U.S. stock futures fell on Friday following a 25 basis point rate hike by the Bank of Japan. Futures of all four indices declined.



BOJ hiked the interest rates to 0.5% from 0.25%, the highest in 17 years since the 2008 financial crisis.



The market closed higher on Thursday extending their winning streak as S&amp;P 500 closed at a fresh record close.



The 10-year Treasury note yielded 4.62%, while the two-year note yielded 4.27%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> indicated a strong 99.5% probability that the Federal Reserve will hold interest rates steady at its upcoming meeting on Jan. 31, 2025. 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.14%</td></tr><tr><td>S&amp;P 500</td><td>-0.10%</td></tr><tr><td>Dow Jones</td><td>-0.10%</td></tr><tr><td>Russell 2000</td><td>-0.09%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) both experienced negative premarket trading on Friday. SPY declined by 0.09% to $609.22, and QQQ fell 0.09% to $532.14, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From The Last Session



U.S. stocks closed higher on Thursday, with the S&amp;P 500 reaching record highs after President Donald Trump called for lower oil prices. Speaking at the World Economic Forum via videoconference, Trump advocated for increased oil and gas production, a 15% corporate tax rate for businesses relocating to the U.S., and tariffs on countries with large trade deficits, warning Europe, Canada, and China.



U.S. initial jobless claims rose by 6,000 to 223,000 for the week ending Jan. 18, slightly above estimates. All S&amp;P 500 sectors closed higher, with healthcare, real estate, and industrials posting notable gains.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>1.28%</td><td>20,053.68 </td></tr><tr><td>S&amp;P 500</td><td>0.53%</td><td>6,118.71</td></tr><tr><td>Dow Jones</td><td>0.92%</td><td>44,565.07</td></tr><tr><td>Russell 2000</td><td>0.47%</td><td>2,314.60</td></tr></tbody></table></figure>



Insights From Analysts



The chief technical strategist at LPL Financial, Adam Turnquist said that there are plenty of catalysts underpinning the recent advance. According to him, Trump brings a pro-growth agenda to Washington, with expectations of reduced regulations and lower taxes.



Market breadth has not kept pace with the recent stock rebound, said Turnquist, suggesting the advance has been relatively narrow. Although price and breadth disparities can last for a while, they often signal potential weaknesses in a rally that could stall.



&#8220;While we are not making a call for an imminent correction, investors should not be surprised if one develops this year as history shows they occur at least once per year,&#8221; he added.



Despite these overhangs, Ryan Detrick, the chief market strategist at Carson Research said in an X post that &#8220;this is a bull market and stocks are the place to be overweight in your portfolio&#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">They tried to scare you with &#39;weak market breadth&#39; or higher interest rates or a hawkish Fed or Washington drama or Year of the snake, etc. Bottom line, as we&#39;ve been saying since November 2022, this is a bull market and stocks are the place to be overweight in your portfolio. <a href="https://t.co/iAs9jMMklV">pic.twitter.com/iAs9jMMklV</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1882536474064925141?ref_src=twsrc%5Etfw">January 23, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Detrick also highlighted the data since 1950, stating that the post-election years could do better if it is a President&#8217;s second term.



<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">Going back to 1950, post election years do better if it is a President&#39;s second term. <a href="https://t.co/7rGQSj44DH">pic.twitter.com/7rGQSj44DH</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1882473698898374715?ref_src=twsrc%5Etfw">January 23, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on today:



<ul>
<li>On Friday, S&amp;P flash services PMI and manufacturing PMI will be released at 9:45 a.m. ET.</li>
</ul>



<ul>
<li>Existing home sales for December and consumer sentiment data for January will be released at 10 a.m., ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) was up 0.32% in the premarket on Friday ahead of its earnings before the opening bell. Analysts expect it to report quarterly earnings of $3.04 per share on revenue of $17.16 billion.</li>
</ul>



<ul>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) was up 0.48% as Wall Street expects it to report quarterly earnings of $1.10 per share on revenue of $35.32 billion before the opening bell.</li>
</ul>



<ul>
<li>HCA Healthcare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>) was up 2.03% ahead of its earnings before the opening bell. Analysts expect it to report quarterly earnings of $6.13 per share on revenue of $18.23 billion.</li>
</ul>



<ul>
<li>Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) was down 2.25% as it issued conservative guidance despite reporting better-than-expected earnings and sales results for the fourth quarter after the market closed on Thursday.</li>
</ul>



<ul>
<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) was down 1.83% as it warned investors of steeper quarterly losses and lower revenue in its preliminary fourth-quarter financial results. It also expects a $3.5 billion cash flow loss due to labor strikes and layoffs.</li>
</ul>



<ul>
<li>Allurion Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALUR#NYSE">ALUR</a>) was up 92.97% as it announced plans to conduct a clinical study of its gastric balloon weight-loss product alongside GLP-1 drugs.</li>
</ul>



<ul>
<li>Starbox Group Holdings Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STBX#NASDAQ">STBX</a>) was up 74.48% as it entered a software purchase agreement valued at $15.5 million via share issuance.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.31% to hover around $74.85 per barrel.



