Performance Shipping Bolsa (NASDAQ: PSHG)

Últimas noticias sobre Performance Shipping (NASDAQ:PSHG) Bolsa

Performance Shipping

Performance Shipping Inc is a provider of shipping transportation services through its ownership of tanker vessels. The company's vessels are employed on time charters with liner companies carrying containerized cargo along various shipping routes. It owns and operates eight Aframax tanker vessels.

Performance Shipping Inc. - Common Shares

Performance Shipping Inc

POU SHENG INT HL UNSP/ADR by Pou Sheng International Holdings Ltd.

Pou Sheng International (Holdings) Ltd

News

Reported Saturday, ZEEKR Delivered 11,942 Vehicles In January, Cumulative Deliveries Reach 430,698

<ul>
<li>Total sales increased 15%; best January ever</li>
<li>Electrified sales up 41%; HEV sales jump 74%; EV sales Increased 15%</li>
<li>Best January ever model results for IONIQ 5, IONIQ 6, Tucson HEV, and Santa Fe HEV</li>
</ul>

HYMTF

Reported Saturday, Hyundai Motor America Achieves Record January Sales of 54,503 Units (+15% YoY), HEV Sales +74%, Electrified Sales +41%

Collaboration will define and drive global energy efficiency through advanced digital solutions

EPAM

Reported Saturday, EPAM And Baker Hughes Partner To Drive AI-Powered Digital Transformation In The Energy Sector

President Donald Trump imposed tariffs on the U.S.&#8217;s three largest trading partners — Canada, China, and Mexico — over the weekend. Economists have warned about potential negative impacts on American businesses and consumers. However, this economist argues that these tariffs could serve as a tool for transitioning the U.S. economy.
What Happened: Craig Shapiro, a macro strategist at the Bear Traps Report, outlined a bold hypothesis about the role of tariffs in reshaping America's economic future in a recent X post.
His argument centers around the concept of transitioning the U.S. from a high-time preference society, which according to him is focused on short-term gains and immediate profit maximization—to a more sustainable, low-time preference model.
A high-time preference is when someone is more likely to choose immediate gratification over future benefits. This shift, according to Shapiro, is crucial for the health and long-term prosperity of the United States and to bring back manufacturing in the country. 
According to him, tariffs are &#8220;a way to reduce wealth inequality from Wall Street to Main Street which is necessary to have a functioning society in the future.&#8221;
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hypothesis: Tariffs are a tool to transition America back from its high time preference societal disaster to a more sustainable low time preference future. The US economy and financial markets have increasingly become a high time preference disaster, focused incessantly on…
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1886037535283143162?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Shapiro argues that the current state of the U.S. economy and financial markets is unsustainable, driven by an obsession with short-term results. This focus, he suggests, has been exacerbated by the government&#8217;s continuous money printing and ballooning deficits, leading to an imbalance in the economy. 
He warns that unless a major shift occurs, the country could face a &#8220;violent fourth turning,&#8221; a crisis that could permanently alter the fabric of American society.
See Also: <a href="https://www.benzinga.com/news/25/01/43388482/after-imposing-tariffs-on-canada-donald-trump-threatens-100-levy-on-brics-for-move-against-dollar-ho" target="_blank" rel="noreferrer noopener">After Imposing Tariffs On Canada, Donald Trump Threatens 100% Levy On BRICS For Move Against Dollar: ‘How Will US Manage Production From Slippers To Ships?,' Asks Expert</a>
Why It Matters: According to Shapiro, the key to averting such a crisis lies in the use of tariffs, particularly as a tool to address structural economic issues. He contends that the Trump administration by levying tariffs, in its second term can bring manufacturing jobs back to the country, reestablish a more balanced economy, and gradually address the wealth disparity that has come to define modern American society.
"They (tariffs) will begin to turn back the wealth inequality dial in favor of the 99% over the 1% and bring structural change that will eventually lead us to a better place."
He also acknowledged that the process will be difficult and may disrupt markets in the short term, he believes it is vital for rebalancing the economy. He argues that asset prices, particularly in the stock market, need to fall to reduce inflation and address the unequal distribution of wealth. In doing so, the economic benefits would be spread more evenly across society, allowing for a healthier, more equitable system.
"The folks around Trump this time around—Bessent, Miran, Lutnick, Rubio, and others—seem to understand that this time has to be different," Shapiro adds, referring to the president's advisers and supporters in the second term. &#8220;And so it will be.&#8221;
Tariff Details: The newly introduced tariffs on a third of U.S. imports, plus a 10% levy on Chinese goods, begin Tuesday, potentially driving up prices from agriculture to automobiles. The U.S. Chamber of Commerce has warned of supply chain disruptions and higher family costs, citing concerns over trade with Mexico worth $46 billion in agricultural products, and Canada valued at $97 billion in energy supplied.
Price Action: The exchange-traded fund tracking the S&amp;P 500 index, SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 0.53% lower at $601.82 on Friday, whereas Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) tracking Nasdaq 100 declined 0.15% to $522.29.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43426284/palantir-technologies-pre-earnings-plunge-tariff-impact-or-investor-jitters-heres-what-technical-analysis-suggests">Palantir Technologies Plunges Overnight On Robinhood: Trump Tariff Impact Or Investor Jitters?</a></li>
</ul>
Photo courtesy: Shutterstock

