The cryptocurrency market frenzy paused Tuesday as Bitcoin remained rangebound below its all-time high.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.27%</td><td>$72,106.26</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>+1.32%</td><td>$2,656.70</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.54%</td><td>$0.1683</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency almost set a new all-time high Monday before traders started to take profits.



On Tuesday, Bitcoin was glued in the $72,000 region, hitting an intraday high of $72,905 early in the evening.



Ethereum reversed course after breaking $2,700 briefly in the early morning hours.



Total cryptocurrency liquidations exceeded $100 million over the last 24 hours, with $62 million in bullish leveraged bets getting wiped out.



Bitcoin's Open Interest rose 0.20% in the last 24 hours, in line with the sideways movement of the spot price.



Additionally, more than 61% of all derivatives traders with open positions were short on Bitcoin, according to the Long/Short Ratio.



"Extreme Greed" engulfed the market, as per the Cryptocurrency Fear and Greed Index, raising fears of a potential correction.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Maker (MKR)</td><td>+8.45%</td><td>$1,245.43</td></tr><tr><td>Chainlink (LINK)</td><td>+5.24%</td><td>$12.37</td></tr><tr><td>Aave (AAVE)</td><td>+4.53%</td><td>$156.93</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.42 trillion, following a contraction of 0.15% in the last 24 hours.



Stocks pulled back from Tuesday&#8217;s highs. The Dow Jones Industrial Average slipped 91.51 points, or 0.22%, to end at 42,141.54. The S&amp;P 500 fell 0.33% to close at 5,813.67, while the tech-focused Nasdaq Composite tumbled 0.56% from its record close from the previous day, ending at 18,607.93.



Investors parsed <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41623984/us-economy-grows-less-than-expected-in-q3-yet-private-employment-soars-by-233-000">key macroeconomic data</a>, including slower-than-expected U.S. GDP growth in the third quarter and higher-than-expected private employment growth in October.



The market has priced in a more than 95% possibility of the Federal Reserve cutting interest rates by 0.25% at its FOMC meeting next week, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to CME FedWatch tool.



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



Analyst Notes: Popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin was approaching its new all-time high faster than what he previously predicted.



"I think $80,000 in November, $90,000-100,000 in December, and altcoins to strongly outperform as yields are going to drop," the analyst issued a fresh projection.



<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">It was less than 2-4 weeks and we&#39;ve got close to the all-time high for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. What&#39;s next? I think $80,000 in November, $90,000-100,000 in December and <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> to strongly outperform as Yields are going to drop. <a href="https://t.co/tsPmdZJwAl">https://t.co/tsPmdZJwAl</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1851640217402499145?ref_src=twsrc%5Etfw">October 30, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Similarly, he predicted Ethereum to top the $3,000 level in November.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> took the liquidity and ran back up to resistance. I think we&#39;ll break through it in the next 1-2 weeks and see $3,000+ in November. <a href="https://t.co/m96p7YyXuC">pic.twitter.com/m96p7YyXuC</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1851617552788845028?ref_src=twsrc%5Etfw">October 30, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



J.A. Maartunn, author at on-chain analytics firm CryptoQuant, drew attention to the growing retail investor demand for Bitcoin, which hit its highest level in seven months.



<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">&#x1f631; Retail Investor Demand Hits Highest Level in 7 Months <a href="https://t.co/BLF83Kctrr">pic.twitter.com/BLF83Kctrr</a>&mdash; Maartunn (@JA_Maartun) <a href="https://twitter.com/JA_Maartun/status/1851709487423401986?ref_src=twsrc%5Etfw">October 30, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41635149/2024-election-odds-on-polymarket-kalshi-show-trump-will-win-why-they-might-be-wrong">2024 Election Odds On Polymarket, Kalshi Show Trump Will Win: Why They Might Be Wrong</a></li>
</ul>

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$BTC

$DOGE

$ETH

Bitcoin, Dogecoin Cool Down, Ethereum Gains As Stocks Reverse On Q3 GDP Numbers: Analyst Predicts BTC At $80K In November, $90K-100K By December

Microsoft Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) artificial intelligence momentum is expected to drive significant growth in the coming years, as highlighted by Wedbush Securities analyst Dan Ives. Following Microsoft's <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">first-quarter earnings report</a> on Wednesday, Ives shared his bullish outlook, underscoring the tech giant's role in the unfolding AI revolution.



What Happened: In an appearance on CNBC's Overtime, Ives stated, "This is a company firing on all cylinders. We sit here 6-9 months from now, this is a $4 trillion market cap." 



Microsoft reported first-quarter revenue of $65.6 billion, marking a 16% increase year-over-year and surpassing the consensus estimate of $64.51 billion, according to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



Earnings per share reached $3.30, exceeding expectations of $3.09. The company's operating income also rose to $65.6 billion, up 14% from last year, showcasing robust performance amid <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">expanding AI-driven initiatives</a>.



Ives highlighted the enthusiasm around Microsoft's Intelligent Cloud segment, suggesting a bright outlook as AI continues to bolster revenue streams. "This is a growth acceleration story," Ives noted on X (formerly Twitter), further asserting that "cloud will drive growth looking ahead."



He added, "It is still the first, second inning of this AI revolution." Ives's comments reflect his belief that Microsoft&#8217;s AI and cloud initiatives will position the company for long-term growth, potentially propelling it toward a historic valuation.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The AI story looks robust at Microsoft and cloud will drive growth looking ahead <a href="https://twitter.com/CNBCOvertime?ref_src=twsrc%5Etfw">@CNBCOvertime</a> &#x1f3c6;&#x1f37f;&#x1f4fa;&#x1f402; <a href="https://t.co/utWlZyg0av">https://t.co/utWlZyg0av</a>&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1851778892312555601?ref_src=twsrc%5Etfw">October 31, 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/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">Meta Platforms Q3 Earnings: Revenue Beat, EPS Beat, Daily Actives Up 5%, &#8216;Strong Momentum&#8217; In AI</a>



Why It Matters: Microsoft&#8217;s strong performance in the AI sector is consistent with recent trends. The company&#8217;s aggressive push into AI infrastructure has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41597402/microsofts-ai-push-gains-ground-as-trends-are-visible-partners-see-a-revolution">well-supported by demand</a>, with 59% of its partners seeing its CapEx investments as such, according to a survey by JPMorgan.



However, Microsoft has also faced challenges in the AI space, such as <a href="https://www.benzinga.com/markets/equities/24/10/41592650/microsoft-accuses-google-of-astroturf-campaigns-targeting-its-cloud-business-says-search-giant-r">alleged covert lobbying campaigns</a> by Google to undermine its cloud computing business. 



Meanwhile, Microsoft&#8217;s potential Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment has also been a topic of interest, with MicroStrategy&#8216;s Michael Saylor humorously reaching out to Microsoft CEO Satya Nadella to offer his assistance in creating the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41553322/michael-saylors-proposal-to-microsoft-ceo-satya-nadella-if-you-want-to-make-the-next-trill">next trillion-dollar opportunity</a>.



Price Action: Microsoft Corp's stock closed at $432.53 on Wednesday, up 0.13% for the day. In after-hours trading, the stock declined by 3.71%. Year-to-date, Microsoft shares have seen a notable gain of 16.63%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41619022/trumps-billionaire-ally-plans-to-join-elon-musks-doge-if-named-treasury-secretary-recommen?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Billionaire Ally Plans To Join Elon Musk&#8217;s DOGE If Named Treasury Secretary, Recommends Elimination Of These Subsidies</a></li>
</ul>



Image Via Shutterstock 



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

Equities

Tech

MSFT

Microsoft's AI Momentum Could Propel $4 Trillion Market Cap In 6-9 Months Amid 'Robust' Q1 Earnings, Says Dan Ives: 'This Is a Company Firing on All Cylinders'

On Wednesday, Cathie Wood-led Ark Invest made some significant trades, with the most notable ones involving Tesla Inc (TSLA), Advanced Micro Devices Inc (AMD), and Palantir Technologies Inc (PLTR).



The Tesla Trade: Ark Invest&#8217;s ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold a total of 62,151 shares of Tesla. Based on Tesla's closing price of $257.55 on Wednesday, the value of this trade is approximately $16 million. 



This move followed <a href="https://www.benzinga.com/markets/equities/24/10/41615718/cathie-woods-sky-high-vision-dumps-shares-of-cybercab-touting-tesla-for-this-evtol-play">Ark&#8217;s recent decision</a> to buy a substantial amount of Archer Aviation Inc (ACHR) shares on both Tuesday and Wednesday while selling shares of the Elon Musk-led company.



ARK Investment Management projects that Tesla&#8217;s driverless ride-hailing service could tap into an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">$11 trillion revenue market</a>, leveraging low operating costs to undercut current ride-hail prices. Tesla aims to launch this service next year in Texas and California, initially with drivers, and targets fully autonomous rides pending regulatory approval. Even so, the Wood-led firm has been on a Tesla share-selling spree lately.



The AMD Trade: Ark Invest bought a total of 111,080 shares of Advanced Micro Devices across its ARKK, ARKW, ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) and ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>). This move comes in the wake of AMD&#8217;s <a href="https://www.benzinga.com/news/earnings/24/10/41612007/amd-q3-earnings-revenue-beat-eps-in-line-data-center-up-122-significant-growth-opportunities-ahead-">impressive Q3 earnings report</a>, which revealed a year-over-year revenue increase of 18%. The value of this trade, based on AMD&#8217;s closing price of $148.6 on Wednesday, is approximately $16.5 million.



