A stronger-than-expected September jobs report fueled gains on Wall Street, overshadowing investor concerns that had been driven by escalating geopolitical tensions in the Middle <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">East earlier this week. </a>



The U.S. economy added 254,000 nonfarm payroll jobs in September, a significant jump from August's 159,000 and well above forecasts of 140,000. This marked the most robust employment growth since March 2024.



In addition, the unemployment rate dropped more than anticipated to 4.1%, while average hourly earnings also surpassed expectations, signaling a red-hot labor market.



Small-cap stocks outpaced their large-cap peers as worries about an economic slowdown subsided further. Meanwhile, traders adjusted their outlook for the Federal Reserve's November meeting, reducing the probability of a 50-basis-point rate cut from 30% to just 10% as the stronger jobs data diminished the need for a more aggressive policy move.



U.S. Treasury yields rose sharply in response to the solid labor market data. The 2-year yield climbed by 20 basis points, while the 10-year yield increased by 12 basis points. 



Chinese equities continued their upward trajectory, driven by ongoing domestic stimulus measures. The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) reached levels last seen in February 2022, just before Russia's invasion of Ukraine.



Gold dipped 0.3% as the U.S. dollar strengthened and bond yields climbed. Oil prices extended their rally for the fourth consecutive session, with WTI crude hitting $75 per barrel during intraday trading.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged 2.2%, climbing to $62,000.



<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Russell 2000</td><td>2,203.80</td><td>1.1 %</td></tr><tr><td>Nasdaq 100</td><td>19,932.47</td><td>0.7%</td></tr><tr><td>S&amp;P 500</td><td>5,727.63</td><td>0.5%</td></tr><tr><td>Dow Jones</td><td>42,146.54</td><td>0.3%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:35 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data: 



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;rose 0.5% to $570.47.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.3% higher to $421.66.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.7% to $484.95.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.2% to $218.77.</li>



<li>The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1.2%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down 0.8%.</li>
</ul>



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



<ul>
<li>Semiconductor stocks rallied, with Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) leading gains, up over 4%. </li>



<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) fell over 4% on a quarterly revenue miss. </li>



<li>Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) tumbled 26%, amid bankruptcy discussions with creditors following the failed merger with JetBlue Airways Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>). Peers such as American Airlines Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NYSE">AAL</a>) and United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) rallied on the news, up by 5.4% and 3.6%, respectively. </li>
</ul>



Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41187740/blowout-september-jobs-report-spurs-reactions-6-economists-say-aggressive-fed-rat">&#8216;Blowout&#8217; September Jobs Report Spurs Reactions: 6 Economists Say Aggressive Fed Rate Cuts May Face Obstacles</a>



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Wall Street Rallies, Small Caps Outperform On Strong Jobs Report, Chinese Stocks Soar To 32-Month Highs: What's Driving Markets Friday?

When word got around that Spirit Airlines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) was <a href="https://www.benzinga.com//node/41182466">considering a bankruptcy</a> filing, critics quickly took to social media to blame the Biden administration. 



Why? Recall how, in January, U.S. <a href="https://www.benzinga.com/news/24/01/36648448/jetblue-spirit-airlines-merger-blocked-spirit-shares-tumble">antitrust regulators successfully blocked</a> JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) from buying Spirit for $3.8 billion. Indeed, over the past four years, regulators <a href="https://www.benzinga.com/government/24/09/40693260/kroger-albertsons-merger-in-ftc-crosshairs-customers-competitors-at-risk">often hold up</a> M&amp;A activity they consider anti-competitive, such as <a href="https://www.benzinga.com/news/large-cap/22/10/29266605/kroger-albertsons-finally-seal-the-rumored-merger-deal-see-highlights">the $25 billion merger</a> between Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) and Alberstons Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>).



The JetBlue/Spirit scenario was no different. Fast-forward to this week: The <a href="https://www.wsj.com/articles/spirit-airlines-in-talks-with-bondholders-over-terms-of-potential-bankruptcy-filing-fdd23fae">Wall Street Journal</a> reported Spirit is in talks with bondholders and creditors to see if a Chapter 11 bankruptcy is the best option for the troubled carrier.



<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">Biden and Harris torched the merger. Now many will be without a job.&mdash; Ottoman (@raddadcomments) <a href="https://twitter.com/raddadcomments/status/1841958271655280659?ref_src=twsrc%5Etfw">October 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The JetBlue deal would have saved jobs and the airline, observers argued. It&#8217;s worth noting Spirit&#8217;s problems stem from having to ground several Airbus planes due to turbofan engine problems.



Bank of America Securities analysts noted in January that Spirit&#8217;s ongoing engine repairs hurt &#8220;the traditional ultra-low cost business model.&#8221;



Dania Beach, Florida-based Spirit also attributed its financial struggles to an &#8220;intense competitive battle&#8221; for price-sensitive leisure travelers, as well as an oversupply of airline seats in the domestic market.



&#8220;You can think [sic] Biden and his FTC crew for this. Way to go Joe!&#8221; a social media user posted.



Precedent shows that a deal with JetBlue wouldn&#8217;t have been a safety net for Spirit as most major airline mergers lead to job losses, regardless of whether the target is a distressed asset.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41178053/spirit-airlines-engages-in-bankruptcy-talks-amid-financial-struggles-report">Spirit Airlines Engages In Bankruptcy Talks Amid Financial Struggles</a>



The scale and impact can vary depending on several factors such as the size of the merger. Here are a few examples of job losses from major mergers:



<ul>
<li>American Airlines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) and US Airways: After the 2013 merger, there were several thousand job losses. Estimates ranged from 1,500 to 3,000 positions cut. </li>



<li>United Airlines (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and Continental Airlines: The 2010 merger resulted in the elimination of roughly 1,500 to 2,000 job losses. These cuts were primarily due to redundant corporate and administrative positions. </li>



<li>Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) and Northwest Airlines: While the 2008 merger helped the combined airline grow, but also led to an estimated 2,000 to 3,000 job losses.</li>
</ul>



Airline mergers often lead to route and capacity optimization, reducing staffing needs in less profitable areas. Cost synergies, like lowering fuel and labor costs, can prompt additional cuts as well. Fleet consolidation may phase out older aircraft, affecting technical staff.



Union agreements and labor contracts might also lead to layoffs as the merged airline harmonizes pay and benefits across the workforce.



While not all mergers result in severe job losses, neither do bankruptcies. Jobs can sometimes be saved when a company files for Chapter 11, since the process allows a company to reorganize its debts and operations while continuing to operate, giving it a chance to become financially viable. 



During this process, the company may restructure contracts, renegotiate with creditors and streamline operations, which can help preserve jobs that would otherwise be lost in a complete liquidation. While layoffs may occur, Chapter 11 provides more opportunities for the business to recover and protect a portion of its workforce.



Spirit&#8217;s debt load hovers around $3.3 billion, per the Wall Street Journal.



Recent airline bankruptcies include Virgin America and Monarch Airlines, both in 2017; WOW Air in 2019; and LATAM Airlines Group SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTM#NYSE">LTM</a>) in 2020. LATAM emerged from bankruptcy in 2022 stronger and is now larger and leaner, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41123208/latam-airlines-earnings-will-remain-higher-for-longer-says-bullish-analyst">according to Morgan Stanley analysts</a>.



What&#8217;s Next: It remains to be seen whether Spirit will follow through with bankruptcy. At last check Friday, Spirit stock is trading 26.28% lower at $1.66, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



The stock has lost more than 85% of its value in 2024. 



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41124443/whats-going-on-with-delta-united-and-spirit-airlines-shares-tuesday">What's Going On With Delta, United and Spirit Airlines Shares Tuesday?</a></li>
</ul>



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Spirit Airlines Bankruptcy Chatter Has Critics Blaming Biden: Here's What History Shows About Carrier Mergers

The September jobs report came in hotter than predicted, with U.S. payrolls increasing by 254,000 and the unemployment rate surprisingly slipping to 4.1%. Wage growth exceeded expectations, rising 0.4% <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41184080/us-economy-adds-254-000-new-jobs-in-september-smashes-expectations-unemployment-f">month-over-month and 4% year-over-year. </a>



These robust numbers have sparked a fresh debate among economists about the Federal Reserve's next move. The general consensus now seems to lean toward a more gradual approach to rate cuts, as the labor market&#8217;s resilience weakens the case for aggressive monetary easing.



Here's how five experts are interpreting the latest jobs data.



<h3 class="wp-block-heading">&#8220;Blowout&#8221; Report Suggests Fed Should Stay Cautious</h3>



Economist Mohamed El-Erian describes the September jobs report as a &#8220;blowout,&#8221; highlighting the stronger-than-expected job creation and wage growth. He says that this data reinforces the strength of the labor market and &#8220;U.S. economic exceptionalism.&#8221;



El-Erian suggests the report offers a reason for the Fed to resist market pressure for significant rate cuts in 2024-25, favoring a more cautious approach to monetary easing.