Government

Politics

Economics

As Trump Imposes Tariffs On America's 3 Largest Trading Partners, This Macro Strategist Calls The Policy A 'Tool To Transition' US To A More Sustainable Future Amid 'Grotesque' Money Printing

<ul>
<li>Baker Hughes to supply liquefaction solutions utilizing NMBL&#x2122; module and LM9000 gas turbine</li>
<li>Agreement also comprises a multi-year services plan, including iCenter&#x2122; digital solutions powered by Cordant&#x2122;, to support Argent LNG terminal operations</li>
<li>Proposed project targets approximately 24 million tonnes per annum (MTPA) of production capacity</li>
</ul>

Argent LNG Names Baker Hughes As Core Technology Provider For Multi-Phase U.S. LNG Export Terminal

<ul>
<li>Hanwha Power Systems and Hanwha Ocean cooperate with global energy technology company Baker Hughes.</li>
<li>Leading the decarbonization of the hard-to-abate marine transportation sector through fuel-flexible combustion technology.</li>
</ul>

Baker Hughes And Hanwha Sign Joint Agreement To Develop Fuel-Flexible Ammonia Turbines For Marine Applications

<ul>
<li>Baker Hughes to supply production chemicals for Errea Wittu and Jaguar FPSOs</li>
<li>Offshore developments feature combined 500,000 barrels per day capacity</li>
</ul>

Baker Hughes Wins Major ExxonMobil Guyana Contract To Supply Specialty Chemicals For FPSOs

The acquisition is structured as an off-market block trade and is not subject to any specific conditions. The acquisition is pursuant to an agreement approved by Sanofi's Board of Directors as a related-party agreement, in compliance with article L.225-38 of the French Commercial Code, entered into on February 2, 2025. It is expected to be completed in the coming days. The transaction will involve the acquisition of 29,556,650 shares at a price of €101.50 per share, reflecting a discount of 2.8% to the closing price on January 31, 2025. The total consideration of the transaction amounts to €3 billion. Shares acquired from L'Oréal will be cancelled at the latest on April 29, 2025. The acquisition of these shares is expected to be accretive to Sanofi's earnings per share, further enhancing shareholder value.
After cancellation of the shares and excluding treasury shares, L'Oréal will own 7.2% of Sanofi, with 13.1% of voting rights1.

