All eyes will be on streaming subscribers, profitability and how the success of the &#8220;Deadpool &amp; Wolverine&#8221; movie translated into The Walt Disney Company&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) quarterly results when the company reports earnings Thursday.



Earnings Estimates: Analysts expect the media conglomerate to report fourth-quarter revenue of $22.35 billion on Thursday <a href="https://www.benzinga.com/earnings">before the market open.</a> That&#8217;s up from $21.24 billion in last year's fourth quarter, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111324&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



Disney beat analyst estimates for revenue in the last quarter, but has missed estimates in four of the last five quarters and five of the last 10 quarters overall.



Analysts expect the company to report fourth-quarter earnings per share of $1.10, up from 82 cents per share in last year's fourth quarter. The company has beaten analyst estimates for earnings per share in five straight quarters.



In the last 10 quarters, Disney has beaten analyst estimates eight times, met estimates once and missed estimates only once.



Read Also: <a href="https://www.benzinga.com/general/entertainment/24/11/41940984/disney-bulls-await-earnings-for-streaming-growth-bob-iger-successor-clues">Disney Bulls Await Earnings For Streaming Growth, Bob Iger Successor Clues</a>



What Analysts Say: Strong streaming subscriber growth and box office strength are two areas Goldman Sachs analyst Michael Ng is watching for when Disney reports Thursday.



Ng, who has a buy rating on Disney lowered the price target from $124 to $120<a href="https://www.benzinga.com/general/entertainment/24/09/41034366/disney-stock-could-benefit-from-box-office-strength-streaming-analyst-says-dtc-set-for-cont"> in September</a> before raising the price target back up to $125 later in October.



In September, Ng said the streaming and movie strength could offset weakness in Experiences and linear.



&#8220;The subscriber momentum and recent price increases should put Direct-to-Consumer on track for continued revenue and profit growth,&#8221; Ng said.



The analyst highlighted Disney+ bundles, promotional offers and the streaming premiere of &#8220;Inside Out 2&#8221; on the platform on Sept. 25 as catalysts that could increase subscribers. &#8220;Inside Out 2," the&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/06/39464286/disney-shareholders-could-experience-joy-as-inside-out-2-crushes-box-office-nears-1b-milest" target="_blank" rel="noreferrer noopener">highest grossing animated film</a>&nbsp;of all time, will help the box office segment, the analyst added.



Ng forecasts Disney adding 3.5 million net core Disney+ subscribers in the quarter compared to consensus estimates of 1.8 million.



In October, Ng's investor note highlighted the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41550308/disney-family-vacations-getting-more-expensive-with-lightning-lane-analyst-sees-220"> future revenue potential</a> of Disney's Lightning Lane Premiere Pass at theme parks. The analyst said the pass could add $220 million to $230 million in annual revenue beginning in 2025.



Disney's streaming segment was one of the key highlights from Needham analyst Laura Martin in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41052867/disneys-streaming-surge-epic-games-deal-among-key-growth-drivers-says-analyst">a September note </a>on Disney.



The analyst reiterated a Buy rating and $110 price target at the time.



Martin said Disney's direct-to-consumer segment could breakeven in fiscal 2024 and have "double-digit" margins at maturity.



The analyst also said Disney could see 5.5 million to 6 million new subscribers from a partnership with Charter Communications beginning in the second half of fiscal 2024.



Key Items to Watch: Disney's fourth-quarter financial results will likely see its streaming and movie segments as the most watched by analysts and investors.



Disney reported 118.3 million Disney+ core subscribers in <a href="https://www.benzinga.com/news/earnings/24/08/40218880/disneys-q3-earnings-revenue-and-eps-beat-streaming-business-turns-profitable-strong-espn-revenue-bo">the third quarter.</a>



The company's combined streaming businesses of Disney+, Hulu and ESPN+ posted its first quarterly profit in the third quarter, which came ahead of expectations. The company expects both its Entertainment DTC and ESPN+ segments to be profitable in the fourth quarter, which comes as the Entertainment DTC was still slightly negative in the third quarter.



"Deadpool &amp; Wolverine" is the second-highest-grossing film domestically in <a href="https://www.boxofficemojo.com/year/2024/?ref_=bo_yl_table_1">2024 </a>with $636.7 million at the box office. Since July, the film has grossed $1.34 billion worldwide and could help power Disney's film segment in the fourth fiscal quarter.



"Inside Out 2&#8243; will also likely factor into fourth-quarter results. The film premiered in June and grossed $183.5 million of its $653 million domestic total in the quarter. For the <a href="https://www.boxofficemojo.com/quarter/q3/2024/?grossesOption=calendarGrosses">quarter</a>, Disney had two of the top five grossing domestic films.



"Alien: Romulus" could also factor into the results. The August release grossed $105.3 million domestically and $350.9 million worldwide.



Disney's earnings report comes days after "Deadpool &amp; Wolverine" premiered on Disney+ (Nov. 12) and investors could get an early readout on whether the release was widely watched and boosted subscribers for the future quarter.



Other items investors and analysts will likely be watching include the health of the theme park division, an update on the <a href="https://www.benzinga.com/news/management/24/11/41917113/who-will-succeed-disney-ceo-bog-iger">CEO succession search</a> and an update on the company's investment in Epic Games and future games being developed.



Price Action: Disney stock is up 1% to $102.26 on Thursday versus a 52-week trading range of $83.91 to $123.74. Disney stock is up 12.7% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/entertainment/22/11/29811369/mickey-mouse-magic-if-you-invested-1000-in-disney-stock-during-bob-igers-first-rein-as-ce-1">If You Invested $1000 In Disney Stock During Bob Iger&#8217;s First Rein As CEO, Here&#8217;s How Much You Made</a></li>
</ul>



Image: Disney/Marvel

Entertainment

Previews

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Disney Q4 Earnings Preview: Disney+ Profitability, Deadpool Box Office Success Top Items To Watch

U.S. Rep. Matt Gaetz (R-Fla.) was picked Wednesday as nominee for attorney general under Donald Trump, the latest cabinet announcement in the wake of the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">2024 presidential election.</a>



What Happened: Trump announced Wednesday that he selected Gaetz as his nominee for attorney general with a post on his Truth Social platform.