The Palantir Trade: Ark Invest sold a total of 372,730 shares of Palantir Technologies across its ARKK, ARKQ, ARKW, and ARKX ETFs. Despite Palantir&#8217;s <a href="https://www.benzinga.com/news/24/10/41554264/palantir-technologies-stock-reaches-new-52-week-high-whats-going-on">recent 52-week high</a> and a strategic partnership with L3Harris Technologies Inc (LHX), Ark decided to reduce its stake. The value of this trade, based on Palantir&#8217;s closing price of $43.69 on Wednesday, is approximately $16.3 million.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41568577/elon-musk-channels-warren-buffett-as-teslas-stock-booms-after-strong-q3-having-a-publicly-traded?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Channels Warren Buffett As Tesla&#8217;s Stock Booms After Strong Q3: &#8216;Having A Publicly Traded Company Is Like…&#8217;</a> 



Other Key Trades:



<ul>
<li>Cathie Wood Purchased 689365 shares of Archer Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) through its ARKK ETF. This transaction was valued at $2.3 million.</li>



<li>The firm bought 3426 shares of Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), worth $2.03 million, through its ARKK and ARKW ETFs.</li>



<li>Ark Invest bought shares of Absci Corp (ABSI) and shares of Cerus Corp (CERS) through its ARKG ETF. </li>
</ul>



Image via Benzinga YouTube and Unsplash



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

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TSLA

Cathie Wood Shuffles Her Tech Deck: Continues Dumping Tesla And Palantir, Stocks Up On AMD And Meta

Technology giant Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) reported first-quarter financial results<a href="https://www.benzinga.com/earnings"> after market close Wednesday.</a>



Here are the key highlights.



What Happened: Microsoft reported first-quarter revenue of $65.60 billion, up 16% year-over-year. The total beat a Street consensus estimate of $64.51 billion according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company reported first-quarter earnings per share of $3.30, beating a Street consensus estimate of $3.09 per share.



Microsoft's operating income was $65.6 billion in the first quarter, up 14% year-over-year.



"AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process,&#8221; Microsoft CEO Satya Nadella said.



Revenue by segment was:



<ul>
<li>Productivity and Business Processes: $28.3 billion, up 12% year-over-year</li>



<li>Intelligent Cloud: $24.1 billion, up 20% year-over-year</li>



<li>More Personal Computing: $13.2 billion, up 17% year-over-year</li>
</ul>



Within the Productivity and Business Processes segment, Microsoft 365 Commercial products and cloud services revenue was up 13% year over year, and Dynamics products and cloud services revenue was up 14% year over year.



For Intelligent Cloud, revenue from server products and cloud services was up 23% year over year, with Azure and other cloud services revenue growth up 33% year over year.



Within the More Personal Computing segment, Xbox content and services revenue was up 61% thanks to the impact of the Activision acquisition. Search and news advertising revenue, excluding traffic acquisition costs, was up 18% year over year.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41608886/microsoft-q1-earnings-preview-what-investors-should-watch-in-cloud-ai-azure-on-wedn">Microsoft Q1 Earnings Preview: What Investors Should Watch In Cloud, AI, Azure On Wednesday</a>



What's Next: The company will provide an update on guidance during its earnings conference call, which can be viewed below.



"We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage," Nadella said. &nbsp;



MSFT Price Action: Microsoft stock is up 1% to $436.00 in after-hours trading Wednesday, versus a 52-week trading range of $334.69 to $468.35.



Read Next:



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<li><a href="https://www.benzinga.com/general/education/24/10/41587586/if-you-invested-1-000-in-microsoft-stock-when-bill-gates-left-as-ceo-heres-how-much-youd-have-n">If You Invested $1,000 In Microsoft Stock When Bill Gates Left As CEO, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Microsoft Q1 2025 Earnings Call &#x7C; $MSFT" width="500" height="281" src="https://www.youtube.com/embed/Qbna4xKBBRU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Photo: QubixStudio/Shutterstock.com

Earnings

Microsoft Q1 Earnings Highlights: 'AI-Driven Transformation Is Changing Work,' Company Beats Revenue, EPS Estimates

Editor&#8217;s Note: The fourth-quarter revenue estimate was corrected. 



Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) reported third-quarter financial results after the market close on Wednesday. Here&#8217;s everything <a href="https://www.benzinga.com/pressreleases/24/10/n41635757/meta-reports-third-quarter-2024-results">you need to know from the quarter</a>.



Q3 Earnings: Meta reported third-quarter revenue of $40.59 billion, beating&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">analyst estimates</a>&nbsp;of $40.29 billion. The company reported third-quarter adjusted earnings of $6.03 per share, beating analyst estimates of $5.25 per share.



Meta has now beat analyst estimates on the top and bottom lines in seven consecutive quarters, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 19% on a year-over-year basis. Family daily active people were up 5% year-over-year to 3.29 billion. Ad impressions jumped 7% year-over-year and average price per ad increased by 11% year-over-year.



Costs and expenses came in at $23.24 billion, up 14% year-over-year. Capital expenditures came in at $9.2 billion. The company ended the quarter with $70.9 billion in cash, cash equivalents and marketable securities, and $28.82 billion of long-term debt.



Meta noted that its headcount was up 9% year-over-year to 72,404 as of Sept. 30.



&#8220;We had a good quarter driven by AI progress across our apps and business,&#8221; said&nbsp;Mark Zuckerberg, founder and CEO of Meta. &#8220;We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.&#8221;



Related Link: <a href="https://www.benzinga.com/markets/equities/24/10/41629264/alphabets-earnings-rally-pushes-magnificent-7-market-cap-to-record-16-8-trillion-10-tech-heavy-e">Alphabet&#8217;s Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday</a>



Outlook: Meta expects fourth-quarter revenue to be in the range of $45 billion to $48 billion versus an estimate of $46.31 billion. 



Meta expects full-year 2024 total expenses to be in the range of&nbsp;$96 billion to $98 billion, versus prior guidance of $96 to $99 billion. The company expects full-year 2024 capital expenditures to be in the range of&nbsp;$38 billion to $40 billion, versus its prior guidance range of&nbsp;$37 billion to $40 billion.



&#8220;For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem,&#8221; the company said. 



Meta executives will hold a conference call to discuss the company&#8217;s quarterly results at 5 p.m. ET.



META Price Action:&nbsp;<a href="http://benzinga.com/quote/meta">Meta Platforms shares</a> were up approximately 68% year-to-date heading into the report. The stock was flat after-hours, trading at $592 at the time of publication Wednesday, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



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</ul>



Photo: Shutterstock.



<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: Meta Platforms Q3 2024 Earnings Call &#x7C; $META" width="500" height="281" src="https://www.youtube.com/embed/MhZMnqaYVMM?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>

After-Hours Center

Meta Platforms Q3 Earnings: Revenue Beat, EPS Beat, Daily Actives Up 5%, 'Strong Momentum' In AI (CORRECTED)

As the 2024 presidential election between Vice President Kamala Harris and former President Donald Trump draws nearer, observers are looking for any clue to <a href="https://www.benzinga.com/general/politics">the ultimate winner</a>. While polls have traditionally been the method of choice to forecast elections, polling misses in the 2016 and 2020 elections have led many to look toward alternatives.



Political betting markets, <a href="https://www.benzinga.com/news/24/09/40760283/betting-on-u-s-elections-federal-judges-decision-greenlights-political-wagers">now legal in the United States</a>, are widely discussed as <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">another possible predictor</a> of event outcomes. How accurate are they?



What Are Betting Markets? The premise of online prediction markets is simple: investors buy and sell futures on current event outcomes rather than on a physical asset. The most prominent prediction markets, including Polymarket and Kalshi, use cryptocurrency as a trading currency.



Thus, a trader profits if the event&#8217;s outcome resolves to their bet.



Kalshi — <a href="https://www.benzinga.com/news/24/10/41573989/harris-vs-trump-robinhood-launches-election-event-contracts-for-traders-as-2024-presidential-race-he">and now Robinhood</a> — allow users in the U.S. to bet on the site; Polymarket is restricted solely to international users.



The 2024 Election: The Harris-Trump matchup could be the closest election in decades. Polling shows <a href="https://www.benzinga.com/general/politics/24/10/41416506/harris-clings-to-narrow-national-lead-as-trump-gains-ground">razor-thin margins</a> in all seven swing states, though Trump has some momentum.



Polymarket bettors are more bullish on Trump. As of Oct. 30, Trump&#8217;s odds of winning on the site are 66.6% to Harris&#8217; 33.4%. Trump&#8217;s odds have shifted by 17.6% in the last month, moving the race from &#8220;Toss-Up&#8221; status to &#8220;Lean Trump&#8221; by this metric.



This is a much higher margin for the GOP than what&#8217;s seen in polling counterparts.



Election forecaster 538 is more <a href="https://projects.fivethirtyeight.com/2024-election-forecast/">reserved</a> in its confidence. The polling-aggregated model gives Trump a 52.5% chance of winning, up from 43% last month. While this may seem like a large swing, the election remains an effective toss-up.



Are They Accurate? Theoretically, betting markets, like any market, are perfect.



