Risk aversion dominated Wall Street in the final session of the week, driving <a href="https://www.benzinga.com/markets">sharp losses across major indices</a>.



Investors grappled with growing uncertainties surrounding the economic impacts of Donald Trump's policies and the <a href="https://www.benzinga.com/topic/interest-rates">Federal Reserve&#8217;s next moves.</a>



Fed Chair Jerome Powell's remarks from the previous day weighed heavily on risk assets. Powell signaled no need to lower rates, citing the economy's resilience and emphasizing the importance of fully finishing the inflation jobs. 



Boston Fed President Susan Collins added to the uncertainty on Friday, stating she needs to see additional data before deciding on further rate cuts at the Federal Reserve&#8217;s upcoming policy meeting.



Expectations for a 25-basis-point rate cut in December were significantly scaled back, with odds falling to 59%, down from 82% just a day earlier.



U.S. indices are poised to end the week in negative territory, as optimism fueled by Trump's win fizzled. Tech stocks were hit hardest, with the Nasdaq 100 plunging 2.5%, wiping out its post-election gains. 



Chipmakers tumbled across the board, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) reaching a 2-month low, as Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) released a disappointing outlook.



The surge in rate-cut uncertainty and broader economic concerns pushed the CBOE Volatility Index (VIX) up by more than 17%, reflecting heightened market fear.



Treasury yields edged lower, indicating a flight to safe-haven bonds. The drop in yields supported the Japanese yen, which ended a four-day losing streak.



The U.S. dollar eased but remains on track for its seventh consecutive week of gains, marking its longest winning streak since September 2023.



Gold prices remained flat despite falling yields and a softer dollar, failing to act as a hedge in a turbulent session. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) defied the risk-off sentiment, rising 2.5% to $89,600 in a surprising show of strength.



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>43,416.20</td><td>-0.8%</td></tr><tr><td>S&amp;P 500</td><td>5,869.72</td><td>-1.3%</td></tr><tr><td>Russell 2000</td><td>2,302.85</td><td>-1.5%</td></tr><tr><td>Nasdaq 100</td><td>20,391.40</td><td>-2.4%</td></tr><tr><td>CBOE VIX</td><td>16.79</td><td>17.3%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111424&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>) fell 1.4% to $585.28.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.8% to $434.08.</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>) fell 2.5% to $496.12.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 1.4% to $228.75.</li>



<li>The&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 0.8%. The&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 2.7%.</li>
</ul>



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



<ul>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) skyrocketed 8.4%, on news that the AI-champion will be included in the Nasdaq 100 index. </li>



<li>Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) rose over 4%, fueling stock momentum after the 6.2% gain on Thursday amid stronger than expected earnings. </li>



<li>Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) rallied over 8% after China announced to end its export-tax rebate for aluminum from Dec. 1. </li>
</ul>



Stocks reacting on earnings reports were: 



<ul>
<li>Globant S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLOB#NYSE">GLOB</a>), down 11%. </li>



<li>AST SpaceMobile Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>), down 13.8%, </li>



<li>Post Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/POST#NYSE">POST</a>), down 2.8%. </li>
</ul>



Now Read:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/11/42013424/trumps-musk-ramaswamy-doge-plan-what-it-means-for-defense-and-it-stocks">Trump&#8217;s DOGE Plan: Goldman Sachs Says Defense Stocks Face Risks, IT Firms Could Win</a></li>
</ul>



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Stocks Tumble As Traders Rethink Fed's Action, VIX Spikes 17%, Nasdaq Erases Post-Trump Gains: What's Driving Markets Friday?

The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) provided a look at multi-year guidance Thursday, which surprised analysts and resulted in price targets being raised after the company&#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 financial results. </a>



The Disney Analysts:



<ul>
<li>Guggenheim analyst Michael Morris maintained a Buy rating on Disney and raised the price target from $110 to $130.</li>



<li>Macquarie analyst Tim Nollen maintained a Neutral rating and raised the price target from $91 to $110.</li>



<li>Goldman Sachs analyst Michael Ng maintained a Buy rating and raised the price target from $125 to $135.</li>
</ul>



Read Also: <a href="https://www.benzinga.com/general/entertainment/24/11/41953395/disney-q4-earnings-preview-disney-profitability-deadpool-box-office-success-top-items-to-watch">Disney Q4 Earnings Preview: Disney+ Profitability, Deadpool Box Office Success Top Items To Watch</a>



Guggenheim on DIS: Multi-year guidance provided by Disney could help instill confidence in a path for long-term growth, Morris said in a new investor note.



The analyst said fourth-quarter results saw direct-to-consumer profit come in ahead of estimates with linear networks lagging.



"Key incremental item is the detailed, multi-year financial guidance, which includes FY25 EPS growth ahead of consensus and acceleration to double-digit growth in 2026 and 2027," Morris said.



The analyst said entertainment, DTC and studio growth are expected to offset the continued pressure on linear networks.



"We see ESPN Flagship launch, consolidated entertainment growth, parks profit expansion and succession clarity as core components of the BUY thesis into 2025."



Macquarie on DIS: There was a lot to like in Disney's fourth-quarter results and guidance, Nollen said in a new investor note.



"Disney's F4Q report contained positive and detailed guidance for FY25-27 that speak to its long-term potential," Nollen said.



DTC profitability, the success of big blockbuster films, and advertising stability were highlights for the analyst in the fourth quarter.



The analyst also said Disney's guidance was richer than usual.



While the quarter was strong, the analyst remains Neutral, given near-term risks and concerns about the stock&#8217;s valuation, with shares trading at 20x PE and 12x FY25 EV/EBITDA.



Nollen is concerned that the ESPN DTC Flagship launch could include trade-offs with linear subscribers.



"Disney is the one traditional media company that we can be confident will transition successfully to streaming. The positive detailed guidance is encouraging, and sentiment could carry the stock."



Goldman Sachs on DIS: Theme park recovery, DTC strength and the multi-year outlook were highlights in the fourth quarter for Ng.



"DIS provided a 3-year outlook that exceeded even our above-consensus expectations," Ng said.



The analyst said the guidance for fiscal 2025, 2026 and 2027 was better than expected and shows strength across several key segments.



"DIS expects its F2025 results to reflect progression in profitably scaling its streaming businesses with attractive margins and continued investments to grow its Experiences business."



The analyst is watching the launch of ESPN Flagship, upcoming movies like "Moana 2" and "Mufasa,&#8221; the company's upcoming theme park expansions and new cruise ships for future growth.



"We are Buy-rated on DIS as we believe the company is a high-quality EPS compounder."



DIS Price Action: Disney stock is up 3.6% to $113.07 on Friday versus a 52-week trading range of $83.91 to $123.74. Disney stock is up 25% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/41999904/disney-ceo-bob-iger-slams-the-brakes-on-new-ma-amid-comcasts-cable-spinoff-we-dont-need-more-assets-to-compete-in-todays-disruptive-media-landscape">Bob Iger Slams The Brakes On New M&amp;A Amid Comcast&#8217;s Cable Spinoff: Disney Doesn&#8217;t &#8216;Really Need More Assets&#8217; To Compete</a></li>
</ul>



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Disney Q4 Earnings Show 'A Lot To Like': Analyst Calls It 'High-Quality' Profit Growth Performer

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) analysts Tom Narayan and Brad Erickson highlight the company's potential with FSD and robotaxis and also share thoughts on whether the electric vehicle giant could work with Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and Lyft Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) instead of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">competing against them.</a>



Tesla FSD, Autonomous Opportunity: RBC hosted investors at Tesla's Giga Texas facility and now has "increasing confidence" in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41259841/uber-vs-tesla-maybe-not-analysts-say-autonomous-vehicles-will-be-market-expanding">company's autonomous vehicle goals</a>, along with more confidence in seeing the company's competitive advantages in manufacturing over other automotive companies.



Narayan and Erickson, who have an Outperform rating on Tesla, raised the price target from $249 to $313.



"While we think much of the stock's post-election share price move is not rooted in fundamentals, we like the risk/reward of our implied upside value/share versus our downside," the analysts said.



The analysts said the automotive sector remains challenging and Tesla stock could see near-term pressure, but has a chance for long-term growth thanks to FSD innovation. The analysts assign a value of $102 per share for Tesla's FSD business, cars represent $36 per share and robotaxis represent $136 per share.



The analysts said Donald Trump&#8216;s elimination of the electric vehicle credit could be a net negative for Tesla, which is expected to gain market share as a result.



Tesla's newest version of FSD includes a "hands-off" allowance for roads in the United States, which could put Tesla ahead of other competitors, the analysts said.



"Almost every OEM L2+ product in the market currently has limitations. Most do not take exits, make turns, and in some cases do automatic lane changes."



The analysts expect FSD pricing to come down to $50 per month for consumers, but see the future opportunity to increase the price to $100 per month with new features.



Tesla could earn $83 billion in revenue from FSD and could see $22 billion in licensing revenue for the software by 2035, the analysts said.



The analysts see FSD's value rising from $61 per share to $102 per share, representing 33% of the overall price target on Tesla and 64% of the price target increase.



