Invesco QQQ Trust, Series 1 (NASDAQ: QQQ)

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Invesco QQQ Trust, Series 1

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The Trust holds the Portfolio and cash and is not actively managed by traditional methods, which typically involve effecting changes in the Portfolio on the basis of judgments made relating to economic, financial and market considerations. To maintain the correspondence between the composition and weights of the securities in the Trust and the stocks in the Nasdaq-100 Index, the Trustee adjusts the Securities from time to time to conform to periodic changes in the identity and/or relative weights of Index Securities. The composition and weighting of the securities portion of a Portfolio Deposit are also adjusted to conform to changes in the Index. Changes to the Index are made after the close of the market

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Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk&#8216;s push for a 25% voting power in the electric vehicle maker is pivotal for the company&#8217;s <a href="https://www.benzinga.com/markets/tech/25/07/46386582/elon-musk-wants-tesla-to-invest-in-xai-but-its-up-to-shareholders-this-analyst-says-grok-is-worth-the-bet">potential investment in xA</a>I, according to Wedbush Securities analyst Daniel Ives.
What Happened: In a recent X post, Ives emphasized that this &#8220;level is the key&#8221; for Tesla&#8217;s strategic move into artificial intelligence, aligning with Musk&#8217;s vision to integrate xAI&#8217;s capabilities, such as the Grok chatbot, into Tesla&#8217;s ecosystem.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We believe Tesla making a big investment in xAI is a key step forward and something <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> supports. We believe getting Musk to 25% voting level is key for AI …all of this will be the focus of Board among other things as we discussed. &#x1f525;&#x1f3af;&#x1f447; <a href="https://t.co/okdGWtvjSu">https://t.co/okdGWtvjSu</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1944681594234765662?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote>
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This comes as Musk, currently holding a 22% equity stake in Tesla, seeks to bolster his control amid discussions of a shareholder vote on investing in xAI, reported <a href="https://www.bloomberg.com/news/articles/2025-07-14/musk-suggests-tesla-shareholders-will-vote-on-xai-investment">by</a> Bloomberg on July 14.
Musk&#8217;s current voting power, enhanced by Tesla&#8217;s supermajority voting rules requiring two-thirds approval for major changes, already grants him significant influence.
However, Ives argues that 25% is critical for navigating the complexities of AI development and potential mergers, especially after xAI&#8217;s $33 billion acquisition of X and a reported $198.3 million spend on Tesla services, including Megapacks, as per a 2025 Bloomberg analysis.
Despite Musk&#8217;s readiness for a shareholder vote, as he stated on X, &#8220;It's not up to me. If it was up to me, Tesla would have invested in xAI long ago,&#8221; challenges persist.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's not up to me. If it was up to me, Tesla would have invested in xAI long ago. We will have a shareholder vote on the matter.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1944534221672104233?ref_src=twsrc%5Etfw">July 13, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/politics/25/07/46386524/trump-wants-blanket-tariffs-of-up-to-20-after-surprise-treasury-surplus-in-june-ed-yardeni-says-don">Trump Wants Blanket Tariffs Of Up To 20% After Surprise Treasury Surplus In June: Ed Yardeni Says &#8216;Don&#8217;t Push Your Luck&#8217;</a>
Why It Matters: The Tesla boss had asked X users last year if Tesla should invest $5 billion in xAI. However, he had acknowledged that the robotaxi maker&#8217;s board and backers would need to green-light such a decision.
As Tesla shareholders prepare for this decision, the 25% threshold emerges as a battleground for control and innovation in Musk&#8217;s corporate empire.
Gene Munster, managing partner at&nbsp;Deepwater Asset Management, <a href="https://www.benzinga.com/markets/tech/25/07/46386582/elon-musk-wants-tesla-to-invest-in-xai-but-its-up-to-shareholders-this-analyst-says-grok-is-worth-the-bet">quickly weighed in</a>, saying, &#8220;If Tesla&#8217;s future is autonomy, then Tesla investors and the board should support the investment.&#8221;
&#8220;xAI can help power that future either as a partner or part of Tesla. The faster they can get cash, the higher the odds of success for both companies.&#8221;
Shares of Tesla have fallen by 17.34% on a year-to-date basis, but they were higher by 24.09% over the past year. It was up 0.95% in premarket on Monday.
Benzinga Edge Stock Rankings shows that TSLA had a stronger price trend over the medium and long term but a weaker trend over the short term. Its momentum ranking was moderate, whereas its value ranking was poor; the details of all the metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="161" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14062944/Edge-Tesla-new-latest-1024x161.png" alt="" class="wp-image-983695" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14062944/Edge-Tesla-new-latest-1024x161.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14062944/Edge-Tesla-new-latest-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14062944/Edge-Tesla-new-latest-768x121.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14062944/Edge-Tesla-new-latest.png 1048w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Monday. The SPY was down 0.29% at $621.80, while the QQQ declined 0.29% to $552.58, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/hedge-funds/25/07/46386374/stanley-druckenmillers-duquesne-dumps-palantir-bets-big-on-this-dividend-play-which-has-surged-nearly-50-in-2025">Stanley Druckenmiller&#8217;s Duquesne Dumps Palantir, Bets Big On This Dividend Play Which Has Surged Nearly 50% In 2025</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. 
Image Credit: Mike Tripp/The News Leader Via Imagn

News

TSLA

Tesla Investment In xAI Hinges On Elon Musk Having 25% Voting Power: 'Level Is Key,' Says Dan Ives

U.S. stock futures were lower on Monday after ending on a negative note on Friday. Futures of major benchmark indices were lower.
President Donald Trump, in a telephone interview with NBC News' &#8220;Meet the Press&#8221; moderator Kristen Welker, asserted that &#8220;The tariffs have been very well received.&#8221; He believes that if a 10% tariff can generate around $300 billion annually, a 20% rate could <a href="https://www.benzinga.com/news/politics/25/07/46386524/trump-wants-blanket-tariffs-of-up-to-20-after-surprise-treasury-surplus-in-june-ed-yardeni-says-don">double that intake</a>. 
Meanwhile, the European Union was ready with a prepared list of tariffs worth 21 billion euros ($24.52 billion) on U.S. goods if the two sides fail to reach a trade deal, reported Reuters, highlighting Italy&#8217;s Foreign Minister Antonio Tajani&#8216;s comments. 
He also issued, latest threats to impose a <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46384885/peter-schiff-gives-trumps-30-tariff-threa">30% tariff on all imports</a> from Mexico and the EU. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) scaled fresh highs on Monday as the cryptocurrency hit a fresh high of $123,091.61 per coin.
The 10-year Treasury bond yielded 4.42% and the two-year bond was at 3.89%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;s</a> projections show markets pricing a 93.3% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.32%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.31%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.31%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.38%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Monday. The SPY was down 0.27% at $621.94, while the QQQ declined 0.27% to $552.73, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From Last Session:
On Friday, while most sectors on the S&amp;P 500 closed lower, notably financial, health care, and materials stocks recorded the steepest declines, energy and consumer discretionary stocks defied the broader market downturn, concluding the session higher.
This mixed performance occurred a day after the S&amp;P 500 reached a new record high, ultimately leading U.S. stocks to settle lower.
The broader market reflected these losses over the past week, with the Dow Jones dropping 1% and the S&amp;P by 0.3%.
Fueling market jitters, Trump signaled a more aggressive trade stance, announcing a 35% tariff on Canadian imports effective Aug. 1, alongside proposed blanket duties of 15% to 20% on most other trading partners.
In corporate news, WD-40 Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDFC#NASDAQ">WDFC</a>) reported better-than-expected earnings for its third quarter, though its sales figures fell short of estimates.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.22%</td>
<td>20,585.53</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.33%</td>
<td>6,259.75</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.63%</td>
<td>44,371.51</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.26%</td>
<td>2,234.83</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Jim Cramer in an X post reflected his concern over tariffs linked to Trump&#8217;s policies.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Back to the old pattern of woe off of Trump.. The whole tariff thing will be &quot;fine&quot; until it implodes of there is endless re-trading &#8230;
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1944575812734157284?ref_src=twsrc%5Etfw">July 14, 2025</a></blockquote>
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Meanwhile, Ed Yardeni from Yardeni Research highlighted the surplus of just over <a href="https://www.benzinga.com/news/politics/25/07/46386524/trump-wants-blanket-tariffs-of-up-to-20-after-surprise-treasury-surplus-in-june-ed-yardeni-says-don">$27 billion in June</a>, reported by the U.S. Treasury Department, saying that Trump "must have loved the headline… ‘Treasury posts unexpected surplus in June as tariff receipts surge."
However, he warned that tariffs are essentially "a tax on U.S. importers," which can erode corporate profit margins and profits. While rebounding productivity growth might offer some offset, the potential impact on businesses remains a significant concern.
Adding about the market reaction to tariffs, Yardeni said, &#8220;The selloffs in the bond and stock markets back then forced Trump to deescalate his trade war. That's not happening now—not so far at least. This undoubtedly is emboldening Trump.&#8221;
Speculating on how the financial markets will respond this week to his latest escalation, Yardeni said that perhaps investors have learned that Trump's huffing and puffing is simply the way he negotiates trade deals.
&#8220;They are betting that it will work and result in lots of deals. They've also learned that Trump can change his mind often. So if some trade deals aren't coming together fast enough, he'll settle on a vague letter of understanding to work out a deal over time.&#8221;
The risk for the economy and investors is that Trump has concluded that if the financial markets aren't going to be vigilant about his trade war, then he can proceed with it unchecked, explained Yardeni. &#8220;If so, then TTT (Trump&#8217;s Tariff Turmoil) will last past the summer.&#8221;
Yardeni said in a LinkedIn <a href="https://www.linkedin.com/pulse/trumps-reign-tariffs-aint-over-edward-yardeni-eshve/">post</a>, &#8220;Then again, investors may agree with our current view that &#8216;this too shall pass&#8217; by the end of the summer: The economy will remain resilient, and inflation will remain surprisingly moderate. It all adds up to a relatively normal seasonal pattern, with the stock market weak during the late summer through the fall followed by a year-end rally to 6500 in our scenario.&#8221;
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 
Upcoming Economic Data
Here&#8217;s what investors will keep an eye on this week:
<ul class="wp-block-list">
<li>No significant data is scheduled to be released on Monday.</li>
<li>On Tuesday, June&#8217;s headline and core consumer price index data, and the Empire State manufacturing survey will be released by 8:30 a.m. ET.</li>
<li>Fed Governor Michelle Bowman will speak at 9:15 a.m., Fed Governor Michael Barr will speak at 12:45 p.m., Boston Fed President Susan Collins will speak at 2:45 p.m., and Dallas Fed President Lorie Logan will speak at 6:45 p.m. ET.</li>
<li>On Wednesday, June&#8217;s headline and core producer price index data will be out by 8:30 a.m. ET.</li>
<li>June&#8217;s industrial production and capacity utilization will be announced by 9:15 a.m. ET.</li>
<li>Federal Reserve Governor Michael Barr will speak again at 10:00 a.m., Fed&#8217;s beige book data will be out by 2:00 p.m., and New York Fed President John Williams will speak at 6:30 a.m. ET.</li>
<li>On Thursday, the initial jobless claims data for the week ended July 5, June retail sales, import price index, and Philadelphia Fed manufacturing survey will all be out by 8:30 a.m. ET.</li>
<li>May&#8217;s business inventories data and July&#8217;s home builder confidence index data will be out by 10:00 a.m. ET.</li>
<li>Fed Governor Adriana Kugler will speak at 10:00 a.m., San Francisco Fed President Mary Daly will speak at 12:45 p.m., Fed Governor Lisa Cook will speak at 1:30 p.m., and Fed Governor Christopher Waller will speak at 6:30 p.m. ET.</li>
<li>On Friday, June&#8217;s housing starts and building permits data will be out by 8:30 a.m., and preliminary consumer sentiment data for July will be released by 10:00 a.m. ET.</li>
</ul>
Stocks In Focus:
<ul class="wp-block-list">
<li>Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) was up 3.41%, Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rose 1.76%, Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) advanced 3.86%, MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) was 4.75% higher, along with all the other Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46385840/michael-saylors-strategy-coinbase-mara-riot-and-other-crypto-related-stocks-spike-after-hours-as-bitcoin-touches-all-time-high-beyond-122000">exposed stocks</a> as the cryptocurrency hit a fresh high of $123,091.61 on Monday.</li>
<li>Datavault AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DVLT#NASDAQ">DVLT</a>) jumped 15.64% in premarket on Monday after the company entered into a licensing deal with IBM for program subscriptions.</li>
<li>BIT Mining Ltd. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTCM#NYSE">BTCM</a>) surged 40.40% after it announced strategic expansion into the Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) ecosystem, marking a significant shift in the company&#8217;s growth strategy. The cryptocurrency mining company plans to establish an SOL treasury of up to $300 million.</li>
<li>Sequans Communications SA ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQNS#NYSE">SQNS</a>) climbed 14.67% after closing a $384 million strategic investment to launch a Bitcoin treasury initiative last week. The financing consists of a $195 million PIPE (Private Investment in Public Equity) and $189 million in convertible debentures due July 7, 2028.</li>
<li>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) was up 2.94% as analysts expect it to report earnings of 28 cents per share on revenue of $2.07 billion before the opening bell.</li>
<li>FB Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBK#NYSE">FBK</a>) was unchanged as it is expected to report earnings after the closing bell. Analysts estimate earnings of 88 cents per share on revenue of $136.32.</li>
<li>Simulations Plus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLP#NASDAQ">SLP</a>) was 5.07% higher as analysts expect it to report earnings of 7 cents per share on revenue of $20.88 million after the closing bell</li>
</ul>
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 0.72% to hover around $68.94 per barrel.
Gold Spot US Dollar rose 0.33% to hover around $3,367.09 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.09% at the 97.9400 level.
Asian markets ended on a mixed note on Monday, as India's S&amp;P BSE Sensex, Japan's Nikkei 225, and Australia's ASX 200 indices fell. While China&#8217;s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi indices rose. European markets were mostly lower in early trade.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46386524/trump-wants-blanket-tariffs-of-up-to-20-after-surprise-treasury-surplus-in-june-ed-yardeni-says-dont-push-your-luck">Trump Wants Blanket Tariffs Of Up To 20% After Surprise Treasury Surplus In June: Ed Yardeni Says &#8216;Don&#8217;t Push Your Luck&#8217;</a></li>
</ul>
Photo courtesy: godongphoto / Shutterstock.com