LRLCY

Sanofi Acquires 2.3% Of Its Shares From L'Oréal In €3B Buyback To Enhance Shareholder Value

<ul>
<li>Transaction at a Premium Underscores Leading Position in the Additive Manufacturing Industry and Positions Stratasys to Drive Growth</li>
<li>Strengthens Balance Sheet to Capture Market Opportunities</li>
<li>Fortissimo's Founding and Managing Partner, Yuval Cohen, to Join the Stratasys Board</li>
</ul>

SSYS

Reported Sunday, Stratasys Secures $120M Investment From Fortissimo Capital, Strengthening Balance Sheet For Growth

Preliminary Fourth Quarter 2024 Results
<ul>
<li>Revenue of $150.1 to $150.5 million, with hardware sequentially higher and consumables sequentially lower compared to the third quarter of 2024</li>
<li>GAAP gross margin of 46.0% to 46.5%, non-GAAP gross margin of 49.4% to 49.7%.</li>
<li>GAAP operating loss of $13.3 to $14.4 million, non-GAAP operating income of $9.0 to $9.5 million</li>
<li>GAAP net loss of $15.3 to $16.5 million, non-GAAP net income of $8.1 to $8.6 million</li>
<li>Adjusted EBITDA of $14.2 to $14.6 million</li>
<li>Positive cash flow from operating activities</li>
</ul>

Stratasys Reports Preliminary Q4 2024 Revenue Of $150.1M–$150.5M (Vs. $149.348M Est.), Net Income Of $8.1M–$8.6M (Non-GAAP)

Nuveen California Dividend Advantage Municipal Fund 2

Reported Sunday, NOVONIX Supports ITC's Decision In Graphite Trade Dispute, Pushing For Fair Market Conditions

IDCC

InterDigital Files Patent Lawsuits Against Disney, Alleging Infringement By Disney+, Hulu, and ESPN+

<ul>
<li>The Company will notify Nasdaq about the exact date and provide an official update once confirmed. FF aims to inform shareholders as soon as possible to ensure global awareness of this important update.</li>
<li>FF is making significant progress in developing its All-AI Mobility Ecosystem, including Personalized AI and Bespoke AI initiatives. The AI-driven in-vehicle interaction system, built on large-model architecture, is in the final stages of R&amp;D and could be integrated into the FF 91 2.0 in the near future and upcoming FX models.</li>
<li>FF plans to expand its AI R&amp;D efforts and input, recruiting AI talents.</li>
</ul>

FFIE

Faraday Future To Adopt New Ticker Symbol "FFAI" On March 10, Reinforcing Its AI-Driven Strategy

U.S.-listed Chinese EV startups Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), and XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) reported their January delivery numbers over the weekend, with Xpeng topping the three.
Li Auto Witnesses YoY Drop: Li Auto said it delivered 29,927 vehicles in January, marking a 4% drop in sales year-over-year and a whopping 49% <a href="https://www.benzinga.com/25/01/42758540/us-listed-chinese-ev-startups-clock-delivery-growth-in-december-li-auto-tops-the-chart-mona-m03-spurs-xpeng-nios-onvo-breaches-10000-monthly-delivery-milestone">dip from December</a> when it delivered 58,513 vehicles.
XPeng Mona M03 Deliveries Exceed 15k Units: XPeng witnessed a jump of 268% year-over-year. The company delivered 30,350 vehicles last month, marking a drop of 17.3% from December.
The Guangzhou-based EV startup said that&nbsp;its deliveries of the&nbsp;<a href="https://www.benzinga.com/markets/equities/24/07/39618570/xpeng-debuts-mona-series-with-m03-with-official-launch-in-august-report" target="_blank" rel="noreferrer noopener">XPeng Mona M03&nbsp;</a>hatchback coupe alone exceeded 15,000 units.
Nio Pushes Ahead With ONVO: Shanghai-based Nio, meanwhile, delivered 13,863 vehicles in January, including 7,951 NIO brand vehicles and 5,912 ONVO brand vehicles. This is a 55.5% drop from December delivery numbers but a 38% rise from January 2024 sales.
Nio launched its&nbsp;<a href="https://www.benzinga.com/tech/24/12/42681165/nios-onvo-brand-helps-spur-delivery-growth-with-cheaper-offering" target="_blank" rel="noreferrer noopener">lower-priced EV brand Onvo</a>&nbsp;in May. The brand started selling its first vehicle- the Onvo L60 – only in late September.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/25/02/43419132/tesla-begins-global-production-of-refreshed-model-y-deliveries-start-in-march">Tesla Begins Global Production Of Refreshed Model Y, Deliveries Start In March</a></li>
</ul>
Photo courtesy: Xpeng