The gold spot index was up by 0.50% to $2,778.90 per ounce. The Dollar Index was down 0.66% at 107.336 level.



Asian markets closed mixed on Friday as India's S&amp;P BSE Sensex and Japan's Nikkei 225 index fell. Whereas, China's CSI 300, Hong Kong's Hang Seng, Australia's ASX 200, and South Korea's Kospi index rose. European markets were also mixed.



Read Next:



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<li><a href="https://www.benzinga.com/general/market-summary/25/01/43184963/nvidia-microsoft-or-oracle-which-among-these-stargate-ai-project-beneficiaries-are-the-least-expensive-to-own">Nvidia, Microsoft, Or Oracle: Which Stock Among These Stargate AI Project Beneficiaries Are The Least Expensive To Own?</a></li>
</ul>



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US Stocks Set To Open Lower After Bank Of Japan Rate Hike: Analyst Recommends 'Overweight' Equities Despite Negative Market Breadth

On Friday, Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) released topline results from a phase 1b/2a trial with amycretin intended for once-weekly subcutaneous administration.



The <a target="_blank" href="https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=915251" rel="noreferrer noopener">trial</a> investigated the safety, tolerability, pharmacokinetics, and proof-of-concept after once-weekly subcutaneous administrations of amycretin in 125 people with overweight or obesity.



The trial was a combined single ascending, multiple ascending, and dose-response trial investigating three different maintenance doses with a total treatment duration of up to 36 weeks.



Also Read: <a target="_blank" href="https://www.benzinga.com/25/01/43062779/popular-ozempic-wegovy-selected-for-next-round-of-medicare-drug-price-negotiations" rel="noreferrer noopener">Popular Ozempic, Wegovy Selected For Next Round Of Medicare Drug Price Negotiations</a>



The primary endpoint was the treatment of emergent adverse events. When evaluating the effects of treatment if all people adhered to treatment&nbsp;from a mean baseline body weight of 92.7 kg, people treated with amycretin achieved an estimated body weight loss of 9.7% on 1.25mg (20 weeks), 16.2% on 5mg (28 weeks) and 22.0% on 20mg (36 weeks).



People treated with a placebo experienced an estimated 1.9%, 2.3%, and 2.0% body weight gain, respectively.



The safety profile of amycretin was consistent with incretin-based therapies.



The most common adverse events with amycretin were gastrointestinal, and the vast majority were mild to moderate in severity.



Based on the results, Novo Nordisk is planning further clinical development of amycretin in adults with overweight or obesity. Last week, Novo Nordisk released headline results from the STEP UP Phase 3b trial in the <a target="_blank" href="https://www.benzinga.com/25/01/43055832/novo-nordisks-higher-dose-of-wegovy-shows-weight-loss-of-around-21-phase-3-data-shows" rel="noreferrer noopener">global STEP program</a>.



When evaluating the effects of treatment if all people adhered to treatment&nbsp;from a mean baseline body weight of 113 kg, people treated with semaglutide 7.2 mg achieved a superior weight loss of 20.7% after 72 weeks compared to a reduction of 17.5% with semaglutide 2.4 mg and 2.4% with placebo.



Price Action: NVO stock is up 10.80% at $89.90&nbsp;during the premarket session at last check Friday.



Read Next:



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<li><a href="https://www.benzinga.com/news/earnings/25/01/43186252/ericsson-q4-earnings-sales-climb-1-north-america-shines-dividend-raise-guidance-and-more" target="_blank" rel="noreferrer noopener">Ericsson Q4 Earnings: Sales Climb 1%, North America Shines, Dividend Raise, Guidance And More</a></li>
</ul>



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Novo Nordisk's Weekly Amycretin Delivers Up to 22% Weight Loss in Study, Stock Soars

Leading coins rose marginally on a day of cryptocurrency-friendly policies announced by the Donald Trump administration.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:15 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+0.41%</td><td>$103,569.49</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.62%</td><td>$3,299.95</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.09%</td><td>$0.3484</td></tr></tbody></table></figure>



What Happened: Bitcoin recorded choppy momentum over the last 24 hours, surging to a high of $106,500 in the morning before falling to $103,000 by the evening.



The morning rally was triggered by speculations of an executive order to create a strategic Bitcoin reserve. Eventually, Trump signed an order that will  <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">evaluate the creation</a> of a "strategic national digital asset stockpile."



Additionally, a SEC directive that restricted banks' ability to custody cryptocurrencies<a href="https://www.benzinga.com/25/01/43181875/another-crypto-friendly-measure-by-trump-sec-revokes-sab-121-policy-that-curtailed-banks-ability-to-custody-digital-assets"> was repealed</a>.



Ethereum surged more than Bitcoin, probably due to expectations of inclusion in the potential digital asset stockpile.



More than $382 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $262 million. However, Bitcoin's rebound to $107,000 could liquidate nearly $368 million worth of short positions.



More than 50% of trader accounts on Binance placed long positions on Bitcoin, suggesting expectations of a rebound.