According to Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, the September report suggests a turnaround following signs of labor market weakening earlier in the year. 



He warns against overreacting to either overly optimistic or pessimistic reports, and sees this as further evidence of a growing economy with a solid labor market. 



&#8220;This should put to rest – at least for the next month – the idea that the economy is about to fall off a cliff or that imminent doom is on the horizon,&#8221; he said. 



He maintains a balanced outlook, suggesting that while one strong report doesn&#8217;t warrant excessive optimism, the data strengthens the case for investors to remain fully invested in equities as the economy continues to grow.



Joseph Brusuelas, principal and chief economist at RSM US LLP, highlights the strong wage growth in September, with a 0.4% monthly increase and 4% annualized growth, providing momentum as the U.S. heads into the crucial holiday season. 



The economist underlines that "hiring remains rock solid," even though some seasonal and technical factors may inflate the topline numbers. He sees the economy on track to grow at or above a 3% pace.



Brusuelas dismisses concerns of an imminent recession, instead signaling a "mid-cycle economic expansion" as hiring moderates from post-pandemic highs. 



Looking ahead, he interprets the strong jobs data as support for the Federal Reserve to adopt a more gradual approach to rate cuts.



<h3 class="wp-block-heading">Broad Job Gains Point To Smaller Rate Cuts</h3>



The recent data flow raises questions about whether the Fed&#8217;s &#8220;super-sized cut was warranted,&#8221; says Aditya Bhave, U.S. economist at BofA Securities. 



Bhave highlights the September jobs report, calling it &#8220;gangbusters,&#8221; as it reinforces his perspective with robust job growth, upward revisions to previous months, and a drop in the unemployment rate. Moreover, last week&#8217;s gross domestic product revisions also pointed to a healthier economy than previously thought.



Given the strength of recent economic reports, Bhave has revised his November forecast from a 50bp cut to 25bp, while maintaining the same path of rate cuts into 2025. He now projects a terminal rate between 3.0% and 3.25%, noting that the risks to this figure are skewed to the upside due to stronger-than-expected productivity growth.



Jeffrey Roach chief economist for LPL Financial emphasizes the broad-based payroll increase. He suggests that "this solid report increases the odds that the economy will continue to grow above trend in the next quarter" and that the Fed is likely to opt for a "quarter point" rate cut rather than a larger one.



However, he also highlights a slight drop in hours worked and a rise in the percentage of workers holding multiple jobs, suggesting some caution is warranted.



According to Nathaniel&nbsp;Casey, investment strategist at wealth management firm Evelyn Partners, the robust payroll data reassures markets of the U.S. economy&#8217;s strength. 



He highlights that &#8220;the headline non-farm payroll figure saw its largest beat over consensus estimates since December 2023.&#8221;



While the unemployment rate's drop to 4.1% is encouraging, he cautions that rising hourly earnings could trigger inflationary concerns.



The expert warns that with such strong labor market data, the likelihood of a 50-basis point rate cut has diminished, with markets now favoring a smaller 25-basis point cut in November.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41182466/spirit-airlines-drops-over-40-amid-bankruptcy-discussions">Spirit Airlines Drops Over 40% Amid Bankruptcy Discussions</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

'Blowout' September Jobs Report Spurs Reactions: 6 Economists Say Aggressive Fed Rate Cuts May Face Obstacles

Retailers and politicians reacted to the International Longshoremen's Association (ILA) and U.S. Maritime Alliance&#8217;s (USMX) tentative deal to end <a href="https://www.benzinga.com/markets/equities/24/09/41097541/amazon-apple-tesla-brace-for-supply-chain-disruptions-as-potential-east-coast-dockworkers-strike" target="_blank" rel="noreferrer noopener">the ongoing port strike</a>.



What Happened: East Coast dockworkers <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41122944/east-coast-dockworkers-strike-how-labor-dispute-impacts-economy-logistics-companies">went on strike</a> Tuesday following their contract lapse with port employers.



The dockworkers sought a 77% pay increase over the next six years and workplace protections for automation of port practices.



Several experts thought a prolonged strike <a href="https://www.benzinga.com/news/24/09/40906726/us-port-strike-in-october-could-lead-to-major-supply-chain-disruptions-says-container-trade-expert">could seriously harm</a> U.S. supply chains, though they pegged the likelihood of a strike continuing for more than a few days to be low.



The <a href="https://www.benzinga.com/news/24/10/41177060/port-strike-ends-workers-return-to-work-friday">strike ended Thursday night</a> following the USMX&#8217;s offer to increase pay by 62%. The contract was extended to Jan. 15, giving both sides time to negotiate on other issues such as port automation.



Reporting by Reuters <a href="https://www.reuters.com/world/us/ship-queue-grows-us-ports-dockworker-strike-enters-third-day-2024-10-03/">attributed</a> the success of negotiations to White House economic adviser Lael Brainard and Acting Secretary of Labor Julie Su.



Reactions: The end of the strike <a href="https://nrf.com/media-center/press-releases/nrf-reacts-port-strike-suspension">received</a> a flurry of reactions, including from National Retail Federation President Michael Shay.



&#8220;The decision to end the current strike and allow the East and Gulf coast ports to reopen is good news for the nation's economy,&#8221; Shay said. 



&#8220;It is critically important that the International Longshoremen's Association and U.S. Maritime Alliance work diligently and in good faith to reach a fair, final agreement before the extension expires. The sooner they reach a deal, the better for all American families."



A Bank of America analyst also expressed relief that the strike ended promptly while noting future considerations.



&#8220;We see limited impact from the strike, with &lt;1% incremental global congestion build, and with China export volumes muted during China&#8217;s October Golden Week. As such, pressure should build on container spot rates, per our BofA Asian Transport analyst Nathan Gee,&#8221; the analyst said. 



&#8220;With pre-shipping done, a quick strike, and inventories built, we see a muted backdrop until demand accelerates, which should remain an overhang on U.S. transport stocks.&#8221;



In a post on X, President Joe Biden <a href="https://www.benzinga.com/news/24/10/41177525/biden-praises-end-of-port-strike-highlights-importance-for-hurricane-helene-recovery-collective-barg">applauded the end</a> of the strike.



&#8220;Collective bargaining works,&#8221; Biden wrote. The Scranton, Pennsylvania, native<a href="https://www.benzinga.com/news/24/05/39009950/bidens-push-for-unionization-faces-new-challenge-in-semiconductor-industry-report"> positioned himself</a> as firmly pro-union during his presidency.



His senate colleague, progressive Bernie Sanders (I-VT), also commented on the agreement between the ILA and USMX.



&#8220;I congratulate the 50,000 port workers who went on strike against the outrageous corporate greed of the shipping industry and won an historic increase in wages,&#8221; Sanders wrote. &#8220;Billionaires in the shipping industry must not be allowed to get even richer by replacing port workers with robots.&#8221;



Also Read:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41185065/s-p-500-nears-record-highs-on-hot-jobs-data-dollar-treasury-yields-surge-as-aggre">S&amp;P 500 Nears Record Highs On Hot Jobs Data: Dollar, Treasury Yields Surge As Aggressive Interest Rate Cut Hopes Fade</a></li>
</ul>



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Port Strike Ends After 3 Days: Retailers, Politicians Breathe Sigh Of Relief

A hotter-than-expected jobs report spurred a premarket rally on Wall Street Friday, showcasing the U.S. economy&#8217;s resilience and easing concerns <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41184080/us-economy-adds-254-000-new-jobs-in-september-smashes-expectations-unemployment-f">over an economic slowdown. </a>



The strong labor data also led traders to rethink the Federal Reserve&#8217;s aggressive rate cuts, resulting in a jump in the dollar and Treasury yields.



What Happened: The U.S. economy added 254,000 jobs in September, far exceeding the expected 140,000. This marks an acceleration from August&#8217;s 159,000 figure and well above the 12-month average of 230,000. Payrolls for both July and August were upwardly revised by 55,000 and 17,000, respectively.



Private sector payrolls accounted for 223,000 jobs, while the government added 31,000. The unemployment rate fell unexpectedly by 0.1% to 4.1%, beating the forecasted 4.2%.



Wages grew by 0.4% in September, surpassing the expected 0.3%. 



Why It Matters: The stronger-than-expected pace of job addition, coupled with a surprisingly lower unemployment rate and higher wage growth, signals a strong consumer spending outlook, which could lift corporate earnings, particularly as we head into the fourth quarter.



Yet the labor market&#8217;s strength also complicates the Federal Reserve&#8217;s efforts to curb inflation. Higher wages could stoke consumer demand, putting upward pressure on prices, potentially slowing disinflation efforts. This may lead the Fed to delay or scale back anticipated interest rate cuts.



Before the jobs report, the market had priced in a 30% chance of a 50-basis-point rate cut in November, according to the CME FedWatch Tool. Following the data release, those odds plummeted to 11%. 