"Few issues in America are more important than ending the partisan Weaponization of our Justice System," Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113477516524300359">said</a>. "Matt will end Weaponized Government, Protect our Borders, dismantle Criminal Organizations and restore Americans' badly-shattered Faith and Confidence in the Justice Department."



Trump added: "We must have Honesty, Integrity, and Transparency at DOJ. Under Matt's leadership, all Americans will be proud of the Department of Justice once again."



The nomination of Gaetz comes as the congressman is under investigation by the House Ethics Committee for sexual misconduct, as reported by <a href="https://www.cnn.com/2024/11/13/politics/matt-gaetz-attorney-general/index.html">CNN</a>. Allegations against the Trump ally include sexual misconduct, illicit drug use, accepting improper gifts and more. Gaetz has denied the allegations.



Gaetz shared his initial reaction to the nomination in a post on X.



"It will be an honor to serve as President Trump's Attorney General!" Gaetz <a href="https://x.com/mattgaetz/status/1856796371048960344">said</a>.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent111324">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Why It's Important: Gaetz was investigated by the Department of Justice for sex trafficking before it declined to charge the congressman.



The Republican Representative was the House member who filed the motion to remove former Speaker of the House Kevin McCarthy, a move that McCarthy said was due to <a href="https://www.benzinga.com/news/24/04/38175658/kevin-mccarthy-ties-gaetzs-sexual-misconduct-allegations-to-his-speaker-ouster">the ethics complaint.</a>



As with other Cabinet nominees, past political ideals and agendas are being monitored by investors. Shares of the AdvisorShares Trust Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) spiked after Gaetz was announced as Trump's attorney general pick. The ETF closed 10% higher at $5.19 on Wednesday and was trading higher in the after-hours market at the time of writing.



Gaetz <a href="https://www.benzinga.com/markets/cannabis/23/07/33127611/rep-matt-gaetz-wants-to-end-cannabis-testing-for-us-military-citing-recruitment-crisis">has been an advocate </a>for marijuana legalization <a href="https://www.benzinga.com/markets/cannabis/24/08/40347041/trump-ally-matt-gaetz-flip-flops-opposes-floridas-marijuana-legalization-he-once-championed">over the years, </a>but earlier this year said he would vote against an amendment to legalize recreational marijuana in the state of Florida.



Future commentary on marijuana legalization by Gaetz will be closely monitored if he is approved for the Cabinet position.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/politics/24/11/41950681/trump-once-said-political-career-over-about-john-thune-now-senate-majority-leader-working-with-him-to-pass-gop-agenda">Trump Once Said John Thune&#8217;s &#8216;Political Career Over&#8217;: Now He&#8217;ll Work With Senate Majority Leader On GOP Agenda</a></li>
</ul>



Photo via Shutterstock.

Government

Politics

Legal

MSOS

Matt Gaetz Is Trump's Attorney General Pick: Would-Be Top Cop Is Under House Ethics Investigation

Cryptocurrency markets are trading higher as meme coins Pepe and Dogwifhat were listed for trading on Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).



<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;$90,040.52</td><td>+1%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$3,166.17</td><td>-3.5%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$210.16 </td><td>-1.3</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.3836&nbsp;&nbsp;</td><td>-0.5%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00002485</td><td>-6%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increased by 18.7% and daily active addresses growing by 7.8%. Transactions greater than $100,000 are up from 17,022 to 19,527 in a single day. Exchanges netflows are down by 679.3%.</li>



<li>Coinglass data reports 237,312 traders were liquidated in the past 24 hours for $805.71 million.</li>



<li>Crypto chart analyst Ali Martinez <a href="https://x.com/ali_charts/status/1856774532603711982">noted</a> Bitcoin whales purchased more than 100,000 BTC, worth $8.6 billion, in the past week.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41942612/coinbase-launches-coin50-index-to-track-top-50-digital-assets-includes-bitcoin-ethereum-dogecoin-solana">Coinbase Launches COIN50 Index To Track Top 50 Digital Assets, Includes Bitcoin, Ethereum, Dogecoin, Solana</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41943177/department-of-justice-seeks-to-seize-16-million-in-crypto-assets-tied-to-ftx-bribery-case">Department Of Justice Seeks To Seize $16 Million In Crypto Assets Tied To FTX Bribery Case</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41939381/coinbase-ceo-brian-armstrong-says-using-crypto-sometimes-means-pushing-back-on-bad-government">Coinbase CEO Brian Armstrong Says Using Crypto Sometimes Means &#8216;Pushing Back On Bad Government&#8217;</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41947920/a-dogecoin-strategic-reserve-one-company-is-working-on-it">A Dogecoin Strategic Reserve? One Company Is Working On it</a></li>



<li><a href="https://www.benzinga.com/markets/equities/24/11/41938105/bitcoin-proxy-microstrategy-director-sells-40k-company-shares-worth-12m-as-stock-hits-all-time-high">Bitcoin Proxy MicroStrategy Director Sells 40K Company Shares Worth $12M As Stock Hits All-Time High</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Peanut The Squirrel (CRYPTO: PNUT)</td><td>&nbsp;$1.56</td><td>+221%</td></tr><tr><td>Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>)</td><td>&nbsp;$4.22</td><td>+36.7%</td></tr><tr><td>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>)</td><td>&nbsp;$0.0000186</td><td>+36.5%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices touching the $93,000 mark, crypto trader Cold Blooded Shiller stated that he wants to see a hold on to the $90,000 zone. He predicts if the 4-hour chart starts to weaken, it will support the thought process of more chop around this zone.



Martinez in another tweet sees a bullish target of around $255,000.



<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">If <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> price action is following a cup-and-handle pattern, the bullish target could reach $255,000! <a href="https://t.co/EMuA0QAPKA">pic.twitter.com/EMuA0QAPKA</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1856710863023190231?ref_src=twsrc%5Etfw">November 13, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Crypto trader Kevin pointed out that historical dominance peaks four to six weeks after Bitcoin enters price discovery. 



Currently, the market is in the second week of this <a href="https://x.com/Kev_Capital_TA/status/1856775113783304286">phase</a>, suggesting there&#8217;s more room for BTC dominance to rise. The higher BTC dominance goes, the stronger the rally in altcoins that could follow.