Tech

XPEV

Tesla Rival Xpeng Outpaces Li Auto, Nio In January Despite Sales Dip From December

Palantir Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) shares dropped over 4% overnight on the <a href="https://robinhood.com/us/en/stocks/PLTR/">Robinhood</a> platform, ahead of its fourth-quarter earnings report on Monday. This decline came after a sharp drop in index futures, triggered by President Donald Trump&#8216;s decision to impose <a href="https://www.benzinga.com/markets/25/02/43423288/trumps-tariffs-are-here-heres-what-will-get-more-expensive-from-canada-china-and-mexico">tariffs</a> on Canada, China, and Mexico over the weekend.
What Happened: After hitting a record high of $85.22 intraday, Palantir stock settled at $82.49, up 1.56% on Friday. It rose further by 0.09% in after-hours. On Robinhood, the stock was trading 4.16% lower during the publication of this article.
A leader in AI-powered data analytics, Palantir provides critical tools to government clients for intelligence, counterterrorism, and military applications.
However, despite the Chinese AI startup, DeepSeek-led frenzy in the U.S. market last week, the shares of PLTR gained 11.68% in the last five trading sessions. It was also the top performer on the S&amp;P 500 index in 2024.
Technical analysis of its daily moving averages shows a strong bullish trend for the stock with potential overbought conditions.
PLTR shares closed Friday at $82.49, significantly above its eight-day simple moving average of $79.25, and 20-day average at $74.18. Also, much above its 50 and 200-day averages of $72.66, and $41.72, respectively, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The relative strength index of 63.91, even though in the neutral zone, suggests the possibility of price correction in the near future.
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003151/PLTR-Tech-analysis-1024x576.png" alt="" class="wp-image-761750" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003151/PLTR-Tech-analysis-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003151/PLTR-Tech-analysis-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003151/PLTR-Tech-analysis-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003151/PLTR-Tech-analysis-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003151/PLTR-Tech-analysis.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also: <a href="https://www.benzinga.com/news/25/01/43388482/after-imposing-tariffs-on-canada-donald-trump-threatens-100-levy-on-brics-for-move-against-dollar-ho">After Imposing Tariffs On Canada, Donald Trump Threatens 100% Levy On BRICS For Move Against Dollar: &#8216;How Will US Manage Production From Slippers To Ships?,&#8217; Asks Expert</a>
Why It Matters: PLTR will report its fourth-quarter earnings after market hours on Monday. According to <a href="https://www.benzinga.com/quote/PLTR/earnings">Benzinga&#8217;s consensus estimates</a>, the company is expected to report earnings of $0.11 per share on the revenue of $775.91 million.
The company has exceeded Benzinga&#8217;s earnings and revenue <a href="https://www.benzinga.com/quote/PLTR/earnings">estimates</a> in seven out of the last 10 quarters.
Palantir CEO Alex Karp recently warned of DeepSeek&#8217;s competitive challenge in AI, calling for a coordinated U.S. response to safeguard its technological edge in an <a href="https://www.cnbc.com/2025/01/31/palantir-ceo-says-chinas-deepseek-shows-need-for-all-country-effort.html">interview</a> with CNBC. 
New tariffs, effective Tuesday, will impact roughly <a href="https://www.benzinga.com/news/25/02/43425796/el-erian-warns-of-consequential-uncertainties-in-trumps-new-tariff-impact">a third of U.S. imports</a>, potentially raising prices across sectors from agriculture to automobiles. The U.S. Chamber of Commerce has <a href="https://www.benzinga.com/markets/25/02/43423288/trumps-tariffs-are-here-heres-what-will-get-more-expensive-from-canada-china-and-mexico">warned</a> of supply chain disruptions and higher costs for families, citing concerns about agricultural imports from Mexico worth $46 billion and energy trade with Canada valued at $97 billion. Additionally, a 10% tariff will be levied&nbsp;on Chinese goods imported into&nbsp;the United States.
PLTR has a consensus ‘sell&#8217; with a price target of $39.38, according to the 22 analysts <a href="https://www.benzinga.com/quote/PLTR/analyst-rating">tracked by Benzinga</a>. The high target is $90, and the low is $7.5. Recent ratings by Wedbush, Cantor Fitzgerald, and Morgan Stanley suggest a $74 target, implying a 10.37% upside.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/PLTR/analyst-rating"><img loading="lazy" decoding="async" width="1024" height="384" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003111/PLTR-ANR-FInal-1024x384.png" alt="" class="wp-image-761749" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003111/PLTR-ANR-FInal-1024x384.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003111/PLTR-ANR-FInal-300x112.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003111/PLTR-ANR-FInal-768x288.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/03003111/PLTR-ANR-FInal.png 1057w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/43379151/mastercard-vs-visa-should-you-buy-sell-or-hold-heres-what-technical-analysis-suggest">Mastercard Vs. Visa: Buy, Sell Or Hold? Here&#8217;s What Technical Analysis Suggest</a></li>
</ul>