The market sentiment remained one of "Greed," according to the Crypto Fear &amp; Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:15 p.m. ET)</td></tr><tr><td>Mantle (MNT)</td><td>+10.53%</td><td>$1.22</td></tr><tr><td>KuCoin Token (KCS)</td><td>+7.71%</td><td>$12.09</td></tr><tr><td>Ethereum Classic (ETC)</td><td>+5.94%</td><td>$28.56</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.56 trillion, contracting marginally by 0.17% in the last 24 hours.



Stocks extended their winning streak on Thursday. The S&amp;P 500 rallied 0.53% to close at a new record high of 6,118.71. The Dow Jones Industrial Average lifted 408.34 points, or 0.92%, to end at 44,565.07. The tech-focused Nasdaq Composite gained 0.22%, closing at 20,053.68.



The bump comes after President Donald Trump advocated immediate cuts in <a href="https://www.benzinga.com/news/global/25/01/43170854/trump-outlines-economic-reset-at-davos-5-things-you-need-to-know">interest rates</a> during a virtual address at the World Economic Forum 2025.



The market also possibly factored Trump's remarks that corporate taxes will be cut from 21% to 15% for companies that manufacture in the U.S.



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



Analyst Notes: Popular on-chain analytics firm Santiment highlighted the new all-time high for wallets holding between 100 and 1,000 BTC—one of Bitcoin's leading indicators.



"This rise in key stakeholder confidence is yet another promising sign for a bullish 2025," the firm added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f433; Among Bitcoin&#39;s top leading indicators are the amount of wallets holding between 10 to 100 or 100 to 1,000 BTC. The latter group just broke an all-time high, with 15,777 such wallets. This rise in key stakeholder confidence is yet another promising sign for a bullish 2025. &#x1f680; <a href="https://t.co/4ZPiowoSDf">pic.twitter.com/4ZPiowoSDf</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1882476757158367261?ref_src=twsrc%5Etfw">January 23, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Popular cryptocurrency trader Michaël van de Poppe set a price target of $500,000 per Bitcoin and $20,000 per Ethereum, owing to the latest cryptocurrency-friendly executive orders by President Trump.



"The cycle has begun," he remarked.



<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">$500K per <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> $20K per <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> The cycle has begun. <a href="https://t.co/OQk7Ek1qfR">https://t.co/OQk7Ek1qfR</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1882527402800415090?ref_src=twsrc%5Etfw">January 23, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by SvetlanaParnikova on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43173869/ivanka-trump-denounces-fake-crypto-coin-using-her-name">Ivanka Trump Denounces Fake Crypto Coin Using Her Name</a></li>
</ul>

Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin, Ethereum Rise, Dogecoin Dips Amid Pro-Crypo Announcements From Trump: Top Trader Sets Sight On $500,000 BTC Target, $20,000 For ETH

Amid the ongoing uncertainty surrounding TikTok&#8217;s future in the U.S., Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk and Oracle Corp.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) Larry Ellison have emerged as prominent figures in the potential acquisition.



What Happened: While speaking with BBC on Thursday, Wedbush analyst Dan Ives underscored TikTok&#8217;s status as the fastest-growing social media platform.



He noted that any sale excluding its algorithm could still be valued at $40 to $50 billion and predicted that around 10 to 12 bidders might emerge in the coming weeks.



The analyst also said that while Musk is a strong contender, Oracle remains in the race, with Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) as a potential long shot.



See Also: <a href="https://www.benzinga.com/tech/25/01/43072303/mark-zuckerberg-stands-to-gain-from-tiktoks-us-ban-analysis-shows-meta-could-reap-billions-in-ad-revenue">Mark Zuckerberg Stands To Gain The Most From TikTok&#8217;s US Ban: Meta Could Reap Billions In Ad Revenue</a>



He highlighted the situation&#8217;s complexity, stating that a successful deal would require &#8220;someone hand-picked from Beijing but also Trump&#8217;s White House.&#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">Great to be on <a href="https://twitter.com/BBCWorld?ref_src=twsrc%5Etfw">@BBCWorld</a> discussing the ongoing TikTok soap opera and who could emerge as the US tech winner in this deal process with Musk and Ellison leading the pack in our view &#x1f37f;&#x1f91d;&#x1f4fa; <a href="https://twitter.com/BBCBreaking?ref_src=twsrc%5Etfw">@BBCBreaking</a> <a href="https://t.co/hgYby0mNeU">pic.twitter.com/hgYby0mNeU</a>&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1882538599918534915?ref_src=twsrc%5Etfw">January 23, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: On Monday, Trump suspended the U.S. <a href="https://www.benzinga.com/general/social-media/25/01/43088960/trump-suspends-us-tiktok-ban-for-75-days-with-executive-order-but-legal-and-market-uncertainty-looms-over-platforms-future">TikTok ban for 75 days</a>, creating a window for potential buyers.



While TikTok&#8217;s owner, ByteDance, has stated that it has no plans to sell, the app&#8217;s immense value and reach have attracted interest from several billionaires and major firms.