Astronomer shared a successful take-profit (TP) at $93,000 for Bitcoin, noting that prices dropped shortly after hitting this target. He <a href="https://x.com/astronomer_zero/status/1856781529424556427">expects</a> a bounce soon and anticipates BTC will likely consolidate within a range on higher timeframes.



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41950798/bitcoin-hits-93000-experts-predict-over-100000-until-year-end">Bitcoin Hits $93,000: Experts Predict Over $100,000 Until Year-End</a></li>
</ul>



Image: Shutterstock

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$DOGE

$ETH

$PEPE

$SHIB

$SOL

$WIF

COIN

Bitcoin Crosses $90,000, Ethereum, Dogecoin Move Higher As Coinbase Lists Pepe, Dogwifhat

The U.S. dollar surged past 155.60 yen on Wednesday, hitting levels unseen <a href="https://www.benzinga.com/topic/us-dollar">in nearly four months</a>.



What Happened: Investors piled back into yen-dollar carry trades. The speculation is that the incoming Trump administration will aggressively hike tariffs on imports.



Economists expect the planned tariffs to reshape currency markets and <a href="https://www.benzinga.com/topic/inflation">stoke U.S. inflationary pressures.</a>



The greenback&#8217;s strength against the yen in six of the past seven weeks reverses early August losses tied to weak U.S. jobs data. Bank of Japan interventions also triggered an abrupt unwind of yen-dollar carry trade positions.



<h3 class="wp-block-heading">Inflation Data As Expected, Dollar Momentum Unshaken</h3>



On Wednesday, the <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41938762/october-inflation-rate-rises-to-2-6-as-expected-december-interest-rate-cut-remains-uncertain">U.S. Consumer Price Index (CPI) report</a> showed inflation accelerating to 2.6% year-over-year in October 2024, meeting economists&#8217; expectations. Core CPI inflation, which excludes volatile food and energy prices, stood at 3.3% for the third straight month, also aligning with forecasts.



This in-line inflation data helped quell concerns that the Federal Reserve might consider an interest-rate pause in December. Instead, speculators are now heavily betting on a 25-basis-point rate cut. Market-implied probabilities are rising to over 80%, as per CME FedWatch.



Yet, even an in-line CPI report fueling rate-cut bets wasn't enough to hold back the dollar's momentum.



The Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), a trade-weighted gauge tracking the dollar, soared to its highest point in over a year as investors continued to flock to the greenback.



<h3 class="wp-block-heading">Tariff Speculation Drives Greenback Surge</h3>



Much of the dollar's recent strength can be attributed to Trump's proposed tariffs. During his campaign, Trump floated the idea of tariffs as high as 60% on Chinese goods. Additional hikes of 10% to 20% on imports from other countries are also expected.



Tariffs could curb U.S. demand for foreign goods, reducing the need for American companies to buy foreign currencies—a shift that would likely boost the dollar.



Additionally, tariffs might <a href="https://www.benzinga.com/news/global/24/10/41545408/tariffs-are-inflationary-imf-deputy-chief-rejects-trumps-trade-policies-as-elections-loom">drive up domestic inflation</a>. That could prompt the Fed to rethink its dovish stance on rate cuts, adding even more fuel to the dollar&#8217;s rally.



George Vessey, a forex strategist at Convera, said, "Trump's policies of a trade war in which the U.S. is less exposed and more-fiscally stimulative policies are expected to boost U.S. near-term economic outperformance vs. its G10 peers further. Economic momentum has shifted back in favor of the U.S.&#8221;



As global investors recalibrate to the new political environment, expectations for the U.S. dollar have jumped.



In the Bank of America Fund Manager Survey conducted before the election, 31% of respondents expected the dollar to be a top performer in 2025, slightly behind the yen at 32%. 



After the election, the dollar shot up to the top spot, with 45% of respondents naming it as their favored currency for 2025, while the yen fell to 20%.



<a href="https://www.benzinga.com/markets/asia/24/11/41722178/if-trump-and-republicans-sweep-dollar-may-climb-7-but-harris-win-could-bring-5-drop-says-jpmorgan">JPMorgan's pre-election analysis</a> suggested that a "Republican sweep" scenario — a GOP majority in the House and Senate — would lead to substantial dollar gains. In this scenario, the trade-weighted dollar index is projected to gain 7.3%, with some of the biggest moves expected against the Swedish krona (SEK) at +10.8% and the euro (EUR) at +8.4%.



<figure class="wp-block-table"><table><thead><tr><th>Election Scenario</th><th>USD TWI Change</th><th>USD vs. CNY</th><th>USD vs. EUR</th><th>USD vs. CAD</th><th>USD vs. CAD</th><th>USD vs. AUD</th><th>USD vs. SEK</th></tr></thead><tbody><tr><td>Republican Sweep</td><td>+7.3%</td><td>+4.4%</td><td>+8.4%</td><td>+4.7%</td><td>+6.1%</td><td>+7.9%</td><td>+10.8%</td></tr></tbody></table></figure>



David Morrison, senior market analyst at Trade Nation, highlighted the role of rising U.S. bond yields in supporting the dollar. "The jump in U.S. bond yields has been a major factor in the dollar's resurgence, as investors bet that the Trump presidency will, thanks to promises of tax cuts and deregulation, lead to increased economic growth. This should continue to surpass anything remotely achievable by the sclerotic economies across Europe and the UK," he said.



The prospect of new U.S. tariffs has European leaders on edge. French President Emmanuel Macron highlighted on Wednesday escalating risks for global supply chains if the U.S., Europe and China re-enter a trade war. 



American tariffs are likely to hit European exports of machinery and pharmaceuticals hard, creating potential economic headwinds for an already weak European economies.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41950023/us-stock-markets-equity-risk-premium-disappears-should-you-sell-now">US Stock Market&#8217;s Equity Risk Premium Disappears: Should You Sell Now?</a></li>
</ul>



Image: Shutterstock

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Dollar Powers To 4-Month Highs Against Yen: Trump Tariff Expectations Spark Carry Trade Frenzy

Republicans are set to maintain control of the House of Representatives with a narrow margin, marking a new era as President-elect Donald Trump heads back <a href="https://www.benzinga.com/topic/donald-trump">to the White House. </a>



With control of Congress locked up Wednesday, Trump and his allies are poised to enact changes across various sectors, from tax reforms to potential deregulations, as the party mobilizes to advance its agenda across Washington, NBC News <a href="https://www.nbcnews.com/politics/2024-election/republicans-win-house-majority-trump-party-senate-control-rcna179231">reports</a>.