$BTC

$SOL

BTCM

COIN

DVLT

FAST

MARA

MSTR

RIOT

SQNS

WDFC

US Stocks Likely To Open Lower As Trump's 20% Blanket Tariff Bombshell Weighs On Markets: Bitcoin-Linked Stocks MSTR, COIN Jump As BTC Touches $123,000

President Donald Trump has proposed a blanket tariff rate of 15%-20% on most nations, a notable jump from the current 10% base amid an unexpected federal budget surplus in June, largely attributed to a surge in tariff receipts.
What Happened: The U.S. Treasury Department reported <a href="https://www.cnbc.com/2025/07/11/treasury-posts-unexpected-surplus-in-june-as-tariff-receipts-surge.html">a</a> surplus of just over $27 billion in June, a stark contrast to May&#8217;s $316 billion deficit. Customs duties played a key role, totaling approximately $27 billion for the month, a staggering 301% increase from June 2024 figures. 
As Ed Yardeni of Yardeni Research highlighted, Trump &#8220;must have loved the headline… &#8216;Treasury posts unexpected surplus in June as tariff receipts surge.&#8221;
Trump, in a telephone interview <a href="https://www.nbcnews.com/politics/donald-trump/trump-tariffs-inflation-hasbro-ukraine-patriot-missiles-nato-russia-rcna218125">with</a> NBC News' &#8220;Meet the Press&#8221; moderator Kristen Welker, asserted that &#8220;The tariffs have been very well received.&#8221; He believes that if a 10% tariff can generate around $300 billion annually, a 20% rate could double that intake. 
However, experts caution against this aggressive approach. Yardeni noted that tariffs are essentially &#8220;a tax on U.S. importers,&#8221; which can erode corporate profit margins and profits. While rebounding productivity growth might offer some offset, the potential impact on businesses remains a significant concern.
Yardeni&#8217;s &#8220;humble advice to POTUS&#8221; serves as a stark warning: &#8220;Beware of hubris. Don't push your luck on tariffs. Also, don't mess with the Fed's independence. The Bond Vigilantes will push up bond yields.&#8221;
See Also:<a href="https://www.benzinga.com/markets/equities/25/07/46386197/jpmorgan-stock-shows-mixed-signals-ahead-of-q2-results-even-as-ceo-jamie-dimon-warns-of-complace"> JPMorgan Stock Shows Mixed Signals Ahead Of Q2 Results Even As CEO Jamie Dimon Warns Of &#8216;Complacent&#8217; Markets Ignoring Impact Of Trump Tariffs On Interest Rates</a>
Why It Matters: The Federal Reserve, under Chair Jerome Powell, remains wary of tariffs&#8217; inflationary potential, further complicating Trump&#8217;s calls for interest rate cuts to ease the burden of servicing the national debt, which saw net interest payments of $84 billion in June.
As the minutes of the Fed's June meeting were released on Wednesday last week, the word <a href="https://www.benzinga.com/news/politics/25/07/46336115/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-sh">"uncertainty" reigned supreme</a>. 
The words "uncertain" and "uncertainty" appeared 28 times in the June 17-18 meeting minutes, and Fed Chair Jerome Powell mentioned the two words 19 times.
Price Action: Meanwhile, the markets tumbled on Friday after scaling fresh highs over the last week. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell on Friday. The SPY was down 0.35% at $623.62, while the QQQ declined 0.23% to $554.20, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Monday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading lower.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/hedge-funds/25/07/46386374/stanley-druckenmillers-duquesne-dumps-palantir-bets-big-on-this-dividend-play-which-has-surge">Stanley Druckenmiller&#8217;s Duquesne Dumps Palantir, Bets Big On This Dividend Play Which Has Surged Nearly 50% In 2025</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Rawpixel.com/Shutterstock

Politics

Trump Wants Blanket Tariffs Of Up To 20% After Surprise Treasury Surplus In June: Ed Yardeni Says 'Don't Push Your Luck'

Stanley Druckenmiller&#8216;s Duquesne Family Office LLC offloaded its stake in this famous artificial intelligence stock as it kept building a stake in this dividend-yielding tobacco company as of the end of the first quarter of 2025.
What Happened: Druckenmiller, who is the founder and the former chairman and president of Duquesne Family Office, reduced the fund&#8217;s holdings from 78 positions as of the fourth quarter of 2024 to 52 positions in the first quarter of 2025.
While the fund exited many companies and trimmed a lot of its positions, the most, so to speak, shocking exit was from the key AI player Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>).
Meanwhile, the fund has built a stake in Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) since the second quarter of 2024 and now holds 1.105 million shares in the tobacco company, with products sold in over 180 countries.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Company</td>
<td>Holdings (as of Dec. 31)</td>
<td>Holdings (as of March 31)</td>
<td>Change (in %)</td>
<td>Value (as of March 31)</td>
</tr>
<tr>
<td>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>)</td>
<td>41,710</td>
<td>0</td>
<td>-100%</td>
<td>0</td>
</tr>
<tr>
<td>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>)</td>
<td>1,352,255</td>
<td>1,105,268</td>
<td>-18%</td>
<td>$175.439 million</td>
</tr>
</tbody>
</table>
</figure>
Despite a reduction in its stake by 18% from the fourth to the first quarter, the value of Philip Morris increased $163 million to $175 million. Before this period, the fund last held the stock during the first quarter of 2016.
The stock represented 5.7% of the total holdings of the Duquesne Family Office and has a dividend yield of 3% as per the <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data. It has gained 48.56% on a year-to-date basis and 71.23% over a year.
On the other hand, the fund was holding Palantir from the first quarter of 2021 to the same quarter of 2023. It again bought a stake in the firm during the first quarter of 2024 before completely exiting the stock in the first quarter of 2025..
There is a reasonable chance that this selling activity in Palantir represented nothing more than simple profit-taking. This comes as the stock has risen 88.99% on a year-to-date basis and 395.64% over the last year.
See Also: <a href="https://www.benzinga.com/news/politics/25/07/46336115/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-sh">As Trump Calls For 3-Percentage Point Rate Cut, &#8216;Too Late&#8217; Jerome Powell To Resign, June Fed Minutes Show &#8216;Uncertainty&#8217; Reigns Supreme</a>
Why It Matters: Apart from Palantir, the fund exited major positions from names like Skechers USA Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>), SLM Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLM#NASDAQ">SLM</a>), Warner Bros Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>), and American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>).
Meanwhile, it also built new positions in firms like Docusign Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>), CCC Intelligent Solutions Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCCS#NASDAQ">CCCS</a>), EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>), and Caesars Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>).
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell on Friday. The SPY was down 0.35% at $623.62, while the QQQ declined 0.23% to $554.20, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46313514/warren-buffetts-quiet-dividend-play-9-high-yield-stocks-held-by-a-berkshire-subsidiary" target="_blank" rel="noreferrer noopener">Warren Buffett's Quiet Dividend Play: 9 High-Yield Stocks Held By A Berkshire Subsidiary</a></li>
</ul>
Photo courtesy: Shutterstock

CCCS

DOCU

PLTR

Stanley Druckenmiller's Duquesne Dumps Palantir, Bets Big On This Dividend Play Which Has Surged Nearly 50% In 2025

