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Needham analyst Bernie McTernan maintains DraftKings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) with a Buy and lowers the price target from $65 to $60.

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DKNG

Needham Maintains Buy on DraftKings, Lowers Price Target to $60

U.S. stock futures jumped on Monday after a muted day of trade on Friday. Futures of major benchmark indices were trading over 2% in premarket.
U.S. and China announced a <a href="https://www.benzinga.com/markets/equities/25/05/45341884/apple-amazon-nvidia-rise-in-monday-premarket-as-us-china-agree-to-90-day-tariff-truce-neither-side-wants-a-decoupling">90-day truce</a> to pause the reciprocal tariffs on Monday and revised it from 125% to 10%.&nbsp;This comes after the White House and Chinese officials signaled significant <a href="https://www.benzinga.com/news/global/25/05/45337811/trump-announces-total-reset-as-us-china-trade-talks-aim-to-end-tariff-war">headway in trade negotiations</a> held in Geneva over the weekend.
The U.S. will maintain its 20% tariffs on Chinese imports linked to fentanyl, keeping the overall tariff level on China at 30%. "We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,&#8221; said the Treasury Secretary Scott Bessent after the talks.
The U.S.-China joint statement also indicated Beijing&#8217;s agreement to suspend or remove all non-tariff countermeasures implemented since April 2, including sanctions on specific U.S. firms and export limits on crucial minerals, according <a href="https://www.scmp.com/economy/global-economy/article/3309975/china-us-reduce-majority-tariffs-after-first-round-trade-talks?module=top_story&amp;pgtype=homepage">to</a> the South China Morning Post.
Meanwhile, the 10-year Treasury bond yielded 4.44% and the two-year bond was at 3.98%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 92.1% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting. 
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>2.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>2.76%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>3.68%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>3.16%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were slightly higher in premarket on Monday. The SPY was up 2.74% to $579.80, while the QQQ advanced 3.81% to $506.54, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From Last Session:
Energy, real estate, consumer discretionary, and materials sectors advanced on Friday. While health care, communication services, consumer staples, and information technology sectors declined.
On the company-specific front, EchoStar Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SATS#NASDAQ">SATS</a>) rose 1.43% on Friday after reporting quarterly sales of $3.87 billion, down 3.6% year-over-year, in line with the Street view.
Plains All American Pipeline LP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAA#NASDAQ">PAA</a>) fell nearly 3% after it reported first-quarter revenue of $12.011 billion, missing the consensus of $14.26 billion. Adjusted EPS was 39 cents, missing the consensus of 43 cents.
The Dow Jones index declined 119 points or 0.29% to 41,249.38, whereas the S&amp;P 500 index fell 0.071% to 5,659.91. Nasdaq Composite ended 0.004% higher at 17,928.92, and the small-cap gauge, Russell 2000, dropped 0.16% to 2,023.07.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>0.004%</td>
<td>17,928.92</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.071%</td>
<td>5,659.91</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.29%</td>
<td>41,249.38</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.16%</td>
<td>2,023.07</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
After last week, 90% of the S&amp;P 500 companies have reported quarterly results, and the performance has been strong relative to expectations, said Brian Therien, the investment strategist at Edward Jones.
Seventy-eight percent have beaten analyst estimates, with an average upside surprise of 8.6%, he highlighted. Forecasts for first-quarter earnings growth of S&amp;P 500 companies have been revised higher to 13.2%, from 6.7% at the end of the quarter.
Performance has been broad, with eight of the 11 sectors forecast to report higher earnings year-over-year.
&#8220;Wider earnings growth should drive more balanced market performance across sectors, strengthening the case for portfolio diversification, in our view,&#8221; Therien added.
Charles Schwab said in a note that they are maintaining a neutral &#8220;marketperform&#8221; rating on all sectors, a shift it made in April after the White House announced broad-reaching tariffs on imports.
&#8220;Uncertainty about the ultimate level and timing of the tariffs has made it difficult to assert a view on which sectors might outperform or underperform the S&amp;P 500 index, so we are holding all sector ratings at Marketperform until we have more clarity on trade policy,&#8221; the note stated.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>
Upcoming Economic Data
Here&#8217;s what investors will keep an eye on this week:
<ul class="wp-block-list">
<li>On Monday, Fed Governor Adriana Kugler will speak at 10:20 a.m., and April&#8217;s monthly U.S. federal budget data will be released by 2:00 p.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Tuesday, April&#8217;s NFIB optimism index will be out by 6:00 a.m., whereas headline and core CPI data for April will be released by 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Wednesday, Fed Governor Christopher Waller will speak at 5:15 a.m., Fed Vice Chair Philip Jefferson will speak at 9:10 a.m., and San Francisco Fed President Mary Daly will speak at 5:40 p.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Thursday, the initial jobless claims data for the week ended May 10 will be out by 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>April&#8217;s U.S. retail sales, core and headline producer price index, May&#8217;s Empire State manufacturing survey, and Philadelphia Fed manufacturing survey will also be announced at 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>Fed Chairman Jerome Powell will speak at 8:40 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>April&#8217;s industrial production and capacity utilization will be out by 9:15 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>March&#8217;s business inventories data and May&#8217;s home builder confidence index will be released by 10:00 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>Fed Governor Michael Barr will speak at 2:05 p.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>On Friday, April&#8217;s import price index, housing starts, and building permit data will be released by 8:30 a.m. ET.</li>
</ul>
<ul class="wp-block-list">
<li>The preliminary consumer sentiment for May will be released by 10:00 a.m. ET.</li>
</ul>
Stocks In Focus:
<ul class="wp-block-list">
<li>Fox Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>) rose 0.52% in premarket on Monday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of 91 cents per share on the revenue of $4.18 billion.</li>
</ul>
<ul class="wp-block-list">
<li>NRG Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) jumped 3.08% as Wall Street expects it to report earnings of $1.49 per share on revenue of $7.83 billion. before the opening bell.</li>
</ul>
<ul class="wp-block-list">
<li>Southwest Gas Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWX#NYSE">SWX</a>) dropped 4.85% ahead of its earnings. Analysts expect earnings of $1.50 per share on revenue of $1.50 billion.</li>
</ul>
<ul class="wp-block-list">
<li>Davita Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>) was up 2.94% as Wall Street expects it to report earnings of $1.95 per share on revenue of $3.21 billion after the closing bell.</li>
</ul>
<ul class="wp-block-list">
<li>Hawaiian Electric Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HE#NYSE">HE</a>) was 0.095% above the flatline after it reported first-quarter earnings of 23 cents per share, in line with market estimates. The company reported $744.07 million in sales during the quarter.</li>
</ul>
<ul class="wp-block-list">
<li>Rio Tinto PLC ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) was up 2.93% after it signed a definitive agreement for the Winu project joint venture with Sumitomo Metal Mining.</li>
</ul>
<ul class="wp-block-list">
<li>Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>) slumped 6.65% after announcing an agreement to acquire MAG Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAG#NYSE">MAG</a>), which was up 6.62% in premarket.</li>
</ul>
<ul class="wp-block-list">
<li>Alibaba Group Holding Ltd. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) was up 7.18%, JD.Com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) jumped 6.05%, Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) advanced 4.64%, whereas PDD Holdings Inc. ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) gained 8.24% along with other Chinese peers amid the ongoing U.S.-China talks on tariff reductions.</li>
</ul>
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 2.85% to hover around $62.76 per barrel.
Gold Spot US Dollar fell 2.74% to hover around $3,233.54 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 1.10% at the 101.4460 level.
Asian markets ended higher on Monday as India's S&amp;P BSE Sensex, South Korea's Kospi, China&#8217;s CSI 300, Japan's Nikkei 225, Australia's ASX 200, and Hong Kong's Hang Seng index rose. European markets were also higher in early trade.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/government/regulations/25/05/45340465/bill-ackman-slams-subsidies-for-contributing-to-37-trillion-national-debt-hails-trumps-drug-price-order">Bill Ackman Slams Subsidies For Contributing To $37 Trillion National Debt, Hails Trump&#8217;s Drug Price Order </a></li>
</ul>
Image via Shutterstock

