U.S. stocks could open on a negative note on Tuesday after the <a href="https://www.benzinga.com/news/econ-s/24/11/42017118/stocks-tumble-as-traders-rethink-feds-action-vix-spikes-17-nasdaq-erases-back-post-trump-gains-whats-driving-markets-friday">averages maintained a cautious stance last week</a>. Futures of all three major indices were slightly down on Tuesday, pointing to a cautious sentiment on Wall Street.



Economic data and Federal Reserve chair Jerome Powell's comments about the future of rate cuts dampened the sentiment. Powell said the Federal Open Market Committee (FOMC) is not in a hurry after economic data showed strength.



Geopolitical tensions are weighing on investor sentiment, as Russian President Vladimir Putin expanded the country's nuclear doctrine, according to reports <a href="https://tass.com/politics/1874437">by</a> the TASS news agency.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.36%</td></tr><tr><td>S&amp;P 500</td><td>-0.47%</td></tr><tr><td>Dow Jones</td><td>-0.62%</td></tr><tr><td>R2K</td><td>-1.29%</td></tr></tbody></table></figure>



In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.35% to $586.11 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.29% to $498.58, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



U.S. stocks closed on a mixed note on Monday, with the Dow Jones closing in the red while the Nasdaq and S&amp;P 500 edged up.



Crude oil prices remained under the $70 mark, edging lower after rebounding due to disruptions in Norway.



Treasury yields eased marginally amid a broader risk-off sentiment.



On the economic data front, the NAHB/Wells Fargo Housing Market Index climbed to 46 in November from 43 in October, recording the highest reading in seven months.



Most sectors on the S&amp;P 500 closed on a positive note, with energy, communication services, and consumer discretionary stocks recording the biggest gains on Monday.



However, industrial stocks bucked the overall market trend, closing the session lower.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.60%</td><td>18,791.81</td></tr><tr><td>S&amp;P 500</td><td>0.39%</td><td>5,893.62</td></tr><tr><td>Dow Jones</td><td>-0.13%</td><td>43,389.60</td></tr><tr><td>Russell 2000</td><td>0.11%</td><td>2,306.34</td></tr></tbody></table></figure>



Insights From Analysts:



Tom Lee, head of research at FundStrat Global Advisors, noted <a href="https://www.cnbc.com/video/2024/11/18/watch-cnbcs-full-interview-with-fundstrat-global-advisors-tom-lee.html">in</a> an interview with CNBC that the "Trump trade" is still intact despite it losing some steam over the past week.



He underscored that as uncertainty reduces around President-elect Donald Trump's announcement of Treasury Secretary, it will be a "clearing event" for the markets.



He also believes that although Fed chair Powell said there is no need to rush with rate cuts, the expectations for the number of cuts over the next year remain the same. Essentially, it's only a matter of timing, according to Lee.



With Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) set to announce its results this week, Lee thinks that it will be another "clearing event" for the markets.



"Markets get very hesitant in front of Nvidia's earnings. Once that is behind us, we'll see that the demand is strong and I think markets breathe a sigh of relief."



WisdomTree and Wharton School economist&nbsp;Jeremy Siegel reiterated his bull thesis but noted that higher rates could lead to some volatility in the near term.



"Equities still offer superior returns over the longer term compared to bonds," he said, as investors turn their eye towards the Federal Open Market Committee's (FOMC) next meeting.



Expectations of a further 25 basis point rate cut in December have fallen to just 65% now, down from 72% last week, according <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">to</a> CME Group's FedWatch tool.



"With long-term rates climbing, the market's trajectory will depend heavily on not only economic data but a clarification Trump's policies on tariffs and deportations," Siegel said.



On the whole, the Wharton economist underscored that "companies with strong balance sheets and pricing power" are best positioned to weather this higher-rate environment.



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



Upcoming Economic Data



Tuesday's economic calendar is fairly light.



<ul>
<li>Data on new home construction and building permits will be released at 8:30 a.m. ET.</li>



<li>Chicago Fed President Austan Goolsbee&nbsp;will speak at 12:25 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares continued to rally, gaining 5.6% on Monday amid reports of Trump's transition team <a href="https://www.benzinga.com/markets/equities/24/11/42028797/tesla-soars-over-5-in-overnight-trading-as-trump-administration-reportedly-seeks-to-ease-fsd-norms">looking to ease self-driving rules</a>.</li>



<li>Alphabet Inc.'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>) subsidiary Google is staring at the prospect of <a href="https://www.benzinga.com/news/legal/24/11/42053249/google-could-lose-chrome-browser-in-dojs-latest-antitrust-move">divesting the Chrome web browser</a> as part of the Department of Justice's (DOJ) latest antitrust move. The company's stock fell in <a href="https://www.benzinga.com/markets/24/11/42056544/googles-parent-alphabet-shares-dip-during-tuesday-pre-market-whats-going-on">premarket trading on Tuesday</a>.</li>



<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares <a href="https://www.benzinga.com/markets/equities/24/11/42057634/super-micro-computer-is-up-by-30-on-tuesday-pre-market-whats-going-on">surged over 30% in premarket trading on Tuesday</a> after the company submitted a compliance plan to continue trading on the Nasdaq.</li>



<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares were down 4.7% in premarket trading after <a href="https://www.benzinga.com/general/social-media/24/11/42048594/trump-digs-deeper-into-cryptocurrency-bakkt-shares-soar-on-reported-interest-from-president-elects-media-company">reports suggested</a> that it is looking to acquire cryptocurrency company Bakkt Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKKT#NYSE">BKKT</a>).</li>



<li>Investors are awaiting earnings results from Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>), and Medtronic Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDT#NYSE">MDT</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, falling by 0.7% to hover around $68.69 per barrel.



The 10-year Treasury note yield eased marginally to 4.365%.



Major Asian markets ended in the green on Tuesday, while European stocks declined in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42056899/jim-cramer-thinks-trumps-plans-for-robotaxis-are-fanciful-but-he-is-still-bullish-on-tesla-stock-the-musk-premium-will-work-its-magic-in-other-ways">Jim Cramer Thinks Trump&#8217;s Plans For Robotaxis Are &#8216;Fanciful,&#8217; But He Is Still Bullish On Tesla Stock: &#8216;The Musk Premium Will Work Its Magic In Other Ways&#8217;</a></li>
</ul>



Photo courtesy: Wikimedia

Earnings

Equities

News

Futures

Economics

Federal Reserve

Pre-Market Outlook

Markets

Movers

Trading Ideas

BKKT

GOOG

GOOGL

NVDA

SMCI

TSLA

US Stocks Likely To Open In Red Amid Mounting Geopolitical Tensions: Wharton Economist Says Market Trajectory Will 'Heavily Depend' On Trump's Tariff Plans

Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) shares are trading higher on Tuesday after the company announced&nbsp;third-quarter results&nbsp;and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42058916/walmart-reports-strong-revenue-growth-of-5-5-with-operating-income-growing-faster-at-8-2" rel="noreferrer noopener">raised its fiscal-2025&nbsp;guidance</a>.