What Happened: Following a decisive win over Vice President Kamala Harris, Trump&#8217;s victory helped secure key congressional seats that kept Republicans in command of the House and the Senate. This sweeping Republican control creates a dynamic environment where Trump can enact his policy objectives with minimal opposition, positioning the party to reshape American policy on multiple fronts.



House Speaker Mike Johnson (R-La.) celebrated the victory on Capitol Hill, emphasizing the unity and optimism he expects to define the next two years of governance. Key GOP gains in swing districts across Pennsylvania and Michigan helped solidify Republican dominance, despite Democrat efforts to regain control, according to NBC News.



With this control, Trump's team may pursue reforms involving tax cuts, health care changes, and immigration policy adjustments aimed at fulfilling the promises for which he campaigned. Republicans will also be in a position to use "reconciliation," a procedural tool allowing legislation to pass more easily without relying on Democratic support.



Read Next:<a href="https://www.benzinga.com/politics/24/11/41950681/trump-once-said-political-career-over-about-john-thune-now-senate-majority-leader-working-with-him-to-pass-gop-agenda"> Trump Once Said John Thune&#8217;s &#8216;Political Career Over&#8217;: Now He&#8217;ll Work With Senate Majority Leader On GOP Agenda</a>



Why It Matters: The GOP's full leadership signals potential market shifts as Republicans focus on deregulation and reshaping economic policy. 



Analysts expect changes in sustainable investment strategies under Trump's leadership. JPMorgan's Virgina Martin Heriz highlighted that while some Inflation Reduction Act incentives for clean energy might stay, others, like electric vehicle tax credits, could face cuts. &#8220;Fund performance matters far more than politics,&#8221; she said, underlining that financial gains may drive <a href="https://www.benzinga.com/government/regulations/24/11/41926301/sustainable-investment-under-trump-performance-matters-far-more-than-politics-jpmorgan-analyst-says">decisions in renewable energy.</a>



In light of these changes, certain sectors may see pronounced impacts:



Energy Sector Growth: With a pro-energy agenda, traditional oil and gas firms could thrive under reduced regulations. 



<ul>
<li>ETF to Watch: Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), tracking companies like Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), may benefit from policies aimed at fossil fuel expansion.</li>
</ul>



Financial Sector Deregulation: Reduced oversight in the financial sector could benefit banks and investment firms. 



<ul>
<li>ETF to Watch: Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), which includes firms such as JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) and Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>).</li>
</ul>



Defense and Infrastructure Investment: Increased defense and infrastructure spending could benefit contractors. 



<ul>
<li>ETF to Watch: iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>), with major holdings like Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) and Raytheon Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>).</li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41930918/trumps-high-inflation-regime-will-weaken-the-dollar-and-push-bitcoin-to-1m-says-arthur-hayes-get-long-and-stay-long">Trump&#8217;s High-Inflation Regime Will Weaken The Dollar And Push Bitcoin To $1M, Says Arthur Hayes: &#8216;Get Long And Stay Long&#8217;</a></li>
</ul>



Photo: Shutterstock

Sector ETFs

Republicans Set To Hold Slim House Majority: What It Means For Energy, Financial, Defense Sectors

Leading cryptocurrency Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has soared in price since the 2024 presidential election and is <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41887610/bitcoin-shatters-87000-all-time-high-ethereum-up-5-dogecoin-blasts-through-0-30-for-20-gain-in-memorable-monday-trading-session">nearing the $100,000 milestone.</a>



Benzinga readers predict whether a six-figure price for Bitcoin can be reached before the end of 2024.



What Happened: It was only eight months ago when the cryptocurrency community and investors were celebrating Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37524505/bitcoin-hits-new-all-time-highs-nears-meme-number-could-69-420-btc-break-the-internet">passing the $69,000 milestone</a> and setting new all-time highs.



Since the 2024 election, Bitcoin has set successive all-time highs, with some days seeing record levels surge by thousands of dollars.



On Wednesday, Bitcoin set another all-time high of $93,434.36 as the cryptocurrency has increased over 25% in the last week and is up over 110% year-to-date in 2024.



As Bitcoin's price approaches the six-figure mark, Benzinga polled readers to gauge how close they think $100,000 is to being reached.



"Do you think Bitcoin will reach $100,000 by the end of 2024?" Benzinga asked.



The results were:



<ul>
<li>Yes: 73%</li>



<li>No: 27%</li>
</ul>



The majority of Benzinga readers think the $100,000 price milestone is within reach before the end of the year, with around a month and a half to go.



The poll was conducted on Monday and early Tuesday when Bitcoin traded between $80,000 and $89,000. After Bitcoin hit $93,000 on Wednesday, the same poll conducted today could show an even higher percentage of yes votes.



Read Also: <a href="https://www.benzinga.com/general/education/24/11/41920791/bitcoin-is-now-larger-than-walmart-netflix-coca-cola-pepsi-and-mcdonalds-combined">Bitcoin Is Now Larger Than Walmart, Netflix, Coca-Cola, Pepsi And McDonald&#8217;s Combined</a>



What's Next: With Bitcoin nearing the $100,000 mark, analysts and industry experts are likely to adjust their future price targets, as some experts have given this level <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41916359/bitcoin-is-the-decentralized-king-says-anthony-pompliano-whose-100000-price-prediction-is-close-to-coming-true">for 2024 or 2025.</a>



While the poll was based on the end of 2024, early 2025 could have a catalyst for cryptocurrency, with Donald Trump set to be <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41938972/donald-trump-to-establish-a-national-bitcoin-reserve-a-30-chance-polymarket-traders-speculate">sworn in as president</a> in January.



Trump could comment on cryptocurrency between now and then, but his inauguration speech and early speeches while president could also feature the cryptocurrency sector.



After previously speaking ill of Bitcoin and cryptocurrency, Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41096120/if-you-invested-1-000-in-bitcoin-when-donald-trump-said-he-wasnt-a-fan-heres-how-much-youd">had a change of heart</a> and appealed as the pro-crypto friendly president in the 2024 election.