Analyst Color

Asia

Earnings

Earnings Beats

Earnings Misses

Equities

Government

Macro Economic Events

Macro Notification

Market Summary

Regulations

Bonds

Broad U.S. Equity ETFs

Guidance

Emerging Markets

Eurozone

Futures

Commodities

Forex

Treasuries

Economics

Federal Reserve

Pre-Market Outlook

Markets

ETFs

General

BABA

BIDU

FOXA

PAAS

Citigourp Global Markets 2% Protected Notes Linked To The Djia

SATS

US Stock Futures Rise As US, China Agree To 90-Day Tariff Pause: 'Wider Earnings Growth Should Drive More Balanced Market Performance,' Says Expert

On Saturday, in his first formal address to cardinals, Pope Leo XIV described artificial intelligence as a transformative force akin to the Industrial Revolution.
What Happened: "In our own day, the Church offers to everyone the treasury of her social teaching in response to another industrial revolution and to developments in the field of artificial intelligence," the new pope said in Italian, <a href="https://edition.cnn.com/2025/05/10/europe/pope-leo-prevost-cardinals-artificial-intelligence-intl">reported </a>CNN.
Adding, "These pose new challenges for the defense of human dignity, justice and labor."
Born Robert Prevost in Chicago, Leo XIV became the first U.S.-born pontiff when he was elected Thursday.
He chose his papal name in honor of Pope Leo XIII, who in 1891 issued Rerum Novarum, a foundational document of Catholic social teaching that addressed the upheavals of the Industrial Revolution, the report noted.
See Also:&nbsp;<a href="https://www.benzinga.com/25/04/44916290/pope-francis-the-peoples-pope-dies-at-88-tributes-pour-in-from-trump-king-charles-tim-cook-joe-biden-jimmy-fallon-and-more" target="_blank" rel="noreferrer noopener">Pope Francis, The People's Pope, Dies At 88: Tributes Pour In From Trump, King Charles, Tim Cook, Joe Biden, Jimmy Fallon, And More</a>
The new pope also signaled strong continuity with the late Pope Francis, praising his "complete dedication to service and to sober simplicity of life."
Why It's Important: Previously, a review of the new Pope's social media activity on X revealed that Pope Leo XIV had <a href="https://www.benzinga.com/news/global/25/05/45308582/pope-leo-xiv-didnt-spare-trump-administration-criticism-on-social-media-now-the-president-says-hes-excited-and-looking-forward-to-meeting-the-first-americ">shared posts critical</a> of Donald Trump-era policies, including opposition to anti-immigrant rhetoric, the death penalty and congressional inaction on gun reform.
He has also reposted content challenging Vice President JD Vance's interpretations of Christianity.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/05/45307459/pope-leo-xiv-themed-memecoins-surge-after-us-born-robert-francis-prevost-becomes-romes-new-bishop" target="_blank" rel="noreferrer noopener">Pope Leo XIV-Themed Memecoins Surge After US-Born Robert Francis Prevost Becomes Rome's New Bishop</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.

Tech

Media

First American Pope Leo XIV Calls Artificial Intelligence Another Industrial Revolution

On Sunday, University of Michigan economist Justin Wolfers highlighted the unusual carveouts in the new U.S.-U.K. trade framework, with leading British brands such as Rolls-Royce Plc, Aston Martin, Bentley, and several other high-end automakers effectively dodging the tariffs.
What Happened: During his appearance on Times Radio, Wolfers called the decision &#8220;politically insane,&#8221; arguing that it undermines the administration's stated goal of protecting American workers and reshoring production.
Wolfers finds it amazing that President Donald Trump said &#8220;we've got to give them a break on the Rolls-Royces because they're beautifully made, handcrafted cars,&#8221; since the &#8220;whole point of the tariffs is to bring production to America,&#8221; he says.
See Also: <a href="https://www.benzinga.com/25/05/45341851/ross-gerber-calls-waymos-self-driving-taxis-better-than-human-says-theyre-tough-competition-for-uber-and-tesla">Ross Gerber Calls Google-Backed Waymo&#8217;s Self-Driving Taxis &#8216;Better Than A Human,&#8217; Says They&#8217;re &#8216;Tough Competition&#8217; For Uber And Tesla</a>
&#8220;We have tariffs on bananas, something no American worker is ever going to learn to grow,&#8221; Wolfers said, pointing to similarly inexplicable duties on vanilla and diamonds, which the U.S. can't produce or mine. And yet, &#8220;the one thing we definitely can't do [without] is Rolls-Royces, so that gets a special carveout.&#8221;
Wolfers wonders if &#8220;these people&#8221; just see the parking lot at Mar-a-Lago and think &#8220;well that's what people drive, that will help working and middle class Americans,&#8221; highlighting the absurdity of this move.
Why It Matters: Wolfers has repeatedly criticized the aimless, shifting goalposts and <a href="https://benzinga.com/markets/25/04/45091467/trump-can-either-have-his-cake-or-eat-it-economist-justin-wolfers-calls-out-presidents-fundamental-incoherence-on-trade-deals-and-tariffs">&#8220;fundamentally incoherent&#8221; nature</a> of Trump&#8217;s tariffs. Just a week ago, he stated that Trump can either have a deal or tariff revenue, no both.
Just a day after the &#8220;Liberation Day&#8221; tariffs were unveiled, Wolfers called it &#8220;monstrously destructive,&#8221; and something <a href="https://benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive">that would hurt</a> &#8220;working Americans more than anyone else.&#8221;
Automakers General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) have joined in on the criticism of <a href="https://benzinga.com/25/05/45314561/trumps-uk-trade-deal-draws-criticism-from-ford-gm-stellantis-this-hurts-american-automakers-suppliers-and-auto-workers">Trump&#8217;s trade deal</a> with U.K., saying that &#8220;it will now&nbsp;be cheaper to import a&nbsp;U.K. vehicle with very little&nbsp;U.S. content than a USMCA&nbsp;compliant vehicle from Mexico or&nbsp;Canada that is half American&nbsp;parts.&#8221; 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="‘If I was British I'd be p&#x2A;&#x2A;sed' Trump's UK deal is not the end of the trade war &#x7C; Justin Wolfers" width="500" height="281" src="https://www.youtube.com/embed/171Q2oZBJL4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45341262/trumps-millionaire-tax-more-of-a-symbolic-gesture-than-step-towards-reducing-inequality-warn-experts-its-going-to-give-a-lot-of-republicans-heartburn">Trump&#8217;s Millionaire Tax More Of A Symbolic Gesture Than Step Towards Reducing Inequality, Warn Experts: &#8216;It&#8217;s Going To Give A Lot Of Republicans Heartburn&#8217;</a></li>
</ul>
Image Via Shutterstock

