After a brief and cautious rebound on Wednesday, risk-off sentiment returned sharply on Thursday, with AI-linked stocks leading a broad selloff across Wall Street and renewed <a href="https://www.benzinga.com/crypto">pressure hitting crypto markets.</a>



Investors grappled with mixed corporate earnings and fresh concerns over the labor market after a private report showed a<a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48691213/americas-layoff-crisis-deepens-as-ai-quietly-replaces-workers"> spike in layoffs last month. </a>Despite clear signs of a cooling job market, comments from Federal Reserve officials dampened hopes for further rate cuts. 



Chicago Fed President Austan Goolsbee said he remains hesitant to continue the easing cycle, while Cleveland Fed President Beth Hammack echoed that it's "not obvious" the Fed should cut again given the current inflation backdrop.



The S&amp;P 500 fell 1%, the Nasdaq 100 dropped 1.8%, and the Dow Jones Industrial Average lost 0.9%. All major sectors traded lower except energy.



In earnings news, Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>) plunged nearly 10%, on track for its worst day since April, despite beating Wall Street expectations last quarter. The move extends a recent trend of strong results sparking weak price reactions among high-flying stocks such as Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>). Palantir slumped for a third straight session and is now down roughly 15% since Monday's close.



QUALCOMM Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QCOM">QCOM</a>) also topped estimates but slid about 5% after management guided for slightly weaker licensing revenue ahead. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) dropped 3% after CEO Jensen Huang warned that the U.S. risks falling behind China in the AI race.



In crypto markets, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 1.7% to around $101,000, resuming its decline after a short-lived pause. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) dropped 4%.



<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>1-day %Chg</td></tr><tr><td>Dow Jones</td><td>46,887.79</td><td>-0.9%</td></tr><tr><td>S&amp;P 500</td><td>6,725.24</td><td>-1.0%</td></tr><tr><td>Nasdaq 100</td><td>25,155.47</td><td>-1.8%</td></tr><tr><td>Russell 2000</td><td>2,419.30</td><td>-1.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:20 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/quote/VOO">VOO</a>) fell 1.1% to $615.85.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) fell 1% to $468.69.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)&nbsp;dropped 1.8% to $611.88.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) sunk 1.8% to $240.41.</li>



<li>The&nbsp;Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLE">XLE</a>) outperformed, up 1%; the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLY">XLY</a>) lagged, down 2.6%.</li>
</ul>



<h2 class="wp-block-heading">Thursday&#8217;s Earnings Movers</h2>



<ul class="wp-block-list">
<li>Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>) </li>



<li>QUALCOMM Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QCOM">QCOM</a>)</li>



<li>IonQ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IONQ">IONQ</a>) down 1.2%</li>



<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ARM">ARM</a>) down 2.6%</li>



<li>AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/APP">APP</a>) up 1.8%</li>



<li>Duolingo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DUOL">DUOL</a>) down 26.9%</li>



<li>Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/FTNT">FTNT</a>) down 7.2%</li>



<li>e.l.f. Beauty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ELF">ELF</a>) down 34.5%</li>



<li>Joby Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JOBY">JOBY</a>) down 4.5%</li>



<li>Eos Energy Enterprises Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EOSE">EOSE</a>) up 1.2%</li>



<li>DoorDash Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DASH">DASH</a>) down 15.4%</li>



<li>Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LYFT">LYFT</a>) up 7.1%</li>



<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SNAP">SNAP</a>) up 10.2%</li>



<li>Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LCID">LCID</a>) up 0.3%</li>



<li>FIGS Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FIG">FIG</a>) down 0.9%</li>



<li>Fair Isaac Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FICO">FICO</a>) up 6.5%</li>



<li>Centrus Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LEU">LEU</a>) down 14.5%</li>



<li>Dutch Bros Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BROS">BROS</a>) down 3.0%</li>



<li>The Honest Company Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HNST">HNST</a>) down 23.5%</li>



<li>HubSpot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HUBS">HUBS</a>) down 17.8%</li>



<li>Redwire Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RDW">RDW</a>) down 15.6%</li>



<li>Sezzle Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SEZL">SEZL</a>) down 6.4%</li>



<li>AMC Entertainment Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AMC">AMC</a>) up 2.6%</li>



<li>Root Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ROOT">ROOT</a>) down 11.9%</li>



<li>Enovix Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ENVX">ENVX</a>) down 23.1%</li>



<li>Energy Transfer LP (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ET">ET</a>) down 0.2%</li>



<li>Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ALB">ALB</a>) down 0.3%</li>



<li>Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COHR">COHR</a>) up 14.9%</li>



<li>Talen Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TLN">TLN</a>) down 4.9%</li>



<li>Devon Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DVN">DVN</a>) flat (down 0.02%)</li>



<li>Paycom Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PAYC">PAYC</a>) down 12.4%</li>



<li>American Superconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMSC">AMSC</a>) down 35.0%</li>



<li>Celsius Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CELH">CELH</a>) down 26.5%</li>



<li>D-Wave Quantum Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/QBTS">QBTS</a>) down 7.5%</li>



<li>Oscar Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/OSCR">OSCR</a>) up 2.3%</li>



<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VST">VST</a>) down 3.7%</li>



<li>Datadog Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DDOG">DDOG</a>) up 19.3%</li>



<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MRNA">MRNA</a>) up 2.4%</li>



<li>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/WBD">WBD</a>) up 0.5%</li>



<li>Shift4 Payments Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FOUR">FOUR</a>) up 2.9%</li>



<li>Under Armour Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UA">UA</a>) down 3.1%</li>



<li>CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CYBR">CYBR</a>) down 2.5%</li>



<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COP">COP</a>) down 1.4%</li>



<li>NRG Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NRG">NRG</a>) down 3.9%</li>



<li>Jumia Technologies AG (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/JMIA">JMIA</a>) down 7.3%</li>



<li>AstraZeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AZN">AZN</a>) up 3.6%</li>



<li>Smith &amp; Nephew plc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SN">SN</a>) up 7.7%</li>



<li>Novavax Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVAX">NVAX</a>) up 0.1%</li>



<li>YETI Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/YETI">YETI</a>) up 4.1%</li>



<li>DuPont de Nemours Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DD">DD</a>) down 1.6%</li>



<li>Aspen Aerogels Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ASPN">ASPN</a>) down 42.7%</li>
</ul>



Stocks slated to report earnings after the close include SoundHound AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SOUN">SOUN</a>), Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ABNB">ABNB</a>), The Trade Desk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TTD">TTD</a>), Iris Energy Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/IREN">IREN</a>), Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ACHR">ACHR</a>), NuScale Power Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SMR">SMR</a>), DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DKNG">DKNG</a>), Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/OPEN">OPEN</a>), Affirm Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AFRM">AFRM</a>), XYZ Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XYZ">XYZ</a>), MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MP">MP</a>), Take-Two Interactive Software Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TTWO">TTWO</a>), Monster Beverage Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MNST">MNST</a>), Innodata Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/INOD">INOD</a>), U.S. Rare Earths Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/USAR">USAR</a>), Peloton Interactive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PTON">PTON</a>), Main Street Capital Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MAIN">MAIN</a>), Texas Roadhouse Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TXRH">TXRH</a>), AbCellera Biologics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ABCL">ABCL</a>), Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RUN">RUN</a>), Wynn Resorts Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/WYNN">WYNN</a>), Microchip Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MCHP">MCHP</a>), Amprius Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AMPX">AMPX</a>), Dropbox Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DBX">DBX</a>), StoneCo Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/STNE">STNE</a>), indie Semiconductor Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/INDI">INDI</a>), Sweetgreen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SG">SG</a>), Bill Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BILL">BILL</a>), Doximity Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DOCS">DOCS</a>), and GigaCloud Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GCT">GCT</a>).



Read now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/legal/25/11/48692983/supreme-court-trump-tariffs-ruling-odds-ieepa-refunds">Supreme Court May Sink Trump&#8217;s Tariffs—But Don&#8217;t Expect Them To Disappear</a></li>
</ul>



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AI Stocks Slide Again, Bitcoin Dips Near $100,000: What's Moving Markets Thursday?

China&nbsp;has reportedly resumed its U.S. wheat purchases after a pause of more than a year, following the recent meeting between the leaders of the two countries, indicating a <a href="https://www.benzinga.com/news/politics/25/10/48519309/trump-concludes-amazing-meeting-with-xi-jinping-teases-pretty-soon-trade-deal">potential reduction</a> in trade tensions.



<h2 class="wp-block-heading">A &#8216;Political&#8217; Move By China?</h2>



China has procured two cargoes of U.S. wheat. The purchase of approximately 120,000 metric tons of U.S. wheat for December shipment includes one cargo of U.S. soft white wheat and one of spring wheat, Reuters reported on Thursday. This marks the first such purchase since October 2024 and is seen as a positive sign for the trade relationship between the two nations. 



Another encouraging development on the trade front is the resumption of U.S. sorghum exports to China following the meeting between Presidents Donald Trump and Chinese President Xi Jinping, the chairman of the U.S. Grains and BioProducts Council, Mark Wilson, confirmed to Reuters.



One Singapore-based grains trader, with direct knowledge of the deals, told the publication that the purchase is a &#8220;political&#8221; move to display China&#8217;s commitment to buying U.S. grains, despite U.S. wheat not being the &#8220;cheapest&#8221; option.



Ahead of the Trump-Xi meeting, there were also reports that China had <a href="https://www.benzinga.com/markets/commodities/25/10/48485186/china-reportedly-resumes-us-soybean-purchases-before-trump-xi-meeting">resumed the purchase </a>of soybeans ordered approximately 180,000 metric tons to be shipped in December. 



<h2 class="wp-block-heading">Trade Truce Brings Fragile Calm, Say Experts</h2>



The recent developments in the U.S.-China trade relationship have been significant. China&#8217;s decision to <a href="https://www.benzinga.com/news/politics/25/11/48645413/china-eases-us-tariffs-scraps-farm-levies-as-trump-cuts-fentanyl-duties-in-fresh-trade-truce">ease tariffs</a> on U.S. goods and scrap 15% farm levies following a trade truce with the U.S. has been a crucial step in improving trade relations. Meanwhile, the U.S. also slashed fentanyl tariffs on China by 10%.



Additionally, China&#8217;s agreement to&nbsp;<a href="https://www.benzinga.com/news/politics/25/11/48584226/us-says-china-agreed-to-effectively-eliminate-restrictions-on-rare-earth-mineral-exports-following-trade-truce">lift restrictions on rare earth mineral exports</a>&nbsp;as part of a broader trade deal has further indicated a willingness to cooperate with the U.S.



While both sides may be experiencing a brief respite, <a href="https://www.benzinga.com/news/politics/25/10/48542492/trump-xi-meeting-us-china-trade-deal-war-tariffs-fentanyl-nvidia-tech-taiwan-semiconductors-exports-rare-earths">underlying tensions</a> persist, as per experts. &#8220;The worst of the trade war appears to be behind us,&#8221; said Roman Ziruk, senior analyst at Ebury, &#8220;but the relationship will need to be managed carefully.&#8221; 



Louise Loo, head of Asia economics at Oxford Economics, cautioned that "the four Ts"—Taiwan, transshipments, TikTok, and technology—remain sticking points, making the current calm "more of a pause than a pivot."



READ NEXT:



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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.

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China Resumes US Wheat Purchases After Trump-Xi Talks As Trade Tensions Ease: Report

Wall Street repriced a $500 billion event in a single day, and most retail investors completely missed it.



When the <a href="https://www.scotusblog.com/2025/10/trumps-tariffs-face-supreme-court-scrutiny/" rel="nofollow">Supreme Court questioned Trump administration lawyers</a> about tariff legality on November 5th, something strange happened in financial markets. Treasury bond yields (the interest rate the government pays to borrow money) spiked to their highest level in a month. At the same time, <a href="https://polymarket.com/event/will-the-supreme-court-rule-in-favor-of-trumps-tariffs" rel="nofollow">prediction markets where traders bet real money crashed</a> from 50% odds that Trump&#8217;s tariffs would survive to just 30% by day&#8217;s end.



But this part should make every investor pay attention: Hedge funds have been buying up hundreds of millions of dollars in <a href="https://finance.yahoo.com/news/wall-street-bets-tariff-refunds-195136204.html" rel="nofollow">tariff refund claims from struggling importers</a>, paying just 20 to 40 cents for every dollar the government might owe back.



More than just speculation, this is smart money making a calculated bet with real capital. The implications for your portfolio, your mortgage rate, and your monthly grocery bill are bigger than you might think.



<h2 class="wp-block-heading">Markets Fear Trump Losing, Not Winning</h2>



In reality, markets aren&#8217;t worried that Trump might win his tariff case at the Supreme Court. They&#8217;re worried he might lose it.



Think about it like this: Imagine your employer suddenly announced they might have to refund half of everyone&#8217;s paychecks from the past year, with interest. Where would that money come from? They&#8217;d have to borrow it, and fast.



That&#8217;s the situation facing the U.S. Treasury. Since April 2025, the government has collected roughly $89 billion specifically from Trump&#8217;s tariffs imposed under emergency powers. If the Supreme Court rules these tariffs were illegal, every penny has to be refunded with interest calculated from the day each payment was made.



By the time a Supreme Court decision comes down (likely before the end of 2025 or early 2026), that bill could exceed $500 billion when you include interest compounding at current Treasury rates of about 5-6% annually.



<h2 class="wp-block-heading">How Hedge Funds Are Profiting</h2>



This is where it gets interesting for regular investors trying to understand what the smart money is doing.



Companies that import goods (a furniture retailer bringing in sofas from Vietnam or an electronics distributor shipping tablets from China) have been paying these tariffs for months. Many of these businesses are cash-strapped. They need money today, not in 12-24 months when the government might issue refunds.



Enter the hedge funds. Firms like Jefferies Financial Group and Oppenheimer &amp; Co. are acting as brokers in a brand new market: <a href="https://www.orrick.com/en/Insights/2025/09/Preserving-and-Purchasing-Tariff-Refund-Claims" rel="nofollow">tariff refund claims</a>. They connect hedge funds willing to pay immediate cash with importers who need money now.



The math works like this: If an importer paid $1 million in tariffs and the Supreme Court strikes them down, the government owes that $1 million back plus interest. Let&#8217;s say $1.05 million after a year. A hedge fund might offer the importer $400,000 today (<a href="https://themacrocompass.substack.com/p/supreme-court-vs-tariffs-a-guide" target="_blank" rel="noreferrer noopener nofollow">40 cents on the dollar</a>). The importer gets immediate cash to cover operating expenses. The hedge fund waits for the government refund and pockets the difference: $650,000 profit on a $400,000 investment.