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) is about to kick off the earnings season, as it is one of the first banks to report on July 15. However, its technical chart shows mixed signals as the bank is ready to report its second-quarter earnings.
Check out the current price of <a href="https://benzinga.com/quote/jpm">JPM stock here</a>.
What Happened: JPMorgan&#8217;s CEO, Jamie Dimon, warned that the markets were complacent about tariffs at an event in Dublin with Ireland&#8217;s Deputy Prime Minister, Simon Harris.
This comes after the bank&#8217;s CFO, Jeremy Barnum, mentioned during its first quarter earnings call that tariff policy are shifting corporate clients&#8217; focus &#8220;away from more strategic priorities with obvious implications for the Investment Banking pipeline outlook towards more short-term work, optimizing supply chains and trying to figure out how they&#8217;re going to respond to the current environment.&#8221;
He added that this has resulted in a &#8220;wait-and-see attitude&#8221; among corporate clients, making it &#8220;hard to make long-term decisions right now.&#8221;
As the corporates adjust and markets remain complacent, JPMorgan&#8217;s technical chart, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>, shows that its current share price of $286.86 apiece was higher than its 20, 50, and 200-day simple daily moving averages but lower than its eight-day SMA.
Meanwhile, its relative strength index at 60.13 was in the neutral zone, but its MACD line of 6.06 was slightly below its signal line of 6.80, signalling a bearish momentum amid a bullish trend.
Thus, overall, the technical indicators present a mixed picture for the bank&#8217;s stock, with a bullish trend supported by moving averages, but a recent bearish crossover in MACD suggesting a potential short-term pullback or slowing momentum.
<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/2025/07/14031224/JPM-tech-chart-1024x576.png" alt="" class="wp-image-983361" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031224/JPM-tech-chart-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031224/JPM-tech-chart-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031224/JPM-tech-chart-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031224/JPM-tech-chart-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031224/JPM-tech-chart.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also: <a href="https://www.benzinga.com/markets/equities/25/07/46364024/trump-threatens-200-pharma-tariffs-but-analyst-says-this-stock-is-immune-and-expected-to-benefit">Trump Threatens 200% Pharma Tariffs, But Analyst Says This Stock Is Immune And Expected To &#8216;Benefit&#8217; From Levies</a>
Why It Matters: Talking about the Federal Reserve, Dimon reiterated that tariffs were likely to increase inflation, and he expects the Fed to increase interest rates, rather than reduce them. "If the market is pricing a 20% chance, I'm pricing in a 40% to 50% chance,&#8221; Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-07-10/dimon-says-an-eu-us-tariff-framework-needs-to-get-done">reported</a>, quoting Dimon.
However, during JPMorgan&#8217;s first quarter earnings call, Dimon had mentioned that economists believe tariffs &#8220;will be inflationary to 0.5% or something like that.&#8221;
<a href="https://www.benzinga.com/quote/JPM/analyst-ratings">Benzinga tracks 24 analysts</a> covering JPMorgan with a consensus price target of $256 and a &#8216;hold&#8217; rating. The targets range from $159 to $330, with the three latest ratings implying a 0.23% upside for the stock. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/JPM/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="384" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031429/JPM-ANR-1024x384.png" alt="" class="wp-image-983366" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031429/JPM-ANR-1024x384.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031429/JPM-ANR-300x113.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031429/JPM-ANR-768x288.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031429/JPM-ANR.png 1297w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Benzinga Edge Stock Rankings shows that JPM had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid, whereas its quality ranking was also good; the details of all the metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="154" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031255/JPM-Edge-1024x154.png" alt="" class="wp-image-983363" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031255/JPM-Edge-1024x154.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031255/JPM-Edge-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031255/JPM-Edge-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/14031255/JPM-Edge.png 1054w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Price Action: JPM was 19.53% higher on a year-to-date basis, whereas it has risen 36.57% over the past year.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell on Friday. The SPY was down 0.35% at $623.62, while the QQQ declined 0.23% to $554.20, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Monday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading lower.
Read Next:
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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46317095/bitcoin-miners-rake-in-55k-daily-despite-heat-driven-hashrate-dip-heres-their-secret">Bitcoin Miners Rake In $55K Daily Despite Heat-Driven Hashrate Dip — Here&#8217;s Their Secret</a></li>
</ul>
Photo courtesy: Rokas Tenys/Shutterstock

JPMorgan Stock Shows Mixed Signals Ahead Of Q2 Results Even As CEO Jamie Dimon Warns Of 'Complacent' Markets Ignoring Impact Of Trump Tariffs On Interest Rates

The Treasury Department announced on Friday that the U.S. government recorded a surplus of just over $27 billion in June, a turnaround driven in large part by a significant increase<a href="https://www.benzinga.com/news/politics/25/07/46329313/trumps-i-like-you-better-sparks-talk-of-bessent-as-next-fed-chief"> in tariff revenues.&nbsp;</a>
The Details: &nbsp;The surplus came after a $316 billion deficit in May and brings the total deficit for the current fiscal year to $1.34 trillion, which is 5% higher than the same period last year, according to <a href="https://www.cnbc.com/2025/07/11/treasury-posts-unexpected-surplus-in-june-as-tariff-receipts-surge.html">CNBC</a>.&nbsp;
However, after adjusting for the calendar, the deficit is actually down by 1%. With three months left in the fiscal year, receipts for June were up 13% from a year ago, while government spending dropped by 7%.
Read Next:<a href="https://www.benzinga.com/news/health-care/25/07/46355532/unitedhealth-hits-reset-new-head-of-medicaid-appointed-as-ceo-reshapes-team?utm_source=articleShare"> UnitedHealth Hits Reset: New Head Of Medicaid Appointed As CEO Reshapes Team</a>&nbsp;
Tariff collections have played a major role, with customs duties hitting $27 billion in June—more than three times what was collected in June 2024—following new tariffs imposed by Trump earlier this year.&nbsp;
For the year, tariff revenues have reached $113 billion, up 86% from last year.&nbsp;
Despite the unexpected surplus, the federal government continues to face challenges from high interest payments on its $36 trillion national debt, which totaled $84 billion in June alone.&nbsp;
Additionally, the recently passed spending bill is expected to add about $3.4 trillion to the national debt over the next decade, according to the Congressional Budget Office.
Why It Matters: Wall Street ended the week on<a href="https://www.benzinga.com/markets/market-summary/25/07/46374536/wall-street-today-trump-eu-tariffs-gold-rallies-silver-bitcoin"> a cautious note</a>, as stocks pulled back on Friday after President Trump indicated a tougher approach to trade policy.&nbsp;
A formal letter detailing new tariff plans is expected to be sent to European Union leaders soon, following Trump's recent announcement of a 35% tariff on Canadian imports beginning Aug. 1 and broad tariffs of 15% to 20% on most other trading partners.
The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), slipped by 0.2% and the Nasdaq Composite, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was unchanged, both having reached new record highs on Thursday.&nbsp;&nbsp;
The Dow Jones Industrial Average dropped nearly 300 points, weighed down by renewed concerns over a possible escalation in global trade tensions and weak performance in industrial and financial sectors.&nbsp;
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46308025/get-ready-for-800-hours-of-blackouts-trumps-doe-warns?utm_source=articleShare">Get Ready For 800 Hours Of Blackouts, Trump&#8217;s DOE Warns</a>&nbsp;</li>
</ul>
Photo: Shutterstock

Econ #s

Trump Delivers First June Budget Surplus Since 2017, Thanks To Tariffs

Wall Street is poised to conclude the week on a cautious note, with equities easing on Friday after President Donald Trump signaled a <a href="https://www.benzinga.com/topic/donald-trump">more aggressive trade stance. </a>
A formal letter outlining tariff intentions is expected to be delivered to EU leaders in the coming hours, following Trump&#8217;s announcement earlier this week of a 35% tariff on Canadian imports starting Aug. 1 and blanket duties of 15% to 20% on most other trading partners.
The S&amp;P 500 dipped 0.2% and the Nasdaq Composite was flat, after both notched fresh record highs on Thursday. The Dow Jones Industrial Average fell nearly 300 points, dragged down by renewed fears of a global trade escalation and weak sentiment in industrials and financials. Small caps, which had outperformed in recent sessions, dropped over 1%. 
Treasury markets reflected the increased anxiety. The yield on the 10-year U.S. Treasury note climbed nearly 4 basis points to 4.39%, as investors braced for potential inflationary effects from tariffs.
Commodities took center stage, with gold jumping over 1% to $3,355 per ounce, supported by safe-haven flows amid deepening trade frictions. Silver extended its bullish run, surging past $38 per ounce, its highest level in nearly 14 years.
Crude oil prices also regained momentum, with West Texas Intermediate (WTI) futures rising above $68 per barrel, recovering from a 2.5% loss in the prior session.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) pulled back modestly after hitting a new all-time high of $118,839 overnight. The largest cryptocurrency was last trading near $117,500 as broader risk sentiment weakened. 
<h2 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>22,842.01</td>
<td>0.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>6,267.82</td>
<td>-0.2%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>44,374.39</td>
<td>-0.6%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,242.18</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated by 1:30 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) fell 0.3% to $573.92.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) dropped 0.6% to $443.91.</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>)&nbsp;flattened at $555.28.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) dropped $222.59.</li>
<li>The&nbsp;Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 0.5%; the&nbsp;Health Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.1%.</li>
</ul>
<h2 class="wp-block-heading">Friday&#8217;s Stock Movers</h2>
<ul class="wp-block-list">
<li>Halliburton Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) rallied 3.7% after TD Cowen raised its price target to $36 from $32, while reiterating a Buy rating.</li>
<li>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) fell 4.5% after HSBC lowered its price target to $47 from $50, maintaining a Hold rating.</li>
<li>
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<path d="M4.58301 1.7832C4.72589 1.7832 4.84877 1.88437 4.87695 2.02441C4.99384 2.60873 5.22432 3.11642 5.58398 3.50391C5.94115 3.88854 6.44253 4.172 7.13281 4.28711C7.27713 4.3114 7.38267 4.43665 7.38281 4.58301C7.38281 4.7295 7.27723 4.8546 7.13281 4.87891C6.44249 4.99401 5.94116 5.27746 5.58398 5.66211C5.26908 6.00126 5.05404 6.43267 4.92676 6.92676L4.87695 7.1416C4.84891 7.28183 4.72601 7.38281 4.58301 7.38281C4.44013 7.38267 4.31709 7.28173 4.28906 7.1416C4.17212 6.55728 3.94179 6.04956 3.58203 5.66211C3.22483 5.27757 2.72347 4.99395 2.0332 4.87891C1.88897 4.85446 1.7832 4.72938 1.7832 4.58301C1.78335 4.43673 1.88902 4.3115 2.0332 4.28711C2.72366 4.17203 3.22481 3.88861 3.58203 3.50391C3.94186 3.11638 4.17214 2.60888 4.28906 2.02441L4.30371 1.97363C4.34801 1.86052 4.45804 1.78333 4.58301 1.7832Z"></path>
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<path d="M6.24992 11.0417C6.65578 11.0417 7.04227 10.9587 7.39339 10.809C7.05099 11.7065 6.35374 12.9827 5.29864 13.1333C4.84303 13.1985 4.52644 13.6206 4.59153 14.0762C4.65662 14.5318 5.07873 14.8484 5.53434 14.7832C7.66169 14.4794 8.93792 12.0592 9.30742 10.1591C9.50975 9.11833 9.48792 7.98412 9.04084 7.03938C8.53525 5.97097 7.43538 5.20335 6.23748 5.20834C4.63238 5.21504 3.33325 6.5183 3.33325 8.12498C3.33325 9.73583 4.63909 11.0417 6.24992 11.0417Z"></path>
<path d="M13.4832 11.0417C13.889 11.0417 14.2755 10.9587 14.6267 10.809C14.2843 11.7065 13.587 12.9827 12.5319 13.1333C12.0763 13.1985 11.7597 13.6206 11.8248 14.0762C11.8899 14.5318 12.312 14.8484 12.7676 14.7832C14.8949 14.4794 16.1712 12.0592 16.5407 10.1591C16.743 9.11833 16.7212 7.98412 16.2741 7.03938C15.7685 5.97097 14.6687 5.20335 13.4708 5.20834C11.8656 5.21504 10.5665 6.5183 10.5665 8.12498C10.5665 9.73583 11.8724 11.0417 13.4832 11.0417Z"></path>Boyd Gaming Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>) tumbled 6% after announcing it will sell its 5% stake in FanDuel to Flutter Entertainment for $1.76 billion. The deal is expected to close in the third quarter of 2025.</li>
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ENPH

Tariff Jitters Hit Stocks, Silver Jumps To 14-Year Highs: What's Moving Markets Friday?