Trump has <a href="https://www.benzinga.com/tech/25/01/43118289/trump-open-to-elon-musk-or-larry-ellison-buying-tiktok-calls-us-permit-key-to-1-trillion-valuation">expressed openness</a> to either Musk or Ellison acquiring TikTok, suggesting that a U.S. permit could be key to a $1 trillion valuation.



Billionaire entrepreneur Frank McCourt and famous "Shark Tank" investor Kevin O&#8217;Leary are also <a href="https://www.benzinga.com/news/25/01/43070367/kevin-oleary-warns-that-shutting-down-tiktok-would-hurt-6-million-small-businesses-in-america-that-rely-on-it-to-make-a-living">leading an initiative</a> to shield the platform from a potential nationwide ban.



Popular YouTuber, Jimmy Donaldson, also known as MrBeast has also been in <a href="https://www.benzinga.com/general/social-media/25/01/42994923/mrbeast-discussing-buying-tiktok-with-billionaires-to-prevent-us-shutdown-lets-see-if-we-can-pull-this-off">talks with several billionaires</a> about acquiring TikTok.



Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Read Next:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43021026/apple-stock-has-moved-up-4-2-since-iphone-16-launched-analyst-says-it-has-another-8-upside-as-manufacturing-cost-decline-bolsters-cupertinos-margins" target="_blank" rel="noreferrer noopener">Apple Stock Has Moved Up 4.2% Since iPhone 16 Launched, Analyst Says It Has Another 8% Upside As Manufacturing Cost Decline Bolsters Cupertino&#8217;s Margins</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.



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Elon Musk Or Larry Ellison? Dan Ives On Who Could Win TikTok's Billion-Dollar Soap Opera: 'Someone Hand Picked From Beijing But Also Trump's White House'

President Donald Trump on Thursday has signed executive orders on digital assets, aiming to bolster U.S. leadership in the crypto industry while halting progress on <a href="https://www.benzinga.com/topic/central-bank-digital-currency">central bank digital currencies.</a>



The <a href="https://www.whitehouse.gov/presidential-actions/2025/01/strengthening-american-leadership-in-digital-financial-technology/">order</a> establishes a Presidential Working Group on Digital Asset Markets, chaired by White House &#8216;AI &amp; Crypto Czar&#8217; David Sacks. 



This group will include key figures such as the Secretary of the Treasury and the Chairman of the Securities and Exchange Commission, tasked with developing a federal regulatory framework for digital assets and stablecoins.



A notable aspect of the order is its directive to evaluate the creation of a &#8220;strategic national digital assets stockpile.&#8221; The Working Group is instructed to &#8220;propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.&#8221;



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43161311/donald-trump-has-more-than-50-of-net-worth-in-crypto-will-establish-strategic-bitcoin-reserve-anthony-pompliano-predicts" target="_blank" rel="noreferrer noopener">Trump Has ‘More Than 50%' Of Net Worth In Crypto, Will Establish Strategic Bitcoin Reserve, Anthony Pompliano Predicts</a>



The executive order also calls for a comprehensive review of existing regulations. Within 60 days, relevant agencies must submit recommendations to the Chair on whether identified regulations, guidance documents, orders, or other items affecting the digital asset sector should be rescinded, modified, or adopted into regulation.



In a significant departure from previous administrations, the order explicitly prohibits agencies from taking any action to &#8220;establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad.&#8221; It further mandates the immediate termination of any ongoing plans or initiatives related to CBDC creation.



The order revokes Executive Order 14067 of March 9, 2022, and directs the Secretary of the Treasury to revoke the Department&#8217;s &#8220;Framework for International Engagement on Digital Assets&#8221; issued on July 7, 2022. These actions are described as necessary to reverse policies that &#8220;suppressed innovation and undermined U.S. economic liberty and global leadership in digital finance.&#8221;



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is down 0.9% in the past hour, trading around $102,900. 



Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) is up 1.1% over the same timeframe, trading around $3,240.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43170775/crypto-senator-lummis-to-chair-senate-banking-digital-assets-subcommittee-is-the-bitcoin-reserve-on-its-way">&#8216;Crypto Senator Lummis&#8217; To Chair Senate Banking Digital Assets Subcommittee: Is The Bitcoin Reserve On Its Way?</a></li>
</ul>



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Politics

Trump Signs Executive Order On Crypto, Bitcoin Reserve To Be 'Evaluated'

Verizon Communications (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) will likely highlight 5G growth and recent partnerships when fourth-quarter financial results are released Friday <a href="https://www.benzinga.com/earnings">before the market opens</a>.



Earnings Estimates: Analysts expect the company to report fourth-quarter revenue of $35.32 billion, up from last year's fourth-quarter total of $35.13 billion according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012325&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



The company has missed analyst estimates for revenue in three straight quarters, and five of the last 10 quarters overall.



Analysts expect Verizon to report fourth-quarter earnings per share of $1.10, up from $1.08 in last year's fourth quarter. The company has beaten analyst estimates for earnings per share in five of the last 10 quarters, while also meeting expectations in four of the last 10 quarters.