&#8220;Research shows prediction markets are often more accurate than experts, polls, and pundits,&#8221; Polymarket&#8217;s website reads. &#8220;Traders aggregate news, polls, and expert opinions, making informed trades. Their economic incentives ensure market prices adjust to reflect true odds as more knowledgeable participants join.



&#8220;This makes prediction markets the best source of real-time event probabilities,&#8221; the website insists.



In practice, the answer is murkier.



For one, Polymarket&#8217;s user base is likely somewhat homogenized. Twice as many men invest in cryptocurrency as women, <a href="https://www.cnbc.com/2021/08/30/cryptocurrency-has-a-big-gender-problem.html">according</a> to CNBC. Additionally, the exchange has seemingly <a href="https://x.com/search?q=%23Polymarket&amp;src=promoted_trend_click&amp;vertical=trends">spent</a> significant capital advertising on X. Polymarket has over 400,000 followers on Elon Musk&#8216;s platform and just 80,000 on Instagram.



Polls have recognized a <a href="https://www.benzinga.com/news/24/08/40599551/trump-vs-harris-poll-reveals-vice-president-pulling-ahead-as-rival-struggles-with-independent-voters">gender support gap</a> in the election: women are much more likely to support Harris, while men are likelier to support Trump. The X user base has <a href="https://www.benzinga.com/news/24/08/40542027/elon-musk-asks-on-x-what-party-do-you-affiliate-with">swung to the right</a> since Musk acquired the platform in 2022.



Homogenous participants are more likely to engage in herd behavior, making similar decisions, amplifying trends and causing asset bubbles or crashes. Efficiency in markets relies on diversity among participants because varied perspectives and approaches lead to more dynamic and accurate asset pricing.



It is worth noting that pollsters can also be prone to such behavior, dubbed &#8220;herding,&#8221; <a href="https://x.com/NateSilver538/status/1851399896860971450">according</a> to election forecaster Nate Silver.



&#8220;There are too many polls in the swing states that show the race exactly Harris +1, TIE, Trump +1. Should be more variance than that,&#8221; Silver posted on X. &#8220;Everyone&#8217;s herding (or everyone but NYT/Siena).&#8221;



Additionally, the calculated market odds are susceptible to wild swings from &#8220;whale&#8221; bettors. One individual on Polymarket <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41463756/polymarket-to-review-user-base-in-light-of-whales-betting-millions-on-trump-election-win">has possibly spent</a> as much as $43 million for Trump to win.



Does This Even Matter?&nbsp;Regardless of whether betting markets are tracking a true, major shift in presidential odds, voting is the only determinant of an electoral outcome.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/top-stories/24/10/41603930/trump-vs-musk-djt-stock-worth-more-than-latest-x-valuation-thanks-to-2024-election-run-up">Trump Vs. Musk: DJT Stock Worth More Than Latest X Valuation Thanks To 2024 Election Run-Up</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Politics

2024 Election Odds On Polymarket, Kalshi Show Trump Will Win: Why They Might Be Wrong

Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) is viewed favorably by analysts after showing strength in cloud, search and YouTube segments and spending on AI initiatives paying off, after the company reported <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">third-quarter financial results Tuesday. </a>



The Alphabet Analysts: BMO Capital analyst Brian Pitz reiterated an Outperform rating on Alphabet and raised the price target from $215 to $217.



KeyBanc Capital Markets analyst Justin Patterson maintained an Overweight rating and raised the price target from $200 to $215.



Cantor Fitzgerald analyst Deepak Mathivanan reiterated a Neutral rating with a $190 price target.



JMP Securities analyst Andrew Boone reiterated a Market Outperform rating and raised the price target from $200 to $220.



Seaport Research analyst Aaron Kessler upgraded the stock from Neutral to Buy and established a $200 price target.



Needham analyst Laura Martin maintained a Buy rating with a $210 price target.



Goldman Sachs analyst Eric Sheridan maintained a Buy rating and raised the price target from $208 to $210.



Truist analyst Youssef Squali maintained a Buy rating and raised the price target from $220 to $225.



Morgan Stanley analyst Brian Nowak maintained an Overweight rating and raised the price target from $190 to $205.



Oppenheimer analyst Jason Helfstein maintained an Outperform rating and raised the price target from $185 to $215.



Roth MKM analyst Rohit Kulkarni maintained a Buy rating with a $212 price target.



Piper Sandler analyst Thomas Champion reiterated an Overweight rating and raised the price target from $200 to $210.







BMO Capital on GOOGL: Surging cloud growth is a key storyline for Alphabet, Pitz said in a new investor note.



The analyst also highlighted artificial intelligence use cases for Alphabet.



"Cloud revenue accelerated once again on AI workloads and differentiated security offerings," Pitz said.



Pitz said the company's search outlook improves thanks to AI initiatives like AI Overviews, Circle to Search and Lens.



"Google has 20+ years of AI initiatives that are now being rolled out to its enterprise and SMB clients."



KeyBanc on GOOGL: Alphabet reported solid search and cloud growth in the quarter, Patterson said in a new investor note.



"In our view, Alphabet remains a case of the narrative vs. numbers," Patterson said.



The analyst said there are concerns over the AI risk and regulation, but long-term revenue growth remains in place.



"Believe patient shareholders will be rewarded."



Cantor on GOOGL: Solid third-quarter figures might not be enough to shift narratives of bulls and bears, Mathivanan said.



"The focus now shifts to Nov. 20, when the DOJ [U.S. Department of Justice] is expected to reveal remedies they seek in the antitrust trial," Mathivanan said.



The analyst said Alphabet's "valuation is attractive" with shares trading at a price-to-earnings ratio of 20x based on fiscal 2025 estimates. The antitrust risks and AI-related risks keep the analyst on the sidelines.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41625103/jim-cramer-says-googles-ai-investment-next-year-should-be-fabulous-for-nvidia">Jim Cramer Says Google&#8217;s AI Investment Next Year &#8216;Should Be Fabulous For Nvidia&#8217;</a>



JMP on GOOGL: Stable search demand and accelerated cloud revenue were highlights from third-quarter results for Boone.



"AI remained the key theme of the call as Google is rolling out AI Overviews to 100+ countries while Gemini is incorporated into all seven Google products with 2B+ monthly users," Boone said.



The analyst said there remains concerns about a growing number of "search access points," including other tech companies, chatbots and social media.



"With YouTube well positioned to capture the transition of linear TV dollars to CTV and cloud strength highlighted by this quarter's accelerating revenue, we continue to view Google as a net beneficiary of AI."



Seaport on GOOG: Continued advertising momentum and accelerating cloud growth were key highlights in the quarterly results for Kessler.



"We expect continued near-term strength driven in part by AI," Kessler said.



The analyst said the U.S. Department of Justice investigations are an overhang, but the appeals process will likely take some time, eliminating the item as a near-term headwind.



Needham on GOOGL: Vertical integration could be a theme for Alphabet as the company's generative AI initiatives hit several business lines, Martin said in a new investor note.



The analyst said Google Search will benefit from GenAI as will other business lines.



"We believe that GOOGL's primary upside valuation driver over the next 3-5 years will be its proprietary large language models," Martin said.



Martin has been bullish on a potential breakup of Alphabet with the sum-of-the-parts valuation higher than the share price. The analyst estimates that YouTube could be worth $532 billion or $43 per share as a standalone business.



"We believe that GOOGL is worth more in pieces than together, so we welcome regulators' attempts to break up GOOGL."



"GOOGL is our top large-cap stock pick for 2024, owing to a strong macro backdrop, falling interest rates, record political ad spending, data advantages, and Generative AI integrations." &nbsp;



Goldman Sachs on GOOGL: Strong operating momentum with long-term investments coming was a key theme for Sheridan in the company's third-quarter results.



The analyst increased estimates for CapEx spending due to increased spending for artificial intelligence initiatives. Sheridan said the key question could be how the capex translates into sustained revenue growth.



"We continue to view Alphabet as well-positioned against both the current and potential future computing landscapes," Sheridan said.



Truist on GOOGL: Alphabet continues to invest in high-priority areas such as artificial intelligence, technology infrastructure and YouTube, Squali said in a new investor note.



"We remain constructive on GOOGL following a broad-based beat across Search, Cloud and Devices with improving margins," Squali said.



The analyst said Alphabet remains "at the forefront of the AI race," which could expand the company's total addressable market size for search and cloud and boost shareholder value.



Morgan Stanley on GOOGL: Durable search business and better results from YouTube than expected were key quarterly highlights for Nowak.



The analyst said the company's commentary on increased adoption, engagement and monetization from AI initiatives should give the market more confidence in the long-term outlook for the stock.



"GOOGL also showcased how it is using GenAI to become more efficient and productive internally, and improving the cost to serve AI Overview queries," Nowak said.



Oppenheimer on GOOG: Alphabet saw upside across all segments with AI driving upside, Helfstein said in a new investor note.



The analyst said AI is helping to increase engagement and improving advertising intent for items like YouTube.



Roth MKM on GOOGL: Alphabet's third-quarter results could make the stock a buy on the strength for investors, Kulkarni said in a new investor note.



"We believe GOOGL has promise ahead with lasting benefits from this ‘AI re-rating' as AI infrastructure broadens Search uses and monetization channels," Kulkarni said.



