streamlining government operations.&nbsp;
These changes, made by <a href="https://www.benzinga.com/news/25/02/43962364/president-trump-says-inflation-is-back-claims-its-not-his-fault-but-bidens-i-had-nothing-to-do-with-it">President Donald Trump</a>'s administration and the Department of Government Efficiency, have left many beneficiaries wondering how these closures will impact their access to important services.&nbsp;
<h2 class="wp-block-heading">Why Are Offices Closing?&nbsp;</h2>
The federal government has initiated widespread efforts to reduce operational costs, led by <a href="https://www.benzinga.com/markets/25/02/43906977/elon-musks-doge-savings-of-55-billion-may-be-overstated-wsj-analysis-reveals-the-likely-actual-figure">DOGE</a>, including terminating leases for 7,500 federal buildings, some of which are used by the SSA, <a href="https://www.newsweek.com/full-list-social-security-office-closings-after-doge-cuts-2035533">according to Newsweek</a>. Already struggling with staffing shortages, the SSA's closures may worsen delays for beneficiaries.&nbsp;
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Former SSA Commissioner Martin O'Malley testified to Congress last year the agency would be serving 7 million more beneficiaries with considerably less staff by the end of 2024. He also warned that the SSA can't "keep doing more with less" while budget constraints force the agency to its lowest staffing level in 25 years.&nbsp;
<h2 class="wp-block-heading">Which Locations Are Affected?</h2>
The following Social Security offices have either closed or are in the process of closing:
<ul>
<li>White Plains, New York</li>
<li>Logan, West Virginia</li>
<li>Carlsbad, California</li>
<li>Roanoke Rapids, North Carolina</li>
<li>Batesville, Arkansas</li>
<li>Columbus, Ohio</li>
<li>Okemos, Michigan</li>
<li>Nacogdoches, Texas</li>
<li>Green Bay, Wisconsin</li>
<li>Las Vegas</li>
</ul>
While some offices have been consolidated or reassigned to new locations, the closures are expected to lead to longer wait times and more difficulty for beneficiaries trying to access services.&nbsp;
Trending: The average 401(k) balance soars to a record-breaking high – <a href="https://www.benzinga.com/money/average-401k-balances-soars-to-record-high">Here's how to know if your nest egg is keeping pace.</a>
<h2 class="wp-block-heading">Concerns For Travel and Disabled Beneficiaries</h2>
The closures and consolidation of offices raise particular concerns for individuals with disabilities. As Mary Ellen O&#8217;Connor, founder of O&#8217;Connor Law PLLC, told Newsweek these individuals often rely on accessible, local offices to receive support. For many, traveling long distances or navigating online systems is not a viable option.
&#8220;Disabled individuals seeking benefits face unique obstacles,&#8221; O&#8217;Connor said. &#8220;Many rely on local, accessible offices and personalized support, and the move to remote hearings and longer travel distances creates extra barriers.&#8221;
These challenges are particularly pronounced for people with limited transportation options, those who require special accommodations, and those struggling with digital literacy. While online hearings may be helpful for some, O&#8217;Connor emphasized that they are not suitable for everyone, especially those with hearing or visual impairments.
The changes have sparked concern among lawmakers as well. Sen. Kirsten Gillibrand (D-NY) York, sent a letter to the SSA regarding the closure of the White Plains office.&nbsp;
&#8220;As the only hearing office in the lower Hudson Valley region, its closure will
negatively impact thousands of constituents who reside in these seven counties,&#8221; Gillibrand wrote. "If SSA does not open an alternative site, beneficiaries will be required to travel between 24 and 135 miles to be serviced by the closest offices."&nbsp;
She also noted that travel costs and time would significantly increase, creating hardship for many.
See Also: Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.
<h2 class="wp-block-heading">What Happens Next?</h2>
With these closures, it's essential for beneficiaries to stay informed about any changes to their local offices. The SSA has advised individuals to check their website for updates and to consider using online services where possible.&nbsp;
For beneficiaries who rely on in-person support, alternatives may not always be available. The SSA is also grappling with a <a href="https://www.benzinga.com/news/25/02/43871609/trumps-federal-workforce-downsizing-plan-gets-green-light-from-judge-appeal-by-unions-dismissed">reduced workforce</a> and increasing backlogs. The agency is working to ensure that services continue, but the closures and staff shortages may lead to delays in processing claims and handling cases.
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Personal Finance

Thousands Face Longer Waits As Social Security Offices Close—See The Affected Locations

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Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

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BWS Financial analyst Hamed Khorsand maintains Ecovyst (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECVT#NYSE">ECVT</a>) with a Buy and maintains $12 price target.

