President-elect Donald Trump's latest tariff proposal could represent a potential economic earthquake, with economists already forecasting significant fallout for trade flows, exchange <a href="https://www.benzinga.com/etfs/currency-etfs/24/11/42190765/trumps-tariff-threats-slam-mexican-peso-canadian-dollar-only-the-beginning-of-a-sorely-needed-repricing-expert-warns">rates and consumer prices.</a>



On Monday, Trump announced plans to impose a 25% tariff on all imports from Mexico and Canada, blaming these nations for failing to curb drug trafficking and illegal immigration. Additional, he pledged a 10% hike on Chinese tariffs. 



Mexico, Canada, and China collectively make up 43% of U.S. goods imports, with shares of 15.4%, 13.6%, and 13.9%, respectively, according to Goldman Sachs. 



<h3 class="wp-block-heading">Goldman Sachs: Tariffs Could Rattle Global Markets</h3>



Goldman Sachs analysts were quick to assess the broader economic implications of Trump's tariff rhetoric. 



Isabella Rosenberg, a Goldman Sachs forex analyst, said the proposed 25% tariff on Mexican and Canadian imports would represent a significant economic shock for both the loonie and the peso.



"If tariffs were to rise to 25%, the estimated impact to USD/CAD and USD/MXN would be about 13% and 17%, respectively," she said in a note to clients on Tuesday.



On Tuesday, the Mexican peso weakened by 1.9%, while the Canadian dollar – as tracked by the Invesco CurrencyShares Canadian Dollar Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXC#NYSE">FXC</a>) – fell by 0.6%. 



Tariffs at the levels proposed by Trump would disrupt supply chains and amplify costs, Rosenberg said. 



The analyst said she expects that a renegotiation of United States-Mexico-Canada Agreement (USMCA) – which replaced the previous North America Free Trade Agreement (NAFTA) – will likely take place next year.



&#8220;The USMCA is up for review and renewal in 2026, and it appears likely that this will involve renegotiating some aspects of the Agreement,&#8221; she wrote. Such uncertainty will keep the Canadian dollar under pressure in 2025, according to her view.



Joseph Briggs, an economist at Goldman, said: "We expect that the incoming Trump administration will impose higher tariffs on imports from China as well as auto imports from Europe and Mexico shortly after his inauguration in January."



Briggs added that the tariffs would likely affect economic data even before they're enacted, citing heightened policy uncertainty and ripple effects across currency markets.



<h3 class="wp-block-heading">$300 Billion In Government Revenue, But At Cost Of Higher Inflation</h3>



If fully rolled out, the tariffs would generate nearly $300 billion in annual revenue for the U.S. government, equivalent to about 1% of GDP, according to Goldman's calculations.



Yet the direct effects of tariffs don't stop at border disputes — they also trickle down to the wallets of everyday Americans.



Goldman Sachs estimates the effective tariff rate in the U.S. would rise by 8.6%, leading to a 0.9% increase in core PCE (Personal Consumption Expenditures) prices.



For context, this inflationary impact is three times larger than the effect of previous tariffs under Trump's first administration, such as those targeting China and auto imports.



<h3 class="wp-block-heading">Bottom Line: Trade Tensions Are Back</h3>



Trump's latest trade salvo reintroduces significant tension to global markets, evoking comparisons to his first term's tariff battles. 



The potential 25% tariff on Mexico and Canada has economists and investors bracing for wide-ranging effects, from inflation and exchange rate volatility to supply chain disruption and consumer pain.



While Trump's hardline tactics often double as negotiating strategies, the sheer scale of this proposal ensures that its reverberations will be felt long before Jan. 20.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42198583/will-trump-lead-us-into-trade-war-with-mexico-president-claudia-sheinbaum-rebukes-threats">Will Trump Lead US Into Trade War With Mexico? President Claudia Sheinbaum Rebukes Threats</a></li>
</ul>

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Goldman Sachs Expects Major Selloffs In Canadian Dollar, Mexican Peso, Says Trump Tariffs Threaten USMCA Agreement

Editor&#8217;s note: This story was updated to add missing detail in the introduction and further updated to reflect approval of a cease-fire deal by Israel&#8217;s cabinet and U.S. President Joe Biden&#8217;s Tuesday afternoon announcement. Stock price action in the story has been updated and exchange and ticker info for the ISRA ETF has been corrected as well. 



The governments of Israel and Lebanon have accepted a cease-fire deal, President Joe Biden said Tuesday. 



&#8220;Today I have some good news to report from the Middle East,&#8221; Biden said, adding that he spoke with the prime ministers of Israel and Lebanon. 



&#8220;I am pleased to announce that their governments have accepted the U.S. proposal to end the devastating conflict between Israel and Hezbollah,&#8221; said Biden, who made the remarks in the White House Rose Garden. 



The cease-fire is set to take effect at 4 a.m. Wednesday, Biden said.



Hezbollah has not immediately commented on the deal announcement, the New York Times reported. Lebanon&#8217;s government does not control the Hezbollah militant group. 



The deal calls for a 60-day truce, The New York Times reported, and would be overseen by the U.S., United Nations and others. Israel would withdraw forces from Lebanon and Hezbollah would move fighters to north of the Litani River.



Strikes between Israel and Hezbollah have continued during the cease-fire negotiations.



What Happened: The short-term proposal is to pause hostilities for 60 days but with the intention of a lasting truce, according to <a href="https://www.cnn.com/world/live-news/israel-hezbollah-ceasefire-deal-gaza-war-11-26-24-intl-hnk/index.html">CNN</a>, which cited an Israeli official. 



Israeli Prime Minister Benjamin Netanyahu offered three reasons for the cease fire, one being to shift focus to Iran, replenish Israeli troops and put greater pressure on Hamas to release the hostages that were captured <a href="https://www.benzinga.com/news/23/10/35136071/israel-under-siege-unprecedented-hamas-attack-sparks-intense-clashes-netanyahu-says-we-are-at-war">on Oct. 7, 2023</a>.



See Also: <a href="https://www.benzinga.com/24/11/42198266/crude-oil-moves-lower-dicks-sporting-goods-earnings-top-views">Crude Oil Moves Lower; Dick&#8217;s Sporting Goods Earnings Top Views</a>



Why It Matters: Not everyone is so confident the cease-fire will work.



Per the <a href="https://www.nytimes.com/live/2024/11/26/world/israel-hezbollah-lebanon-cease-fire">New York Times</a>, Israel&#8217;s national security minister Itamar Ben-Gvir stressed the need for a "security zone" inside Lebanon to defend against Hezbollah. Otherwise, the two countries risk another war in the future, he said. 



Ben-Gvir did not indicate that a cease-fire decision would cause him to leave Netanyahu's coalition.



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



Oil prices were trading down Tuesday, with the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) 0.65% lower at last check. 



Israeli stocks, as monitored through the VanEck Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ISRA#NYSE">ISRA</a>) are up 23.5% year-to-date.



Other oil ETFs were in the red at last check Tuesday afternoon.



ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) fell by 0.93%, SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) was down 0.75% ahead of the closing bell and MicroSectorsTM Oil &amp; Gas Exploration &amp; Production 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILU#NYSE">OILU</a>) saw a 0.45% drop, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/24/11/42198583/will-trump-lead-us-into-trade-war-with-mexico-president-claudia-sheinbaum-rebukes-threats">Will Trump Lead US Into Trade War With Mexico? President Claudia Sheinbaum Rebukes Threats</a></li>
</ul>



Image: Shutterstock.

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Ceasefire Deal Between Israel, Hezbollah Takes Effect Wednesday: Biden

Federal Reserve policymakers unanimously decided to reduce interest rates by 25 basis points to a range of 4.5%-4.75% during their November meeting, as they expressed confidence that inflation was moving sustainably toward their 2% target, according to <a href="https://www.benzinga.com/topic/interest-rates">meeting minutes released Wednesday.</a>



Participants highlighted several factors expected to maintain downward pressure on inflation, including diminishing business pricing power, the Fed&#8217;s restrictive monetary policy stance, and well-anchored long-term inflation expectations. 



<h3 class="wp-block-heading">Easing Inflation, But Core Pressures Persist</h3>



The minutes revealed that nearly all participants believed the latest data supported the view that inflation was steadily moderating, albeit with volatility in month-to-month readings. 



Inflation, they noted, had eased significantly from its peak. However, core inflation measures—excluding volatile food and energy prices—remained &#8220;somewhat elevated.&#8221;



Policymakers also discussed upside risks to inflation, including potential disruptions in global supply chains due to geopolitical events, a faster-than-anticipated loosening of financial conditions, unexpectedly robust consumer spending, persistent shelter price increases, and surging insurance costs across health, automotive, and housing sectors.



<h3 class="wp-block-heading">Resilient Economy and Labor Market Underpin Consumer Spending</h3>



Economic data reviewed at the meeting pointed to stronger-than-expected growth in consumer spending and overall economic activity. 



While participants generally agreed that the labor market remained solid, they emphasized the importance of closely monitoring indicators for signs of softening, which could influence the Fed&#8217;s future policy direction.