Many industry experts see Trump's win as leading to a more crypto-friendly American government, which could accelerate the price and valuations of leading cryptocurrencies going forward.



In March, Benzinga <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37498047/exclusive-bitcoin-hits-new-all-time-high-heres-when-benzinga-readers-think-100k-milestone-">asked a similar poll </a>about Bitcoin hitting the $100,000 level.



"When do you think Bitcoin will hit $100K?" Benzinga asked on social media.



Here were the response options and the results:



<ul>
<li>Sooner than we expect: 52.8%</li>



<li>Give or take a few years: 22.2%</li>



<li>Never: 14.9%</li>



<li>Shrug, I don&#8217;t know, undecided: 10.1%</li>
</ul>



More than half of respondent said the $100,000 six-figure milestone could be hit sooner than expected and another 22.2% said that the milestone could be reached in a few years, which could mean two to three years from today.



Only 14.9% believed Bitcoin would never reach $100,000—a group likely consisting of those who doubt Bitcoin's future value or are skeptical of the cryptocurrency sector.



With Bitcoin nearing $100,000 today, it appears the people who said &#8220;sooner than we expect&#8221; back in March may have been on to something.



The influence of cryptocurrency is expected to be thoroughly explored at Benzinga's upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41945659/dogecoin-to-69-cents-or-1-benzinga-readers-predict-how-high-it-could-fly-by-end-of-2024">Dogecoin To 69 Cents Or $1? Benzinga Readers Predict How High It Could Fly By End Of 2024</a></li>
</ul>



The study was conducted by Benzinga from Nov. 11 through Nov. 12, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 140 adults.



Image created using artificial intelligence via Midjourney.

Exclusives

Bitcoin To $100K? Benzinga Readers Predict If BTC Can Hit New Milestone Before End Of 2024

Wall Street saw a modest rebound on Wednesday, spurred by an in-line inflation report that reinforced expectations for a December rate cut. The U.S. dollar continued to gain strength, buoyed by potential tariff tailwinds under <a href="https://www.benzinga.com/topic/donald-trump">the new Trump administration.</a>



Bitcoin again captured headlines as it surged past $93,000, lifting its market capitalization to $1.8 trillion and fueling a wave of enthusiasm across crypto markets, with Dogecoin up over 12%.



The Consumer Price Index met expectations in October, with the annual headline rate increasing to 2.6% and the core <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41938762/october-inflation-rate-rises-to-2-6-as-expected-december-interest-rate-cut-remains-uncertain">rate steady at 3.3%. </a>



The report alleviated concerns over a potential rate pause in December, driving market odds for a 25-basis-point cut from 58% to 82%, as per the CME FedWatch tool. Treasury yields eased slightly in response to the report.



By midday in New York, all major U.S. equity indices were in slightly positive territory, although with the tech-heavy Nasdaq 100 underperforming. Leading sectors included consumer discretionary and real estate, while utilities and health care lagged.



In political developments, U.S. Sen. John Thune (R-SD) was elected as the new majority leader in a secret ballot.



The U.S. dollar, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), hit its highest level since November 2023, marking a fresh one-year high.



Gold dipped 0.6%, on track for a fourth consecutive loss.



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>44,084.11</td><td>0.4%</td></tr><tr><td>Russell 2000</td><td>2,401.00</td><td>0.4%</td></tr><tr><td>S&amp;P 500</td><td>6,002.13</td><td>0.3%</td></tr><tr><td>Nasdaq 100</td><td>21,073.91</td><td>0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111224&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>) rose 0.3% to $598.42.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $440.97.</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>) flattened at $513.06.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 0.3% higher to $238.1.</li>



<li>The&nbsp;Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, rising 1%. The&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 0.3%.</li>
</ul>



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



<ul>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) rallied over 18% after the company announced a joint venture launch with Volkswagen valued at&nbsp;up to $5.8 billion.</li>



<li>Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>) rose 6% after Berenberg raised the stock price target from $81 to $102.</li>



<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) fell 2.4% after the company announced a 4% cut to its global workforce.</li>
</ul>



Stocks reacting to earnings report were: 



<ul>
<li>Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), up 12%</li>



<li>Occidental Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), down 1.2%</li>



<li>Flutter Entertainment plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>), up 6.5%</li>



<li>Natera Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>), up 22%,</li>



<li>CAVA Group Inc., up 6.5%</li>



<li>CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), down 0.3%</li>



<li>Loar Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOAR#NYSE">LOAR</a>), down 6%</li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/11/41940984/disney-bulls-await-earnings-for-streaming-growth-bob-iger-successor-clues">Disney Bulls Await Earnings For Streaming Growth, Bob Iger Successor Clues</a></li>
</ul>



Photo via Shutterstock.

Broad U.S. Equity ETFs

Federal Reserve

Movers

CYBR

FLUT

LOAR

NTRA

RIVN

SPOT

Stocks Edge Higher, Dollar Hits 1-Year Peak, Bitcoin Soars To $93,000: What's Driving Markets Wednesday?

Republican members of the Senate chose John Thune (R-S.D.) to be the next Senate Majority Leader, a position that comes as the Republican Party won control of the Senate in <a href="https://www.benzinga.com/topic/2024-election">the 2024 election.</a>



What Happened: Thune, who has been a member of the Senate since 2005, won a secret vote<a href="https://www.benzinga.com/news/24/11/41766513/trump-led-republicans-get-hold-of-us-senate-with-west-virginia-ohio-wins"> among Republican senators,</a> beating out John Cornyn (R-Texas) and Rick Scott (R-Fla.).



Mitch McConnell (R-Ky.), who served as the Senate minority leader, is stepping down from party leadership after several years. McConnell had a tense relationship with Donald Trump, who will become the next president of the United States and return to the White House in January 2025.



Scott, a Trump ally, was backed by members of the Senate who have clashed with McConnell. Thune quickly became a favorite among the members of the Senate who wanted to see McConnell's style followed, as <a href="https://www.wsj.com/politics/senate-republican-leader-john-thune-bbf2e1ce?mod=hp_lead_pos1">reported </a>by The Wall Street Journal.



Scott, who was also backed by Trump ally Elon Musk, lost in the first round of voting, with Thune and Cornyn moving onto the final round.



"I am extremely honored to have earned the support of my colleagues to lead the Senate in the 119th Congress," Thune <a href="https://x.com/SenJohnThune/status/1856748892550832530">shared </a>in a post on X.