RBC's tour of Giga Texas also led to a price increase on Tesla cars, thanks to the company's vertical integration and cost structure advantages over the competition.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">Tesla Q3 Earnings Highlights: EPS Beat, Revenue Miss, Shares Climb On 2025 Timeline For Lower-Cost EVs</a>



Robotaxi Opportunity: The analysts said Tesla is committed to owning all pieces of the robotaxi ecosystem, which includes the vehicle, software and app. This could give the company a competitive cost advantage over other autonomous vehicles, the analysts added.



Narayan and Erickson think Tesla could represent a 20% share of robotaxis in the U.S., 6% in Europe, and 8% in China.



While Tesla robotaxis could be bad news for ride-hail companies like Uber and Lyft, the analysts see an opportunity for the market size to grow and for potential partnerships.



"Ride volumes would increase dramatically, helped by lower pricing coming from AV ridesharing," the analysts said. "Currently, only 1% of miles driven in the U.S. for example, come from ridesharing."



Tesla has around two million vehicles on the road in the US and Uber has 70 million to 80 million active users, the analysts noted.



"As such, partnering with Uber makes sense to expand its customer base."



Erickson said he has "rising conviction" that Tesla could be more open to working with Uber and Lyft at some point.



"We believe the successful AV networks of the future will involve deeply integrated partnerships composed of OEMs, suppliers, software-enablers and ride-hailing networks all playing their critical roles in delivering a safe, reliable and, importantly, economically sustainable service."



Erickson said Uber and Lyft are likely to benefit from a growing total addressable market expansion for ride-hail and robotaxis with or without a partnership from Tesla.



"We believe Tesla is more mindful of maintaining some level of economic rationality than we might have thought previously and would view them more as a partnership candidate over time."



Without partnerships with Lyft and Uber, Tesla could have to spend tens of billions of dollars to reach "adequate marketplace density and liquidity."



RBC has an Outperform rating on Lyft with a $24 price target. RBC has an Outperform rating on Uber with an $82 price target.



TSLA, UBER, LYFT Price Action: Tesla stock is up 3% to $320.41 on Friday versus a 52-week trading range of $138.80 to $358.64. Tesla stock is up 29% year-to-date.



Uber stock is up 2% to $73.00 on Friday versus a 52-week trading range of $53.15 to $87.00. Uber stock is up 25% year-to-date.



Lyft stock is up 1% to $18.02 on Friday versus a 52-week trading range of $8.92 to $20.82. Lyft stock is up 31% year-to-date.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">If Tesla Stock Hits All-Time Highs In 2025, Will It Be Driven By Trump-Musk Relationship? Benzinga Readers Say This</a></li>
</ul>



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TSLA

UBER

Tesla To Partner With Lyft, Uber? Analyst Has 'Rising Conviction' For Future Partnership

President-elect Donald Trump's proposed Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, is raising questions about the future of U.S. defense contractors <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">and government IT firms. </a>



Could the defense budget flatten—or even fall? And who stands to gain in this new sector shake up?



<h3 class="wp-block-heading">DOGE Puts Defense Budget Under Pressure</h3>



Trump's plan to restructure federal agencies and reduce wasteful spending through DOGE is a bold move, and its potential ripple effects are hard to ignore—especially for defense and government IT companies. 



With the Department of Defense (DoD) being one of the largest slices of federal spending, investors are understandably focused on what's next for defense stocks in a DOGE-driven world.



On one hand, Trump's campaign has consistently expressed support for strengthening the U.S. military. 



On the other, it's hard to make sweeping government cuts without touching the $877 billion defense budget, which accounts for 13% of federal spending as of 2023.



Read Also: <a href="https://www.benzinga.com/24/11/41965420/department-of-government-efficiency-led-by-elon-musk-and-vivek-ramaswamy-opens-x-account-with-username-doge">Elon Musk, Vivek Ramaswamy-Led Department Of Government Efficiency Opens Account On X</a>



<h3 class="wp-block-heading">Defense Spending At All-Time Highs Spells Risks</h3>



Historically, defense spending runs in decades-long cycles. Investment in the sector experiences periods of growth followed by downturns, and we may be nearing the peak of the current cycle, according to Goldman Sachs analyst Noah Poponak.



 &#8220;The defense budget is at an all-time high, which creates difficult comparisons and challenging base effects,&#8221; the analyst said in a note published Friday. 



<h3 class="wp-block-heading">Key Risks For Defense Stocks</h3>



<ol>
<li>Peak Spending: The defense budget is hovering at historical highs, making future growth difficult.</li>



<li>Geopolitical Shifts: If major conflicts ease, defense spending could decline.</li>



<li>Government Debt: U.S. debt-to-GDP ratios are near record levels, increasing pressure to curb federal spending.</li>
</ol>



Margins in the defense industry are already under pressure due to Pentagon efforts to shift risks onto contractors. Fixed pricing on long-term contracts, for example, has eroded unit economics. 



At the same time, defense stocks – as tracked by the SPDR S&amp;P Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XAR#NYSE">XAR</a>) – are trading at valuations above historical averages, leaving them vulnerable to a "de-rating" if the budget flattens or falls.



&#8220;It is difficult to embark on any large government spending reduction effort without touching defense, and there are potentially enough inefficiencies within the defense budget to reduce its total level without necessarily reducing military readiness or capability,&#8221; Poponak said. 



The investment bank maintains a cautious stance on the defense sector, issuing Sell ratings for Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), Northrop Grumman Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>), L3Harris Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>), and Huntington Ingalls Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>).



<h3 class="wp-block-heading">Government IT: Winners In The Efficiency Game?</h3>



While defense hardware could take a hit, government IT firms might find themselves potentially on the winning side of DOGE. 



The sector has been outperforming traditional defense industries in revenue growth, driven by a market share shift toward advanced technologies like artificial intelligence, data analytics, and cybersecurity.



<h3 class="wp-block-heading">Why IT Could Shine:</h3>



<ul>
<li>Tech-Driven Efficiency: DOGE's focus on cutting waste could emphasize the adoption of technologies that streamline government operations.</li>



<li>Advanced Capabilities: Firms offering cutting-edge solutions may be seen as key enablers of government efficiency.</li>



<li>Resilient Demand: Even with DoD cuts, IT spending for Operations &amp; Maintenance and national security could remain strong.</li>
</ul>



Goldman Sachs believes that companies like Booz Allen Hamilton Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) and Leidos Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LDOS#NYSE">LDOS</a>) are well-positioned to benefit.



On the flip side, SAIC Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAIC#NYSE">SAIC</a>) faces challenges due to slower growth and tougher competition, earning it a Sell rating from Goldman Sachs.



The bottom line is that Investors should prepare for a sector shakeup, as the creation of DOGE could mark a significant shift in federal spending priorities.



Read Next:



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<li><a href="https://www.benzinga.com/news/24/11/42006982/activist-investor-nelson-peltz-says-he-was-a-matchmaker-for-elon-musk-with-donald-trump">Activist Investor Nelson Peltz Says He Was &#8216;A Matchmaker&#8217; For Elon Musk With Donald Trump</a></li>
</ul>



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Trump's DOGE Plan: Goldman Sachs Says Defense Stocks Face Risks, IT Firms Could Win

The United States has agreed to provide up to $6.6 billion in direct funding to Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) to build advanced chip facilities in the U.S.



The deal aims to enhance domestic semiconductor production and bolster national security by reducing reliance on foreign suppliers, Barron's <a target="_blank" href="https://www.barrons.com/news/us-finalizes-up-to-6-6-bn-funding-for-chip-giant-tsmc-65252814" rel="noreferrer noopener">reports</a>.



The Biden administration announced that Taiwan Semiconductor's investment will attract $65 billion in private capital to establish three state-of-the-art plants in Arizona.



Also Read: <a target="_blank" href="https://www.benzinga.com/tech/24/11/41978712/asml-projects-revenue-surge-to-63-billion-by-2030-eyes-ai-and-chip-market-boom" rel="noreferrer noopener">ASML Projects Revenue Surge to $63 Billion by 2030, Eyes AI and Chip Market Boom</a>



The announcement comes just before President-elect Donald Trump assumes office. Trump had previously attacked Taiwan for allegedly undermining the U.S. chip industry and <a target="_blank" href="https://www.benzinga.com/government/regulations/24/11/41845483/taiwan-semiconductor-us-expansion-plans-unfazed-by-trump-win-report" rel="noreferrer noopener">criticized the U.S. Chips Act</a>.



The first of Taiwan Semiconductor's facilities will likely commence operations by early 2025, focusing on producing cutting-edge logic chips. These chips will power next-generation technologies, including 5G/6G smartphones, autonomous vehicles, and AI applications.



Early production at the Arizona plant reportedly matches the quality of Taiwan Semiconductor's facilities in Taiwan, showcasing <a target="_blank" href="https://www.benzinga.com/government/24/10/41545709/usa-scores-big-win-taiwan-semiconductor-arizona-plant-sees-good-production-yields" rel="noreferrer noopener">strong initial yields</a>.



Commerce Secretary Gina Raimondo told Barron's the importance of manufacturing these advanced chips domestically, emphasizing their role in AI, quantum computing, and military hardware.



The initiative aims to mitigate risks associated with overseas supply chains by producing these chips on U.S. soil, addressing a critical national security concern.



In addition to the direct funding, the U.S. government is extending up to $5 billion in proposed loans to support Taiwan Semiconductor's Arizona project.



