A fresh wave of selling sent the S&amp;P 500 spiraling into technical correction territory on Thursday, falling 10% from its all-time high, as trade tensions escalated following President Donald Trump's <a href="https://www.benzinga.com/topic/donald-trump">latest tariff threats.</a>



In a volatile session Thursday, the S&amp;P 500 – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – closed at 5,521 points, marking a 10% drop from its Feb. 19 peak of 6,147.



The index now sits 3.8% below its 200-day moving average of 5,738, a level many traders consider a key threshold. 



Only 37% of S&amp;P 500 stocks are trading above this moving average, the lowest proportion since November 2023—a sign of broad-based market weakness.



<h3 class="wp-block-heading">Trade War Jitters Shake Markets</h3>



The sell-off accelerated after Trump took to his Truth Social platform, threatening to impose 200% tariffs on all European alcoholic products in response to the EU's decision to slap a 50% tariff on American whiskey.



Earlier this week, Canada announced 25% retaliatory duties on over $20 billion worth of U.S. goods, while the EU planned to impose counter-tariffs starting in April.



Despite the tariff turmoil, recent inflation data painted a more optimistic picture for the U.S. economy. Both consumer and producer prices have come in below expectations this year, reinforcing hopes that the Federal Reserve&#8217;s disinflation efforts are gaining traction. Markets are pricing in three Fed interest rate cuts this year. 



Yet, markets remain laser-focused on trade policy risks. Investors worry that escalating tariffs could undermine corporate earnings, disrupt supply chains, and reignite inflationary pressures—potentially forcing the Fed to rethink its rate-cut trajectory.



<h3 class="wp-block-heading">Thursday&#8217;s Top 5 Gainers</h3>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Name</th><th>Change (%)</th></tr></thead><tbody><tr><td>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</td><td>+14.61%</td></tr><tr><td>Dollar General Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>)</td><td>+6.80%</td></tr><tr><td>Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>)</td><td>+6.65%</td></tr><tr><td>Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)</td><td>+4.62%</td></tr><tr><td>The AES Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>)</td><td>+3.85%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">Top 5 Losers</h3>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Name</th><th>Change (%)</th></tr></thead><tbody><tr><td>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>)</td><td>-13.84%</td></tr><tr><td>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td><td>-7.97%</td></tr><tr><td>Texas Pacific Land Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>)</td><td>-7.01%</td></tr><tr><td>Live Nation Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>)</td><td>-5.89%</td></tr><tr><td>Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>)</td><td>-5.64%</td></tr></tbody></table></figure>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/03/44316175/wall-street-bull-turns-cautious-ed-yardeni-cuts-sp-500-target-as-trumps-tariffs-threat-stagflation">Wall Street Bull Turns Cautious: Ed Yardeni Cuts S&amp;P 500 Target As Trump&#8217;s Tariffs Threat Stagflation</a></li>
</ul>



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SMCI

S&P 500 Enters Technical Correction As Trade War Fears Rattle Markets

Warren Buffett's <a href="https://www.benzinga.com/real-estate">real-estate brokerage business</a>, HomeServices of America, is considering a deal with Compass.



What Happened: According <a href="https://www.wsj.com/real-estate/compass-in-talks-to-buy-warren-buffetts-real-estate-brokerage-unit-5eab82e5">to </a>The Wall Street Journal, Compass — the biggest U.S. brokerage by volume in 2023 — offered to buy HomeServices of America for an unknown price.



HomeServices of America is owned by Buffett&#8217;s Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>). It had about 820 brokerage offices and 270 franchisees in 2024.



It also owns Berkshire Hathaway HomeServices and Real Living.



See Also: <a href="https://www.benzinga.com/news/25/03/44238467/warren-buffett-shares-biggest-investing-mistakes-433m-deal-that-cost-berkshire-billions-and-trillion-dollar-tech-stocks-he-missed">Buffett Shares Biggest Investing Mistakes — $433M Deal That Cost Berkshire Billions And Trillion-Dollar Tech Stocks He Missed</a>



Why It Matters: The home-buying sector is consolidating. 



Earlier this week, Rocket Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>) <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44237879/rocket-redfin-deal-aims-to-create-end-to-end-real-estate-solution-where-does-that-leave-zillow">announced it will acquire</a> Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>) in a $1.75 billion deal.



Analysts anticipate the deal will increase competition between Zillow Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) and Rocket Companies, now bolstered by Redfin&#8217;s assets and capabilities. 



Now Read:<a href="https://www.benzinga.com/general/market-summary/25/03/44227856/nasdaq-sp-500-hit-6-month-lows-as-recession-fears-grow-whats-driving-markets-monday"> </a>



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/03/44227856/nasdaq-sp-500-hit-6-month-lows-as-recession-fears-grow-whats-driving-markets-monday">Nasdaq, S&amp;P 500 Hit 6-Month Lows As Recession Fears Grow: What&#8217;s Driving Markets Monday?</a></li>
</ul>



Image: Shutterstock

Real Estate

RDFN

Warren Buffett's Real Estate Brokerage, Compass Discuss Deal: Report

Ed Yardeni, one of the most bullish voices on the Street, has slashed his year-end price target, citing the mounting risks from President Donald Trump's tariff policies, which are no longer mere negotiating tactics <a href="https://www.benzinga.com/topic/tariffs">but outright trade barriers.</a>



In a note shared Thursday, Yardeni lowered his S&amp;P 500 best-case target from 7,000 to 6,400 for the end of 2025 and from 8,000 to 7,200 for the end of 2026. In his worst-case scenario, the index, tracked by the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), could drop to 5,800 by the end of 2025 and 6,500 by the end of 2026.