Thune said he's proud of the Republican Party winning majority control and the presidency.



"This Republican team is united behind President Trump's agenda, and our work starts today."



As the Senate majority leader, Thune will work with the party and members of the Senate to pass tax cuts, approve Trump-nominated judges and members of his cabinet and work on government spending.



The Republican Party will take over control of the Senate with a 53-47 majority on Jan. 3 when the new terms for elected officials begin.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent111324">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Working With Trump: As the Senate majority leader, Thune will work closely with the Republican Party and President-elect Trump.



While Trump didn't weigh in on the leadership race for the Senate, he said he wanted whoever won the vote to allow recess appointments, giving the new president the ability to elect some official and judges without Senate approval. Scott agreed to the demands, while Thune did not publicly support the measure.



With Thune announced as the new Senate majority leader, past tension between Trump and the new leader have emerged.



"Donald Trump should withdraw and Mike Pence should be our nominee effective immediately," Thune <a href="https://x.com/SenJohnThune/status/784798261781598208">tweeted </a>ahead of the 2016 election.



Thune voted to certify the 2020 presidential election results, despite objections from Trump.



"RINO John Thune, ‘Mitch's boy', should just let it play out. South Dakota doesn't like weakness. He will be primaried in 2022, political career over!!!" Trump <a href="https://x.com/realDonaldTrump/status/1341547750710800385?ref_src=twsrc%5Etfw">tweeted </a>about Thune in December 2020.



With Trump and Thune now set to work side by side, the question will be if they can move past their sometimes tense relationship.



SPY Price Action: The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 Index, fell from an intraday high of $599.23 after the Senate news was announced.



The ETF is up 0.3% Wednesday to $598.42 versus a 52-week trading range of $446.09 to $600.16. SPY shares are up 26.6% year-to-date in 2024. Stock indexes have traded higher since the 2024 election. With the Republicans controlling the Senate and presidency, investors anticipate many of Trump's policies and focal points of his next presidency moving through Congress.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/41784933/donald-trumps-wealth-soars-with-2024-election-win-heres-how-much-president-elect-is-worth-ho">Donald Trump&#8217;s Wealth Soars With 2024 Election Win: Here&#8217;s How Much President-Elect Is Worth, How Much He&#8217;ll Make In White House</a></li>
</ul>



Photo courtesy of Wikimedia.

Trump Once Said John Thune's 'Political Career Over': Now He'll Work With Senate Majority Leader On GOP Agenda

Spirit Airlines, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) shares are trading lower Wednesday. Investors are concerned. The company failed to file its earnings report and said it is in<a href="https://www.benzinga.com/trading-ideas/movers/24/11/41946520/whats-going-on-with-spirit-airlines-stock-wednesday-2"> talks with its creditors to develop a restructuring plan.</a>



Despite this, there is a chance the stock may be about to head higher. This is why it is our Stock of the Day.



What Happened: In the second quarter, the company lost $1.76 per share. In the first quarter, it reported a loss of $1.36 per share. This information can be found on <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



Some traders sense opportunities to profit. A short squeeze may be about to force the stock higher.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="522" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13130754/1-11-1024x522.png" alt="" class="wp-image-646064" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13130754/1-11-1024x522.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13130754/1-11-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13130754/1-11-768x391.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13130754/1-11-1536x783.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13130754/1-11.png 1586w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>







Read Also: <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">Trump Appoints Elon Musk And Vivek Ramaswamy To Lead &#8216;DOGE,&#8217; Aiming to Slash Bureaucracy And $6.5 Trillion Federal Spending: &#8216;We Will Not Go Gently&#8217;</a>



Short sellers borrow shares and sell them. The intent is to buy the shares back in the future at a lower price. Then they will return them and keep the difference in price. Short sellers want a stock to go lower.



If the price moves above the level they sold short at, they begin to lose money. Some get nervous and buy the shares back before the losses become excessive. This pushes the price higher.



This makes other short sellers get nervous as well, and they buy their shares back. As a result, the price moves even higher.



A short squeeze can occur in a stock with a large amount of short selling. This is the case with Spirit Airlines. The short interest is 35%. This means that 35% of the outstanding shares have been sold short.



This is an extremely high number. As a comparison, the short interest of Apple is less than 1%.



The dynamic driving a short squeeze is the fact that all of the shares which are short will need to be bought back.



If the stock price continues to move upwards, some people who lent the short sellers shares will call the loan in. The short sellers will be forced to go into the market and buy regardless of the price. This action can create a buying frenzy that results in a dramatic rise in the stock.



Successful traders know markets can act in unexpected ways. Even though the news is bad, a stock may still move higher. This could be the case with Spirit Airlines.



Read Next: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41942346/markets-breath-sigh-of-relief-after-in-line-inflation-data-stocks-rebound-as-small-caps-bonds-soar">Markets Breathe Sigh Of Relief After In-Line Inflation Data: Stocks Rebound As Small Caps, Bonds Soar</a>



Photo: Courtesy Spirit Airlines

Short Sellers

Technicals

Travel

SAVE

Stock Of The Day: Could Troubled Spirit Airlines Stock Recover?

A massive, "everything bubble" will burst in 2025, resulting in a crash <a href="https://www.benzinga.com/topic/stock-market-crash">and possibly a depression</a>. 



That&#8217;s according to renowned economist Harry Dent. The scenario, while bleak, will present a potentially massive Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41927985/bitcoin-ethereum-consolidate-dogecoin-surges-as-election-rally-takes-a-breather-analyst-says-pullback-typical-for-healthy-market">buying opportunity. </a>



&#8220;I can tell you one thing: bubbles never, ever end well. There&#8217;s no way to go from [an] extreme bubble and have a soft landing. Now, that&#8217;s what seems to be happening right now, and we&#8217;ll see. But I tell people, give [it until] 2025,&#8221; Dent <a href="https://www.foxbusiness.com/media/trumps-post-election-market-boom-wont-stop-inevitable-doom-economist-harry-dent-warns">told</a> Fox News Digital.&nbsp;



The Details: Dent said the current market rally, which has sent Bitcoin and the SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) to new all-time highs following the election of Donald Trump, will not last long. 