Wall Street is willing to deploy real capital into these trades in the <a href="https://www.wttlonline.com/stories/tariff-refund-preparations,14421" target="_blank" rel="noreferrer noopener nofollow">$2 million to $20 million range</a>. That tells you how seriously they&#8217;re taking the possibility of tariff invalidation.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Treasury</th><th>Yield (%)</th><th>Change (%)</th><th>Interpretation</th></tr></thead><tbody><tr><td>US 1-MO</td><td>3.919</td><td>-0.021</td><td>Slight retreat</td></tr><tr><td>US 2-MO</td><td>3.939</td><td>-0.013</td><td>Slight retreat</td></tr><tr><td>US 3-MO</td><td>3.885</td><td>-0.005</td><td>Essentially flat</td></tr><tr><td>US 4-MO</td><td>3.870</td><td>-0.008</td><td>Slight retreat</td></tr><tr><td>US 6-MO</td><td>3.823</td><td>+0.021</td><td>Minor rise</td></tr><tr><td>US 1-YR</td><td>3.705</td><td>+0.032</td><td>Starting to climb</td></tr><tr><td>US 2-YR</td><td>3.632</td><td>+0.048</td><td>Notable rise</td></tr><tr><td>US 3-YR</td><td>3.646</td><td>+0.055</td><td>Notable rise</td></tr><tr><td>US 5-YR</td><td>3.764</td><td>+0.063</td><td>Sharp rise</td></tr><tr><td>US 7-YR</td><td>3.950</td><td>+0.066</td><td>Sharp rise</td></tr><tr><td>US 10-YR</td><td>4.159</td><td>+0.068</td><td>Sharp rise (one-month high)</td></tr><tr><td>US 20-YR</td><td>4.719</td><td>+0.072</td><td>Steepest rise</td></tr><tr><td>US 30-YR</td><td>4.739</td><td>+0.068</td><td>Steepest rise</td></tr></tbody></table><figcaption class="wp-element-caption">U.S. Treasury yields, November 5, 2025. Short-term yields (1-4 months) fell modestly while long-term yields (5+ years) rose sharply, with the 10-year and 20-year posting the largest increases. This &#8220;steepening&#8221; signals fiscal stress concerns among bond investors.</figcaption></figure>



<h2 class="wp-block-heading">Why Your &#8220;Safe&#8221; Bonds Aren&#8217;t Acting Safe Anymore</h2>



This story connects directly to your portfolio.



Most investors learned a simple rule: When the stock market gets scary, bonds provide safety. That&#8217;s why financial advisors love the <a href="https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/global-60-40-portfolio-steady-as-it-goes.html" rel="nofollow">60/40 portfolio</a> (60% stocks for growth, 40% bonds for stability).



But something unusual is happening right now, and it has everything to do with this tariff case.



Normally, when markets expect bad economic news, Treasury bond prices rise and yields fall because investors rush to the safety of U.S. government debt. It&#8217;s called a flight to safety.



But in this tariff situation, the opposite is happening. Treasury yields are rising (which means bond prices are falling) even though the expected outcome (tariff removal) should be good for the economy.



Why? Because investors are looking past the initial positive effects and seeing a fiscal nightmare.



If the Supreme Court invalidates the tariffs, the government loses about $89-150 billion per year in revenue going forward, while simultaneously owing $500+ billion in refunds from past collections. That&#8217;s a double punch to the federal budget.



To cover this unexpected hole, the Treasury Department has to borrow more money by issuing more bonds. When the supply of bonds increases faster than demand, bond prices fall and yields (interest rates) rise. Basic supply and demand.



Think of it like a company announcing a massive secondary stock offering: If Apple suddenly announced it&#8217;s issuing 500 million new shares to raise emergency cash, the current share price would drop (because there are far more shares available than buyers willing to buy them at the current price). The same principle applies when the Treasury floods the bond market.



<h2 class="wp-block-heading">The Hidden Foreign Investor Angle</h2>



There&#8217;s yet this missing detail, but it explains a lot about why this is happening now: Japanese investors have been big sellers of U.S. Treasury bonds in recent months.



In April alone, <a href="https://www.ainvest.com/news/overseas-investors-sell-46-848-billion-treasuries-tariff-uncertainty-2506/" target="_blank" rel="noreferrer noopener nofollow">overseas investors (primarily from Japan) sold about $46.8 billion</a> in long-dated Treasury bonds. Why does this matter?



Japanese investors have been borrowing money in yen (where interest rates are near zero) and investing it in higher-yielding U.S. Treasuries to pocket the difference. It&#8217;s called a carry trade. But tariff uncertainty creates risk: If trade tensions escalate or currency markets get volatile, these investors need to sell their Treasury holdings quickly to repay their yen loans.



When large foreign investors pull back from buying U.S. bonds, the Treasury has to offer higher interest rates (yields) to attract new buyers. That&#8217;s another reason yields have been climbing.



<h2 class="wp-block-heading">What This Means for Your Real Life</h2>



Let me make this concrete with how it affects your actual finances:



<ul class="wp-block-list">
<li>Your grocery bill: If tariffs are struck down, import costs fall, and eventually prices at Walmart, Target, and your local grocery store should come down. This is the good news.</li>



<li>Your 401(k): Your stock holdings (especially if you own companies that rely on imports like retailers, tech companies, manufacturers) could see a rally as their costs decrease. But your bond holdings will likely fall in value as yields rise. The traditional bonds-protect-you-when-stocks-fall rule might not work this time.</li>



<li>Your mortgage rate: Treasury yields spike because the government needs to borrow $500 billion unexpectedly, mortgage rates could rise even though the underlying economy is doing okay. If you&#8217;re planning to buy a house or refinance, this is the dynamic to watch. Mortgage rates tend to follow the 10-year Treasury yield.</li>



<li>Your &#8220;safe&#8221; bond fund: If you own bond mutual funds or bond ETFs in your retirement account, understand that they&#8217;re acting more like risk assets right now, not safe havens. When yields rise, existing bond prices fall. A 1% rise in yields can cause a 7-10% drop in long-term bond prices.</li>
</ul>



<h2 class="wp-block-heading">The Winners and Losers</h2>



If the Supreme Court invalidates Trump&#8217;s tariffs:



Winners:



<ul class="wp-block-list">
<li>Import-heavy retailers like Walmart, Target, Home Depot</li>



<li>Tech companies with complex supply chains like Apple and Dell</li>



<li>Consumers paying lower prices</li>



<li>Domestic manufacturers that use imported components</li>
</ul>



Losers:



<ul class="wp-block-list">
<li>U.S. steel and aluminum producers who benefited from tariff protection</li>



<li>Treasury bond holders as bond prices fall</li>



<li>The federal government&#8217;s fiscal position</li>



<li>Anyone planning to refinance their mortgage in the next 6-12 months</li>
</ul>



<h2 class="wp-block-heading">What You Can Actually Do About This</h2>



You probably can&#8217;t access those hedge fund tariff refund trades at 20-40 cents on the dollar. Those $2-20 million deals are brokered by Jefferies and Oppenheimer to institutional money.



But you have real options.



If You Think Tariffs Get Struck Down



Certain stocks get an immediate boost when tariffs fall: Walmart, Target, Home Depot, Best Buy, Amazon. Any retailer or tech company heavy on imports.



The play: Add shares of retail-heavy ETFs like XRT (Retail ETF) (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XRT">XRT</a>) or consumer discretionary ETFs like XLY (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLY">XLY</a>) over the next few weeks. When the Supreme Court rules and tariffs fall, these stocks should pop. XLY carries a 0.10% expense ratio, XRT charges 0.39%.



The risk: If the Supreme Court upholds tariffs, you&#8217;re holding positions that sell off. Size accordingly.



If You Own Bond Funds



Remember how bond prices fall when yields rise? If you own bond mutual funds or bond ETFs, long-term Treasury bonds could decline 7-10% if yields climb further.



Two ways to protect yourself:



Move to short-duration Treasury ETFs like SHV (iShares Short Treasury Bond ETF), which holds only bonds maturing in less than one year. SHV has near-zero duration risk, meaning it barely moves when long-term yields spike. Currently yielding 4.29% with a 0.15% expense ratio.



For more aggressive protection, buy an inverse long-term Treasury ETF like PST (Inverse Long-Term Treasury ETF), which gains value when long-term Treasury yields rise and bond prices fall. The math: If you own $100,000 in long-term Treasury bonds and buy $20,000 of PST, a 1% yield increase that would normally hurt your bonds by $7,000 gets partially offset by PST gains. But inverse ETFs lose money when yields fall. This is a tactical hedge, not a buy-and-hold position. Exit it once the Supreme Court rules. PST charges 0.50%.



If You&#8217;re Planning to Buy a House or Refinance



Mortgage rates track the 10-year Treasury yield closely. If yields are rising due to tariff uncertainty, and the Supreme Court rules to invalidate tariffs, Treasury yields could fall as the fiscal panic subsides. That could mean lower mortgage rates in late 2025 or early 2026.



Wait for the Supreme Court decision before locking in a rate. If tariffs get struck down and yields fall, your mortgage rate could be 0.25-0.50% lower. On a $400,000 mortgage, a 0.25% rate difference saves roughly $60,000 over the life of the loan.



If You Have a 401(k) With Bond Allocation



If you own intermediate or long-term bond funds in your retirement account (AGG, BND, or your fund&#8217;s bond allocation), consider rotating into short-duration bond funds like SHV before the Supreme Court ruling.



You keep your fixed income allocation, but you sidestep the duration risk (the risk that bond prices fall as yields rise). Once the ruling drops and yields stabilize, rotate back to longer-duration bonds for better returns. You&#8217;re reducing unnecessary risk during a specific known event.



<h2 class="wp-block-heading">What Investors Should Watch</h2>



The Supreme Court hasn&#8217;t announced when it will rule, but based on prediction markets and legal analysts, expect a decision before year-end 2025 or early 2026.



Your early warning system: Watch the <a href="https://fred.stlouisfed.org/series/DGS10" rel="nofollow">10-year Treasury yield</a>. If it keeps climbing above 4.5% despite expectations that tariffs might fall, it means markets are pricing in bigger fiscal problems ahead. That&#8217;s the signal that the bond market is starting to worry about America&#8217;s ability to manage its debt load (a phenomenon old Wall Street hands call <a href="https://robinhood.com/us/en/learn/weekly-rundown/2oU9H2FvCaCPNjoXnU8BBQ/" rel="nofollow">bond vigilantes</a> enforcing fiscal discipline).



Trump imposed tariffs claiming they would strengthen America&#8217;s financial position. If the Supreme Court strikes them down, the fiscal fallout could be one of the biggest unplanned government expenses in modern history. According to the <a href="https://www.crfb.org/blogs/tariff-revenue-soars-fy-2025-amid-legal-uncertainty" rel="nofollow">Committee for a Responsible Federal Budget</a>, the government collected $195 billion in tariff revenue in fiscal year 2025. Your portfolio will feel it whether you&#8217;re paying attention or not. Wall Street already is.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

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Supreme Court Could Blow Up Your 60/40 Portfolio By December — Here's How To Hedge

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) is reportedly some time away from kicking off the Roadster's production following a recent job listing that sparked buzz about the highly anticipated successor to Tesla's first-ever sports car.



Check out the current price of TSLA <a href="https://benzinga.com/quote/TSLA">here</a>.



<h2 class="wp-block-heading">Production Two To Three Years Away</h2>



The production of the Roadster is at least two to three years away, according to a report <a href="https://www.businessinsider.com/tesla-roadster-elon-musk-development-updates-2025-11">by</a> Business Insider on Wednesday, citing anonymous sources familiar with the matter. According to the sources cited in the report, the latest designs for the Roadster suggest a 2-seater configuration with butterfly doors. 



Tesla did not immediately respond to <a href="https://pro.benzinga.com">Benzinga</a>'s request for comment.



<h2 class="wp-block-heading">Elon Musk Touts ‘Unforgettable' Demo</h2>



The news comes following Tesla CEO Elon Musk's appearance on an episode of the podcast hosted by media personality Joe Rogan, where he teased <a href="https://www.benzinga.com/markets/tech/25/11/48583775/elon-musk-teases-flying-car-demo-for-tesla-roadster-says-will-have-crazy-tech-better-than-james-bonds-cars">an "unforgettable" demo</a> for the Roadster, also hinting that the Roadster could be a &#8220;flying car.&#8221;



Tesla had also earlier <a href="https://www.benzinga.com/markets/tech/25/10/48035768/elon-musk-led-tesla-releases-cryptic-teasers-could-this-finally-be-affordable-model-y-or-roadster">filed for a patent</a> detailing an active aerodynamic system for the Roadster that could suck air through a series of fans to generate downforce "across varying conditions,&#8221; the filing said. The filing also mentioned that the system could be used to make the car hover by reversing the air flow.



<h2 class="wp-block-heading">Sam Altman Vs Elon Musk Over The Roadster</h2>



Meanwhile, OpenAI CEO and founder Sam Altman faced off against Musk in a series of social media posts about the former's Roadster booking. Altman alleged that Tesla had <a href="https://www.benzinga.com/markets/tech/25/10/48549741/openais-sam-altman-calls-out-tesla-after-failing-to-get-50k-roadster-refund-felt-like-a-long-time">failed to reimburse him</a> for $50,000 he paid to book the Roadster after he canceled his booking.



Altman was criticized by Musk in a post, saying that the <a href="https://www.benzinga.com/markets/tech/25/11/48580985/elon-musk-calls-out-sam-altman-over-tesla-roadster-refund-this-issue-was-fixed-and-you-received-a-refund-within-24-hours">refund was fulfilled</a> within 24 hours after the issue surfaced. Altman isn't the only one who canceled his booking for the Roadster with popular YouTuber Marques Brownlee, aka MKBHD, also canceled<a href="https://www.benzinga.com/markets/tech/25/09/47955324/tesla-roadster-booking-canceled-by-popular-youtuber-mkbhd-tesla-has-been-sitting-with-my-50-grand-for-eight-years"> one of the two Roadster reservations</a> he had made.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="204" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06041136/TSLA-NOV-6-2025-2-1024x204.jpg" alt="" class="wp-image-1151191" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06041136/TSLA-NOV-6-2025-2-1024x204.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06041136/TSLA-NOV-6-2025-2-300x60.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06041136/TSLA-NOV-6-2025-2-768x153.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06041136/TSLA-NOV-6-2025-2-1536x306.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06041136/TSLA-NOV-6-2025-2.jpg 1585w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!



Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/11/48676952/dan-ives-expects-elon-musks-1-trillion-pay-plan-to-pass-adam-jonas-warns-of-risks-ahead-of-tesla-vote">Dan Ives Expects Elon Musk&#8217;s $1 Trillion Pay Plan To Pass, Adam Jonas Warns Of Risks Ahead Of Tesla Vote</a></li>
</ul>



Photo courtesy: Around the World Photos On Shutterstock.com

TSLA

Tesla Roadster 3 Years Away From Production — Could Sport 2-Door Design Amid Elon Musk's 'Unforgettable Demo,' 'Flying Car' Claims: Report

Leading cryptocurrencies bounced back on Wednesday as President Donald Trump pledged support to the industry. 



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:00 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+2.84%</td><td>$103,435.58</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+5.06%</td><td>$3,407.30</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+8.66%</td><td>$2.34</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+5.87%</td><td>$160.85</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+4.64%</td><td>$0.1662</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Market Sentiment Sees Slight Improvement</h2>



Bitcoin saw a relief bounce, reaching an intraday high of $104,534.70. The apex cryptocurrency's spike spurred a broader rally, with Ethereum reclaiming $3,400.



The rally comes as Trump <a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48675479/trump-says-biden-was-vicious-on-crypto-but-hes-ended-the-war-on-the-industry-it-was-terrible">reiterated his promise</a> to make the U.S. a "Bitcoin Superpower" and claimed that he ended the previous administration's "War On Crypto."



Overall sentiment stayed subdued, with BTC and ETH still 18% and 31%, respectively, below their all-time highs set earlier this year.



Over $313 million was liquidated from the cryptocurrency market in the last 24 hours, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass, with short position traders bearing the brunt of the losses.



Bitcoin's open interest rose 1.59% in the last 24 hours, suggesting renewed interest among derivatives traders.



The market sentiment improved from "Extreme Fear" to "Fear," <a href="https://alternative.me/crypto/fear-and-greed-index/#google_vignette">according </a>to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency (Market Cap&gt;$100 M)</th><th>Gains +/-</th><th>Price (Recorded at 9:00 p.m. ET)</th></tr></thead><tbody><tr><td>Giggle Fund (GIGGLE )&nbsp;&nbsp;&nbsp;</td><td>+147.23%</td><td>$238.54</td></tr><tr><td>SOON (SOON)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+111.36%</td><td>$1.48</td></tr><tr><td>1inch (1INCH )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+32.22%</td><td>$0.1890 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.43 trillion, rebounding by nearly 4% in the last 24 hours.



<h2 class="wp-block-heading">Stocks Recover Amid Encouraging Labor Market Data</h2>



Stocks bounced back on Wednesday. The Dow Jones Industrial Average rallied 225.76 points, or 0.48%, to close at 47,311.00. The S&amp;P 500 gained 0.37% to end at 6,796.29, while the tech-heavy Nasdaq Composite closed up at 23,499.80.



The ADP National Employment Report showed that <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48653204/hiring-rebounds-but-its-still-too-weak-to-derail-a-december-fed-cut">42,000 jobs were added in October</a>, a reversal from the 32,000 jobs lost in September and exceeding economists&#8217; consensus forecast of 25,000, offering some optimism to investors.



Official labor market data from the Bureau of Labor Statistics remains paused due to the <a href="https://www.benzinga.com/etfs/sector-etfs/25/11/48668256/duffy-warns-of-flight-chaos-as-shutdown-extends-these-etfs-are-at-risk">ongoing government shutdown</a>.



<h2 class="wp-block-heading">Crypto Market In &#8216;Corrective&#8217; Phase</h2>



In a note shared with Benzinga, analysts at cryptocurrency payment company B2BINPAY stated that the market is in a "corrective" phase, not in a "bearish" phase.



"In our view, the $100,000 level is the most important support for Bitcoin. Holding it means that hopes for future upward movement are still in place, with potential for recovery toward $115 000–$120 000 as soon as ETF flows stabilize and macro sentiment improves," the analysts projected.



On-chain analytics firm CryptoQuant stated that Bitcoin risks plunging to $72,000 if it fails to reclaim and hold its 365-day moving average i.e, $102,000, which has historically acted as a "key technical and psychological support."



<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 is below its 365-day moving average ($102K), a key technical and psychological support level last broken at the start of the 2022 bear market. If price fails to reclaim it, data suggest the next support lies near $72K, the Traders' minimum realized price band. <a href="https://t.co/VySVce5NY9">pic.twitter.com/VySVce5NY9</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1986080638303084688?ref_src=twsrc%5Etfw">November 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/11/48666356/trader-who-lost-45-million-on-bitcoin-ethereum-solana-longs-now-turns-bearish">Trader Who Lost $45 Million On Bitcoin, Ethereum, Solana Longs Now Turns Bearish</a></li>
</ul>



Photo Courtesy: Sodel Vladyslav on Shutterstock.com

Movers

$DOGE

$SOL

$XRP

Bitcoin Recovers Amid Trump's Pro-Crypto Remarks: Ethereum, Dogecoin, XRP Also Rise: Analyst Says BTC Risks Falling To $72,000 If It Fails To Do This

The U.S. Supreme Court raised doubts regarding President Donald Trump&#8217;s authority to impose sweeping tariffs using a decades-old emergency powers law. 



<h2 class="wp-block-heading">The Use of IEEPA Questioned</h2>



During oral arguments on Wednesday, both Conservative and Liberal justices on the bench questioned Trump&#8217;s use of the International Emergency Economic Powers Act of 1977 to impose broad tariffs across all major U.S. trading partners.



The wording of the Act that was historically used to impose sanctions was questioned during the oral arguments, with Justice Amy Coney Barrett, a conservative judge appointed by Trump during his first term, asking whether it &#8220;has been used to confer tariff-imposing authority.&#8221;



See Also: <a href="https://www.benzinga.com/markets/asia/25/11/48612515/trump-has-backed-down-on-china-tariffs-says-economist-paul-krugman-the-future-now-belongs-to-china">Trump Has &#8216;Backed Down&#8217; On China Tariffs, Says Economist Paul Krugman: &#8216;The Future Now Belongs To China&#8217;</a>



Liberal Justice Ketanji Brown Jackson said the statute was intended to constrain presidential authority, stating, &#8220;It's pretty clear that Congress was trying to constrain the emergency powers of the president.&#8221;



Appearing for the administration, U.S. Solicitor General D. John Sauer argued that Trump viewed the trade deficits as an economic and national security catastrophe, adding that they helped the country negotiate better trade deals in recent months.



Sauer said that unwinding these deals &#8220;would expose us to ruthless trade retaliation by far more aggressive countries and drive America from strength to failure with ruinous economic and national security consequences.&#8221;



<h2 class="wp-block-heading">The &#8216;Major Questions&#8217; Doctrine</h2>



Conservative Chief Justice John Roberts suggested that the court could apply its &#8220;Major Questions&#8221; doctrine, which requires executive actions resulting in significant economic or political impact to be authorized by Congress. 



Roberts added that the tariffs were an &#8220;imposition of taxes on Americans, and that has always been the core power of Congress.&#8221; He, however, acknowledged that the Court has long shown deference to the President when conducting foreign policy. 



&#8220;Sure, the tariffs are a tax, and that&#8217;s a core power of Congress, but they are a foreign-facing tax, right? And foreign affairs is a core power of the executive,&#8221; he said. 



Conservative Justice Brett Kavanaugh came out in support of the administration, noting that former President Richard Nixon had similarly imposed worldwide tariffs using the IEEPA&#8217;s predecessor statute in the 1970s, which he highlighted as a good precedent. 



Neil Gorsuch, another conservative justice, disagreed with the foreign policy argument, suggesting that giving such sweeping authority to the President could undermine the separation of powers between the executive and legislative branches.



<h2 class="wp-block-heading">Trump Warns Ruling Could &#8216;Literally Destroy&#8217; The US</h2>



Ahead of the hearing, <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48295327/trump-warns-supreme-court-tariff-ruling-could-literally-destroy-the-us-well-be-struggling-for-years">Trump warned</a> that the Court&#8217;s ruling against his tariffs could &#8220;literally destroy&#8221; the United States, arguing it would leave the country &#8220;struggling for years to come.&#8221; 



His remarks underscored how central the tariffs and the legal authority behind them are to his administration's economic and foreign policy agenda.



Earlier this week, Trump had said that he <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48582680/trump-wants-to-attend-supreme-courts-hearing-on-legality-of-his-tariffs-so-badly-but-wont-not-about-me-its-about-our-country">wanted to attend</a> the court&#8217;s hearing, but decided against it, saying, &#8220;It's not about me, it's about our country,&#8221; while again reiterating the importance of the tariffs for national security and addressing the nation&#8217;s persistent global trade imbalances.



Photo Courtesy: Jack_the_sparow on Shutterstock.com



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/11/48661078/trump-tariffs-inflation-impact-ism-services-pmi-prices-paid-outlook-cpi">Trump&#8217;s Tariffs Are Quietly Fueling A New Wave Of Inflation, Economists Warn</a></li>
</ul>

Trump's Tariffs Face Doubts In Supreme Court: 'Major Questions Doctrine' Looms Large Amid Debate Over President's Emergency Powers

(Editor&#8217;s note: The future prices of benchmark tracking ETFs and the headline were updated in the story, and it has been corrected to reflect that AppLovin beat revenue estimates, not missed them)



U.S. stock futures pared earlier losses to trade higher on Thursday after Wednesday's positive close. Futures of major benchmark indices were higher.



This followed the <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48676595/trumps-tariffs-face-doubts-in-supreme-court-major-questions-doctrine-looms-large-amid-debate-over-presidents-emergency-powers">doubts raised</a> by the U.S. Supreme Court regarding President Donald Trump's authority to impose sweeping tariffs using a decades-old emergency powers law, on Wednesday.



The 10-year Treasury bond yielded 4.14% and the two-year bond was at 3.61%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 67.3% likelihood of the Federal Reserve cutting the current interest rates during its December 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>-0.06%</td></tr><tr><td>S&amp;P 500</td><td>-0.02%</td></tr><tr><td>Nasdaq 100</td><td>-0.06%</td></tr><tr><td>Russell 2000</td><td>-0.19%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 0.16% at $678.67, while the QQQ advanced 0.14% to $624.16, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Stock Market News Today &#x7C; Apple, Applovin, Qualcomm In Focus &#x7C; Nov 6, 2025" width="500" height="281" src="https://www.youtube.com/embed/YtuGGsAcyJ0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">Airbnb</h2>



<ul class="wp-block-list">
<li>Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ABNB">ABNB</a>) rose 0.041% in premarket on Thursday ahead of its earnings, scheduled to be released after the closing bell. Analysts expect it to report earnings of $2.34 per share on revenue of $4.08 billion.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that ABNB maintains a weaker price trend over the short, medium, and long terms, with a moderate value ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~: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/2025/11/06050733/ABNB-EDGE-NOV-6-1024x154.png" alt="Benzinga's Edge Stock Rankings for ABNB. " class="wp-image-1151282" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050733/ABNB-EDGE-NOV-6-1024x154.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050733/ABNB-EDGE-NOV-6-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050733/ABNB-EDGE-NOV-6-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050733/ABNB-EDGE-NOV-6.png 1162w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Apple</h2>



<ul class="wp-block-list">
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) fell 0.27% after the news that it was finalizing a deal to pay Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) about $1 billion yearly for AI technology to rebuild Siri, using the partnership as a temporary fix until 2026.</li>
</ul>



<ul class="wp-block-list">
<li>AAPL maintained a stronger price trend over the short, medium, and long terms, with a solid growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="159" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050721/AAPL-EDGE-NOV-6-1-1024x159.png" alt="Benzinga's Edge Stock Rankings for AAPL. " class="wp-image-1151280" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050721/AAPL-EDGE-NOV-6-1-1024x159.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050721/AAPL-EDGE-NOV-6-1-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050721/AAPL-EDGE-NOV-6-1-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050721/AAPL-EDGE-NOV-6-1.png 1161w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Marvell Technology</h2>



<ul class="wp-block-list">
<li>Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MRVL">MRVL</a>) soared 8% pre-market as Bloomberg reported that SoftBank Group <a href="https://www.benzinga.com/m-a/25/11/48677935/softbank-explored-taking-over-us-chipmaker-marvell-to-merge-with-arm-report">explored a potential takeover</a> of U.S. chipmaker earlier this year.</li>
</ul>



<ul class="wp-block-list">
<li>It maintained a stronger price trend over the long, short, and medium terms, with a poor value ranking. Additional performance details, as per Benzinga's Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~: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/2025/11/06050658/MRVL-EDGE-NOV-6-1024x158.png" alt="Benzinga's Edge Stock Rankings for MRVL. " class="wp-image-1151279" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050658/MRVL-EDGE-NOV-6-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050658/MRVL-EDGE-NOV-6-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050658/MRVL-EDGE-NOV-6-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050658/MRVL-EDGE-NOV-6.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Coherent</h2>



<ul class="wp-block-list">
<li>Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COHR">COHR</a>) climbed 14.31% after it reported revenue of $1.58 billion, up 17% year-on-year, and earnings of $1.16, compared to $0.67 from the same quarter in the previous fiscal year.</li>
</ul>



<ul class="wp-block-list">
<li>COHR maintains a stronger price trend over the short, medium, and long term, with a robust quality ranking. Additional information is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="153" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050604/COHR-EDGE-1024x153.png" alt="Benzinga's Edge Stock Rankings for COHR. " class="wp-image-1151277" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050604/COHR-EDGE-1024x153.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050604/COHR-EDGE-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050604/COHR-EDGE-768x115.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050604/COHR-EDGE.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Applovin</h2>



<ul class="wp-block-list">
<li>Applovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/APP">APP</a>) <a href="https://www.benzinga.com/markets/equities/25/11/48680214/applovin-surges-6-pre-market-momentum-signals-rally-may-have-more-room-to-run">jumped 6.17% pre-market</a> after reporting revenue of $1.41 billion, above analyst estimates of $1.34 billion and earnings of $2.45 per share, beating analyst estimates of $2.41 per share.</li>
</ul>



<ul class="wp-block-list">
<li>APP maintained a stronger price trend over short, medium, and long terms, with a moderate growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~: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/2025/11/06050539/APP-EDGE-NOV-6-1024x158.png" alt="Benzinga's Edge Stock Rankings for APP. " class="wp-image-1151275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050539/APP-EDGE-NOV-6-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050539/APP-EDGE-NOV-6-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050539/APP-EDGE-NOV-6-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/06050539/APP-EDGE-NOV-6.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Sectors recording the biggest gains on Wednesday included communication services, consumer discretionary, and materials, leading most S&amp;P 500 segments to close positively.