Read Also: <a href="https://www.benzinga.com/25/01/42881735/verizon-hits-55-gbps-5g-speeds-lands-air-force-deal-to-upgrade-base-networks-nationwide">Verizon Hits 5.5 Gbps 5G Speeds, Lands Air Force Deal to Upgrade Base Networks Nationwide</a>



Key Items to Watch: There will be several key items analysts and investors will be watching when Verizon reports quarterly financial results.



In December, Verizon <a href="https://www.benzinga.com/media/24/12/42727432/att-and-verizon-contain-cyberattack-linked-to-chinas-salt-typhoon-group">experienced a cyberattack</a> linked to China. Either the earnings report or the earnings call will likely cover the impact of the attack and what Verizon has done to fend off future attacks.



The <a href="https://www.benzinga.com/government/regulations/25/01/42779998/6th-circuit-strikes-down-fcc-net-neutrality-rules-in-blow-to-biden-administrations-internet-regulation-agenda">end of net neutrality</a> could be another big topic in the quarterly results. Verizon is one of several companies that could benefit from sweeping changes under the new White House administration and FCC.



In December, Verizon <a href="https://www.benzinga.com/tech/24/12/42536593/verizon-teams-up-with-nvidia-to-power-ai-apps-over-private-5g-networks">also announced a partnership</a> with Nvidia that will see AI-powered solutions in the 5G space. This includes covering sectors like artificial intelligence, augmented reality, virtual reality, robotics, Internet of Things and streaming.



Analysts<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41498854/verizons-5g-expansion-and-fiber-goals-boost-long-term-outlook-analysts-cautiously-o"> were cautiously optimistic </a>after Verizon's third-quarter financial results in October. The company r<a href="https://www.benzinga.com/news/earnings/24/10/41450868/verizon-q3-earnings-wireless-subs-boost-with-5g-offers-1-7b-severance-charge-hit-to-profit-reiterat">eported wireless service </a>revenue up 2.7% year-over-year. Verizon saw growth for subscribers across several segments and analysts will likely be looking for the same growth on Friday.



Lower revenue from Verizon Business and a drop in net income due to severance charges and headcount reductions hurt the quarterly results and those items will be closely watched Friday.



As a member of the Dow Jones Industrial Average, ETFs that track the stock market index will also be on watch Friday with Verizon's report. The SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) is up 3% over the last five days with several Dow Jones component companies reporting earlier this week.



Price Action: Verizon stock is up 1% to $39.27 on Thursday versus a 52-week trading range of $37.58 to $45.36. Verizon stock is down 2.3% over the last year.



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<li><a href="https://www.benzinga.com/trading-ideas/dividends/24/12/42743301/dogs-of-the-dow-top-10-high-yield-stocks-offering-dividends-up-to-6-8-in-2025">Dogs Of The Dow: Top 10 High-Yield Stocks Offering Dividends Up To 6.8% In 2025</a></li>
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Previews

Verizon Q4 Earnings Preview: Will Company Show 5G Growth, Reverse Streak Of Revenue Misses?

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock soared after Donald Trump won the 2024 presidential election, helping CEO Elon Musk become the first person worth more<a href="https://www.benzinga.com/news/management/24/12/42444955/elon-musk-first-person-worth-400-billion-as-tesla-stock-hits-new-all-time-highs-how-2024-election-helped-could-lead-to-future-gains"> than $400 billion.</a>



While Musk's political push and Trump friendship might have been good for the stock, a new report showed it could have hurt Tesla's brand value.



What Happened: Musk continued to support Trump and his policies, which included trying to <a href="https://www.benzinga.com/trading-ideas/25/01/43116755/trumps-plan-to-end-7500-ev-tax-credits-could-be-devastating-for-telsa-rivals-poll-says-could-be-bullish-for-elon-musks-company">end tax credits </a>for electric vehicles.



The support for Trump could be hurting Tesla's brand value, according to the 2025 global brand <a href="https://brandirectory.com/reports/global">rankings </a>from Brand Finance.



Tesla fell to 36th place in the 2025 rankings, down from 18th place in 2024. The electric vehicle company had a brand value of $43 billion in the 2025 rankings, down 26% from $58.27 billion in 2024.



This marked the second straight year Tesla's brand value fell in the annual rankings, as <a href="https://www.cnbc.com/2025/01/21/tesla-lost-15-billion-in-brand-value-in-2024-brand-finance-found.html">reported </a>by CNBC. Reasons for the fall could be related to a lack of new vehicles from Tesla and Musk's "antagonism," the report said.



"There are people who think he's wonderful, but many that don't," Brand Finance CEO David Haigh told CNBC of Musk. "If you are buying electric vehicles, his persona is highly likely to impact your view of whether or not you want to buy one of his company's cars, but that's only one of many factors."



Tesla&#8217;s scores in categories such as "reputation," "recommendation" and "consideration" all fell from the prior year.