<h3 class="wp-block-heading">From Market Cheerleader To Cautious Observer</h3>



At the start of the year, Yardeni was among Wall Street's most optimistic analysts, projecting an 18% surge in the S&amp;P 500 to 7,000 by December 2025—an outlook that aligned with Wells Fargo and Deutsche Bank. Oppenheimer Asset Management was even more aggressive, with a 7,100 target. Yet, the economic landscape has shifted.



"We continue to bet on the resilience of the economy," Yardeni said. "However, we acknowledge that it is being severely stress-tested now by Trump 2.0's tariff turmoil and shotgun approach to paring the federal workforce."



The biggest surprise, he added, is that Trump was not bluffing about his trade policies.



<h3 class="wp-block-heading">Yardeni Sticks To Hawkish Fed Call</h3>



According to Yardeni, tariffs function as a tax, and while importers and exporters absorb some of the cost, consumers ultimately bear the brunt in the form of higher prices.



That dynamic complicates the Federal Reserve's ability to cut interest rates, even as financial markets continue to price in over three rate reductions of 25 basis points each in the next 12 months.



"The latest inflation data may provide some cover for the doves at the Federal Reserve who want to cut the federal funds rate later this year," Yardeni said. "We remain in the none-and-done camp."



A key concern for Yardeni is the persistence of services inflation, which remains well above the 3% annual increase typically associated with the Fed's 2% inflation target. 



Manufacturing and services data also point to rising prices. The Institute for Supply Management manufacturing and services Purchasing Managers' Indexes suggest inflationary pressures are building. However, a potential counterbalance comes from energy markets, where contained prices could &#8220;prevent a 1970s-style inflationary spiral.&#8221;



<h3 class="wp-block-heading">&#8216;Tear Down Tariff Walls&#8217;</h3>



Yardeni highlighted a political dimension to Trump's trade strategy. He indicated the administration might soften its stance before the 2026 midterm elections to avoid triggering a recession that could cost Republicans control of Congress.



"We expect Mr. Trump to relent lest he cause a recession that reverses the GOP majority in Congress," he said.



Still, with tariffs already in motion, Yardeni is scaling back his expectations. While he is not turning outrightly bearish, he is acknowledging that the economic outlook has become more fragile.



His final message? "Mr. Trump, don't build your tariff wall! Tear down tariff walls around the world by negotiating free-trade deals!"



Read now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44308014/gold-hits-record-highs-as-trade-war-fears-fuel-safe-haven-demand-mining-stocks-soar">Gold Hits Record Highs As Trade War Fears Fuel Safe-Haven Demand: Mining Stocks Soar</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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Wall Street Bull Turns Cautious: Ed Yardeni Cuts S&P 500 Target As Trump's Tariffs Threat Stagflation

NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will likely be one of the top stocks to watch next week. The company's annual GTC conference, often referred to as the Global AI Conference, will take place, and CEO Jensen Huang will once again provide<a href="https://www.benzinga.com/news/24/03/37803088/nvidia-gtc-2024-ceo-huang-highlights-the-past-present-and-future-of-ai-a-new-industry-has-emerged"> a keynote speech.</a>



What Happened: The GTC Conference runs March 17 through March 21, with Huang's keynote coming on March 18 at 1 p.m. ET. The event could serve as <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/44015322/nvidia-analyst-sees-significant-upside-for-stock-with-favorable-riskreward">the next catalyst</a> for the stock, which has fallen in recent months.



Nvidia's AI conference will give the company a chance to highlight new and upcoming products, give updates on demand for items like the Blackwell chips and showcase future monetization opportunities like robotics and automotives.



Nvidia said Huang's <a href="https://www.youtube.com/watch?v=_waPvOwL9Z8">keynote </a>and the event will provide a "glimpse into the future of AI infrastructure, scientific computing, AI and robotics."



"AI is pushing the limits of what's possible — turning yesterday's dreams into today's reality," Huang <a href="https://nvidianews.nvidia.com/news/nvidia-ceo-jensen-huang-and-industry-visionaries-to-unveil-whats-next-in-ai-at-gtc-2025">said</a>. "GTC brings together the brightest scientists, engineers, developers and creators to imagine and build a better future. Come and be first to see the new advances in NVIDIA computing and breakthroughs in AI, robotics, science and the arts that will transform industries and society."



A preview of GTC from <a href="https://techcrunch.com/2025/03/12/nvidia-gtc-2025-what-to-expect-from-this-years-show/">TechCrunch </a>said the expectation is Nvidia shows off an upgraded lineup of the Blackwell chip, like the Blackwell B300 series, codenamed Blackwell Ultra. The chip is slated for a release in the second half of 2025.



The preview also said Nvidia could showcase Rubin, the company's next-gen GPU series, which will be released in 2026.



Huang said on a recent Nvidia earnings call that he would talk about post-Rubin products at GTC, which could mean additional product showcases as the company looks toward 2026 and beyond.