The investment will likely generate approximately 6,000 direct manufacturing jobs. A senior U.S. official told Barron's that at least $1 billion of the allocated funding could be distributed to Taiwan Semiconductor this year, contingent on meeting specific milestones.



Meanwhile, Taiwan Semiconductor remains focused on consolidating its moat while diversifying its footprint beyond Taiwan as global governments dole out attractive subsidies.



The contract chipmaker has <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/24/11/41951575/taiwan-semi-boosts-advanced-chipmaking-with-record-euv-expansion-grabs-56-global-share" rel="noreferrer noopener">ramped up its</a> deployment of extreme ultraviolet (EUV) lithography systems, a vital technology in semiconductor production, even with the substantial expense involved.



Each EUV machine costs more than $100 million, making them some of the most costly assets in the chip manufacturing sector.



Industry analysts suggest that TSMC has significantly boosted its EUV capacity, increasing its share of global EUV installations from 50% in 2020 to 56% by 2023.



In Asia, Japan has also earmarked over $64.9 billion to <a target="_blank" href="https://www.benzinga.com/government/regulations/24/11/41939018/japan-increases-semiconductor-funding-as-us-trade-policies-pressure-taiwan-semiconductor" rel="noreferrer noopener">boost the semiconductor and AI</a> sectors. Taiwan Semiconductor is eyeing a second facility in Japan's Kumamoto region, considering a $13.5 billion investment after its first $8.6 billion wafer factory there.



Additionally, the company intends to establish a third advanced chip plant valued at $20 billion in Kumamoto to produce 3-nanometer chips.



Taiwan Semiconductor stock is up 86% year-to-date.



Price Actions: TSM stock is down 1.21% at $186.23 at the last check on Friday.



Also Read:



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<li><a href="https://www.benzinga.com/news/management/24/11/41978942/salesforce-ceo-marc-benioff-bets-big-on-billion-bots" target="_blank" rel="noreferrer noopener">Salesforce CEO Marc Benioff Bets Big on Billion Bots</a></li>
</ul>



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Just Before Biden's Term Ends, Taiwan Semiconductor Lands $6.6 Billion in US Funding to Build Advanced Chip Plants

October retail sales in the United States grew more than expected and their annual growth recorded the highest pace since July 2024, suggesting that U.S. consumers showed continued resilience in their spending habits ahead <a href="https://www.benzinga.com/topic/2024-election">of the presidential elections. </a>



Retail and food services sales reached $718.9 billion in October, marking a 0.4% increase over September. The figure is seasonally adjusted but not adjusted for inflation and is an advance estimate released by a government agency Friday. 



The monthly growth figure topped market expectations for a 0.3% increase, according to consensus estimates from TradingEconomics, but represented a deceleration from the upwardly revised 0.8% increase recorded in September.



<h3 class="wp-block-heading">Electronics Shopping Rebounds In October</h3>



On a year-over-year basis, retail sales grew by a robust 2.8%, the highest in three months and the second-strongest since April, up from the upwardly revised 2% in September. 



Excluding motor vehicles and parts, retail sales rose by just 0.1% month-over-month, down from the upwardly revised 1% growth in September, missing expectations of 0.3%. When stripping out gasoline, motor vehicles, and parts, sales inched 0.1% up in October, a noticeable deceleration from the 1.2% growth seen the previous month.



Within spending categories, electronic and appliance stores recorded the largest monthly gain, with sales increasing 2.3%, rebounding significantly from the 2.9% decline in September. 



Motor vehicle and parts dealers saw a 1.6% rise, accelerating from the previous 0.2% growth. 



On the other hand, miscellaneous store retailers registered the steepest monthly decline, with sales contracting 1.6%, followed closely by furniture and home furniture stores, which saw sales fall 1.3%.



Before the report's release, traders were pricing in a 58% probability of a 25-basis-point rate cut at the Federal Reserve's December meeting, according to the CME FedWatch Tool. 



Those expectations shifted substantially downward from about 80% after Fed Chair Jerome Powell stated on Thursday that the Federal Reserve is not in a hurry<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"> to lower interest rates. </a>



Powell also emphasized that the strength of the U.S. economy allows policymakers to approach rate decisions carefully, suggesting the potential for a pause in rate cuts.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips">Powell&#8217;s Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips</a></li>
</ul>



Photo via Shutterstock.

Retail Sales

October Retail Sales Top Expectations As US Consumers Increase Tech Spending

Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)&nbsp;stock is trading higher Friday after the company's&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42004020/alibaba-group-announces-september-quarter-2024-results" rel="noreferrer noopener">fiscal second-quarter&nbsp;print</a>.



The Jack Ma co-founded e-commerce giant reported fiscal second-quarter 2024 revenue growth of 5% year-on-year to $33.70 billion, beating the analyst consensus estimate of $33.47 billion. Adjusted earnings per ADS of $2.15 missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $2.26</a>.&nbsp;



Adjusted net income declined 9% Y/Y to $5.20 billion.



Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/41973754/bilibilis-q3-earnings-revenue-surges-26-record-user-growth-margins-improve-as-games-lead-the-way" rel="noreferrer noopener">Bilibili's Q3 Earnings: Revenue Surges As Games Lead the Way, Stock Buyback And More</a>



Segments: Taobao and Tmall Group revenue grew by 1% year over year to $14.11 billion. Alibaba International Digital Commerce Group revenue increased by 29% year over year to $4.51 billion, driven by the growth of cross-border businesses, in particular AliExpress's&nbsp;Choice&nbsp;business.



Local Services Group revenue grew by 14% year over year to $2.53 billion, driven by the order growth of both Amap and Ele.me and revenue growth from marketing services.&nbsp;



Cainiao Smart Logistics Network Limited's revenue increased 8% year over year to $3.51 billion, driven by an increase in revenue from cross-border fulfillment solutions.&nbsp;



Cloud Intelligence Group revenue grew by 7% Y/Y to $4.22 billion. Digital Media and Entertainment Group fell by 1% Y/Y to $811 million. All other revenue grew by 9% Y/Y at $7.44 billion.



In the Taobao and Tmall Group, customer management revenue grew 2% year over year due to the growth in online GMV.



Revenue from China's commerce retail business remained firm year over year at $13.25 billion, while direct sales and other revenue declined by 5% year over year to $3.23 billion, primarily due to the decrease in appliance sales.



Revenue from China's commerce wholesale business grew by 18% year over year to $853 million due to the increase in revenue from value-added services provided to paying members.



Alibaba International Digital Commerce Group:&nbsp;International commerce retail business revenue grew by 35% Y/Y to $3.65 billion, primarily driven by the increase in revenue contributed by AliExpress'&nbsp;Choice&nbsp;and Trendyol.&nbsp;



International commerce wholesale business revenue grew by 9% Y/Y to $863 million.



Cloud Intelligence Group:&nbsp;Overall revenue, excluding Alibaba-consolidated subsidiaries, increased by 7% Y/Y, which was mainly driven by the double-digit revenue growth of public cloud products, including AI-related products.



As of September 30, 2024, Alibaba held $79 billion in cash and equivalents. It generated an operating cash flow of $4.48 billion, down 38% year over year.



During the quarter, it generated a free cash flow of $1.96 billion, down 70% year over year due to investments in Alibaba Cloud infrastructure, refunds to Tmall merchants and other working capital changes related to factors including the scale-down of certain direct sales businesses.



Alibaba Group CEO Eddie Wu noted strong performance in the Cloud segment, with public cloud product revenue seeing double-digit growth and AI-related offerings delivering triple-digit gains. He expressed increased confidence in Alibaba's core businesses and plans to continue investing for sustained long-term growth.



Wu also pointed out improved operating efficiency across other segments, with many achieving higher profitability or narrowing losses.



Alibaba CFO Toby Xu attributed the quarter's revenue growth to better monetization of the Taobao and Tmall platforms, including increased adoption of GMV-based service fees and the marketing tool Quanzhantui.



Xu stated that Alibaba repurchased $4.1 billion worth of shares during the quarter, reducing the total shares outstanding by 2.1% since the end of June, which contributed to increased earnings per share for shareholders.



Price Action:&nbsp;BABA shares traded higher by 3.80% at $94.02 premarket at&nbsp;the last check on Friday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41970826/jd-com-q3-earnings-revenue-beats-forecast-amid-consumer-rebound-highlights-supply-chain-strength-eyes-margin-growth" target="_blank" rel="noreferrer noopener">JD.com Q3 Earnings: Revenue Beats Forecast Amid Consumer Rebound, Highlights Supply Chain Strength, Eyes Margin Growth</a></li>
</ul>



Photo Via Shutterstock

Earnings

Emerging Markets

Movers

BABA

Alibaba Q2 Earnings: Revenue Beats Forecast, Cloud and International Sales Shine, Free Cash Flow Falls Amid Strategic Investments

Billionaire activist investor Nelson Peltz claimed he played a crucial role in introducing Elon Musk to Donald Trump. This connection reportedly led to Musk&#8217;s significant support for Trump&#8217;s presidential campaign.



What Happened: Peltz, the founder and CEO of Trian Partners, disclosed during CNBC's Delivering Alpha Conference that he orchestrated a meeting between Musk and Trump over breakfast in late spring. Musk was visiting Peltz&#8217;s home for the weekend when Trump joined them, Fortune <a href="https://fortune.com/2024/11/14/nelson-peltz-elon-musk-donald-trump-matchmaker-disney/">reported</a> on Friday.