STLA

Trump's UK Trade Carveouts Baffles Economist Justin Wolfers: Bentley, Rolls-Royce Exemption Is 'Politically Insane'

<ul>
<li>The REAL8 trial showed that after 52 weeks, once-weekly Sogroya (somapacitan) had similar clinical outcomes and safety profile to once-daily Norditropin (somatropin) in children born small for gestational age (SGA)1, or with Noonan syndrome (NS)2, or with idiopathic short stature.</li>
<li>Superiority was achieved for once-weekly somapacitan versus daily growth hormone in children with NS2, as well as compared to lower doses of daily growth hormone in children born SGA1.</li>
<li>These conditions are often associated with significant health challenges and a high treatment burden from daily injections, which can lead to a lack of adherence and put successful treatment outcomes at risk. Novo Nordisk is committed to bringing our expertise and scientific innovation to help improve the lives of children with conditions that impact their growth.</li>
</ul>

Biotech

Large Cap

Health Care

Novo Nordisk Presented Data From Phase 3 REAL8 Basket Study, Which Showed That Once-weekly Sogroya (Somapacitan) Was Non-inferior To The Once-daily Growth Hormone Norditropin (Somatropin) In Improving Yearly Growth Rate In Children With Growth Disorders

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has touted the company's FSD (Full Self-Driving) technology ahead of next month's Robotaxi launch in Austin, Texas.
What Happened: A video posted by a handle on X called Whole Mars Catalog showcased a Tesla vehicle navigating its way through traffic using Supervised FSD near Los Angeles's LAX airport on Saturday.
<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">Tesla FSD drops off a passenger at Los Angeles International Airport <a href="https://t.co/gnLTTExAdr">pic.twitter.com/gnLTTExAdr</a>
&mdash; Whole Mars Catalog (@WholeMarsBlog) <a href="https://twitter.com/WholeMarsBlog/status/1921159647530012722?ref_src=twsrc%5Etfw">May 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Tesla's official handle on X then quoted the video on Sunday. "LAX is no problem for FSD Supervised," the EV giant said in the post. The post was also reposted by Tesla CEO Elon Musk.
<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">LAX is no problem for FSD Supervised <a href="https://t.co/IXWJbUUjhx">https://t.co/IXWJbUUjhx</a>
&mdash; Tesla (@Tesla) <a href="https://twitter.com/Tesla/status/1921525298702561392?ref_src=twsrc%5Etfw">May 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: As Musk's EV giant is gearing itself up for the launch of its robotaxi in Austin, the company has hit a snag as the U.S. Patent and Trademark Office <a href="https://www.benzinga.com/25/05/45278182/elon-musks-cybercab-ambitions-face-latest-snag-teslas-robotaxi-trademark-filing-refused-by-authorities">refused to grant </a>the company trademarks on "Robotaxi" as well as "Cybercab."
Elsewhere, Tesla asked its workers to stay at home as the company extended the <a href="https://www.benzinga.com/25/05/45334371/tesla-workers-told-to-stay-home-as-elon-musks-ev-giant-extends-memorial-day-break-following-13-delivery-drop-and-surging-inventory-report">Memorial Day break </a>amid a 13% drop in deliveries and <a href="https://www.benzinga.com/markets/25/05/45216453/tesla-has-over-10000-units-of-unsold-cybertrucks-in-its-us-inventory-amid-poor-sales-report">inventory piling up</a> at Tesla dealerships.
On the other hand, the EV manufacturer continues to wrestle with poor sales figures both within the U.S. as well as in regions like Europe. Recently, the company also <a href="https://www.benzinga.com/tech/25/04/45004433/tesla-rolls-out-free-fsd-transfers-on-all-us-models-including-cybertruck-amid-poor-sales">offered free FSD transfers</a> for its customers on all of its models in a bid to boost sales.
However, analysts are still optimistic about Musk's company's future as analyst Gary Black believes that Tesla will <a href="https://www.benzinga.com/markets/equities/25/05/45341220/top-bull-gary-black-shares-why-he-is-holding-on-to-uber-and-tsla-our-investment-thesis-on">reap the benefits</a> of increased EV adoption as well as autonomous driving.
Price Action: TSLA gained 7.41% in Pre-Market trading and is currently valued at $320.35, according to<a href="https://pro.benzinga.com/dashboard"> Benzinga Pro data</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/05/45336365/tesla-fired-employee-who-created-website-criticizing-billionaire-elon-musk-report">Tesla Fired Employee Who Created Website Criticizing Billionaire Elon Musk: Report</a></li>
</ul>
Image Via Shutterstock

TSLA

Elon Musk's Tesla Teases FSD Capabilities Ahead Of June Robotaxi Event

Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>) spearheaded the broader cryptocurrency rally early Monday morning, fueled by optimism about the U.S.-China trade deal.
What happened: The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based meme coin soared 46% to become the second-most successful cryptocurrency in the last 24 hours. The coin's trading volume surged nearly 50% to $1.14 billion.
The rally pushed WIF's weekly gains to 124% and monthly gains past 192%.
The upsurge dwarfed the gains made by top meme coins like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), which rose 4.20 and 4.67%, respectively.
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/25/05/45339966/bitcoin-creator-satoshi-nakamotos-estimated-wealth-crosses-bill-gates-amid-apex-cryptos-sharp-rebound">Bill Gates Left Behind By Satoshi Nakamoto: Bitcoin Creator&#8217;s Wealth Now Eclipses That Of Microsoft Co-Founder Amid Crypto&#8217;s Sharp Rebound</a>
Ansem, a veteran cryptocurrency trader and early investor in WIF, described the memecoin's chart as &#8220;very clean.&#8221; He also reshared Dogwifhat's slogan &#8220;Hat stays on," indicating his bullish outlook.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">in all honesty <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> looks very clean, think invalidation is around ~$0.75-$0.80 high timeframe but a lot of alts look similar to this, hype &amp; fartcoin were just first to move but didn&#39;t believe at all that alts would follow on these breakouts <a href="https://t.co/Vl33yXXYEN">pic.twitter.com/Vl33yXXYEN</a>
&mdash; Ansem &#x1f402;&#x1f004;&#xFE0F; (@blknoiz06) <a href="https://twitter.com/blknoiz06/status/1921766224079335531?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another cryptocurrency trader, going by the pseudonym Crypto Mechanic, acknowledged that the coin made a "great" move, but now may not be the best time to buy.
"Let the price go into consolidation or give you some LTF pullbacks that would be a less risky setup imo," the trader said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Meme coins attract the most volume when the market shows some strength.<a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WIF</a> did a great move but if you are thinking to buy now i think you are late to the party. Let the price go into consolidation or give you some LTF pullbacks that would be a less risky setup imo. <a href="https://t.co/D6aXOq5KTz">pic.twitter.com/D6aXOq5KTz</a>
&mdash; Crypto Mechanic (@CryptomechanicX) <a href="https://twitter.com/CryptomechanicX/status/1921824844523405631?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
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</figure>
Launched in November 2023, dogwifhat is characterized by a Shiba Inu dog wearing a pink knitted hat. The Shiba Inu theme has been deeply rooted in the meme coin space since Dogecoin's launch.
The spike followed a broader cryptocurrency rally spurred by the <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45339289/bitcoin-taps-105000-ethereum-steady-dogecoin-falls-as-us-announces-china-trade-deal-analyst-says-btc-in-for-a-price-discovery-uptrend-if-it-secures-a-weekly-close-above-this-lev">announcement of a trade deal</a> between the U.S. and China.
Price Action:&nbsp; At the time of writing, WIF was exchanging hands at $1.26, up 46.74% 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/markets/cryptocurrency/25/05/45339772/michael-saylor-harnesses-ai-to-drive-home-an-important-message-on-bitcoin-its-going-up-forever">Michael Saylor Harnesses AI To Drive Home An Important Message On Bitcoin: &#8216;It&#8217;s Going Up Forever&#8217;</a></li>
</ul>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Trading Ideas