The analyst highlighted strength in YouTube in the quarter, which has been the most streamed platform on TVs in the U.S. for 20 consecutive months.



Piper Sandler on GOOGL: Alphabet's cloud segment and YouTube were the standouts in the third quarter for Champion.



"Cloud op margin climbed to 17%, up from 11% last quarter and driven by a 57% incremental margin," Champion said.



GOOGL/GOOG Price Action: GOOGL stock is up 4.05% to $176.53 on Wednesday versus a 52-week trading range of $122.69 to $191.75. Alphabet stock is up around 27% year-to-date in 2024. GOOG is up 4.14% at $178.22 versus a 52-week trading range of $123.93 to $193.30, and is up around 27% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/10/41616337/google-bought-youtube-for-1-65b-and-now-it-prints-50b-in-revenue-just-in-1-year-sundar-pich">Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet &#8216;Leaning Into The Living Room Experience&#8217;</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Upgrades

Price Target

Reiteration

Analyst Ratings

GOOG

GOOGL

Alphabet 'At The Forefront Of The AI Race': Analysts See Attractive Valuation; Highlight Cloud, YouTube, Search Results

Thursday, Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) unveiled two advanced chips, the M4 Pro and M4 Max, expanding its M4 lineup for Mac. These chips harness Apple&#8217;s second-generation <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41627598/apple-introduces-m4-pro-and-m4-max" rel="noreferrer noopener">3-nanometer technology</a>.



Needham analyst Charles Shi&nbsp;attributed Taiwan Semiconductor Manufacturing Co&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) third-quarter financial performance to 3nm technology, <a target="_blank" href="https://www.benzinga.com/news/24/10/41388050/apples-3nm-push-boosts-taiwan-semis-q3-ai-revenue-set-to-triple-analyst" rel="noreferrer noopener">mainly driven by Apple</a>.



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



The M4 Pro and M4 Max significantly upgrade CPU and GPU capabilities, including faster cores and doubled ray-tracing engine performance compared to previous models as per Apple.



Additionally, the company claimed that these chips debut Thunderbolt 5 support, offering Mac users unprecedented data transfer speeds and higher memory bandwidth for intensive applications like AI and 3D rendering.



As per Apple, the advanced GPUs, supported by a two-times faster ray-tracing engine, make the M4 Pro and M4 Max compelling choices for professionals in AI, gaming, and high-performance tasks.



The company said the M4 Pro is targeted toward professionals like developers and engineers. It provides up to a 14-core CPU and a 20-core GPU, delivering up to 2.4 times the performance of competing AI PC chips.



With support for up to 64GB of unified memory and Thunderbolt 5 connectivity, the M4 Pro enhances workflows involving large data sets and complex simulations.



Apple said that with up to 128GB of memory and quadruple the bandwidth of standard AI PC chips, the M4 Max caters to developers working with extensive machine learning models and introduces Thunderbolt 5 for high-speed connectivity.



The M4 series also integrates Apple&#8217;s new &#8220;Apple Intelligence&#8221; feature, a personal intelligence system built into macOS. It combines advanced machine learning and privacy protections, allowing users to streamline tasks, communicate efficiently, and even create custom emojis with the Genmoji feature.



Enhanced Siri capabilities will include ChatGPT integration in December, adding further versatility to Apple&#8217;s AI offerings.



Apple <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41627599/apples-new-macbook-pro-features-the-incredibly-powerful-m4-family-of-chips-and-ushers-in-a-new-era" rel="noreferrer noopener">launched its latest</a> MacBook Pro models, now powered by the new M4 chip family, marking another leap forward in performance and efficiency.



The new lineup includes the M4, M4 Pro, and M4 Max chips, tailored to provide an enhanced user experience while focusing on privacy through Apple Intelligence technology.



The MacBook Pro is available in sleek space black and classic silver. Starting at $1,599, the 14-inch model includes 16GB of memory and three Thunderbolt 4 ports and is optimized for Apple&#8217;s personal intelligence system.



Apple said the M4 Pro and M4 Max chips, available in 14—and 16-inch MacBook Pro models, support Thunderbolt 5 for faster data transfer and enhanced connectivity. Designed for high-demand applications, these models offer memory options up to 128GB and are ideal for resource-intensive tasks such as video editing and 3D rendering.



All models in the new MacBook Pro lineup are equipped with a Liquid Retina XDR display, featuring an optional nano-texture display that improves visibility in bright conditions. With up to 24 hours of battery life, these MacBook Pros boast the most extended battery duration of any Mac device.



The new Macbooks can be preordered today and will start shipping on November 8th.



The system supports a range of Apple-exclusive features, such as systemwide Writing Tools, Siri updates, and enhanced privacy measures, which allow users to perform tasks more efficiently.



Price Action:&nbsp;AAPL stock is down 1.05% at $231.21 at the last check on Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41582312/apples-introduces-imac-m4-chip-brings-faster-speeds-and-smarter-ai-features" target="_blank" rel="noreferrer noopener">Apple Unveils New iMac: M4 Chip Brings Faster Speeds and Smarter AI Features</a></li>
</ul>



Photo via Apple

AAPL

Apple Refreshes MacBook Pro Lineup With M4 Pro and M4 Max 3Nm Chips

Wall Street experienced a mixed trading session on Wednesday as investors weigh a batch of corporate earnings <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41623984/us-economy-grows-less-than-expected-in-q3-yet-private-employment-soars-by-233-000">and fresh economic data.</a>



The U.S. economy grew at an annualized rate of 2.8% in the third quarter, according to advance estimates. This marks a slight deceleration from the previous quarter's 3% pace and falls short of analyst expectations of 3%.



On the employment front, the ADP National Employment report showed private payrolls surged by 233,000 in October —well above the 115,000 forecast and a significant increase from the revised 159,000 in September. This stronger-than-expected job growth underscores the resilience of the labor market ahead of Friday&#8217;s official jobs report.



In corporate news, Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) dropped 10% after posting quarterly results that met expectations but failed to excite investors. The decline in AMD shares dragged down the broader semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) sliding over 3%.



In contrast, Alphabet Inc. jumped more than 5% following a robust earnings report that beat Wall Street expectations, boosting optimism around mega-cap tech stocks.



At midday, major U.S. indexes were trading mixed. The S&amp;P 500 and the tech-heavy Nasdaq 100 remained flat, while the small-cap Russell 2000 outperformed with a 0.5% gain.



Gold prices extended all-time highs, up 0.5% to $2,787 per ounce. Oil prices surged 2%, fueled by supply concerns.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 0.8% to $72,100, pulling back from recent highs.



<h3 class="wp-block-heading">Wednesday&#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 %</td></tr><tr><td>Russell 2000</td><td>2,246.40</td><td>0.4%</td></tr><tr><td>Dow Jones</td><td>42,309.80</td><td>0.2%</td></tr><tr><td>S&amp;P 500</td><td>5,838.86</td><td>0.1 %</td></tr><tr><td>Nasdaq 100</td><td>20,505.98</td><td>-0.1%</td></tr></tbody></table></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.1% higher to $582.16.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.2% to $423.25.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) eased 0.2% to $499.18.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $222.76.</li>



<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up by 1.3%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.9%.</li>
</ul>



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



<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) tumbled 33% after auditors Ernst &amp; Young announced their resignation amid reporting issues, five days ahead of the company&#8217;s earnings report. </li>
</ul>



Large-cap stocks reacting to earnings were:



<ul>
<li>Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), down 8%, </li>



<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), up 3.6%, </li>



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



<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), down 1.4%, </li>



<li>Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), down 1%,</li>



<li>Mondelez International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), up 1%, </li>



<li>Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), down over 7%, </li>



<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), up 15%,</li>



<li>Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), up 38%, </li>



<li>Automatic Data Processing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADP#NASDAQ">ADP</a>), up 1%, </li>



<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>), up 24%. </li>
</ul>



Major companies reporting earnings after the close Wednesday include Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), and Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>).



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41629264/alphabets-earnings-rally-pushes-magnificent-7-market-cap-to-record-16-8-trillion-10-tech-heavy-e">Alphabet&#8217;s Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday</a></li>
</ul>



Photo via Shutterstock.

Large Cap

Macro Economic Events

Sector ETFs

Broad U.S. Equity ETFs

Commodities

Econ #s

Economics

ABBV

AMGN

BKNG

GRMN

MDLZ

RDDT

SMCI

SNAP

SOXX

Wall Street Mixed, Semiconductors Tumble As AMD Disappoints, Alphabet Rallies, SMCI Plummets: What's Driving Markets Wednesday?

Pseudonymous analyst CrediBULL Crypto highlighted that Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) break of $71,000 might not indicate a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41627152/bitcoin-could-hit-101-694-by-january-says-10x-research">sustained bullish trend</a>.



What Happened: The analyst described the move as "corrective" rather than impulsive on his X <a href="https://x.com/CredibleCrypto/status/1851511160383721477">profile</a>, emphasizing that context is essential: "I did think a break of $71,000 would be bullish as I assumed that we would not break those highs until we saw our next impulse to the upside to ignite the rally to $100,000.&#8221;  



The analyst also noted that the break happened with record high leveraged longs fueling the move, pointing out that context is crucial in understanding these movements.