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



<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) jumped 0.9% in premarket trading, edging closer to its recent record highs.</li>



<li>The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which tracks major tech stocks, rallied 1.4%, driven by strong gains in the semiconductor sector. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) surged 2.1%.</li>



<li>Blue chips rose as well, with the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) up by 0.7%.</li>



<li>Small caps outperformed large caps. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.7%. </li>



<li>Yields on the 10-year Treasury bond soared by 11 basis points to 3.96%. Yields on the policy-sensitive two-year note spiked by 15 basis points to 3.87%.</li>



<li>The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) tumbled 1.2%. </li>



<li>The U.S. Dollar Index, which is tracked by the&nbsp;Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), rose 0.7%.</li>
</ul>



<h3 class="wp-block-heading">Top Gainers Post-Jobs Report:</h3>



Using the Movers function on <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent100424&amp;t=be2bearmibe3na1">Benzinga Pro</a>, here are the top performers among U.S. mega-cap stocks in the 30 minutes following the release of the September jobs data.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Company Name</th><th>Price</th><th>Change</th></tr></thead><tbody><tr><td>KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>)</td><td>$799.25</td><td>+3.18%</td></tr><tr><td>Mitsubishi UFJ Financial Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUFG#NYSE">MUFG</a>)</td><td>$10.18</td><td>+3.18%</td></tr><tr><td>Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>)</td><td>$205.53</td><td>+2.10%</td></tr><tr><td>Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>)</td><td>$83.60</td><td>+2.08%</td></tr><tr><td>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td><td>$166.90</td><td>+1.92%</td></tr><tr><td>ARM Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>)</td><td>$142.44</td><td>+1.91%</td></tr><tr><td>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>)</td><td>$80.02</td><td>+1.67%</td></tr><tr><td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td><td>$175.66</td><td>+1.66%</td></tr><tr><td>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>)</td><td>$510.58</td><td>+1.59%</td></tr><tr><td>Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)</td><td>$39.96</td><td>+1.56%</td></tr><tr><td>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td><td>$204.82</td><td>+1.56%</td></tr></tbody></table></figure>



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</ul>



Photo via Shutterstock.

Markets

Movers

ADBE

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MUFG

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S&P 500 Nears Record Highs On Hot Jobs Data: Dollar, Treasury Yields Surge As Aggressive Interest Rate Cut Hopes Fade

As adult-use cannabis markets gain traction across the U.S., medical marijuana — a cornerstone of early cannabis reform — seems to be losing its place in policy discussions. 



Despite its importance, the focus on adult-use legalization has overshadowed the medical marijuana conversation, raising concerns within the industry.



Brandon Harshbarger, president of Cheech and Chong Global Holdings, discussed this shift in an interview before his appearance at the <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a>.



<h1 class="wp-block-heading">Medical Cannabis: The Forgotten Pillar</h1>



Harshbarger emphasized the centrality of medical marijuana in the initial stages of cannabis reform. 



&#8220;One of the things I hold most dear to my heart, and it is part of the ethos of this company, is that cannabis is medicine,&#8221; he stated. However, as recreational cannabis markets expanded, the focus on medical use diminished.



He attributed this shift, in part, to regulatory challenges posed by the FDA regarding health claims surrounding cannabis. But more importantly, he pointed to a growing market demand for casual cannabis consumption, which he believes has driven the industry's current trajectory.



&#8220;Unfortunately, when recreational programs started to take off, part of that strategy meant a reduction in emphasis on the medicinal qualities of cannabis,&#8221; Harshbarger noted. The increased access brought about by recreational markets, he explained, has made it easier for consumers to view cannabis in a more casual light, which in turn has fueled the industry's growth.



<h1 class="wp-block-heading">Balancing Access with Mission</h1>



While the industry has moved toward adult use, Harshbarger remains committed to expanding access for all medical or recreational consumers. &#8220;Our mission in cannabis is simple: access for everyone, in every market,&#8221; he said. He acknowledged that the evolution of the cannabis industry has allowed for greater availability of cannabis products. Still, he expressed concern that this shift has led to losing focus on the medical benefits that initially sparked legalization efforts.



&#8220;In some markets, that is medicinal, but in others, hemp-derived products have shown that when access to cannabis occurs at scale, the benefits are even greater than we could have ever imagined,&#8221; Harshbarger added, underscoring the potential of cannabis across all markets and forms.



<h1 class="wp-block-heading">The Road Ahead</h1>



As cannabis policy continues to evolve, Harshbarger remains hopeful that medical marijuana will regain its prominence in policy discussions. He believes that while adult-use markets are essential for industry growth, the medical cannabis community should not be forgotten. 



For Harshbarger, the future of cannabis lies in balancing both markets, ensuring that all consumers, whether casual or medical, have access to the products they need.



Photo: Courtesy of Roxana Gonzalez on Shutterstock

Cannabis

Events

Exclusives

Interview

Cheech And Chong Global Holdings President On Importance Of Medical Marijuana: 'Cannabis Is Medicine'

Editor&#8217;s note: This story has been updated with additional details. 



Signs of a healthy labor market emerged from the official September jobs report, as the U.S. economy added 254,000 nonfarm payroll jobs last month, reflecting a strong improvement over August's upwardly revised <a href="https://www.benzinga.com/topic/economics">figure of 159,000</a>.



This pace of job creation sharply exceeded economist forecasts, offering fresh optimism for the labor market's resilience.



Before the September jobs report, traders were anticipating a nearly 70% chance the Federal Reserve would cut interest rates by 25 basis points in November.



<h3 class="wp-block-heading">September Employment Situation: Key Highlights</h3>



<ul>
<li>Nonfarm payrolls rose from 159,000 in August to 254,000 September, surpassing forecasts of 140,000 as tracked by TradingEconomics. </li>



<li>The change in total nonfarm payroll employment for August was upwardly revised by 17,000 to 150,000. July payrolls were upwardly revised by 55,000, from 89,000 to 144,000.</li>



<li>The unemployment rate surprisingly fell from 4.2% to 4.1%, below the predicted 4.2%. </li>



<li>Wage growth showed some upward pressure. Average hourly earnings increased by 0.4% to $35.36 in September, surpassing predictions of 0.3%. August&#8217;s average hourly earnings were upwardly revised to 0.5%. </li>



<li>On a year-over-year basis, average hourly earnings rose 4%, surpassing both the previous and expected 3.8%.</li>



<li>Employment in food services and drinking places increased by 69,000 in September, well above the average monthly gain of 14,000 over the past year.</li>



<li>Health care added 45,000 jobs in September, below the 12-month average of 57,000. Gains were seen in home health care services, up by 13,000, hospitals, up by 12,000, and nursing and residential care facilities, up by 9,000.</li>



<li>Government employment rose by 31,000 in September, compared to an average monthly increase of 45,000 over the past year. Local government added 16,000 jobs, while state government increased by 13,000. </li>
</ul>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th></th><th>September 2024</th><th>Consensus</th><th>August 2024</th></tr></thead><tbody><tr><td>Nonfarm payrolls</td><td>254,000</td><td>140,000</td><td>159,000 (upwardly revised from 142,000)</td></tr><tr><td>Unemployment rate</td><td>4.1%</td><td>4.2%</td><td>4.2%</td></tr><tr><td>Average hourly earnings (m/m)</td><td>0.4%</td><td>0.3%</td><td>0.5% (upwardly revised from 0.3%)</td></tr><tr><td>Average hourly earnings (y/y)</td><td>4%</td><td>3.8%</td><td>3.8%</td></tr></tbody></table></figure>



Read next: 



<a href="https://www.benzinga.com/news/earnings/24/10/41181506/us-stocks-on-edge-as-traders-brace-for-crucial-jobs-report-why-this-fund-manager-says-ai-stocks-jus">US Stocks On Edge As Traders Brace For Crucial Jobs Report: Why This Fund Manager Says AI Stocks Just Received Big Boost</a>



Photo via Shutterstock.

US Economy Adds 254,000 New Jobs In September, Smashes Expectations: Unemployment Falls, Wages Increase (UPDATED)

Spirit Airlines Inc. (NYSE:&nbsp;<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) experienced a significant drop of over 40% in pre-market trading on Friday. This decline follows reports of the airline engaging in bankruptcy talks with bondholders.

At the time of writing, it was trading at $1.35&nbsp;while it closed at $2.24 on Wednesday, as per <a href="https://pro.benzinga.com">Benzinga Pro.</a>

The budget airline is contemplating a <a href="https://www.benzinga.com/markets/equities/24/10/41178053/spirit-airlines-engages-in-bankruptcy-talks-amid-financial-struggles-report">Chapter 11 filing</a> as it faces severe financial difficulties. The discussions primarily aim to secure bondholder and creditor support for a potential bankruptcy filing, according to a report by The Wall Street Journal on Thursday.

Spirit&rsquo;s financial strain is largely due to a $3.3 billion debt, including over $1.1 billion in secured bonds that mature within a year. The company must address these notes by Oct. 21 to meet its credit card processor&rsquo;s deadline.