Nvidia will also likely showcase its role in quantum computing. The company will host its <a href="https://www.benzinga.com/news/25/01/43001201/nvidia-announces-first-ever-quantum-day-at-gtc-2025-days-after-jensen-huang-said-quantum-computing-is-20-years-away" target="_blank" rel="noopener">first-ever</a><a href="https://www.benzinga.com/news/25/01/43001201/nvidia-announces-first-ever-quantum-day-at-gtc-2025-days-after-jensen-huang-said-quantum-computing-is-20-years-away"> quantum day </a>at GTC, which will feature executives from several leading companies in the sector.



Read Also: <a href="https://www.benzinga.com/tech/25/03/44309316/dow-curse-strikes-again-nvidias-stock-performance-since-joining-the-index">Dow Curse Strikes Again: Nvidia&#8217;s Stock Performance Since Joining The Index</a>



Why It's Important: Keynotes from Huang and product unveilings have proven to be major catalysts for Nvidia and its stock.



Huang gave a keynote at this year's CES earlier in January. Huang's speech happened after market hours on Jan. 6. Nvidia stock opened at $152.03 on Jan. 7 and hit the all-time high of $153.13 during that day.



Investor optimism in the stock may have peaked around the keynote and product announcements at the event as shares have fallen since then.



With Nvidia stock currently down year-to-date, Huang's GTC keynote could serve as a pivotal moment to create optimism in the company's chips and AI business once again along with some potential new products and catalysts that haven't been factored into the stock.



Other Companies to Watch: Over 25,000 people are expected to attend GTC 2025, which will have over 1,000 sessions and more than 2,000 speakers.



Last year's GTC event provided a boost to several public companies who were mentioned as Nvidia partners by the company.



A current speaker lineup also shows that several public companies will have speakers at the conference, which could make their stocks worth watching for investors as AI continues to be a catalyst watched by analysts and investors.



Here are some of the public companies that have <a href="https://www.nvidia.com/gtc/speakers/">speakers </a>at GTC 2025:



<ul>
<li>Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</li>



<li>Yum! Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>)</li>



<li>Mastercard Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>)</li>



<li>Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</li>



<li>Lowe's Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>)</li>



<li>PepsiCo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>)</li>



<li>Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>)</li>



<li>Coca-Cola Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>)</li>



<li>Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)</li>



<li>Illumina Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>)</li>



<li>Equinix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>)</li>



<li>ServiceNow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>)</li>



<li>AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</li>



<li>The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>)</li>
</ul>



While many companies are represented by AI sector executives or chief technology officers, Rivian stands out with its CEO and founder, RJ Scaringe, speaking at the event.



Nvidia's Quantum Day on March 20 could also serve as a catalyst for the overall quantum computing sector and provide a boost for companies speaking, which <a href="https://www.nvidia.com/gtc/sessions/quantum-day/#:~:text=NVIDIA%20founder%20and%20CEO%20Jensen,holds%20for%20useful%20quantum%20computing.">include</a>:



<ul>
<li>D-Wave Quantum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>)</li>



<li>IonQ Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>)</li>



<li>Rigetti Computing (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>)</li>



<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</li>



<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)</li>
</ul>



While there is no guarantee that any company or stock will be as impacted as Nvidia by GTC 2025, investors should know the companies present at the event and be prepared for potential catalysts and press releases related to the event.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/41888032/nvidia-ceo-jensen-huang-said-nvidia-has-no-long-term-strategy-how-this-philosophy-is-similar-to-his-reason-to-not-wear-a-watch">Nvidia CEO Jensen Huang Doesn&#8217;t Wear A Watch After A Gardner Taught Him The Secret Of Time</a></li>
</ul>



Photo: jamesonwu1972/Shutterstock.com

AMZN

EQIX

ILMN

IONQ

MSFT

NVDA

QBTS

RGTI

RIVN

Nvidia Stock Reached All-Time Highs After Jensen Huang's CES Keynote — Will Next Week's GTC Spark Another Surge?

Russian President Vladimir Putin said Thursday that Russia agrees with the idea of <a href="https://www.benzinga.com/25/03/44212384/bill-ackman-clashes-with-david-sacks-over-ukraine-strategy-asks-if-us-should-let-russia-take-the-rest-of-eastern-europe">a ceasefire plan</a> backed by Ukraine but emphasized the need for further negotiations, including a possible call with President Donald Trump to &#8220;discuss it together.&#8221;



What Happened: Putin and Belarus President Alexander Lukashenko <a href="https://www.youtube.com/watch?v=XYrnAL5KPxM">delivered</a> a joint news conference in Moscow on Thursday, live-streamed by The Telegraph. During the event, Putin addressed the conflict with Ukraine when asked by a member of the media. 



The Associated Press later <a href="https://apnews.com/article/russia-ukraine-war-kursk-sudzhba-military-occupation-17cebbc24642ab56d78112eba7eb7509">translated</a> Puntin&#8217;s comments on the matter: "The idea itself is correct, and we certainly support it. But there are issues that we need to discuss, and I think that we need to talk about it with our American colleagues and partners and, perhaps, have a call with President Trump and discuss it with him."