Earnings

Equities

Macro Economic Events

Market Summary

Regulations

Futures

Markets

Trading Ideas

General

PLTR

Palantir Technologies Plunges Overnight On Robinhood: Trump Tariff Impact Or Investor Jitters?

The cryptocurrency market saw multiple headwinds last week, resulting in a large decline in market value. However, a few coins overcame the slump to post significant gains.
What happened: HYPE, the native token of the decentralized exchange Hyperliquid, topped the biggest gainers list, rallying 7.5% over the week. The coin accumulated massive gains of 586% over the last year
Hyperliquid is a decentralized trading platform that utilizes its own Layer-1 blockchain.
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based DEXE token was the second-highest gainer, marginally trailing HYPE in weekly returns. Like HYPE, DEXE was coming off a successful 2024, with a 625% increase over the year.
DeXe is the governance token of the DeXe Protocol—a tool used for creating and governing decentralized autonomous organizations.&nbsp;
Similarly, OM, the token associated with the layer-1 blockchain MANTRA, rallied over 6% to become the third-most cryptocurrency in the last 24 hours. The cryptocurrency hit a record high of $5.87 last week and is one of the few to record sizable year-to-date gains, at nearly 29%.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price</td>
</tr>
<tr>
<td>Hyperliquid (HYPE)</td>
<td>+7.56%</td>
<td>$22.58</td>
</tr>
<tr>
<td>DeXe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">DEXE</a>)</td>
<td>+7.41%</td>
<td>$21.22</td>
</tr>
<tr>
<td>MANTRA (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/om/usd">OM</a>)</td>
<td>+6.28%</td>
<td>$4.97</td>
</tr>
</tbody>
</table>
</figure>
Elsewhere, the market didn't paint a rosy picture. Blue-chip coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) sank 7.11% and 20.56%, respectively.
XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) also corrected sharply on Sunday, bringing their weekly losses to 26.56% and 15.25%.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43425216/elon-musk-supports-putting-treasury-department-operations-on-blockchain-to-fix-irregularities">Elon Musk Says Treasury Officials &#8216;Breaking The Law Every Hour&#8217; By Approving Fraudulent Payments — DOGE Lead Wants A Blockchain Fix</a>
XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) also corrected sharply on Sunday, bringing their weekly losses to 26.56% and 15.25%.
Meme coin heavyweights also bled profusely, with Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) falling 28.93% and 19.65%, respectively.
Two significant events jolted capital markets last week. First, <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43248978/could-bitcoin-see-a-deeper-dip-on-the-deepseek-ai-shock">China&#8217;s groundbreaking AI</a> model DeepSeek threatened the supremacy of U.S.-based IT behemoths, and second, President Donald Trump&#8217;s <a href="https://www.benzinga.com/news/global/25/02/43423781/trumps-trade-tariffs-to-close-e-commerce-loophole-favoring-chinese-online-retailers">tariff conflict</a> with neighboring countries such as Canada and Mexico.
Overall, the total cryptocurrency market capitalization fell 11.66% over the week to $3.03 trillion.
Photo by CMP_NZ on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43423466/how-does-pete-hegseth-feel-about-bitcoin-his-financial-filings-reveal-the-answer">How Does Pete Hegseth Feel About Bitcoin? His Financial Filings Reveal The Answer</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$DEXE