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Analyst Ratings

ECVT

BWS Financial Maintains Buy on Ecovyst, Maintains $12 Price Target

Tech giants that have <a href="https://www.benzinga.com/25/02/43653386/this-analyst-gives-three-reasons-to-trim-magnificent-seven-holdings-lowering-exposure-is-prudent">dominated Wall Street for two years are losing their grip</a>, with the so-called Magnificent Seven stocks shedding about $1.4 trillion in market value since December, <a href="https://www.bloomberg.com/news/articles/2025-02-25/magnificent-7-dips-into-correction-territory-with-tesla-lagging?srnd=homepage-americas&amp;embedded-checkout=true">Bloomberg reported Tuesday</a>. 
The <a href="https://www.bloomberg.com/professional/products/indices/quote/BM7T:IND">Bloomberg Magnificent Seven index</a>—tracking Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Google parent Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>, GOOGL)) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)—has fallen roughly 10% from its December peak, officially entering correction territory.
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Tesla has been the hardest hit, followed by Microsoft and Alphabet. Elon Musk&#8216;s electric vehicle maker initially surged after President Donald Trump&#8216;s November election victory but has since faced declining sales and intensifying competition from Chinese rivals like BYD. 
Meta stands as the lone bright spot, bucking the downward trend as investors endorse its AI strategy. The Facebook parent recorded a 19<a href="https://www.benzinga.com/25/02/43726758/meta-platforms-could-break-winning-streak-missing-20th-day-of-gains-as-overbought-conditions-employee-layoffs-dampen-sentiment">-day winning streak in February</a>, adding more than $320 billion in market value. 
&#8220;The stock market has lost its leadership,&#8221; Jim Paulsen, an independent market strategist, told&nbsp; the <a href="https://www.ft.com/content/fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c">Financial Times</a>.
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It's a pivot from 2023 and 2024, when the seven companies posted enormous gains and drove the broader market higher. The Magnificent Seven had surged more than 160% between the start of 2023 and the end of 2024, <a href="https://www.ft.com/content/fa5d3b2d-b3b3-4bb4-a5a4-765b7560e02c">according to the FT</a>, but the index has added just 1% so far this year. 
Investors are rotating into other sectors, with U.S. bank stocks attracting almost $2 billion in the week ended Feb. 3—the second-largest weekly inflow since 2008, according to Bank of America data cited by FT. Healthcare companies, European equities, gold, and smaller tech groups have also benefited from this repositioning.
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Meanwhile, money is increasingly flowing toward privately held tech companies, with Anthropic, Coreweave, Databricks, OpenAI, Perplexity, ScaleAI and xAI—now dubbed the &#8220;Private Magnificent Seven,&#8221; seeing their cumulative valuation rise 40% between July and January, according to FT. 
Most market watchers view the broadening gains as healthy for what had become an expensive, top-heavy market. However, JPMorgan analysts led by Mislav Matejka caution that faster AI adoption and fewer barriers to entry could spell long-term trouble for the established tech giants. 
&#8220;Historically, it was never the incumbents which benefited from technological disruption, but the outsiders,&#8221; Matejka told FT.
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AMZN

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GOOGL

MSFT

NVDA

TSLA

Wall Street Is Shying Away From The 'Mag-7' As $1.4 Trillion In Value Leaks Out

Macquarie analyst Aaron Lee maintains Playtika Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTK#NASDAQ">PLTK</a>) with a Neutral and lowers the price target from $7 to $6.

PLTK

Macquarie Maintains Neutral on Playtika Holding, Lowers Price Target to $6

Canaccord Genuity analyst Joseph Vafi maintains Blend Labs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLND#NYSE">BLND</a>) with a Buy and lowers the price target from $5.75 to $5.25.

BLND

Canaccord Genuity Maintains Buy on Blend Labs, Lowers Price Target to $5.25

Scotiabank analyst Nicholas Yulico maintains SL Green Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) with a Sector Perform and lowers the price target from $81 to $75.

Scotiabank Maintains Sector Perform on SL Green Realty, Lowers Price Target to $75

Scotiabank analyst Patrick Colville maintains Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) with a Sector Outperform and raises the price target from $127 to $140.

ESTC

Scotiabank Maintains Sector Outperform on Elastic, Raises Price Target to $140

Scotiabank analyst George Farmer maintains Janux Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JANX#NASDAQ">JANX</a>) with a Sector Perform and lowers the price target from $62 to $41.

JANX

Scotiabank Maintains Sector Perform on Janux Therapeutics, Lowers Price Target to $41

Scotiabank analyst Andres Coello maintains Millicom Intl Cellular (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGO#NASDAQ">TIGO</a>) with a Sector Outperform and raises the price target from $37.3 to $37.9.