"Elon was at the house for a weekend, and we had a breakfast and invited Donald for breakfast, and they sort of reunited again," Peltz&nbsp;said&nbsp;during the onstage interview. "I was a matchmaker."



This meeting reportedly resulted in Musk becoming a key supporter of Trump, participating in rallies and contributing financially. Following an assassination attempt on Trump in July, Musk endorsed him and donated around $200 million to his campaign, according to the AP. Peltz expressed satisfaction with the outcome, highlighting Musk&#8217;s active role in Pennsylvania during the campaign.



On Tuesday, Trump appointed Musk as co-leader of the new Department of Government Efficiency (DOGE), focusing on reducing federal spending. Although Musk indicated he would not join the administration full-time, the New York Times noted his frequent presence at Mar-a-Lago, engaging in meetings and calls with foreign leaders.



See Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41910180/exclusive-chris-christie-says-trump-will-remove-federal-restrictions-on-marijuana-find-sweet-spot-for-crypto-regulation?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Chris Christie Says Trump Will Remove Federal Restrictions On Marijuana, Find &#8216;Sweet Spot&#8217; For&nbsp;Crypto Regulation (UPDATED)</a>



Why It Matters: The formation of the <a href="https://www.benzinga.com/news/24/11/41998717/elon-musk-and-vivek-ramaswamy-are-looking-for-high-iq-small-government-revolutionaries-who-are-willing-to-put-in-80-hours-at-doge">Department of Government Efficiency</a> (DOGE), co-led by Musk and Vivek Ramaswamy, signifies a push towards streamlining government operations under Trump&#8217;s administration. DOGE is actively seeking high-IQ candidates to work long hours to reduce federal inefficiencies.



Furthermore, <a href="https://www.benzinga.com/markets/24/11/42002872/peter-thiel-says-elon-musks-support-for-donald-trump-paved-the-way-for-other-silicon-valley-leaders-to-back-him-incredibly-courageous">Musk&#8217;s support for Trump</a> has reportedly encouraged other Silicon Valley leaders to embrace conservative positions. PayPal co-founder Peter Thiel described Musk&#8217;s support as &#8220;incredibly courageous,&#8221; suggesting it provided a safe space for others in the tech industry to express similar views.



Peltz&#8217;s Trian Fund Management recently made <a href="https://www.benzinga.com/hedge-funds/24/11/41995340/nelson-peltzs-trian-fund-management-reshaped-portfolio-ahead-of-presidential-election">significant portfolio adjustments</a> ahead of the presidential election, including selling stakes in major companies like Walt Disney Co. and GE HealthCare Technologies Inc., indicating a strategic shift in anticipation of market challenges.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41961033/gene-munster-says-elon-musks-doge-efficiency-plans-should-not-be-underestimated-but-warns-itll-likely-take-many-years-to-achieve-2-trillion-in-government-spending?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gene Munster Says Elon Musk&#8217;s DOGE Efficiency Plans Should Not Be Underestimated, But Warns &#8216;It&#8217;ll Likely Take Many Years&#8217; To Achieve $2 Trillion In Government Spending Cuts</a></li>
</ul>



Image via Shutterstock



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

General

Activist Investor Nelson Peltz Says He Was 'A Matchmaker' For Elon Musk With Donald Trump

Leading cryptocurrencies pulled back Thursday as Federal Reserve Chair Jerome Powell's remarks <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">poured cold water on rate cut optimism.</a>



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.23%</td><td>$88,282.07</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.55%</td><td>$3,091.21</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.46%</td><td>$0.3726</td></tr></tbody></table></figure>



What Happened: Bitcoin rose past $91,000 early morning hours, only to slip below $88,000 after the market close, resulting in more than a 2% decline over the last 24 hours.



Ethereum sharply descended from $3,240 to $3,040 over the day. Over the week, the second-largest cryptocurrency gained 3.89%, significantly trailing its senior partner, which was up over 15%.



More than $505 million worth of positions were liquidated in the last 24 hours, with nearly $350 million in upside bets getting wiped out.



Bitcoin's Open Interest (OI) dropped 0.82% in the last 24 hours. A drop in OI, alongside a drop in spot price, also pointed toward long liquidations.



That said, the number of traders betting in favor of Bitcoin's price rally rose in comparison to those shorting the asset, according to the Long/Short Ratio.



The "Extreme Greed" sentiment weakened from 88 to 80 as a result of the retrace, according to the Cryptocurrency Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Act I: The AI Prophecy (ACT)</td><td>+32.46%</td><td>$0.8424</td></tr><tr><td>MANTRA (OM)</td><td>+20.63%</td><td>$1.68</td></tr><tr><td>XRP (XRP)</td><td>+13.42%</td><td>$0.786</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.92 trillion, declining 1.53% in the last 24 hours.



Stocks closed in the red on Thursday. The Dow Jones Industrial Average slipped 207.33 points, or 0.47%, to close at 43,750.86. The S&amp;P 500 lost 0.60% to end at 5,949.17. The tech-focused Nasdaq Composite dipped 0.64% to 19,107.65, marking its third straight losing day.



The sell-offs followed Fed Chair Powell&#8217;s statements that the central bank needn't "be in a hurry" to cut rates given the strength of the economy. 



The cautious remarks triggered a sharp decline in rate cut expectations during next month's FOMC meeting, from 82% to 59%,&nbsp; <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to data from the CME FedWatch tool&nbsp;



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



Analyst Notes: Popular cryptocurrency analyst Rekt Capital described Bitcoin dips early on in the price discovery phase as "high-probability opportunities."



"As the parabolic phase goes on, however, the pullbacks will become increasingly riskier for dollar-cost-averaging Good thing we&#8217;re so early in the parabolic upside phase," the analyst remarked.



<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/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> dips early on in Price Discovery are high-probability opportunities As the Parabolic Phase goes on however, the pullbacks will become increasingly riskier for dollar-cost-averaging Good thing we&#39;re so early in the Parabolic Upside phase<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1857094023690797475?ref_src=twsrc%5Etfw">November 14, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



On-chain analytics firm CryptoQuant said that high stablecoin inflows were driving the Bitcoin bull market.



"There is a continuation of a higher-than-normal influx of stablecoins. This suggests that barring any additional news flow, the Bitcoin bull market has not yet ended," the firm said, indicating that more upsides could follow.



<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">Bitcoin Bull Market Fueled by Stablecoin Inflows: Will the Uptrend Continue? "There is a continuation of a higher-than-normal influx of stablecoins. This suggests that barring any additional news flow, the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bull market has not yet ended." – By <a href="https://twitter.com/theKriptolik?ref_src=twsrc%5Etfw">@theKriptolik</a> Link &#x1f447;… <a href="https://t.co/SAEnv6oxUD">pic.twitter.com/SAEnv6oxUD</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1857194154310214060?ref_src=twsrc%5Etfw">November 14, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by CMP_NZ on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41959476/fbi-raids-polymarket-ceo-over-crypto-betting-platforms-us-activities-he-fires-back-in-the-face-of-adversity-we-build">FBI Raids Polymarket CEO Over Crypto Betting Platform&#8217;s US Activities — He Fires Back: &#8216;In The Face Of Adversity, We Build&#8217;</a></li>
</ul>

Markets

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Take A U-Turn As Jerome Powell's Statements Dampen Rate Cut Expectations: Analytics Firm Explains Why BTC Bull Market Has Not Yet Ended

U.S. stocks could open on a negative note on Friday after the Federal Reserve chair Jerome Powell's <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">comments on Thursday</a> that the economy is showing enough strength that there is no need to be "in a hurry" on further rate cuts just yet.



Futures of all three major indices were down as investors processed crucial inflation and economic data released over the week.



"The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," Powell said, maintaining a wait-and-watch approach for the time being.



For now, the post-election rally in the equity markets seems to be slowing down as investors hedge their bets while booking some profits at the same time.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.89%</td></tr><tr><td>S&amp;P 500</td><td>-0.63%</td></tr><tr><td>Dow Jones</td><td>-0.43%</td></tr><tr><td>R2K</td><td>-0.29%</td></tr></tbody></table></figure>



In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged lower by 0.53% to $590.22 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.80% to $504.63, 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 ended Thursday in the red, with the tech-heavy Nasdaq falling the most.



Crude oil prices remained under the $70 mark, easing further on Friday due to fears of a slowdown in China resulting in lower demand.



Treasury yields edged up again as investors digested Powell's comments on the economy as well as rate cuts in the near future.



On the economic data front, U.S. initial jobless claims declined by 4,000 from the previous week to 217,000 in the week ending Nov. 9, compared to market estimates of 223,000.



The U.S. producer prices rose 0.2% month-over-month in October compared to a revised 0.1% gain in September, which is in line with market expectations.



Most sectors on the S&amp;P 500 closed on a negative note, with consumer discretionary, industrials, and healthcare stocks recording the biggest losses on Thursday.