He continued his analysis, saying that moves driven by leverage are not impulsive. CrediBULL cautioned his followers about, &#8220;You break the range highs without impulsive price action [&#8230;] Be cautious.&#8221;



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246"/></a></figure>



Also Read: &nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41577082/bitcoin-spikes-above-68-000-these-macro-indicators-are-key-to-new-all-time-highs">Bitcoin Spikes Above $68,000: These Macro Indicators Are Key To New All-Time Highs</a>



Why It Matters: CrediBULL emphasized that breaking a key price level alone doesn't indicate a bullish market; the movement's context and strength are crucial. For those who remain bullish, he suggested long retests of $65,000-$69,000, although he personally isn&#8217;t interested in doing so at the moment.



Whale trader Eugene Ng Ah Sio <a href="https://x.com/0xENAS/status/1851515108515856815">shared</a> his trading journey for the month of October, showing a net profit of $8.8 million for the month. He warned that the next two weeks may prove volatile for both shorts and longs, saying &#8220;both longs and shorts are going to be hurt real bad.&#8221; 



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41579541/bitcoin-looking-at-a-very-bullish-setup-ahead-of-us-election-industry-expert-says">Bitcoin Looking At A &#8216;Very Bullish Setup&#8217; Ahead Of US Election, Industry Expert Says</a></li>
</ul>



Image: Shutterstock

Bitcoin Breaks $72,000, But Trader Warns Bears Could Strike Back

In the days leading up to Apple Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41583865/what-to-expect-from-apples-fq4-earnings">highly-anticipated earnings report</a>, a lesser-known stock sent a warning signal to investors regarding the iPhone maker. 



Qorvo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>), which provides parts for smartphones, reported lower-than-expected as part of its earnings report, raising concerns about Apple's iPhone sales.



What Does Qorvo Do? Qorvo is a key supplier for Apple, providing parts for iPhones, iPads and Apple Watches. Apple buys wireless chips, antenna equipment and ultra-wideband technology from Qorvo. A significant portion of Qorvo's revenue comes from its partnership with Apple.



Qorvo's Report: While Qorvo beat Street estimates on both EPS and revenue, the supplier reported lower-than-expected guidance, which sent the stock tumbling. Qorvo's CFO, Grant Brown, said that he expects revenue and gross margin to be lower in FY25 compared to FY24.



"Looking forward, the flagship and premium tiers in the smartphone market are holding up well, however, content and ramp profiles vary by model, and we are experiencing unfavorable mix," Brown said on the earnings call. "We expect this to continue in the second half of fiscal 2025."



Read Also: <a href="https://www.benzinga.com/markets/asia/24/10/41616953/apple-wants-to-see-if-it-can-build-iphone-17-from-scratch-in-india-report">Apple Wants To See If It Can Build iPhone 17 From Scratch In India: Report</a>



Due to this &#8220;unfavorable mix&#8221;and lower guidance, Qorvo's stock tumbled more than 20% Wednesday morning. Apple shares held up relatively well compared to Qorvo, taking a hit of less than 1%.



An analyst at Benchmark, Cody Acree, lowered his rating on Qorvo from Buy to Hold and removed the price target following the report, <a href="https://www.barrons.com/articles/qorvo-earnings-stock-price-a88b7b64">according</a> to Barron&#8217;s. Consumers are opting for less profitable entry-tier smartphones compared to more profitable premium and mid-tier phones, explaining Qorvo's weak guidance, the analyst reportedly said.<a href="https://www.barrons.com/articles/qorvo-earnings-stock-price-a88b7b64"> </a>



<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="Mixed Bag Market &#x7C; PreMarket Prep" width="500" height="281" src="https://www.youtube.com/embed/jrO5KQf8Azo?start=2968&#038;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>



Benzinga's PreMarket Prep, a daily show broadcast to YouTube covering the most significant headlines moving the markets, covered Qorvo's report on Wednesday morning's show.



PreMarket Prep co-host and professional trader Dennis Dick highlighted weakness in other Apple suppliers, as well as Apple's resilience despite seemingly negative headlines.



&#8220;Apple shrugs it off once again," Dick said.



"This stock is the honey badger stock of all stocks. The news flow has been terrible on Apple, it's had a lot of bad news in the last little while. At least rumors that the iPhone wasn't selling, they're talking about the Vision Pro, that's gone really south, then you had the downgrade from KeyBanc last week, they shrugged that off too." Dick said Skyworks Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>), Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) are other Apple suppliers showing weakness Wednesday morning following Qorvo's report. Bucking The Trend: Not all Apple suppliers appear to be in the dumps. Corning Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>), the main glass supplier for Apple's iPhones and iPads, reported stronger-than-expected earnings Tuesday morning, paired with strong guidance. Corning's positive report could be a potential explanation for Apple's resilience despite the disappointing numbers from Qorvo. Read Next:



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<li><a href="https://www.benzinga.com/news/24/10/41607481/apples-refreshes-mac-mini-smaller-form-factor-m4-chip-power-and-carbon-neutral">Apple Refreshes Mac Mini: Smaller Form Factor, M4 Chip Power, Carbon Neutral</a></li>
</ul>

AVGO

QCOM

QRVO

SWKS

An Obscure Stock Sends A Warning To Apple - And The Stock Market

Shares of Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) have surged over the past month, with new data indicating the potential for a short squeeze leading up to <a href="https://www.benzinga.com/topic/2024-election">the 2024 presidential election.</a>



What Happened: Since <a href="https://www.benzinga.com/m-a/24/03/37943780/exclusive-trump-media-company-goes-public-financial-experts-say-djt-a-meme-stock-this-is-going-to-be">going public after</a> a long-awaited SPAC merger, Trump Media &amp; Technology shares have been highly volatile due to events surrounding former President Donald Trump and the 2024 election.



A new <a href="https://www.s3partners.com/articles/djt-squeeze-risk-heightened-as-election-approaches-amid-rising-short-interest">report </a>from S3 Partners shows that the stock's recent moves are closely tied to Trump's odds of winning the 2024 election, based on polls, prediction markets, and political experts.



"With the election nearing, options markets expect up to a 50% price move," S3 Partners writes.



Trump is<a href="https://www.benzinga.com/general/social-media/24/09/40943414/donald-trump-can-cash-out-his-trump-media-technology-stock-keep-company-control-heres-how-ma"> the largest shareholder</a>, owning around 57% of the company. However, S3 Partners said only around 40% of shares are floated, creating an increased chance of <a href="https://www.benzinga.com/topic/short-squeeze">a short squeeze.</a>



"Trump's 57% stake and current short losses intensify squeeze potential."



Benzinga reached out to Trump Media &amp; Technology Group for comment on the S3 Partners report.



S3 Partners shared a chart showing DJT's stock price movement related to Trump's increasing election odds.



"DJT currently serves primarily as a proxy for the election, although its valuation is influenced by other factors as well."



Around 14.5 million DJT shares are shorted, representing 17% of the float, S3 Partners said, based on data from Friday.



"This short interest has increased as the stock price has risen."



DJT stock scored 100 for short squeeze risk throughout October, which represents a "crowded short position," S3 Partners said.



"This score reflects a crowded short position of 50, stemming from the large, short interest relative to the small float, combined with recent stock returns."



S3 Partners estimates that investors who have shorted 14 million shares of DJT stock have lost around $322 million.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent103024">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



What's Next: With less than one week until Election Day, DJT stock is likely to see increased volatility, with the potential for the stock to trade higher if Trump wins or sell off if he loses.



S3 Partners lays out the case for shares to go higher based on the increased short squeeze potential and the options market&#8217;s implied move of 50%.



"The model suggests a $60 increase in stock price," S3 Partners said. "It indicates that if Trump were the win, there could be a substantial upward movement in DJT, potentially triggering a squeeze."



S3 Partners said the same model suggests that DJT stock "could become worthless if Trump were to lose."



Tuesday's Election Day will likely see DJT stock as one of the most talked-about financial news stories. The big question will be whether the stock continues to trade as a Trump proxy after the election results have been decided.



DJT Price Action: DJT stock was down 18% to $42.04 on Wednesday. However, it has increased 21% over the last five trading days and over 162% over the last month.



Read Next: 



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<li><a href="https://www.benzinga.com/top-stories/24/10/41603930/trump-vs-musk-djt-stock-worth-more-than-latest-x-valuation-thanks-to-2024-election-run-up">Trump Vs. Musk: DJT Stock Worth More Than Latest X Valuation Thanks To 2024 Election Run-Up</a></li>
</ul>



Photo: Shutterstock

DJT Short Squeeze Could Push Stock To $60 If Trump Wins, But Analysis Says Loss Could Make Shares 'Worthless'

Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), the parent company of Google, reported stellar third-quarter earnings that not only beat Wall Street&#8217;s expectations but also drove the combined market cap of the &#8220;Magnificent Seven&#8221; tech giants to <a href="https://www.benzinga.com/topic/magnificent-7">an unprecedented $16.8 trillion.</a>



Alphabet's earnings per share came in at $2.12, a 37% increase over the same quarter last year, far exceeding the consensus estimate of $1.55, according to data from <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1">Benzinga Pro.</a>



Revenue reached $88.27 billion, representing a 15% year-over-year rise and surpassing the $86.39 billion that analysts anticipated.



Google advertising business was a key factor leading to the rise in revenue, totaling $65.9 billion, up from $59.6 billion last year. 