Wall Street and retail investors are  &#8220;going along&#8221; with the post-election rally, but Dent said being in the current market is like being on the Titanic. 



&#8220;When everybody gets on the boat, that's when the Titanic sinks,&#8221; he said. &#8220;So I think everybody&#8217;s in the boat about now.&#8221;



Read Next: <a href="https://www.benzinga.com/government/regulations/24/11/41926301/sustainable-investment-under-trump-performance-matters-far-more-than-politics-jpmorgan-analyst-says">Sustainable Investment Under Trump: &#8216;Performance Matters Far More Than Politics,&#8217; JPMorgan Analyst Says</a>



The economist expects Trump&#8217;s fiscal policies will not be enough to prevent a cyclical crash because the underlying economic issues are tied more to private debt than federal debt.



Dent estimates that total private sector debt in the U.S. is around $630 trillion and growing at a rate five times faster than global gross domestic product. The &#8220;trillion-dollar question&#8221; is when the downturn begins, and Dent predicts a crash in mid-2025.&nbsp;



&#8220;So I think the next few years is likely to be ugly. The question mark is, when does the darn thing start?&#8221; Dent said. &#8220;I think the central banks know this better than anybody. They just can&#8217;t say it because they don&#8217;t want to scare anybody.&#8221;



Dent On Bitcoin: Dent revealed he recently purchased more Bitcoin and sees the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41938972/donald-trump-to-establish-a-national-bitcoin-reserve-a-30-chance-polymarket-traders-speculate">cryptocurrency</a> buoying markets through the first half of 2025. He cautioned, however, that a broad market crash could send the price of Bitcoin down to $15,000 or $16,000 levels which he sees as "the buy of a lifetime."



&#8220;Bitcoin, I see going up to $800,000 to $1 million by 2037 to &#8217;40. So I&#8217;ve got a long way to go," Dent said.&nbsp;



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41914981/bitcoin-miners-hive-digital-hut-8-bitfarms-to-report-earnings-as-future-of-crypto-has-never-been-brighter">Bitcoin Miners Hive Digital, Hut 8, Bitfarms To Report Earnings As Future Of Crypto &#8216;Has Never Been Brighter&#8217;</a></li>
</ul>



Image:&nbsp;Eivind Pedersen from Pixabay

Bitcoin Could Reach $1 Million By 2037, Economist Says: 'Buy Of A Lifetime' Opportunity

Investors can breathe a sigh of relief as October inflation data met economists&#8217; expectations, though the annual headline rate showed a slight uptick <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41938762/october-inflation-rate-rises-to-2-6-as-expected-december-interest-rate-cut-remains-uncertain">from the previous month.</a>



As anticipated, the Consumer Price Index (CPI) rose 2.6% year-over-year in October, marking an increase from September's 2.4% but snapping six straight months of declines.



Excluding food and energy, core inflation held steady at 3.3% for the third consecutive month, highlighting some stickiness in underlying price pressures that remain above the Fed&#8217;s 2% target.



In response to the data, speculators raised their expectations for an interest-rate cut, with increased bets on a 25-basis-point reduction in December. Market-implied probabilities now indicate a 79% likelihood of a December rate cut, up from 58% before the CPI report, as per the CME FedWatch tool.



Following the release, Minneapolis Fed President Neel Kashkari expressed optimism about inflation&#8217;s trajectory, stating on Bloomberg TV, &#8220;I have confidence inflation is headed in the right direction.&#8221; 



On Tuesday, Kashkari had flagged the risk of a rate pause in December if inflation data <a href="https://www.benzinga.com/news/econ-s/24/11/41919011/feds-kashkari-warns-of-december-interest-rate-pause-risk-surprises-to-the-upside">surprises to the upside. </a>



&#8220;I am not yet seeing a lot of upside inflation risks; the bigger risk is getting stuck,&#8221; he added on Wednesday. 



Markets reacted positively, with U.S. equity futures slightly rising, while Treasury yields and the dollar eased amid increased rate-cut expectations.



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



<ul>
<li>The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), was 0.2% higher. </li>



<li>The Nasdaq 100, followed by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), inched 0.15% higher.</li>



<li>Small caps outperformed large-cap counterparts, as the iShares Russell 2000 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied 1.1% minutes ahead the New York open.</li>



<li>Top-performing S&amp;P 500 stocks during the premarket trading were Charter Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>), GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) and Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>) up 5.7%, 4% and 3.7%, respectively. </li>



<li>Skyworks Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>), Fair Isaac Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FICO#NYSE">FICO</a>) and Bio-Techne Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECH#NASDAQ">TECH</a>) were the laggards, down 6.7%, 4.1% and 2.8%, respectively. </li>



<li>Gold prices rose 0.3%, following three straight sessions of declines. </li>



<li>The U.S. dollar index (DXY) slightly eased 0.1%. </li>



<li>Treasury-linked ETFs rose, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up by 0.7%. </li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="503" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13092009/image-135-1024x503.png" alt="" class="wp-image-645406" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13092009/image-135-1024x503.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13092009/image-135-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13092009/image-135-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13092009/image-135-1536x754.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13092009/image-135.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41917731/wall-street-veteran-predicts-sp-500-to-hit-10000-by-2029-roaring-2020s">Wall Street Veteran Predicts S&amp;P 500 To Hit 10,000 By 2029: &#8216;Roaring 2020s&#8217;</a></li>
</ul>

Large Cap

Macro Economic Events

Bonds

Commodities

CHTR

FICO

SWKS

TECH

Markets Breathe Sigh Of Relief After In-Line Inflation Data: Stocks Rebound As Small Caps, Bonds Soar

The Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) will be reporting its fourth-quarter earnings on Thursday. Wall Street expects $1.10 in EPS and $22.35 billion in revenues as the company reports<a href="https://www.benzinga.com/calendars/earnings?tickers=DIS" target="_blank" rel="noreferrer noopener"> before market hours</a>.



The stock is up 12.91% over the past year, 11.33% YTD. Despite outperforming rivals Warner Bros Discovery Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) and Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), Disney still trails behind Netflix Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) impressive 65% year-to-date gain. 



This earnings report is critical as analysts closely watch Disney&#8217;s progress in streaming—a division that turned profitable last quarter. Key areas of focus include Disney+ growth, updates on its legacy TV and theme park segments, and potential news on the search for CEO Bob Iger's successor.