However, information technology and energy 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>-0.64%</td><td>19,107.65</td></tr><tr><td>S&amp;P 500</td><td>-0.60%</td><td>5,949.17</td></tr><tr><td>Dow Jones</td><td>-0.47%</td><td>43,750.86</td></tr><tr><td>Russell 2000</td><td>-1.37%</td><td>2,336.94</td></tr></tbody></table></figure>



Insights From Analysts:



Powell's relatively hawkish tone has investors cautious in the markets, noted ING analyst Francesco Pesole.



This could result in a correction for the dollar, which is "testing the limit" of its longs, Pesole noted, adding that traders should exercise caution for the time being.



"Powell seemed to put greater emphasis on the strength of the economy&nbsp;and how that allows the central bank to approach the upcoming policy decisions ‘carefully'."



CME Group's FedWatch tool <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">reflected</a> the fall in sentiment for another rate cut next month, with its probability declining to 62.1% from 72.2%.



Investors will also keep an eye on the retail sales data that is set to be released later today.



However, Sonu Varghese, global macro strategist at Carson Group, downplayed fears of a rebound in inflation, stating that there are "disinflationary trends" that will "likely keep a lid" on a rise in prices.



On the equity front, Varghese maintained his bullish outlook.



"Overall, economic strengths clearly outweigh areas of weakness, and the opportunities likely have a higher probability of coming to fruition than the threats. The balance favors continued strength for equities, which is why we're maintaining our overweight to stocks, especially US stocks."



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



Upcoming Economic Data



Friday's major economic updates include:



<ul>
<li>Import Price Index, which will be released at 8:30 a.m. ET.</li>



<li>Retail sales data, which will be released at 8:30 a.m. ET</li>
</ul>



Stocks In Focus:



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock will be <a href="https://www.benzinga.com/24/11/41998621/palantir-moderna-pfizer-alibaba-tesla-why-these-5-stocks-are-on-investors-radars-today">in focus today</a> after reports emerged that President-elect Donald Trump is likely to end the $7,500 tax credit. Tesla shares fell 5.8% on Thursday.</li>



<li>Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) shares were up 0.4% in premarket trading after the U.S. government finalized a $6.6 billion subsidy for the chipmaker under the CHIPS Act.</li>



<li>Domino's Pizza Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) shares surged over 7% in premarket trading after Warren Buffett-led Berkshire Hathaway <a href="https://www.benzinga.com/24/11/42002180/why-dominos-pizza-shares-are-trading-higher-by-around-8-here-are-20-stocks-moving-premarket">picked up a small stake</a> in the company.</li>



<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>), and Novavax Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) <a href="https://www.benzinga.com/government/regulations/24/11/41993115/trump-taps-rfk-jr-for-health-secretary-role-sends-5-vaccine-stocks-lower">stocks fell after Trump appointed</a> Robert F. Kennedy Jr. as the head of the Department of Health and Human Services.</li>



<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) announced it will switch from the New York Stock Exchange to the Nasdaq on Nov. 26.</li>



<li>Investors are awaiting earnings results from Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), Spectrum Brands Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPB#NYSE">SPB</a>), and RLX Technology Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RLX#NYSE">RLX</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures fell in the early New York session, declining by 1.11% to hover around $67.94 per barrel.



The 10-year Treasury note yield edged up about to 4.43%.



Most of the major Asian markets were mixed on Friday, but European markets were marginally in the green in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">Trump Plans To Erase EV Tax Credit: Tesla Analyst Says It&#8217;s &#8216;Net Bullish,&#8217; Calls Sell-Off &#8216;Wrong Knee-Jerk Reaction&#8217;</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Federal Reserve

Pre-Market Outlook

MRNA

NVAX

US Stocks Likely To Open In Red After Jerome Powell Says No Need To Be 'In A Hurry' On Rate Cuts: Tesla, TSMC And Domino's In Focus

Investment veteran Gary Black cautions that Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) will lose the most if the $7,500 federal electric vehicle tax credit is eliminated, citing the company&#8217;s overwhelming dependence on <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">EV sales compared to traditional automakers</a>.



What Happened: Black, managing partner at The Future Fund LLC, points to Tesla&#8217;s recent history of price-related challenges as evidence for his concern. &#8220;Tesla&#8217;s earnings power declined by 45% and shares fell by 70% in 15 months&#8221; following price cuts of 15-20% in late 2022 and 2023, he noted on social media platform X.



The potential loss of the tax credit could effectively increase Tesla&#8217;s U.S. vehicle prices by 20%, affecting approximately 30% of the company&#8217;s global sales volume. Black emphasizes that Tesla&#8217;s vulnerability stems from its business model, where electric vehicles represent about 80% of revenue.



&#8220;No one else has anywhere near that degree of exposure to EVs,&#8221; Black wrote, contrasting Tesla&#8217;s position with traditional automakers. He dismisses concerns about the impact on legacy manufacturers, noting that companies like General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) saw earnings growth during Tesla&#8217;s recent downturn.



Black&#8217;s analysis challenges some Tesla supporters who suggest the credit&#8217;s removal would primarily hurt traditional automakers. He argues that mathematical analysis doesn&#8217;t support this view, pointing out that EVs typically constitute only 5-10% of legacy automakers&#8217; business.



&#8220;Why would raising price on 5-10% of legacy auto's business bankrupt them? C'mon folks &#8211; please do the math,&#8221; Black wrote. 



<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 love when <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> bulls try to spin negative industry news as good for TSLA but bad for everyone else. When TSLA cut prices by 15-20% in late-2022 and 2023 — which sparked a price war — I was one of the few who warned repeatedly that TSLA earnings would get decimated, while mgmt… <a href="https://t.co/c03qw3c53V">https://t.co/c03qw3c53V</a> <a href="https://t.co/cwXIrzmsTI">pic.twitter.com/cwXIrzmsTI</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1857186024977543546?ref_src=twsrc%5Etfw">November 14, 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/markets/equities/24/11/41993666/warren-buffetts-berkshire-hathaway-slashes-apple-bofa-holdings-adds-dominos-pizza-in-q3">Warren Buffett&#8217;s Berkshire Hathaway Slashes Apple, BofA Holdings, Adds Domino&#8217;s Pizza In Q3</a>



Why It Matters: The potential elimination of the $7,500 EV tax credit has been a topic of concern for Tesla and the EV industry as a whole. Despite the negative implications, some analysts believe that this move could be <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">beneficial for Tesla</a>.



Meanwhile, Tesla&#8217;s stock has been on the rise since the 2024 presidential election, with Elon Musk&#8216;s endorsement of President-elect Donald Trump being seen as a <a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">significant factor in this growth</a>.



Furthermore, the recent announcement of Musk as the co-lead for the Department of Government Efficiency (DOGE) has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41968621/analysts-divided-about-impact-of-elon-musk-co-leading-doge-on-tesla-stock-heres-what-bulls-and-bears-have-to-say">met with mixed reactions</a> from analysts, with Black suggesting that this appointment may not have a significant impact on Tesla&#8217;s stock.



Price Action: Tesla stock closed at $311.18 on Thursday, down 5.77% for the day. In after-hours trading, Tesla slipped a further 1.15%. Despite recent drops, Tesla&#8217;s stock has gained 25.26% year to date, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Read Next: 



<a href="https://www.benzinga.com/trading-ideas/24/11/41997142/viking-fund-management-sells-big-oil-stocks-in-q3-cuts-tesla-position-in-half-adds-to-largest-position-broadcom">Viking Fund Management Sells Big Oil Stocks In Q3, Cuts Tesla Position In Half, Adds To Largest Position Broadcom</a>



Image via Tesla



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

Global

Tesla Earnings Will Be Hit Hardest If $7.5K EV Credit Gets Cut By Trump, Warns Gary Black: 'Do The Math'

On Thursday, Nov. 14, U.S. markets ended lower after Fed Chair Jerome Powell dampened hopes for an interest rate cut, citing steady economic growth, a strong job market, and persistent inflation. Traders reduced bets on a December cut, leading to declines in the Dow, S&amp;P 500, and Nasdaq.



Powell&#8217;s remarks followed data showing a rise in producer prices for October, slightly higher than expected.



Related: <a target="_blank" href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips" rel="noreferrer noopener">Powell&#8217;s Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips</a>



Economic data showed that U.S. jobless claims fell by 4,000 to 217,000 for the week ending Nov. 9, beating estimates of 223,000. Producer prices increased by 0.2% in October, matching market expectations after a revised 0.1% rise in September.



The majority of S&amp;P 500 sectors fell, led by consumer discretionary, industrials, and healthcare. However, tech and energy stocks ended higher.



The Dow Jones Industrial Average was down 0.47% and closed at 43,750.86, the S&amp;P 500 declined 0.50% to 5,949.17, and the Nasdaq Composite slid 0.64% to finish at 19,107.65.