The retailer reported adjusted EPS&nbsp;of&nbsp;58 cents,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the consensus of&nbsp;53 cents</a>.



Sales were&nbsp;$169.59 billion, up&nbsp;<a target="_blank" href="https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2024/11/19/walmart-releases-q3-fy25-earnings/q3-fy25-earnings-release.pdf" rel="noreferrer noopener">5.5</a>% year over year or 6.2% (at constant currency), beating the consensus of&nbsp;$167.72 billion.



The gross margin rate was up 21 bps, aided by improvement in the Walmart U.S.



Operating income was up&nbsp;$0.5 billion, or&nbsp;8.2%, and up 9.8%&nbsp;year over year&nbsp;(at constant currency) on higher gross margins, growth in membership income, and reduced eCommerce losses.



Global eCommerce sales rose&nbsp;27%, driven by store-fulfilled pickup and delivery as well as marketplace growth. Global advertising business grew&nbsp;28%, including&nbsp;26% for Walmart Connect in the U.S.



Walmart U.S same-store sales climbed by&nbsp;5.3%&nbsp;year over year, excluding fuel, aided by strong broad-based growth in merchandise categories and physical and digital channels.



Read: <a target="_blank" href="https://www.benzinga.com/24/11/42047989/walmart-q3-earnings-preview-will-eps-beat-streak-continue-analysts-says-retailer-should-remain-a-core-holding" rel="noreferrer noopener">Will Walmart&#8217;s Streak Of Earnings Beats Continue Tuesday? Analysts Say Retailer A &#8216;Core Holding&#8217;</a>



At Sam&#8217;s Club, same-store sales rose&nbsp;7.0%&nbsp;year over year, excluding fuel, led by food and health and wellness categories, along with increased transactions and unit volumes.



Doug McMillon, President and CEO, said, &#8220;In the U.S., in-store volumes grew, pickup from store grew faster, and delivery from store grew even faster than that. Our teams are executing and delighting our customers and members with the value and convenience they expect from Walmart.&#8221;



Walmart generated an operating cash flow of&nbsp;$22.9 billion and free cash flow of&nbsp;$6.2 billion&nbsp;in nine months ended October 31, 2024. It ended the quarter with cash and equivalents of&nbsp;$10.0 billion.



Guidance: For FY25, the big box retailer raised its adjusted EPS&nbsp;outlook&nbsp;to&nbsp;$2.42 &#8211; $2.47 (from&nbsp;$2.35 &#8211; $2.43), vs.<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> the consensus of&nbsp;$2.45</a>.



Walmart boosted FY25 net sales (at constant currency) growth&nbsp;guidance&nbsp;to&nbsp;4.8% &#8211; 5.1% from <a target="_blank" href="https://www.benzinga.com//node/40391777" rel="noreferrer noopener">3.75% &#8211; 4.75%&nbsp;earlier</a>.



Investors can gain exposure to the stock via Vanguard Consumer Staples ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDC#NYSE">VDC</a>) and&nbsp;Fidelity MSCI COnsumer Staples Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSTA#NYSE">FSTA</a>).



Price Action: WMT shares are up 3.59% at $87.10 premarket at the last check Tuesday.



Image by Sundry Photography on Shutterstock



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42041663/walmarts-black-friday-cyber-monday-huge-deals-on-electronics-toys-and-more" target="_blank" rel="noreferrer noopener">Walmart Gears Up For Black Friday, Cyber Monday Specials: Major Discounts On Apple MacBooks, Sony TVs</a></li>
</ul>

Large Cap

Guidance

FSTA

Walmart Q3 Earnings: Revenue Beat, eCommerce Growth Shines, Issues Bullish Outlook For FY25

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) faces heightened scrutiny <a href="https://www.benzinga.com/general/market-summary/24/11/42055795/nvidia-shares-to-climb-over-140-levels-says-technical-analyst-ahead-of-q3-results-will-have-to-beat-street-expectations-for-the-trend-to-continue">ahead of its earnings</a> as technical challenges with its latest artificial intelligence chips and broader market pressures raise concerns, according to Mizuho analyst Jordan Klein.



What Happened: Klein, a longtime Nvidia bull, warned investors that the semiconductor giant&#8217;s shares are &#8220;modestly at risk&#8221; following reports of overheating issues in its new Blackwell systems, <a href="https://www.investing.com/news/stock-market-news/biggest-nvidia-bull-on-wall-street-warns-shares-are-modestly-at-risk-3728239?ref=biztoc.com">reported</a> Investing.com. 



The timing is particularly sensitive given Nvidia&#8217;s recent ascent to become the world&#8217;s most valuable company, with a market capitalization of $3.482 trillion.



&#8220;There is just so much quant, passive, and fast momentum money swirling around in markets these days and I assume that style sells first, asks questions later,&#8221; Klein noted in his investor communication, highlighting the volatile nature of current market dynamics.



See Also: <a href="https://www.benzinga.com/24/11/42054405/amazon-and-spacexs-efforts-to-block-nlrb-cases-in-jeopardy-as-appeals-court-raises-key-legal-concerns">Amazon And SpaceX&#8217;s Efforts To Block NLRB Cases In Jeopardy As Appeals Court Raises Key Legal Concerns</a>



Why It Matters: The Blackwell chips, unveiled in March and promising 30 times faster performance than previous generations, have <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">reportedly encountered thermal issues</a> when installed in high-density server racks.



Major customers potentially affected include 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>), and 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/GOOGL#NASDAQ">GOOGL</a>) subsidiary Google.



Nvidia has responded to the situation, with a spokesperson telling Reuters that &#8220;engineering iterations are normal and expected&#8221; while working with cloud service providers.