The results of the brand survey included comments and rankings from more than 16,000 people who shared their views on Tesla. The EV company saw large drops in rankings from consumers in Europe. In the U.S., Tesla still had a high loyalty score of 90%, which meant Tesla owners would likely keep their vehicles for the next 12 months.



While the loyalty score was positive, Tesla&#8217;s recommendation score fell from 8.2 out of 10 to 4.3 in the U.S., which suggested Tesla owners were not recommending the products to other potential customers.



"Tesla won't be able to sell so many products, and it won't be able to sell at such high prices as it did before," Haigh suggested.



Haigh said Tesla releasing new products that get new customers excited could help offset some of the brand weakness witnessed related to Musk.



Other Musk-related companies had calculated brand values in the Brand Finance report. The brand value of social media platform X declined 26% from $673 million to $498 million. The brand value of X declined in recent years for the survey due to the name change from Twitter to X and concerns about advertisers and lost users.



SpaceX&#8216;s brand value rose 11% to $3.8 billion in 2025 in its second year in the annual survey. Starlink, which is owned by SpaceX, was also calculated separately and received a brand value of $2.4 billion for its first time in the annual survey.



Are you buying when the CEOs of the Magnificent 7 are selling?



<ul>
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>



Other Brand Winners and Losers: Technology giant Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) ranked first in the Brand Finance report for a second straight year. Apple's brand value increased 11% from $516.58 billion to $574.51 billion in 2025. Over 80% of consumers in the survey were familiar with Apple and 45% of consumers consider or do use Apple brand products and services.



Following Apple in the top five were Microsoft, Google (part of Alphabet), Amazon and Walmart. One of the biggest gainers was NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), which moved from 30th place to ninth place and saw its brand value up 98% year-over-year to $87.8 billion. Nvidia was included in the top 500 list for the first time in 2014, when it was ranked 424. This year marked the semiconductor's first time in the top 10.



Brand Finance said TikTok, DraftKings and FanDuel were among the fastest-growing companies for brand value.



Among automotive companies, Toyota (18), Mercedes-Benz (23), and Hyundai (29) ranked ahead of Tesla in the annual rankings. &nbsp;



Why It's Important: Benzinga previously reported some angry Tesla customers who don't agree with Musk's political push are <a href="https://www.benzinga.com/news/24/11/42023767/tesla-owners-who-dont-like-musk-are-letting-bumper-stickers-do-the-talking">buying bumper stickers </a>with phrases such as "I bought this before we knew Elon was crazy."



Rival EV company Polestar Automotive Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) was trying<a href="https://www.benzinga.com/tech/25/01/43155064/polestar-ceo-looks-to-attract-tesla-customers-disenchanted-by-elon-musks-politics-somebody-outside-of-germany-endorsing-right-wing-politicial-parties-totally-unacceptable"> to lure customers</a> who might be upset with Musk's political commentary.



Polestar CEO Michael Lohscheller told Bloomberg News people have "very, very negative sentiment" about Musk's political commentary.



"For Germany, somebody outside of Germany endorsing right-wing political parties is a big thing," Lohscheller said.



A survey of Tesla owners in the Netherlands showed around one-third were considering selling their car, with Musk one of the main reasons.



The survey conducted by Dutch news outlet <a href="https://eenvandaag.avrotros.nl/panels/opiniepanel/alle-uitslagen/item/schaamte-bij-tesla-rijders-door-gedrag-elon-musk-3-op-de-10-eigenaren-willen-van-hun-auto-af/">EenVandaag </a>and shared by <a href="https://insideevs.com/news/747944/tesla-owners-musk-survey-netherlands/">InsideEVs </a>showed Tesla owners who thought Musk's actions were making them reconsider their brand loyalty.



"If I had known what he is like now, I would have never bought a Tesla," one Tesla owner said in the survey.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/tech/24/12/42722137/elon-musk-peter-thiel-and-billionaires-influence-in-trumps-white-house-former-labor-secretary-robert-reichs-warning">Elon Musk, Peter Thiel And Billionaires&#8217; Influence In Trump&#8217;s White House: Former Labor Secretary Robert Reich&#8217;s Warning</a></li>
</ul>



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Tesla Lost $15 Billion In Brand Value In 2024, Report Says: Did Elon Musk's Political Push Hurt EV Giant?

Editor&#8217;s note: This story has been updated with a statement from Construction Partners. 



A short report from Spruce Point Capital Management on Thursday sent shares of Construction Partners Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROAD#NASDAQ">ROAD</a>) tumbling. Here&#8217;s what <a href="https://www.benzinga.com/pressreleases/25/01/b43159674/spruce-point-capital-management-announces-investment-opinion-releases-report-and-strong-sell-resea">investors need to know</a>.



What To Know: Short-selling investment management firm Spruce Point released a new research report on Construction Partners titled, &#8220;An As-Faulty Investment,&#8221; alleging the company&#8217;s business is under pressure and faces 35% to 50% downside.