&#8220;Participants remarked that consumption had been supported by a solid labor market, rising real wages, and elevated household wealth,&#8221; the minutes stated. &nbsp;



<h3 class="wp-block-heading">Diverging Views on Monetary Policy Adjustments</h3>



The minutes also shed light on varying perspectives regarding the Fed&#8217;s next steps. 



While some participants suggested the central bank could pause its easing cycle and hold rates at restrictive levels if inflation remained sticky, others indicated that policy easing could be accelerated if economic conditions weakened, such as a downturn in the labor market or a notable slowdown in economic activity.



&#8220;Many participants observed that uncertainties concerning the level of the neutral rate of interest complicated the assessment of the degree of restrictiveness of monetary policy and, in their view, made it appropriate to reduce policy restraint gradually,&#8221; according to the November minutes. 



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



The release of the Fed meeting minutes had little impact on short-term interest rate markets. 



Fed funds futures continued to show a 59% probability of another 25-basis-point rate cut in December, unchanged from market expectations prior to the minutes&#8217; publication.



The U.S. dollar index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), held steady, gaining 0.2% on the day. Meanwhile, Treasury yields saw marginal changes, with the 10-year Treasury yield broadly holding at 4.32%.



The S&amp;P 500 index – tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – also held its marginal session gains, up 0.3%. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High</a></li>
</ul>



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Fed Minutes Reveal 'Confidence' In Inflation Reduction, Yet Flag Divergent Views On Interest Rate Path Ahead

Mexican President Claudia Sheinbaum offered a sharp rebuke of President-elect Donald Trump&#8216;s <a href="https://www.benzinga.com/topic/tariffs">tariff threats</a>.



What Happened: <a href="https://www.bloomberg.com/news/articles/2024-11-26/mexico-hints-at-retaliation-after-trump-threatens-steep-tariffs?srnd=homepage-americas">According</a> to Bloomberg. Sheinbaum has suggested that Mexico could respond to U.S. tariffs with a protectionist policy of its own.



"One tariff will be followed by another in response, and so on until we put common companies at risk," Sheinbaum said at a press conference. "The main exporters from Mexico to the US are General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), and Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), which arrived 80 years ago. Why put in place a tariff that puts them at risk?"



Why It Matters: Retaliatory action could put the two allied countries in a trade war. 



Trump <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">announced</a> that he would put a 25% tariff against Mexico and Canada on his first day in office in retaliation for illegal border crossings into the U.S. 



Trump also said it was in response to fentanyl trafficking. But the policy would hurt the Big Three automakers, which have roots in Detroit, Michigan. 



The U.S.-based auto manufacturers have slumped in recent quarters; all three traded well in the red on Tuesday after Trump&#8217;s announcement. Tariffs on automobiles would likely leave Americans paying more for cars.



Mexican stocks also performed poorly on Tuesday; the iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) traded down over 3% following Trump&#8217;s announcement.



Trump ally Bill Ackman seemed to not take the President-elect at his word. The billionaire hedge fund manager suggested the tariffs are <a href="https://www.benzinga.com/etfs/currency-etfs/24/11/42190765/trumps-tariff-threats-slam-mexican-peso-canadian-dollar-only-the-beginning-of-a-sorely-needed-repricing-expert-warns">&#8220;a weapon&#8221;</a> and won&#8217;t be implemented. 



Trump did implement tariffs against China during his first term; the Tax Foundation later <a href="https://taxfoundation.org/research/all/federal/tariffs/">estimated</a> that Americans incurred $80 billion in taxes from the tariffs.



Republican megadonor and Citadel CEO Ken Griffin has a <a href="https://www.benzinga.com/news/global/24/11/42056528/gop-megadonor-ken-griffin-warns-of-slippery-slope-in-trumps-tariff-plans-sees-us-returning-to-the-business-of-business">less favorable view</a> of Trump&#8217;s policy, calling tariffs a &#8220;slippery slope&#8221; that will hurt U.S. companies.



Most economists say tariffs are regressive taxes that disproportionately hurt poor Americans while stifling economic growth. Trump&#8217;s adoption of pro-tariff policies is a stark contrast to the free trade policies championed by Republican President Ronald Reagan during the 1980s.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High</a></li>
</ul>



Image: Shutterstock

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STLA

Will Trump Lead US Into Trade War With Mexico? President Claudia Sheinbaum Rebukes Threats

Cryptocurrency markets are trading lower on Tuesday.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$91,912.69&nbsp;</td><td>-2.9%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$3,277.87</td><td>-4.8%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$226.08</td><td>-5.1%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.3746</td><td>-6.8%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00002385</td><td>-6.7%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 77.4% and daily active addresses up by 16.4%. Transactions greater than $100,000 are up from 9,585 to 13,037 in a single day. Exchanges netflows are up by 858.2%.</li>



<li>Coinglass data reports 193,074 traders were liquidated in the past 24 hours for $590.74 million.</li>



<li>CryptoQuant <a href="https://x.com/cryptoquant_com/status/1861467958851289158">noted</a> long-term holders offloaded 728,000 BTC in the past 30 days, the highest sell-off since April.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42183963/microstrategy-coinbase-and-other-bitcoin-linked-stocks-tumble-as-btcs-march-to-100000-stalls">MicroStrategy, Coinbase, And Other Bitcoin-Linked Stocks Tumble As BTC&#8217;s March To $100,000 Stalls</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42196910/pantera-bitcoin-fund-hits-1000x-return-predicts-btc-at-740000-by-2028">Pantera Bitcoin Fund Hits 1,000X Return, Predicts BTC At $740,000 By 2028</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42181280/crypto-billionaire-justin-sun-pledges-30m-investment-in-trump-backed-world-liberty-financial-whats-happening">Crypto Billionaire Justin Sun Pledges $30M Investment In Trump-Backed World Liberty Financial: What&#8217;s Happening?</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198180/dogecoin-gets-its-first-exchange-traded-product-in-sweden">Dogecoin Gets Its First Exchange-Traded Product In Sweden</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42180536/pro-bitcoin-trump-administration-could-see-el-salvador-emerging-as-us-strategic-partner-says-vaneck">Pro-Bitcoin Trump Administration Could See El Salvador Emerging As US &#8216;Strategic Partner,&#8217; Says VanEck</a></li>
</ul>



Top Losers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>The Sandbox (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sand/usd">SAND</a>)</td><td>&nbsp;$0.5954</td><td>-18.6%</td></tr><tr><td>Stellar (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xlm/usd">XLM</a>)</td><td>&nbsp;$0.4344</td><td>-14.9%</td></tr><tr><td>Maker (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/mkr/usd">MKR</a>)</td><td>&nbsp;$1,689.37&nbsp;</td><td>-11.7%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin&#8217;s recent price drop dragging the cryptocurrency market lower, chart analyst Ali Martinez highlights the availability of crypto assets at &#8220;discounts.&#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">Black Friday came early! These are pretty good discounts. <a href="https://t.co/BJFWCdmR2U">pic.twitter.com/BJFWCdmR2U</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861379672572870988?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to More Crypto Online, Bitcoin's correction remains in progress.



The $92,802 support hasn't been invalidated, meaning bulls could still regain momentum. 



Key support levels <a href="https://x.com/Morecryptoonl/status/1861405295232131425">include</a> $88,650, with additional Fibonacci targets at $85,558 and $77,874 if the downward trend persists.



CoinDesk senior analyst James Van Straten noted a record-breaking $4 billion in Bitcoin panic sales to exchanges, triggering liquidation cascades that allowed smart money to accumulate at discounted prices. Van Straten <a href="https://x.com/btcjvs/status/1861455973854126504">believes</a> the correction, which reached 10%, may now be complete.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42197276/anthony-scaramucci-trump-win-is-the-greatest-political-comeback-in-us-history-crypto-surge-following-it-was-3-years-overdue">Anthony Scaramucci: Trump Win Is &#8216;The Greatest Political Comeback In US History,&#8217; Crypto Surge Following It Was 3 Years Overdue</a></li>
</ul>



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Bitcoin, Ethereum, Dogecoin Drop Further: 'Black Friday Came Early,' Says Trader Touting 'Good Discounts'

American consumers are feeling better about the economy than they have in years, as the latest data Tuesday from <a href="https://www.benzinga.com/news/econ-s">The Conference Board</a><a href="https://www.benzinga.com/news/econ-s"> shows.</a>



The Consumer Confidence Index rose from 111.3 in October to 111.7 in November, reaching its highest level in nearly two years, aided by an improving labor market and easing concerns about a potential recession.



"The proportion of consumers anticipating a recession over the next 12 months fell further in November and was the lowest since we first asked the question in July 2022," said Dana M. Peterson, chief economist at The Conference Board.



<h3 class="wp-block-heading">Labor Market Drives Optimism</h3>



The surge in consumer confidence was fueled by the Present Situation Index, which reflects business and labor market conditions.