Despite these immediate challenges, Klein maintains his long-term optimistic outlook for Nvidia but cautions about near-term volatility, particularly from retail and momentum-driven investors who &#8220;purely react to headlines and initial stock moves.&#8221;



However, CNBC&#8217;s Jim Cramer offered a contrasting view, suggesting the market&#8217;s reaction might be overdone. &#8220;Be skeptical about the negatives with Nvidia,&#8221; Cramer posted on X. He later <a href="https://www.cnbc.com/2024/11/18/cramer-weighs-nvidia-after-blackwell-ai-chip-overheating-report.html">expanded</a> on CNBC, saying, &#8220;I&#8217;m more inclined to think you&#8217;re getting a buying opportunity in Nvidia thanks to The Information publishing a story that may simply not be that.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Be skeptical about the negatives with Nvidia&#8230;&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1858515094663012549?ref_src=twsrc%5Etfw">November 18, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42052735/boeing-to-lay-off-over-2500-workers-in-the-us-amid-global-workforce-reduction">Boeing To Lay Off Over 2,500 Workers In The US Amid Global Workforce Reduction</a></li>
</ul>



Image Via Unsplash



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

Global

Tech

AMAT

MSFT

Nvidia 'Modestly At Risk' Amid AI Chip Concerns, Analyst Notes: Momentum Money Swirling Around 'Sells First, Asks Questions Later'

Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) shares are trading lower in the <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">premarket session on Tuesday</a>.



The company reported third-quarter adjusted earnings per share of $2.89 <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/n42057532/lowes-reports-third-quarter-2024-sales-and-earnings-results" rel="noreferrer noopener">beating the street view of $2.82</a>.



Quarterly sales of $20.170 billion outpaced the analyst consensus estimate of $19.424 billion.



Comparable sales for the quarter decreased 1.1%, driven by continued softness in DIY bigger-ticket discretionary demand, partly offset by storm-related sales and positive comparable sales in Pro and online.



Gross margin in the quarter under review remained relatively flat year over year to 33.69%. Quarterly operating income totaled $2.536 billion compared with $2.696 billion a year ago.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/global/24/11/42052735/boeing-to-lay-off-over-2500-workers-in-the-us-amid-global-workforce-reduction" rel="noreferrer noopener">Boeing To Lay Off Over 2,500 Workers In The US Amid Global Workforce Reduction</a>



During the third quarter, the company recognized a&nbsp;$54 million&nbsp;pre-tax gain associated with the 2022 sale of the Canadian retail business. This positively impacted third-quarter diluted EPS by&nbsp;10 cents.



&#8220;Next month at our Analyst and Investor Conference, I look forward to discussing our new growth and productivity initiatives, which underscore our confidence that we are well-positioned to capitalize on the expected recovery in home improvement,&#8221; said&nbsp;Marvin R. Ellison, Lowe&#8217;s chairman, president and CEO.&nbsp;&nbsp;



As of&nbsp;Nov. 1, Lowe&#8217;s operated 1,747 stores representing 195.0 million square feet of retail selling space.



Guidance: Lowe&#8217;s has revised its fiscal year 2024 outlook for its adjusted earnings per share (EPS) guidance from a range of $11.70 &#8211; $11.90 to a range of $11.80 &#8211; $11.90, <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">compared with the consensus estimate of $11.85.</a>



Additionally, the company raised its sales forecast from a range of $82.70 billion &#8211; $83.20 billion to a new range of $83.00 billion &#8211; $83.50 billion, compared with the consensus estimate of $83.05 billion.



For FY24, Comparable sales is expected to be -3.0 to -3.5%, as compared to prior year (previous view -3.5% to -4.0%).



Adjusted operating income as a percentage of sales (adjusted operating margin) of 12.3% to 12.4% (previously 12.4% to 12.5%).



Price Action: LOW shares are trading lower by 1.02% to $269.00 premarket at last check Tuesday.



Photo via <a href="https://commons.wikimedia.org/wiki/File:Lowe%27s_-_Cranberry_TWP,_PA_-_panoramio.jpg">Wikimedia Commons</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42022585/michael-van-de-poppe-says-bitcoin-ethereum-and-altcoins-close-to-the-point-where-investors-can-buy-the-dip?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Van De Poppe Says Bitcoin, Ethereum And Altcoins Close To The Point Where Investors Can &#8216;Buy The Dip&#8217;</a></li>
</ul>

General

Lowe's Q3: Earnings: Revenue And EPS Beat But Comp Sales Fall Amid Softness In Bigger-Ticket DIY Discretionary Demand

Leading cryptocurrencies inched higher Monday, coinciding with a surge in tech stocks.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+0.60%</td><td>$91,007.28</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>+1.49%</td><td>$3,158.99</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>+2.23%</td><td>$0.3725</td></tr></tbody></table></figure>



What Happened: Bitcoin exhibited choppy movement, oscillating between $92,000 and $89,000. The leading cryptocurrency has lost momentum since smashing past $93,000 last week.&nbsp;



Ethereum moved slightly northward, reaching an intraday high of $3,225 before rapidly retreating to $3,150.



In the past 24 hours, 114,745 traders were liquidated, with the total liquidations at $329.61 million. Over $200 million in upside bets was wiped out.&nbsp;



The Open Interest (OI) in Bitcoin futures rose 2% in the last 24 hours, suggesting sustained speculative interest.



The number of traders holding Bitcoin long positions climbed considerably over the previous 24 hours, signaling expectations that the rally will resume.



The "Extreme Greed" sentiment increased to 90, as per the Cryptocurrency Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Hedera (HBR)</td><td>+40.64%</td><td>$0.1395</td></tr><tr><td>Tezos (XTZ)</td><td>+40.27%</td><td>$1.13</td></tr><tr><td>Akash Network (AKT)</td><td>+38.64%</td><td>$4.55</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.08 trillion, rising 1.84% in the last 24 hours.



The Nasdaq Composite, the barometer of tech stocks, popped 111.68 points, or 0.60%, to end at 18,791.81. The S&amp;P 500 gained 0.39% to close at 5,893.62, while the Dow Jones Industrial Average closed 0.13% lower at 43,389.60.



The tech rally was driven by a 5.62% jump in shares of EV juggernaut Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) on reports suggesting that the upcoming regulatory framework under Trump <a href="https://www.benzinga.com/markets/equities/24/11/42028797/tesla-soars-over-5-in-overnight-trading-as-trump-administration-reportedly-seeks-to-ease-fsd-norms">might ease mandates</a> for self-driving vehicles.



Additionally, investors were geared up for AI behemoth Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42048963/why-nvidia-earnings-may-trigger-massive-sp-500-volatility">earnings report</a> on Wednesday.



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



Analyst Notes: Popular cryptocurrency analyst Ali Martinez used historical trajectories to project Bitcoin's next moves before a significant correction.&nbsp;



"During the 2017 bull market, Bitcoin surged 156% past its previous all-time high before the first major correction of -39%. In 2020, BTC rose 121% before a -32% correction," Martinez stated.&nbsp;



Should history repeat, Bitcoin could reach $138,000 before its "first major pullback," the analyst added.



<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">During the 2017 bull market, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> surged 156% past its previous all-time high before the first major correction of -39%. In 2020, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> rose 121% before a -32% correction. If history repeats, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> could reach at least $138,000 before experiencing the first major pullback. <a href="https://t.co/eM3kLt6DA9">pic.twitter.com/eM3kLt6DA9</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1858654419602297074?ref_src=twsrc%5Etfw">November 18, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Popular on-chain analytics firm CryptoQuant said that Bitcoin has "room" for further growth based on the reading of the Short Term Holders SOPR indicator.