Spruce Point said that increased pressure on the company&#8217;s business has resulted in revenue growth failures and weakening backlog, return on capital and free cash flow conversion. The short seller said it believes that weakness in Construction Partners&#8217; business is being &#8220;masked by poor transparency and aggressive financial presentation methods.&#8221;



Spruce Point highlighted several concerns related to poor transparency including frequent changes to the company&#8217;s market leadership claims and changes to contractor rankings that suggest the business is under pressure. 



The short seller noted that Construction Partners rarely breaks down its guidance to show how much growth is organic and instead relies on acquisitions for growth. Spruce Point also said the company&#8217;s contract mix is getting worse and that management has made changes to cash flow reporting that appear to be beneficial to reported results.



A Construction Partners spokesperson said in a statement Thursday the company is proud to have achieved a 17% year-over-year revenue increase, 41% increase in net income and 28% increase in adjusted EBITDA in fiscal 2024. &#8220;We are aware of today's report from Spruce Point Capital Management, a known short-seller that seeks to profit at the expense of shareholders,&#8221; the spokesperson said. &#8220;It is clear that the short-seller made numerous false statements and is deliberately attempting to mislead the market. We strongly refute the assertions in the report.



Check This Out: <a href="https://www.benzinga.com/25/01/43169109/blackrocks-larry-fink-warns-that-new-inflationary-pressures-could-shock-the-stock-market-it-could-be-pretty-bad">BlackRock&#8217;s Larry Fink Warns That New Inflationary Pressures Could &#8216;Shock&#8217; The Stock Market: &#8216;It Could Be Pretty Bad&#8217;</a>



Construction Partners&#8217; biggest customer is the Florida Department of Transportation, but Spruce Point believes contract awards from FDOT are set to decline materially.



&#8220;Just a few years ago, Florida was contributing under&nbsp;10%&nbsp;to total revenue but recently approached&nbsp;14%&nbsp;in FY24. While ROAD&#8217;s total revenue growth was ~16.6%&nbsp;in FY24, Florida&#8217;s growth exceeded&nbsp;48%,&#8221; the short seller said. 



&#8220;However, based on our recent Freedom of Information Act (&#8220;FOIA&#8221;) request with FDOT, we believe Florida revenue is poised to decelerate.&#8221;



Spruce Point estimated that Construction Partners will experience an EBITDA decline of $10 million to $15 million in 2025 based on a slowing of Florida contract awards.



The Construction Partners spokesperson said short seller allegations regarding 2024 FDOT awards &#8220;are materially overstated and ignore the impact of city, county and other public projects using state and federal funds that make Florida such a well-supported and growing market for us.&#8221;



Spruce Point said it believes Construction Partners is focused on expanding to Texas and Oklahoma to deflect attention away from declines in Florida. The short seller is skeptical about the financials of the company&#8217;s recent acquisition of Lone Star Paving, alleging that market models have failed to accurately calculate equity and enterprise values, which has led to an inflated valuation.



&#8220;Valuing ROAD&#8217;s shares in-line with industry peers and its long-term average multiple suggest&nbsp;35%–50%&nbsp;long-term potential downside risk ($46&nbsp;–&nbsp;$60&nbsp;per share). We expect ROAD&#8217;s share price to meaningfully underperform its industry peers and the overall U.S. equity market,&#8221; Spruce Point said.



ROAD Price Action: <a href="http://benzinga.com/quote/road">Construction Partners shares</a> were down 10.6% at $82.86 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



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<li><a href="https://www.benzinga.com/news/earnings/25/01/43168966/la-wildfire-update-hughes-fire-burns-10000-acres-travelers-insurance-says-fires-will-have-material-impact-on-q1-earnings">LA Wildfire Update: Hughes Fire Burns 10,000 Acres, Travelers Insurance Says Fires Will Have &#8216;Material Impact&#8217; On Q1 Earnings</a></li>
</ul>



Photo: Shutterstock.

Short Sellers

Short Ideas

ROAD

Construction Partners Stock Cracks Under Pressure As Short Seller Warns Of Potential 50% Downside (UPDATED)

Wall Street traded slightly higher during midday Thursday as investors assessed the ongoing earnings season while closely monitoring policy signals<a href="https://www.benzinga.com/topic/donald-trump"> from President Donald Trump. </a>



The Dow Jones Industrial Average outperformed, buoyed by strength in industrials, utilities, and healthcare stocks, pushing the blue-chip index closer to record highs. 



Tech stocks retreated, pulling back after Wednesday's sharp rally. Semiconductors led the decline, surrendering a significant portion of their previous gains, which were fueled by optimism over the $500 billion AI Stargate initiative. 



The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) slipped 0.8%, on track to snap five straight sessions of gains. 



Trump addressed the <a href="https://www.benzinga.com/news/global/25/01/43170854/trump-outlines-economic-reset-at-davos-5-things-you-need-to-know">World Economic Forum via videoconference</a>, advocating for expanded oil &amp; gas production and proposing a 15% corporate tax rate for businesses relocating manufacturing to the U.S. 



He also reiterated plans to impose tariffs on countries with large trade deficits with the U.S., issuing warnings to Europe, Canada, and China. 