The comments came less than a day after U.S. arms deliveries to Ukraine resumed after Trump <a href="https://www.benzinga.com/news/global/25/03/44269997/trump-restores-ukraine-aid-after-threatening-large-scale-sanctions-on-moscow-but-russian-lawmaker-rejects-ceasefire-terms-defense-stocks-fall">threatened various sanctions</a> against Moscow. 



Sanctions were already in place under former President Joe Biden.



See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43674775/trump-putin-highly-productive-call-sparks-oil-sell-off-as-investors-eye-geopolitical-de-escalation">Trump-Putin &#8216;Highly Productive&#8217; Call Sparks Oil Sell-Off As Investors Eye Geopolitical De-Escalation</a>



The Trump administration originally suspended military aid for Kyiv following a tense White House meeting <a href="https://in.benzinga.com/news/global/25/02/44053592/white-house-meeting-turns-tense-as-trump-warns-zelenskyy-youre-gambling-with-world-war-iii">with Ukrainian President Volodymyr Zelenskyy.</a>



Why It Matters: Russia&#8217;s war with Ukraine has gone on for over three years. The civilian death toll in Ukraine was close to 12,600 as of January, according to <a href="https://www.statista.com/statistics/1293492/ukraine-war-casualties/">Statista</a>. 



Trump also spoke about the ceasefire briefly during a meeting at the White House with NATO Secretary General Mark Rutte.



Putin "put out a very promising statement, but it wasn't complete," Trump said, according to the AP. "Now we're going to see whether or not Russia's there. And if they're not, it'll be a very disappointing moment for the world."



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/25/03/44209007/elon-musk-marco-rubio-clash-in-heated-white-house-meeting-in-first-signs-of-tensions-in-trumps-cabinet-report" target="_blank" rel="noreferrer noopener">Elon Musk, Marco Rubio Clash In Heated White House Meeting In First Signs Of Tensions In Trump&#8217;s Cabinet: Report</a></li>
</ul>



Image: Shutterstock

Global

Putin Open To 'Idea' Of Ceasefire, Suggests Call With Trump To 'Discuss It With Him': Report

All of February's factory cost inflation measures came in lower-than-expected in the Producer Price Index report released Thursday. Economists are weighing in on what it could mean for the U.S. <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44300810/us-producer-inflation-stalls-in-february-as-services-costs-drop-eggs-price-skyrockets">economy going forward. </a>



What To Know: The weaker-than-expected producer inflation report follows Wednesday&#8217;s softer than anticipated consumer price index data and bolstered hopes for interest rate cuts in 2025.&nbsp;



Read More: <a href="https://www.benzinga.com/general/social-media/25/03/44286296/trump-media-technology-stock-drops-50-since-inauguration-day">Trump Media &amp; Technology Stock Drops 50% Since Inauguration Day</a>&nbsp;



Expert Ideas: Gregory Daco, chief economist for EY-Parthenon, said February's PPI data shows that disinflation was occurring before the implementation of tariffs. It remains to be seen if that trend can continue as the trade war escalates.&nbsp;



Daco also pointed to surging egg prices as a leading factor in the pressure on goods prices.&nbsp;



<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">Key take-aways &#x1f4c9;Disinflation WAS firmly in place ahead of tariffs &#x1f4c8;Goods prices pressured by +54% eggs price surge &#x2705;Services prices fell on lower trade margins (40% from machinery &amp; vehicles) which is reassuring &#x1f4ca;Still some pressure regarding PCE passthrough (esp healthcare) <a href="https://t.co/L5kAXLA9wS">pic.twitter.com/L5kAXLA9wS</a>&mdash; Gregory Daco (@GregDaco) <a href="https://twitter.com/GregDaco/status/1900169344614604916?ref_src=twsrc%5Etfw">March 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bill Adams, chief economist for Comerica Bank, also noted the surge in egg prices that was moderated by lower margins for machinery and vehicle wholesalers.&nbsp;



Following both the cooler-than-expected CPI and PPI reports, Adams suggests that February's PCE index may come in below expectations as well. A cooler number from the Fed&#8217;s preferred inflation gauge could benefit markets.&nbsp;



However, Adams said, "Financial markets are paying more attention to announcements from the White House about tariffs and job cuts than the hard numbers."&nbsp;



Chris Zaccarelli, chief investment officer for Northlight Asset Management, cautioned that the latest inflation data reflects only one month and further volatility likely lies ahead.&nbsp;



"Clearly this is going to be a much more volatile year and it remains to be seen if all of the revolutionary changes to the economy and trans-Atlantic alliances will lead to a recession or if it will lead to higher growth rates in the future," Zaccarelli said.&nbsp;



Market Reactions: All three major indexes were red in Thursday's morning trading with the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, down 0.44% at $556.41 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100, down 0.88% at $472.74 at the time of publication. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/02/44015237/pending-home-sales-crash-to-record-low-jobless-claims-soar-wall-street-reacts">Pending Home Sales Crash To Record Low, Jobless Claims Soar: Wall Street Reacts</a></li>
</ul>



Image: Shutterstock

News

Markets

Latest Inflation Data Excludes Tariffs, Trump Policy Changes: 2025 Will Be 'Much More Volatile Year,' Economist Says

Gold's strong rise continues, with the precious metal hitting a fresh record on Thursday as investors rush to shield their portfolios from mounting trade<a href="https://www.benzinga.com/topic/tariffs"> tensions and economic uncertainty.</a>



Spot gold as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) traded at $2,969 per ounce at 10:52 a.m. ET, gaining 1.2% and marking its third consecutive session of gains. The metal surged 13% so far in 2025, outpacing every other major asset class.