The SOPR, combined with the 30-day moving average (30d MA), revealed that short-term holders are taking moderate profits, with no signs of excessive euphoria.



"Currently, the indicator remains in the middle region, far from the Extreme Greed range, suggesting that the asset still has room to continue rising before reaching a possible market top," CryptoQuant noted.



<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">SOPR: <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> still has room to rise "Indicator remains in the middle region, far from the Extreme Greed range, suggesting that the asset still has room to continue rising before reaching a possible market top." – By <a href="https://twitter.com/gaah_im?ref_src=twsrc%5Etfw">@gaah_im</a> Link &#x1f447;<a href="https://t.co/XvSKZ9xXIY">https://t.co/XvSKZ9xXIY</a> <a href="https://t.co/WTIHMbp1Rm">pic.twitter.com/WTIHMbp1Rm</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1858582176499200007?ref_src=twsrc%5Etfw">November 18, 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/news/24/11/42027165/musks-doge-role-boosts-dogecoin-as-brian-armstrong-shows-support">Musk&#8217;s DOGE Role Boosts Dogecoin As Brian Armstrong Shows Support</a></li>
</ul>

Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Rise Amid Tesla-Fueled Tech Stocks Rally: Popular Analyst Says BTC Could Reach $138K Before 'Major Pullback'

On Monday, November 18, U.S. markets ended mixed, partially recovering losses as investors awaited Nvidia&#8217;s highly anticipated Q3 earnings, seen as a key gauge of AI-driven market momentum. 



Tesla shares climbed on optimism over potential policy shifts under the incoming Trump administration. While analysts note a widening focus beyond Nvidia, its influence on market sentiment remains significant.



In economic data, the NAHB/Wells Fargo Housing Market Index rose to 46 in November, marking its highest level in seven months, up from 43 in October.



S&amp;P 500 sectors rose Monday, led by energy, communication services, and consumer discretionary stocks, while industrials declined.



The Dow Jones Industrial Average was down 0.13% and closed at 43,389.60, the S&amp;P 500 gained 0.39% to 5,893.62, and the Nasdaq Composite rose 0.60% to finish at 18,791.81.



Asia Markets Today



<ul>
<li>On Tuesday, Japan&#8217;s Nikkei 225 gained 0.45% and ended the session at 38,405.00, led by gains in the Paper &amp; Pulp, Steel, and Warehousing sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 rose 0.89% and ended the day at 8,374.00, led by gains in the Gold, IT, and Telecoms Services sectors.</li>



<li>India&#8217;s Nifty 50 closed 0.07% higher at 23,470.45, and Nifty 500 up 0.23% at 21,950.85, led by gains in the Auto, Real Estate and Consumer Durables sectors.</li>



<li>China&#8217;s Shanghai Composite gained 0.67% to close at 3,346.01, and the Shenzhen CSI 300 rose 0.67%, finishing the day at 3,976.89.</li>



<li>Hong Kong&#8217;s Hang Seng gained 0.44% and closed the session at 19,663.67.</li>
</ul>



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 index was down 1.47%.</li>



<li>Germany&#8217;s DAX slid 1.07%.</li>



<li>France&#8217;s CAC fell 1.32.</li>



<li>FTSE 100 index traded lower by 0.50%</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 0.88% at $68.56/bbl, and Brent was down 0.75% at $72.75/bbl.</li>



<li>Oil prices dipped as Norway&#8217;s Johan Sverdrup oilfield resumed production, offsetting geopolitical tensions and Kazakhstan&#8217;s output cut. A stronger U.S. dollar also pressured prices while investors monitored escalating Russia-Ukraine tensions and weakening market structure signals.</li>



<li>Natural Gas rose 0.30% to $2.982.</li>



<li>Gold was trading higher by 0.94% at $2,639.20, Silver gained 0.92% to $31.508, and Copper fell 0.45% to $4.1015.</li>
</ul>



U.S. Futures at 05:30 AM ET



Dow futures declined 0.53%, S&amp;P 500 futures were down 0.38% and Nasdaq 100 futures fell 0.27%.



Forex at 05:30 AM ET



The U.S. dollar index gained 0.14% to 106.42, the USD/JPY was down 0.66% to 153.63, and the USD/AUD rose 0.17% to 1.5391.



Photo by Pavel Bobrovskiy via Shutterstock

Asia

Emerging Markets

Eurozone

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ADIV

AGOV

ASHR

BBEU

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CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Asia Up, Europe Markets Slip; Oil Prices Pressured While Gold Strengthens - Global Markets Today While US Slept

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) is set to lay off more than 2,500 employees across four U.S. states, including Washington, Oregon, South Carolina, and Missouri. This move is part of the company&#8217;s broader plan to cut 17,000 jobs, which accounts for 10% of <a href="https://www.benzinga.com/general/travel/24/11/42014904/boeing-begins-layoffs-is-the-737-max-recovery-enough-to-lift-ba-stock">its global workforce</a>.



What Happened: The layoffs will impact engineers, technicians, and non-union workers, reported Reuters. On Wednesday, the affected employees were informed that they would remain on Boeing&#8217;s payroll until Jan. 17, in compliance with federal regulations.



Boeing&#8217;s decision to issue a Worker Adjustment and Retraining Notification (WARN) in mid-November was widely anticipated. Additional layoffs are expected in December. The company may also reduce its workforce through workforce attrition, selective hiring, and the sale of subsidiaries.



The layoffs are expected to affect workers in the company&#8217;s key manufacturing hubs, providing an indication of the impact on the workforce.



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42025317/dogecoin-repeating-its-historical-pattern-says-analyst-meme-coin-set-to-touch-3-by-trumps-inauguration-day-2025?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin &#8216;Repeating Its Historical Pattern,&#8217; Says Analyst: Meme Coin Set To Touch $3 By Trump&#8217;s Inauguration Day 2025</a>



Why It Matters: The layoffs come amid Boeing&#8217;s ongoing financial struggles. In October, the company announced <a href="https://www.benzinga.com/general/travel/24/11/42014904/boeing-begins-layoffs-is-the-737-max-recovery-enough-to-lift-ba-stock">plans to cut 10% of its workforce</a>. 



Despite these challenges, Boeing has been making efforts to recover. The company recently <a href="https://www.benzinga.com/news/large-cap/24/11/41946311/boeing-forecasts-67-growth-in-global-air-cargo-fleet-by-2043-driven-by-asia-demand">forecasted a 67% growth in the global air cargo fleet by 2043</a>, driven by strong demand in Asia. This indicates that Boeing is still a key player in the aviation industry and is working to adapt to changing market conditions.