Bucking the overall market trend, however, were consumer staples and information technology, which both closed the session lower.



<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>0.65%</td><td>23,499.80</td></tr><tr><td>S&amp;P 500</td><td>0.37%</td><td>6,796.29</td></tr><tr><td>Dow Jones</td><td>0.48%</td><td>47,311.00</td></tr><tr><td>Russell 2000</td><td>1.54%</td><td>2,464.78</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



Sean Peche, Founder of Ranmore Fund Management, views the current stock market as dangerously overvalued, drawing direct parallels between the present-day AI hype and Japan's late-1980s valuation bubble.



He points to "lofty valuations and a sense of euphoria," driven by the overwhelming dominance of US tech.



Peche challenges traditional metrics, arguing that the Magnificent 7&#8217;s high capital expenditure makes net income a misleading measure. He calculates the group trades at 58x free cash flow (FCF), his preferred metric.



This valuation worsens significantly when adjusting for stock-based compensation—which he calls "a real cost to shareholders"—rising to 77x FCF.



While the catalyst for a correction is unknown, Peche warns that history shows the odds are stacked against investors at these levels.



"History has repeatedly shown us that the odds of generating attractive real returns over the medium to long term are not on your side when you pay high valuations," he states, suggesting investors should reconsider their heavy reliance on the U.S. market.



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



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Thursday;



<ul class="wp-block-list">
<li>The initial jobless claims data for the latest week will be delayed, along with third-quarter U.S. productivity data and September&#8217;s wholesale inventories data.</li>
</ul>



<ul class="wp-block-list">
<li>Fed governor Michael Barr and New York Fed President John Williams will speak at 11:00 a.m., Fed governor Christopher Waller at 3:30 p.m., Philadelphia Fed President Anna Paulson at 4:30 p.m., and St. Louis Fed President Alberto Musalem at 5:30 p.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading higher in the early New York session by 1.06% to hover around $60.23 per barrel.



Gold Spot US Dollar rose 0.83% to hover around $4,012.21 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.25% lower at the 99.9520 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 1.01% higher at $102,968.08 per coin.



Asian markets closed higher on Thursday, except India&#8217;s NIFTY 50 index. South Korea's Kospi, Japan's Nikkei 225, Australia's ASX 200, Hong Kong's Hang Seng, and China&#8217;s CSI 300 indices rose. European markets were also lower in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/11/48678389/ray-dalio-warns-feds-policy-shift-could-trigger-1999-style-melt-up-in-markets">Ray Dalio Warns Fed&#8217;s Policy Shift Could Trigger 1999-Style &#8216;Melt-Up&#8217; In Markets</a></li>
</ul>



Photo courtesy: Shutterstock

Earnings

Market Summary

Federal Reserve

Pre-Market Outlook

AAPL

GOOG

GOOGL

MRVL

Stock Market Today: S&P 500, Nasdaq Futures Pare Losses To Trade Higher—Coherent, Marvell Tech, Applovin, Apple In Focus (UPDATED)

Forge Global Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FRGE">FRGE</a>) shares jumped 53.14% in after-hours trading on Wednesday to $40.



Check out the current price of <a href="https://www.benzinga.com/quote/FRGE">FRGE stock here</a>.&nbsp;



The stock closed the regular session at $26.12, higher by 0.11%, on Wednesday, according to <a href="https://www.benzinga.com/quote/FRGE">Benzinga Pro</a> data.



<h2 class="wp-block-heading">Acquisition Reports</h2>



The Financial Times <a href="https://www.ft.com/content/ffa0dabd-7e87-4327-b788-73e8fb598de3">reported</a> on Wednesday that Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SCHW">SCHW</a>) is nearing an agreement to acquire private share exchange Forge Global. The deal&#8217;s estimated value is $600 million.



California-based fintech Charles Schwab is reportedly expected to pay up to $45 per share for Forge Global.



According to the report, the transaction could be announced this week, although there is no guarantee it will be finalized.



The decision was taken shortly after Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MS">MS</a>) declared that it would acquire EquityZen, a direct rival of Forge Global.



Forge Global confirmed last week that it is in talks with multiple parties about a potential sale, but said <a href="https://www.benzinga.com/markets/small-cap/25/10/48452838/forge-global-confirms-talks-over-a-potential-sale-with-multiple-parties-but-says-no-agreement-has-been-reached-as-shares-surge">no agreement has been reached</a>.



<h2 class="wp-block-heading">Earnings Announcement</h2>



The San Francisco-based company also announced it will report its <a href="https://www.benzinga.com/quote/FRGE/earnings">third-quarter</a> financial results on Nov. 14.



See Also: <a href="https://www.benzinga.com/trading-ideas/previews/25/11/48674407/draftkings-q3-preview-record-nfl-betting-expected-will-prediction-markets-hurt-results-guidance">DraftKings Q3 Preview: Record NFL Betting Expected, Will Prediction Markets Hurt Results, Guidance?</a>



<h2 class="wp-block-heading">Stock Performance</h2>



Forge Global has gained 84.33% over the past year and 107.80% over the past six months.



The financial services platform&#8217;s stock has a 52-week range of $6.60 to $26.62 and a market capitalization of $355.27 million.



With a strong Momentum in the 92nd percentile, Benzinga&#8217;s Edge Stock Rankings indicate that FRGE has a positive price trend across all time frames.&nbsp; <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Know how</a> its momentum lines up with other well-known names.



<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="541" height="322" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05215529/image-84.png" alt="" class="wp-image-1150502" style="width:428px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05215529/image-84.png 541w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05215529/image-84-300x179.png 300w" sizes="(max-width: 541px) 100vw, 541px" /></a></figure>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/topics/25/11/48674447/nearly-60-of-small-business-owners-favor-local-community-focused-lenders-over-big-banks-new-research-shows">Nearly 60% Of Small Business Owners Favor Local Community-Focused Lenders Over Big Banks, New Research Shows</a></li>
</ul>



Photo Courtesy: T. Schneider on Shutterstock.com:



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

Fintech

After-Hours Center

FRGE

SCHW

Forge Global Stock Rockets 53% After Hours On Charles Schwab Buyout Buzz

Sports betting company DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DKNG">DKNG</a>) could provide more details on how it is competing against prediction markets and its recent acquisition in the space when the company report third-quarter financial results Thursday<a href="https://www.benzinga.com/earnings"> after market close.</a>



 • DKNG is testing key support levels. <a href="https://www.benzinga.com/quote/DKNG" target="_blank" rel="noreferrer noopener">Get the details here.</a>



Here are the earnings estimates, what analysts are saying and key items to watch.



Earnings Estimates: Analysts expect DraftKings to report third-quarter revenue of $1.23 billion, up from $1.09 billion in last year's third quarter, according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110525&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in five of the past 10 quarters overall, including the recently reported second quarter.



Analysts expect DraftKings to report a loss of 40 cents per share in the third quarter, down from a loss of 17 cents per share in last year's third quarter.



The company has beaten analyst estimates for earnings per share in nine of the last 10 quarters overall, including the most recently reported second quarter.



Read Also: <a href="https://www.benzinga.com/markets/earnings/25/11/48589747/top-stocks-with-earnings-this-week-joby-ionq-amd-and-more">Top Stocks With Earnings This Week: Joby, IonQ, AMD and More</a>



What Analysts Are Saying: Bank of America Securities analyst Shaun C. Kelley<a href="https://www.benzinga.com/analyst-stock-ratings/downgrades/25/11/48631769/draftkings-flutter-stocks-downgraded-on-prediction-market-risk-relentless-headwinds"> downgraded both</a> DraftKings and peer company Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FLUT">FLUT</a>) ahead of their upcoming earnings reports.



The analyst said there are numerous challenges facing the sports betting companies, including the rise of prediction markets.



Kelley downgraded DraftKings stock from Buy to Neutral and lowered the price target from $48 to $35.



Items such as unfavorable sports outcomes, underperformance in iGaming, tax headwinds and more could hurt DraftKings going forward, Kelley said in a new investor note.



&#8220;Relentless headwinds could recalibrate long-term earnings,&#8221; Kelley said.



The analyst said DraftKings&#8217; structural hold doesn&#8217;t &#8220;look so structural anymore,&#8221; noting that third-quarter and fourth-quarter sports outcomes could lead to volatility in financials.



Kelley said DraftKings&#8217; model &#8220;is highly sensitive to Hold.&#8221;



&#8220;Additionally, we think prediction markets present a challenging near-term narrative.&#8221;



The analyst said even without the other headwinds, the stock would get downgraded &#8220;solely on prediction markets.&#8221;



Here are other <a href="https://www.benzinga.com/quote/DKNG/analyst-ratings">analyst ratings for DraftKings </a>and their price targets:



<ul class="wp-block-list">
<li>BMO Capital: Maintained Outperform rating, lowered price target from $65 to $63</li>



<li>Bernstein: Maintained Outperform rating, lowered price target from $55 to $50</li>



<li>Stifel: Maintained Buy rating, lowered price target from $51 to $50</li>



<li>Truist: Maintained Buy rating, lowered price target from $55 to $50</li>



<li>Susquehanna: Maintained Positive rating, lowered price target from $64 to $59</li>
</ul>



Key Items to Watch: Prediction markets will likely be one of the hottest topics when DraftKings reports, especially during the Q&amp;A portion of the conference call.



The company will likely highlight its <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48341967/draftkings-stock-surges-following-acquisition-to-launch-prediction-markets">recently announced acquisition</a> of Railbird Technologies, a federally licensed exchange company for prediction markets regulated by the Commodity Futures Trading Commission.



The acquisition is likely to help boost DraftKings into the regulated event contract space. The company plans to launch a mobile app with event contracts called DraftKings Predictions. Investors and analysts will want to hear more about the timeline and the potential revenue opportunity from cross-selling existing customers.



Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>)<a href="https://www.benzinga.com/markets/earnings/25/11/48671642/robinhood-q3-highlights-double-beat-record-revenue-prediction-markets-soar"> reported quarterly financials</a> on Wednesday and showed strong growth for its event contracts business, which is now doing more than $100 million in annualized revenue. The company said Event Contracts Traded in the third quarter more than doubled from the second quarter to 2.3 billion in the quarter.



Event contracts traded in October for Robinhood already surpassed the third-quarter total with 2.5 billion contracts for the month.



DraftKings&#8217; third quarter will include the start of the 2025 NFL season, which is expected to set records for sports betting and will likely see a surge of new users wagering with prediction markets.



The American Gaming Association <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/09/47480159/12-stocks-for-2025-nfl-season-with-30-billion-expected-to-be-bet-8-million-super-bowl-lx-ads">predicts that $30 billion </a>will be wagered on the 2025 NFL season with legal sportsbooks in the U.S., up 8.5% year-over-year. DraftKings is one of the biggest winners of this total and the third quarter results could show how some unfavorable outcomes with lots of favorites winning impacted results.



The company has had to adjust guidance previously based on quarters with unusually favorable outcomes for customers, including NFL games.



DraftKings reported record revenue, net income and adjusted EBITDA in <a href="https://www.benzinga.com/markets/earnings/25/08/46927269/draftkings-q2-earnings-soar-record-revenue-net-income-plus-a-prediction-market-tease">the previous quarter,</a> making this one important to show continued growth and strong financial metrics.



The company maintained its full-year guidance for revenue and adjusted EBITDA after second-quarter results despite a double beat and some records. Investors and analysts will want to see guidance stay the same or increase, with lowered guidance having the possibility of sending shares even lower.



DKNG Price Action: DraftKings stock closed Wednesday down 2.41% to $27.92, with shares hitting a new 52-week low of $27.89 during the day's trading session. DraftKings stock is down 23.1% year-to-date in 2025, with shares down over 20% in the last month alone.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/sports-betting/25/10/48160429/draftkings-vs-kalshi-vs-polymarket-q3-results-guidance-to-show-whos-leading-nfl-betting-market">DraftKings Vs. Kalshi Vs. Polymarket: Q3 Results, Guidance To Show Who&#8217;s Leading NFL Betting Market</a></li>
</ul>

Gaming

Sports Betting

Previews

Sports

FLUT

DraftKings Q3 Preview: Record NFL Betting Expected, Will Prediction Markets Hurt Results, Guidance?

Movie theater company AMC Entertainment Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AMC">AMC</a>) reported third-quarter financial results on Wednesday <a href="https://www.benzinga.com/earnings">after market close.</a>



 • See what is driving the AMC stock movement<a href="https://www.benzinga.com/quote/AMC" target="_blank" rel="noreferrer noopener"> here.</a>



Here are the key highlights.



Q3 Results: AMC reported third-quarter revenue of $1.300 billion, down 3.6% year-over-year. The revenue total beat a Street consensus estimate of $1.23 billion, according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110525&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



The company reported an adjusted loss of 21 cents per share, slightly missing a Street estimate of a loss of 20 cents per share.



"Due primarily to the timing of major studio film release dates, a weak first quarter was followed by a blazing hot second quarter, which was followed by a softening third quarter. We continue to expect that the year will culminate in what we hope will be quite a strong year-end in quarter four," AMC CEO Adam Aron said.



Aron said the company outperformed industry averages for admissions revenue with a record admissions per patron of $12.25. Food and beverage revenue per patron hit $7.74 in the quarter, the second-highest total in company history.



Here were the food and beverage per patron totals in the quarter, with the prior year&#8217;s third quarter totals in parentheses.