As the U.S. Senate considers the Sanctioning Russia Act of 2025, economist Craig Shapiro has raised alarms about its potential to disrupt American markets and the global economy.
What Happened: In a post on X early Friday, Shapiro, macro strategist at the Bears Trap Report, highlighted a looming "major statement" from President Donald Trump <a href="https://www.benzinga.com/news/politics/25/07/46360686/trump-to-make-a-major-statement-on-russia-on-monday-amid-escalating-ukraine-conflict-im-disappointed">on Monday regarding Russia</a>, tied to the bipartisan bill spearheaded by Senators Lindsey Graham and Richard Blumenthal, which now enjoys support from over 80 senators.
The act's centerpiece is a 500% tariff on Russian-origin goods and services, with secondary sanctions targeting nations like China and India—key buyers of Russian energy.
Shapiro warned, "If Trump moves forward with the Senate sanctions bill, which includes secondary sanctions of 500% on China and India as they are buyers of Russian energy, it is going to have major negative implications for the global economy very quickly."
He added that this could jolt energy stocks, given Russia's role in global oil markets.
The energy sector faces a ban on U.S. exports to Russia and secondary sanctions on foreign entities aiding Russian oil and gas, while financial measures prohibit U.S. transactions with Russia except under specific licenses.
He emphasized the tariff's scope, stating that there will be a 500% tariff on imports from any country like India or China, knowingly trading in Russian oil, gas, uranium, petroleum, or petrochemicals, etc.
&#8220;This bill is a sweeping escalation, combining targeted sanctions and sweeping economic measures—especially secondary actions—to isolate Russia financially, hit its global energy revenue, and deter allies from shoring up its economy,&#8221; he said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Potential big news coming from Trump on Monday as he plans to make a "major statement" on Russia, as the US prepares to send a volley of new American weapons to Ukraine via purchases from NATO allies. "I think I'll have a major statement to make on Russia on Monday," Trump told…
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1943478531012403211?ref_src=twsrc%5Etfw">July 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/equities/25/07/46361386/bitcoin-breaches-118k-but-these-btc-mining-firms-are-still-priced-like-its-at-58k-heres-how-these-mining-stocks-could-explode">Bitcoin Breaches $118K, But These BTC Mining Firms Are Still Priced Like It&#8217;s At $58K: Here&#8217;s How These Mining Stocks Could Explode</a>
Why It Matters: These are a few oil and energy companies that could be impacted by the &#8216;US Sanctioning Russia Act of 2025&#8217;.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Stocks</td>
<td>YTD Performance</td>
<td>One-Year Performance</td>
</tr>
<tr>
<td>Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>)</td>
<td>7.10%</td>
<td>1.48%</td>
</tr>
<tr>
<td>Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>)</td>
<td>5.08%</td>
<td>-0.70%</td>
</tr>
<tr>
<td>Occidental Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>)</td>
<td>-7.95%</td>
<td>-25.42%</td>
</tr>
<tr>
<td>EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>)</td>
<td>-2.39%</td>
<td>-5.02%</td>
</tr>
<tr>
<td>Marathon Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>)</td>
<td>28.81%</td>
<td>10.94%</td>
</tr>
<tr>
<td>CVR Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVI#NYSE">CVI</a>)</td>
<td>73.00%</td>
<td>31.75%</td>
</tr>
<tr>
<td>Schlumberger NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>)</td>
<td>-4.56%</td>
<td>-20.65%</td>
</tr>
</tbody>
</table>
</figure>
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>ETFs</td>
<td>YTD Performance</td>
<td>One-Year Performance</td>
</tr>
<tr>
<td>United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>)</td>
<td>-2.00%</td>
<td>-6.86%</td>
</tr>
<tr>
<td>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>)</td>
<td>-16.58%</td>
<td>-30.70%</td>
</tr>
<tr>
<td>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>)</td>
<td>-1.88%</td>
<td>-9.22%</td>
</tr>
</tbody>
</table>
</figure>
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Friday. The SPY was down 0.49% at $622.78, while the QQQ declined 0.44% to $552.98, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/07/46352406/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-sho" target="_blank" rel="noreferrer noopener">As Trump Calls For 3-Percentage Point Rate Cut, ‘Too Late&#8217; Jerome Powell To Resign, June Fed Minutes Show ‘Uncertainty&#8217; Reigns Supreme</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

US 500% Tariff On Russia Can Rattle Energy Stocks And Have 'Major Negative Implications' On Global Economy, Says Craig Shapiro

U.S. stock futures declined on Friday after ending marginally higher on Thursday. Futures of major benchmark indices were lower.
After President Donald Trump imposed <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46334793/trump-sends-lula-a-letter-imposing-50-tariffs-calls-bolsonaro-trial-a-witch-hunt-brazils-president-hits-back-will-not-accept-any-form-of-tutelage">50% tariffs on Brazil</a>, the country&#8217;s President, Luiz Inácio Lula da Silva, issued a warning Thursday about <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46359200/brazil-hits-back-at-trumps-tariff-letter-lula-says-if-hes-going-to-charge-us-50-wee-going-to-charge-him-50">potential retaliatory tariffs </a>if the U.S. proceeds with its planned 50% tax on Brazilian imports from Aug. 1.
The 10-year Treasury bond yielded 4.38% and the two-year bond was at 3.88%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;s</a> projections show markets pricing a 93.3% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting. 
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.62%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.57%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.50%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.99%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Friday. The SPY was down 0.54% at $622.44, while the QQQ declined 0.47% to $552.86, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From Last Session:
On Thursday, most sectors within the S&amp;P 500 finished higher, with consumer discretionary, utilities, and energy stocks leading the gains.
Conversely, communication services and information technology sectors bucked the trend, ending the session lower. U.S. stocks settled higher overall, with the S&amp;P 500 hitting an all-time high during the day.
A significant boost came from Delta Air Lines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), which surged approximately 12% after reporting second-quarter results that exceeded both earnings and revenue forecasts, signaling a robust demand outlook and igniting a widespread rally across the airline sector.
On the economic front, the U.S. labor market continued to demonstrate resilience, as initial jobless claims decreased to 237,000 last week, surpassing expectations. However, continuing claims increased to 1.965 million, reaching their highest level since 2021.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>0.094%</td>
<td>20,630.66</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.27%</td>
<td>6,280.46</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>0.43%</td>
<td>44,650.64</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>0.48%</td>
<td>2,263.41</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
As the trade-related tussle evolves with the U.S. trading partners, Louis Navellier of Navellier &amp; Associates said that &#8220;There is no doubt that the tariffs the Trump Administration is imposing are controversial, but the countries that cooperate with the U.S., like Australia and Britain, are only being hit with 10% baseline tariffs, which should be largely offset by appreciation in the U.S. dollar in the upcoming months.&#8221;
Highlighting that the tariff revenue to the U.S. Treasury soared to $24.2 billion in May and is now expected to soar to $60 billion or higher per month in the upcoming months, he added, &#8220;I remain in the camp that when all the dust settles, there will be freer trade with fewer tariffs, since many countries cannot fight with the U.S.&#8221;
&#8220;Markets appear to have become desensitized to tariff news,&#8221; said Michelle Gibley, director of international research at the Schwab Center for Financial Research. &#8220;There may be some thought that the rates announced won&#8217;t be the final tariffs—some of the figures seem random and part of a negotiation.&#8221;
Meanwhile, Ed Yardeni of Yardeni Research highlighted that the Warren Buffett Indicator <a href="https://www.benzinga.com/markets/equities/25/07/46360976/warren-buffett-indicator-soars-to-208-surpassing-dot-com-2008-levels">hit an alarming valuation</a>, indicating a potentially overvalued market, but the U.S. economy has demonstrated remarkable resilience.
He pointed out a fascinating paradox: "The economy won't let us down. Despite numerous crises, real GDP has remained recession-resistant since the Covid lockdown during the first half of 2020."
He emphasizes nearly six years without a recession, despite significant global challenges such as the pandemic, the conflict in Ukraine, stricter monetary policies, the Middle East war, and the economic disruption caused by Donald Trump&#8217;s tariffs.
Indeed, Yardeni argues, "it really has been the Roaring 2020s so far. Real GDP is at a record high and so is the stock market."
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 
Upcoming Economic Data
Here&#8217;s what investors will keep an eye on Friday:
<ul class="wp-block-list">
<li>Monthly U.S. federal budget data will be released at 2:00 p.m. ET.</li>
</ul>
Stocks In Focus:
<ul class="wp-block-list">
<li>Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) was up 3.35%, Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) rose 2.38%, Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) advanced 2.94%, MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) was 4.20% higher, along with all the other Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exposed stocks as the cryptocurrency hit a fresh high of $118,403.89 on Thursday.</li>
<li>Several drone-related stocks were also higher after Defense Secretary Pete Hegseth issued new orders to <a href="https://www.benzinga.com/trading-ideas/movers/25/07/46356963/drone-stocks-fly-as-defense-secretary-fast-tracks-drone-production-deployment">fast-track drone manufacturing</a> and deployment. This includes Red Cat Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>), which soared 16.08%, AeroVironment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>), which advanced 4.11%, Ageagle Aerial Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAVS#NYSE">UAVS</a>), which was up 9.68%, and Ondas Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONDS#NASDAQ">ONDS</a>) higher by 5.47%.</li>
<li>Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) jumped 7.25% after reporting stronger-than-expected second-quarter financial results and raising its full-year guidance.</li>
<li>PriceSmart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSMT#NASDAQ">PSMT</a>) climbed 7.10% higher after reporting better-than-expected third-quarter financial results.</li>
<li>Frequency Electronics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FEIM#NASDAQ">FEIM</a>) tumbled 2.12% after reporting earnings of 34 cents per share for the fourth quarter, up from 28 cents per share in the year-ago period. The company&#8217;s sales rose to $19.986 million from $15.576 million.</li>
<li>E2open Parent Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETWO#NYSE">ETWO</a>) was up 0.31% after posting better-than-expected earnings for its first quarter and affirming its fiscal year 2026 sales guidance.</li>
<li>WD-40 Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDFC#NASDAQ">WDFC</a>) was 0.093% higher after posting better-than-expected earnings for its third quarter, while sales missed estimates. The company raised its EPS guidance, but narrowed its sales forecast.</li>
</ul>
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 0.03% to hover around $66.59 per barrel.
Gold Spot US Dollar rose 0.29% to hover around $3,333.71 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.14% at the 97.7890 level.
Asian markets ended mostly lower on Friday, except China&#8217;s CSI 300 and Hong Kong's Hang Seng indices. India's S&amp;P BSE Sensex, Japan's Nikkei 225, South Korea's Kospi, and Australia's ASX 200 indices fell. European markets were lower in early trade.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46360976/warren-buffett-indicator-soars-to-208-surpassing-dot-com-2008-levels">Warren Buffett Indicator Soars To 208%, Surpassing Dot-Com, 2008 Levels</a></li>
</ul>
Photo courtesy: godongphoto / Shutterstock.com

AVAV

ETWO

FEIM

LEVI

ONDS

PSMT

RCAT

UAVS

US Stocks Expected To Open Lower, But Bitcoin-Exposed Stocks Soar In Premarket After BTC Breaches $118K Mark