Price Action: Boeing stock closed the regular trading session at $143.87 on Monday, up 2.63% for the day. In after-hours trading, the stock edged down 0.23%. Year to date, Boeing&#8217;s stock has declined significantly, falling 42.85%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/42022585/michael-van-de-poppe-says-bitcoin-ethereum-and-altcoins-close-to-the-point-where-investors-can-buy-the-dip?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Van De Poppe Says Bitcoin, Ethereum And Altcoins Close To The Point Where Investors Can &#8216;Buy The Dip&#8217;</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.

Boeing To Lay Off Over 2,500 Workers In The US Amid Global Workforce Reduction

On Monday, Cathie Wood-led Ark Invest made a series of trades, with Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) being the most prominent. This comes amidst reports of President-elect Donald Trump&#8217;s plans to ease restrictions for self-driving vehicles and Tesla&#8217;s shares racing higher.



The TSLA Trade



Ark Invest&#8217;s trade involving Tesla shares comes at a time when the company&#8217;s stock is <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42038624/tesla-stock-is-trading-higher-monday-whats-going-on">experiencing a significant surge</a>. This surge is linked to reports that the incoming administration plans to prioritize a federal framework for autonomous vehicles, potentially making it easier to operate self-driving cars.



On Monday, Ark sold 30,939 Tesla shares worth $10.05 million from its flagship ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) fund. Tesla shares ended the day higher by 5.6% at $338.74.



Ark has been on a Tesla share-selling spree of late. After the Elon Musk-led company released its <a href="https://www.benzinga.com/markets/equities/24/10/41536387/cathie-woods-ark-sells-22m-worth-of-tesla-shares-following-blockbuster-q3-rally">third-quarter numbers</a> in late October, the Wood-led firm sold $22.2 million worth of the stock.



Wood has highlighted Tesla&#8217;s<a href="https://www.benzinga.com/markets/equities/24/10/41200165/cathie-wood-predicts-trillion-dollar-revenue-opportunity-for-tesla-in-autonomous-vehicles-winner"> trillion-dollar revenue pot</a>ential in autonomous vehicles. On the topic she said, &#8220;The company that gets people from point A to point B the fastest, safest, and with the least wait time is going to dominate the market.&#8221;



See Also: <a href="https://www.benzinga.com/24/11/42022585/michael-van-de-poppe-says-bitcoin-ethereum-and-altcoins-close-to-the-point-where-investors-can-buy-the-dip?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Van De Poppe Says Bitcoin, Ethereum And Altcoins Close To The Point Where Investors Can &#8216;Buy The Dip&#8217;</a> 



Other Key Trades:



<ul>
<li>Ark purchased shares of Blade Air Mobility (BLDE) and sold shares of Rocket Lab USA Inc (RKLB).</li>



<li>The firm sold shares of Unity Software Inc (U) and purchased shares of Crispr Therapeutics AG (CRSP).</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/42025223/legendary-investor-rob-arnott-says-stock-market-looks-and-feels-like-the-year-2000-as-wall-street-rallies-after-trumps-win-likely-to-see-a-bear-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Legendary Investor Rob Arnott Says Stock Market &#8216;Looks And Feels Like The Year 2000&#8217; As Wall Street Rallies After Trump&#8217;s Win: &#8216;&#8230;Likely To See A Bear Market&#8217;</a></li>
</ul>



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

ARKK

Cathie Wood's Ark Sells $10M Of Tesla Stock As Trump's AV Plans Boost Stock

Investors and speculators are gearing up for Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) earnings report on Wednesday, an event that&#8217;s expected to send ripples, if not tidal waves, <a href="https://www.benzinga.com/markets">across the U.S. stock market. </a>



If the options market is right, Nvidia's results could spark moves in the S&amp;P 500 index – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – larger than those typically triggered by key economic data like the employment and inflation reports.



Nvidia's dominance in the AI-driven technology trade has turned its earnings into a barometer for overall market sentiment, and its influence on the stock market is unparalleled.



Over the past year, Nvidia accounted for 20% of the S&amp;P 500's total returns and Bank of America's derivatives analyst Gonzalo Asis didn't mince words: &#8220;It remains the most dominant stock in the market… expected to drive nearly 25% of the S&amp;P 500&#8217;s EPS growth in 3Q.&#8221;



In essence, whether Nvidia beats or misses expectations, the ripple effects will likely extend far beyond its ticker.



<h3 class="wp-block-heading">S&amp;P 500 Implied Move Is Higher Than Inflation Or Jobs Data</h3>



The options market implies a potential 1.05% move in the S&amp;P 500—higher than what traders expect from next month's Non-Farm Payroll (NFP) data, Consumer Price Index (CPI) print, and in line with the Federal Reserve&#8217;s December meeting.



&#8220;Options are assigning more broad-market risk around NVDA earnings than around next month&#8217;s NFP and CPI days, and as much as the Dec FOMC,&#8221; the analyst noted.



For Nvidia shares themselves, the implied one-day move is even more eye-popping: 12.5%.



&#8220;We remain cautious of fragility risks in single names around earnings, but NVDA hedges themselves are not particularly cheap relative to how much the stock has reacted to results in the last two years,&#8221; Assis wrote.



The analyst also warned that the recent easing of post-election euphoria and heightened single-stock fragility can be reasons for traders to hedge against potential market turbulence if Nvidia disappoints.



<h3 class="wp-block-heading">A Strategy For Hedging The Nasdaq Impact</h3>



For traders seeking to hedge the broader market risks tied to Nvidia&#8217;s performance, Bank of America recommended an option strategy using put spreads on the Nasdaq-100 ETF, the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>). Specifically, the QQQ 22Nov 490-480 put spreads are priced at $2 and could offer a 5x payout if the Nasdaq-100 falls by roughly 3.3% this week.



Despite the potential need for hedges, the bank also noted that hedging NVDA earnings directly is not cheap, considering how significantly the stock has reacted to its last few earnings reports.



<h3 class="wp-block-heading">Historical Nvidia Earnings Data</h3>



Data from <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111824&amp;t=be2bearmibe3na1">Benzinga Pro</a> shows that over the last 12 quarters, Nvidia has exceeded earnings-per-share (EPS) expectations 10 times and missed revenue expectations only once. 



On average, Nvidia shares moved 5.3% in the single trading day following its earnings release.



The largest 1-day gain followed its first quarter 2024 earnings, when the stock surged 24.4%, while the worst reaction occurred after fourth quarter 2024 results, with a decline of 7.6%. 