Asia Markets Today



<ul>
<li>On Friday, Japan&#8217;s Nikkei 225 declined 0.35% and ended the session at 38,637.50, led by gains in the Warehousing, Shipbuilding, and Trading sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 rose 0.74% and ended the day at 8,285.20, led by gains in the Utilities, Gold, and Financials sectors.</li>



<li>India Markets were closed for the Guru Nanak Jayanti holiday.</li>



<li>China&#8217;s Shanghai Composite declined 1.45% to close at 3,330.73, and the Shenzhen CSI 300 fell 1.75%, finishing the day at 3,968.83.</li>



<li>Hong Kong&#8217;s Hang Seng slipped 0.09% and closed the session at 19,426.34.</li>
</ul>



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 index was down 0.23%.</li>



<li>Germany&#8217;s DAX gained 0.14%.</li>



<li>France&#8217;s CAC fell0.04%.</li>



<li>UK&#8217;s FTSE 100 index traded higher by 0.02%.</li>



<li>European stocks were mixed after weak U.K. growth data, higher French inflation, and hawkish Fed remarks.</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 1.35% at $67.78/bbl, and Brent was down 1.28% at $71.63/bbl.</li>



<li>Oil prices declined, heading for a weekly loss amid concerns over weakening Chinese demand and fewer anticipated U.S. rate cuts. Lower refinery output and slowing factory growth in China added pressure.</li>



<li>Natural Gas declined 2.44% to $2.717.</li>



<li>Gold was trading higher by 0.04% at $2,573.80, Silver gained 0.16% to $30.610, and Copper rose 1.6% to $4.1420.</li>
</ul>



US Futures at 05:30 AM ET



Dow futures decreased 0.44%, S&amp;P 500 futures were down 0.63%, and Nasdaq 100 futures fell 0.88%.



Forex at 05:30 AM ET



<ul>
<li>The U.S. Dollar Index declined 0.15% to 106.51, USD/JPY was down 0.60% at 155.30, and USD/AUD slid 0.25% to 1.5453.</li>



<li>The U.S. dollar hit near one-year highs after Fed Chair Powell&#8217;s hawkish comments boosted Treasury yields, pressuring equities. The dollar&#8217;s surge weighed on the euro, gold, and oil prices.</li>
</ul>



Image via Pexels

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Asia And Europe Markets Mixed; Fed's Hawkish Comments Boost Dollar - Global Markets Today While US Slept

On Thursday, Ark Invest, led by Cathie Wood, made significant trades in Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Rocket Lab USA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>), according to the firm&#8217;s daily trade data.



The Amazon Trade



Ark picked up 28,509 Amazon shares for ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>), Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), and ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) in a transaction valued at $6.03 million. As of Thursday, Amazon&#8217;s stock closed at $211.48, reflecting a decrease of 1.22%. 



Ark Invest&#8217;s move on Amazon comes in the wake of the e-commerce giant&#8217;s recent launch of a low-cost online storefront, &#8220;Haul&#8221;, designed to <a href="https://www.benzinga.com/news/global/24/11/41949051/whats-going-on-with-amazon-stock-wednesday-2">compete with Chinese e-commerce platforms</a>. According to a report, Amazon initiated discussions with China-based sellers earlier this year about offering a similar service. The exact details of Ark&#8217;s trade in Amazon were not disclosed in the data provided.



The Rocket Lab Trade



Ark Invest sold 627,775 shares in Rocket Lab, valued at almost $10.09 million. The trades were made through the ARKQ and ARKX ETFs. 



This sale followed a significant surge in Rocket Lab&#8217;s shares, which shot up over 28% to $18.83 on Wednesday. As of Thursday, Rocket Lab&#8217;s stock closed at $17.36, reflecting a decrease of 7.81%.



The earlier surge was triggered by the company&#8217;s announcement of better-than-expected <a href="https://www.benzinga.com/24/11/41932662/why-rocket-lab-shares-are-trading-higher-by-around-29-here-are-20-stocks-moving-premarket">third-quarter financial results</a>, a multi-launch agreement with a confidential commercial satellite constellation operator, and a federal defense contract worth up to $8 million.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41963342/elizabeth-warrens-sarcastic-take-on-doges-split-leadership-gets-slammed-by-elon-musk-unlike-you-neither-of-us-are-being-paid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren&#8217;s Sarcastic Take On DOGE&#8217;s Split Leadership Gets Slammed By Elon Musk: &#8216;Unlike You, Neither Of Us Are Being Paid&#8217;</a>



Other Key Trades: 



<ul>
<li>Ark continued to purchase shares of eVTOL companies like Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) and Joby Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) on Thursday. The firm picked up 409474 ACHR shares worth $1.76 million and 303674 JOBY shares worth $1.8 million.</li>



<li>The Wood-led firm purchased 2,706 shares of Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), worth $375,701, through its ARKX fund.</li>



<li>Ark Invest bought shares of Schrodinger Inc (SDGR) and shares of Guardant Health Inc (GH) through its ARK Genomic Revolution ETF (ARKG).</li>



<li>The firm also sold shares of Moderna Inc (MRNA) and shares of Repare Therapeutics Inc (RPTX) through the same ETF.</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/41890968/bitcoin-kisses-89500-ethereum-dogecoin-extend-trump-victory-rally-how-long-before-btc-hits-100000-analysts-reveal?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Hovers Around $90K, Ethereum, Dogecoin Extend Trump Victory Rally: How Long Before BTC Hits $100,000? Analysts Reveal</a></li>
</ul>



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

ACHR

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Cathie Wood Keeps Betting On Amazon's 'Haul' Play: Ark Loads Up $6M Worth Of Shares

Federal Reserve Chair Jerome Powell's unexpectedly hawkish remarks on Thursday sent markets into a tailspin. Major U.S. equity indices closed in the red, and the dollar soared for <a href="https://www.benzinga.com/topic/interest-rates">a fifth consecutive session</a>.



In a speech to Dallas business leaders, Powell highlighted the remarkable strength of the U.S. economy, indicating that there's no need for the Fed to &#8220;be in a hurry to lower rates.&#8221;



He reiterated the central bank's commitment to reaching its 2% inflation target, stressing the need for careful decision-making as inflation remains above desired levels.



He highlighted productivity gains, which he said have &#8220;grown faster over the past five years than at any point in the two decades preceding the pandemic,&#8221; positioning the U.S. economy as &#8220;the best-performing among major economies.&#8221;



Addressing the October <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">producer price index (PPI) uptick</a>, Powell labeled it &#8220;more than an upward bump&#8221; but maintained confidence in the trajectory toward the 2% inflation goal.



<h3 class="wp-block-heading">Markets Reassess Interest Rate Path: Traders Are Less Confident On A December Cut</h3>



Powell&#8217;s comments impacted the interest-rate market, with fed futures now reflecting a reduced likelihood of a 25-basis-point cut in December. 



The CME FedWatch tool shows the odds of such a move dropped to 58%, sharply down from around 80% earlier in the day.



The S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), closed down 0.6%, fully erasing gains from last week&#8217;s rate cut. Energy was the only sector in positive territory, rising 0.4%, while industrials and health care led declines, each down 0.7%.



Top performers in the S&amp;P 500 included Tapestry Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPR#NYSE">TPR</a>), Wynn Resorts Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>), and First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), which rose 12.8%, 8.7%, and 7.2%, respectively. Among the laggards were Leidos Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LDOS#NYSE">LDOS</a>) and Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), down 13.6% and 11.4%, respectively.



Tech stocks, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), declined 0.7%, marking a fourth consecutive loss. Blue chips followed by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) slipped 0.5%, while small caps in the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) underperformed, falling 1.3%.



The dollar continued to attract liquidity, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) logging a fifth consecutive gain, reaching levels last seen in late October 2023.



Treasury yields also rose, with the 10-year yield closing at 4.46%. Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), marked its fifth straight loss.



In crypto markets, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was 1.7% lower in the past 24 hours to $88,013 at 5:21 p.m. ET, on track for its worst day in November.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41984852/trumps-red-wave-pushes-emerging-market-stocks-to-2-month-lows-volatility-expected-to-remain-elevated">Trump&#8217;s Red Wave Pushes Emerging Market Stocks To 2-Month Lows: Volatility &#8216;Expected To Remain Elevated&#8217; </a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Specialty ETFs

Currency ETFs

Treasuries

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SMCI

WYNN

Powell's Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips

Billionaire investor Warren Buffett cut several of Berkshire Hathaway Inc&#8216;s (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>) <a href="https://www.benzinga.com/markets/equities/24/08/40232279/is-warren-buffett-bearish-or-waiting-to-pounce-berkshire-now-owns-more-t-bills-than-federal-rese">largest holdings this year</a>. 



The Omaha, Nebraska-based holding company&#8217;s latest 13F filing shows that the sell-off trend continues.



What Happened: Berkshire&#8217;s latest 13F filing, filed on Thursday, reflects the company&#8217;s largest holdings as of September 30.



Buffett reduced his stake in Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) from 400 million to 300 million shares. Thus, Berkshire has now cut its position in the Cupertino, California-based tech giant by over two-thirds since 2023&#8217;s third quarter.



The Omaha &#8220;oracle&#8221; also continued to cut his stake in Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), trimming back another 23% of Berkshire&#8217;s position.



Berkshire cut nearly all of its position in Ulta Beauty Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>). Buffett <a href="https://www.benzinga.com/markets/equities/24/08/40385824/warren-buffett-still-holds-400m-apple-shares-reveals-new-investments-in-ulta-beauty-and-heico-el">revealed a position in the cosmetic store chain</a> in August; the company&#8217;s stock has performed roughly even since then. Buffett&#8217;s Ulta holding period was unusually short for the famed value investor.



Meanwhile, Buffett added a couple of fresh faces to Berkshire&#8217;s portfolio.



Buffett bought 1,277,256 shares of Ann Arbor, Michigan-based pizza chain Domino&#8217;s Pizza Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>). He also made a foray into pool equipment, buying 404,057 shares of Pool Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POOL#NASDAQ">POOL</a>).