As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) scaled a fresh new high on Friday, this analyst highlighted the potential in these Bitcoin miners that were undervalued, according to him.
What Happened: Bitcoin hit a fresh high of $118,403.89 per coin on Friday, up over 106% in the last year.
Eric Jackson, the founder and president of EMJ Capital Ltd., highlighted in an X post that there was something that investors were missing.
He said that BTC miners — IREN Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>) and Cipher Mining Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIFR#NASDAQ">CIFR</a>), &#8220;are still priced like it's (Bitcoin is) $58K.&#8221;
Jackson also pointed out a pattern wherein, after a Bitcoin price rally, the miners usually lag and then they ultimately &#8220;explode.&#8221;
There is potential in these two firms, as Jackson underscores three points in their favour. IREN and CIFR have been;
<ul class="wp-block-list">
<li>Cutting costs</li>
<li>Increasing their exahashes per second</li>
<li>Making a massive move into AI and high-performance computing (HPC) out of their BTC cash flow.</li>
</ul>
&#8220;The market just hasn't caught up yet. I'm long,&#8221; he 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">Bitcoin just cleared $117K — up 104% in the last 12 months. But here's what everyone is missing &#x1f447; &#x1f6a8; BTC miners — <a href="https://twitter.com/search?q=%24IREN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IREN</a> and <a href="https://twitter.com/search?q=%24CIFR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CIFR</a> — are still priced like it's $58K. This is what real dislocation looks like. We've seen this before: BTC breaks out → miners lag → then…
&mdash; Eric Jackson (@ericjackson) <a href="https://twitter.com/ericjackson/status/1943539678134628666?ref_src=twsrc%5Etfw">July 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/equities/25/07/46360976/warren-buffett-indicator-soars-to-208-surpassing-dot-com-2008-levels">Warren Buffett Indicator Soars To 208%, Surpassing Dot-Com, 2008 Levels</a>
Why It Matters: Jackson has been <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45868990/bitcoin-mining-stock-with-biggest-opportunity-in-crypto-space-grabs-eyeballs-as-expert-recalls-tom-lees-call-if-we-are-in-for-another-leg-up-in-btc-this-flies">bullish on IREN</a> for a while, as he had pointed out in June that he was expecting the stock to soar over $100 apiece in the next 18 months. &#8211;
Apart from this, a commentary by the analytics team of TeraHash, shared with <a href="https://www.benzinga.com">Benzinga</a>, pointed out that despite a 3% drop in Bitcoin&#8217;s network hashrate in June, <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46317095/bitcoin-miners-rake-in-55k-daily-despite-heat-driven-hashrate-dip-heres-their-secret">daily miner revenues soared</a> to approximately $55,300 per exahash per second (EH/s), one of the highest profitability levels this year.
This shift was driven by strategic adaptation: some miners pursue high-performance computing for AI, while others leverage operational flexibility. A less visible group profits from grid curtailment, hash rate hedging, and leasing idle capacity.
TeraHash models show miners integrating grid programs and derivatives could sustain margins despite rising difficulty.
Price Action: Cipher Mining stock has risen 29.19% on a year-to-date basis and 43.12% over a year. Meanwhile, IREN was up 62.81% YTD and 52.05% over the past year. As of the publication of this article, Bitcoin was trading at $117,620.53 per coin.
Benzinga Edge Stock Rankings shows that IREN had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid, whereas its value ranking was moderate at the 53.48th percentile. Find More details about CIFE and other <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">mining stocks here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11040040/IREN-EDGE-new-1024x158.png" alt="" class="wp-image-981381" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11040040/IREN-EDGE-new-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11040040/IREN-EDGE-new-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11040040/IREN-EDGE-new-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11040040/IREN-EDGE-new.png 1053w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended on a mixed note on Friday. The SPY was up 0.28% at $625.82, while the QQQ declined 0.14% to $555.45, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pr</a>o data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/07/46352406/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-sho" target="_blank" rel="noreferrer noopener">As Trump Calls For 3-Percentage Point Rate Cut, ‘Too Late' Jerome Powell To Resign, June Fed Minutes Show ‘Uncertainty' Reigns Supreme</a></li>
</ul>
Photo Courtesy: OlegD On Shutterstock.com

CIFR

IREN

Bitcoin Breaches $118K, But These BTC Mining Firms Are Still Priced Like It's At $58K: Here's How These Mining Stocks Could Explode

The renowned Warren Buffett Indicator, a crucial valuation metric comparing total stock market capitalization to the Gross Domestic Product (GDP), has reached 208.42%.
What Happened: This figure, according <a href="https://www.longtermtrends.net/market-cap-to-gdp-the-buffett-indicator/">to</a> LongtermTrends, calculated using the S&amp;P 500 and the broader Wilshire 5000 index's capitalization, significantly surpasses levels seen before major market corrections – it was around 140% before the 2000 dot-com bubble crash and 110% before the 2008 financial crisis.
Despite this alarming valuation, indicating a potentially overvalued market, the U.S. economy has demonstrated remarkable resilience.
Ed Yardeni of Yardeni Research points out a fascinating paradox: &#8220;The economy won&#8217;t let us down. Despite numerous crises, real GDP has remained recession-resistant since the Covid lockdown during the first half of 2020.&#8221;
He highlights almost six recession-free years amidst global upheavals like the pandemic, the Russian invasion of Ukraine, monetary policy tightening, the Middle East war, and Donald Trump&#8216;s Tariff Turmoil.
Indeed, Yardeni argues, &#8220;it really has been the Roaring 2020s so far. Real GDP is at a record high and so is the stock market.&#8221;
This robust economic performance, however, hasn&#8217;t translated into widespread public optimism. Measures of consumer and business confidence &#8220;doesn&#8217;t seem to be much roaring.&#8221;
Yet, Yardeni sees &#8220;plenty of it visible in the quarterly Buffett Ratio.&#8221;
He notes that a useful weekly proxy for the Buffett Ratio, the S&amp;P 500 stock price index divided by the S&amp;P 500 forward revenues per share, &#8220;rose to 3.03 during the July 9 week matching the record high just before the latest correction started on February 19.&#8221;
See Also: <a href="https://www.benzinga.com/news/25/07/46352406/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-sho">As Trump Calls For 3-Percentage Point Rate Cut, &#8216;Too Late&#8217; Jerome Powell To Resign, June Fed Minutes Show &#8216;Uncertainty&#8217; Reigns Supreme</a>
Why It Matters: This divergence between sentiment and market valuation, as reflected in the soaring Buffett Indicator, raises a critical question: Is the economy truly roaring into the 2020s, or is the market simply exhibiting an unsustainable exuberance that could lead to a significant correction?
The historical context of the Buffett Indicator certainly suggests caution, yet Yardeni&#8217;s analysis points to underlying economic strength that defies conventional expectations.
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended on a mixed note on Friday. The SPY was up 0.28% at $625.82, while the QQQ declined 0.14% to $555.45, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/07/46337134/bill-ackman-cheers-money-market-funds-hitting-record-7-4-trillion-as-jerome-powell-snubs-trumps-rate-cut-demands">Bill Ackman Cheers Money Market Funds Hitting Record $7.4 Trillion As Jerome Powell Snubs Trump&#8217;s Rate Cut Demands</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: mark reinstein / Shutterstock.com

Warren Buffett Indicator Soars To 208%, Surpassing Dot-Com, 2008 Levels

Greece's 2010 collapse was so severe it leased islands, gutted public jobs and pensions, while some abroad even joked about selling the <a href="https://www.benzinga.com/markets/eurozone">Acropolis to appease creditors.</a>
Fast forward 15 years, and the picture couldn't be more different.
The Athens Stock Exchange has soared nearly 34% year-to-date, making Greece the world's best-performing equity market thus far in 2025. 
Meanwhile, the Global X MSCI Greece ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GREK#NYSE">GREK</a>), the main U.S.-listed vehicle for investing in Greek stocks, has jumped a staggering 57% year-to-date, beating the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) and Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) by about a 50-percentage-point margin.
Once the poster child of Europe's debt crisis, Greece is now delivering the world's hottest stock market rally.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="525" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10145706/image-123-1024x525.png" alt="" class="wp-image-980651" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10145706/image-123-1024x525.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10145706/image-123-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10145706/image-123-768x394.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10145706/image-123-1536x788.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10145706/image-123-2048x1051.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Why Is Greek Stock Market Rallying In 2025?</h2>
Fiscal discipline, tax overhauls, and improved public administration have laid the groundwork for this resurgence. Major structural reforms, supported by funding from the European Union's Next Generation EU plan, are also paying off.
The Greek economy is expected to grow 3.2% this year, according to the European Commission — more than double the eurozone average.
The real engine of the Greek stock market&#8217;s rally in 2025 has been the financial sector.
Greek banks, once considered radioactive by global investors, are now leading the charge. Alpha Bank S.A. is up 73% year-to-date, Piraeus Financial Holdings is up 72% and Optima Bank has soared 80%.
<h2 class="wp-block-heading">Is There Still Room To Run?</h2>
Despite the blistering rally in 2025, Greek stocks remain far from overheated. In fact, the Athens Stock Exchange is still trading 62% below its 2007 all-time high, leaving plenty of headroom for further gains.
That valuation gap hasn't gone unnoticed by major Wall Street firms, which continue to back the Greek rebound. Goldman Sachs and Bank of America both argue that, despite a surge of 50% or more in bank stocks, the sector remains fundamentally undervalued.
According to Goldman Sachs analyst Mikhail Butkov, Greek banks are expected to deliver return on tangible equity (RoTE) of around 14% from 2025 to 2029. He also expects dividend payout ratios to rise to at least 50%, bad loan ratios (non-performing exposures, or NPEs) to fall to 3% next year and 2% by 2029, and capital levels (CET1 ratios) to remain healthy at 16%-17%.
Even with the European Central Bank signaling lower interest rates, Goldman believes Greek banks can still beat expectations. 
"We believe this will be offset by stronger-than-expected lending growth, higher contribution from securities income and better spreads," Butkov said.
Bank of America thinks the rally isn't over yet.
Bank of America equity analyst Ilija Novosselsky wrote last week that Greek banks "still look cheap despite the rally&#8221; and listed several reasons why the upside may continue: net interest income (NII) is turning higher, fee income is growing at an 8.5% compound annual rate, earnings are boosted by mergers and acquisitions, risk costs (CoR) are falling and dividend payouts could reach 70%.
Novosselsky reiterated Buy ratings on Eurobank, Alpha Bank and Piraeus, naming Eurobank his top pick with 42% upside potential. 
Fifteen years after the debt meltdown, Greece has finally shifted from fiscal tragedy to market opportunity.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46348036/trump-trade-regional-bank-stocks-2025">This Trump Trade Boomed After Election—Now It May Be Making A Comeback</a><span class="author" style="box-sizing: border-box; border: 0px solid rgb(229, 231, 235); --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-gradient-from-position: ; --tw-gradient-via-position: ; --tw-gradient-to-position: ; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgb(59 130 246/0.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; --tw-contain-size: ; --tw-contain-layout: ; --tw-contain-paint: ; --tw-contain-style: ;"></li>
</ul>
Photo: sasirin pamai/Shutterstock