$DOGE

$SHIB

$SOL

$WIF

Why Is This Dogecoin Clone Surging On Monday Morning?

Ensign Energy Services (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ESI#TSX">ESI</a>) reported quarterly earnings of $0.02 per share which beat the analyst consensus estimate of $(0.04) by 150 percent. This is a 300 percent increase over losses of $(0.01) per share from the same period last year. The company reported quarterly sales of $436.51 million which beat the analyst consensus estimate of $421.22 million by 3.63 percent. This is a 1.21 percent increase over sales of $431.31 million the same period last year.

TSX:ESI

Ensign Energy Services Q1 EPS $0.02 Beats $(0.04) Estimate, Sales $436.51M Beat $421.22M Estimate

On Sunday, India issued its first official response after reports emerged that a Rafale fighter jet, part of the country's prized air fleet, was allegedly shot down by a Chinese-made Pakistani aircraft.
What Happened: The unverified incident, which sent shockwaves across defense circles, rattled the investors, with shares of French manufacturer Dassault Aviation plunging amid growing scrutiny over the jet&#8217;s battlefield performance
On Friday, U.S. officials confirmed that a Chinese-made J-10 aircraft fired air-to-air missiles at Indian fighter jets. One of the Indian jets shot down was a French-built Rafale fighter, while Pakistan&#8217;s U.S.-made F-16s, produced by Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), were not involved in the incident, reported Reuters.
Pakistan&#8217;s Defense Minister, Khawaja Muhammad Asif, claimed that the J-10 was used to shoot down three Rafale planes, newly acquired by India. Pakistan asserts to have downed five Indian planes in total.
On Sunday, Air Marshal A.K. Bharti responded in a press conference regarding the same. &#8220;We are in a combat scenario and losses are a part of it. All our pilots are back home,&#8221; stated Bharti. 
Notably, the Indian military gave no clear answer on this.
The incident led to a decline in shares for Rafale manufacturer Dassault Aviation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DUAVF#OTC">DUAVF</a>). The European listed stock has fallen nearly 10% in the last 5 days. On Friday, the U.S.-listed ADRs closed lower by more than 3.6%. Over the past five days, the ADR lost 4.42% of its value.
SEE ALSO:&nbsp;<a href="https://benzinga.com/news/25/05/45338281/trump-has-a-proven-track-record-of-being-an-absolute-failure-says-gov-tim-walz-we-dont-need-to-run-governmen" target="_blank" rel="noreferrer noopener">Trump Has A &#8216;Proven Track Record Of Being An Absolute Failure,&#8217; Says Gov. Tim Walz—&#8217;We Don&#8217;t Need To Run Government Like A Business&#8217;</a>
Why It Matters: The incident has piqued the interest of air warfare communities worldwide, eager to understand the tactics, techniques, and procedures used in the confrontation. Washington is closely analyzing the jet's performance against a Western adversary, seeing it as a potential indicator of how Beijing might fare in a conflict over Taiwan or across the broader Indo-Pacific.
The incident comes amid <a href="https://www.benzinga.com/25/05/45241770/india-fires-missiles-into-pakistani-territory-trump-hopes-fighting-between-nuclear-rivals-ends-very-quickly">escalating tensions </a>between India and Pakistan. On May 7, India launched missile strikes into Pakistani-controlled territory <a href="https://www.benzinga.com/25/05/45241770/india-fires-missiles-into-pakistani-territory-trump-hopes-fighting-between-nuclear-rivals-ends-very-quickly">as part of </a>Operation Sindoor to avenge the alleged killings of tourists reportedly by a Pakistani terror group in Pahalgam, Kashmir.
Following this, a <a href="https://www.benzinga.com/news/global/25/05/45335338/trump-makes-india-pakistan-ceasefire-declaration-in-casual-manner-thank-you-for-your-attention-to-this-matter">U.S.-brokered ceasefire </a>was announced by President Donald Trump. However, the ceasefire was short-lived as explosions in Srinagar and Jammu <a href="https://www.benzinga.com/markets/equities/25/05/45336288/india-pakistan-ceasefire-teeters-as-blasts-shatter-calm-in-kashmir">raised doubts </a>about the truce&#8217;s longevity.
The two nations are set to hold talks on Monday. 
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/25/05/45339966/bitcoin-creator-satoshi-nakamotos-estimated-wealth-crosses-bill-gates-amid-apex-cryptos-sharp-rebound" target="_blank" rel="noreferrer noopener">Bill Gates Left Behind By Satoshi Nakamoto: Bitcoin Creator&#8217;s Wealth Now Eclipses That Of Microsoft Co-Founder Amid Crypto&#8217;s Sharp Rebound &#8211; Benzinga</a></li>
</ul>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

DUAVF

India Breaks Silence After Rafale Jet Reportedly Downed By Pakistan's Chinese-Made Fighter — Triggering Sell-Off In Dassault Aviation Stock: 'Losses Are A Part Of...'