That metric jumped 4.8 points to 140.9, signaling widespread belief in the strength of the job market. Notably, 33.4% of respondents said jobs were &#8220;plentiful,&#8221; while only 15.2% said jobs were &#8220;hard to get.&#8221; Both figures improved compared to October.



Consumers are also optimistic about the future availability of jobs. In November, 21.7% expected more jobs to be available in six months, up sharply from 18.4% in October. It's the most upbeat reading on job prospects in nearly three years.



"November's increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labor market," Peterson said.



Confidence surged among younger Americans in November, with consumers under 35 driving much of the increase. Sentiment among those aged 35-54 dipped slightly after strong gains in October.



Among income groups, households earning over $100,000 and those under $35,000 saw the most optimism, while the wealthiest consumers — earning above $125,000 — reported flat or slightly declining confidence.



<h3 class="wp-block-heading">Recession Risk At Record Lows</h3>



One of the most striking developments in the report is the collapse in recession fears. Recession expectations for the next 12 months have reached their lowest level since mid-2022, The Conference Board said. 



With the Expectations Index rising slightly to 92.3, well above the critical threshold of 80 that often signals economic downturn, consumers are showing little concern about a looming slowdown.



&#8220;Consumers' optimism for their finances over the next six months reached a new high, even as their assessments of their family's current financial situation fell slightly,&#8221; Peterson said. 



Regarding spending preferences, plans to buy homes have stalled, while auto-buying intentions ticked up slightly. Buying plans for most appliances and electronics declined. Spending on services, particularly travel and health care, remains a bright spot, with consumers prioritizing experiences over material goods.



<h3 class="wp-block-heading">Stock Market Confidence Reaches Record High</h3>



Wall Street appears to have won over Main Street. A staggering 56.4% of consumers now believe stock prices will rise over the next year, a record-high share for this metric. 



Just 21.3% of respondents expect stocks to decline, marking a sharp contrast to the bearish sentiment seen earlier in the year.



In addition, expectations for lower interest rates have increased. Over one-third of consumers (34.6%) now believe rates will fall in the next 12 months, the highest figure since April 2020.



<h3 class="wp-block-heading">Inflation Expectations Ease, But Price Worries Persist</h3>



Inflation expectations continued to moderate, with consumers projecting 12-month inflation at 4.9%, down from 5.3% in October. That's the lowest reading since March 2020, reflecting growing confidence that price pressures are cooling. Write-in survey responses showed a decline in mentions of inflation, though higher prices remain a top concern for 2025.



Interestingly, when asked about their hopes and worries for the coming year, consumers overwhelmingly prioritized lower prices and improved household finances. 



Paying off debt, saving more money and reducing taxes also ranked high on their wish list.



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



Stocks delivered mixed performance during Tuesday morning&#8217;s session in New York, showing little reaction to the latest consumer confidence report.



Among the major equity indices, the tech-heavy Nasdaq 100 led gains, rising 0.5%, while the S&amp;P 500 also advanced 0.5%. The Dow Jones Industrial Average slipped 0.6%.



Wall Street remains on edge as concerns ripple through markets following President-elect Donald Trump's pledge to impose a 25% tariff on all imports from Mexico and Canada, part of a plan to curb drug trafficking into the U.S.



Small-cap stocks lagged behind their larger peers, with the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) falling 1%. This pullback comes after the Russell 2000 index hit a fresh all-time high on Monday.



Consumer-oriented sectors also showed mixed performance. The Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) rose 0.4%, while the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) edged 0.1% lower. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42176317/exclusive-small-caps-hit-records-yet-russell-2000-is-still-very-discounted-relative-to-the-sp-500-expert-says">EXCLUSIVE: Small Caps Hit Records As Expert Says Russell 2000 &#8216;Still Very Discounted&#8217; Compared To S&amp;P 500</a></li>
</ul>



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Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High

Shares of automakers including Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) are trading lower Tuesday after President-elect Donald Trump threatened tariffs on goods imported <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42189225/trump-threatens-25-tariffs-on-canada-mexico-until-invasion-is-stopped-but-polymarket-traders-arent-convinced">from Canada and Mexico</a>.



What To Know: Trump indicated he could put 25% tariffs on imports from Canada and Mexico, sending automotive stocks lower Tuesday morning as the automotive industry has relied on the countries for lower-cost production, according to <a href="https://www.cnbc.com/2024/11/26/gm-stellantis-shares-fall-on-trump-tariff-threat-for-mexico-canada.html">CNBC</a>.



The report highlights UBS data showing the automotive industry accounts for more than a quarter of all imports from Mexico to the U.S., and about 12% from Canada. U.S. automakers have reportedly relied heavily on Mexico and Canada for production since the North American Free Trade Agreement became effective in 1994.



Ford shares were down about 2.19% at last check, while GM shares were down about 8.40% and Stellantis shares were off by about 5.42%.



Check This Out: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42194139/consumer-confidence-hits-2-year-high-as-recession-fears-fade-stock-market-optimism-soars-to-record-high">Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High</a>



The report indicates that GM and Stellantis make some of their most profitable pickup trucks in Mexico. GM reportedly has five large assembly factories in Mexico and Canada expected to produce 1 million vehicles this year, and Stellantis has four major factories in the countries.



Trump reportedly said he will use an executive order to put 25% tariffs on imported goods. CNBC reported that the tariffs are being viewed as more aggressive than what most were expecting, but analysts see the move as creating leverage for upcoming negotiations.



"We view [the] announcement as largely negotiation tactics (as seen in 2016), and see such magnitude of tariffs unlikely,&#8221; Barclays analyst Dan Levy reportedly said in a note late Monday.



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Photo: Shutterstock.

Movers

General Motors, Stellantis Lead Automaker Stock Declines As Trump Proposes Aggressive Tariffs On Mexico, Canada

The U.S. stock market traded mixed on Tuesday morning, with major indices showing tight movements as investors awaited the release of the Federal Reserve's <a href="https://www.benzinga.com/topic/interest-rates">November meeting minutes</a>. 



Reports are expected to provide fresh critical insights into the central bank's outlook for interest rates. Fed futures currently assign a 59% probability of a 25-basis-point rate cut in December. The remaining odds suggest the Fed may hold rates steady in the 4.5%-4.75% range, as per CME FedWatch.



Fed futures are currently assigning a 59% chance to a 25-basis-point Fed rate cut in December, while remaining odds point to the option of holding rates steady at 4.5%-4.75%, as per CME FedWatch. 



<h3 class="wp-block-heading">25% Tariffs On All Imports</h3>



In a relatively quiet trading session, both Mexican and Canadian assets saw a surge in volatility after President-elect Donald Trump pledged to <a href="https://www.benzinga.com/etfs/currency-etfs/24/11/42190765/trumps-tariff-threats-slam-mexican-peso-canadian-dollar-only-the-beginning-of-a-sorely-needed-repricing-expert-warns">raise tariffs to 25% on all imports from Mexico and Canada</a>, citing efforts to combat drug trafficking and illegal immigration.



The Mexican peso dropped 2.5%, falling to 22.80 per U.S. dollar, a level of weakness not seen since August 2022. The iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) also declined sharply, tumbling 2.9%.



President Claudia Sheinbaum responded with a retaliatory warning, suggesting Mexico could impose its own tariffs, escalating the risk of economic damage for both nations.



The Canadian dollar fared slightly better, sliding 0.7% but still reaching its lowest level in more than four years.



U.S. Treasury yields ticked higher, reversing some of the sharp declines seen on Monday following President-elect Trump's announcement of Scott Bessent as his pick for Treasury Secretary. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.5%, cooling off after Monday's 2.6% rally.



Gold traded flat, remaining near $2,010 per ounce. Oil prices fell 0.8% to $68.30 per barrel, as markets monitored developments around the ceasefire deal between Israel and Hezbollah as the Israeli Security Cabinet meets for the official approval.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose slightly by 0.7%, after logging its worst single-day performance in more than four months on Monday. 



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>% (1-day)</td></tr><tr><td>S&amp;P 500</td><td>6,013.26</td><td>0.4%</td></tr><tr><td>Nasdaq 100</td><td>20,891.08</td><td>0.4%</td></tr><tr><td>Dow Jones</td><td>44,656.98</td><td>-0.2%</td></tr><tr><td>Russell 2000</td><td>2,426.91</td><td>-0.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:52 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">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>) edged 0.4% higher to $596.83, eyeing the seventh straight session of gains.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.1% lower to $447.10.</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>) rose 0.5% up to $508.98.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.4% to $241.28.</li>



<li>The&nbsp;Utilities Sector Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 1%. The&nbsp;Materials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 0.9%.</li>
</ul>



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



<ul>
<li>Shares of automakers fell after President-elect Donald Trump threatened tariffs on goods <a href="https://www.benzinga.com/news/global/24/11/42196251/general-motors-stellantis-lead-automaker-stock-declines-as-trump-proposes-aggressive-tariffs-on-mexico-canada">imported from Canada and Mexico.</a> Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) were down 2.3%, 8.4% and 5.3%, respectively. For GM this may potentially mark the worst day since August 2021. </li>



<li>Eli Lilly &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) rose 5.4% while Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) tumbled over 8%, after the latter saw weight-loss drug results coming in below analyst expectations. </li>



<li>Zoom Video Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) fell over 7% in reaction to quarterly earnings. </li>



<li>Other stocks reacting to quarterly results included Semtech Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>), up 18%, Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>), down 3%, Agilent Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>), down 1.8%, Woodward Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>), up 6%, Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), down 7%, Dicks Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>), down 0.2%, VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>), up 1%. </li>
</ul>



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Stocks Mixed Ahead Of Fed Minutes, Mexican Peso Tumbles To Over 2-Year Lows On Tariff Fears: What's Driving Markets Tuesday?