Emerging Markets

Eurozone

Emerging Market ETFs

GREK

The Market Everyone Gave Up On Is Crushing Nasdaq 100 In 2025

A quiet day on Wall Street turned into a major win for airline investors Thursday, as Delta Air Lines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) surged 12% after posting second-quarter results that topped both earnings and revenue expectations, while indicating a strong demand outlook, sparking <a href="https://www.benzinga.com/markets/earnings/25/07/46341383/delta-air-lines-ceo-confident-in-stronger-2025-as-demand-holds-steady">a broad rally across the sector.</a>
Shares of American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) jumped 12.5% and United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) rallied 13.5%. The U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), which tracks airline stocks, soared 7.2% for its best day since the 90-day tariff pause in April.
Elsewhere, major large-cap averages were little moved. The Nasdaq 100 slipped 0.3% after hitting all-time highs on Wednesday. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) eased 0.2%, following a 1.8% surge the day before that pushed its market cap to a record-breaking $4 trillion — the largest ever for any company.
Small-cap stocks continued to outperform, with the Russell 2000 touching levels last seen in February. 
A day earlier, President Donald Trump announced sweeping 50% tariffs on imports from Brazil and confirmed the 50% tariff on copper, effective Aug. 1.
iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>) fell 1.6% Thursday, adding to a 1.7% decline on Wednesday. The combined 3.3% drop marked the worst two-day performance for Brazilian equities since early April.
Copper futures surged 2.2% to around $5.60 per pound in reaction, with strength spilling into other industrial metals. Silver rose 1.6%, while palladium gained 3.6%, reflecting expectations of tightening supply.
Crude oil prices declined over 2% as the market absorbed reports that OPEC+ is considering halting its planned production increases starting in October, highlighting concerns about a potential oversupply after the summer. 
In economic news, the U.S. labor market showed continued resilience as initial jobless claims dropped to 237,000 last week, beating forecasts. However, continuing claims rose to 1.965 million, the highest level since 2021.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded flat at $111,300 after touching a fresh record of $112,040 on Wednesday.
<h2 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>%chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,266.68</td>
<td>0.7%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>44,705.80</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>6,275.94</td>
<td>0.2%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>22,790.40</td>
<td>-0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated by 12:18 p.m. ET</figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) inched 0.2% higher to $574.78.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.6% to $446.98.</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>)&nbsp;slipped 0.3% to $554.72.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 0.7% to $225.12.</li>
<li>The&nbsp;Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up 1%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.4%.</li>
</ul>
<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>
<ul class="wp-block-list">
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) jumped more than 4% after NorthCoast Research raised its price target to $28 from $21, reiterating its &#8216;Buy&#8217; rating.</li>
<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) climbed 3.3% as copper prices extended gains, with futures rising above $5.60 per pound amid renewed supply concerns.</li>
<li>Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) dropped 5.1% after Trump announced a 50% tariff on Brazilian imports, sparking a broad selloff in Brazil-linked assets. Read now:<a href="https://www.benzinga.com/news/25/07/46344520/defense-stocks-outperform-tech-trump-budget-boost"></a></li>
<li><a href="https://www.benzinga.com/news/25/07/46344520/defense-stocks-outperform-tech-trump-budget-boost">Forget Tech—Trump Just Made Defense The Hottest Trade On Wall Street</a></li>
</ul>
Photo: Shutterstock

Trading Ideas

JETS

NCLH

Airline Stocks Take Off, Trump Hits Brazilian ETF: What's Moving Markets Thursday?

While investors obsess over record highs in the S&amp;P 500 and Nasdaq 100, one sector quietly crushed them both last quarter, and real money <a href="https://www.benzinga.com/money/best-aerospace-defense-stocks">is pouring in fast.</a>
In the first half of 2025, the iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>) surged 25%, marking the fund's best half-year performance since inception. That's a 20 percentage point outperformance over the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) and 17 points above the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>).
<h3 class="wp-block-heading">Defense Stocks Crushed Tech In Last Quarter's Rally</h3>
But the blowout mainly occurred in the second quarter. The ITA ETF surged 23.2% between April and June, its best quarter ever, outpacing the Nasdaq 100's sharpest rally since early 2023 by five percentage points.
Crucially, this isn't just momentum chasing. Investors have committed capital, with ITA notching 10 straight weeks of inflows through July 10—the longest stretch since early 2023.
<h3 class="wp-block-heading">Best Defense Stocks In 2025</h3>
Among ITA's top holdings, nine of the top 10 are firmly in the green for the year as of July 10, with only Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) trailing. Here&#8217;s a look at how the biggest names are performing:
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Name</th>
<th>Weight in ITA ETF</th>
<th>Return YTD</th>
</tr>
</thead>
<tbody>
<tr>
<td>General Electric Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</td>
<td>20.00%</td>
<td>+50.59%</td>
</tr>
<tr>
<td>RTX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>)</td>
<td>14.70%</td>
<td>+27.61%</td>
</tr>
<tr>
<td>The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)</td>
<td>9.22%</td>
<td>+28.02%</td>
</tr>
<tr>
<td>General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>)</td>
<td>4.66%</td>
<td>+15.67%</td>
</tr>
<tr>
<td>TransDigm Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDG#NYSE">TDG</a>)</td>
<td>4.63%</td>
<td>+20.45%</td>
</tr>
<tr>
<td>Howmet Aerospace Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HWM#NYSE">HWM</a>)</td>
<td>4.55%</td>
<td>+66.11%</td>
</tr>
<tr>
<td>L3Harris Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>)</td>
<td>4.51%</td>
<td>+24.48%</td>
</tr>
<tr>
<td>Northrop Grumman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>)</td>
<td>4.47%</td>
<td>+9.24%</td>
</tr>
<tr>
<td>Axon Enterprise Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXON#NASDAQ">AXON</a>)</td>
<td>4.40%</td>
<td>+35.59%</td>
</tr>
<tr>
<td>Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)</td>
<td>4.39%</td>
<td>-3.34%</td>
</tr>
</tbody>
</table>
</figure>
Why Is The Defense Sector Booming?
This rally in defense stocks isn&#8217;t just about earnings—it's about Washington policy, global geopolitical risks, and budget flows.
Following years of underinvestment, Trump's return to the White House has kicked off a rearmament cycle.
On July 4, Trump signed the "One Big Beautiful Bill Act", unlocking $156.2 billion in targeted defense funding—the Pentagon's biggest budget infusion in over a decade.
<h3 class="wp-block-heading">What's Inside The New Defense Bill?</h3>
The funding, detailed in Title II of the act, includes:
<ul class="wp-block-list">
<li>$29.2 billion for shipbuilding</li>
<li>$24.4 billion for integrated air and missile defense – the "Golden Dome" initiative</li>
<li>$25.4 billion for munitions and supply chain resilience</li>
<li>$16.0 billion for low-cost weapons scaling</li>
<li>$8.6 billion for air superiority projects</li>
<li>$10.8 billion for nuclear force upgrades</li>
</ul>
<h3 class="wp-block-heading">Defense Stocks Wall Street Is Watching Now</h3>
In a note shared earlier this week, Goldman Sachs analyst Noah Poponak flagged four defense contractors as top beneficiaries of the Pentagon&#8217;s defense spending:
<ul class="wp-block-list">
<li>Huntington Ingalls Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>): Backed by over $5 billion in industrial supply chain funding. Already awarded a $1.3 billion workforce grant.</li>
<li>L3Harris Technologies Inc.: Poised to win missile propulsion and satellite contracts tied to the Golden Dome program.</li>
<li>Kratos Defense &amp; Security Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTOS#NASDAQ">KTOS</a>): Builds low-cost drones and propulsion systems, a core focus in the Pentagon's push for affordable mass-produced systems. Shares of KTOS have already rallied over 70% year-to-date, marking the best performance in the ITA ETF. </li>
<li>AeroVironment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>): Developer of Switchblade tactical drones, a likely beneficiary of $1.4 billion in small unmanned aerial systems funding.</li>
</ul>
Read now: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/emerging-markets/25/07/46306953/emerging-markets-etfs-inflows-iemg-vwo-2025">Wall Street Is On Fire—So Why Is This Wall Of Cash Moving Abroad?</a></li>
</ul>
Photo: Shutterstock
<a href="https://www.benzinga.com/markets/emerging-markets/25/07/46306953/emerging-markets-etfs-inflows-iemg-vwo-2025"> </a>

Tech

AXON

iShares Dow Jones US Aerospace & Defense Index Fund

KTOS

Forget Tech—Trump Just Made Defense The Hottest Trade On Wall Street

In a recent interview,&nbsp;UBS Group AG&nbsp;CEO&nbsp;Sergio Ermotti&nbsp;expressed optimism about the U.S. market, despite ongoing tariff uncertainties.
What Happened:&nbsp;Ermotti, during an <a href="https://www.foxbusiness.com/video/6375447767112">interview </a>with Fox Business on Mornings With Maria, pointed out the &#8220;fantastic opportunity&#8221; in the U.S. due to robust wealth creation. &#8220;This&nbsp;is the reason why we&nbsp;keep investing in our franchise,&#8221; he said. Despite short-term uncertainties, Ermotti remains confident that the U.S.&nbsp;will continue to be a&nbsp;lucrative investment destination.
Ermotti highlighted the need for certainty to drive investment and mitigate risk. He believes that once a decision on tariffs is reached, it will lead to a &#8220;new start.&#8221;
Over the past few years, Ermotti has noticed a growing demand for diversification, with the U.S. being the reference economy for investment. He cited&nbsp;the liquidity and depth of&nbsp;liquidity in the U.S. as unmatched.
Ermotti also touched on the impact of regulatory adjustments post the financial crisis, expressing UBS&#8217;s support for a more accommodating regulatory environment. While welcoming easier regulation, Ermotti noted that the current uncertainty is hindering deal execution. However, he&nbsp;signaled that full certainty on&nbsp;tariffs would enhance the&nbsp;U.S. investing environment.&nbsp;
The UBS CEO concluded by expressing confidence in the U.S., stating that the role of the dollar and the U.S. capital markets will likely continue to be leading ones for the foreseeable future.
SEE ALSO:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/07/46327959/xrp-spikes-3-is-a-breakout-imminent" target="_blank" rel="noreferrer noopener">XRP Spikes 3%: Is A Breakout Imminent? &#8211; Benzinga</a>
Why It Matters: The U.S. market has been under the cloud of tariff uncertainties, as outlined by&nbsp;<a href="https://www.benzinga.com/news/politics/25/07/46313013/trumps-tariff-letters-spark-high-level-of-uncertainity-and-volatility-says-economist-mohamed-el-erian">senior economist </a>Mohamed El-Erian. The Trump administration&#8217;s tariff letters have sparked a high level of uncertainty and volatility, leading to a wait-and-see approach by businesses and investors.
Furthermore,&nbsp;<a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46212534/if-trump-stays-wedded-to-low-rates-idea-us-risks-a-turkey-style-inflation-horror-show-economist-justin-wolfers-warns">Economist Justin Wolfers</a>&nbsp;has warned that President Donald Trump&#8216;s fixation on low interest rates could set the U.S. on a path similar to the inflation crisis that has gripped Turkey.
Despite these challenges, Ermotti&#8217;s confidence in the long-term prospects of the U.S. market reflects the continued appeal of the country as a top investment destination.
Following a knee-jerk reaction upon the announcement of Liberation Day tariffs, the stock markets have now stabilized with the NASDAQ and S&amp;P 500 recording a 4.21% and 3.72% rise, respectively, over the past month.
Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) and Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) climbed 4.13% and 3.47%, respectively, over the last 30 days. 
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/topics/25/07/46298465/joe-rogan-says-most-americans-dont-want-manufacturing-jobs-but-the-problem-is-that-for-some-doing-the" target="_blank" rel="noreferrer noopener">Joe Rogan Says Most Americans Don&#8217;t Want Manufacturing Jobs But The &#8216;Problem&#8217; Is That For Some Doing Them Now, &#8216;It&#8217;s Their Entire Identity&#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.