Berkshire Hathaway Inc (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>) has silently emerged as one of the biggest players in the U.S. Treasury-bill market. In JPMorgan's estimation, Warren Buffett's conglomerate currently holds around 5% of all outstanding short-term government bills. This makes it the fourth-largest holder in the world.
What Happened: Berkshire's T-bill holdings have increased to $314 billion as of the end of March, multiplying twofold in the past year, outpacing even the holdings of foreign banks, the Federal Reserve, Local Government Investment Pools, offshore money market funds, and stablecoin-backed reserves, according to JPMorgan, <a href="https://www.cnbc.com/2025/05/11/berkshire-now-owns-5percent-of-treasury-bill-market-as-buffett-waits-for-prey.html">reported</a> CNBC.
Buffett regularly buys T-bills at weekly auctions, at times in $10 billion chunks. With short-term yields still more than 4%, the portfolio earns billions in interest income every year.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45280752/warren-buffetts-berkshire-delivered-a-16000-gain-since-listing-but-bitcoin-the-asset-he-called-rat-poison-turned-pennies-into-fortunes-faster">Warren Buffett&#8217;s Berkshire Delivered A 16,000% Gain Since Listing— But Bitcoin, The Asset He Called &#8216;Rat Poison,&#8217; Turned Pennies Into Fortunes Faster</a>
Why It Matters: During Berkshire's recent annual meeting, 94-year-old Buffett reminded shareholders that cash has intrinsic strategic value: "Every now and then you find something and occasionally, very occasionally, but it'll happen again… we will be bombarded with offerings that we'll be glad we have the cash for." He also shared that the company had almost spent $10 billion in the recent past but decided to hold back. "We came pretty close to spending $10 billion, not that long ago, for example, but we'd spend $100 billion" if the right deal came along, Buffett said.
At the same meeting, he also <a href="https://www.benzinga.com/general/market-summary/25/05/45218040/warren-buffett-expresses-disappointment-over-dollar-depreciation-dont-want-to-own-assets-in-a-currency-that-is-really-going-to-hell">expressed concerns</a> about the falling value of the United States currency. Earlier this month, Berkshire Hathaway reported a <a href="https://www.benzinga.com/news/earnings/25/05/45183890/berkshire-hathaways-q1-2025-earnings-plunge-amid-tariff-concerns-operating-profit-fell-14-cash-hit-a-record">major drop</a> in its operating earnings in the first quarter.
As he prepares to <a href="https://www.benzinga.com/25/05/45187070/warren-buffett-retires-after-decades-of-dominancefrom-tim-cook-to-mark-cuban-worlds-top-business-leaders-react-to-the-investment-icons-exit">step down as CEO</a> at the end of the year year &#8212; which led to <a href="https://www.benzinga.com/news/management/25/05/45199066/berkshire-hathaway-stock-falls-following-buffetts-retirement-as-ceo">Berkshire Hathaway stocks falling</a> &#8212; the Oracle of Omaha leaves behind a company equipped with cash and patience, waiting for the next big elephant.
Read Next: 
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Image Via Shutterstock

Warren Buffett's Cash Mountain Grows To $314 Billion As Berkshire Hathaway Emerges As Top Treasury-Bill Holder: 'We'd Spend $100 Billion' If the Right Deal Came Along, Says Oracle Of Omaha

Shares of Sable Offshore Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOC#NYSE">SOC</a>) rose sharply in today's pre-market trading after the company reported <a href="https://www.benzinga.com/quote/SOC">results for the first quarter.</a>
The company reported a net loss of $109.5 million for the quarter.
Sable Offshore shares jumped 12.6% to $25.90 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul class="wp-block-list">
<li>Jayud Global Logistics Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JYD#NASDAQ">JYD</a>) rose 171.2% to $0.5896 in pre-market trading.</li>
<li>Next Technology Holding Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXTT#NASDAQ">NXTT</a>) surged 161.8% to $6.18 in pre-market trading after jumping 661% on Friday. The company said as of March 31, it held ~5,833 Bitcoins with a carrying value of $481.7 million.</li>
<li>Metallus Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTUS#NYSE">MTUS</a>) gained 45.5% to $16.90 in pre-market trading. Metallus shares dipped 11% on Friday after the company reported mixed first-quarter financial results.</li>
<li>Taoping Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TAOP#NASDAQ">TAOP</a>) jumped 30.1% to $0.2129 in pre-market trading after dipping 19% on Friday.</li>
<li>DDC Enterprise Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DDC#NYSE">DDC</a>) gained 28.8% to $3.16 in pre-market trading after gaining 12% on Friday.</li>
<li>LQR House Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YHC#NASDAQ">YHC</a>) surged 22.5% to $2.44 in pre-market trading after gaining more than 5% on Friday.</li>
<li>Ryde Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RYDE#NYSE">RYDE</a>) climbed 18.8% to $0.2674 in pre-market trading.</li>
<li>Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHPH#NASDAQ">SHPH</a>) gained 16.2% to $0.27 in pre-market. Shuttle Pharmaceuticals recently announced FDA orphan-drug nears patient enrollment milestone for phase 2 clinical trial.</li>
<li>Olema Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLMA#NASDAQ">OLMA</a>) gained 15.2% to $5.30 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul class="wp-block-list">
<li>Abits Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABTS#NASDAQ">ABTS</a>) shares dipped 48.2% to $4.35 in pre-market trading after jumping 262% on Friday.</li>
<li>Nuvve Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVVE#NASDAQ">NVVE</a>) shares fell 37.7% to $1.73 in pre-market trading after surging 144% on Friday. Nuvve engaged Crypto Venture Group to accelerate digital asset strategy.</li>
<li>Incannex Healthcare Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IXHL#NASDAQ">IXHL</a>) shares fell 29.3% to $0.0801 in pre-market trading.</li>
<li>Siyata Mobile Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYTA#NASDAQ">SYTA</a>) fell 28.1% to $1.20 in pre-market trading after jumping 70% on Friday.</li>
<li>Global IBO Group Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIBO#NASDAQ">GIBO</a>) fell 24.1% to $5.30 in today's pre-market trading after jumping 102% on Friday.</li>
<li>ReShape Lifesciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RSLS#NASDAQ">RSLS</a>) shares tumbled 22.7% to $5.15 in pre-market trading. ReShape Lifesciences filed for mixed shelf offering of up to $50 million.</li>
<li>DevvStream Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DEVS#NASDAQ">DEVS</a>) fell 21.2% to $0.2634 in pre-market trading.</li>
<li>Shineco, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SISI#NASDAQ">SISI</a>) dipped 20.2% to $0.67 in pre-market trading after gaining more than 5% on Friday.</li>
<li>Seabridge Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SA#NYSE">SA</a>) declined 9.4% to $11.38 in pre-market trading.</li>
<li>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) fell 9.2% to $20.45 in pre-market trading.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/25/05/45315727/top-3-industrials-stocks-that-may-collapse-in-may">Top 3 Industrials Stocks That May Collapse In May</a> </li>
</ul>
Photo via Shutterstock

ABTS

DEVS

GIBO

IXHL

MTUS

NVVE

Next Technology Holding Inc. - Ordinary Shares

NXTT

OLMA

RSLS

RYDE

SHPH

SISI

SYTA

TAOP

Why Sable Offshore Shares Are Trading Higher By 13%; Here Are 20 Stocks Moving Premarket

<a href="https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html" title="https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html">https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html</a>

Earlier: U.S., China Agree To  Slash Tariffs For 90-Days, Cutting Reciprocal Tariffs From 125% To 10% While U.S. Keeps 20% Duties On China's Fentanyl-Linked Imports, Leaving Total Tariffs On China At 30%