See Also: <a href="https://www.benzinga.com/markets/equities/24/09/41086177/amazon-ceo-andy-jassy-faces-employee-revolt-over-full-time-return-to-office-mandate-73-consider-?itm_source=parsely-api" rel="noreferrer noopener" target="_blank">Amazon CEO Andy Jassy Faces Employee Revolt Over Full-Time Return To Office Mandate, 73% Consider Quitting: Survey (Updated)</a>

CEO Ted Christie acknowledged in August that the airline is actively negotiating with bondholders&rsquo; advisers to manage these debts. He emphasized the priority of securing a favorable outcome for the business while enhancing performance and guest experience.

Spirit&rsquo;s financial troubles have been worsened by its failure to achieve annual profitability since the COVID-19 pandemic. The airline plans to cut capacity by nearly 20% in the fourth quarter, further impacted by the recall of Pratt &amp; Whitney engines, which has grounded part of its fleet and led to pilot furloughs.

In March, Spirit scraped off its <a href="https://www.benzinga.com/news/24/03/37455281/jetblue-spirit-airlines-shares-are-moving-monday-whats-going-on">$3.8 billion merger agreement</a> with JetBlue Airways Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>). After the talks about Spirit&rsquo;s bankruptcy, JetBlue was up by 5.16%,

Read Next: 

<ul>
	<li><a href="https://www.benzinga.com/news/24/09/41087674/openais-searchgpt-set-to-disrupt-googles-search-empire-as-former-engineer-sounds-alarm-on-deteriorat?itm_source=parsely-api" rel="noreferrer noopener" target="_blank">OpenAI&rsquo;s SearchGPT Set To Disrupt Google&rsquo;s Search Empire As Former Engineer Sounds Alarm On Deteriorating User Experience Amid Rising Competition</a></li>
</ul>

Image by Tom&aacute;s Del Coro via Wikimedia Commons

This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" rel="noreferrer noopener" target="_blank">Pooja Rajkumari</a>

Pre-Market Outlook

General

Spirit Airlines Drops Over 40% Amid Bankruptcy Discussions

President Joe Biden has commended the agreement reached between the International Longshoremen's Association (ILA) and the U.S. Maritime Alliance (USMX), effectively <a href="https://www.benzinga.com/news/24/10/41177060/port-strike-ends-workers-return-to-work-friday">ending a port strike</a> that threatened to disrupt the U.S. economy.



What Happened: The agreement, which was announced on Thursday, was met with approval by President Biden, who has been a staunch supporter of the striking workers. &#8220;Today's tentative agreement on a record wage and an extension of the collective bargaining process represents critical progress towards a strong contract,&#8221; Biden said in a statement, as reported by <a href="https://thehill.com/homenews/administration/4915156-port-strike-end-agreement/">The Hill</a>.



The ILA revealed that the USMX, a group of companies operating East and Gulf Coast ports, agreed to a pay rise for port workers. As a result, union members are set to return to work immediately.



Biden praised all parties involved in the negotiation process, particularly acknowledging the sacrifices made by the ILA dockworkers during the COVID-19 pandemic.



The president said on X that he applauded ILA and USMX coming together to ensure the &#8220;availability of critical supplies for Hurricane Helene recovery and rebuilding.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I applaud the International Longshoremen's Association and the United States Maritime Alliance for coming together to reopen the East Coast and Gulf ports and ensure the availability of critical supplies for Hurricane Helene recovery and rebuilding. Collective bargaining works.&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1841992882426704101?ref_src=twsrc%5Etfw">October 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/news/24/10/41118749/trump-vs-harris-poll-finds-vice-president-has-energized-this-largest-voting-bloc-as-her-economic-pro?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Poll Finds Vice President Has Energized This Largest Voting Bloc As Her Economic Proposals Strike A Chord</a>



Why It Matters: The two-day strike had the potential to significantly impact the U.S. economy and posed political challenges for the Biden administration. The end of the strike comes as a relief, as it threatened to disrupt supply chains. 



The agreement includes a substantial wage increase and improved working conditions, addressing the ILA's key demands. According to a <a href="https://www.benzinga.com/news/24/10/41177060/port-strike-ends-workers-return-to-work-friday">Benzinga report</a>, the breakthrough came after port employers offered a 62% increase in wages over six years. 



The agreement also includes a contract extension through Jan. 15, 2025, providing time for the two sides to negotiate other issues, including automation on the docks.



Did You Know?



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



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

Biden Praises End Of Port Strike, Highlights Importance For Hurricane Helene Recovery: 'Collective Bargaining Works'

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has been the <a href="https://www.benzinga.com/general/education/24/10/41163360/if-you-invested-1-000-in-facebook-stock-when-mark-zuckerberg-changed-name-to-meta-heres-how-muc">second best-performing Magnificent 7 stock this year</a> after artificial intelligence stalwart Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). The stock rally has nudged its co-founder and CEO, Mark Zuckerberg, to be higher on the list of the world&#8217;s wealthiest people.



Zuckerberg Pips Past Bezos: Bloomberg&#8217;s updated billionaire list shows Zuckerberg rising in rank and becoming the world&#8217;s second-richest person after Tesla, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Elon Musk. The loser was Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos, who had stepped down from an active management role in the company that he founded in 1994. Bezos ceded his second position to the Meta CEO amid the relative outperformance of the social-media giant&#8217;s stock.



Here&#8217;s how the two stocks fared this year:



<figure class="wp-block-image size-large is-resized wp-duotone-unset-1"><img loading="lazy" decoding="async" width="1024" height="440" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04011143/image-2-6-1024x440.png" alt="" class="wp-image-579923" style="width:924px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04011143/image-2-6-1024x440.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04011143/image-2-6-300x129.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04011143/image-2-6-768x330.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04011143/image-2-6-1536x660.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/04011143/image-2-6.png 1890w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Chart Courtesy of Benzinga Pro



Meta has gained over 64% for the year-to-date period compared to Amazon&#8217;s roughly 20% gain. After moving almost in tandem with Meta, albeit with a more modest gain, for much of the year, Amazon has clearly begun diverging since late September.



Zuckerberg&#8217;s net worth is $206 billion, slightly higher than Bezos&#8217; $205 billion. More importantly, the Meta CEO is only $50 billion in deficit versus Musk&#8217;s wealth. It could come as no surprise if he soon takes over the crown from Musk, given Meta&#8217;s potential versus Tesla&#8217;s pitfalls. Tesla is still struggling to turn around its core electric-vehicle business to trend-like growth and promising opportunities such as full self-driving technology and robotaxi are expected only to be long-term drivers.



Be it Zuckerberg or Bezos, much of their wealth is tied to stock ownership in the respective companies they founded. Stock vagaries could therefore play a key role in deciding their fortunes.



See Also: <a href="https://www.benzinga.com/money/how-to-buy-facebook-stock">How To Buy Meta (Formerly Facebook) Stock</a>



What&#8217;s Firing Up Facebook Parent: Meta was among the COVID-19 play that benefited from the work-from-home and lockdown restrictions that were in place then. The pandemic rally stalled in Sept. 2021, and the stock began a year-long secular downtrend until early November 2022. Declines in both top and bottom-line figures amid an ad spending slowdown, investment into the loss-making Reality Labs division, Apple‘s privacy initiatives, and a competitive threat from TikTok all served as drags.



Meta&#8217;s management though was quick with resuscitation measures and unveiled strategic plans to streamline operations and navigate through adverse conditions. In Nov. 2022, the company announced a significant workforce reduction, eliminating 11,000 employees as the initial step.



In a letter to employees detailing the layoffs, CEO&nbsp;Mark Zuckerberg&nbsp;outlined additional measures, including desk sharing for remote workers, infrastructure review for spending cuts, and a hiring freeze until the first quarter of 2023. The market responded positively to these resuscitation measures, leading to a rebound in Meta's stock from its six-year low.



Meta&#8217;s AI pivot and the Metaverse project also helped rekindle investor interest in the stock. After bottoming in Oct. 2022, the stock has been on a broader steady uptrend. The Meta Connect 2024 held in late September has proved salubrious for the stock. The company announced AI-driven chatbots, an update to its Llama large-language model, the latest Ray-Ban smart glasses with improved camera functionality, voice controls, and deeper integration with AI, Meta Quest 4, the next-generation virtual reality headset, and the Orion augmented reality glasses.



Amazon&#8217;s Lags: Amazon, though operating in multiple technology areas, still derives the bulk of its revenue from its core e-commerce business, with much of the revenue collected from North America. The prospects of the business are strongly tied to consumer spending, which has remained uncertain in the current economic cycle.



The company has built up, or integrated scores of other businesses, including its AWS cloud computing business, Zoox, a self-driving car division, Kuiper Systems, a satellite Internet provider, and Amazon Lab126, a computer hardware R&amp;D provider. Its subsidiaries include Ring, Twitch, IMDb, and brick-and-mortar grocery retailer Whole Foods Market.