UBS CEO Sees 'Fantastic Opportunity' In US Despite Short-Term Tariff Uncertainty, Suggests Secular Trends Remain 'Intact'

Tech bull Dan Ives of Wedbush Securities has raised his price target for Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>), signaling a 12% upside from its current trading price over the next 12 months.
What Happened: In a post on X, Ives expressed growing confidence in Palantir's artificial intelligence strategy and raised his target price on the stock to $160 per share, describing it as the company's "golden path to become an AI stalwart" over the next 12 months.
The bullish outlook comes as Palantir continues to leverage its AI Platform (AIP) to integrate data, decisions, and operations for clients, driving a 45% year-over-year increase in <a href="https://www.benzinga.com/news/earnings/25/05/45208000/palantir-q1-earnings-revenue-beat-eps-in-line-customer-count-up-39-company-raises-guidance-citing-surging-and-ferocious-growth">U.S. commercial revenue</a> to $373 million in the first quarter of 2025. &#8211;
Ives' enthusiasm underscores his belief in the company's potential to dominate the AI landscape, despite its forward P/E ratio of 256.410, raising valuation concerns among some investors.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Raising price target on Palantir to $160 as our recent checks and growing confidence in the company&#39;s AI strategy is key to the bull thesis on Palantir playing out for the next 12 months. We believe Palantir has a &quot;golden path to become an AI stalwart the next few years &#x1f402;&#x1f525;&#x1f3af;&#x1f37f;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1943243085200138484?ref_src=twsrc%5Etfw">July 10, 2025</a></blockquote>
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Recently, Palantir partnered with BlueForge Alliance to <a href="https://www.benzinga.com/news/contracts/25/05/45702431/palantir-stock-gains-as-trump-expands-companys-role-in-us-government-agencies">digitize and accelerate U.S. warship production</a> for the Navy. The company is also negotiating to provide technology to the<a href="https://www.benzinga.com/news/contracts/25/05/45702431/palantir-stock-gains-as-trump-expands-companys-role-in-us-government-agencies"> IRS and Social Security Administration</a>, strengthening its government footprint. 
Since Donald Trump's inauguration, Palantir has secured over <a href="https://www.benzinga.com/markets/tech/25/07/46278679/will-recent-events-dent-palantir-technologies-stock-385-growth">$113 million in contracts</a>, excluding a $795 million DoD deal.
However, controversy looms as states allege the Trump administration illegally shared Medicaid recipients' health data with immigration authorities, violating federal privacy laws.
See Also: <a href="https://www.benzinga.com/markets/equities/25/07/46313514/warren-buffetts-quiet-dividend-play-9-high-yield-stocks-held-by-a-berkshire-subsidiary" target="_blank" rel="noreferrer noopener">Warren Buffett's Quiet Dividend Play: 9 High-Yield Stocks Held By A Berkshire Subsidiary</a>
Why It Matters: Ives has been bullish on the stock, betting that it could triple in the coming years and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45655507/tech-analyst-expects-palantir-stock-to-rise-above-400-as-ai-revolution-kicks-into-gear">trade above $400 per share</a>. 
"That's why it's the ‘Messi of AI.' I believe we're talking about a trillion-dollar market cap for Palantir in the next few years, and I think when you look at what [Alex] Karp and Palantir are doing, they, along with Nvidia, will be leading the AI revolution," Ives said in May.
Price Action: The stock was 0.25% in premarket on Thursday, but it has risen 90.36% on a year-to-date basis and 403.62% over the last year.
Twenty-five analysts, <a href="https://www.benzinga.com/quote/PLTR/analyst-ratings">tracked by Benzinga</a>, have set a consensus price target of $76.72 for Palantir with a consensus &#8216;sell&#8217; rating. The latest analyst ratings suggest a potential downside of 9.83% for the stock.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/PLTR/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="389" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063921/PLTR-ANR-new-fresh--1024x389.png" alt="" class="wp-image-979877" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063921/PLTR-ANR-new-fresh--1024x389.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063921/PLTR-ANR-new-fresh--300x114.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063921/PLTR-ANR-new-fresh--768x292.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063921/PLTR-ANR-new-fresh-.png 1296w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Benzinga Edge Stock Rankings shows that PLTR had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid at the 98.99th percentile, whereas its value ranking was poor at the 2.67th percentile; the details of all the metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063954/PLTR-edge-new-latest-1024x158.png" alt="" class="wp-image-979881" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063954/PLTR-edge-new-latest-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063954/PLTR-edge-new-latest-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063954/PLTR-edge-new-latest-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10063954/PLTR-edge-new-latest.png 1284w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were slightly lower in premarket on Thursday. The SPY was down 0.095% at $623.47, while the QQQ declined 0.049% to $555.98, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46336115/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-show-uncertainty-reigns-supreme">As Trump Calls For 3-Percentage Point Rate Cut, &#8216;Too Late&#8217; Jerome Powell To Resign, June Fed Minutes Show &#8216;Uncertainty&#8217; Reigns Supreme</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image via Shutterstock

Palantir Could Be The Next Big AI Winner, Says Dan Ives — Sees 12% PLTR Stock Surge

U.S. stock futures declined on Thursday after ending higher on Wednesday. Futures of major benchmark indices were trading lower.
President Donald Trump imposed<a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46334793/trump-sends-lula-a-letter-imposing-50-tariffs-calls-bolsonaro-trial-a-witch-hunt-brazils-president-hits-back-will-not-accept-any-form-of-tutelage"> 50% tariffs on Brazil</a>, escalating the trade tensions between the two nations. This was followed by a slew of letters posted on his Truth Social account to Japan, South Korea, and other countries, with a deadline of making a deal by Aug. 1.
Trump also urged the Federal Reserve to cut interest rates by 3%, while <a href="https://www.benzinga.com/news/politics/25/07/46336115/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-sh">June&#8217;s Fed minutes</a> were awash with words &#8220;uncertain&#8221; and &#8220;uncertainty,&#8221; over the tariffs.
The 10-year Treasury bond yielded 4.35% and the two-year bond was at 3.85%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;s</a> projections show markets pricing a 93.3% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.23%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.17%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.16%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.15%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Thursday. The SPY was down 0.13% at $623.24, while the QQQ declined 0.086% to $555.77, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From Last Session:
Information technology, utilities, and communication services stocks led the gains on Wednesday, driving U.S. stocks higher.
Investors largely overlooked fresh trade uncertainty, encouraged by the White House&#8217;s delay of new tariffs to Aug. 1st and renewed hopes for negotiations.
In contrast, energy and consumer staples stocks bucked the broader market trend, ending the session in the red.
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) once again dominated headlines, reaching a staggering <a href="https://www.benzinga.com/markets/market-summary/25/07/46328569/wall-street-today-tariffs-nvidia-4-trillion">$4 trillion market capitalization</a> and cementing its position as the world&#8217;s most valuable company. It plans to introduce a new AI chip specifically for the Chinese market as early as September.
On the economic data front, U.S. wholesale inventories saw a 0.3% month-over-month decline in May, falling to $905.5 billion, which was consistent with preliminary estimates and followed a 0.1% increase in the prior month.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>0.94%</td>
<td>20,611.34</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.61%</td>
<td>6,263.26</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>0.49%</td>
<td>44,458.30</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1.07%</td>
<td>2,252.49</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The senior global market strategist at Wells Fargo, Scott Wren, highlighted that the resurfaced tariff negotiations after a 90-day pause have again started to impact global stock and bond markets.
He said that &#8220;Some potentially serious trade frictions were just around the corner, ready to rear their ugly heads and impact global stock and bond markets.&#8221;
Wren highlighted that the first 90-day pause of largely reciprocal tariffs with a number of important trading partners was due to expire today, July 9. But as the financial markets woke up and got ready to go on Monday morning, the headlines hit the newswires that the pause was being pushed back to Aug. 1, and letters were going out to various trading partners encouraging them to come to an agreement with the U.S. by this new date.
&#8220;The upcoming expiration of the 90-day tariff pause on Aug. 12 with China are just a big reminder that we are still in the early stages of hammering out what U.S. trade relationships with our largest global trade partners will be,&#8221; he said.
Granted, the magnitude of implementation has been uneven and inconsistent in recent months, Wren said that &#8220;U.S. consumers have yet to see the full effect of tariffs at this point.&#8221;
&#8220;Consumers are in many cases buying goods that were inventoried by sellers prior to the application of tariffs. Once those inventories are depleted and are replaced with goods that are subject to tariffs, we would expect to see goods inflation increase into the end of this year and in the early months of 2026,&#8221; he said.
Wren added that &#8220;Rising inflation is likely to increase market worries as market consensus calls for two rate cuts in 2025.&#8221;
Meanwhile, talking about inflation, Louis Navellier of Navellier &amp; Associates stated that &#8220;I am expecting favorable inflation reports and for retail sales to have picked up a bit from May's slow pace.&#8221;
&#8220;Economic activity appears to be picking up, so both business and consumer sentiment should be rising,&#8221; he added.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 
Upcoming Economic Data
Here&#8217;s what investors will keep an eye on Thursday:
<ul class="wp-block-list">
<li>Initial jobless claims data for the week ended July 5 will all be out by 8:30 a.m. ET.</li>
<li>St Louis Fed President Alberto Musalem will speak at 10:00 a.m., and San Francisco Fed President Mary Daly will speak at 2:30 p.m. ET.</li>
</ul>
Stocks In Focus:
<ul class="wp-block-list">
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rose 0.71% in premarket on Thursday after scaling a record market capitalization of over $4 trillion on Wednesday.</li>
<li>WK Kellogg Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) zoomed 52.86% on a report that Ferrero is nearing an agreement to buy the breakfast food company for about $3 billion.</li>
<li>Klotho Neurosciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLTO#NASDAQ">KLTO</a>) surged 54.74% as the company was granted FDA Orphan Drug designation for KLTO-202 for the treatment of amyotrophic lateral sclerosis.</li>
<li>Creative Medical Technology Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELZ#NASDAQ">CELZ</a>) tumbled 27% as it received a notice of allowance for a U.S. patent titled "Treatment Of Heart Failure And/Or Post Infarct Pathological Remodeling By Ex Vivo Reprogrammed Immune Cells."</li>
<li>Methode Electronics Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MEI#NYSE">MEI</a>) dropped 14.29% after the company reported a fourth-quarter adjusted EPS miss.</li>
<li>AZZ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZZ#NYSE">AZZ</a>) was 0.60% higher after posting better-than-expected earnings for its first quarter, while sales missed estimates. The company raised its FY2026 adjusted EPS guidance from $5.50-$6.10 to $5.75-$6.25.</li>
<li>Kraft Heinz Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>) was up 0.53% after it agreed to sell its infant and specialty food business in Italy to NewPrinces S.p.A.</li>
<li>Conagra Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>) was up 0.79% as analysts expect it to report earnings of 58 cents per share on revenue of $2.83 billion before the opening bell.</li>
<li>Delta Air Lines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) was 0.24% lower as it is expected to report earnings before the market opens. Analysts estimate earnings of $2.05 per share on revenue of $15.45 billion.</li>
<li>Helen of Troy Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HELE#NASDAQ">HELE</a>) advanced 1.29% as analysts expect it to report earnings of 90 cents per share on revenue of $398.20 million before the opening bell.</li>
</ul>
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading lower in the early New York session by 0.53% to hover around $68.01 per barrel.
Gold Spot US Dollar rose 0.35% to hover around $3,325.28 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.16% at the 97.3950 level.
Asian markets ended mostly higher on Thursday, except India's S&amp;P BSE Sensex and Japan's Nikkei 225 indices. Meanwhile, South Korea's Kospi, Hong Kong's Hang Seng, Australia's ASX 200, and China&#8217;s CSI 300 indices rose. European markets were higher in early trade.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/07/46336115/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-sh">As Trump Calls For 3-Percentage Point Rate Cut, &#8216;Too Late&#8217; Jerome Powell To Resign, June Fed Minutes Show &#8216;Uncertainty&#8217; Reigns Supreme</a></li>
</ul>
Photo courtesy: godongphoto / Shutterstock.com

CELZ

HELE

KLTO

US Stocks Likely To Open Lower A Day After Nasdaq Hits Record High: Nvidia, Kellogg, Klotho In Focus