On Monday, the U.S. and China agreed to a temporary reduction in most tariffs on each other&#8217;s goods, marking a considerable easing of trade tensions. As a result, major tech stocks caught in the trade war, such as Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), climbed more than 4% during the pre-market trading session.
What Happened: The world&#8217;s two largest economies have agreed to a 90-day suspension of &#8220;reciprocal&#8221; tariffs, reducing them from 125% to 10%.&nbsp;However, the U.S. will maintain its 20% tariffs on Chinese imports linked to fentanyl, keeping the overall tariff level on China at 30%, <a href="https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html">reported </a>CNBC.
As per the joint statement, Beijing has also agreed to suspend or lift all non-tariff countermeasures imposed since April 2, including sanctions on certain U.S. companies and export restrictions on key minerals, <a href="https://www.scmp.com/economy/global-economy/article/3309975/china-us-reduce-majority-tariffs-after-first-round-trade-talks?module=top_story&amp;pgtype=homepage">as per</a> the South China Morning Post.
This development comes after intensive trade talks between U.S. and Chinese representatives in Switzerland, with U.S. Treasury Secretary Scott Bessent expressing satisfaction with the discussions, stating, &#8220;We had very productive talks&nbsp;and I believe that the&nbsp;venue, here in Lake Geneva,&nbsp;added great equanimity to what&nbsp;was a very positive process.&#8221;
"Neither side wants a decoupling,&#8221; emphasized Bessent. 
Both countries have signaled their commitment to ongoing dialogue on economic and trade policy. Earlier in the day, the official handle of the Chinese Embassy in the U.S. stated, &#8220;high-level meeting on economic and trade affairs were in-depth, candid and constructive,&#8221; citing Chinese Vice Premier He Lifeng.
SEE ALSO:&nbsp;<a href="https://benzinga.com/news/25/05/45314762/charlie-munger-was-once-asked-why-warren-buffett-was-so-much-richer-and-replied-he-got-an-earlier-start-before-adding-why-was-albert-einstein-poorer-than-i-was" target="_blank" rel="noreferrer noopener">Charlie Munger Was Once Asked Why Warren Buffett Was So Much Richer — He Replied, &#8216;He Got An Earlier Start,&#8217; Then Added, &#8216;Why Was Albert Einstein Poorer Than I Was?&#8217; &#8211; Benzinga</a>
Why It Matters: The weekend talks in Geneva, Switzerland, marked the first formal negotiations between the two superpowers since U.S. President Donald Trump imposed new tariffs of 145% on China earlier this year. Trump had stated that he "might speak with Chinese President Xi Jinping" based on the outcome in Switzerland.
This agreement comes in the wake of renewed<a href="https://www.benzinga.com/news/global/25/05/45337811/trump-announces-total-reset-as-us-china-trade-talks-aim-to-end-tariff-war"> trade negotiations </a>between the two nations, as reported. The talks, described by U.S. officials and President Trump as a potential &#8220;reset,&#8221; aimed to reduce tariffs and reestablish more stable trade terms. 
Despite the diplomatic tone, deep-rooted differences remain, particularly around technology, subsidies, and market transparency. The outcome of these talks is critical not just for U.S.–China relations, but for global trade stability in the months ahead. 
Investors were encouraged by the news of the tariff relief. During the pre-market trading session, shares of Apple (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>) climbed above 4%, while Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) rose more than 6%. Meanwhile, Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) rose 3.5%.
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/25/05/45339953/apple-exec-says-iphone-users-are-ditching-google-search-now-chamath-palihaptiya-urges-the-tech-giant-to-stop-wait" target="_blank" rel="noreferrer noopener">Apple Executive Says iPhone Users Are Ditching Google — Now Chamath Palihaptiya Urges The Search Giant To Stop Waiting For Data And Start Fighting Models Like ChatGPT</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.

AAPL

AMZN

NVDA

Apple, Amazon, Nvidia Rise In Monday Premarket As US, China Agree To 90-Day Tariff Truce: 'Neither Side Wants A Decoupling'

The CNN Money Fear and Greed index showed almost no change in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Friday.
U.S. stocks settled lower on Friday, with the Dow Jones index falling more than 100 during the session ahead of trade talks between the US and Chinese officials.
Major indices on the US also closed lower last week, with the S&amp;P 500 falling about 0.5% and the Nasdaq down around 0.3%. The Dow also declined almost 0.2% in the week.
Lyft, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) reported better-than-expected earnings for the first quarter and announced a $750 million share buyback plan on Thursday. EchoStar Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SATS#NASDAQ">SATS</a>) reported wider-than-expected loss for the first quarter on Friday.
On the economic data front, U.S. initial jobless claims declined by 13,000 to 228,000 in the week ending May 3, compared to market estimates of 230,000. U.S. labor productivity in the nonfarm business sector declined by 0.8% during the first quarter compared to estimates of a 0.7% drop.
Most sectors on the S&amp;P 500 closed on a positive note, with real estate, consumer discretionary and energy stocks recording biggest gains on Friday. However, health care and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed lower by around 119 points to 41,249.38 on Friday. The S&amp;P 500 fell 0.07% to 5,659.91, while the Nasdaq Composite gained 0.01% at 17,928.92 during Friday's session.
Investors are awaiting earnings results from DaVita Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>), Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>) and NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) today.
At a current reading of 61.6, the index was in the &#8220;Greed&#8221; zone on Friday, versus a prior reading of 61.5.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based
&nbsp;on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45315727/top-3-industrials-stocks-that-may-collapse-in-may">Top 3 Industrials Stocks That May Collapse In May</a> </li>
</ul>
Photo via Shutterstock

LYFT

Dow Falls Over 100 Points, Also Records Weekly Loss: Fear & Greed Index Remains In 'Greed' Zone

Prominent investor Ross Gerber recently shared that, in his view, Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary Google-backed Waymo self-driving technology performs better than human drivers, hinting at growing pressure on ride-sharing and autonomous vehicle rivals.
What Happened: The CEO and co-founder of Gerber Kawasaki Wealth and Investment Management shared his experience on his X account after observing a Waymo vehicle navigate through congested beach traffic. 
&#8220;A Waymo navigated by us with precision that was better than a human. Waymos drive extremely well,&#8221; Gerber stated, adding that this development &#8220;is going to be very tough competition&#8221; for Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and Elon Musk&#8216;s Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
Gerber&#8217;s comments came in response to CBS Sunday Morning correspondent David Pogue&#8216;s segment highlighting Waymo&#8217;s achievement of 50 million miles driven without a fatality. According to Pogue&#8217;s report, Waymo plans expansion to 15 cities by year-end, offering rides at the &#8220;same price as Uber.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yesterday in just packed beach traffic and horrid tourist drivers. A Waymo navigated by us with precision that was better than a human. Waymos drive extremely well. This is going to be very tough competition for uber and tesla. <a href="https://twitter.com/search?q=%24uber&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$uber</a> <a href="https://twitter.com/search?q=%24tsla&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$tsla</a> <a href="https://twitter.com/search?q=%24goog&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$goog</a> <a href="https://t.co/0VrfRYfYLM">https://t.co/0VrfRYfYLM</a>
&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1921629990283530368?ref_src=twsrc%5Etfw">May 11, 2025</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/25/05/45340216/openais-ipo-ambitions-hang-in-the-balance-as-microsoft-negotiates-equity-report">OpenAI&#8217;s IPO Ambitions Hang In The Balance As Microsoft Negotiates Equity: Report</a>
Why It Matters: The assessment from Gerber directly contradicts the position of prominent Tesla bull and Wedbush Securities analyst Dan Ives, who recently dismissed the Waymo and Toyota Motor Corp&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) partnership as a <a href="https://www.benzinga.com/25/05/45126638/tesla-will-own-the-autonomous-market-dan-ives-says-shrugging-off-waymo-toyota-agreement">threat to Tesla&#8217;s autonomous ambitions</a>. &#8220;Tesla will own the autonomous market in my view and no one can compete with their scale and scope,&#8221; Ives posted, emphasizing Tesla&#8217;s upcoming Austin robotaxi launch in June as a &#8220;key chapter of growth.&#8221;
Waymo has established significant momentum in the autonomous vehicle race, recently announcing <a href="https://www.benzinga.com/25/04/45001569/waymo-announces-250000-weekly-paid-rides-across-four-us-cities-sundar-pichai-says-personal-ownership-an-option-in-the-future">it provides over 250,000</a> fully autonomous paid rides weekly across four major cities. 
The Alphabet subsidiary has formed a strategic partnership with Toyota to develop autonomous technology for personally owned vehicles, combining Waymo&#8217;s driving system expertise with Toyota&#8217;s manufacturing capabilities.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45339797/gary-black-doubles-down-on-ubers-autonomy-upside-reflects-on-tesla-debates-i-was-right-on-volume-pr-and-robotaxis">Gary Black Doubles Down On Uber&#8217;s Autonomy Upside, Reflects Debates With Tesla Faithful: &#8216;I Was Right&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Opinion