In a note released on Thursday, Morgan Stanley analyst Brian Nowak sounded out near-term risks. <a href="https://www.benzinga.com/news/24/10/41169322/amazons-profitable-essential-merchandise-efficiency-gains-set-to-drive-growth-analyst">&#8220;We still see tactical risk to 4Q EBIT guide </a>as AMZN invests to drive its faster-growing, lower-margin essentials business through a competitive holiday,&#8221; the analyst said.



Nowak, however, committed to the stock medium- and long-term. He said he would buy any weakness as he believes the company will make low-priced essentials profitable and will pursue a cost structure that provides visibility into a path to $8-$9 of free cash flow.



Meta closed Thursday&#8217;s session 1.74% higher at $582.77, while Amazon fell 1.52% to $181.96, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data. </a>Amazon stock has been on a seven-session losing streak amid worries concerning the holiday season after the company&#8217;s temporary holiday hiring plan revealed a flattish trend.



Read Next:



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<li><a href="https://www.benzinga.com/news/24/10/41111978/dockworkers-strike-will-it-impact-your-holiday-shopping">Dockworkers Strike: Will It Impact Your Holiday Shopping?</a></li>
</ul>



Image via Shutterstock

Education

AMZN

NVDA

TSLA

Mark Zuckerberg Bulldozes Past Jeff Bezos To Become World's 2nd Richest Person As Meta Stock Soars: Is Musk's Top Spot In Jeopardy?

Traders are cautiously optimistic ahead of the all-important payrolls report, with the index futures narrowly mixed in early Friday. The <a href="https://www.benzinga.com/news/24/10/41177060/port-strike-ends-workers-return-to-work-friday">suspension of the Longshoremen&#8217;s strike</a> removes one of the overhangs even as the Middle East tensions rage unabated. The September job gains could have a big impact on the near-term direction of the market.



&#8220;Payroll data will be closely watched as the sentiment is now that the Fed has become less focused on inflation and more on employment,&#8221; said fund manager Louis Navellier. A BofA note highlighted that the S&amp;P 500 futures have been more reactive to non-farm payroll data than any other economic data in recent years, a screenshot of the note shared by a financial writer on X showed.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>+0.14%</td></tr><tr><td>S&amp;P 500</td><td>+0.07%</td></tr><tr><td>Dow</td><td>-0.05%</td></tr><tr><td>R2K</td><td>+0.22%</td></tr></tbody></table></figure>



In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 0.16% to $568.75 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved 0.32% higher to $483.14, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



U.S. stocks showed nervousness throughout Thursday&#8217;s session before closing lower, with geopolitical tensions, the dockworkers&#8217; strike and mixed economic data weighing down on sentiment. While a bigger-than-expected increase in jobless claims stirred anxiety about the monthly jobs data, the Institute for Supply Management&#8217;s stronger-than-expected service sector purchasing managers&#8217; index tempered expectations concerning a bigger cut.



The Nasdaq Composite oscillated back and forth in the morning session but languished mostly below the unchanged line in the afternoon before ending marginally lower. This is despite IT and communication services posting moderate gains. The broader S&amp;P 500 Index traded mostly in the red and ended modestly lower, with consumer discretionary, consumer staple, healthcare, material and real estate stocks dragging the index lower. On the other hand, energy stocks posted solid gains. The index settled at a two-week low. 



The 30-stock Dow Jones Industrial Average underperformed as it settled down 0.44% at a one-week low.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Index</td><td>Performance (+/)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.04%</td><td>17,918.47</td></tr><tr><td>S&amp;P 500 Index</td><td>-0.17%</td><td>5,699.94</td></tr><tr><td>Dow Industrials</td><td>-0.44%</td><td>42,011.59</td></tr><tr><td>Russell 2000</td><td>-0.09%</td><td>2,195.01</td></tr></tbody></table></figure>



Insights From Analysts:



Comerica Chief Economist Bill Adams said he expects the Fed to cut rates by 25 basis points in November, December, January and March and then move toward quarterly rate cuts for the rest of the next year. The economist noted that inflation is slowing to near the Fed&#8217;s 2% target, largely due to lower energy prices. Core inflation, though higher than the headline inflation, could slow due to downward pressure on durable goods and used autos persist and a slower increase in housing costs, he said.



Adams sees the Fed funds rate to be in the range of 3%-3.25% by the end of 2025. That said, the economist does not rule out a faster pace of rate cuts if the economy weakens materially, or a slower rate cut if the large deficit or wars in oil-exporting regions cause inflation to rebound.



Navellier weighed in on the near-term trajectory of the market in a note sent to clients on Thursday. &#8220;Funds flows into equities are likely to remain positive, at least until there is a sustained pullback, which hasn&#8217;t happened since &#8217;22,&#8221; he said.



The fund manager noted that the AI theme got a boost after OpenAI&#8217;s new funding round, which raised $6.6 billion from a long list of well-known investors, valuing the company at $157 billion. Also, Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang&#8217;s comments that demand for the company&#8217;s new Blackwell chips is &#8220;insane,&#8221; is a positive for the sector, he said.



 &#8220;AI adoption remains one of the fastest-growing new technologies ever and continues to promise big gains in productivity, though the timing of meaningful cash flow gains still remains uncertain,&#8221; he added.



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



Upcoming Economic Data:



<ul>
<li>The Bureau of Labor Statistics is due to release its September non-farm payrolls report at 8:30 a.m. EDT. Economists, on average, expect job gains of 150,000, up from the 142,000 rate in August. The jobless claims are expected to stay put at 4.2% and the average hourly wages may have risen at a steady annual pace of 3.8%.</li>



<li>New York Fed President John Williams is scheduled to give opening remarks at the conference &#8220;The Future of New York City: Focus on Jobs,&#8221; at 9 a.m. EDT.</li>



<li>Chicago Fed President Austan Goolsbee will make a TV appearance at 10 a.m. EDT.</li>
</ul>



Stocks In Focus:



<ul>
<li>Spirit Airlines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) plunged over 37% after reports said the low-cost carrier is exploring Chapter 11 bankruptcy filing following its failed attempt to merge with JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>). JetBlue climbed over 5%.</li>



<li>Apogee Enterprises, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APOG#NASDAQ">APOG</a>) is scheduled to <a href="https://www.benzinga.com/calendars/earnings">announce its quarterly results before the market opens.</a></li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures added to their 5%+ gains from Thursday and traded above $74.50, and gold futures traded flat under their all-time high. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) climbed over 1% ahead of the jobs data. The yield on the 10-year Treasury note remained unchanged at 3.85%.



The Asian markets were mixed, with Japan ending modestly higher, and Hong Kong and a few other majors advancing. On the other hand, the Indian, Australian, Malaysian, Indonesian, and Taiwanese markets retreated. The Chinese market continued to remain closed for a weeklong holiday.



In Europe, sentiment is modestly positive in early trading, although the U.K. market is retreating.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41179608/mark-zuckerberg-bulldozes-past-jeff-bezos-to-become-worlds-2nd-richest-person-as-meta-stock-soar">Mark Zuckerberg Bulldozes Past Jeff Bezos To Become World&#8217;s 2nd Richest Person As Meta Stock Soars: Is Musk&#8217;s Top Spot In Jeopardy?</a></li>
</ul>



Image Created By Midjourney

Earnings

Futures

Previews

APOG

US Stocks On Edge As Traders Brace For Crucial Jobs Report: Why This Fund Manager Says AI Stocks Just Received Big Boost

The recent port strike on the East and Gulf coasts ended following a tentative agreement between dockworkers and port operators, resolving a labor dispute that had threatened to disrupt supply chains. 



According to <a href="https://www.cnn.com/2024/10/03/business/port-strike-union-deal/index.html">CNN</a>, the agreement includes a substantial wage increase and improved working conditions, addressing the International Longshoremen's Association&#8217;s key demands. &#8220;The breakthrough Thursday came after port employers offered a 62% increase in wages over six years, according to people familiar with the matter,&#8221; stated the Wall Street Journal.



The agreement includes a contract extension through Jan. 15 2025. This gives time for the two sides to negotiate other issues, including automation on the docks.



This resolution of the three-day strike averted a prolonged disruption that could have severely<a href="https://www.benzinga.com/news/24/10/41159016/port-strike-enters-day-3-economist-warns-of-meaningful-impact-if-standoff-prolongs-food-beverages-li"> impacted supply chains</a>, particularly ahead of the holiday season. The quick settlement also defused a political risk for the current administration, according <a href="https://www.politico.com/news/2024/10/03/port-strike-ends-defusing-a-political-time-bomb-00182455">to</a> Politico. Dockworkers go back to work on Friday.



Read Next: <a href="https://www.benzinga.com/government/24/10/41172781/oil-prices-rally-biden-confirms-us-discussions-with-israel-about-striking-iran-facilities"> • Oil Prices Rally: Biden Confirms US &#8216;Discussions&#8217; With Israel About Striking Iran Facilities</a> Please check back in to Benzinga as this story updates. 