Billionaire Elon Musk surprised many people when he bought social media platform Twitter in 2022, and he could be back with another media acquisition in 2025. In a post, he asked about the price of Comcast Corporation&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) cable assets, ahead of <a href="https://www.benzinga.com/news/global/24/11/42081224/comcast-plans-major-cable-networks-spinoff-msnbc-and-cnbc-to-form-new-public-company-report">a planned spinoff.</a>



What Happened: Musk spent $44 billion to acquire Twitter, now known as X, <a href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next">back in 2022</a>. The move added to the portfolio of companies owned or controlled by the world's richest man.



Musk could have his eyes set on the cable assets of Comcast Corporation being spun off, which include MSNBC, CNBC, USA, Oxygen, E!, Syfy and Golf Channel. Comcast will keep ownership of the NBC broadcast network, Bravo, NBC Sports, Peacock streaming platform and Universal theme parks.



While Comcast has not placed MSNBC or other assets for sale, choosing instead to spin them off as a separate company, Musk has expressed interest either jokingly or as a foreshadowing of an eventual purchase.



"How much does it cost?" Musk <a href="https://x.com/elonmusk/status/1860037420710080687">tweeted </a>in reply to a post from Donald Trump Jr. saying he had "the funniest idea ever."



Trump Jr. shared a post suggesting that Comcast was looking for a buyer of MSNBC.



While Musk has spoken ill of the "mainstream media" for many years, a purchase of MSNBC or the cable assets from Comcast wouldn't be a huge surprise at this point, given his past purchase of Twitter.



Musk <a href="https://x.com/redletterdave/status/1518585718012059648">posted </a>that he loved Twitter on Dec. 21, 2017, which prompted a user to say "you should buy it then." Musk responded "how much is it" and that post preceded Musk's eventual acquisition of the company.



The billionaire has often said "the most entertaining outcome is the most likely" and an acquisition of MSNBC would certainly be entertaining.



Prediction market Polymarket has a betting market <a href="https://polymarket.com/event/will-elon-musk-buy-msnbc-before-april-2025">open </a>for "Will Elon Musk buy MSNBC?" The market, which has around $520,000 wagered, currently shows a 15% chance that Musk buys MSNBC. The market, which opened for trading on Nov. 22, hit a high of 19% on Nov. 23. The prediction market shows a low probability of Musk announcing an acquisition.



On Polymarket, users deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Winning wagers cash out at $1 per contract.



The market will resolve as &#8220;Yes&#8221; if Musk or a Musk-controlled entity announced a plan to acquire MSNBC by March 31, 2025 whether the acquisition has been completed.



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<li>You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/trading-ideas/24/11/42144099/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-44">check out five stocks flying under the radar that deserve your attention.</a></li>
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Is Musk Serious?: The big question on everyone's mind is whether Musk is serious. Buying MSNBC would add to the billionaire's portfolio of companies and also increase his workload, which comes as he is set to take on a government role co-leading the Department of Government Efficiency.



Musk currently owns or leads X, SpaceX, Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), xAI, The Boring Company, Neuralink and more. While some of these companies count on other individuals as CEO or COO to offset Musk's other time commitments, there likely aren't enough hours in the day for Musk to make an impact at all these companies already on the daily.



"My workload went up from 70 to 80 hours a week to probably 120," Musk said <a href="https://www.benzinga.com/news/22/11/29582707/elon-musks-life-after-twitter-acquisition-i-wake-up-work-go-to-sleep-work-do-that-7-days-a-week-1">after buying Twitter.</a> "Go to sleep, I wake up, work, go to sleep, work, do that 7 days a week."



While Musk is a known workaholic and likely would love the challenge of adding another company to the mix, Tesla shareholders might not love the thought.



As a publicly traded company, Tesla is one of Musk&#8217;s top priorities and frequently faces intense scrutiny for missed milestones and performance targets. If Musk were to devote more time to leading MSNBC after a potential acquisition, it would likely raise concerns among investors and analysts.



Musk is worth $348 billion according to <a href="https://www.bloomberg.com/billionaires/?sref=TBDibEcD">Bloomberg</a>, making him the richest person in the world. Another key question would be how much cash Musk readily has available or if he would need to borrow against his key holdings or sell Tesla stock to complete the acquisition.



The billionaire<a href="https://www.benzinga.com/m-a/22/10/29444090/musk-hasnt-sold-more-tesla-shares-to-fund-44b-twitter-deal-could-overhang-be-gone"> sold Tesla shares </a>in 2022 to help fund the Twitter acquisition, a move some analysts referred to as an overhang on Tesla stock. Tesla stock was down 65% in 2022, marking the worst year since the company went public and one of only two years the stock has been down since going public in 2010.



Why It's Important: A report from <a href="https://www.cnn.com/2024/11/25/media/elon-musk-msnbc-spinoff-cable/index.html">CNN </a>says that at least one billionaire has reached out to express interest in buying MSNBC and it wasn't Musk.



Comcast has not indicated that MSNBC or its other assets are for sale. With plans already in motion for a tax-free spinoff of a new company to shareholders, it would likely require an exceptionally compelling offer to persuade the board or shareholders to consider an alternative course.



While one unnamed billionaire is interested, another told CNN he has no interest.



"I don't think there is anything anyone can do to change the impact of linear TV news. So the answer is no," Mark Cuban told CNN.



CMCSA Price Action: Comcast stock is down 1.5% to $42.54 on Tuesday, versus a 52-week trading range of $36.43 to $47.11. The stocks' year-to-date and five-year returns of negative 1.1% and negative 2.2%, respectively, have greatly trailed the overall market, with the SPDR S&amp;P 500 ETF Trust up 26.4% year-to-date and up 90.1% over the last five years.



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Will Elon Musk Buy MSNBC? Recent News Parallels Twitter Acquisition, But Polymarket Shows Low Odds Of A Deal

President-elect Donald Trump dropped an economic bombshell Monday, announcing plans to slap hefty tariffs on key U.S. trade partners once he returns to the White House <a href="https://www.benzinga.com/topic/donald-trump">on Jan. 20. </a>



Trump pledged 25% tariffs on all Mexican and Canadian imports and an additional 10% levy on Chinese goods, which would remain in place until drugs, and in particular fentanyl, will stop entering the U.S.



&#8220;Thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels never seen before,&#8221; Trump wrote on Truth Social.



&#8220;On January 20th, as one of my many first executive orders, I will sign all necessary documents to charge Mexico and Canada a 25% tariff on ALL products coming into the United States. This tariff will remain in effect until such time as drugs, in particular Fentanyl, and all illegal aliens stop this Invasion of our country!&#8221;



<h3 class="wp-block-heading">Markets React: Peso And Loonie Hit Hard</h3>



Currency markets were the immediate shock absorber of the news. The Canadian dollar, tracked by the Invesco CurrencyShares Canadian Dollar Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXC#NYSE">FXC</a>), nosedived 0.8%, breaching the 1.41 level against the U.S. dollar — a low not seen since April 2020.



The Mexican peso didn't fare much better, sliding 0.9% to 20.50 against the greenback, while the Chinese yuan slumped 0.4% to a four-month low.



Robin Brooks, economist at the Brookings Institution, warned that this may only be the beginning. "The Mexican Peso is down 1.5% after tonight&#8217;s tariff news from the president-elect. To put this fall in perspective, the Mexican peso fell 10% in just a few days right after Trump's surprise win in 2016. So this fall is small and only the beginning of a sorely needed repricing."



The iShares MSCI Mexico ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWW#NYSE">EWW</a>) fell 1.5% in premarket trading on Tuesday.



James Thorne, a market strategist at Wellington Altus, questioned the practicality of Trump's rhetoric. "Do you really think Mr. Trump will put a 25% tariff on Canadian Sour Crude Oil?" Thorne wrote. "Recall it's mixed with Sweet Shale oil and then refined. Constraint of US refining capacity. Think about that for 1 minute."



<h3 class="wp-block-heading">China In The Crosshairs: Fentanyl And Tariffs</h3>



Trump renewed his criticism of China, blaming the country for America's fentanyl epidemic.



&#8220;I have had many talks with China about the massive amounts of drugs, in particular Fentanyl, being sent into the United States—But to no avail," Trump said. 



He accused Chinese officials of failing to deliver on promises to crack down on drug dealers, stating, "Until such time as they stop, we will be charging China an additional 10% tariff, above any additional tariffs, on all of their many products coming into the United States of America."