<ul class="wp-block-list">
<li>U.S.: $8.55 ($8.49)</li>



<li>International: $5.61 ($5.07)</li>



<li>Total: $7.74 ($7.53)</li>
</ul>



These were the attendance figures for the quarter: 



<ul class="wp-block-list">
<li>U.S.: 58.38 million people, -9.9% year-over-year</li>



<li>International: 9.35 million people, -11.4% year-over-year</li>



<li>Total: 58.38 million, -10.3% year-over-year</li>
</ul>



The AMC CEO also highlighted the company's recent financing of debt, which positions the company's balance sheet and as part of a "multi-year industry recovery."



Read Also: <a href="https://www.benzinga.com/trading-ideas/previews/25/11/48632891/amc-entertainment-q3-preview-superman-dinosaurs-superheroes-could-help-company-beat-revenue">AMC Entertainment Q3 Preview: Superman, Dinosaurs, Superheroes Could Help Company Beat Revenue</a>



What's Next: Aron said the industrywide softness in the third quarter "should not be a cause for alarm."



"We expect the fourth quarter industrywide box office will turn out to be the highest-grossing fourth quarter in six years," Aron said." We also continue to believe that the size of the 2026 box office will be dramatically larger than that achieved in 2025."



Aron highlighted the company's partnership with Taylor Swift for the official listening party in AMC locations. The event generated over $50 million in box office receipts from Oct. 3 to Oct. 5 and will be included in fourth-quarter results.



"We are tremendously excited about the film slate for the remainder of this quarter, both with blockbuster titles and more intimate storytelling."



Aron highlighted multiple movies, including December's third Avatar film "Avatar: Fire and Ash."



"With this lineup of highly anticipated films, among other titles in addition, we believe the fourth quarter box office will surpass that of last year, and notch 2025 as the largest post-pandemic box office year yet."



AMC Price Action: AMC stock is up 1.60% to $2.54 in after-hours trading Wednesday versus a 52-week trading range of $2.45 to $5.56.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/entertainment/25/10/48480662/netflix-amc-put-rivalry-aside-cozy-up-on-kpop-demon-hunters-stranger-things-and-more">Netflix, AMC Put Rivalry Aside, Cozy Up On &#8216;KPop Demon Hunters&#8217;, &#8216;Stranger Things&#8217; And More</a></li>
</ul>



Photo: Shutterstock

Entertainment

Media

AMC Entertainment Q3 Highlights: Revenue Beat, Admissions Per Person Hits Record — Q4 Could Be Best In Six Years

Trading platform company Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>) reported third-quarter financial results on Wednesday <a href="https://www.benzinga.com/earnings">after market close.</a>



 • Get the complete HOOD stock picture<a href="https://www.benzinga.com/quote/HOOD" target="_blank" rel="noreferrer noopener"> here.</a>



Here are the key highlights.



Q3 Results: Robinhood reported third-quarter revenue of $1.27 billion, up 100% year-over-year. The total revenue beat a Street consensus estimate of $1.19 billion, according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110525&amp;t=be2bearmibe3na1">from Benzinga Pro</a>. This also marked a company quarterly record for revenue.



Transaction-based revenue was $730 million for the quarter, up 129% year-over-year. Here are the transaction-based revenue segments and their growth:



<ul class="wp-block-list">
<li>Cryptocurrencies Revenue: $268 million, up over 300% year-over-year</li>



<li>Options Revenue: $304 million, up 50% year-over-year</li>



<li>Equities Revenue: $86 million, up 132% year-over-year</li>
</ul>



The company reported quarterly earnings per share of 61 cents per share, beating a Street consensus estimate of 48 cents per share.



Net deposits were $20 billion in the quarter, a new record.



The company said its Robinhood Gold Subscribers hit a record 3.9 million in the quarter.



Funded Customers hit 26.8 million at the end of the quarter, up 10% year-over-year, with 27.9 million Investment Accounts, up 11% year-over-year.



The company's average revenue per user grew by 82% year-over-year to $191 in the quarter.



Robinhood now has 11 business lines that generate $100 million or more in annualized revenues.



"Our team's relentless product velocity drove record business results in Q3 and we're not slowing down — Prediction Markets are growing rapidly, Robinhood Banking is starting to roll out, and Robinhood Ventures is coming," Robinhood CEO Vlad Tenev said.



Robinhood Chief Financial Officer Jason Warnick said the third quarter "was another strong quarter of profitable growth" and showed the company's diversification efforts with Prediction Markets and Bitstamp each generating $100 million or more in annualized revenues.



The company said Event Contracts Traded as part of the Prediction Markets more than doubled from the second quarter to 2.3 billion in the quarter. Event Contracts traded in October totaled 2.5 billion contracts, more than the entirety of the third quarter.



Read Also<a href="https://www.benzinga.com/trading-ideas/previews/25/11/48627842/robinhood-q3-preview-diversification-efforts-could-lead-to-record-revenue">: Robinhood Q3 Preview: Diversification Efforts Could Lead To Record Revenue</a>



What's Next: The company expects its full-year adjusted operating expenses and share-based compensation to be $2.28 billion.



"Q4 is off to a strong start in October, with record monthly trading volumes across equities, options, prediction markets, and future, and new highs for margin balances," Warnick said.



Warnick announced he will retire from the company next year, transitioning from CFO in the first quarter to a strategic advisor through Sept. 1, 2026. Robinhood finance veteran Shiv Verma was named as the company's next CFO.



HOOD Price Action: Robinhood stock is down 0.95% to $141.61 in after-hours trading on Wednesday versus a 52-week trading range of $26.74 to $153.86.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/11/48664339/taylor-swift-elon-musk-donald-trump-mrbeast-robinhood-just-made-their-mojo-tradable">Taylor Swift, Elon Musk, Donald Trump, MrBeast — Robinhood Just Made Their Mojo Tradable</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Robinhood Q3 Earnings Call 2025 &#x7C; $HOOD &#x7C; &#x1f534; WATCH LIVE" width="500" height="281" src="https://www.youtube.com/embed/F0-25BUcSPE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Photo: Shutterstock

Management

Robinhood Q3 Highlights: Double Beat, Record Revenue, Prediction Markets Soar

BTIG analyst Mark Massaro reiterated a Buy rating for Tempus AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TEM">TEM</a>) with a price target of $96 following <a href="https://www.benzinga.com/quote/TEM/analyst-ratings" target="_blank" rel="noreferrer noopener">the third-quarter FY25 earnings beat</a>.



 •&nbsp;TEM is under selling pressure. <a href="https://www.benzinga.com/quote/TEM" target="_blank" rel="noreferrer noopener">Get the complete analysis here.</a>



<h2 class="wp-block-heading">Earnings Details</h2>



On Nov. 4, Tempus AI reported revenue of $334.21 million, topping&nbsp;analyst estimates&nbsp;of $328.73 million and marking an <a href="https://www.benzinga.com/markets/equities/25/11/48644466/tempus-ai-stock-tem-slides-6-overnight-heres-why-the-stock-is-trending" target="_blank" rel="noreferrer noopener">84.7% increase from a year earlier</a>.



The loss estimate of 17 cents was surpassed by the adjusted loss per share of 11 cents.



For FY25, the company raised its revenue guidance to $1.265 billion, up <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">from a previous guide of $1.260 billion</a>.



<h2 class="wp-block-heading">Analyst View</h2>



The analyst expects Tempus to secure additional pharma contracts for its data and services business.



The analyst expects average selling prices (ASPs) to rise as the mix shifts toward higher-priced tests, including the xT CDx at $4,500/test (up from $2,900 for xT LDT) and the xF liquid biopsy assay at $3,288/test (up from $2,919).



Expansion of commercial payor coverage for xF and xT CDx is expected, alongside continued development of TEM's algorithm business, says the analyst.



The analyst sees Tempus positioned at the convergence of several major trends: precision medicine and oncology (including liquid biopsies), AI and machine learning, and the move toward more personalized drug development and companion diagnostics for pharmaceutical companies.



TEM Price Action: TEM shares are down 2.74% at $82.18 at publication on Wednesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/10/48395936/ark-invest-dumps-amd-stock-doubles-down-on-chinese-tech-giants-alibaba-and-baidu" target="_blank" rel="noreferrer noopener">Ark Invest Dumps AMD Stock, Doubles Down On Chinese Tech Giants Alibaba And Baidu</a></li>
</ul>

Analyst Color

Reiteration

Tempus AI Growth Outlook Boosted By Higher ASPs, Pharma Contracts, Analyst Says

<h2 class="wp-block-heading">Snapshot:</h2>



<ul class="wp-block-list">
<li>Google's new Willow quantum processor brings real-world quantum computing closer, reviving fears that Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) core cryptography could be cracked within a decade.</li>



<li>While "Q-Day" isn't here yet, the countdown has started and Bitcoin's famed immutability might soon become its biggest vulnerability.</li>
</ul>



<h2 class="wp-block-heading">Quantum Gets Practical</h2>



Despite the excitement it generates, quantum computing has largely remained in the lab – impressive in chess competitions but less so in practical, real-world business applications. Google's new Willow processor could change all that. It reportedly <a href="https://www.nature.com/articles/s41586-025-09526-6" rel="nofollow">slashes qubit error rates</a> and extends coherence times, the micro-moments when quantum states can hold still and make useful calculations.



For the first time, Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) says its system can run hundreds of logical qubits with enough error correction to execute a small-scale version of <a href="https://www.geeksforgeeks.org/dsa/shors-factorization-algorithm/" rel="nofollow">Shor's algorithm</a>, the code capable of cracking RSA encryption. That's the nightmare scenario cybersecurity experts have warned about for decades.



If Shor's algorithm ever scales fully, it won't just break passwords. It will break the Internet's cybersecurity model – and Bitcoin holders could be among the first victims.



<h2 class="wp-block-heading">The "Q-Day" Clock Starts Ticking</h2>



Bitcoin's core defenses use classical standards: <a href="https://hackernoon.com/how-sha-256-hashing-works-in-bitcoin" rel="nofollow">SHA-256</a> for mining and <a href="https://www.geeksforgeeks.org/computer-networks/blockchain-elliptic-curve-digital-signature-algorithm-ecdsa/" rel="nofollow">ECDSA</a> for wallets. Both rely on math problems that even supercomputers can't solve in human timeframes. But Shor's algorithm, running on a sufficiently powerful quantum computer, could reduce that to minutes.



That's the so-called <a href="https://bernardmarr.com/why-you-should-all-be-worried-about-q-day-and-the-collapse-of-digital-security/" rel="nofollow">Q-Day</a> – when quantum machines can decrypt what's now unbreakable. For Bitcoin, it could be an extinction-level event.



Particularly exposed are legacy wallets with old <a href="https://www.unchained.com/blog/bitcoin-address-types-compared" rel="nofollow">P2PK</a> addresses used in Bitcoin's early years, including some belonging to Satoshi himself. These show their public keys directly on-chain, handing future quantum attackers a ready-made target list. Estimates suggest they hold <a href="https://x.com/caprioleio/status/1975715778164052402" rel="nofollow">up to a quarter</a> of all the Bitcoins ever mined.



<h2 class="wp-block-heading">Why a Fix Isn't Simple</h2>



In theory, Bitcoin's cryptography can be upgraded to post-quantum algorithms. In practice, that's a governance nightmare. Bitcoin's codebase is&nbsp;<a href="https://thebitcoinmanual.com/articles/btc-ossification/">famously ossified</a>, and meant to be. Even minor tweaks can take years of wrangling.



The last major upgrade, Taproot, took half a decade of debate. A move to quantum-resistant signatures would require a hard fork so divisive it could fracture the network's consensus, the very mechanism that makes Bitcoin secure.



Bitcoin's immutability is both its moat and its trap.



<h2 class="wp-block-heading">How Close Are We, Really?</h2>



Not that Q-Day is tomorrow. Experts still believe cracking Bitcoin's encryption would need&nbsp;millions&nbsp;of stable, error-corrected qubits. Google's Willow operates in the low hundreds.



Still, the direction is clear. IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IBM">IBM</a>), IonQ (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IONQ">IONQ</a>), and Quantinuum are racing to close the gap. Governments are already preparing: NIST has standardized <a href="https://www.nist.gov/news-events/news/2024/08/nist-releases-first-3-finalized-post-quantum-encryption-standards" rel="nofollow">quantum-resistant algorithms</a> like CRYSTALS-Kyber and Dilithium for future systems. Ethereum's Vitalik Buterin advocates a <a href="https://hackernoon.com/ethereum-2030-vitaliks-audacious-vision-vs-harsh-reality-check" rel="nofollow">gradual migration</a> to such schemes, while startups like PQShield and Quantinuum are testing hybrid blockchains that combine classical and post-quantum primitives. 



<h2 class="wp-block-heading">BTC's Y2K Moment?</h2>



Skeptics call this the crypto version of Y2K: a real issue but inflated into <a href="https://www.empireonline.com/movies/news/y2k-trailer-millennium-bug-apocalypse-a24-horror-comedy/" rel="nofollow">an apocalypse</a>. Bitcoin has survived bans, energy crises, and 51% attack scares. But the difference is that Y2K had a deadline and a fix. Quantum's timeline is <a href="https://www.precedenceresearch.com/news/google-generative-ai-quantum-study" rel="nofollow">exponential</a> and opaque.



And some hackers aren't waiting. "Harvest now, decrypt later" is already a known tactic: steal encrypted data today, store it, and wait for quantum power to catch up. If applied to blockchain, that could mean millions of dormant BTC quietly mapped and waiting to be unlocked.



<h2 class="wp-block-heading">The Take Away</h2>



If Willow really signals the start of practical quantum computing, the countdown to a Bitcoin redesign has begun. Quantum might not kill it, but it could force the number one blockchain to make its first existential upgrade.



Cryptography underpins more than just crypto. Its the foundation of the modern digital economy. Once quantum hardware scales, the weakest links will go first. Bitcoin may simply be the canary in the quantum mine.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

General

Has Bitcoin's Q-day Countdown Begun? How Google's New Quantum Chip Could Break The Chain

Wall Street bounced back Wednesday after Tuesday's sharp selloff in AI-driven stocks, as investors bought the dip amid solid corporate earnings and growing signs that the Federal Reserve may be <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48653204/hiring-rebounds-but-its-still-too-weak-to-derail-a-december-fed-cut">nearing another interest rate cut.</a>



The ADP National Employment Report — the key labor gauge in the absence of official government data during the ongoing shutdown — showed that private employers added 42,000 jobs in October, rebounding from the 32,000 jobs lost in September and beating economists&#8217; expectations for a 25,000 gain.