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



<h3 class="wp-block-heading">Alphabet Stock Surge Adds Over $150 Billion To Market Cap</h3>



As a result of these impressive numbers, Alphabet's shares rallied over 6% by mid-morning on Wednesday, marking its best trading session since April. 



The stock price increase translated into a more than $150 billion rise in Alphabet&#8217;s market capitalization, which now stands at $2.239 trillion.



Alphabet's surge also gave a substantial lift to the combined valuation of the Magnificent Seven, pushing it to a record-high $16.8 trillion. 



<h3 class="wp-block-heading">Mixed Performance Among the Magnificent 7</h3>



While Alphabet soared on the back of its strong quarterly report, other stocks within the Magnificent Seven showed mixed performance on Wednesday. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) slid as investors grew cautious on semiconductor stocks following weaker-than-expected earnings from Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>).



The week remains pivotal for the Magnificent Seven, as several other tech giants are set to release their quarterly earnings. Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) will report their results after the close on Wednesday, while Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will follow suit on Thursday after the market close.



Looking at the group's recent performance, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) emerged as the strongest over the last five days, with its stock gaining 20.28% following a positive reaction to its recent earnings report.



Here's a breakdown of market caps, recent price changes and year-to-date returns for each company within the Magnificent Seven:



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Name</td><td>Market Cap</td><td>Price Chg (5 Days)</td><td>Total Return (YTD)</td></tr><tr><td>Apple Inc.</td><td>$ 3,526.02</td><td>-1.67%</td><td>20.91%</td></tr><tr><td>NVIDIA Corporation</td><td>$ 3,416.76B</td><td>-3.00%</td><td>181.33%</td></tr><tr><td>Microsoft Corporation</td><td>$ 3,255.49B</td><td>2.43%</td><td>17.08%</td></tr><tr><td>Alphabet Inc.</td><td>$ 2,237.83B</td><td>9.48%</td><td>29.92%</td></tr><tr><td>Amazon.com, Inc.</td><td>$ 2,035.74B</td><td>2.25%</td><td>27.66%</td></tr><tr><td>Meta Platforms, Inc.</td><td>$ 1,507.24B</td><td>2.37%</td><td>68.83%</td></tr><tr><td>Tesla, Inc.</td><td>$ 841.61B</td><td>20.28%</td><td>5.51%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">10 ETFs Moving On Alphabet Rally </h3>



Alphabet's post-earnings rally has boosted several exchange-traded funds with significant exposure to the stock.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>ETF Name</th><th>Weight %</th><th>1-day %chg</th></tr></thead><tbody><tr><td>Direxion Daily GOOGL Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GGLL#NYSE">GGLL</a>)</td><td>18.49%</td><td>+10.7%</td></tr><tr><td>iShares Global Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXP#NYSE">IXP</a>)</td><td>12.61%</td><td>+1.8%</td></tr><tr><td>Fidelity MSCI Communication Services Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCOM#NYSE">FCOM</a>)</td><td>12.40%</td><td>+1.8%</td></tr><tr><td>Vanguard Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOX#NYSE">VOX</a>)</td><td>11.87%</td><td>+1.9%</td></tr><tr><td>Direxion Daily Magnificent 7 Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQU#NYSE">QQQU</a>)</td><td>10.73%</td><td>+2.5%</td></tr><tr><td>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td><td>10.70%</td><td>+1.5%</td></tr><tr><td>Kurv Technology Titans Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KQQQ#NYSE">KQQQ</a>)</td><td>8.96%</td><td>+1.1%</td></tr><tr><td>NYLI U.S. Large Cap Core ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LRND#NYSE">LRND</a>)</td><td>8.53%</td><td>+0.6%</td></tr><tr><td>Invesco AI and Next Gen Software ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGPT#NYSE">IGPT</a>)</td><td>8.12%</td><td>-0.8%</td></tr><tr><td>ProShares Ultra Communication Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTL#NYSE">LTL</a>)</td><td>7.99%</td><td>+3.5%</td></tr></tbody></table></figure>



Read Next: 



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<li><a href="https://www.benzinga.com/general/biotech/24/10/41622207/eli-lilly-q3-earnings-mounjaro-sales-more-than-double-takes-2-98-billion-hit-to-profit-cuts-annua">Eli Lilly Q3 Earnings: Mounjaro Sales More Than Double, Takes $2.98 Billion Hit To Profit, Cuts Annual Outlook, Stock Tanks</a></li>
</ul>



Photo via Shutterstock.

AMZN

FCOM

GGLL

IGPT

KQQQ

LRND

NVDA

QQQU

Alphabet's Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday

Editor&#8217;s note: This story has been updated with additional comment from a Charles Schwab executive. 



Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) announced a significant expansion Wednesday of its 24-hour<a href="https://www.benzinga.com/pressreleases/24/10/b41623358/schwab-to-significantly-expand-its-24-hour-trading-capabilities-to-include-the-stocks-in-the-s-p-5"> trading capabilities. </a>



The Details: Schwab announced it will expand its 24-hour trading to include all of the stocks listed in the S&amp;P 500, Nasdaq-100 and hundreds of exchange-traded funds. The rollout will begin with a pilot group of clients in November and expand to full client access in 2025.



Schwab's clients currently have access to approximately two dozen ETFs in the overnight trading session, with expanded access coming to all clients in 2025. 



Read Next: <a href="https://www.benzinga.com/news/24/10/41489239/bank-of-america-ceo-cautions-fed-not-to-go-too-fast-or-too-slow-on-interest-rate-cuts">Bank Of America CEO Cautions Fed Not To &#8216;Go Too Fast Or Too Slow&#8217; On Interest Rate Cuts</a>



&#8220;More than six years after Ameritrade was the first U.S. retail broker-dealer to launch 24/5 trading on the thinkorswim platforms, we&#8217;re proud to see how the overnight market has evolved,&#8221; said James Kostulias, managing director and head of Trading Services at Charles Schwab. 



&#8220;Our goal has always been to offer and expand access to 24/5 trading in a responsible way that takes into account client demand, the evolving dynamics of the overnight trading market, and – importantly – providing clients with the full library of Schwab&#8217;s educational content and 24-hour support to help them balance the opportunities and risks, as well as the unique considerations of overnight trading,&#8221; Kostulias added. 



Schwab has seen growing customer demand for overnight trades, Kostulias said in an emailed statement to Benzinga, adding that almost 90% of active trader Schwab clients it surveyed want to access markets outside of standard hours. 



&#8220;In particular, many younger investors want frictionless opportunities to trade on real-time data and respond to market volatility, and we also see opportunity among our international client base,&#8221; he said. 



Schwab's move comes on the heels of an announcement from Intercontinental Exchange, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>) that it will <a href="https://www.benzinga.com/markets/equities/24/10/41561907/nyse-to-extend-arca-exchange-trading-to-22-hours-per-day">expand trading</a> on the NYSE Arca equities exchange to 22 hours a day. Robinhood Markets, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) offers 24 hour trading of more than 1,000 tickers and recently announced<a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading"> the launch </a>of futures trading and index options trading in a major expansion of its offerings. 



More Features: Schwab also highlighted some of its recently added features including analyst reports, new options chain settings and expanded charts and orders settings to its platforms. 



SCHW Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Charles Schwab shares are up 0.02% at $71.91 at the time of publication Wednesday.



Read Also:&nbsp;



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<li><a href="https://www.benzinga.com/news/24/10/41415824/lucid-ceo-peter-rawlinson-talks-saudi-investment-elon-musks-political-views-and-taking-business-from">Lucid CEO Peter Rawlinson Talks Saudi Investment, Elon Musk&#8217;s Political Views And Taking Business From Tesla</a></li>
</ul>



Image: Shutterstock&nbsp;

Fintech

HOOD

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Schwab Expands 24 Hour Trading To Include All Stocks In S&P 500, Nasdaq 100, Hundreds Of ETFs (UPDATED)

<a href="https://www.benzinga.com/news/24/10/41608242/trump-media-technology-stock-soars-after-msg-rally-will-the-gains-hold">News regarding the upcoming election </a>has made shares of Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) skyrocket. 



But as you can see on the chart, the stock has run into resistance at a price level that was resistance before. This is why our team of expert traders has made it our <a href="https://www.benzinga.com/topic/stock-of-the-day">Stock of the Day</a>.



This price action isn't a coincidence. Stocks hitting resistance and reversing off of levels that had been resistance previously is a common occurrence in the market. It happens because of investor and trader psychology.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="630" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30100324/1-29-1024x630.png" alt="" class="wp-image-621862" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30100324/1-29-1024x630.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30100324/1-29-300x185.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30100324/1-29-768x473.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/30100324/1-29.png 1186w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Read Also: <a href="https://www.benzinga.com/news/24/10/41615605/kamala-harris-urges-change-at-ellipse-rally-time-to-turn-the-page-on-drama-and-conflict-slams-trump">Kamala Harris Urges Change At Ellipse Rally: &#8216;Time To Turn The Page On Drama And Conflict&#8217; — Slams Trump For Jan. 6 Riots</a>



Many stock market analysts believe that relevant news — in this case, an election — can make a stock move. To a degree they are correct. But short-term imbalances in supply and demand and investor psychology can also move stocks.



There are people who bought shares of Trump media around $53.50 in May. They came to think their decision to do so was a mistake when the price dropped soon after. Many of these remorseful buyers vow to sell their shares.