Additionally, Trump called on Saudi Arabia and OPEC to lower oil prices. Crude fell 0.7%, marking its fifth consecutive session of losses, the longest losing streak since June 2024. 



In the bond market, volatility resurfaced after a brief period of stability. The 30-year Treasury yield climbed 4 basis points to 4.89%. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rebounded 2.2% to $105,000, erasing Wednesday's losses.



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



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>44,539.31</td><td>0.9%</td></tr><tr><td>S&amp;P 500</td><td>6,106.05</td><td>0.3%</td></tr><tr><td>Russell 2000</td><td>2,308.39</td><td>0.2%</td></tr><tr><td>Nasdaq 100</td><td>21,828.09</td><td>-0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:30 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent012325&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.3% to $608.16.</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;rose 0.9% to $445.01.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slipped 0.1% to $531.03.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 0.3% up to $228.85.</li>



<li>The&nbsp;Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) rallied, up 1.2%; the&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.3%.</li>
</ul>



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



<ul>
<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) tumbled 8% after Elon Musk questioned the financial viability about the Stargate initiative.</li>



<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) slid nearly 8% despite surpassing fourth-quarter earnings expectations, as its first-quarter outlook fell short of analysts&#8217; forecasts.</li>



<li>Other stocks reacting to earnings were GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), up 6.7%, Union Pacific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>), up 4.8%, Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), down 2.3%, Alaska Air Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>), up 3.9%, Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), down 2%, Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), up 2.8%, Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), down 3.6%. </li>



<li>Companies slated to report earnings after the close include Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), down 0.3%, Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), up 1.2%, CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>). </li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/25/01/43168966/la-wildfire-update-hughes-fire-burns-10000-acres-travelers-insurance-says-fires-will-have-material-impact-on-q1-earnings">LA Wildfire Update: Hughes Fire Burns 10,000 Acres, Travelers Insurance Says Fires Will Have &#8216;Material Impact&#8217; On Q1 Earnings</a></li>
</ul>



Image: Shutterstock

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SOXX

Dow Jones Nears Records, Tech Pulls Back, Treasury Yields Rise Again: What's Driving Markets Thursday?

The Hughes fire has grown to more than 10,000 acres Thursday and forced more than 31,000 Californians to evacuate an area near Castaic Lake, about 45 miles <a href="https://www.benzinga.com/markets/equities/25/01/43149396/new-fire-breaks-out-in-los-angeles-county">northwest of Los Angeles.</a>&nbsp;



What To Know: The latest fire to ravage the L.A. area broke out just before 11 a.m. PT on Wednesday and spread quickly under dry conditions and high winds.&nbsp;



&#8220;This vegetation is extremely dry," said LA County Fire public information officer Fred Fielding, as reported by NBC Los Angeles.&nbsp;



"We&#8217;ve had two years of above average rainfall (2023 and 2024)&#8230; so you&#8217;ve got a lot of these light grasses where these fires can start, and if it gets into that old growth vegetation there&#8217;s a lot of energy there. Combine that with the winds, and you&#8217;ve got a recipe for a very high rate of spread.&#8221;



Read Next: <a href="https://www.benzinga.com/trading-ideas/movers/25/01/43136971/will-soundhound-ai-stock-get-a-boost-from-project-stargate">Will SoundHound AI Stock Get A Boost From Project Stargate?&nbsp;</a>



As of Wednesday night, the Hughes fire was 14% contained, according to the Los Angeles County Fire Department. A red flag warning has been extended through 10 a.m. Friday in Los Angeles and Ventura counties. 



What To Watch: AccuWeather estimates the<a href="https://www.benzinga.com/news/legal/25/01/42953761/santa-ana-winds-return-as-la-wildfire-damage-estimates-rise-to-at-least-250-billion-fire-officials-investigate-downed-power-lines"> total damage</a> and economic loss from the wildfires to be between $250 billion and $275 billion and could increase as fires continue to burn. 



Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), one of the major insurers in Southern California, addressed the California wildfires on its quarterly earnings call on Wednesday. 



Travelers' CFO Dan Frey said that the wildfires "are going to be a material event for the industry" and will have a "material impact on our first-quarter earnings."&nbsp;



Other insurance companies<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43068088/allstate-chubb-progressive-face-significant-losses-from-wildfires-weather-events-say-analysts-ahead-of-q4-reports"> with exposure</a> to the wildfires include Allstate Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), and Progressive Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>). All three companies will report fourth-quarter earnings at the end of January and beginning of February. 



Investors will watch for guidance and early estimates of how the fires will impact first-quarter results. 



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/etfs/emerging-market-etfs/25/01/43130930/trump-looking-at-10-tariff-on-china-starting-feb-1">Trump &#8216;Looking At&#8217; 10% Tariff On China Starting Feb. 1&nbsp;</a></li>
</ul>



Photo: Shutterstock

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Insurance

LA Wildfire Update: Hughes Fire Burns 10,000 Acres, Travelers Insurance Says Fires Will Have 'Material Impact' On Q1 Earnings

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