The S&amp;P 500 — tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — is down 5.2%, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has lost 12% and the U.S. dollar index has slipped 4% year-to-date.



<h1 class="wp-block-heading">Why Is Gold Soaring?</h1>



Gold's rally is driven by a cocktail of economic and geopolitical risks. President Donald Trump's administration has reignited fears of a global trade war, by threatening countries with high tariffs. 



Meanwhile, signs of economic weakness are becoming more pronounced. The Atlanta Federal Reserve's GDPNow model projects a 2.4% contraction for the U.S. economy in the first quarter of 2025, while JPMorgan has raised its probability of a recession this year to 40%.



&#8220;A large and unknown player is driving gold's recent rally,&#8221; Ross Norman, CEO of Metals Daily Ltd. said. This could explain why the metal is defying normal trading patterns and pushing higher despite fluctuating bond yields and currency movements.



&#8220;As the trade war started by President Trump worsens, there is no wonder why gold continues to be one of the best-performing assets right now,&#8221; veteran market strategist Ed Yardeni said.



<h1 class="wp-block-heading">Where Does Gold Go From Here?</h1>



With risk aversion dominating sentiment, analysts are raising their gold price forecasts. Joni Teves of UBS Investment Bank, speaking on CNBC's &#8220;Squawk Box,&#8221; said, &#8220;Risk aversion created by the geopolitical landscape, particularly tariffs, is still going to work in favor of adding gold to the portfolio.&#8221; 



UBS expects gold to reach $3,100 per ounce by the end of the year.



Macquarie Group analysts are even more bullish, forecasting gold could hit $3,500 by the third quarter.



"We view gold's price strength to date, and our expectation for it to continue, as primarily being driven by investors' and official institutions' greater willingness to pay for its lack of credit or counterparty risk," the organization wrote.



<h1 class="wp-block-heading">Mining Stocks Soar On The Heels Of Gold Rally</h1>



The gold rally has breathed new life into mining stocks, though many remain well below past highs.



The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) jumped 3.2% but is still trading 35% below its 2011 peak. The VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) also gained 3.2% but remains 70% below its 2010 record.



Among individual stocks, Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) climbed 5.1%, B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>) advanced 4.8%, Kinross Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KGC#NYSE">KGC</a>) added 3.8%, Franco-Nevada Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNV#NYSE">FNV</a>) gained 3.1% and Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) rose 2.7%.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44304426/from-magnificent-7-to-maleficent-7-goldman-sachs-slashes-year-end-sp-500-target">From &#8216;Magnificent 7&#8217; To &#8216;Maleficent 7,&#8217; Goldman Sachs Slashes Year-End S&amp;P 500 Target</a></li>
</ul>



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Gold Hits Record Highs As Trade War Fears Fuel Safe-Haven Demand: Mining Stocks Soar

Bears regained control on Wall Street, with major indices wiping out Wednesday's gains and retesting recent lows as investor concerns over tariffs continue <a href="https://www.benzinga.com/markets">to weigh on sentiment.</a>



A much weaker-than-expected producer inflation report failed to provide a meaningful boost to risk assets. In February, the Producer Price Index was flat month-over-month, significantly below the upwardly revised 0.6% in January and well under the 0.3% consensus estimate.



On Thursday, U.S. President Donald Trump threatened to impose a 200% tariff on European wine and spirits imports unless the <a href="https://www.benzinga.com/markets/25/03/44301836/trump-warns-of-200-tariff-on-french-champagne-and-eu-spirits-in-retaliation-to-europes-tariff-on-us-whiskey">EU eliminates its 50% tariff on U.S. whiskey</a>.



Safe-haven demand sent gold prices soaring to a record high of $2,980 per ounce, while major U.S. indices tumbled.



The Dow, S&amp;P 500, and Nasdaq 100 lost 1.1%, 1.2%, and 1.7%, respectively, with every sector trading in the red — except materials, as <a href="https://www.benzinga.com/government/regulations/25/03/44308014/gold-hits-record-highs-as-trade-war-fears-fuel-safe-haven-demand-mining-stocks-soar">gold mining stocks surged</a>.



The U.S. dollar edged up 0.1% but remains near a four-month low. Treasury yields slipped, with the 10-year yield down two basis points to 4.29%.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plunged 3.9%, potentially snapping a two-day winning streak.