Photo: Shutterstock

Port Strike Ends, Workers In A Tentative Deal Return To Work Friday [Updated]

Oil is trading more than 5% higher Thursday on the heels of President Joe Biden&#8216;s statement that the U.S. spoke with Israel about a possible attack on Iran's oil facilities.



"We're in discussions about that,&#8221; Biden said during an interaction with reporters. 



Biden seemingly indicated he wasn&#8217;t partial to the idea of striking at Iran&#8217;s oil facilities, before cutting himself off: &#8220;I think that would be a little&#8230; anyway.&#8221; See video below.



<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="Biden: Discussing Israeli strikes on Iran oil facilities &#x7C; AJ #shorts" width="500" height="281" src="https://www.youtube.com/embed/InF5MnsXAt0?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>



When one reporter asked whether Biden would &#8220;allow&#8221; Israel to retaliate against Iran, Biden swiftly corrected him: &#8220;First of all, we don&#8217;t &#8216;allow&#8217; Israel. We advise Israel.&#8221;



<a href="https://www.benzinga.com/news/23/10/35136071/israel-under-siege-unprecedented-hamas-attack-sparks-intense-clashes-netanyahu-says-we-are-at-war">Since Oct. 7, 2023</a>, Israel has been fighting Hamas in Gaza as well as Hezbollah in Lebanon. Both groups are considered terrorist organizations by the U.S. 



See Also: <a href="https://www.benzinga.com/news/24/10/41134015/jd-vance-tim-walz-debate-sets-a-different-tone-candidates-discuss-israel-iran-escalation-immigration">JD Vance, Tim Walz Debate Sets A Different Tone, Candidates Discuss Israel-Iran Escalation</a>



<h3 class="wp-block-heading">Oil And The Israel-Iran Conflict</h3>



Iran is the seventh-largest oil producer in the world. The country, which backs the Hezbollah militant group, exports around half its production abroad. 



China, where <a href="https://www.benzinga.com/markets/asia/24/08/40596334/asia-markets-mixed-europe-gains-crude-oil-falls-on-chinese-demand-concerns-global-markets-today-whil">oil demand is weak</a>, is its main customer.



Since Iran's <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">missile attack on Israel</a> on Monday, the price of barrels has fluctuated. As of Oct. 3, the price of West Texas Intermediate (WTI) crude oil is $73.83 per barrel. This reflects a 5.32% increase from the previous day&#8217;s close of $70.10.



The price of Brent crude is approximately $77.76 per barrel. It has fluctuated within a range of $74.33 to $77.58 for the day.



The U.S., which is producing more oil under Biden than any other U.S. presidential administration, has been filling its reserves. The Biden administration acquired an additional <a href="https://www.benzinga.com/markets/eurozone/24/10/41146905/geopolitical-risks-may-be-biggest-threat-to-markets-boe-says">6 million barrels of crude</a> just this week.



It&#8217;s worth noting that ongoing violence in the Middle East puts the Straits of Hormuz at risk. A third of tanker traffic and a fifth of LNG frozen gas is transported through that passageway. 



The U.S. and its allies are likely determined to keep the Strait open due to its strategic importance. Any attempt to block the Strait could provoke military intervention.



Iran controls much of the northern coastline of the Strait and has previously threatened to block the passage in response to sanctions or conflicts with Western countries. 



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



So far, market reaction to the Middle East conflict is relatively mute compared to February 2022 when Russia invaded Ukraine.



At the time, the oil market reacted with significant volatility and disruption, leading to a sharp rise in global prices. 



Brent crude, the global benchmark, surged above $100 per barrel for the first time since 2014, and by March 2022, it had briefly spiked to $139 per barrel, near the all-time high.



Oil-related exchange-traded funds, or ETFs, were trending up at last check Thursday afternoon. Here&#8217;s where they stand: 



<ul>
<li>United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) is up 4.05% to $75.71</li>



<li>Invesco DB Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBO#NYSE">DBO</a>) is up 4.08% at $15.06</li>



<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) is up 3.1% at $139.56</li>



<li>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 1.65% at $92.22</li>



<li>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) is up 6.59% at $28.81</li>



<li>VanEck Vectors Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>) is up 1.89% at $297.58</li>
</ul>



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/previews/24/10/41170128/jobs-report-preview-could-september-labor-data-shift-feds-interest-rate-path">Jobs Report Preview: Could September Labor Data Shift Fed&#8217;s Interest Rate Path?</a></li>
</ul>



Image: Shutterstock

Government

Regulations

Commodities

Oil Prices Rally: Biden Confirms US 'Discussions' With Israel About Striking Iran Facilities

Airline stocks have endured a <a href="https://www.benzinga.com/news/24/10/41124443/whats-going-on-with-delta-united-and-spirit-airlines-shares-tuesday">year of turbulence</a>, reflected by wild swings in share price, industry expectations and earnings. Recent insider trades of airline companies could indicate where the industry will head next.



The Trades: <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga Edge compiles information </a>on insider trade filings.



Southwest Airlines Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) experienced a <a href="https://www.benzinga.com/markets/equities/24/10/41156975/southwest-airlines-director-rakesh-gangwal-invests-over-100m-in-shares-amid-elliott-managements-">flurry of insider activity</a> in recent days. Director Rakesh Gangwal invested over $100,000,000 in Southwest shares in late September and early October. Executive Chairman Gary C Kelly <a href="https://www.benzinga.com/quote/LUV/insider-trades">bought $1,000,000 of Southwest</a> shares in late September.



Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) is the largest American airline company. The Atlanta-based giant experienced several insider sales in early 2024. President Glen W Hauenstein sold $4,904,600 in Delta stock in April, over 30% of his total holding. Executive Vice President Peter W Carter sold $2,500,000 of Delta shares that month, over 25% of his position.



Delta has experienced a volatile year. Its share price rose over 30% from January to mid-May, but a subsequent drawdown erased much of its gains. A recovery followed from August to late September.



Several Allegiant Travel Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGT#NASDAQ">ALGT</a>) executives <a href="https://www.benzinga.com/quote/ALGT/insider-trades">have sold shares</a> in 2024. Chief Marketing Officer Scott DeAngelo sold over $1,000,000 in Allegiant stock in May. DeAngelo has since <a href="https://ir.allegiantair.com/news/news-details/2024/Allegiant-Announces-Resignation-of-Executive-Vice-President-and-Chief-Marketing-Officer-Scott-DeAngelo/default.aspx">resigned</a> from the company. Chief Operating Officer Frank Wilper and Director Gary Ellmer also made sales in the spring and summer.



Why it Matters: Insider trading activity is often viewed as a valuable indicator of a company's future prospects. When top executives or board members buy or sell shares, it can signal their confidence—or lack thereof—in the company's performance. In the case of airline stocks, this insider movement may be especially relevant as the industry navigates a turbulent environment marked by fluctuating demand, rising fuel costs, and post-pandemic recovery.



For investors, tracking these insider trades provides a critical lens into how industry leaders perceive future risks and opportunities, which can guide their own strategies in an increasingly volatile market.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/general/sports/24/09/41053573/hurricane-helene-disrupts-flights-sports-events-disney-operations-affected-regions-stocks-to-watch">Hurricane Helene Disrupts Flights, Sports Events, Disney Operations: Affected Regions, Stocks To Watch</a></li>
</ul>



Photo: Tupungato/Shutterstock.com

Insider Trades

ALGT

Will Airlines Soar Or Stall? What Insider Trades Say About Industry's Future

Data on the U.S. labor market could signal how aggressive the Federal Reserve will be when deciding if they should cut interest rates in November, after already announcing a rate cut of <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">50 basis points in September.</a>



The Bureau of Labor Statistics is set to release the official September jobs report on Friday at 8:30 a.m. ET.



September Jobs Report Estimates: Economists<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41148891/jobs-report-in-focus-will-slower-growth-push-the-fed-toward-november-interest-rate-"> predict a decline</a> in the monthly new nonfarm payrolls from 142,000 in August to 140,000 in September, according to Trading Economics.



The unemployment rate is <a href="https://tradingeconomics.com/">expected </a>to hold steady at 4.2%.



A<a href="https://www.benzinga.com/news/econ-s/24/10/41139919/private-sector-job-gains-outpace-forecasts-in-september-as-us-adds-143-000-jobs"> private sector payroll data </a>report earlier this week showed 143,000 jobs added for the month of September. The report showed 42,000 goods-producing jobs added and 101,000 service-producing jobs added. The 143,000 private sector jobs added were up from 99,000 in August.



Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/09/40928301/interest-rates-in-free-fall-what-it-means-for-mortgages-credit-cards-and-your-wallet-a">Interest Rates In Free-Fall: What It Means For Mortgages, Credit Cards And Your Wallet As The Federal Reserve Springs Into Action For First Time In 4 Years</a>



What Experts are Saying: Recent reports, like the ISM Survey, that show economic growth and increased price pressures could lead to an argument for more gradual interest rate cuts, Comerica Bank Chief Economist Bill Adams said.