Here's a snapshot of the company's recent earnings performance:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Fiscal Quarter</th><th>Date Announced</th><th>Surprise % EPS</th><th>Surprise % Revenue</th><th>1-Day % NVDA Move</th></tr></thead><tbody><tr><td>Q2-2025</td><td>8/28/24</td><td>6.25%</td><td>4.73%</td><td>-6.38%</td></tr><tr><td>Q1-2025</td><td>5/22/24</td><td>2.86%</td><td>5.66%</td><td>9.32%</td></tr><tr><td>Q4-2024</td><td>2/21/24</td><td>11.45%</td><td>7.19%</td><td>16.40%</td></tr><tr><td>Q3-2024</td><td>11/21/23</td><td>19.64%</td><td>12.39%</td><td>-2.46%</td></tr><tr><td>Q2-2024</td><td>8/23/23</td><td>29.19%</td><td>20.38%</td><td>0.10%</td></tr><tr><td>Q1-2024</td><td>5/24/23</td><td>18.48%</td><td>10.31%</td><td>24.37%</td></tr><tr><td>Q4-2023</td><td>2/22/23</td><td>8.64%</td><td>0.68%</td><td>14.02%</td></tr><tr><td>Q3-2023</td><td>11/16/22</td><td>-15.94%</td><td>2.79%</td><td>-1.46%</td></tr><tr><td>Q2-2023</td><td>8/24/22</td><td>-59.20%</td><td>-17.23%</td><td>4.01%</td></tr><tr><td>Q1-2023</td><td>5/25/22</td><td>5.43%</td><td>2.07%</td><td>5.16%</td></tr><tr><td>Q4-2022</td><td>2/16/22</td><td>8.20%</td><td>3.01%</td><td>-7.56%</td></tr><tr><td>Q3-2022</td><td>11/17/21</td><td>6.36%</td><td>4.00%</td><td>8.25%</td></tr></tbody></table><figcaption class="wp-element-caption">Data: Benzinga Pro</figcaption></figure>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42042411/inflation-could-surge-to-3-if-trump-applies-universal-tariffs-goldman-sachs">Inflation Could Surge To 3% If Trump Applies Universal Tariffs: Goldman Sachs</a></li>
</ul>



Photo: Shutterstock

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Broad U.S. Equity ETFs

Previews

Options

Econ #s

ETFs

Why Nvidia Earnings May Trigger Massive S&P 500 Volatility

Walmart Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) could serve as a bellwether for the health of U.S. consumers when the company reports third-quarter financial results on Tuesday, Nov. 19 <a href="https://www.benzinga.com/topic/retail">before the market opens</a>.



Earnings Estimates: Analysts expect Walmart to report third-quarter revenue of $167.72 billion, up from $160.8 billion in last year's third quarter, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



Walmart has beaten analyst estimates for revenue in more than 10 straight quarters.



Analysts expect the company to report third-quarter earnings per share of 53 cents, up from 51 cents per share in last year's third quarter. Walmart has beaten analyst estimates for earnings per share in three straight quarters.



Over the last 10 quarters, Walmart has beaten analyst earnings per share estimates eight times, met estimates one time and missed only one time.



Guidance from the company calls for third-quarter revenue to be in the range of $164.58 billion to $166.17 billion and earnings per share to be in a range of 51 cents to 52 cents per share.



What Analysts Are Saying: Discretionary and consumable trends could be steady for retailers in the third quarter, BMO Capital analyst Kelly Bania said in a new investor note.



The analyst maintained an Outperform rating on Walmart. Bania also raised the price target from $80 to $100 ahead of the earnings report.



Walmart is showing strong U.S. comparable sales and posting an earnings per share beat, Bania said. 



"We continue to believe WMT's decade of omni-channel investments are the early stages of paying off and believe WMT should remain a core holding," she added. 



Walmart could show strong market share gains in the grocery category along with improvement in discretionary and general merchandise, Bania said, adding that &#8220;share gains are coming across all income cohorts."



Bania estimates that Walmart's U.S. grocery sales are up 38% since 2019.



"We believe WMT's share price remains attractive for a global retailer with difficult-to-replicate scale."



The analyst said Walmart's valuation can move higher with a consistency of earnings growth in coming years.



Freedom Capital Markets Chief Global Strategist Jay Woods highlighted Walmart stock having one of its best performances in more than 25 years with shares up 60% year-to-date and trading near all-time highs ahead of the earnings report.



"Shares have climbed higher after earnings after eight of the last 10 reports and has an average move of +/- 3.8%," Woods said in a weekly newsletter.



Woods said it "will be interesting" to see if analysts raise their price targets after the third quarter earnings report.



Key Items to Watch: Walmart reported global e-commerce sales were up 21% year-over-year in the second quarter, helped by store-fulfilled pickup and delivery. The third quarter results could show if investments in e-commerce and order fulfillment continue to pay off.



Advertising is another area to watch with global advertising up 26% year-over-year in the second quarter.



"Our newer businesses like marketplace, advertising, and membership, are also contributing, diversifying our profits and reinforcing the resilience of our business model," Walmart CEO Doug McMillon said after second quarter results.



Walmart's third-quarter results come one day before Target Corporation reports quarterly results. Several large retail and e-commerce stocks could be under pressure after Walmart's report.



Price Action: Walmart stock is down 0.2% to $84.06 on Monday versus a 52-week trading range of $49.85 to $85.79. Walmart stock is up 58.3% year-to-date in 2024.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/11/42045345/us-stocks-rebound-tesla-rallies-bitcoin-soars-above-92000-whats-driving-markets-monday">US Stocks Rebound, Tesla Rallies, Bitcoin Soars Above $92,000: What&#8217;s Driving Markets Monday?</a></li>
</ul>



Image: Shutterstock

Price Target

Reiteration

Analyst Ratings

Will Walmart's Streak Of Earnings Beats Continue Tuesday? Analysts Say Retailer A 'Core Holding'

The future of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) could be decided by autonomous vehicles with the company betting aggressively on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">future of its robotaxis.</a>



After once threatening to ban autonomous vehicles in America, President-elect Donald Trump may be having a change of heart, bringing music to the ears of Elon Musk and Tesla investors.



What Happened: New reports say President-elect Trump has <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42038624/tesla-stock-is-trading-higher-monday-whats-going-on">plans to ease restrictions </a>on self-driving vehicles, which could help companies such as Tesla in its push to expand FSD and bring robotaxis to the market.



Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-17/trump-team-said-to-want-to-ease-us-rules-for-self-driving-cars?embedded-checkout=true&amp;sref=TBDibEcD">reported </a>the federal framework for autonomous vehicles could be prioritized by Trump's transition team. The report said the Transportation Department could make it easier to operate self-driving vehicles in America. While the plan could prioritize making it easier for companies to test self-driving vehicles, Congress would need to approve legislation to make mass adoption happen.