The tariffs, according to Trump, would serve as a dual-purpose weapon: curbing illegal drug imports and bolstering his "America First" economic policy.



<h3 class="wp-block-heading">Bill Ackman: Trump Is Using Tariffs As Weapon</h3>



Prominent investor Bill Ackman chimed in on X (formerly Twitter), suggesting that Trump's tariffs are less about trade and more about leverage. 



"To be clear, according to Trump, the 25% tariffs will not be implemented, or if implemented will be removed, once Mexico and Canada stop the flow of illegal immigrants and fentanyl into the U.S.," Ackman said. 



"In other words, Donald Trump is going to use tariffs as a weapon to achieve economic and political outcomes which are in the best interest of America, fulfilling his America First policy."



<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">To be clear, according to Trump the 25% tariffs will not be implemented, or if implemented will be removed, once Mexico and Canada stop the flow of illegal immigrants and fentanyl into the U.S. In other words, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> is going to use tariffs as a weapon to achieve… <a href="https://t.co/61oQvCpW92">https://t.co/61oQvCpW92</a>&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1861198845574815947?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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Mexican Peso, Canadian Dollar Slide As Ackman Says Trump Will Use Tariffs 'As A Weapon'

The Biden-Harris Administration has proposed expanding Medicare and Medicaid coverage for anti-obesity medications, aiming to address the high costs that have drawn criticism. In the U.S., Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) has faced backlash for the steep prices of Wegovy and Ozempic, two popular <a href="https://www.benzinga.com/general/biotech/24/08/40534249/novo-nordisks-ozempic-might-be-among-2027-medicare-price-negotiation-targets">drugs in this category.</a>



While Novo Nordisk&#8217;s CEO&nbsp;Lars Fruergaard Jørgensen&nbsp;has defended the high U.S. prices of the company&#8217;s blockbuster drugs,&nbsp;Ozempic&nbsp;and&nbsp;Wegovy, stating that these medications are reducing the economic burden of&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40550961/novo-nordisk-does-not-operate-as-drug-cartel-ceo-defends-us-pricing-of-ozempic-against-criticism-" rel="noreferrer noopener">obesity-related health issues</a>.



Recent advancements in anti-obesity medications have demonstrated the potential to prevent Type 2 diabetes and reduce cardiovascular-related mortality by up to 20%.



However, the steep cost of these medications—often as high as $1,000 per month without insurance—places them beyond reach for many Americans.



The proposed rule <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/26/fact-sheet-biden-harris-administration-takes-latest-step-to-lower-prescription-drug-costs-by-proposing-expanded-coverage-of-anti-obesity-medications-for-americans-with-medicare-and-medicaid/" rel="noreferrer noopener">seeks</a> to make these treatments more accessible, benefiting an estimated 3.4 million Medicare recipients and 4 million Medicaid enrollees. For some, the expanded coverage could cut out-of-pocket expenses by up to 95%.



The Department of Health and Human Services (HHS) highlighted the disparity between U.S. and international drug prices, with Americans paying significantly more for anti-obesity medications.



The proposed expansion aligns with broader efforts to lower drug costs through negotiations and increased competition, aiming to ensure life-saving treatments are affordable and accessible.



According to some analysts, Novo Nordisk&#8217;s blockbuster diabetes drug Ozempic might be included in the next round of Medicare <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40534249/novo-nordisks-ozempic-might-be-among-2027-medicare-price-negotiation-targets" rel="noreferrer noopener">drug price negotiations</a>.



Most recently, Novo Nordisk said it will officially launch its weight-loss drug Wegovy in China. A four-injection pack costs around $194 (CNY 1,400) compared to around $1,349 per patient&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/11/42041147/novo-nordisk-to-offer-wegovy-in-china-at-fraction-of-usa-cost" rel="noreferrer noopener">per month in the U.S</a>.



In the third quarter, Wegovy sales reached 17.30 billion Danish kroner, up 81%, and Ozempic sales increased 26% at constant currency to 29.80 <a target="_blank" href="https://www.benzinga.com/general/biotech/24/11/41775675/ozempicwegovy-maker-maintains-q3-sales-growth-on-booming-demand" rel="noreferrer noopener">billion Danish kroner</a>.



&#8220;The sales growth is driven by increasing demand for our GLP-1-based diabetes and obesity treatments,&#8221; Jørgensen said.



As per a report in August, several older Americans are having little success getting prescriptions for Wegovy, covered by Medicare, despite the federal healthcare program&#8217;s decision to pay for&nbsp;patients with obesity&nbsp;at <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40422798/doctors-struggle-to-secure-medicare-coverage-for-heart-patients-on-novo-nordisks-wegovy" rel="noreferrer noopener">risk of heart disease</a>.



Price Action: NVO stock is up 1.7% at $106.41 at last check Tuesday.



The stocks of several pharmaceutical companies involved in developing or marketing weight-loss medications showed mixed performance as of Tuesday&#8217;s publication.



<ol>
<li>Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) was up 3.9% to $785.49.</li>



<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) was down 11.4% to $260.84.</li>



<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) was down 1.3% to $25.81.</li>



<li>Viking Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) was up 5.2% to $54.74.</li>
</ol>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/42187787/intel-to-receive-nearly-8-billion-in-federal-funding-under-chips-act-for-us-expansion" target="_blank" rel="noreferrer noopener">Intel To Receive Nearly $8 Billion In Federal Funding Under CHIPS Act for US Expansion</a></li>
</ul>



Photo by lev radin on Shutterstock

Biotech

Health Care

General

VKTX

Biden Proposes Medicare, Medicaid Access For Popular Weight-Loss Drugs

On Tuesday, Best Buy Co., Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) reported fiscal 2025 third-quarter adjusted EPS of $1.26, missing <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of $1.29</a>.



Enterprise comparable sales fell 2.9%. Quarterly sales decreased to $9.45 billion from $9.76 billion a year ago, missing the&nbsp;analyst <a target="_blank" href="https://www.benzinga.com/24/11/42143717/best-buys-growth-hinges-on-computing-and-services-as-q3-approaches-analyst" rel="noreferrer noopener">consensus of $9.63 billion</a>.



Domestic revenue of $8.70 billion decreased 3.3% compared to last year, primarily due to a comparable <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42185402/best-buy-reports-third-quarter-results" rel="noreferrer noopener">sales decline of 2.8%</a>.



From a merchandising perspective, the largest drivers of the comparable sales decline on a weighted basis were appliances, home theater, and gaming, partially offset by growth in the computing, tablets, and services categories.



Domestic online revenue of $2.73 billion decreased 1.0% on a comparable basis, and as a percentage of total Domestic revenue, online revenue was 31.4% versus 30.6% last year.



Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42155932/apple-black-friday-2024-get-up-to-200-in-gift-cards-on-iphones-macs-airpods-and-more-heres-everything-you-need-to-know" rel="noreferrer noopener">Apple&#8217;s 2024 Black Friday Deals: Gift Cards Over Discounts — Here&#8217;s What You&#8217;ll Get</a>



&#8220;In the third quarter, our teams delivered an in-line non-GAAP operating income rate on sales that were a little softer than expected,&#8221; said Corie Barry, Best Buy CEO.



&#8220;During the second half of the quarter, a combination of the ongoing macro uncertainty, customers waiting for deals and sales events, and distraction during the run-up to the election, particularly in non-essential categories, led to softer-than-expected demand. In the first few weeks of Q4, as holiday sales have begun and the election is behind us, we have seen customer demand increase again.&#8221;



International revenue of $748 million decreased by 1.6%, driven by a comparable sales decline of 3.7% and the negative impact of foreign exchange rates, partially offset by revenue from Best Buy Express locations opened in Canada during FY25.



Outlook: Best Buy&nbsp;trimmed its fiscal year 2025 revenue outlook from <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40624075/best-buy-q2-earnings-domestic-sales-drop-3-raises-fy25-outlook-ceo-highlights-tablet-and-computing-" rel="noreferrer noopener">$41.3 billion &#8211; $41.9 billion</a> to $41.1 billion &#8211; $41.5 billion compared to the consensus of $41.59 billion.



The company revised the adjusted EPS outlook from $6.10 &#8211; $6.35 to $6.10 &#8211; $6.25, compared to the consensus of $6.25.



Comparable sales are expected to decline&nbsp;between 3.5% and 2.5%, compared to prior guidance for a decline between 3.0% and 1.5%.



Best Buy expects fourth-quarter comparable sales to be flat to down 3% and an <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">adjusted operating income rate of 4.6% &#8211; 4.8%</a>



Price Action: BBY stock is down 7.23% at $86.30 during the premarket session at last check Tuesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/24/11/42186138/taiwan-semis-growth-fuels-us-rise-to-second-in-chipmaking" target="_blank" rel="noreferrer noopener">Taiwan Semi&#8217;s Growth Fuels US Rise To Second In Chipmaking: Report</a></li>
</ul>



Image via Shutterstock.