GOOG

GOOGL

UBER

Ross Gerber Calls Google-Backed Waymo's Self-Driving Taxis 'Better Than A Human,' Says They're 'Tough Competition' For Uber And Tesla

Economists have been predicting that retailers in the U.S. are likely to face pressure in the case of higher tariffs on China, as it is likely to &#8220;empty shelves&#8221; with a falling inventory-to-sales ratio.
What Happened: According to Torsten Slok, the chief economist at Apollo Academy, the inventory-to-sales ratio for retailers has fallen below the pre-pandemic level, sparking concerns about lower inventory as compared to the sales made by these retailers.
&#8220;The inventory-to-sales ratio for retailers was 1.5 before the pandemic, and now it is 1.3, see chart below,&#8221; the Apollo note stated.
Slok explained, &#8220;In other words, retailers will more quickly have empty shelves when goods no longer come in from China.&#8221;
This sentiment was also echoed by senior economist Mohamed El Erian in an X post. According to him, the ongoing high-level talks between China and the U.S. in Geneva, Switzerland, are likely to provide clarity on many concerns.
He highlights China&#8217;s &#8220;appetite for pain&#8221; and America&#8217;s fear of &#8220;empty shelves&#8221; as the primary matters that need to be solved via the ongoing talks.
&#8220;The outcome of this weekend's China-US tariff talks in Switzerland will be assessed in terms of what it reveals about China's appetite for pain, America's fear of &#8217;empty shelves,&#8217; and the way each country prioritizes the long-term objectives of trade policy. It will also be significant for many other countries, where there is already concern about the diversion of Chinese exports to their markets,&#8221; he said.
<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">An interesting week ahead for the global economy and markets, including on account of China-US tariff talks, the follow-up to the Federal Reserve policy meeting, and data: The outcome of this weekend's China-US tariff talks in Switzerland will be assessed in terms of what it…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1921319822274523284?ref_src=twsrc%5Etfw">May 10, 2025</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/government/regulations/25/05/45340465/bill-ackman-slams-subsidies-for-contributing-to-37-trillion-national-debt-hails-trumps-drug-price-order">Bill Ackman Slams Subsidies For Contributing To $37 Trillion National Debt, Hails Trump&#8217;s Drug Price Order</a>
Why It Matters: Over the weekend, the White House and Chinese officials signaled significant <a href="https://www.benzinga.com/news/global/25/05/45337811/trump-announces-total-reset-as-us-china-trade-talks-aim-to-end-tariff-war">headway in trade negotiations</a> held in Geneva.
Treasury Secretary Scott Bessent lauded the &#8220;substantial progress,&#8221; while Trade Ambassador Jamieson Greer highlighted the swift agreement, expressing optimism that the deal would address the U.S.&#8217;s $1.2 trillion trade deficit, a &#8220;national emergency.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BREAKING: U.S. Announces China Trade Deal in Geneva <a href="https://t.co/JjgvYAvAGe">pic.twitter.com/JjgvYAvAGe</a>
&mdash; The White House (@WhiteHouse) <a href="https://twitter.com/WhiteHouse/status/1921623939060519353?ref_src=twsrc%5Etfw">May 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
China&#8217;s Vice Commerce Minister Li Chenggang also announced an &#8220;important consensus,&#8221; predicting &#8220;good news for the world,&#8221; according to Reuters. Both sides indicated that details of this progress would be released on Monday.
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell on Friday. The SPY was down 0.13% to $564.34, while the QQQ declined 0.066% to $487.97, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Monday, the futures of S&amp;P 500, Dow Jones and Nasdaq 100 were trading higher ahead of the pre-open.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/05/45311562/mohamed-el-erian-flags-adverse-implications-for-domestic-industries-as-chinas-exports-rise-8-despite-21-drop-in-us-shipments" target="_blank" rel="noreferrer noopener">Mohamed El-Erian Flags ‘Adverse Implications' For Domestic Industries As China's Exports Rise 8% Despite 21% Drop In US Shipments</a></li>
</ul>
Photo: Orlowski Designs LLC/Shutterstock

Economists Warn Of 'Empty Shelves' If Goods Stop Coming From China Amid Falling Inventory-To-Sales Ratio And Potential Tariffs

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Mobile Infrastructure Corporation Common Stock

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Bakkt Holdings, Inc. Class A Common Stock

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Ramaco Resources, Inc. - Class B Common Stock