Price Action: Investors quickly reacted to Berkshire&#8217;s 13F filing after hours:



<ul>
<li>Dominoes Pizza shares traded up nearly 7%.</li>



<li>Pool Corp shares traded up nearly 6%.</li>



<li>Ulta Beauty shares fell over 4%.</li>



<li>Apple and Bank of America shed insignificant portions of their market value.</li>
</ul>



Why it Matters: During Berkshire&#8217;s annual shareholder meeting in May, Buffett hinted that his sell-offs were a result of tax implications. 



This <a href="https://www.benzinga.com/markets/equities/24/08/40385824/warren-buffett-still-holds-400m-apple-shares-reveals-new-investments-in-ulta-beauty-and-heico-el">has not stopped</a> investors&#8217; conjecture that Buffett is perhaps bearish <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">on the market at large</a>.



Alternatively, Buffett could be simply trimming positions that take up an outsized portion of Berkshire&#8217;s portfolio to reduce exposure.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">Trump Plans To Erase EV Tax Credit: Tesla Analyst Says It&#8217;s &#8216;Net Bullish,&#8217; Calls Sell-Off &#8216;Wrong Knee-Jerk Reaction&#8217;</a></li>
</ul>



Image via Flickr

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Warren Buffett's Berkshire Hathaway Slashes Apple, BofA Holdings, Adds Domino's Pizza In Q3

President-elect Donald Trump picked Robert F. Kennedy Jr., known for his vaccine skepticism, as his nominee Thursday to lead the <a href="https://www.benzinga.com/general/biotech/24/10/41127143/us-hhs-reveal-cost-savings-for-54-prescription-drugs-including-novartis-cancer-drug-ozempic-could">Department of Health and Human Services. </a>



This move, which comes after Kennedy ended his presidential campaign and endorsed Trump, positions the environmental activist to potentially reshape national health policies. The selection has stirred mixed reactions, particularly from public health experts, <a href="https://www.politico.com/news/2024/11/14/robert-f-kennedy-jr-trump-hhs-secretary-pick-00188617">Politico</a> reports.



&#8220;For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health,&#8221; Trump said in a tweet announcing the decision. 



As Benzinga reported earlier this month, Kennedy has a history of spreading falsehoods about vaccines, including that they cause autism, a theory disproven by scientific studies. His selection as the nominee for HHS secretary comes against a backdrop of falling vaccination rates, which coincide with, in one example, 13 measles outbreaks in the U.S. so far this year. 



What Happened: Trump's decision is part of a broader promise to "let Kennedy go wild" with health and food policies, aiming to overhaul the HHS. Kennedy has expressed sharp criticisms of several health agencies.



Kennedy had hinted at the potential role of "health czar" in Trump&#8217;s administration. If he is confirmed, Kennedy's appointment could influence vaccine policy and the <a href="https://www.benzinga.com/general/biotech/24/11/41822473/trumps-potential-health-czar-robert-f-kennedy-jr-rattles-vaccine-stocks-shoot-first-reaction">direction of the CDC, FDA, and NIH.</a>



Also Read: <a href="https://www.benzinga.com/trading-ideas/24/11/41977313/will-trumps-election-win-push-sp-500-even-higher-in-final-weeks-of-2024-over-75-say">Will Trump&#8217;s Election Win Push S&amp;P 500 Even Higher In Final Weeks Of 2024? Over 75% Say&#8230;</a>



Kennedy's prospective role has already affected vaccine manufacturer stocks. Major vaccine-related companies saw declines in stock prices on Thursday due to the uncertainty surrounding Kennedy&#8217;s influence on health policy.



Key companies impacted include:



<ul>
<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) down 5.62% to $39.77.</li>



<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) down 2.62% to $26.02.</li>



<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) down 0.89% to $151.87.</li>



<li>AstraZeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) down 0.38% to $65.04.</li>



<li>Novavax Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) down 7.02% to $7.22.</li>
</ul>



Why It Matters: Kennedy's views on vaccines and health oversight agencies stand in stark contrast to established medical consensus. His appointment could alter public health directives, with some analysts predicting potential shifts in FDA regulatory independence and vaccine guidelines. 



The impact may extend beyond policy, shaping public trust in health systems amid ongoing debates over vaccine safety.



Kennedy, while indicating he has no plans to "take away anybody's vaccines," continues to be a polarizing figure. Vaccine-related stocks may experience ongoing volatility as the Trump administration finalizes its health policy agenda.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">Trump Plans To Erase EV Tax Credit: Tesla Analyst Says It&#8217;s &#8216;Net Bullish,&#8217; Calls Sell-Off &#8216;Wrong Knee-Jerk Reaction&#8217;</a></li>
</ul>



Photo: Shutterstock.

Health Care

Trump Taps RFK Jr. For Health Secretary Role, Sends 5 Vaccine Stocks Lower

Federal Reserve Chair Jerome Powell indicated Thursday the remarkable strength of the U.S. economy is not sending any signals that policymakers &#8220;need to be in a <a href="https://www.benzinga.com/topic/interest-rates">hurry to lower rates.&#8221;</a>



Powell&#8217;s remarks came at an event organized by the Dallas Regional Chamber on Thursday, just a week after his press conference following the November Federal Reserve meeting.



&#8220;Inflation is running much closer to our 2% longer-run goal, but it is not there yet. We are committed to finishing the job,&#8221; Powell said. 



The Fed chair hinted that interest rates may be moving &#8220;to a more neutral setting,&#8221; but stressed that &#8220;the path for getting there is not preset.&#8221;



<h3 class="wp-block-heading">Powell Hints At Economic Strength, Warns About Risk Of Tariff Retaliations</h3>



Powell described the U.S. economy&#8217;s recent performance as &#8220;by far the best of any major economy in the world.&#8221; He attributed this strength in part to increased productivity.



&#8220;Productivity has grown faster over the past five years than its pace in the two decades before the pandemic, increasing the productive capacity of the economy and allowing rapid economic growth without overheating,&#8221; he said.



This resilience in the economy, according to Powell, gives the Federal Reserve the flexibility to &#8220;approach our decisions carefully,&#8221; though he underscored that the future path of interest rates would depend on how incoming data and economic forecasts evolve.



Powell expressed confidence that, with careful adjustments to the Fed's policy stance, the strength of both the economy and the labor market could be preserved, while inflation trends back down to the Fed&#8217;s 2% target.



Regarding the labor market, Powell downplayed the significance of the October jobs report, noting it was influenced by temporary factors such as hurricanes and labor strikes.



He also indicated no urgency to change Fed policy in response to potential shifts in fiscal policy under the new Trump&#8217;s administration.



&#8220;It takes quite a long time to get a bill through Congress. We have time to make assessments about what the net effects of policy changes will be on the economy before we work with policy,&#8221; he said.



Powell reiterated his concern over the U.S. fiscal trajectory, calling it &#8220;unsustainable.&#8221; 



&#8220;We have a very large deficit at a time when we&#8217;re at full employment,&#8221; Powell said, adding that he and recommended addressing it &#8220;sooner rather than later.&#8221;



When asked about the impact of higher trade tariffs on monetary policy, Powell was cautious but said scenarios involving retaliatory measures from other countries would require close monitoring by the Fed.



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



Powell's cautious remarks about the path for interest rates led to a sharp repricing of December rate cut expectations. 



According to the CME FedWatch tool, the probability of a 25-basis-point rate cut in December has dropped, with Fed futures now indicating a 62% chance, down from prior estimates of nearly 80%.



In response, the U.S. dollar rallied, extending its winning streak to five sessions. Treasury yields also reversed course, with significant gains across the curve as investors adjusted their rate expectations. The yield on the two-year Treasury note, which is particularly sensitive to Fed policy shifts, jumped 6 basis points to 4.34%.



Equity markets reacted negatively to Powell's tone. Major U.S. indices turned lower, with the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), down 0.7%. The tech-heavy Nasdaq-100, represented by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), slipped 0.8%.



Small-cap stocks suffered the most, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropping 1.3%, signaling broader risk aversion among investors. 



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Dallas Regional Chamber: Global Perspectives with Federal Reserve Chair Jerome Powell" width="500" height="281" src="https://www.youtube.com/embed/vhbdv8jXmvQ?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>



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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">Producer Inflation Rises More Than Expected In October: Should Traders Rethink Interest Rate Cut Path?</a></li>
</ul>



Photo: Jerome Powell at the Nov. 7 FOMC press conference. Photo courtesy of the Federal Reserve.

Powell: With Strong US Economy, Fed Has 'No Need To Be In A Hurry To Lower Rates'

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares are moving lower Thursday following reports that president-elect Donald Trump plans to get rid of consumer tax credits for EVs. Wedbush analyst Dan Ives believes the cuts are actually <a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">net positive for Tesla</a>. 



What To Know: Trump&#8217;s team is planning to squash the $7,500 EV tax credit on vehicle purchases as part of a broader tax-reform plan, according to a Reuters report citing two sources with direct knowledge of the plans.



Getting rid of the EV tax credit could significantly impact the United States&#8217; <a href="https://www.benzinga.com/electric-vehicles">EV</a> transition efforts, but Tesla CEO Elon Musk, who has been one of Trump&#8217;s biggest supporters, reportedly told Trump&#8217;s team that he supports putting an end to the EV tax credit. 