<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<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>Chg %</td></tr><tr><td>Dow Jones</td><td>40,886.55</td><td>-1.1%</td></tr><tr><td>S&amp;P 500</td><td>5,530.27</td><td>-1.2%</td></tr><tr><td>Russell 2000</td><td>1,998.30</td><td>-1.3%</td></tr><tr><td>Nasdaq 100</td><td>19,255.17</td><td>-1.7%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:05 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 1.1% to $553.09.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 1% to $409.64.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;tumbled 1.6% to $469.60.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 1.2% lower.</li>



<li>The&nbsp;Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) is down 0.61%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 2.04%.</li>
</ul>



<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>



<ul>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) stole the spotlight, soaring 16% after the company announced Lip-Bu Tan as its new CEO. The <a href="https://www.benzinga.com/tech/25/03/44298588/lip-bu-tan-got-high-praise-from-tsmc-founder-morris-chang-for-saving-cadence-from-pretty-big-trouble-will-the-magic-work-at-the-new-intel">leadership shake-up</a> fueled optimism among investors, prompting Bank of America to raise its price target on the stock from $19 to $25.</li>



<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) plummeted 13% despite beating earnings and revenue estimates. The tech giant is heading for its lowest close since May 2023, as a wave of Wall Street analysts <a href="https://www.benzinga.com/analyst-ratings/price-target/25/03/44302063/adobe-stock-is-sliding-thursday-whats-going-on">slashed their price targets on the stock</a>.</li>



<li>Other stocks reacting on company earnings were Dollar General Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>), up 3.8%; Weibo Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WB#NASDAQ">WB</a>), down 3.7% and Futu Holdings Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>).</li>



<li>Companies reporting their earnings after the close include Crown Castle Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCI#NYSE">CCI</a>), Wheaton Precious Metals Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>), DocuSign Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NYSE">DOCU</a>) and Ulta Beauty Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>). </li>
</ul>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/news/econ-s/25/03/44307019/latest-inflation-data-excludes-tariffs-trump-policy-changes-2025-will-be-much-more-volatile-year-economist-says">Latest Inflation Data Excludes Tariffs, Trump Policy Changes: 2025 Will Be &#8216;Much More Volatile Year,&#8217; Economist Says</a></li>
</ul>



Photo: Shutterstock

Tech

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FUTU

ULTA

Wall Street's Downward Slide Returns, Gold Breaks Records, Intel Skyrockets On CEO Appointment: What's Driving Markets Thursday?

IonQ Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) shares are facing some selling pressure Thursday following a <a href="https://www.benzinga.com/topic/short-sellers">short report from Kerrisdale Capital</a>.



What To Know: Short seller Kerrisdale Capital announced a short position against quantum computing company IonQ on Thursday, citing valuation concerns following the stock&#8217;s recent surge.



&#8220;Despite retreating from all-time highs, shares still trade at a staggering 40x consensus 2026E revenue – a valuation that defies both logic and the warnings of former IonQ employees, who highlighted monumental scaling challenges that will derail the company's ambitious plans,&#8221; the short seller said.



Benzinga has reached out to IonQ for comment on the Kerrisdale Capital report.



IonQ shares are up approximately 134% over the past year. Kerrisdale believes the rally in IonQ has been driven by management claims about delivering on technical and commercial milestones. Kerrisdale said investors are focused on these &#8220;relatively immaterial past achievements&#8221; and are ignoring the scalability challenge.



See Also: <a href="https://www.benzinga.com/insights/options/25/03/44289521/d-wave-quantum-options-trading-a-deep-dive-into-market-sentiment">D-Wave Quantum Options Trading: A Deep Dive into Market Sentiment</a>



According to the short seller, IonQ has forecasted exponential growth from 80 to 100 physical qubits currently to more than 4,000 by 2026 and 32,000 by 2028. 



The company believes it can use photonic interconnects to achieve said growth, but Kerrisdale argued that commercially viable photonic interconnects are still a long way away. The short seller noted that IonQ has never disclosed performance metrics for its photonic interconnect development.



&#8220;A year ago, IonQ claimed it was &#8216;on track to finish&#8217; developing photonic interconnects by 2024, but industry executives we consulted confirmed that performance remains far below the threshold necessary for commercial scaling,&#8221; the short seller said.



&#8220;Rather than reflecting a strategic shift, the looming inability to deliver on growth promises is what has driven IonQ's recent pivot into quantum networking, the need to raise additional equity despite prior assurances to the contrary, and other material changes to its technology benchmarks, financial reporting, and management, as announced late last month.&#8221;



IonQ executive chair Peter Chapman<a href="https://www.benzinga.com/news/management/25/02/43993251/ionq-q4-eps-miss-500-million-offering-ceo-appointment-acquires-stake-in-id-quantique-details"> stepped down</a> from his role as CEO last month. Chapman has a history of making bold claims that &#8220;diverged from reality,&#8221; according to the short seller. 



Chapman claimed IonQ had a perfect 32-qubit system in 2020, but Kerrisdale said a former IonQ executive told the short seller that the company only had an 11-qubit system at the time. 



Kerrisdale went on to challenge other claims made by Chapman and pointed out that the former CEO has been selling shares. Kerrisdale said it&#8217;s a &#8220;glaring red flag&#8221; that the terms of the company&#8217;s at-the-market offering allowed Chapman to sell up to 2.2 million shares. 



Kerrisdale said IonQ is a &#8220;cash-burning, highly promotional company in a hot sector valued at absurd revenue multiples.&#8221; As executives unload shares and retail investors continue to ignore scaling challenges, the short seller believes IonQ could be a &#8220;disaster in the making.&#8221;



&#8220;As reality sets in, IonQ shareholders chasing a quantum leap will find themselves wishing they had stayed in a more stable state,&#8221; the short seller said. 