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NRXS

Earnings Scheduled For May 12, 2025

On Sunday, President Donald Trump announced on Truth Social that he plans to sign what he called the &#8220;<a href="https://www.benzinga.com/general/health-care/25/05/45339399/trump-says-prescription-drug-prices-set-to-drop-by-30-to-80-almost-immediately-thanks-to-most-favored-nation-plan-mark-cuban-urges-president-to-force-tran">most consequential executive order</a>&#8221; in U.S. history, aimed at lowering prescription drug prices.
What Happened: Trump said the executive order, set to be signed at 9 a.m. Monday, will implement a &#8220;Most Favored Nations&#8221; policy requiring pharmaceutical companies to charge U.S. consumers no more than the lowest price they offer for the same drug in any other country.
See More: <a href="https://www.benzinga.com/25/05/45338985/trump-reportedly-set-to-accept-flying-palace-from-qatar-white-house-says-lavish-gift-of-boeing-jumbo-jet-complies-with-all-applicable-laws">Trump Reportedly Set To Accept &#8216;Flying Palace&#8217; From Qatar, White House Says Lavish Gift Of Boeing Jumbo Jet Complies With &#8216;All Applicable Laws&#8217;</a>
Accusing pharmaceutical companies of overcharging American consumers, sometimes &#8220;five to ten times more&#8221; than patients in other countries, Trump slammed political opponents for enabling the status quo all these years.
Trump says that prescription drug prices will be reduced by &#8220;30% to 80%,&#8221; while rising throughout the world, to equalize and &#8220;bring fairness to America.&#8221;
Why It Matters: This move is expected to have the biggest impact on Medicare Part B drugs, which mainly constitute outpatient prescriptions and biologicals, the prices for which are directly managed by the Centers for Medicare &amp; Medicaid Services (CMS).
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th class="has-text-align-center" data-align="center">Drug Name</th>
<th class="has-text-align-center" data-align="center">Manufacturer(s)</th>
<th class="has-text-align-center" data-align="center">Total Spending</th>
<th class="has-text-align-center" data-align="center">Primary Use</th>
</tr>
</thead>
<tbody>
<tr>
<td class="has-text-align-center" data-align="center">Keytruda</td>
<td class="has-text-align-center" data-align="center">Merck &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</td>
<td class="has-text-align-center" data-align="center">$4.0B</td>
<td class="has-text-align-center" data-align="center">Cancer (various types)</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Eylea</td>
<td class="has-text-align-center" data-align="center">Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>) </td>
<td class="has-text-align-center" data-align="center">$3.4B</td>
<td class="has-text-align-center" data-align="center">Macular degeneration</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Prolia/Xgeva</td>
<td class="has-text-align-center" data-align="center">Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>)</td>
<td class="has-text-align-center" data-align="center">$2.1B</td>
<td class="has-text-align-center" data-align="center">Osteoporosis, bone metastases</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Opdivo</td>
<td class="has-text-align-center" data-align="center">Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) </td>
<td class="has-text-align-center" data-align="center">$2.0B</td>
<td class="has-text-align-center" data-align="center">Cancer (various types)</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Darzalex</td>
<td class="has-text-align-center" data-align="center">Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>)</td>
<td class="has-text-align-center" data-align="center">$1.9B</td>
<td class="has-text-align-center" data-align="center">Multiple myeloma</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Avastin</td>
<td class="has-text-align-center" data-align="center">Roche Holdings AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>)</td>
<td class="has-text-align-center" data-align="center">$1.8B</td>
<td class="has-text-align-center" data-align="center">Cancer (various types)</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">A breakdown of the top Medicare Part B drugs by spending in 2023, based on the latest data shared by the Centers for Medicare &amp; Medicaid Services (CMS).</figcaption></figure>
These are the stocks that are most likely to be hit by this announcement when markets open on Monday, given their sizable exposure to Medicare, especially being classified as Part B. 
According to a report by the Rand Corporation, a California-based policy think-tank, prescription drug prices in the U.S. are, on average, at least 2.78 times higher than other countries.
While Trump&#8217;s move is being criticized by the likes of crypto enthusiast Ed Krassenstein, calling it &#8220;just another Trump lie,&#8221; saying that an executive order can steer Medicare and Medicaid payments, but <a href="https://www.benzinga.com/general/health-care/25/05/45339399/trump-says-prescription-drug-prices-set-to-drop-by-30-to-80-almost-immediately-thanks-to-most-favored-nation-plan-mark-cuban-urges-president-to-force-tran">cannot force manufacturers</a> to cut prices. 
Others, such as billionaire investor Mark Cuban, have come out in support of the move, saying that it can &#8220;force transparency,&#8221; even if the President cannot force price cuts.
Drug pricing disparities have been a point of contention across the political spectrum. Recently, Novo Nordisk A/S&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) CEO, Lars Fruergaard Jorgensen, <a href="https://www.benzinga.com/general/biotech/24/09/40986953/novo-nordisk-ceo-to-face-senate-scrutiny-over-high-ozempic-and-wegovy-prices-hearing-scheduled-on">faced Senate scrutiny</a> on these vast differences, where he was targeted by Sen.&nbsp;Bernie Sanders&nbsp;(I-Vt.) for the high price of the company&#8217;s diabetes drug, Ozempic. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="135" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12033045/Screenshot-2025-05-12-at-1.00.28-PM-1024x135.png" alt="" class="wp-image-911404" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12033045/Screenshot-2025-05-12-at-1.00.28-PM-1024x135.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12033045/Screenshot-2025-05-12-at-1.00.28-PM-300x40.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12033045/Screenshot-2025-05-12-at-1.00.28-PM-768x101.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12033045/Screenshot-2025-05-12-at-1.00.28-PM-1536x202.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/12033045/Screenshot-2025-05-12-at-1.00.28-PM.png 1594w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Novo Nordisk shares have an unfavorable price trend in the short, medium, and long term, but how does it compare with peers such as Johnson &amp; Johnson, Amgen, and Roche? Sign up for <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge</a> to find out.
Meanwhile, Novo Nordisk, Pfizer and J&amp;J were trading at least 3% lower in Monday premarket. 
Photo Courtesy: create jobs 51 On Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/05/45339784/mohamed-el-erian-warns-us-china-deal-reveals-americas-fear-of-empty-shelves-as-markets-rally-on-trade-optimism-peter-schiff-skeptical-without-renminbi-revaluation">Mohamed El-Erian Warns US-China Deal Reveals &#8216;America&#8217;s Fear Of Empty Shelves&#8217; As Markets Rally On Trade Optimism, Peter Schiff Skeptical Without Renminbi Revaluation</a></li>
</ul>

AMGN

REGN

RHHBY

Trump's New Drug Pricing Executive Order Could Rattle Pharma Stocks, With Price Cuts Of Up To 80%: Novo Nordisk, Pfizer And J&J Fall In Premarket

The Federal Aviation Administration (FAA) is reportedly considering reducing the number of flights operating out of New Jersey's Newark Airport.
What Happened: The agency is set to meet with officials from several U.S. airlines to discuss scaling back flights out of Newark following disruptions caused by equipment malfunctions as well as staff shortages, CNBC reported <a href="https://www.cnbc.com/2025/05/11/newark-airport-flight-cuts-ahead-after-wee.html">on</a> Sunday.
"What you see in Newark is going to happen in other places across the country. It needs to be fixed," U.S. Transportation Secretary Sean Duffy said, according to the report.
Equipment outages caused air traffic controllers to lose communication as well as flight monitoring capabilities for over 90 seconds last month. There were also delays to over 1,000 flights due to equipment failures, the report suggests. The event also led to several staff members going on leave.
Questions have been raised over the aging air traffic infrastructure, which could reportedly cost over $31 billion to revamp, as well as more hiring of air traffic controllers, the report said.
"In ideal weather, with full staffing and with perfectly functioning technology, the FAA tells us that the airport (Newark) can only handle 77 flights per hour. And yet, the FAA regularly approves schedules of 80+ flights per hour almost every day between 3:00 pm and 8:00 p.m.," United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) CEO Scott Kirby told employees in a note, according to the report.
Why It Matters: The news comes in as the U.S. aviation industry is dealing with a difficult quarter, as analysts have<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/45020724/airlines-face-significant-pressure-analysts-adjust-expectations-after-q1-results"> reset price targets </a>for several U.S. airlines following quarterly results.
American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) recently announced it was <a href="https://www.benzinga.com/25/04/44982328/american-airlines-flies-into-uncertainty-q1-revenue-miss-2025-outlook-pulled-but-debt-plan-on-track?_gl=1&#x2A;1yry3sk&#x2A;_gcl_au&#x2A;NTM5OTQ2NTE5LjE3NDcwMjQyNzY.&#x2A;_ga&#x2A;R1MyLjEuczE3NDcwMzM3NzAkbzIkZzEkdDE3NDcwMzM3NzAkajAkbDAkaDA.&#x2A;_ga_V7ZK73W7N0&#x2A;czE3NDcwMzM1MzkkbzMkZzEkdDE3NDcwMzQyNzAkajAkbDAkaDA.">pulling its 2025 outlook </a>as the airline's operating revenue declined slightly to $12.55 billion, a 0.15% YoY decline.
Elsewhere, JetBlue Airways Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) is reportedly in talks with United Airlines over a <a href="https://www.benzinga.com/25/04/45093263/jetblue-in-talks-with-united-airlines-over-possible-partnership-report">possible partnership</a> between the two companies.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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