$DOGE

$ETH

$SHIB

$SOL

$XRP

Bitcoin, Dogecoin Ended Last Week On A Gloomy Note But These Coins Remained Resilient

Econ #s

Reported Earlier, China Caixin Manufacturing Purchasing Managers Index (PMI) For January 50.1 Vs. 50.6 Est.; 50.5 Prior

Reported Earlier, Australia's Building Approvals (MoM) For December 0.7% Vs. 0.9% Est.; -3.4% (Revised) Prior

Reported Earlier, Australia Retail Sales (MoM) For December -0.1% Vs. -0.7% Est.; 0.8% Prior

Former White House Council of Economic Advisers Chair Jason Furman has pointed out potential discrepancies in Tesla Inc. CEO Elon Musk&#8216;s recent claims regarding federal spending reductions and the <a href="https://www.benzinga.com/startups/25/01/43391017/2-trillion-by-2026-elon-musks-ambitious-push-to-reinvent-government-spending-with-silicon-valley-powerhouses">proposed fiscal targets</a>.
What Happened: In a response on X to Musk&#8217;s statement about reaching &#8220;$4B/day FY2026 reduction,&#8221; Furman calculated that such cuts would amount to approximately $1.5 trillion annually. This would represent a 30% reduction in government spending, excluding interest and Social Security benefits from the expected $4.8 trillion federal expenditure.
The exchange comes amid Musk&#8217;s broader initiative through the Department of Government Efficiency (DOGE), which aims to cut $2 trillion from the <a href="https://www.benzinga.com/startups/25/01/43391017/2-trillion-by-2026-elon-musks-ambitious-push-to-reinvent-government-spending-with-silicon-valley-powerhouses">federal budget by 2026</a>. The project has assembled notable Silicon Valley figures, including venture capitalist Marc Andreessen and former Uber CEO Travis Kalanick.
During an X broadcast interview with political strategist Mark Penn, Musk acknowledged the ambitious nature of the target, stating, &#8220;We&#8217;ll aim for $2 trillion&#8230; If we target $2 trillion, I think there&#8217;s a strong chance we can achieve $1 trillion in spending cuts.&#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">More math (before I hopefully go back to restraining myself): $4b/day is $1.5T per year. The Federal government was expected to spend $4.8T (excluding interest &amp; Social Security benefits). So Musk is claiming a 30% cut in govt spending. (And it is currently FY2025.) <a href="https://t.co/pZfhY23FMl">https://t.co/pZfhY23FMl</a>
&mdash; Jason Furman (@jasonfurman) <a href="https://twitter.com/jasonfurman/status/1886051965936767025?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/equities/25/02/43425232/gary-black-warns-teslas-18-export-volume-at-risk-amid-trump-tariffs-full-scale-retaliatory-trade-war-possible">Gary Black Warns Tesla&#8217;s 18% Export Volume At Risk Amid Trump Tariffs: &#8216;Full-Scale Retaliatory Trade War&#8217; Possible</a>
Why It Matters: The initiative faces significant challenges, according to experts. Richard J. Pierce, a Professor of Law at George Washington University, cautioned in the NYU Journal of Legislation and Public Policy that federal budget cuts could have far-reaching consequences. &#8220;Government spending is tied to laws, policies and public programs that people depend on,&#8221; Pierce noted.
While Social Security and Medicare are reportedly protected from cuts, questions remain about where the reductions would come from. The initiative has set July 4, 2026 – America&#8217;s 250th independence anniversary – as its target date for achieving these ambitious fiscal goals.
The project&#8217;s success could have significant implications for market investors, particularly in sectors heavily dependent on federal spending, such as healthcare, which comprised 17.6% of GDP in 2023 according to the Centers for Medicare &amp; Medicaid Services, and defense contracting.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/25/02/43425796/el-erian-warns-of-consequential-uncertainties-in-trumps-new-tariff-impact">Mohamed El-Erian Won&#8217;t Say How Inflationary Trump&#8217;s Tariff&#8217;s Will Be: Here&#8217;s Why</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.

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