IONQ Price Action: <a href="http://benzinga.com/quote/ionq">IonQ shares</a> were down 3.6% at $21.02 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44304426/from-magnificent-7-to-maleficent-7-goldman-sachs-slashes-year-end-sp-500-target">From &#8216;Magnificent 7&#8217; To &#8216;Maleficent 7,&#8217; Goldman Sachs Slashes Year-End S&amp;P 500 Target</a></li>
</ul>



Photo: courtesy of IonQ.

Short Sellers

Movers

Is High-Flying IonQ Stock A 'Disaster In The Making'? Shares Slide As Short Seller Raises Red Flags

U.S. President Donald Trump has reignited transatlantic trade tensions, threatening to impose a 200% tariff on all European wine and alcoholic products unless the European Union drops its 50% <a href="https://www.benzinga.com/topic/tariffs">tariff on American whiskey.</a>



The move, announced Thursday on Truth Social, sent ripples through the beverage industry, sparking market reactions across major alcohol producers.



Trump criticized the EU as "one of the most hostile and abusive taxing and tariffing authorities in the World" and accused the bloc of exploiting the U.S. economy. 



He warned that unless the whiskey tariff was removed "immediately," the U.S. would retaliate with steep duties on "wines, champagnes, &amp; alcoholic products coming out of France and other E.U. represented countries."



<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">BREAKING: President Trump says he will place a 200% tariff on all wines, champagnes, and alcoholic products coming from the EU if they do not cancel their 50% tariff on US whisky. <a href="https://t.co/mQe3IoqZZo">pic.twitter.com/mQe3IoqZZo</a>&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1900155890512138564?ref_src=twsrc%5Etfw">March 13, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading">How Much Is At Stake?</h3>



The U.S. is a critical market for European alcohol producers, importing $14.2 billion worth of beverages, spirits, and vinegar from the EU in 2024, according to International Trade Center data.



Of that, $5.65 billion came from wine-related products, making American consumers a crucial revenue stream for European winemakers. 



The U.S. market accounts for nearly a fifth of the EU's global wine exports, a dependence that makes Trump's tariff threat a significant economic concern for the industry.



French, Italian, and Spanish winemakers—who dominate EU exports to the U.S.—would face the brunt of the impact. French producers alone shipped more than $1.5 billion worth of wine to the U.S. last year.



On the other side, American whiskey producers like Brown-Forman Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>)—maker of Jack Daniel's—stand to gain if European tariffs are removed.



The trade dispute escalated after the European Commission announced plans on Wednesday to impose countermeasures on $28 billion worth of U.S. goods in response to blanket American tariffs on steel and aluminum. This retaliatory stance sets the stage for a renewed trade war, reminiscent of the tit-for-tat tariff battles of the Trump administration.



<h3 class="wp-block-heading">Market Reaction: European Alcohol Stocks Already Feel The Heat</h3>



Trump's tariff warning sent shockwaves through alcohol stocks, particularly European producers. Shares of Davide Campari Milano (OTCPK: DVCMY) tumbled 3.6% during European trading, while Rémy Cointreau SA (OTCPK: REMYF), known for its premium cognacs, dropped nearly 4%. LVMH Moët Hennessy Louis Vuitton (OTCPK: LVMHF), the owner of Moët &amp; Chandon and Hennessy, slipped 1.5%.



The U.S. alcohol sector, however, showed mixed reactions. Shares of Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>), which owns Robert Mondavi wines and Corona beer, remained flat in premarket trading in New York. Meanwhile, Brown-Forman, a direct beneficiary if European tariffs on whiskey are lifted, rose 2%.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44300810/us-producer-inflation-stalls-in-february-as-services-items-decline-eggs-price-skyrockets">US Producer Inflation Stalls In February As Services Costs Drop, Eggs Price Skyrockets</a></li>
</ul>



Image via Shutterstock

Eurozone

DVCMY

LVMHF

REMYF

Trump Threatens 200% Tariff On European Wine, Alcohol Stocks React

U.S. producer prices unexpectedly stagnated in February, while core inflation posted a rare contraction, reinforcing hopes that cost pressures may be easing despite lingering <a href="https://www.benzinga.com/topic/inflation">concerns over trade tariffs.</a>



The Producer Price Index (PPI) remained flat on a monthly basis in February, a sharp deceleration from January's upwardly revised 0.6% gain and below expectations of a 0.3% increase. 



Core PPI, which excludes food and energy, fell 0.1% in February, marking its first monthly decline since July 2024. This came after January's figure was revised higher to a 0.5% gain. 



On a year-over-year basis, headline producer inflation eased to 3.2%, down from January's upwardly revised 3.7%, while core PPI slowed to 3.4%, from a revised 3.8% in the previous month.



The weaker-than-expected producer inflation report follows Friday's consumer price index data, which also came in softer than anticipated, strengthening the case for Federal Reserve rate cuts later this year.



<h3 class="wp-block-heading">Price Drivers: Food Jumps, Services Fall</h3>



The muted headline figure masked significant divergences across categories. Food prices surged 1.7%, largely driven by an extraordinary 53.6% spike in egg prices. 



Other contributors to the increase included pork, fresh and dry vegetables, electric power, tobacco products, and carbon steel scrap.



Yet, gasoline prices fell 4.7%, exerting downward pressure on the overall index.