It's worth noting that this is only a report and Trump previously spoke out against autonomous vehicles.



Hours before Musk unveiled the Tesla Cybercab in California on Oct. 10, Trump spoke at the Detroit Economic Club and <a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship">took on autonomous vehicles.</a>



"Do you like autonomous? Does anybody like an autonomous vehicle? Know what that is? Right? When you see a car driving along? Some people do, I don't know. A little concerning to me, but the autonomous vehicles we're going to stop from operating on American roads,&#8221; Trump said.



Trump's comments came despite a growing friendship with Musk at the time, who had been campaigning for him in the 2024 election.



The comments weren't likely a huge surprise given Trump's <a href="https://www.benzinga.com/news/24/06/39255336/trump-praises-electric-vehicles-elon-musk-in-one-speech-blames-evs-for-destroying-bridges-in-another" target="_blank" rel="noreferrer noopener">largely antagonistic stance</a>&nbsp;toward electric vehicles, often criticizing the vehicles and in some cases blaming them for destroying bridges and American infrastructure.



Musk&nbsp;<a href="https://www.benzinga.com/news/24/07/39804113/exclusive-elon-musk-is-burning-his-own-blue-bridges-by-donating-to-trump-says-market-expert" target="_blank" rel="noreferrer noopener">supported Trump&#8217;s comments</a>&nbsp;that removing credits for American consumers to switch to electric vehicles would negatively impact the company but much more negatively impact&nbsp;Tesla&#8217;s competitors.



The Tesla CEO also supported Trump&#8217;s stance on making it harder for Chinese automakers to compete for electric vehicle market share in the U.S.



Trump's reversal of stance on autonomous vehicles could be the latest win for Musk and Tesla after the billionaire supported Trump in the election and has grown their friendship.



You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/space/24/11/42013739/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-43">check out five stocks flying under the radar that deserve your attention.</a>



Why It's Important: While it is unknown if Trump will make it easier for self-driving vehicles to be on roadways and what may have caused his change of heart, the impact on Tesla should not be underestimated.



Wedbush analyst Daniel Ives maintained an Outperform rating and $400 price target on Tesla while highlighting the impact of the reports of Trump's transition team making self-driving vehicles a priority in a new investor note.



"This would be a huge step forward in easing U.S. rules for self-driving cars and be a significant tailwind for Tesla's autonomous and AI vision heading into 2025," Ives said of the Bloomberg report. "Musk's significant influence in the Trump White House is already having major influence and ultimately the golden path for Tesla around Cybercabs."



Ives said a strategic alliance between Trump and Musk is "playing out in real time" and is bullish for Tesla.



"We estimate the AI and autonomous opportunity is worth $1 trillion alone for Tesla and we fully expect under a Trump White House these key initiatives will now get fast-tracked."



The analyst said Tesla can march to a market capitalization of $1.5 trillion to $2.0 trillion over the next 12 to 18 months thanks to the FSD and autonomous progress.



"We have never viewed Tesla simply as a car company…instead we have always viewed Musk and Tesla as a leading disruptive technology global player."



Musk "made a strategic and big bet on" Trump winning the election and the win could be known by Tesla bulls for years to come, Ives added.



"Tesla and Musk are set to reap the benefits from a new friendlier regulatory era in the Beltway ahead."



TSLA Price Action: Tesla stock is up 4.99% to $336.78 on Monday versus a 52-week trading range of $138.80 to $358.64. Tesla stock is up 38.1% year-to-date. The stock is up 36.4% since Election Day.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/42023767/tesla-owners-who-dont-like-musk-are-letting-bumper-stickers-do-the-talking">Tesla Owners Who Don&#8217;t Like Musk Are Letting Bumper Stickers Do The Talking</a></li>
</ul>



Photo: Courtesy Tesla

Government

Politics

Trump Set To Hand Musk 'Golden Path For Tesla' After Reversing Course On Autonomous Vehicle Ban

Raoul Pal, CEO of Real Vision, expressed an optimistic outlook for the crypto market, predicting a &#8220;banana zone&#8221; liquidity surge that will <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41297376/bitcoin-will-hit-250k-raoul-pal-says-why-the-gurus-top-5-crypto-predictions-matter-if-your#:~:text=Speaking%20to%20crypto%20trader%20Scott,could%20see%20a%20robust%20upswing.">drive prices higher</a>.



What Happened: In an appearance on the &#8216;When Shift Happens&#8217; <a href="https://www.youtube.com/watch?v=c1PtlOd3pbw&amp;ab_channel=RaoulPalTheJourneyMan">podcast</a>, Pal, who will be a headline speaker at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19, outlined his strategy, focusing on leading cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), while also highlighting his bullish stance on Sui (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SUI</a>). 



He foresees a liquidity surge in the market, which he believes will drive cryptocurrency prices higher.



He emphasized that meme coins will dominate this cycle, allocating 10% of his portfolio to this sector. Pal specifically mentioned Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and a new entrant, Smoking Chicken Fish, as his key picks. 



He noted, Dogecoin's chart is fascinating—every four years, it forms a massive wedge, stays quiet, and then suddenly explodes: &#8220;Dogecoin does nothing, does nothing and then explodes.&#8221;



Despite recognizing the risks, Pal views the meme coin trend as a sign of the &#8220;tokenization of culture and communities&#8221; that could instigate larger developments in the crypto sector. 



He emphasized the need for risk management when investing in this volatile sector.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42033429/exclusive-binance-ceo-richard-teng-says-2025-will-outshine-2024-for-crypto">EXCLUSIVE: Binance CEO Richard Teng Says 2025 Will Outshine 2024 For Crypto</a>



Why It Matters: Pal expressed his belief that the Banana Zone and cryptocurrencies offer a way out for average individuals, especially younger generations who struggle to afford housing on an average salary. 



He emphasized that the crypto asset class provides a significant opportunity for these individuals.



In November 2024, Pal predicted that <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41927598/raoul-pal-predicted-bitcoin-to-hit-250-000-but-he-thinks-ethereum-could-outperform-under-d">Bitcoin could reach $250,000</a>, but also suggested that Ethereum could outperform under Donald Trump&#8217;s administration. 



His latest remarks indicate his continued confidence in the potential of cryptocurrencies, despite recent market stagnation.