Earnings

Guidance

Retail Sales

Best Buy Says Q3 Sales 'Little Softer Than Expected' On Lower Demand For Appliances And Gaming, Trims Annual Forecast

Bitcoin-related stocks saw a decline in Tuesday&#8217;s pre-market trading as Bitcoin&#8217;s price slipped from its recent highs. The cryptocurrency&#8217;s rally appears to be losing steam after nearing the significant $100,000 milestone.



What Happened: Bitcoin, often dubbed &#8220;King Crypto,&#8221; was trading at $93,590.38 at 5:00 AM Eastern Time. A prominent trader has warned that if Bitcoin fails to break through the $100,000 resistance level, it could experience a significant correction, potentially dropping to $85,600 in a worst-case scenario.



As Bitcoin&#8217;s momentum seems to be waning, stocks tied to the cryptocurrency also face declines. As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, MARA Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) dropped by 3.63%, MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) fell by 3.33%, and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) decreased by 3.40% in pre-market trading on Tuesday.



See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42151809/michael-saylor-reveals-microstrategy-is-making-500m-a-day-with-bitcoin-may-very-well-be-the-most-profitable-company-in-the-us-growing-the-fastest-right-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Saylor Reveals MicroStrategy Is &#8216;Making $500M A Day&#8217; With Bitcoin: &#8216;May Very Well Be The Most Profitable Company In The US Growing The Fastest Right Now&#8217;</a>



Why It Matters: The recent dip in Bitcoin&#8217;s price comes amid a broader <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42163156/why-bitcoins-rally-is-stalling-below-100000">cooling of bullish sentiment </a>in the cryptocurrency market. According to&nbsp;Santiment data, the enthusiasm that fueled a prolonged rally since September is waning, especially for major cryptocurrencies like Bitcoin and Ethereum. 



Adding to the concerns, a&nbsp;crypto analyst&nbsp;known for accurately predicting the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42154900/crypto-expert-who-called-2022-market-crash-warns-about-bitcoin">2022 market crash</a> has warned that Bitcoin may be approaching a local top. The analyst, known as Capo, has highlighted indicators such as overextended bullish sentiment and diminishing momentum as signs that a correction could be imminent.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42173805/bitcoin-dogecoin-dip-ethereum-stays-green-trader-predicts-first-major-btc-correction-only-after-one-key-level-hits?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin Dip, Ethereum Stays Green: Trader Predicts &#8216;First Major BTC Correction&#8217; Only After One</a></li>
</ul>



Disclaimer: 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.



Image via Shutterstock

COIN

MARA

MSTR

MicroStrategy, Coinbase, And Other Bitcoin-Linked Stocks Tumble As BTC's March To $100,000 Stalls

U.S. stocks could open on a sluggish note on Tuesday after ending in green on Monday as President-elect Donald Trump threatened to hit two of U.S.&#8217;s largest trading partners &#8211; Canada and Mexico &#8211; with tariffs.



The Dollar Index strengthened and was hovering around the 107 level. Expectations of a further 25 basis point rate cut in December have fallen to just 59% now, down from 75% a month ago, according <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">to</a> CME Group's FedWatch tool.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.08%</td></tr><tr><td>S&amp;P 500</td><td>0.09%</td></tr><tr><td>Dow Jones</td><td>0.07%</td></tr><tr><td>R2K</td><td>-0.26%</td></tr></tbody></table></figure>



In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.06% to $597.87 and the Invesco QQQ ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) rose 0.04% to $506.80, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Cues From The Last Session



The Dow Jones closed higher by around 440 points to 44,736.57 on Monday. The S&amp;P 500 rose 0.30% to 5,987.37, while the Nasdaq Composite rose 0.27% to close at 19,054.84 during Monday&#8217;s session.



On the economic data front, the Chicago Fed National Activity Index fell to -0.40 in October compared to -0.27 in the previous month and versus market estimates of -0.20.



The Dallas Fed&#8217;s Texas manufacturing activity index rose to -2.7 in November compared to a reading of -3 in the previous month and versus market estimates of -2.4.



Most sectors on the S&amp;P 500 closed on a positive note, with real estate, materials, and consumer discretionary stocks recording the biggest gains on Monday.



However, energy and information technology stocks bucked the overall market trend, closing the session lower.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.27%</td><td>19,054.84</td></tr><tr><td>S&amp;P 500</td><td>0.30%</td><td>5,987.37</td></tr><tr><td>Dow Jones</td><td>0.99%</td><td>44,736.57</td></tr><tr><td>Russell 2000</td><td>1.47%</td><td>2,442.03</td></tr></tbody></table></figure>



Insights From Analysts:



&#8220;Equity markets continue to display remarkable strength. The S&amp;P 500 and other major indices are flirting with or surpassing all-time highs. The breadth of the rally is particularly noteworthy, with a growing number of stocks hitting 52-week highs,&#8221; said Jeremy Siegel, a senior economist <a href="https://resources.wisdomtree.com/weekly-siegel-commentary/">at</a> WisdomTree.



&#8220;This breadth is a key signal of market health, as it indicates a robust and inclusive rally rather than one concentrated in a few mega-cap names,&#8221; he added.



Analysts at BlackRock <a href="https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary">said</a> that they are positive about the AI theme in the technology sector. &#8220;Valuations for AI beneficiaries are supported as tech companies keep beating high earnings expectations. We think upbeat sentiment can broaden out,&#8221; their note said.



BlackRock also added that they see the AI buildout and adoption creating opportunities across sectors. &#8220;We get selective, moving toward beneficiaries outside the tech sector. Broad-based earnings growth and a quality tilt make us overweight U.S. stocks overall.&#8221;



Predicting how December could look like for the stock markets, Ryan Detrick, chief market strategist at Carson Group, highlighted how markets have performed better than average in December in every election year since 1950.



<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">No month is more likely to be higher than December in an election year (83.3%). <a href="https://t.co/WrOI59tUiR">pic.twitter.com/WrOI59tUiR</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1861092399449284637?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Upcoming Economic Data:



This week&#8217;s economic calendar is not as packed as last week&#8217;s due to Thanksgiving. Here are the key events lined up for Tuesday:



<ul>
<li>The S&amp;P Case-Shiller home price index for 20 cities will be released at 9 a.m. ET.</li>



<li>Data on consumer confidence and new home sales will be released at 10 a.m. ET.</li>



<li>The minutes of the Fed's November FOMC meeting will be released at 2 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Woodward Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>) is up by almost 11% in premarket trading after Pathstone Holdings LLC boosted its position by 28.6% during the 3rd quarter, as per SEC filing. The company also reported a record revenue of $3 billion in the September quarter, aided by the performance in both aerospace and industrial segments.</li>



<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) rose 6% in premarket as it reacted to reports that Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reached a "conditional" settlement concerning a 2020 lawsuit. The Elon Musk-led company had accused Rivian of poaching Tesla employees to get ahold of its EV trade secrets.</li>



<li>Exact Sciences Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXAS#NASDAQ">EXAS</a>) was trading above 5.5% in premarket after the company advanced breast cancer care with the Oncotype DX test and genomic profiling research at the San Antonio Breast Cancer Symposium 2024.</li>



<li>Semtech Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) was up over 19% in premarket hours after the chipmaker reported a strong set of earnings. The company posted revenue of $236.8 million for the quarter with quarterly earnings of $0.26 per share as compared to $0.02 per share a year ago.</li>



<li>Blue Bird Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLBD#NASDAQ">BLBD</a>) was down over 10% in premarket after its fourth-quarter earnings missed analyst estimates. The quarterly earnings of $0.77 per share missed the Zacks Consensus Estimate of $0.78 per share. This compares to the EPS of $0.66 in Q4 of the previous fiscal.</li>



<li>Investors are awaiting earnings results from Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>), HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>), and Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures rose in the early New York session, advancing 0.93% to hover around $69.57.



The 10-year Treasury note yield eased to 4.293%.



Major Asian markets ended lower on Tuesday, except for Hong Kong&#8217;s Hang Seng Index. European markets were also down in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42180029/ark-invest-shakes-up-portfolio-with-big-tesla-and-amazon-trades">Cathie Wood-Led Ark Invest&#8217;s Latest Portfolio Maneuver: Dumps Tesla And Palantir Shares, Buys Amazon And AMD Stock</a></li>
</ul>



Photo courtesy: Wikimedia

Pre-Market Outlook

BLBD

DELL

EXAS

RIVN

US Stocks May Have A Slow Start As Trump's Tariff Threat Begins To Thwart Relief Rally: Analysts Remain Optimistic About AI-Linked Sectors Stocks

Contrary to growing concerns about <a href="https://www.benzinga.com/news/global/24/11/42180906/larry-summers-warns-trump-policies-could-trigger-far-larger-stimulus-to-inflation-than-bidens-actions-as-sp-500-surges-markets-go-up-markets-go-down">potential inflationary pressures</a> under President-elect Donald Trump&#8216;s administration, top economist Steve Hanke dismisses fears of a significant price surge, citing monetary policy and money supply as critical factors.