Meanwhile, the index for final demand services declined 0.2%, the steepest drop since July 2024, suggesting cooling inflationary pressures in service-related sectors.



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



<ul>
<li>U.S. dollar: The dollar strengthened despite the softer PPI report, with the U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), rising 0.4%.</li>



<li>Treasury yields: The 10-year U.S. Treasury yield increased 2 basis points to 4.33% as markets reassessed inflation risks.</li>



<li>Stock market: Selling pressure on equities resumed after a brief rebound on Wednesday. Futures on major U.S. indices recorded losses in the premarket trading, with S&amp;P 500 futures down 0.2% at 8:39 a.m. ET.</li>



<li>On Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed at $558.87, up 0.5% but still hovering near its lowest levels in seven months and about 3% below its 200-day moving average.</li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/03/44298732/nvidia-valuation-drops-after-2025-rout-ai-chipmakers-price-declines-41-from-its-peak-when-chatgpt-was-launched">Nvidia Valuation Drops After 2025 Rout: Chipmaker&#8217;s Price Declines 41% From Its Peak When ChatGPT Was Launched</a></li>
</ul>



Photo: Shutterstock

Currency ETFs

US Producer Inflation Stalls In February As Services Costs Drop, Egg Prices Skyrocket

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) miners just had one of their best quarters on record, but the real winners aren't <a href="https://www.benzinga.com/topic/bitcoin-miners">just those mining</a> the most coins &#8211; it's those keeping costs in check.



JPMorgan analyst Reginald L. Smith breaks down the latest trends in the sector, upgrading IREN Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>) to Overweight while moving Cipher Mining Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIFR#NASDAQ">CIFR</a>) to Neutral.



<h2 class="wp-block-heading">A Record Quarter, But Who Benefited Most?</h2>



The fourth quarter saw four of the five major publicly traded bitcoin miners &#8211; Cipher, CleanSpark Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>), IREN, MARA Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) and Riot Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) &#8211; report record revenues and profits, largely thanks to Bitcoin's price surge. 



MARA led the pack in total coins mined (2,514 BTC), but IREN stole the show with a 65% increase in production quarter-over-quarter, bringing in 1,347 BTC.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44287639/trump-appointed-sec-chair-could-fast-track-crypto-etf-approvals-xrp-solana-dogecoin-etfs-coming-by-june">Trump-Appointed SEC Chair Could Fast-Track Crypto ETF Approvals: XRP, Solana, Dogecoin ETFs Coming By June?</a>



<h2 class="wp-block-heading">Mining Costs: The Great Divide</h2>



Efficiency is key in Bitcoin mining, and IREN came out on top, producing BTC at the lowest all-in cash cost of ~$36,100 per coin. Riot, on the other hand, posted the highest cost at ~$72,400 per BTC—a steep price even with BTC averaging ~$83,300 in the fourth quarter.



Smith notes that MARA had the lowest cash SG&amp;A costs at $9,600 per coin, making it a lean operator despite its relatively high power costs ($52,400 per BTC).



<h2 class="wp-block-heading">Hashrate Growth Takes A Breather</h2>



After an aggressive 180% increase in hashrate in 2024 &#8211; outpacing even network growth—the five miners are slowing down in 2025. CleanSpark and MARA are shifting toward more disciplined capital management, while IREN, Cipher, and Riot are evaluating hashrate expansion versus high-performance computing (HPC) opportunities. 



Riot and IREN have already trimmed their hashrate targets to free up capacity for HPC projects, with Cipher also considering reallocating resources.



<h2 class="wp-block-heading">HPC: The Next Big Pivot?</h2>



Miners aren't just chasing bitcoin anymore. Smith sees HPC data centers as a key growth driver, with Cipher best positioned to strike a deal in the near term. IREN is constructing a 75 MW multi-tenant, liquid-cooled HPC data center, expected to go live in 2H25, though financing and tenant details remain unclear. 



Riot and IREN continue active talks with hyperscalers, but deals are taking longer to materialize.



<h2 class="wp-block-heading">Stock Ratings Shake-Up</h2>



Smith is upgrading IREN to Overweight with a $12 price target, citing its low-cost structure and strong production growth. 



CleanSpark, also rated Overweight, gets a revised $12 price target (down from $17) due to deteriorating mining economics. 



Meanwhile, Cipher moves to Neutral, as its 2025 hashrate target lags behind competitors, and capital raises appear likely. 



MARA and Riot remain Neutral and Overweight, respectively, with price targets of $18 and $13.



With miners slowing expansion, pivoting toward HPC, and managing capital more cautiously, 2025 is shaping up to be a year of strategic recalibration. Bitcoin's price will still dictate the sector's fate, but as Smith highlights, those with the lowest costs and diversified revenue streams will have the edge.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44295050/peter-schiff-warns-americans-will-be-harmed-most-when-bitcoin-bubble-pops-says-us-has-biggest-crypto-lobby">Peter Schiff Warns Americans Will Be Harmed Most When Bitcoin Bubble Pops, Says US Has Biggest Crypto Lobby</a></li>
</ul>



Image: Midjourney

Cryptocurrency

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CIFR

CLSK

IREN

MARA

RIOT

Bitcoin Miners Ride The BTC Boom, But Costs Tell A Different Story: JPMorgan Analyst

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