While the uptick signals some resilience, the pace of hiring remains far below robust levels, underscoring continued cooling in the labor market and reinforcing market bets on a Fed rate cut in December.



By midday in New York, the S&amp;P 500 was up 0.9%, the Nasdaq 100 rose 1.1% after Tuesday's 2.2% drop, and small caps led the charge with the Russell 2000 gaining 1.7%.



Among mega-cap movers, Eli Lilly and Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LLY">LLY</a>) extended its post-earnings rally into a fifth straight session, with shares reaching their highest levels since September 2024.



In the tech sector, Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>) impressed investors with stronger-than-expected results, sending its shares up 2.5% and easing fears of a "sell-the-news" reaction that hit Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>) a day earlier.



Crypto markets also rebounded after two days of steep losses that pushed Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) below $100,000. The largest digital currency rallied 2.5% to trade near $104,000, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) each gained about 4.4%.



In commodities, gold climbed 1.8% to $3,970 per ounce, silver added 2% to trade above $48, while West Texas Intermediate crude fell 1.5% to $59 a barrel. 



<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>2,467.61</td><td>1.7%</td></tr><tr><td>Nasdaq 100</td><td>25,727.63</td><td>1.1%</td></tr><tr><td>S&amp;P 500</td><td>6,834.55</td><td>0.9%</td></tr><tr><td>Dow Jones</td><td>47,461.32</td><td>0.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:45 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/quote/VOO">VOO</a>) rose 0.7% to $625.49.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) rose 0.6% to 473.74.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)&nbsp;rose 1% to $625.12.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) rallied 1.6% to $244.76.</li>



<li>The&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLY">XLY</a>) outperformed, up 1.1%; the&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLP">XLP</a>) lagged, up 0.2%.</li>
</ul>



<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers On Earnings Reports</h2>



<ul class="wp-block-list">
<li>Advanced Micro Devices Inc. up 2.3%</li>



<li>McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MCD">MCD</a>) up 2.2%</li>



<li>Arista Networks Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ANET">ANET</a>) down 7.5%</li>



<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMGN">AMGN</a>) up 7.8%</li>



<li>Emerson Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EMR">EMR</a>) down 3.0%</li>



<li>Cencora Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COR">COR</a>) up 2.5%</li>



<li>Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SRE">SRE</a>) up 1.7%</li>



<li>Aflac Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AFL">AFL</a>) up 3.4%</li>



<li>Coupang Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CPNG">CPNG</a>) down 6.6%</li>



<li>Axon Enterprise Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AXON">AXON</a>) down 9.8%</li>



<li>Corteva Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CTVA">CTVA</a>) up 2.7%</li>



<li>American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AIG">AIG</a>) down 3.5%</li>



<li>Targa Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TRGP">TRGP</a>) up 6.6%</li>



<li>Fidelity National Information Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FIS">FIS</a>) up 1.2%</li>



<li>Live Nation Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LYV">LYV</a>) down 7.5%</li>



<li>Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HUM">HUM</a>) down 8.1%</li>



<li>Astera Labs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ALAB">ALAB</a>) up 0.2%</li>



<li>Iron Mountain Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IRM">IRM</a>) down 4.6%</li>



<li>Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ES">ES</a>) down 0.9%</li>



<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SMCI">SMCI</a>) down 8.8%</li>



<li>Royalty Pharma plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RPRX">RPRX</a>) up 6.5%</li>



<li>Toast Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TOST">TOST</a>) up 10.0%</li>



<li>Bunge Global SA (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BG">BG</a>) up 4.8%</li>



<li>Zimmer Biomet Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ZBH">ZBH</a>) down 13.6%</li>



<li>Pinterest Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PINS">PINS</a>) down 21.1%</li>



<li>Unity Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/U">U</a>) up 11.6%</li>



<li>Lumentum Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/LITE">LITE</a>) up 26.6%</li>



<li>International Flavors &amp; Fragrances Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IFF">IFF</a>) up 6.2%</li>



<li>Performance Food Group Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PFGC">PFGC</a>) up 1.4%</li>



<li>Equitable Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/EQH">EQH</a>) down 3.3%</li>



<li>Dynatrace Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DT">DT</a>) down 5.7%</li>
</ul>



Stocks slated to report earnings after the close include QUALCOMM Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QCOM">QCOM</a>), AppLovin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/APP">APP</a>), Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>), McKesson Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MCK">MCK</a>), DoorDash Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DASH">DASH</a>), CRH plc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CRH">CRH</a>), Fortinet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/FTNT">FTNT</a>), The Allstate Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ALL">ALL</a>), MetLife Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MET">MET</a>), Fair Isaac Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/FICO">FICO</a>), Atmos Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ATO">ATO</a>), HubSpot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HUBS">HUBS</a>), PTC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PTC">PTC</a>), STERIS plc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/STE">STE</a>), Curtiss-Wright Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CW">CW</a>), Devon Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DVN">DVN</a>), Coherent Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COHR">COHR</a>), Talen Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TLN">TLN</a>), Amcor plc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AMCR">AMCR</a>), Corpay Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CPAY">CPAY</a>), Texas Pacific Land Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TPL">TPL</a>), Royal Gold Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RGLD">RGLD</a>), CF Industries Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CF">CF</a>), TKO Group Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TKO">TKO</a>), Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ALB">ALB</a>), Host Hotels &amp; Resorts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HST">HST</a>), Revolution Medicines Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RVMD">RVMD</a>), Duolingo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/DUOL">DUOL</a>), The AES Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AES">AES</a>), MKS Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MKSI">MKSI</a>), Paycom Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PAYC">PAYC</a>), Primerica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PRI">PRI</a>), Permian Resources Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PR">PR</a>), and Penumbra Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PEN">PEN</a>).



Read now: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/11/48661078/trump-tariffs-inflation-impact-ism-services-pmi-prices-paid-outlook-cpi">Trump&#8217;s Tariffs Are Quietly Fueling A New Wave Of Inflation, Economists Warn</a></li>
</ul>



Photo: Shutterstock

Sector ETFs

Broad U.S. Equity ETFs

ALAB

AMCR

AMGN

ANET

AXON

CPAY

CPNG

CTVA

LITE

MKSI

PFGC

PINS

RGLD

RPRX

RVMD

SMCI

TOST

TRGP

Stocks Rebound, Eli Lilly Jumps To 14-Month Highs: What's Moving Markets Wednesday?

If price pressures have taken a back seat in market conversations lately and much of the tariff anxiety seemed overblown, fresh signs suggest this inflation honeymoon may be <a href="https://www.benzinga.com/news/econ-s">ending sooner than expected. </a>



While official inflation data have not shown a dramatic spike—headline inflation still hovers around 3%, stubbornly above the Federal Reserve's 2% goal—there's a growing body of evidence that tariffs are silently doing their part to keep price pressures alive.



With government data sources disrupted by the prolonged Washington shutdown, the private sector has become the market's only compass—and it's pointing to renewed inflation risks.



On Wednesday, a widely watched inflation gauge based on business surveys from the services sector showed cost pressures hitting their highest level in over three years.



While companies have absorbed much of the strain for now, the bigger risk is that the next wave of price hikes gets passed on to consumers.



<h2 class="wp-block-heading">An Inflation Warning From The Services Sector</h2>



The clearest signal of elevated cost pressures from tariffs came from the services sector, which accounts for more than two-thirds of the U.S. economy.



In October, the ISM Services Prices Index jumped to 70%, the highest reading in three years and a level not seen since October 2022. It&#8217;s now been above 60% for 11 straight months.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="543" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-1024x543.png" alt="" class="wp-image-1149701" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-1024x543.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-768x407.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-1536x814.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05112348/image-1-39-2048x1085.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



"Respondents continued to mention the impact of tariffs on prices paid," said Steve Miller, chair of the ISM Services Business Survey Committee. 



One executive in the Utilities industry noted that tariffs were "causing disruption in contracts" and "driving up pricing on engineered and manufactured equipment," with order delays compounding the strain.



The warning from the services sector adds to similar concerns brewing on the manufacturing side. Earlier this week, the ISM Manufacturing PMI revealed that price pressures remain elevated, with the Prices Index at 58%—marking the 13th straight month of increases.



Respondents from manufacturing-related industries pointed directly to tariffs as a driver of rising input costs.



&#8220;Prices on all products have gone up, some significantly. We are trying to keep up with the wild fluctuations and pass along what costs we can to our customers," said an executive from the Machinery industry. 



Matthew Martin, senior economist at Oxford Economics, said the recent spike in service prices should serve as a wake-up call. 



"The prices index hit a three-year high, with tariffs cited as the largest culprit," he said, warning that while tariff-driven inflation may be peaking, the risks of persistent inflation are rising.



Bill Adams, chief economist for Comerica Bank, commented in an emailed note. 



&#8220;The Fed will be unhappy to see price pressures intensify in the services PMI but not necessarily surprised,&#8221; he said. &#8220;Many Fed policymakers have been expecting a delayed pass-through of inflation through the value chain as businesses work through inventories built up ahead of the tariff hikes early this year. That pass-through looks to be continuing in the fourth quarter.&#8221;



<h2 class="wp-block-heading">The Data No One's Watching—But Should Be </h2>



In a recent note, Bank of America economists Aditya Bhave and Stephen Juneau estimated that tariffs have already added 30-50 basis points (0.3%-0.5%) to core Personal Consumption Expenditures inflation—one of the Fed's preferred measures.



They indicate consumers are bearing 50-70% of those costs, meaning more inflation could be on the way if businesses start passing along the rest. 



According to their analysis, core goods PCE prices—stripping out food and energy—rose 0.2% month-over-month in September, reversing last year's deflationary trend. 



Since March, prices have climbed at a 2.2% annualized rate, and current levels sit 1.8% above their 2024 trend. 



Their conclusion: "Tariffs have pushed consumer prices higher," and the pass-through isn't over yet.



<h2 class="wp-block-heading">Alternative Data Echoes The Same Story</h2>



Private inflation trackers are picking up similar signals. Harvard's Pricing Lab and Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WMT">WMT</a>) price-scraping data from Bank of America show a 3.4% increase in the cost of 101 general merchandise items since mid-April. 



Toys—many of which are imported from China and now face the highest effective tariff rate —led the increase.



Another study found that prices for imported goods began rising sharply after October 2024. Compared to domestic goods not affected by tariffs, imported products have seen the fastest and steepest increase. 



<h2 class="wp-block-heading">More Inflation Could Be In The Pipeline </h2>



While the current impact of tariffs is significant, the Bank of America team believes further inflation is likely.



They expect more companies to shift rising import costs onto consumers, especially as economic resilience gives businesses room to protect margins. And the rise in tariffs isn't over. 



The effective tariff rate on consumer goods has jumped 11 percentage points since January 2025, reaching a level that—if fully passed through—could boost core inflation by 60-70 basis points, according to the bank's rule-of-thumb estimates. 



The Supreme Court Wildcard: One major unknown is the Supreme Court's upcoming ruling on tariffs imposed under the International Emergency Economic Powers Act (IEEPA), which account for a significant portion of current duties.



If struck down, the ruling could lower inflation expectations, but analysts expect the administration to pursue alternative legal avenues to keep the tariffs in place.



Either way, the inflation story isn't over.



Read now: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48653204/hiring-rebounds-but-its-still-too-weak-to-derail-a-december-fed-cut">Hiring Rebounds, But It&#8217;s Still Too Weak To Derail A December Fed Cut</a></li>
</ul>



Photo: Shutterstock

Macro Economic Events

Analyst Ratings

Trump's Tariffs Are Quietly Fueling A New Wave Of Inflation, Economists Warn

(Editor&#8217;s note: The future prices of benchmark tracking ETFs and headlines were updated in the story.)



U.S. stock futures declined on Wednesday after Dow Jones pared initial gains following Tuesday&#8217;s lower close. Futures of major benchmark indices were lower.



Investors interpreted the latest batch of corporate earnings as solid but not spectacular, offering a convenient excuse to take profits after strong year-to-date rallies.



Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>), one of the poster children of this year's AI-fueled rally, <a href="https://www.benzinga.com/markets/equities/25/11/48645886/dan-ives-slams-michael-burry-for-betting-against-messi-of-ai-palantir-says-he-is-dead-wrong">slumped around 8%</a> despite easily beating Wall Street estimates and raising its full-year guidance.



President Donald Trump&#8216;s legal authority to impose his most sweeping duties faces a key test at the Supreme Court today. Justices will <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48582680/trump-wants-to-attend-supreme-courts-hearing-on-legality-of-his-tariffs-so-badly-but-wont-not-about-me-its-about-our-country">hear arguments in a case</a> whose decision could have significant reverberations for the global economy.