But they don't want to lose any money. So, they decided to be patient and wait for the stock to eventually return to their buying price. Now that that has happened, they place sell orders. This way they can exit their positions at breakeven.



This large concentration of sell orders has created resistance around the same price level that had been resistance in May.



Sometimes, shares reverse and sell off after they reach resistance levels. This is also due to psychology. It happens because of anxious sellers.



Some of the traders and investors who are trying to sell their stock around the resistance become concerned. They are worried that others will be willing to sell their shares at a lower price. These concerned sellers know that this is who the buyers will go to.



As a result, they reduce the prices that they are willing to sell their shares for. Other concerned sellers see this and also reduce the prices they are willing to sell their shares at. This action can result in a snowball effect that pushes the price lower.



Savvy traders understand that buyer's remorse can create resistance at prices that were previously resistance. They also know that anxious sellers can push prices lower by undercutting each other. These dynamics can create profitable trading opportunities.



Read Next: 



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

Technicals

Stock Of The Day: Trump Media & Technology Runs Into Resistance

Super Micro Computer Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smci#NASDAQ">SMCI</a>) shares are plunging in early trading Wednesday after the company announced that its independent auditor resigned over governance and transparency concerns.Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares are plunging in early trading Wednesday after the company announced that its independent auditor resigned over <a href="https://www.benzinga.com/quote/SMCI">governance and transparency concerns</a>.



What To Know: In a new regulatory <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375365/000137536524000036/smci-20241024.htm">filing</a> Wednesday, Super Micro said Ernst &amp; Young sent in its letter of resignation as the company&#8217;s registered public accounting firm. 



Super Micro initially engaged with Ernst &amp; Young in March 2023 to audit the company&#8217;s financials for its fiscal year ending June 2024. Super Micro said the auditor resigned before issuing a report on the company&#8217;s financials or the company&#8217;s internal controls over financial reporting.



In late July, Ernst &amp; Young communicated concerns about several matters related to governance, transparency and completeness of communications, and warned that timely filing of the company&#8217;s annual report was at significant risk. 



In response, the board appointed a special committee to review the matters. The committee submitted preliminary information to the company and its auditor.



Check This Out: <a href="https://www.benzinga.com/general/biotech/24/10/41622207/eli-lilly-q3-earnings-mounjaro-sales-more-than-double-takes-2-98-billion-hit-to-profit-cuts-annua">Eli Lilly Q3 Earnings: Mounjaro Sales More Than Double, Takes $2.98 Billion Hit To Profit, Cuts Annual Outlook, Stock Tanks</a>



Based on additional information from the review process, Ernst &amp; Young raised questions about whether the company demonstrates a commitment to integrity and ethical values, about the willingness of the board to act as an independent oversight body and whether the firm could rely on information from certain members of management. 



"We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management&#8217;s and the Audit Committee's representations and to be unwilling to be associated with the financial statements prepared by management, and after concluding we can no longer provide the Audit Services in accordance with applicable law or professional obligations,&#8221; Ernst &amp; Young said in its resignation letter.



Super Micro said it disagrees with Ernst &amp; Young&#8217;s decision to resign. Despite the disagreement, the company plans to take the concerns raised by the firm seriously and will carefully consider any findings by the special committee. The investigation is ongoing and no final findings or recommendations have been communicated.



Super Micro noted that it doesn&#8217;t expect any resolution of matters raised to result in any restatements of quarterly reports for the company&#8217;s fiscal year ending 2024, or for any prior fiscal years. 



SMCI Price Action: Super Micro shares were down 32.2% at $33.33 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



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<li><a href="https://www.benzinga.com/markets/equities/24/10/41621390/google-just-got-fined-in-russia-and-its-more-than-the-worlds-gdp-20-decillion-for-blocking-media">Google Just Got Fined In Russia And It&#8217;s More Than The World&#8217;s GDP: $20 Decillion For Blocking Media Content</a></li>
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Photo: Shutterstock.

Super Micro Computer Stock Dives As Auditor Resigns: What's Going On?

The U.S. economy grew at an annualized rate of 2.8% in the third quarter, according to official <a href="https://www.benzinga.com/news/econ-s">advance estimates released Wednesday.</a>



This marks a slowdown from the 3% growth recorded in the second quarter and fell short of the anticipated 3%. The Atlanta Fed's GDPNow model forecasted a 3.3% increase prior to the release.



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



The ADP data — which uses anonymized payroll data of more than 25 million U.S. employees – offers encouraging insights ahead of Friday&#8217;s official jobs report, suggesting the U.S. economy likely maintained robust job growth throughout the month, despite the hurdles posed by recent hurricanes and uncertainties surrounding the U.S. elections.



<h2 class="wp-block-heading">US GDP Rises By 2.8% In Q3, Misses Estimates</h2>



Consumer spending increased due to rises in both goods and services. 



Key contributors within goods included nondurable goods, notably prescription drugs, and motor vehicles and parts. For services, health care — primarily outpatient services — and food services and accommodations drove the growth.



The rise in exports was largely driven by capital goods (excluding automotive), while the increase in federal government spending was led by defense expenditures. Imports rose, mainly due to a surge in capital goods (excluding automotive).



The slower real GDP growth in the third quarter compared to the second was mainly due to a decline in private inventory investment and a larger drop in residential fixed investment.



These were partially offset by stronger exports, consumer spending and federal government spending. Imports also saw an uptick.



The personal consumption expenditures (PCE) price index&nbsp;increased 1.5%, compared with an increase of 2.5% previously. Core PCE prices advanced at 2.2% pace, decelerating from 2.8% and above expectations of 2.1%.



<h2 class="wp-block-heading">October&#8217;s ADP National Employment Report Positively Surprises </h2>



<ul>
<li>In October, goods-producing industries saw an increase of 22,000 jobs, up from the 8,000 added in September.</li>



<li>Manufacturing lost 19,000 positions, a sharper decline compared to the 12,000 layoffs in the prior month, while construction added 37,000 jobs.</li>



<li>Service-providing industries experienced strong growth, adding 211,000 jobs, a significant jump from the 81,000 hired in September. </li>



<li>Education and health services gained 53,000 positions; trade, transportation, and utilities added 51,000; and leisure and hospitality grew by 37,000.</li>



<li>Annual pay growth for employees staying in their roles fell to 4.6%, extending a two-year decline, while pay gains for job switchers slowed to 6.2%.</li>



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



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



The dollar gained traction on Thursday morning trading, with the U.S. dollar index (DXY) – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – rising 0.3% after the economic releases. 



The greenback showed a stronger reaction to employment statistics before consolidating its gains following the GDP release.



Short-dated yields surged as expectations for a December rate cut by the Federal Reserve diminished. Yields on the 2-year Treasury bond rose by 4 basis points to 4.14%. 



While a 25-basis-point rate cut next week is nearly certain, implied odds for a similar move in December dropped to 70% from 75% according to CME FedWatch.



Major U.S. index futures slipped after the data release, with S&amp;P 500 futures steady and Nasdaq 100 futures down 0.1% as of 08:55 a.m. in New York.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) ended Tuesday up 0.2%, less than a percentage point below its all-time high.



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<li><a href="https://www.benzinga.com/news/earnings/24/10/41621194/us-stocks-likely-to-open-higher-as-investors-eye-gdp-print-strong-alphabet-results-to-kick-off-mag-">US Stocks Likely To Open Higher As Investors Eye GDP Print, Strong Alphabet Results To Kick Off &#8216;Mag 7&#8217; Earnings Week: Strategist Flags November As &#8216;Best Month Of The Year&#8217; For Markets</a></li>
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Photo via Shutterstock.

US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October

On Wednesday, Eli Lilly and Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) stock plummeted after the company released worse-than-expected third-quarter earnings and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41620307/lilly-reports-q3-2024-financial-results-highlighted-by-strong-volume-driven-revenue-growth-from-ne" rel="noreferrer noopener">lowered 2024 guidance</a>.



The U.S. pharma giant reported third-quarter revenue of $11.44 billion, up 20% year over year, but it missed the <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">consensus of $12.10 billion</a>.



The increase was driven by a 15% increase in volume and a 6% increase due to higher realized prices, partially offset by a 1% decrease from the unfavorable impact of foreign exchange rates.



The volume increase was primarily driven by growth from Mounjaro and Zepbound, partially offset by the sale of rights for the olanzapine portfolio (Zyprexa) in Q3 2023 and declines in Trulicity.



The company reported an adjusted EPS of $1.18, compared to $0.10 from a year ago and missing the consensus of $1.45.



Mounjaro sales more than doubled to $3.11 billion from $1.41 billion a year ago.



Sales of Verzenio (a breast cancer drug)&nbsp;increased 32% to&nbsp;$1.37 billion, and sales of diabetes drug Jardiance&nbsp;fell 2% to&nbsp;$686.4 million.



Zepbound sales reached $1.26 billion. Trulicity sales fell 22% to&nbsp;$1.30 billion.



Guidance: Eli Lilly forecasts fiscal year 2024 sales of $45.4 billion—$46 billion, compared to prior guidance of $45.4 billion—$46.6 billion and consensus of $46.24 billion.



Eli Lilly lowered its 2024 adjusted EPS guidance to $13.02-$13.52 versus <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40251130/mounjaro-maker-eli-lillys-bumper-q2-earnings-exceeds-estimates-hikes-outlook-again-on-strong-diab" rel="noreferrer noopener">prior guidance of $16.10-$16.60</a> and consensus of $13.47, driven by the acquired IPR&amp;D charges incurred in Q3.