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;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42038909/bitcoin-to-100000-seems-around-the-corner-bulls-are-on-the-right-side-of-historybernstein">Bitcoin To $100,000 &#8216;Seems Around The Corner,&#8217; Bulls Are &#8216;On The Right Side Of History&#8217;—Bernstein</a></li>
</ul>



Image: Shutterstock

$SOL

$SUI

Raoul Pal Bullish On Solana And Memes: 'Dogecoin Does Nothing, Does Nothing And Then Explodes'

President-elect Donald Trump reportedly added more names to his list of possible picks for Treasury secretary over the weekend after Elon Musk voiced his<a href="https://www.benzinga.com/politics/24/11/42026495/musk-pushes-lutnick-for-trumps-treasury-secretary"> preference for Howard Lutnick.</a>



What Happened: Musk threw his support behind Lutnick in a post on his social media platform, X, on Saturday. The Tesla CEO and Trump-confidante also called on others to weigh in on the appointment.&nbsp;



<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">Would be interesting to hear more people weigh in on this for <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> to consider feedback. My view fwiw is that Bessent is a business-as-usual choice, whereas <a href="https://twitter.com/howardlutnick?ref_src=twsrc%5Etfw">@howardlutnick</a> will actually enact change. Business-as-usual is driving America bankrupt, so we need change… <a href="https://t.co/igGLZOJ8wz">https://t.co/igGLZOJ8wz</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857819784865362211?ref_src=twsrc%5Etfw">November 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Lutnick has organized fundraisers for the President-elect and is currently a co-chair of Trump's transition effort. Scott Bessent, the founder of hedge fund Key Square Group, was a principal economic advisor to Trump during his campaign and met with the President-elect at Mar-a-Lago on Friday.&nbsp;&nbsp;



Why It Matters: According to a Bloomberg<a href="https://www.bloomberg.com/news/articles/2024-11-16/musk-throws-support-to-lutnick-over-bessent-in-treasury-race?sref=TBDibEcD"> report</a>, Trump has appeared "frustrated" with the infighting. Alternatives to Lutnick and Bessent are in consideration.



Robert Lighthizer, Senator William Hagerty, former Federal Reserve governor Kevin Warsh and Marc Rowan, CEO of Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) are among the names being floated as alternatives, according to people familiar with the matter.&nbsp;



Trump made several unconventional picks for cabinet nominees so far, including former U.S. Representative Matt Gaetz for US <a href="https://www.benzinga.com/markets/cannabis/24/11/42036132/trump-wants-matt-gaetz-confirmed-100-so-does-the-cannabis-industry">attorney general</a> and Fox News host Pete Hegseth for defense secretary. Trump recently nominated Chris Wright, <a href="https://www.benzinga.com/24/11/42024837/trump-taps-liberty-energy-ceo-chris-wright-for-energy-secretary">oil and natural</a> gas executive, to lead the Energy Department. Wright&#8217;s attorney, William Owen Scharf, is being considered for staff secretary. 



The entire country, including Wall Street, will be watching for Trump's Treasury secretary selection as the position is responsible for formulating financial, economic and tax policies and serves as the government&#8217;s chief financial officer.&nbsp;



Investors can monitor the market's reaction to a potential Trump selection with the SPDR S&amp;P 500 ETF which tracks the performance of the S&amp;P 500 index.&nbsp;



Image: Shutterstock

Trump Appears 'Frustrated' As Elon Musk Chimes In On Treasury Secretary, Adds More Names To Short List

Risk sentiment edged higher on Monday, rebounding after two consecutive losing sessions and the worst week for the U.S. stock market since early September, as pressures from dollar <a href="https://www.benzinga.com/news/econ-s">and Treasury yields faded.</a>



All 11 sectors of the S&amp;P 500 traded in positive territory, with consumer discretionary stocks outperforming, thanks to a 7% surge in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 



The electric vehicle maker's rally followed reports the incoming Donald Trump administration plans to prioritize a federal framework for fully autonomous vehicles. According to <a href="https://www.bloomberg.com/news/articles/2024-11-17/trump-team-said-to-want-to-ease-us-rules-for-self-driving-cars">Bloomberg</a>, the Department of Transportation could soon place this framework at the top of its agenda.



The tech-heavy Nasdaq 100 outperformed both the S&amp;P 500 and the Dow Jones Industrial Average on Monday. Gains in commodities also stood out, as gold, crude oil natural gas prices all posted strong rebounds amid escalating geopolitical tensions between <a href="https://www.benzinga.com/news/econ-s/24/11/42038707/gold-natural-gas-prices-rally-us-russia-tensions-escalate-over-ukraines-long-range-strikes">the U.S. and Russia. </a>



The U.S. dollar paused its recent rally after marking seven consecutive weeks of gains through Friday. Treasury yields, meanwhile, were flat, as the session lacked significant economic data or fresh comments from Federal Reserve officials to provide market direction.



The cryptocurrency market remained on fire, with Bitcoin (CRYPTO: BTC) surging 1.5% past the $92,000 mark and setting the stage for a potential record-high close. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) also advanced, rising 3% on the day. 



<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % chg</td></tr><tr><td>Nasdaq 100</td><td>20,547.68</td><td>0.8%</td></tr><tr><td>Russell 2000</td><td>2,315.20</td><td>0.5%</td></tr><tr><td>S&amp;P 500</td><td>5,897.81</td><td>0.5%</td></tr><tr><td>Dow Jones</td><td>43,504.83</td><td>0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111824&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.4% to $587.87.</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;flattened at $434.49.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.7% to $499.91.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $229.72.</li>



<li>The&nbsp;Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, rising 1.2%. The&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, up 0.1%.</li>
</ul>



<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>



<ul>
<li>Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) fell 3.7% after<a href="https://www.benzinga.com/real-estate/reit/24/11/42044923/goldman-sachs-turns-bearish-on-redfin-affordability-could-weigh-on-a-housing-recovery"> Goldman Sachs downgraded</a> the stock from &#8220;Neutral&#8221; to &#8220;Sell.&#8221;</li>



<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) rallied 18% after the company announced plans to submit a compliance proposal to Nasdaq by Monday to avoid delisting.</li>



<li>Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) rose 9.3% on Monday after the company revealed an expanded partnership with online travel agency Priceline, under which Affirm will serve as the pay-over-time provider for Priceline Partner Solutions.</li>



<li>Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>) dropped more than 7% as concerns over potential regulations on fully autonomous vehicles raised questions about the company's business model.</li>



<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) declined 5% due to profit-taking after an 11% rally on Friday, which had pushed the AI-defense company's year-to-date gains to nearly 290%.</li>
</ul>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42042411/inflation-could-surge-to-3-if-trump-applies-universal-tariffs-goldman-sachs">Inflation Could Surge To 3% If Trump Applies Universal Tariffs: Goldman Sachs</a></li>
</ul>



Photo: Shutterstock

Regulations

AFRM

PLTR

RDFN

UBER

US Stocks Rebound, Tesla Rallies, Bitcoin Soars Above $92,000: What's Driving Markets Monday?

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