What Happened: In a recent interview with <a href="https://www.cnbc.com/video/2024/11/25/trumps-deregulation-will-not-affect-inflation-says-professor-of-economics.html">CNBC</a>, Hanke argued that the inflation trajectory depends more on Federal Reserve actions than proposed economic policies. &#8220;All this talk about Trump&#8217;s policies causing inflation to kick up again is just nonsense,&#8221; Hanke stated.



Hanke highlighted a critical economic indicator: the U.S. money supply, which has contracted since 2022. Historically, such contractions have preceded economic downturns. &#8220;The money supply is growing at 2.6% year-over-year, below my golden growth rate of 6%,&#8221; he explained.



The economist predicts inflation will fall below the Fed&#8217;s 2% target in 2025, challenging warnings from economists like former Treasury Secretary Larry Summers, who anticipates potential inflationary risks from proposed <a href="https://www.benzinga.com/news/global/24/11/42180906/larry-summers-warns-trump-policies-could-trigger-far-larger-stimulus-to-inflation-than-bidens-actions-as-sp-500-surges-markets-go-up-markets-go-down">tax cuts and trade policies</a>.



See Also: <a href="https://www.benzinga.com/24/11/42180029/ark-invest-shakes-up-portfolio-with-big-tesla-and-amazon-trades">Cathie Wood-Led Ark Invest&#8217;s Latest Portfolio Maneuver: Dumps Tesla And Palantir Shares, Buys Amazon And AMD Stock</a>



Why It Matters: Hanke praised the potential administration&#8217;s focus on economic deregulation, suggesting it could enhance GDP growth without triggering significant inflation. He referenced Scott Bessent, Trump&#8217;s potential Treasury Secretary pick, who has proposed strategies to mitigate potential inflationary impacts.



Market indicators currently show resilience. 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>) has gained 3.61% since Nov. 5, trading at $597.53 on Monday, while Nasdaq-100 Index tracked by Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) increased 2.92% during the same period to $506.59, <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



The potential economic shifts come amid a complex fiscal landscape, with the U.S. federal budget deficit projected to reach $1.7 trillion in 2024 and the&nbsp;<a href="https://www.benzinga.com/government/24/10/41461338/imf-upwardly-revises-us-economic-growth-but-warns-under-current-policies-the-us-public-debt-is-not-s" target="_blank" rel="noreferrer noopener">debt-to-GDP ratio approaching 120%</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/42181602/dow-sp-500-reach-fresh-highs-investor-sentiment-improves-fear-greed-index-remains-in-greed-zone">Dow, S&amp;P 500 Reach Fresh Highs: Investor Sentiment Improves, Fear Index Remains In &#8216;Greed&#8217; Zone</a></li>
</ul>



Image Via Flickr 



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

Economist Steve Hanke Brushes Off Trump Economic Worries As 'Nonsense,' Predicts Fed Will Bring Prices Below 2% In 2025

On Monday, Cathie Wood&#8217;s Ark Invest made significant trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>). These trades were part of a series of strategic moves made by the investment firm.



The Tesla Trade



Ark Invest sold 20,552 Tesla shares across two of its ETFs. The ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) fund sold 13,136 shares, while the ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) fund sold 7,416 shares. The total value of the sold shares, based on the closing price of $338.59, amounts to approximately $7 million. This move comes amidst news that Tesla vehicles <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42175967/whats-going-on-with-tesla-stock-today-3">may not be eligible</a> for rebates under a new California consumer rebates proposal, causing Tesla shares to close lower on Monday.



The Amazon Trade



Ark Invest&#8217;s ARKQ fund bought 19,747 shares of Amazon. The value of this trade, calculated from the closing price of $201.45, is approximately $4 million. This purchase follows <a href="https://www.benzinga.com/24/11/42176396/amazon-anthropic">Amazon&#8217;s recent investment</a> of $8 billion in artificial intelligence research and development company, Anthropic. Amazon&#8217;s partnership with Anthropic is expected to be mutually beneficial, with Anthropic naming Amazon Web Services as its primary training partner and cloud provider. The Palantir Trade



On Monday, Ark sold 26,047 shares of Palantir worth $1.7 million through its ARKK ETF.



Ark Invest&#8217;s move to trade in PLTR follows a significant endorsement of the artificial intelligence software sector by Wedbush Securities. The firm&#8217;s Managing Director, Dan Ives, has predicted that 2025 will be a pivotal year for AI implementation across the industry. This comes as <a href="https://www.benzinga.com/news/global/24/11/42156160/palantir-price-target-raised-to-75-by-dan-ives-amid-288-ytd-surge-analyst-calls-2025-a-primetime-year-for-ai">Palantir continues its impressive ascent</a>, having surged 288% year-to-date.



In a sector-wide upgrade, Ives raised Palantir's price target to $75, signaling broader confidence in the software sector's AI potential. The last close price for PLTR was $64.65, marking a 0.47% increase.



The AMD Trade



The Wood-led firm purchased 10,753 shares of AMD worth $1.5 million on Monday. The last close price for AMD was $141.13, marking a 2.01% increase.



Ark Invest&#8217;s trade in AMD comes as the company reportedly plans to enter the mobile device market with new accelerated processing unit (APU) chips designed for smartphones. These chips will leverage <a href="https://www.benzinga.com/media/24/11/42168509/amd-teams-up-with-taiwan-semi-to-take-on-samsung-in-smartphone-market">Taiwan Semiconductor Manufacturing Co's 3nm process</a>, extending Taiwan Semiconductor's order visibility for 3nm production into late 2026.



See Also: <a href="https://www.benzinga.com/markets/24/11/42152947/satellite-images-reveal-north-korea-reportedly-receiving-illicit-oil-from-russia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Satellite Images Reveal North Korea Reportedly Receiving Illicit Oil from Russia</a>



AMD is also boosting its presence in India, with a $400 million investment aimed at enhancing its R&amp;D capabilities and tapping into the burgeoning market.



See Also: <a href="https://www.benzinga.com/markets/equities/24/11/42153356/is-warren-buffett-preparing-for-a-market-downturn-with-berkshire-hathaways-325b-cash-pile-analyst-says-internet-bubble-and-2008-crash-may-have-lessons?itm_source=parsely-api" target="_blank" rel="noopener">Is Warren Buffett Preparing For A Market Downturn With Berkshire Hathaway&#8217;s $325B Cash Pile? Analyst Says</a>



Other Key Trades:



<ul>
<li>Ark Invest&#8217;s ARKF fund sold shares of SoFi Technologies Inc and bought shares of Ibotta Inc.</li>



<li>The ARKG fund sold shares of Butterfly Network Inc and bought shares of Recursion Pharmaceuticals Inc.</li>



<li>The ARKW fund bought shares of 3iQ Ether Staking ETF and sold shares of Genius Sports Ltd.</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42152684/musk-tweet-sparks-dogecoin-surge-fuels-speculation-on-x-payments?itm_source=parsely-api" target="_blank" rel="noopener">Musk Tweet Sparks Dogecoin Surge, Fuels Speculation On X Payments</a></li>
</ul>



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

AMZN

ARKK

ARKQ

PLTR

Cathie Wood-Led Ark Invest's Latest Portfolio Maneuver: Dumps Tesla And Palantir Shares, Buys Amazon And AMD Stock

Leading cryptocurrencies witnessed sell-offs on Monday as Bitcoin&#8217;s psychologically significant $100,000 barrier remained elusive.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.54%</td><td>$94,742.80</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>+3.81%</td><td>$3,452.30</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>-2.28%</td><td>$0.4071</td></tr></tbody></table></figure>



What Happened: The leading cryptocurrency went downhill during U.S. trading hours, falling as low as $92,600, Overnight buying pushed the digital asset above $94,000.



Ethereum, on the other hand, rallied past $3,500 for the first time in four months. The rally triggered strong inflows into Ether spot exchange-traded funds (ETFs) totaling $283,000, <a href="https://sosovalue.com/assets/etf/us-btc-spot">according </a>to SoSo Value. In comparison, Bitcoin ETFs bled more than $684 million.&nbsp;



Over $386 million in long positions were liquidated in the past 24 hours. Additionally, more than $832 million in short positions risk liquidation if Bitcoin's price rebounds to $98,000.



Interestingly, the number of traders placing bullish bets on Bitcoin increased sharply against those shorting the asset, as per the Long/Shorts Ratio on cryptocurrency exchange Binance. This suggested that traders were buying the dip.



The reading on the Cryptocurrency Fear and Greed Index fell from 82 to 79, though overall sentiment remained in the "Extreme Greed" region.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Lido DAO (LDO)</td><td>+17.02%</td><td>$1.66</td></tr><tr><td>Arbitrum (ARB)</td><td>+9.92%</td><td>$0.914</td></tr><tr><td>Optimism (OP)</td><td>+9.80%</td><td>$2.33</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.25 trillion, following a contraction of 2.61% in the last 24 hours.



Stocks touched new peaks on Monday. The Dow Jones Industrial Average rose 440.06 points, or 0.99%, to end at a record high of 44,736.57. The S&amp;P 500 added 0.30% to close at 5,987.37, while the barometer of tech stocks, the Nasdaq Composite, edged 0.27% higher to close at 19,054.84.