In Q3 2024, the company recognized acquired in-process research and development (IPR&amp;D) charges of&nbsp;$2.83 billion&nbsp;compared with&nbsp;$2.98 billion&nbsp;in Q3 2023. The Q3 2024 charges were primarily <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39696780/eli-lillys-3-2b-morphic-deal-is-crucial-has-strategic-merit-despite-investor-attent" rel="noreferrer noopener">related to the acquisition of&nbsp;Morphic</a>.&nbsp;The Q3 2023 charges were primarily related to the acquisitions of&nbsp;DICE Therapeutics,&nbsp;Versanis Bio,&nbsp;and&nbsp;Emergence Therapeutics.



Price Action: At last check on Wednesday, LLY stock was down 10.50% to $808.75 during the premarket session.



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Eli Lilly Q3 Earnings: Mounjaro Sales More Than Double, Takes $2.98 Billion Hit To Profit, Cuts Annual Outlook, Stock Tanks

A Russian court has ordered Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google to pay a massive fine of $20 decillion for restricting content from Russian media outlets. The fine, which is expected to increase, is <a href="https://www.benzinga.com/news/24/10/41616230/sundar-pichai-admits-doj-proposals-could-have-unintended-consequences-google-mapping-out-plan-b-in-c">a result of a long-standing legal dispute</a>.



What Happened: The fine was imposed after Google blocked the content of various Russian media outlets, including Tsargrad, a nationalist channel, in response to U.S. sanctions. This move sparked a legal battle that has now culminated in an astronomical fine, <a href="https://www.theregister.com/2024/10/29/russian_court_fines_google/">reported</a> The Register on Tuesday.



The court has ordered Google to pay 100,000 rubles ($1,025) per day, with the fine doubling every week. The compound interest has now resulted in an &#8220;insane amount of money,&#8221; as described by the presiding judge.



Despite the staggering fine, it is unlikely to have a significant impact on Google&#8217;s parent company, Alphabet. Google has been inactive in Russia since 2022, following the country&#8217;s military operation. The Russian government allegedly seized Google&#8217;s bank accounts, effectively bankrupting its operations in the country.



The legal battle has now expanded to courts around the world, with Russia attempting to seize Google&#8217;s assets.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41568486/mark-cuban-highlights-trumps-potential-to-ruin-christmas-but-he-might-also-end-up-spoiling-the-p?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Highlights Trump&#8217;s Potential To Ruin Christmas But He Might Also End Up Spoiling The Party For Apple, Amazon Investors</a>



Why It Matters: This is not the first time Google has faced significant legal challenges. In June, Google was <a href="https://www.benzinga.com/news/24/06/39250744/google-hit-with-14-85m-fine-by-turkish-authority-over-local-search-compliance">fined $14.85 million</a> by the Turkish Competition Board for non-compliance with local competition regulations. 



Similarly, in February, Google was <a href="https://www.benzinga.com/news/24/02/37393818/google-faces-2-3b-lawsuit-from-european-media-over-ad-practices">faced with a $2.3 billion lawsuit</a> from 32 European media groups, accusing the tech giant of inflicting financial losses through its digital advertising practices.



However, Google has also seen victories in its legal battles. In September, Google <a href="https://www.benzinga.com/24/09/40915828/google-wins-1-7b-eu-antitrust-fine-appeal-over-5-year-old-online-search-advertising-case">won its appeal against a $1.7 billion EU antitrust fine</a> for anticompetitive practices involving its online search advertising business. 



To provide some context, the World Bank <a href="https://data.worldbank.org/indicator/NY.GDP.MKTP.CD">estimates</a> that global GDP is approximately $100 trillion, a mere fraction compared to the potential fine. On Tuesday, Google <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">reported $88 billion in quarterly revenue</a>, falling significantly short of the Russian fine.



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41615810/bitcoin-hovers-around-new-all-time-high-ethereum-dogecoin-surge-as-crypto-market-in-turbo-">Bitcoin Hovers Around New All-Time High, Ethereum, Dogecoin Surge As Crypto Market In Turbo Mode: Top Analyst Says, &#8216;History In The Making&#8217;</a></li>
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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/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Legal

Global

Google Just Got Fined In Russia And It's More Than The World's GDP: $20 Decillion For Blocking Media Content

Investors on Wall Street seem upbeat as the index futures point to a positive start on Wednesday despite ending the previous session on a mixed note.



Search and advertising giant Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) kicked off the highly anticipated tech earnings week on a strong note. The Sundar Pichai-led company <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">posted strong momentum across verticals</a>, beating revenue and earnings per share (EPS) expectations.



Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), on the other hand, fell 8% in premarket trading after the chipmaker's <a href="https://www.benzinga.com/news/earnings/24/10/41612007/amd-q3-earnings-revenue-beat-eps-in-line-data-center-up-122-significant-growth-opportunities-ahead-">fourth-quarter guidance</a> disappointed investors. That said, AMD beat revenue expectations in Q3.



The remaining four of the "Magnificent 7" companies will post their earnings this week – this includes Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.16%</td></tr><tr><td>S&amp;P 500</td><td>0.19%</td></tr><tr><td>Dow Jones</td><td>0.03%</td></tr><tr><td>R2K</td><td>-0.16%</td></tr></tbody></table></figure>



In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.20% to $582.95 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.15% to $500.90, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data</a>.



Cues From Last Session:



Investors remained cautious, with most sectors on the S&amp;P 500 index closing the day in the red. &nbsp;However, information technology and communication services stocks bucked the overall market trend, closing the session higher.



Crude oil prices remained tentative and kept their levels after tumbling over the weekend due to Israel's missile strikes on Iran.



Treasury yields eased slightly on Tuesday after running up over the past week. However, a possible re-election of former President Donald Trump could keep the bond yields elevated due to an increased fear of higher deficits, according to WisdomTree and Wharton School economist Jeremy Siegel.



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



Tech stocks helped the Nasdaq Composite index surge to a new all-time high.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.78%</td><td>18,712.75</td></tr><tr><td>S&amp;P 500</td><td>0.16%</td><td>5,832.92</td></tr><tr><td>Dow Jones</td><td>-0.36%</td><td>42,233.05</td></tr><tr><td>Russell 2000</td><td>-0.27%</td><td>2,238.09</td></tr></tbody></table></figure>



Insights From Analysts:



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



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



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



That said, he explains that while it's not clear how long this rally will last, investors should be open to the possibility that there's more gas left in the tank.



Mike Mayo, Wells Fargo Securities managing director, <a href="https://www.cnbc.com/video/2024/10/29/wells-fargos-mike-mayo-heres-why-financials-will-benefit-no-matter-who-wins-the-election.html">told</a> CNBC in an interview that regardless of who wins the 2024 presidential election, financials stocks will benefit.



"Wall Street likes certainty over uncertainty," Mayo said, referring to the rules on stress tests and other parameters to measure the health of financial institutions.



"The second thing is common sense regulation. You've already seen this put in place by the current administration… they rolled back the 1000-page report on capital changes."



On the economic data front, the S&amp;P CoreLogic Case-Shiller home price index rose 5.2% year-over-year in August versus a 5.9% gain in July.



U.S. wholesale inventories declined by 0.1% month-over-month to $905 billion in September compared to a revised 0.2% gain in the earlier month.



The U.S. trade deficit increased to $108.2 billion in September from the $94.2 billion gap in the previous month.



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



Upcoming Economic Data:



<ul>
<li>Mortgage Market and Refinance indices will be released at 7 a.m. ET.</li>



<li>ADP employment numbers will be released at 8:15 a.m. ET.</li>



<li>The preliminary GDP print is scheduled to be released at 8:30 a.m. ET.</li>



<li>Pending home sales data is scheduled to be released at 10 a.m. ET.</li>



<li>Crude oil inventories data will be released at 10:30 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) shares surged nearly 6% in premarket trading after the search giant reported an AI-powered boost in its revenue in Q3, which beat expectations and surged 15% year-on-year.</li>



<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) stock felt the pressure, falling 8% in premarket trading after its Q4 revenue guidance fell short of expectations. Other chipmakers, Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) felt the pressure, too, falling 5% and 0.3% in premarket, respectively.</li>



<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares surged 1.5% in premarket after the company posted slightly better-than-expected revenue, aided by AI.</li>



<li>Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) shares jumped nearly 24% after the social media company handily beat revenue expectations thanks to its data licensing and advertising sales.</li>



<li>Chewy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) shares were down 1.8% in premarket after "Roaring Kitty" Keith Gill reported in a securities filing that he does not hold a stake in the company anymore.</li>



<li>Investors are awaiting earnings results from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), and Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures gained in the early New York session, rising 1.03% as preliminary data showed a decline in U.S. inventory levels.



The benchmark 10-year Treasury note yield declined marginally to 4.22%.



Most Asian markets closed in the red on Wednesday, with Chinese markets falling the most, while Japan's Nikkei 225 gained.



European stocks were mostly lower in early trading.



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Photo courtesy: Wikimedia

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US Stocks Likely To Open Higher As Investors Eye GDP Print, Strong Alphabet Results To Kick Off 'Mag 7' Earnings Week: Strategist Flags November As 'Best Month Of The Year' For Markets

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