The 10-year Treasury bond yielded 4.08% and the two-year bond was at 3.58%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 70.1% likelihood of the Federal Reserve cutting the current interest rates during its December 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>0.06%</td></tr><tr><td>S&amp;P 500</td><td>-0.10%</td></tr><tr><td>Nasdaq 100</td><td>-0.22%</td></tr><tr><td>Russell 2000</td><td>0.11%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Wednesday. The SPY was down 0.23% at $673.74, while the QQQ declined 0.36% to $617.00, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Stock Market News Today &#x7C; McDonald&#039;s, AMD, Qualcomm, Robinhood In Focus &#x7C; Nov 5, 2025" width="500" height="281" src="https://www.youtube.com/embed/Pr2voKGVDmA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">Advanced Micro Devices</h2>



<ul class="wp-block-list">
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>) fell 2.81% in premarket on Wednesday despite better-than-expected financial results for the third quarter. It said it expects fourth-quarter revenue of approximately $9.6 billion, plus or minus $300 million.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that AMD maintains a stronger price trend over the short, medium, and long terms, with a poor value ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-1024x158.png" alt="Benzinga's Edge Stock Rankings for AMD." class="wp-image-1148833" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042701/AMD-EDGE-NOV-5.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Qualcomm</h2>



<ul class="wp-block-list">
<li>Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QCOM">QCOM</a>) was 0.42% lower ahead of its earnings scheduled to be released after the closing bell. Analysts expect it to report earnings of $2.87 per share on revenue of $10.77 billion.</li>
</ul>



<ul class="wp-block-list">
<li>QCOM maintained a stronger price trend over the short, medium, and long terms, with a solid growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="162" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-1024x162.png" alt="Benzinga's Edge Stock Rankings for QCOM." class="wp-image-1148831" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-1024x162.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1-768x121.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042614/QCOM-EDGE-NOV-5-1.png 1159w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Robinhood Markets</h2>



<ul class="wp-block-list">
<li>Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>) was 0.66% higher as analysts expect it to report earnings of $0.53 per share on the revenue of $1.21 billion after the closing bell.</li>
</ul>



<ul class="wp-block-list">
<li>It maintained a stronger price trend over the long, short, and medium terms, with a poor value ranking. Additional performance details, as per Benzinga's Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~: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/2025/11/05042556/HOOD-EDGE-NOV-5-1024x158.png" alt="Benzinga's Edge Stock Rankings for HOOD." class="wp-image-1148830" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5-768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042556/HOOD-EDGE-NOV-5.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Pinterest</h2>



<ul class="wp-block-list">
<li>Pinterest Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PINS">PINS</a>) tumbled 18.90% as it posted downbeat earnings for the third quarter with revenue of $1.05 billion, in line with analysts&#8217; estimates. The idea discovery platform company&#8217;s adjusted earnings of 38 cents per share missed analyst estimates of 42 cents per share.</li>
</ul>



<ul class="wp-block-list">
<li>PINS maintains a weaker price trend over the short, medium and long term, with a poor quality ranking. Additional information is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="157" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--1024x157.png" alt="Benzinga's Edge Stock Rankings for PINS." class="wp-image-1148829" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--1024x157.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE--768x118.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042542/PINS-EDGE-.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">McDonald&#8217;s</h2>



<ul class="wp-block-list">
<li>McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MCD">MCD</a>) shares rose 0.60% before the opening bell after the fast-food chain reported better-than-expected quarterly revenue of $7.1 billion, beating the estimate of $7.09 billion. </li>
</ul>



<ul class="wp-block-list">
<li>MCD maintained a weaker price trend over short, medium, and long terms, with a strong growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-1024x155.png" alt="Benzinga's Edge Stock Rankings for MCD." class="wp-image-1148823" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/05042505/MCD-EDGE-NOV-5.png 1150w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Sectors posting the biggest losses on Tuesday included communication services, consumer discretionary, and information technology, leading most S&amp;P 500 sectors to close on a negative note.



<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>-2.04%</td><td>23,348.64</td></tr><tr><td>S&amp;P 500</td><td>-1.17%</td><td>6,771.55</td></tr><tr><td>Dow Jones</td><td>-0.53%</td><td>47,085.24</td></tr><tr><td>Russell 2000</td><td>-1.78%</td><td>2,427.34</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



BlackRock maintains a positive, overweight outlook on U.S. stocks, identifying the artificial intelligence theme as a powerful market driver. The firm's &#8220;Weekly commentary&#8221; highlights that recent &#8220;solid tech earnings&#8221; show &#8220;how the AI buildout remains a key equity driver.&#8221;



This is evidenced by mega-cap tech firms like Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) significantly upping their capex spending on AI infrastructure, a trend BlackRock expects to continue.



This optimistic equity stance is &#8220;supported by Federal Reserve rate cuts.&#8221; While the Fed signaled a pause, BlackRock&#8217;s view is, &#8220;we think it will likely cut again,&#8221; likely in December. The rationale is that a &#8220;softening labor market gives the Fed space to cut.&#8221;



Economically, BlackRock anticipates &#8220;a notable slowing of activity without recession,&#8221; a scenario that it believes should support U.S. stocks. While acknowledging that &#8220;policy-driven volatility and supply-side constraints are pressuring growth,&#8221; the firm ultimately believes the powerful AI mega-force will continue to support corporate earnings.



BlackRock&#8217;s tactical view concludes that U.S. valuations are backed by &#8220;stronger earnings and profitability relative to other developed markets.&#8221;



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



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Wednesday;



<ul class="wp-block-list">
<li>October&#8217;s ADP employment data will be out by 8:15 a.m., S&amp;P final U.S. services PMI by 9:45 a.m., and October&#8217;s ISM services data by 10:00 a.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading higher in the early New York session by 0.18% to hover around $60.67 per barrel.



Gold Spot US Dollar rose 1.31% to hover around $3,983.52 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.09% lower at the 100.1370 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 1.92% lower at $101,947.22 per coin.



Asian markets closed lower on Wednesday, except China&#8217;s CSI 300 index. South Korea's Kospi, Japan's Nikkei 225, Australia's ASX 200, Hong Kong's Hang Seng, and India&#8217;s NIFTY 50 indices fell. European markets were also lower in early trade.



Read Next:



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<li><a href="https://www.benzinga.com/markets/equities/25/11/48645965/jim-chanos-warns-iren-taking-all-the-risk-in-9-7-billion-microsoft-ai-pact-deal-will-decrease-eps">Jim Chanos Warns IREN Taking &#8216;All The Risk&#8217; In $9.7 Billion Microsoft AI Pact: &#8216;Deal Will Decrease EPS&#8217;</a></li>
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Photo courtesy: Shutterstock

Short Sellers

Guidance

Futures

MSFT

Stock Market Today: Dow, S&P 500, Nasdaq Futures Slip But McDonald's Rises After Q3 Beat— AMD, Qualcomm, Robinhood In Focus (UPDATED)

Bitcoin fell below $100,000 this week, and for the first time in crypto history, there was nobody there to catch it. Not because investors lost faith in digital assets, but because the very products designed to make Bitcoin safer, spot ETFs, created a ticking time bomb. Nearly every ETF buyer entered at the same price, around $89,600. When Bitcoin approached that number, millions of investors realized simultaneously they were about to lose money. Meanwhile, the retail traders who used to buy every dip? They&#8217;ve disappeared, migrated into those same ETFs. The result was a 20% crash that reveals the truth about Bitcoin&#8217;s evolution into a mainstream asset.



When the SEC approved <a href="https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023" rel="nofollow">spot Bitcoin ETFs</a> in early 2024, it was supposed to be a watershed moment. Finally, everyday investors could buy Bitcoin through their regular brokerage accounts. No confusing crypto wallets, no sketchy exchanges, just a simple ticker symbol like any other stock.



BlackRock&#8217;s IBIT Bitcoin ETF became the fastest-growing fund in history, pulling in $85 billion in assets. Fidelity, ARK Invest, and others followed suit. The message was clear: Bitcoin had gone mainstream, and it would be safer for it.



Except it wasn&#8217;t. And this week, we learned why.



The Price Everyone Paid



Here&#8217;s the problem that almost nobody saw coming: When millions of investors buy Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) through ETFs, they don&#8217;t spread their purchases across different price levels like traditional crypto buyers did over the years. Instead, they cluster around a single average entry price.



For Bitcoin ETF investors, that magic number is $89,613.



Think about what that means. If you bought Bitcoin directly in 2020, you might have paid $10,000. In 2021, maybe $40,000. In 2023, perhaps $30,000. These scattered entry points created natural &#8220;support levels,&#8221; places where earlier buyers would step in to buy more, knowing they were still way ahead.



But ETF investors? They nearly all bought between $70,000 and $95,000 during the 2024-2025 rally. When Bitcoin approached that $89,613 average cost basis this week, something unprecedented happened: millions of investors simultaneously realized they were about to go underwater on their investment.



And they panicked together.



The Four-Day Bleed



The numbers tell the story. Between October 29 and November 3, <a href="https://www.reuters.com/markets/currencies/bitcoin-etfs-see-outflows-2024-11-03/" rel="nofollow">Bitcoin ETFs lost</a> $1.34 billion. On November 3 alone, BlackRock&#8217;s IBIT saw $186.5 million walk out the door. That represented 100% of all ETF outflows that day.



This wasn&#8217;t retail investors clicking &#8220;sell&#8221; on their Robinhood apps. This was institutional money heading for the exits.



Here&#8217;s where ETFs become dangerous in a way that traditional Bitcoin ownership never was: When you own actual Bitcoin, there&#8217;s friction to selling. You need to log into an exchange, verify your identity, transfer coins, and think about tax implications. It takes time, and time allows panic to subside.



ETF shares? One click. Same as selling a stock. No friction, no cooling-off period, no second thoughts.



Wall Street calls this &#8220;liquidity.&#8221; But liquidity cuts both ways. Great when everyone wants in. Catastrophic when everyone wants out simultaneously.



Where Did the Safety Net Go?



The second part of this story is quieter but equally important: Traditional retail crypto buyers have largely disappeared.



Data from <a href="https://www.binance.com/en/square/post/31897403741921" rel="nofollow">major exchanges</a> shows that small &#8220;retail&#8221; deposits to platforms like Binance have collapsed by 83%. From 552 Bitcoin per day in early 2023 to just 92 Bitcoin per day in October 2025. These weren&#8217;t people leaving crypto entirely. Many of them simply migrated to, you guessed it, ETFs.



For years, retail crypto investors played a key role during market corrections. When Bitcoin dropped 10-20%, they&#8217;d rush in to &#8220;buy the dip.&#8221; It became part of crypto culture, a contrarian behavior that actually stabilized markets during rough patches.



But ETF investors don&#8217;t have that culture. They&#8217;re trained by decades of stock market experience to cut losses quickly, set <a href="https://www.investopedia.com/terms/s/stop-lossorder.asp" rel="nofollow">stop-losses</a> at round numbers like $100,000, and follow the herd. When Bitcoin broke below $100,000 this week, it triggered a cascade of automated sell orders. Something that simply didn&#8217;t exist in crypto-native markets.



The result was simple. There was no safety net. No wave of bargain hunters stepping in at $95,000, then $90,000.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-1024x683.jpg" alt="" class="wp-image-21881" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-1024x683.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-300x200.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d-768x512.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/11/05002906/6002b65d.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Bitcoin&#8217;s ETF cost basis ($89,613) vs. current price ($100K) and peak ($126K), alongside the 83% collapse in retail Binance deposits (552 to 92 BTC/day), reveals concentrated risk and disappearing retail support.



The False Stability



The cruel irony is that ETFs were supposed to reduce Bitcoin&#8217;s notorious <a href="https://www.federalreserve.gov/econres/notes/feds-notes/how-does-bitcoin-trade-20211119.html" rel="nofollow">volatility</a>. The theory was simple: Institutional investors with long time horizons would smooth out the wild swings driven by emotional retail traders.



But institutions aren&#8217;t buying and holding Bitcoin for the long term. They&#8217;re momentum traders. They&#8217;re algorithms that automatically rebalance portfolios. They&#8217;re <a href="https://www.aqr.com/Insights/Research/White-Papers/Risk-Parity" rel="nofollow">risk-parity funds</a> that cut exposure when volatility spikes.



In other words, they amplify trends. When Bitcoin was rising in 2024, institutional ETF flows accelerated the rally. When it started falling this week, those same flows accelerated the decline.



Traditional retail crypto investors, for all their reputation as emotional traders, actually exhibited more &#8220;diamond hands&#8221; than institutions ever did. They rode out 50% crashes. They bought when everyone else was fearful. They treated Bitcoin as a long-term bet, not a quarterly position.



ETF investors? Four days of losses and $1.34 billion fled.



What This Means For You



If you own Bitcoin through an ETF, this doesn&#8217;t mean you should panic. But you should understand what you actually own.



You&#8217;re not holding an emerging technology with a grassroots community of believers. You&#8217;re holding a financial product that behaves like other financial products. It rises on momentum, falls on fear, and amplifies whatever the crowd is doing.



That doesn&#8217;t make ETFs bad. But it does make them different from what many investors expected when they bought that &#8220;safe&#8221; way to own Bitcoin.



The deeper question is whether Bitcoin can survive being institutionalized. The asset was designed to be <a href="https://bitcoin.org/bitcoin.pdf" rel="nofollow">decentralized</a>. Owned directly by individuals around the world, resistant to coordinated behavior, resilient through its distribution.



Wrapping it in centralized products that concentrate ownership, synchronize behavior, and remove friction hasn&#8217;t made it safer. Maybe it made it more fragile.



This week, we saw what happens when millions of investors with identical cost bases and zero-friction selling meet a 10% decline. The answer: They create a 20% decline.



As Bitcoin searches for a bottom, investors need to ask themselves a hard question: Did Wall Street improve Bitcoin by making it accessible, or did it import the very problems that Bitcoin was supposed to escape? Herd behavior, algorithmic panic, <a href="https://www.imf.org/en/Publications/WP/Issues/2021/09/23/Crypto-Price-Discovery-through-Correlation-Networks-465601" rel="nofollow">momentum addiction</a>.



The November 2025 crash suggests the answer might not be what anyone wanted to hear. Sometimes the cure becomes the disease. The next weeks may determine whether this crash was a correction or the beginning of a new market regime, where the very instruments meant to stabilize crypto become its greatest source of fragility.



Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content or accuracy.

Bitcoin's ETF Problem: Why Wall Street's 'Safe' Investment Made Crypto More Dangerous

On Wednesday, McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MCD">MCD</a>) reported solid global comparable sales (comps) and loyalty momentum in the third quarter. However, it experienced slower underlying growth, and a decline in company-operated <a target="_blank" href="https://www.benzinga.com/pressreleases/25/11/n48649091/mcdonalds-reports-third-quarter-2025-results" rel="noreferrer noopener">restaurant sales weighed on the results</a>.



<ul class="wp-block-list">
<li>MCD shares are trending higher. <a href="https://www.benzinga.com/quote/MCD" target="_blank" rel="noreferrer noopener">Get the market research here</a></li>
</ul>



The shares of the fast-food giant&nbsp;gained premarket on Wednesday after the firm reported third-quarter adjusted earnings per share of $3.22, missing the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/11/n48649091/mcdonalds-reports-third-quarter-2025-results" rel="noreferrer noopener">analyst consensus estimate of $3.33.</a>



Quarterly sales of $7.07 billion missed the Street view of $7.095 billion. Consolidated revenues increased 3% (1% in constant currencies), while revenues from franchised restaurants rose 7% to $4.363 billion.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/11/48628198/taco-bell-kfc-power-yum-brands-growth-pizza-hut-under-review" rel="noreferrer noopener">Taco Bell, KFC Power Yum Brands Growth; Pizza Hut Under Review</a>



Sales by Company-owned and operated restaurants fell 3% to $2.563 billion.