The rally came amid President-elect Donald Trump's decision to pick hedge fund executive Scott Bessent as the new Treasury Secretary. In a recent interview, Beesent <a href="https://www.benzinga.com/news/24/11/42158330/trumps-treasury-secretary-pick-scott-bessent-says-a-global-economic-reordering-is-on-the-way-argues-president-elects-policies-will-lead-to-an-economic-lollapalooza">outlined his policy priorities</a>, focusing on fulfilling tax-cut promises made by Trump and deregulating parts of the U.S. economy



The shortened Thanksgiving trading week would see the release of October's personal consumption expenditure (PCE) data on Wednesday, considered as the Federal Reserve's preferred inflation gauge.



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



Analyst Notes: Widely-followed cryptocurrency analyst Ali Martinez noted the similarities between the ongoing bullish cycle and the ones in 2017 and 2020.



"If this pattern holds true, the first major price correction (15% to 30%) won&#8217;t come until Bitcoin hits $135,000 or even $159,000," the analyst predicted.



<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">The current bullish cycle (black) is very similar to the ones in 2020 (grey) and 2017 (yellow). If this pattern holds true, the first major price correction (15% to 30%) won&#39;t come until <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> hits $135,000 or even $159,000. <a href="https://t.co/LLXT70E7dE">pic.twitter.com/LLXT70E7dE</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1861082972901777633?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Prominent on-chain analytics firm Santiment observed positive discussions for Ethereum on social forums after the second-largest cryptocurrency made steady gains in the last 24 hours.



"Ethereum&#8217;s price performance is being discussed in contrast to other cryptocurrencies like Bitcoin and XRP," Santiment stated.&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">&#x1f5e3;&#xFE0F; While Bitcoin has dropped back to as low as $93K Monday, traders are still riding the hot altcoins and discussing specific stories surrounding under the radar opportunities: &#x1fa99; The Sandbox <a href="https://twitter.com/search?q=%24SAND&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SAND</a>: There has been a notable resurgence in metaverse-related investments and growing… <a href="https://t.co/7HPyInN7gE">pic.twitter.com/7HPyInN7gE</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1861207097561510032?ref_src=twsrc%5Etfw">November 26, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Avi Rozen on Shutterstock



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Bitcoin, Dogecoin Reverse, Ethereum Gains As Stocks Touch New Peaks: Top Analyst Anticipates No 'Major' Correction For BTC Until $135K

Editor&#8217;s Note: The price of Palantir stock has been updated to reflect its current value of approximately $65.



Wedbush analyst Dan Ives has reaffirmed his $75 price target on Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), citing strong growth potential amid the AI revolution.



What Happened: On Monday, while appearing in a segment of CNBC, Ives argued that the market is undervaluing Palantir&#8217;s potential, especially in the software sector.



He highlighted that the company&#8217;s enterprise solutions could generate billions in revenue, positioning Palantir as a future leader like Oracle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>).&nbsp;



Despite the current market price hovering around $65, Ives remains optimistic about Palantir&#8217;s growth trajectory in the coming years.



See Also: <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42169194/joby-gets-toyotas-500m-dollar-lift-evtol-pioneer-making-new-highs?itm_source=parsely-api">Joby Gets Toyota&#8217;s $500M Dollar Lift: eVTOL Pioneer Making New Highs</a>



He acknowledged the skepticism from bears but maintained that the company&#8217;s advancements in AI and software use cases are unparalleled.



"The haters will continue to hate," Ives said, adding, "They are still underestimating when it comes to the software, the use cases." He continued by saying that there's no product out there that matches what Palantir has done with AIP.



<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">Dan Ives breaks down why <a href="https://twitter.com/search?q=%24PLTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PLTR</a> is just scratching the surface &#x1f44f; <a href="https://t.co/W3hSrOhBAG">pic.twitter.com/W3hSrOhBAG</a>&mdash; Tom Nash (@iamtomnash) <a href="https://twitter.com/iamtomnash/status/1861125940585082987?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Palantir&#8217;s Advanced Intelligence Platform or AIP, introduced in April 2023, integrates advanced AI features like large language models into the company's Foundry and Gotham platforms. It aims to streamline decision-making in sectors such as defense and intelligence.



Why It Matters: The endorsement from Ives comes as Palantir experiences a remarkable ascent, with its stock <a href="https://www.benzinga.com/news/global/24/11/42156160/palantir-price-target-raised-to-75-by-dan-ives-amid-288-ytd-surge-analyst-calls-2025-a-primetime-year-for-ai">surging 289.928% year-to-date</a>.



Ives has previously raised Palantir's price target to $75, highlighting 2025 as a pivotal year for AI implementation across the industry.



This optimism is shared with other software companies like Elastic NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) and Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), which were also upgraded to Buy ratings.



Despite the bullish outlook, some analysts have <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/11/42039361/palantir-soars-to-150b-market-cap-as-analysts-flag-risks-in-valuation-insider-sales">flagged risks in Palantir&#8217;s valuation</a>. Hedge fund titans like Renaissance Technologies and ARK Investment Management have trimmed their stakes, selling over 3 million shares in the third quarter, although they still hold significant positions.



Palantir&#8217;s third-quarter earnings report <a href="https://www.benzinga.com/news/earnings/24/11/41730179/palantir-q3-earnings-revenue-beat-eps-beat-customers-up-39-raises-guidance-results-driven-by-unrele">showed a revenue beat</a>, with total revenue up 30% year-over-year, driven by &#8220;unrelenting AI demand.&#8221;



U.S. revenue grew 44% year-over-year, with commercial and government sectors showing significant growth, further supporting Ives&#8217; bullish stance.



Price Action: Palantir's stock finished Monday at $64.65, up 0.47% during regular trading. However, it dropped 1.24% in after-hours trading, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Photo by Spyro the Dragon on Shutterstock



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

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Dan Ives Defends $75 Palantir Target Amid AI Revolution And Revenue Surge: 'Haters Will Continue To Hate' (CORRECTED)

Legendary investor Warren Buffett has announced new charitable donations and updates to how his fortune will be spent after he is gone, news that comes months after he turned<a href="https://www.benzinga.com/general/education/24/08/40652464/warren-buffett-celebrates-94th-birthday-with-1-trillion-market-cap-milestone-a-look-back-at-hig"> 94 years old.</a>



What Happened: Buffett announced Monday that he is converting 1,600 Berkshire Hathaway Class A (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) shares into 2,400,000 Berkshire Hathaway Class B (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) shares to make new donations as part of his<a href="https://www.benzinga.com/startups/24/11/41866296/with-warren-buffett-donating-99-of-his-fortune-whats-left-for-his-three-children-well-its-complicated"> continued philanthropic efforts.</a>



Buffett is donating 1,500,000 Class B shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation.



After the latest donation, Buffett will own 206,363 Class A shares, down 56.6% since his 2006 Giving Pledge.



Buffett recalled his belief and his late wife Susie's belief to support their children and philanthropic efforts in a new shareholder <a href="https://www.berkshirehathaway.com/news/nov2524.pdf">letter</a>.



"These bequests reflected our belief that hugely wealth parents should leave their children enough so they can do anything but not enough that they can do nothing," Buffett said. "Susie and I had long encouraged our children in small philanthropic activities and had been pleased with their enthusiasm, diligence and results."



Buffett said he is lucky to have lived as long as he has, while also recognizing his current age and the age of his children who are 71, 69 and 66.



"Father time always wins. But he can be fickle — indeed unfair and even cruel — sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit."



Buffett said he never wished to create a family dynasty and trusts his children to pursue his wishes to continue philanthropic donations, along with successor trustees younger than his children.



"As such, three potential successor trustees have been designated. Each is well known to my children and makes sense to all of us."



Read Also: <a href="https://www.benzinga.com/general/education/24/10/41418702/warren-buffetts-words-of-wisdom-benzinga-readers-pick-their-favorite-oracle-of-omaha-quote">Warren Buffett&#8217;s Words Of Wisdom: Benzinga Readers Pick Their Favorite Oracle Of Omaha Quote</a>



Why It's Important: Buffett said friends question his strategies for donating his wealth and the instructions left for his children.



"I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before they sign it," Buffett said.



Buffett said it's important that children understand the logic of decisions and any responsibilities that they will take on after your death.



"You don't want your children asking "Why?" in respect to testamentary decisions when you are no longer able to respond."



Buffett recalls his life's success and early confidence that he could become rich.



"By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings — call these units of deferred consumption — that can be passed along to others who were given a very short straw at birth."



The legendary investor said he lived his life the way he wanted by taking good care of his family and passing on wealth to others.



"With this philosophy, I have lived the way I wanted to live since my late 20s, and I have now watched my children grow into good and productive citizens."



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Photo: Shutterstock

Warren Buffett Announces New Charitable Gifts, Updates Plans For $150B Fortune: Billionaire Wants To Help Others 'Given A Very Short Straw At Birth'

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