"The Fed will be glad to see signs that lower rates are quickly passing through to private sector activity," Adams said.



Adams said the Federal Reserve is still "balancing the risk" of inflation rising again with soft job markets.



The economist predicts that hiring will rebound in 2025 in industries like housing, manufacturing and consumer goods due to the interest rate cycle.



"The September job report is too early to see that rebound start, though."



Adams forecasts 150,000 nonfarm payroll jobs added in September and an unemployment rate of 4.2%.



"But even with modest job growth last month, it's getting hard to call this economy anything but a soft landing."



The impact of Hurricane Helene, Boeing workers striking and doc workers striking could also lead to fluctuations in monthly economic data, Adams added. &nbsp;



LPL Financial Chief Economist Jeffrey Roach said employment demand is slowing in the manufacturing sector due to hiring freezes.



"We should expect a soft employment report this Friday with fewer hirings and a slightly higher unemployment rate. The Fed will likely cut by a quarter point at each of the remaining meetings this year, unless we see unexpected deteriorating conditions," Roach said. &nbsp;



He added that the jobs report won't likely change the odds of a 25-basis-point cut in November, and also might not have a big impact on the stock market.



"Investors are already primed for a weak payroll number so unless we get an outlier, market reaction could be muted."



What's Next: Markets are anticipating another Fed interest rate cut in November. The CME FedWatch tool shows a 67.1% probability of a 25-basis-point rate cut in November, with a 32.95% probability of a 50-basis-point cut predicted.



If the nonfarm payrolls are weaker than expected, the case for a 50-basis-point rate cut in November could increase. If the nonfarm payrolls are better than expected, the case for a 25-basis-point rate cut would likely increase.



Federal Reserve Chairman Jerome Powell highlighted that several reports like the jobs report would come out ahead of the November Federal Open Market Committee (FOMC) meeting and <a href="https://www.benzinga.com/news/24/09/41102248/stocks-slip-as-powell-says-future-interest-rate-cuts-hinge-on-data-economy-is-in-solid-shape-we-inte">would be used to determine</a> additional interest rate cuts.



SPY Price Action: Ahead of the nonfarm payroll jobs report, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) is trading at $568.58 Thursday, nearly flat on the day. The ETF has traded between $409.22 and $574.71 over the last 52 weeks and is up 20.0% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41161358/us-manufacturing-contracts-in-september-raising-questions-about-feds-next-move-on-interest-rate-cuts">US Manufacturing Contracts In September, Raising Questions About Fed&#8217;s Next Move On Interest Rate Cuts</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Jobs Report Preview: Could September Labor Data Shift Fed's Interest Rate Path?

Franklin Templeton, a multi-trillion dollar asset management firm, has filed for a new <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">exchange-traded fund</a> (ETF) that would provide exposure to both Bitcoin and Ethereum.



According to an application with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the firm <a href="https://www.sec.gov/files/rules/sro/cboebzx/2024/34-101233.pdf">aims</a> to offer investors a single product that tracks the performance of the two largest cryptocurrencies by market capitalization.



<h3 class="wp-block-heading">A New Index ETF On The Horizon</h3>



The Oct. 2 filing reveals Franklin Templeton&#8217;s intention to launch an index fund that encompasses both Bitcoin and Ethereum. An index fund typically tracks the performance of a collection of assets—such as stocks, bonds, or cryptocurrencies—enabling investors to gain exposure to these assets without directly owning them. 



In this case, the proposed ETF would specifically target Bitcoin and Ethereum, allowing investors to benefit from the movement of these leading cryptocurrencies.



If approved, the new Franklin Templeton Bitcoin and Ethereum Crypto Index ETF will be traded on the Chicago Board Options Exchange (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>).



Bank of New York Mellon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>), one of the largest custodians in the United States, is set to handle the fund&#8217;s cash and cash equivalents, while Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) will act as the custodian for the Bitcoin and Ethereum tokens within the fund.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41163889/save-ross-ulbricht-how-donald-trump-got-interested-in-the-imprisoned-silk-road-founder">&#8216;Save Ross Ulbricht!&#8217; How Donald Trump Got Interested In The Imprisoned Silk Road Founder</a>



A notable aspect of this offering is that the fund will be sold in large increments, specifically in blocks of 50,000 shares. 



The product's Net Asset Value (NAV) will be used to determine the share price. Additionally, the index fund will be benchmarked against the CF Institutional Digital Asset Index, which tracks the market performance of both Bitcoin and Ethereum.



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



<h3 class="wp-block-heading">Expanding Franklin Templeton&#8217;s Crypto Reach</h3>



This filing marks a potential expansion of Franklin Templeton's involvement in the cryptocurrency space. 



The asset manager already provides clients with exposure to spot Bitcoin and <a href="https://www.benzinga.com/money/what-is-ethereum-etf#:~:text=A%20Spot%20Ethereum%20ETF%20could,stable%20prices%20and%20reduced%20volatility.">Ethereum ETFs</a>, highlighting its ongoing interest in broadening its crypto-based offerings.



Interestingly, this ETF filing comes just hours after Franklin Templeton announced a collaboration with the Aptos Foundation to launch its on-chain U.S. Government Money Market Funds (FOBXX). 



This product gives investors access to FOBXX through the purchase of the BENJI (CRYPTO: BENJI) token, showcasing the firm's diversified approach to integrating blockchain technology into traditional finance products.



<h3 class="wp-block-heading">BNY Mellon&#8217;s Role In The ETF</h3>



Bank of New York Mellon is poised to play a significant role in this potential ETF, as the institution will receive its first ETF custody duties following a non-objection letter from the SEC.



This regulatory clearance allows BNY Mellon to hold digital assets, with an initial focus on Bitcoin and Ethereum ETFs. 



While this exemption was granted with certain conditions, SEC Chairman Gary Gensler has indicated that BNY Mellon could expand its digital asset custody services if it adheres to specific guidelines.



For those interested in the intersection of traditional finance and digital assets, Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on November 19 will provide further insights and discussions with industry experts.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41161014/trump-vs-harris-who-do-voters-trust-more-to-handle-crypto-policies">Trump Vs. Harris: Who Do Voters Trust More To Handle Crypto Policies?</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

CBOE

COIN

Franklin Templeton Seeks SEC Approval For Dual Bitcoin, Ethereum Index ETF

Roblox Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) shares are moving lower Thursday after&nbsp;The Bear Cave&nbsp;released another bearish report, alleging the video game company is <a href="https://www.benzinga.com/general/gaming/23/08/33896713/roblox-shares-sink-on-short-report-saying-gaming-company-has-facilitated-more-child-abuse-than-any">&#8220;facilitating widespread child abuse.&#8221;</a>



What To Know: Short-selling firm The Bear Cave has published a new report targeting Roblox for the <a href="https://www.benzinga.com/general/gaming/23/08/33896713/roblox-shares-sink-on-short-report-saying-gaming-company-has-facilitated-more-child-abuse-than-any">fourth time</a> since 2022.



The report once again focuses on serious allegations around child abuse across the United States including alleged production of child pornography, child kidnappings and physical abuse.



&#8220;In addition, The Bear Cave believes Roblox has potentially played a role in mass shooting events and may be used by foreign actors to spread antisemitism and terrorism,&#8221; the short seller said in a report published Thursday morning.



Benzinga contacted Roblox for comment on the report.



Following the initial report from the Bear Cave in 2022, Roblox issued a statement to Benzinga that called the short report misleading and false.



"Since the day we were founded, we have always built a safety-first culture with industry-leading features and functionality designed to ensure our platform provides a safe and civil space for our community,&#8221; a spokesperson for Roblox told Benzinga in 2022.



"We have zero tolerance for inappropriate content and behavior in our social spaces. In an effort to eliminate unsafe content, we review every single image, audio file and video before it is published."



Check This Out: <a href="https://www.benzinga.com/general/gaming/24/10/41152217/grand-theft-auto-6-leak-sparks-fan-frenzy-on-x-but-elon-musk-wont-be-joining-the-hype">Grand Theft Auto 6 Leak Sparks Fan Frenzy On X, But Elon Musk Won&#8217;t Be Joining The Hype</a>



The Bear Cave highlighted several news reports from recent years that suggest predators have used Roblox to abuse &#8220;hundreds&#8221; of children. The short seller noted that reported cases are just the &#8220;tip of the iceberg,&#8221; suggesting many child abuse cases related to Roblox go undetected by authorities and media. 



The Bear Cave also shared screenshots from videos posted by independent vigilante journalists who conduct sting operations to catch child predators. One video focuses on a Roblox game developer who talks about private communities on Roblox where it&#8217;s &#8220;relatively common&#8221; for people to pursue age gap relationships 



&#8220;The Bear Cave is also equally disturbed by antisemitic and terroristic content on Roblox, ranging from school shooting games to Holocaust reenactments, some of which may be created by foreign actors,&#8221; the short seller said.