The Non-GAAP operating margin for the third quarter was 47.2%, and the GAAP operating margin was 46.5%.



<h2 class="wp-block-heading">Same-store Sales</h2>



Global comparable sales rose 3.6%, driven by a 2.4% gain in the U.S. and a 4.3% increase across International Operated Markets.



International Developmental Licensed Markets performed the strongest, advancing 4.7% in the quarter, led by&nbsp;Japan.



Global Systemwide sales totaled over $36 billion for the quarter, up 8% year over year, or 6% in constant currency.



Operating income in the quarter under review increased to $3.357 billion from $3.188 billion.



Loyalty-member Systemwide sales across 60 markets were about $34 billion for the last twelve months and over $9 billion for the quarter.



&#8220;We&#8217;re fueling momentum by delivering everyday value and affordability, menu innovation, and compelling marketing that continue to bring customers through our doors,&#8221; &nbsp;said Chairman and CEO&nbsp;Chris Kempczinski.



<h2 class="wp-block-heading">Currency Impact</h2>



McDonald&#8217;s noted that its Systemwide sales and revenue continued to be negatively impacted by the war in the Middle East. This impact was felt primarily in the International Developmental Licensed Markets.



Conversely, the company&#8217;s consolidated results benefited from favorable foreign currency translation, which primarily reflected the strengthening of most major currencies against the U.S. Dollar. This currency benefit added $151 million to total revenues and had a positive impact of $0.04 on diluted earnings per share.



<h2 class="wp-block-heading">Outlook</h2>



McDonald&#8217;s reaffirmed its 2025 outlook, expecting net restaurant unit expansion to contribute slightly more than 2% to its 2025 Systemwide sales growth, in constant currencies.



It sees the 2025 operating margin to be in the mid-to-high 40% range.



Capital expenditures for 2025 are projected to be between $3.0 and $3.2 billion.



The majority of this spending will be directed toward expanding new restaurant units in the U.S. and internationally operated Markets.



Globally, the company expects to open approximately 2,200 restaurants in 2025, including about 600 new restaurants in the U.S. and International Operated Markets.



The company expects to achieve a free cash flow conversion rate in the low-to-mid 80% range.



MCD Price Action: McDonald&#8217;s shares were up 2.60% at $307.00 at the time of publication on Wednesday, <a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">according to Benzinga Pro data</a>.



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Image via Shutterstock

McDonald's: International Markets Are 'Loving It'

Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NVO">NVO</a>) on Wednesday reported third-quarter 2025 sales of roughly $11.75 billion (74.98 billion Danish kroner), slightly below the <a target="_blank" href="https://www.benzinga.com/quote/NVO/earnings" rel="noreferrer noopener">consensus of $11.88 billion</a>.



Sales increased by 5% in Danish kroner and 11% at constant currency. <a target="_blank" href="https://www.benzinga.com/topic/weight-loss" rel="noreferrer noopener">GLP-1 diabetes sales</a> increased by 11% to 36.74 billion Danish kroner, and Obesity care sales increased by 18% to 21.11 billion Danish kroner.



Insulin sales <a target="_blank" href="https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916445" rel="noreferrer noopener">increased</a> by 1% to 11.99 billion Danish kroner, and Rare disease sales increased by 9% to 4.72 billion Danish kroner.



Also Read: <a target="_blank" href="https://www.benzinga.com/m-a/25/11/48634093/pfizer-novo-nordisk-intensify-fight-for-metsera-as-buyout-offers-continue-to-climb" rel="noreferrer noopener">Pfizer, Novo Nordisk Intensify Fight For Metsera As Buyout Offers Continue To Climb</a>



Operating profit decreased by 30% to 23.68 billion Danish kroner and by 21% at constant exchange rate (CER), impacted by one-off restructuring costs of around 9 billion Danish kroner. Operating margin fell from 47.4% to 31.6%.



Had Novo Nordisk not incurred such restructuring costs, operating profit would have decreased by 2% in Danish kroner and increased by 7% at CER.



The weight loss drug maker reported earnings of $1.03 per share (4.50 Danish kroner), beating the consensus of 77 cents. Adjusted net profit increased by 5% to 29.18 billion Danish kroner.



Ozempic&nbsp;sales increased 9% to 30.74 billion Danish kroner, and Wegovy sales jumped 23% to 20.35 billion Danish kroner.



<h2 class="wp-block-heading">Outlook</h2>



For the full-year 2025 outlook, Novo Nordisk revised sales growth guidance to be 8-11% at CER, with operating profit growth now expected to be 4-7% also at CER, including a negative impact of around 8 billion Danish kroner from the company-wide transformation.



In the second quarter, the company <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/08/46894213/compounded-glp-1s-and-competition-force-novo-nordisk-to-slash-outlook" rel="noreferrer noopener">reiterated the lowered guidance</a> in July of sales growth of 8-14% at CER, and operating profit growth of 10-16% at CER.



Sales and operating profit growth reported in Danish kroner is now expected to be 4 and 6 percentage points lower than at CER, respectively.



The narrowing of the guidance ranges reflects lowered growth expectations for Novo Nordisk&#8217;s GLP-1 treatments within diabetes and obesity.



&#8220;&#8230;the lower growth expectations for our GLP-1 treatments have led to a narrowing of our guidance,&#8221; said Mike Doustdar, president and CEO.



&#8220;&#8230;We aim to accelerate on all fronts to be able to compete better in dynamic and increasingly competitive markets,&#8221; Doustdar added.



Novo Nordisk said it accepted the U.S. Inflation Reduction Act&#8217;s Maximum Fair Price (MFP) for Ozempic, Rybelsus, and Wegovy in Medicare Part D, effective <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/11/48634128/eli-lilly-novo-nordisk-stocks-rise-on-reported-149-obesity-drug-deal-with-white-house" rel="noreferrer noopener">as of January 2027</a>. Price remains undisclosed



The company also said that if it applied starting in 2025, the estimated direct impact would have been a negative, low single-digit impact on 2025 sales growth.



<h2 class="wp-block-heading">Pipeline Update</h2>



The U.S. Food and Drug Administration <a target="_blank" href="https://ml-eu.globenewswire.com/Resource/Download/ae93d17e-6c68-433e-ac46-9ea814575af0" rel="noreferrer noopener">rejected</a> Novo Nordisk&#8217;s submission of Wegovy (semaglutide 2.4 mg) in the multi-dose PDS290 device. The FDA recommended the co-existence of the multi-dose pen with the single-dose pen already on the market.



In October 2025, Novo Nordisk submitted a variant application for semaglutide 7.2 mg (a higher dose of Wegovy) to the European Medicines Agency for the existing marketing authorisation for Wegovy in a single-dose pen.



Novo Nordisk still expects approval for the label extension application for semaglutide 7.2 mg in early 2026, as well as the approval of semaglutide 7.2 mg in a single-dose pen during the second half of 2026.



Wegovy is currently approved in the EU at doses up to 2.4 mg for obesity.



Oral semaglutide 25 mg (Wegovy pill) was submitted to the EU regulatory authorities in September.



In September and October, <a target="_blank" href="https://www.benzinga.com/general/biotech/25/02/43557877/novo-nordisk-eyes-2025-regulatory-filing-for-hemophilia-candidate-after-encouraging-pediatric-study-data" rel="noreferrer noopener">Novo Nordisk submitted Mim8</a>, an investigational prophylaxis treatment for haemophilia A with or without inhibitors, for regulatory approval in the U.S. and in the EU.



Price Action: NVO stock was trading higher by 2.40% to $49.41&nbsp;premarket at last check Wednesday.



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<li><a href="https://www.benzinga.com/markets/tech/25/11/48613654/tesla-robotaxi-rival-weride-raises-308-million-in-hong-kong-share-sale-ahead-of-hong-kong-debut" target="_blank" rel="noreferrer noopener">Tesla Robotaxi Rival WeRide Raises $308 Million In Hong Kong Listing</a></li>
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Photo by KK Stock via Shutterstock

Biotech

Health Care

Contracts

Ozempic Maker Novo Nordisk Trims Growth Outlook For Obesity Drugs

Zohran Mamdani challenged President Donald Trump in his victory speech, as <a href="https://www.benzinga.com/news/politics/25/11/48643743/zohran-mamdani-wins-nyc-mayor-race-abigail-spanberger-becomes-virginias-first-female-governor-in-historic-democratic-win">other winning Democratic candidates</a>, Virginia&#8217;s Rep. Abigail Spanberger and New Jersey&#8217;s  Rep. Mikie Sherrill, vowed economic prosperity for their states.



<h2 class="wp-block-heading">Mamdani Wins In &#8216;City Of Immigrants&#8217;</h2>



Democratic socialist Mamdani won New York City&#8217;s mayoral race with a campaign focused on free childcare, fast buses, city-run grocery stores, and a rent freeze. An immigrant himself and the city's youngest and first Muslim leader, Mamdani declared New York a &#8220;city of immigrants&#8221;. 



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="LIVE: Zohran Mamdani delivers victory speech in New York City" width="500" height="281" src="https://www.youtube.com/embed/y7ysB8KifC8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



The 34-year-old told NYC residents, &#8220;We have toppled a political dynasty.&#8221;



He also invoked the words of India&#8217;s first Prime Minister, Jawaharlal Nehru, from his historic 1947 "Tryst With Destiny" address, calling this &#8220;a moment [that] comes but rarely in history.&#8221;



Mamdani then <a href="https://www.benzinga.com/news/politics/25/10/48166395/nyc-mayoral-candidate-zohran-mamdani-calls-letitia-james-indictment-political-retribution-under-trump-administration">openly challenged</a> President Donald Trump, saying, &#8220;Donald Trump, since I know you're watching, I have four words for you: turn the volume up.&#8221; 



Meanwhile, Trump posted: &#8220;AND SO IT BEGINS!&#8221;



<h2 class="wp-block-heading">Virginia&#8217;s Spanberger Calls To End Shutdown</h2>



In Virginia, Spanberger secured a historic win, becoming the state&#8217;s first female governor. She focused her campaign on economic, public safety, and healthcare issues. 



"In 2025, Virginia chose pragmatism over partisanship,&#8221; said Spanberger in her victory speech.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="FULL SPEECH: Abigail Spanberger victory speech after winning Virginia governor&#039;s race" width="500" height="281" src="https://www.youtube.com/embed/TbzQLkv5QbE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



As an incoming governor, the Democrat said, &#8220;&#8230;this was never about just winning an election. It was about what comes next. It's about the governing."&nbsp;



Spanberger also urged Trump and lawmakers from both parties to come together to resolve the federal <a href="https://www.benzinga.com/markets/macro-economic-events/25/11/48594325/when-goverment-shutdown-ends-odds-kalshi-goldman-sachs-economic-outlook">government shutdown</a>, which has now lasted for more than a month.



See Also: <a href="https://benzinga.com/news/topics/25/11/48627600/billionaire-sam-altman-says-his-own-son-wont-ever-be-smarter-than-ai-but-hell-still-be-happy-because-its-the-only-world-theyll" target="_blank" rel="noreferrer noopener">Billionaire Sam Altman Says His Own Son &#8216;Won&#8217;t Ever Be Smarter Than AI&#8217; — But He&#8217;ll Still Be Happy Because &#8216;It&#8217;s The Only World They&#8217;ll Ever Know&#8217;</a>



<h2 class="wp-block-heading">New Jersey&#8217;s Mike Sherrill Promises &#8216;Different Future&#8217; </h2>



Similarly, in New Jersey, Sherrill won the governor&#8217;s office. She emphasized the importance of the election in the context of democracy and the MAGA movement. Sherill adhered to moderate policies and focused on cost-of-living issues, introducing measures to tackle the state's soaring utility costs.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="New Jersey Governor-elect Mikie Sherrill (D) Victory Speech" width="500" height="281" src="https://www.youtube.com/embed/A4bKczOjSZI?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Sherrill slammed Trump for &#8220;cutting SNAP, ripping away healthcare, terminating gateway,&#8221; and pledged to &#8220;fight&nbsp;for a different future&#8221; for the children of New Jersey, and to &#8220;build prosperity for all of&nbsp;our citizens.&#8221; 



She told New Jersey residents on Tuesday night, "take oaths to the Constitution, not a king."



<h2 class="wp-block-heading">A Comeback For Democrats?</h2>



This is the <a href="https://www.benzinga.com/news/politics/25/11/48643743/zohran-mamdani-wins-nyc-mayor-race-abigail-spanberger-becomes-virginias-first-female-governor-in-historic-democratic-win">first major electoral test</a> in Trump&#8217;s second term, where Democrats swept the major races in Virginia, New Jersey, and New York City, while voters in California approved a new congressional map that could help Democrats win five more House seats next year.



Trump attributed the GOP losses <a href="https://www.benzinga.com/news/politics/25/11/48644215/zohran-mamdanis-historic-victory-earns-him-congratulations-from-bill-ackman-bernie-sanders-trump-wasnt-on-the-ballot-says-president">to his absence</a> from the ballot and the impact of a prolonged federal shutdown.



While Mamdani&#8217;s win was historic, there could be challenges waiting for him. New York Gov. Kathy Hochul has opposed Mamdani&#8217;s idea of taxing the rich. She reiterated her stance in late October at Fox News's  <a href="https://www.youtube.com/watch?v=1bUkB-558O0" target="_blank" rel="noreferrer noopener">"Raging Moderates</a>" podcast, saying, "I also have to balance governing this state and making sure that those people who are actually the reason we have a generous, supportive budget that helps lift people up, it's their revenues that we tax."



Meanwhile, Spanberger and Sherrill minimized their emphasis on progressive causes such as LGBTQ rights and opposition to Trump's efforts to undermine American institutions. Spanberger seldom mentioned Trump during her campaign and chose not to participate in any of the <a href="https://www.benzinga.com/news/politics/25/10/48292902/donald-trump-faces-no-kings-day-protests-as-millions-march-nationwide-gop-stays-silent-amid-authoritarianism-claims">"No Kings" demonstrations</a> against him.



READ NEXT:



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Image via Shutterstock



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

Zohran Mamdani Tells Trump 'To Turn The Volume Up' As Spanberger, Sherrill Promise 'Pragmatism' And 'Prosperity' In Victory Speeches

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