TIGO

Scotiabank Maintains Sector Outperform on Millicom Intl Cellular, Raises Price Target to $37.9

Scotiabank analyst Nat Schindler maintains PubMatic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PUBM#NASDAQ">PUBM</a>) with a Sector Perform and lowers the price target from $17 to $15.

PUBM

Scotiabank Maintains Sector Perform on PubMatic, Lowers Price Target to $15

Scotiabank analyst Andrew Weisel maintains FirstEnergy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>) with a Sector Outperform and lowers the price target from $50 to $44.

Scotiabank Maintains Sector Outperform on FirstEnergy, Lowers Price Target to $44

Stablecoins have emerged as a force in global finance, with transaction volumes reaching $27.6 trillion last year and mainstream financial institutions increasingly drawn to their potential, <a href="https://www.economist.com/finance-and-economics/2025/02/23/stablecoins-the-real-crypto-craze">The Economist</a> reported Monday. 
Tether, the market leader holding $113 billion in assets, now controls 70% of a rapidly expanding ecosystem that&#8217;s moving beyond cryptocurrency trading into everyday payments, remittances, and wealth preservation in inflation-prone economies.
In Istanbul&#8217;s Grand Bazaar, traders deal millions of dollars daily, mostly exchanged for stablecoins. Unlike volatile cryptocurrencies like Bitcoin, stablecoins maintain a steady value pegged to traditional currencies, typically the U.S. dollar, and are backed by reserves of cash and government bonds.
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The market has evolved, with stablecoin activity accounting for two-fifths of all transactions on public blockchains in 2023, up from just one-fifth in 2020. According to data cited by The Economist, their utility extends well beyond crypto trading.
Turkey has become the world&#8217;s largest stablecoin market relative to economic size, with purchases alone worth 4.3% of GDP in the <a href="https://cointelegraph.com/news/stablecoin-buys-turkey-4-percent-gdp">year ended March 2024</a>.&nbsp;
Nearly half of stablecoin users in emerging markets are using them as a store of value, according to a <a href="https://castleisland.vc/writing/stablecoins-the-emerging-market-story/">joint survey by Castle Island Ventures</a> and Visa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) across five countries including Turkey.
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Bernstein, a broker, said that stablecoins&#8217; market capitalization has increasingly decoupled from broader cryptocurrency trends as they gain real-world adoption. The separation is a shift in how digital assets function in global markets.
Tether generates substantial revenue by investing its reserves, <a href="https://tether.io/news/tether-hits-13-billion-profits-for-2024-and-all-time-highs-in-u-s-treasury-holdings-usdt-circulation-and-reserve-buffer-in-q4-2024-attestation/">with 72% of its assets currently held in U.S. Treasury bonds</a>. Rising yields have transformed this strategy into a lucrative income stream. However, its dominant position raises systemic concerns.
Financial experts warn that a loss of confidence in Tether could trigger market instability similar to the <a href="https://www.benzinga.com/money/why-did-terra-luna-crash">2022 collapse of Terra-Luna</a>, an algorithmic stablecoin system. Rajeev Bamra, Moody's Head of Strategy, Digital Economy told The Economist that Tether&#8217;s lack of transparency compounds the risks.
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Regulatory responses vary globally. European exchanges delisted Tether in January for non-compliance with new EU regulations. Tether CEO Paolo Ardoino criticized the rules, particularly requirements to hold 60% of reserves in bank deposits, saying that &#8220;if a bank fails, the stablecoin fails with it.&#8221;
 The U.S. appears to be moving in the opposite direction. <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">President Donald Trump signed an executive order</a> in January directing officials to create a regulatory framework for digital assets within six months, declaring America would become &#8220;<a href="https://www.whitehouse.gov/fact-sheets/2025/01/fact-sheet-executive-order-to-establish-united-states-leadership-in-digital-financial-technology/">the crypto capital of the planet</a>&#8221; and supporting &#8220;<a href="https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/">lawful and legitimate dollar-backed stablecoins</a>&#8221; to strengthen the dollar&#8217;s global position.
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A $113 Billion Market That Prints Cash? How Stablecoins Became Wall Street's Next Obsession

Scotiabank analyst Nicholas Yulico maintains Realty Income (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/O#NYSE">O</a>) with a Sector Perform and lowers the price target from $59 to $57.

Scotiabank Maintains Sector Perform on Realty Income, Lowers Price Target to $57

Scotiabank analyst Nicholas Yulico maintains Federal Realty Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRT#NYSE">FRT</a>) with a Sector Outperform and lowers the price target from $126 to $117.

Scotiabank Maintains Sector Outperform on Federal Realty Investment, Lowers Price Target to $117

Scotiabank analyst Greg McGinniss maintains Essential Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPRT#NYSE">EPRT</a>) with a Sector Perform and lowers the price target from $33 to $32.

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