Billionaire Bill Ackman said that he was &#8220;bullish&#8221; as the money market funds hit a record, hinting that any rate cuts could direct these monies into the equity markets.
What Happened: The founder and CEO of Pershing Square Capital Management, L.P., emphasized his &#8220;bullish&#8221; view while highlighting an X post by Barchart, which underscored that the money market funds hit a staggering $7.4 trillion as of the most recent data.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bullish <a href="https://t.co/3J2BlUtu6W">https://t.co/3J2BlUtu6W</a>
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1943132743421886792?ref_src=twsrc%5Etfw">July 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Ackman&#8217;s stance reflected optimism, suggesting this capital could flood into equities if interest rates drop. This was supported by historical data from 40 years showing that a rate cut follows solid gains for the S&amp;P 500 over one to three years, as highlighted <a href="https://www.forbes.com/sites/johnjennings/2024/10/21/how-the-stock-market-performs-after-federal-reserve-rate-cuts/">by</a> Forbes.
During volatile times, investors increasingly <a href="https://www.benzinga.com/markets/bonds/25/06/46087443/money-market-funds-on-fire-as-902-billion-pours-in-why-these-safe-haven-investments-are-thriving-now">favor money market funds</a> or cash equivalents, a clear sign of heightened caution amid ongoing economic uncertainty and fluctuating interest rate outlooks. &#8211;
However, the Federal Reserve and its Chair Jerome Powell remain unfazed and continue to be in the &#8220;wait-and-see&#8221; mode as the <a href="https://www.benzinga.com/news/politics/25/07/46336115/as-trump-calls-for-3-percentage-point-rate-cut-too-late-jerome-powell-to-resign-june-fed-minutes-show-uncertainty-reigns-supreme">June Fed minutes</a>, released Wednesday, mentioned the words &#8220;uncertain&#8221; and &#8220;uncertainty&#8221; around 28 times. 
The possibility of a tariff-induced inflation has kept some Federal Open Market Committee members on hold, while some participants are ready to start cutting again.
See Also: <a href="https://www.benzinga.com/markets/hedge-funds/25/07/46290114/bill-ackman-bets-over-60-of-pershing-squares-portfolio-in-these-4-stocks-uber-hhh-and-more">Bill Ackman Bets Over 60% Of Pershing Square&#8217;s Portfolio In These 4 Stocks: UBER, HHH And More</a>
Why It Matters: While Ackman sees this as a bullish sign, Chamath Palihapitiya sounded an alarm that the markets were &#8220;<a href="https://www.benzinga.com/markets/25/05/45610672/market-is-risk-off-chamath-palihapitiya-flags-rising-investor-fear-as-money-market-fund-assets-hit-724-trillion">risk-off</a>&#8221; in May, when these funds had scaled $7.24 trillion. 
Meanwhile, Fundstrat&#8217;s Tom Lee said that most of his institutional clients <a href="https://www.benzinga.com/markets/equities/25/07/46260136/tom-lee-says-institutional-investors-hate-this-v-shaped-rally-with-7-trillion-on-sidelines-sees-3-drivers-for-more-gains">&#8220;hate&#8221; the V-shaped recovery</a> from April lows, as over $7 trillion of liquidity parked in the money markets has made the investors wary of the current up move in the stocks. &#8211;
However, his views were aligned with Ackman&#8217;s that once the Fed starts cutting rates, the markets are poised for further upside.
Price Action: U.S. stocks climbed Wednesday, buoyed by Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares soaring to an unprecedented $4 trillion market capitalization and a fresh all-time high, pushing the Nasdaq to close at a record high.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended higher on Wednesday. The SPY was up 0.60% at $624.06, while the QQQ advanced 0.71% to $556.25, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
On Thursday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading lower.
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/technicals/25/07/46314880/soundhoud-ai-stock-jumps-amid-ai-push-but-this-technical-indicator-signals-slowdown-and-reversal-in-rally">SoundHoud AI Stock Jumps Amid AI Push, But This Technical Indicator Signals Slowdown And Reversal In Rally</a></li>
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Photo courtesy: Shutterstock

Bill Ackman Cheers Money Market Funds Hitting Record $7.4 Trillion As Jerome Powell Snubs Trump's Rate Cut Demands

As the minutes of the Federal Reserve&#8217;s June meeting were released on Wednesday, the word &#8220;uncertainty&#8221; reigned supreme amid the ongoing tariff turmoil and President Donald Trump&#8216;s call to cut rates by 3 percentage points.
What Happened: The words &#8220;uncertain&#8221; and &#8220;uncertainty&#8221; appeared 28 times in the June 17-18 meeting minutes, and Fed Chair Jerome Powell mentioned the two words 19 times, as highlighted by Ed Yardeni from Yardeni Research.
&#8220;Most of the uncertainty faced by Fed officials has to do with Trump&#8217;s Tariff Turmoil (TTT). Collectively, they are leaning toward lowering the federal funds rate. But they are in no hurry to do so since they are worried that TTT might still boost inflation,&#8221; he said.
Meanwhile, the chief economist at LPL Financial, Jeffrey Roach, said that the key takeaways from the Federal Open Market Committee&#8217;s June 18 policy meeting suggested &#8220;The FOMC is comfortable remaining in wait-and-see mode. Despite headwinds, the economy continues to trudge along, giving policymakers time to assess the projected impact from tariffs.&#8221;
This comes amid Trump&#8217;s call for slashing the interest rates by 3%, highlighting that Powell was "Too Late" and it &#8220;is costing the U.S. 360 Billion Dollars a Point, PER YEAR, in refinancing costs.&#8221;
<figure class="wp-block-image size-full"><a href="https://truthsocial.com/@realDonaldTrump/posts/114823635614745836"><img loading="lazy" decoding="async" width="678" height="205" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10020019/Trump-truth-social-fed.png" alt="" class="wp-image-979391" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10020019/Trump-truth-social-fed.png 678w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/10020019/Trump-truth-social-fed-300x91.png 300w" sizes="(max-width: 678px) 100vw, 678px" /></a></figure>
Trump has hinted at announcing Powell&#8217;s replacement and called for his <a href="https://www.benzinga.com/news/politics/25/07/46237506/trump-says-jerome-powell-should-resign-immediately-after-fhfa-director-alleges-fed-chair-lied-about-2-5-billion-renovation-plan">resignation</a> on multiple occasions because of the Fed&#8217;s &#8220;wait-and-see&#8221; stance.
On Wednesday, Trump also imposed <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46334793/trump-sends-lula-a-letter-imposing-50-tariffs-calls-bolsonaro-trial-a-witch-hunt-brazils-president-hits-back-will-not-accept-any-form-of-tutelage">50% tariffs on Brazil</a>, escalating the trade tensions between the two nations. This was followed by a slew of letters posted on his Truth Social account to Japan, South Korea and other countries, with a deadline of making a deal by Aug. 1.
See Also: <a href="https://www.benzinga.com/markets/equities/25/07/46313514/warren-buffetts-quiet-dividend-play-9-high-yield-stocks-held-by-a-berkshire-subsidiary">Warren Buffett&#8217;s Quiet Dividend Play: 9 High-Yield Stocks Held By A Berkshire Subsidiary</a>
Why It Matters: According to the Fed Minutes takeaways, the FOMC members were also concerned about stagflation risks if inflation proved persistent while employment weakened.
&#8220;Surprisingly, members thought the uncertainty about inflation and the economic outlook had decreased. Yet, committee members wanted to take a careful approach in adjusting monetary policy,&#8221; said Roach.
The FOMC members also acknowledged that lower and moderate-income households were switching to lower-cost items, and these households could be disproportionately affected by tariff-related price increases.
Roach added that at LPL, they expect next week's inflation data to show a reacceleration, giving the Fed more reason to keep rates elevated. &#8220;We don't expect inflation readings will improve until later this year,&#8221; he added.
Price Action: U.S. stocks climbed Wednesday, buoyed by Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares soaring to an unprecedented $4 trillion market capitalization and a fresh all-time high, pushing the Nasdaq to close at a record high.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended higher on Wednesday. The SPY was up 0.60% at $624.06, while the QQQ advanced 0.71% to $556.25, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
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<li><a href="https://www.benzinga.com/markets/hedge-funds/25/07/46290114/bill-ackman-bets-over-60-of-pershing-squares-portfolio-in-these-4-stocks-uber-hhh-and-more">Bill Ackman Bets Over 60% Of Pershing Square&#8217;s Portfolio In These 4 Stocks: UBER, HHH And More</a></li>
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Photo courtesy: Domenico Fornas / Shutterstock.com

As Trump Calls For 3-Percentage Point Rate Cut, 'Too Late' Jerome Powell To Resign, June Fed Minutes Show 'Uncertainty' Reigns Supreme

Wall Street rose on Wednesday as investors shrugged off fresh trade uncertainty after the White House delayed the start of new tariffs to Aug. 1, raising hopes for <a href="https://www.benzinga.com/topic/tariffs">new rounds of negotiations.</a>
This came just a day after President Donald Trump floated sweeping tariffs, including a 50% tariff on copper and a potential 200% tariff on pharmaceuticals, though the latter may include a grace period.
The Russell 2000 led the charge, rising 0.7% to 2,244, as small-cap stocks continued to rebound. 
The Nasdaq 100 gained 0.5%, climbing to 22,815, supported by strength in megacap tech names. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) grabbed headlines once again, with its market capitalization hitting $4 trillion, solidifying its lead as the world's most valuable company. According to the <a href="https://www.ft.com/content/e496f80f-1789-46b3-9275-a3f54344047e">Financial Times</a>, Nvidia is planning to launch a new AI chip designed specifically for China as soon as September. 
The S&amp;P 500 added 0.4%, trading at 6,250, while the Dow Jones Industrial Average inched 0.3% higher. 
Sector performance was mixed, with utilities outperforming while consumer staples lagged.
In the bond market, Treasury yields fell 5 basis points ahead of a key 10-year auction later in the day. The U.S. dollar index held steady, ahead of the Federal Reserve's minutes from the June FOMC meeting, released on Wednesday afternoon.
Oil prices climbed for a third consecutive session, rising to $69 per barrel, while gold held flat at $3,325. In crypto, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advanced 0.9% to $109,235, trading just 2.5% below its all-time highs set in May.
<h2 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Major Indices </td>
<td>Price</td>
<td>1-day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,244.10</td>
<td>0.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>22,815.57</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>6,250.79</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>44,388.59</td>
<td>0.3%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated by 1:20 p.m. ET </figcaption></figure>
According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:
<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) rose 0.4% to $572.28.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.3% higher to $443.81.</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>)&nbsp;rose 0.4% to $554.81.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.7% to $222.70.</li>
<li>The&nbsp;Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 0.8%; the&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 1%.</li>
</ul>
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul class="wp-block-list">
<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) climbed nearly 5% after delivering 60 aircraft in June, a 27% increase from a year ago. The monthly total included sales to Chinese customers, appearing for the first time in months—a potential sign of recovery for the planemaker.</li>
<li>AES Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>) jumped 17% following a Bloomberg report that the renewable energy company is considering strategic alternatives, including a potential sale, as large investment firms express interest in a takeover.</li>
<li>Verona Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRNA#NASDAQ">VRNA</a>) soared 21% to $104.80 after Merck &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) announced a $10 billion deal to acquire the biotech firm, which specializes in treatments for lung diseases.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46314139/polymarket-bettors-see-50-chance-of-fed-september-rate-cuts-as-trump-turns-up-heat-on-powell">Polymarket Bettors See 50% Chance Of Fed September Rate Cuts As Trump Turns Up Heat On Powell </a></li>
</ul>
Photo: Shutterstock

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