Why It Matters: Ives, a longtime Tesla bull, explained in a new note to clients on Thursday that the news is not a surprise &#8220;in any way,&#8221; as Wedbush fully expected Trump to tear down the tax credits upon returning to the White House.



&#8220;While this is a clear negative for the EV industry at first look and would particularly hurt GM, Ford, Stellantis, and Rivian… on the flip side we view this as a net bullish move for Tesla and Musk over time,&#8221; Ives said in the note.



See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/41973501/teslas-profit-power-vs-rivians-cash-burn-can-the-gap-be-narrowed">Tesla&#8217;s Profit Power Vs. Rivian&#8217;s Cash Burn: Can The Gap Be Narrowed?</a>



Musk reportedly said earlier this year that removing the EV tax credit could have a slight impact on Tesla sales, but would be far worse for his U.S.-based competitors. 



Ives noted that Tesla has unmatched scale. The Wedbush analyst acknowledged that getting rid of the EV tax credit could weigh on demand , but he believes it will actually propel Tesla further ahead of competitors. Comparing Tesla&#8217;s pricing, scale and scope to legacy automakers making the EV transition is like comparing apples to oranges, Ives added. 



&#8220;We expect Musk to have a big seat at the table as these EV discussions happen within the Trump transition team. We believe any sell-off in Tesla from these reports is the wrong knee-jerk reaction and we would be buyers,&#8221; Ives said. 



The Wedbush analyst maintained an <a href="https://www.benzinga.com/analyst-stock-ratings">Outperform rating</a> and price target of $400 on Tesla stock following the news.



TSLA Price Action: Tesla shares were down 5.11% at $313.41 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



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<li><a href="https://www.benzinga.com/trading-ideas/24/11/41985486/if-tesla-stock-hits-all-time-highs-in-2025-will-it-be-driven-by-trump-musk-relationship-benzinga-readers-say-this">If Tesla Stock Hits All-Time Highs In 2025, Will It Be Driven By Trump-Musk Relationship? Benzinga Readers Say This</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Trump Plans To Erase EV Tax Credit: Tesla Analyst Says It's 'Net Bullish,' Calls Sell-Off 'Wrong Knee-Jerk Reaction'

The long-awaited boxing match between Mike Tyson and Jake Paul is nearly here, set for Friday Nov. 15 on Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), after being rescheduled from an <a href="https://www.benzinga.com/general/entertainment/24/06/39231357/jake-paul-mike-tyson-boxing-match-set-to-stream-on-netflix-with-new-date">original date in July 2024.</a>



Here's a look at how to watch the big fight, the betting odds and several free prediction contests for sportsbook users.



How to Watch Tyson Vs. Paul: First<a href="https://www.benzinga.com/general/entertainment/24/03/37540711/jake-paul-vs-mike-tyson-coming-to-netflix-biggest-fight-in-history"> announced in March 2024,</a> a fight between Tyson and Paul will take place at AT&amp;T Stadium, home of the NFL's Dallas Cowboys



The boxing match is part of a full lineup of fights that includes three title fights on the undercard.



Netflix subscribers will be able to watch the fight for free with coverage starting live at 8 p.m. ET on Friday, Nov. 15. The start time of the Tyson and Paul fight will be dependent on how long the fights are before it.



For Netflix, the fight is part of the company's larger bets on live events and sports content to help boost subscribers of its ad-free and ad-supported plans. The company <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">ended the most recent quarter </a>with 282.7 million global paid subscribers. Netflix recently said it <a href="https://www.benzinga.com/media/24/11/41915397/netflix-reaches-70-million-users-on-ad-supported-plan-boosts-live-sports-ads">has reached </a>70 million subscribers for its ad-supported plans.



Read Also: <a href="https://www.benzinga.com/general/entertainment/24/11/41821069/netflix-stock-hits-all-time-highs-company-confirms-stranger-things-season-5-for-2025">Netflix Stock Hits All-Time Highs, Company Confirms &#8216;Stranger Things&#8217; Season 5 For 2025</a>



The Fight Stats: Friday's main event fight will feature a stark difference between the boxers with Tyson coming in at 58 years old, more than twice the age of Paul, who is 27. In fact, Tyson took part in 47 fights before Paul was even born, according to <a href="https://www.espn.com/boxing/story/_/id/39772221/what-boxing-stats-tell-us-mike-tyson-vs-jake-paul-fight-netflix-friday">ESPN</a>.



Tyson holds a 50-6 career boxing record and is one of the most well-known boxers of all time, known as "the Baddest Man on the Planet" and "Iron Mike."



Paul holds a 10-1 boxing record with his professional career beginning in 2020.



Tyson is recognized as one of the best boxers of all time and was named the No. 1 hardest hitter in heavyweight history by ESPN. Tyson became the youngest heavyweight champion ever at the age of 20, and had a run of 37 consecutive victories during his professional boxing career including 33 wins by knockout.



Tyson&#8217;s last professional boxing bout came in 2005. The boxer also took part in several exhibition matches, including a 2020 match against&nbsp;Roy Jones Jr., which was declared a draw after eight rounds.



Paul's last boxing match came in July of this year with a win to add to his impressive 10-1 record. While Paul lacks the experience of Tyson, he comes into the match as the more recent professional boxer and has a 76-inch to 71-inch reach advantage over Tyson.



Unlike most traditional heavyweight boxing matches, the fight will feature 14-ounce gloves instead of 10-ounce gloves and rounds will be two minutes instead of three minutes in length. The fight is scheduled to go eight rounds, instead of a customary 10 or 12 rounds.



Friday's fight between Tyson and Paul is officially sanctioned as a real fight and not an exhibition match.



Betting Odds, Prediction Markets: Friday's fight will likely see strong betting volume thanks to a larger number of viewers potentially from around the world with the fight on Netflix and not on the more costly pay-per-view option.



Betting odds on sportsbook DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) list Paul as the favorite at odds of -200 and Tyson as the underdog at +160. This means a $100 bet on Paul would pay out a profit of $50 if he wins and a $100 bet on Tyson would pay out a profit of $160 if he wins.



DraftKings lists the fight going under 6.5 rounds at the slight favorite of -120 versus the fight going over 6.5 rounds. A prop on the fight going the distance is at +135 with the fight ending before the end of the eighth round listed at odds of -185.



Here are the betting options of winner and winning method:



<ul>
<li>Paul by KO/TKO/DQ: +150</li>



<li>Paul by Decision: +280</li>



<li>Tyson by KO/TKO/DQ: +250</li>



<li>Tyson by Decision: +950</li>



<li>Draw: +750</li>
</ul>



The betting odds imply that Paul is the favorite to win before the eight rounds are over. Tyson as the underdog is more likely to beat Paul by a knockout, TKO or disqualification than to win by a decision after eight rounds, the odds show.



On prediction market <a href="https://polymarket.com/event/jake-paul-vs-mike-tyson-who-will-win">Polymarket</a>, over $7 million has been wagered on predicting a winner of the boxing match. The odds show Paul as the favorite at 63% and Tyson the underdog at 29% with a draw listed at 11%.



The prediction market, which went viral during the 2024 election, allows users to deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Winning wagers cash out at $1 per contract.



Free Prediction Contests: While customers on various platforms can bet on the winner outcome, there are several free prediction contests at various sportsbooks.



Betr, a sports betting and sports media company<a href="https://www.benzinga.com/general/sports-betting/24/03/37515466/betr-announces-new-15m-funding-375m-valuation-how-co-founders-jake-paul-joey-levy-plan-to-"> co-founded by Paul</a>, launched a $50,000 free-to-play game for the boxing match.



The game labeled as "Fight Night Picks" is available for new and existing users of the Betr app in applicable states. The winnings will be paid out in Betr Bucks. The game has only five questions with users needing to pick more or less for each question. Contestants who get all five questions correctly will split the $50,000 jackpot.



The questions are:



<ul>
<li>More or less than 0.5 knockouts</li>



<li>More or less than 110.5 seconds for Jake Paul's walkout</li>



<li>More or less than 0.5 callouts by the winner post-fight in the ring</li>



<li>More or less than 0.5 wins for Jake Paul</li>



<li>More or less than 0.5 ears bitten off</li>
</ul>



DraftKings also has a free $25,000 prediction contest for users, which will pay out winnings in DK Dollars. The contest asks questions like who will win, what will be the winning method, how many punches landed by Paul, how many punches landed by Tyson, total rounds over or under 6.5 rounds, which round will the fight end, total knockdowns, will either boxer bleed during the match, will there be fighting after the final bell and who will Paul call out after the fight.



Read Next: 



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<li><a href="https://www.benzinga.com/general/sports-betting/23/05/32553618/exclusive-betr-is-not-just-a-sports-betting-company-how-jake-paul-leverages-audience-to-lo">EXCLUSIVE: Betr — Jake Paul&#8217;s Vision For More Than &#8216;Just A Sports Betting Company,&#8217; Leveraging Audience For Lower Acquisition Costs</a></li>
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Photo: Courtesy Netflix

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Paul Vs. Tyson Boxing Match: How To Watch, Betting Odds, What The Stats Say And More

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