The Bear Cave said a Roblox user uploaded a realistic school shooting game to the site. It was reportedly removed before being uploaded a year later and removed again.



The short seller also alleged that the perpetrator of a real-world shooting in a Tops Supermarket in 2022 claimed to have tied his interest in guns to playing Roblox.



The Bear Cave also alleged that Roblox has antisemitism problems on its platform and alleged that Roblox &#8220;appears to have allowed Holocaust reenactment games&#8221; to be uploaded as recently as 2022. The Bear Cave further alleges that a recently unsealed indictment against Syrian national Mohammad Amr Alhashemi showed that he used Discord and Guilded to recruit children.



&#8220;Roblox would also later acquire Guilded in 2021 and was not directly mentioned in the indictment,&#8221; the short seller said.



RBLX Price Action: Roblox shares were down 2.04% at $42.51 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



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Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) returned to growth with third-quarter delivery figures showing a year-over-year increase <a href="https://www.benzinga.com/news/24/10/41141444/tesla-stock-plunges-3-despite-q3-deliveries-exceeding-consensus-and-growing-year-over-year">from the prior year.</a>



The official report for Tesla&#8217;s third-quarter financial results will be released after market close on Oct. 23. Until then, the latest report presents a look at how many vehicles the company delivered and produced in each quarter dating back to 2019.



Tesla Q3 Deliveries: In the third quarter, Tesla <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41145803/tesla-q3-deliveries-step-in-the-right-direction-analyst-says-more-heavy-lifting-nee">delivered 462,890 units,</a> which was up 6.4% year-over-year and up 4.2% quarter-over-quarter.



The Model 3 and Model Y represented 439,975 deliveries in the quarter, with the other models making up 22,915 units of delivery count for the quarter. The other category includes the Model S, Model X, Tesla Semi and Cybertruck.



Tesla produced 469,796 units in the third quarter, which was up 9.1% year-over-year and up 14.4% quarter-over-quarter.



Third-quarter delivery totals came in mixed to Street estimates with the figure missing some consensus estimates, but beating the compiled analyst estimates from Tesla.



<h3 class="wp-block-heading">How Tesla Fared In Each Quarter: 2019-2024</h3>



2019



<ul>
<li>Q1 2019: 77,138</li>



<li>Q2 2019: 87,048</li>



<li>Q3 2019: 96,155</li>



<li>Q4 2019: 104,891&nbsp;</li>
</ul>



2020



<ul>
<li>Q1 2020: 102.672</li>



<li>Q2 2020: 82,272</li>



<li>Q3 2020: 145,063</li>



<li>Q4 2020: 179,757</li>
</ul>



2021



<ul>
<li>Q1 2021: 180,338</li>



<li>Q2 2021: 206,421</li>



<li>Q3 2021: 237,823</li>



<li>Q4 2021: 305,840</li>
</ul>



2022



<ul>
<li>Q1 2022: 305,407</li>



<li>Q2 2022: 258,580</li>



<li>Q3 2022: 365,923</li>



<li>Q4 2022: 439,701</li>
</ul>



2023



<ul>
<li>Q1 2023: 440,808</li>



<li>Q2 2023: 479,700</li>



<li>Q3 2023: 430,488</li>



<li>Q4 2023: 494,989</li>
</ul>



2024



<ul>
<li>Q1 2024: 433,371</li>



<li>Q2 2024: 410,831</li>



<li>Q3 2024: 469,796</li>
</ul>



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Tesla Vehicle Deliveries By Quarter:&nbsp;Here&#8217;s a look at how Tesla has fared in deliveries of vehicles in each quarter dating back to 2019:



2019



<ul>
<li>Q1 2019: 63,019</li>



<li>Q2 2019: 95,356</li>



<li>Q3 2019: 97,186</li>



<li>Q4 2019: 112,095</li>
</ul>



2020



<ul>
<li>Q1 2020: 88,496</li>



<li>Q2 2020: 90,891</li>



<li>Q3 2020: 139,593</li>



<li>Q4 2020: 180,667</li>
</ul>



2021



<ul>
<li>Q1 2021: 184,877</li>



<li>Q2 2021: 201,304</li>



<li>Q3 2021: 241,391</li>



<li>Q4 2021: 308,600</li>
</ul>



2022



<ul>
<li>Q1 2022: 310,048</li>



<li>Q2 2022: 254,695</li>



<li>Q3 2022: 343,830</li>



<li>Q4 2022: 405,278</li>
</ul>



2023



<ul>
<li>Q1 2023: 422,875</li>



<li>Q2 2023: 466,140</li>



<li>Q3 2023: 435,059</li>



<li>Q4 2023: 484,507</li>
</ul>



2024



<ul>
<li>Q1 2024: 386,810</li>



<li>Q2 2024: 443,956</li>



<li>Q3 2024: 462,890</li>
</ul>



Key Takeaways: For many years, Tesla showed consistent growth in production and deliveries. The COVID-19 pandemic and lockdowns and factory restrictions led to lower production. &nbsp;



Tesla also had several quarters of year-over-year declines in deliveries in 2024, with the most recently reported third quarter showing a return to growth.



The electric vehicle company delivered 1,808,581 <a href="https://www.benzinga.com/news/earnings/24/01/36768363/tesla-q4-earnings-highlights-revenue-miss-eps-miss-model-y-a-global-bestseller-next-gen-vehicle-upd">vehicles in 2023,</a> up 38% year-over-year. The company's Model Y vehicle became the bestselling vehicle globally, a first for Tesla and the electric vehicle sector.



Tesla said it is between growth waves, with the first wave being the expansion of the Model 3 and Model Y and the next one being the global expansion of a next-gen vehicle.



&#8220;In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas,&#8221; the company said.



Tesla said it remains focused on growing its output.



&#8220;We are focused on bringing the next-generation platform to market as quickly as we can.&#8221;



Tesla <a href="https://www.benzinga.com/news/24/09/40808924/tesla-robotaxi-event-to-be-held-in-los-angeles-on-1010-says-senior-company-exec-existing-shareholder">hosts its Robotaxi Day</a> on Oct. 10, which could highlight the company's future vehicles and growth initiatives.



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This article was previously published by Benzinga and has been updated.



Image: Shutterstock

How Many EVs Has Tesla Delivered, Produced Each Quarter? A Look At The Results Since 2019

China stocks are taking a breather on Thursday after staging an impressive rally in recent weeks on the back of mounting stimulus optimism. Here&#8217;s a look at <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41159910/these-us-listed-chinese-stocks-set-to-surge-amid-beijings-new-stimulus-plan-citi">what&#8217;s going on</a>.



What To Know: Chinese indices ended their 13-day win steak on Thursday as markets tilted to risk-off amid rising concerns over <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">ongoing Middle East tensions</a>, according to <a href="https://www.bloomberg.com/news/articles/2024-10-03/pause-in-china-rally-sparks-wider-drop-in-emerging-market-stocks?srnd=phx-latest&amp;sref=TBDibEcD&amp;embedded-checkout=true">Bloomberg</a>. 



China reportedly added $3.45 trillion in shareholder wealth over the past two weeks as China stocks saw their biggest fund inflows in two decades. 



The surge in Chinese stocks came after China announced its most aggressive stimulus measures since the pandemic and promised that it would deploy &#8220;necessary fiscal spending&#8221; to meet its economic growth target of 5%.



Chinese stocks continued to climb after China announced over the weekend that it would allow for the refinancing of mortgages, giving home buyers immediate benefits from lower interest rates.



The moves out of China represent the country&#8217;s latest attempts to revive an economy that has battled deflationary pressures and growth headwinds due to property declines and wavering consumer confidence.



Several U.S.-listed Chinese stocks are pulling back Thursday including Alibaba Group Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), JD.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), Baidu Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and PDD Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>). All of the aforementioned names were down roughly 5% at the time of writing. Despite the pullback, Alibaba and Baidu shares are still up about 40% over the past month, while JD is up about 70% and PDD Holdings is up about 65%. 



China-based EV names were also seeing weakness. NIO Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) was down 5.13% at $6.84, XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) was down 5.17% at $12.65 and Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) was down 4.08% at $26.68 at the time of writing.



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Why It Matters: Bloomberg reported that Chinese markets are reacting to rising concerns over a potentially widening war in the Middle East. The tensions pose several threats to emerging markets, which has dampened optimism around China&#8217;s recent stimulus push. 



"The conflict definitely weighs on sentiment but may have different fundamental impacts across emerging-market countries," said Fredrik Bjelland, portfolio manager of the Skagen Kon-Tiki emerging-market fund. 



"In the short term, I would expect any negative impact to first be geographically linked but on a longer-term horizon to be more fundamentally linked. An elevated risk premium in the oil market could have consequences for import-dependent countries."



Although China stocks are taking a breather on Thursday, analysts largely remain positive. HSBC upgraded Chinese stocks to Overweight, noting that it&#8217;s still &#8220;not too late&#8221; to jump in, while Morgan Stanley suggested China stocks could rally another 10% to 15% from current levels. 



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