Investors are particularly keen to see if Disney+ can maintain its newfound profitability.



Let&#8217;s examine the charts for Disney stock and how it currently compares to Wall Street estimates.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41938838/rivians-deal-with-volkswagen-will-help-ev-giant-navigate-the-ship-in-stormy-waters-says-top-analyst-maintains-outperform-rating-with-20-target">Rivian&#8217;s Deal With Volkswagen Will Help EV Giant &#8216;Navigate The Ship In Stormy Waters&#8217;: Analyst</a>



<h2 class="wp-block-heading">Disney Stock In Upward Trend Ahead Of Q4 Earnings</h2>



Disney stock is riding a strong upward trend, with its share price of $100.99 above the five, 20 and 50-day exponential moving averages, signaling solid buying interest. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="456" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13075821/Screenshot-2024-11-13-at-4.42.27-PM.png" alt="" class="wp-image-645191" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13075821/Screenshot-2024-11-13-at-4.42.27-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13075821/Screenshot-2024-11-13-at-4.42.27-PM-300x218.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent111324&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



The stock's recent climb has put it well above its eight-day simple moving average (SMA) of $98.37 and 20-day SMA of $97.06, indicating positive momentum in the short term, while the 50-day SMA at $94.34 points to sustained bullish sentiment. 



However, the stock sits just under its 200-day SMA of $101.31, suggesting a potential resistance level on the horizon. 



Disney's moving average convergence/divergence (MACD) of 1.52 supports this upward bias, yet with an RSI of 72.07, the stock has entered the overbought territory.



This positioning may draw profit-takers, though the prevailing trend remains bullish.



<h2 class="wp-block-heading">Disney Analysts See 10% Upside</h2>



Ratings &amp; Consensus Estimates:<a href="https://www.benzinga.com/quote/DIS/analyst-ratings" target="_blank" rel="noreferrer noopener"> The consensus analyst rating</a> on Disney stock stands at a Buy, with a price target of $117.44. The latest ratings from Evercore ISI Group, Needham and Piper Sandler set an average price target of $111 for Disney stock, suggesting a 9.96% upside.



DIS Price Action: Disney stock closed at $100.99, up 0.13% on Tuesday.



Read Next:



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<li><a href="https://www.benzinga.com/news/earnings/24/11/41932146/spirit-airlines-nears-bankruptcy-creditors-may-approve-equity-cancellation-heres-what-it-means-for-investors-as-shares-fall-with-a-thud">Spirit Airlines Nears Bankruptcy, Creditors May Approve Equity &#8216;Cancellation:&#8217; Here&#8217;s What It Means For Investors As Shares Fall With A Thud</a></li>
</ul>



Photo: Shutterstock

Tech

General

NFLX

PARA

Disney Bulls Await Earnings For Streaming Growth, Bob Iger Successor Clues

Analysts led by Dan Ives at Wedbush have highlighted the significance of Volkswagen&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) <a href="https://www.benzinga.com/24/11/41934150/rivian-shares-rise-13-in-pre-market-after-volkswagen-increases-planned-investment-to-58b">increased investment </a>in Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) to $5.8 billion and kickstarted their joint venture, according to a note shared on Wednesday. This move is seen as a crucial step for Rivian&#8217;s growth and stability.



What Happened: The analysts emphasized that this partnership is a &#8220;breath of fresh air&#8221; for Rivian, focusing on production and execution. The investment is expected to bolster Rivian&#8217;s capital roadmap, aiding in future growth and vertical integration of its software and electrical systems. This will also help achieve cost savings and improve vehicle offerings.



Additionally, the partnership is anticipated to provide the necessary capital for the R2 ramp and the Georgia plant&#8217;s R2/R3 midsize platform. This is considered a significant advancement for Rivian, although the Street&#8217;s attention will remain on R1 execution, production optimization, and profitability over the next year.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41869034/skyrocketing-bitcoin-nears-80000-milestone-on-optimism-over-trump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Surges Past $80,000 Milestone For First Time On Optimism Over Trump</a>



&#8220;After seeing lots of choppiness and pain points in the supply chain in the past year, we believe this is the right partner announcement coming in at the right time as RIVN looks to navigate the ship in stormy waters with sufficient capital to fund its EV roadmap over the coming years,&#8221; the note read. 



The analysts maintain an Outperform rating with a $20 price target for Rivian.



Why It Matters: Rivian has faced significant financial challenges, including a steep loss of <a href="https://www.benzinga.com/tech/24/11/41873064/tesla-rival-rivian-reports-steep-loss-of-about-40k-per-ev-in-q3-as-deliveries-hit-lowest-since-q1-2023">approximately $40,000 </a>per EV in the third quarter. The company delivered 10,018 vehicles during this period, marking the lowest quarterly deliveries since early 2023.



Rivian&#8217;s shares surged by 13% in <a href="https://www.benzinga.com/24/11/41934150/rivian-shares-rise-13-in-pre-market-after-volkswagen-increases-planned-investment-to-58b">pre-market trading on Wednesday</a> following Volkswagen&#8217;s announcement to increase its planned investment to $5.8 billion. This investment marks a 16% increase from the initial $5 billion planned when the joint venture was announced in June. The joint venture, named Rivian and VW Group Technology, LLC, officially commenced on Wednesday and is expected to significantly bolster Rivian&#8217;s financial position.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/24/11/41872279/cathie-wood-predicts-trumps-white-house-return-will-ignite-reagan-era-economic-boom-through-deregulation-and-tax-cuts-likely-to-turbocharge-the-us-economy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Predicts Trump&#8217;s White House Return Will Ignite Reagan-Era Economic Boom Through Deregulation And Tax Cuts: &#8216;Likely To Turbocharge The US Economy&#8217;</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

Analyst Ratings

VWAGY

Rivian's Deal With Volkswagen Will Help EV Giant 'Navigate The Ship In Stormy Waters': Analyst

Shares of Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) plunged by 62.73% in after-hours and closed nearly 5.29% lower at $3.22 apiece on Tuesday after the company failed to file its earnings for the quarter ended September 2024. The discount airline in a filing late Tuesday, said that it is in talks with its creditors to carve out a restructuring plan which could "lead to the cancellation of the Company's existing equity."



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="244" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13033834/Spirit-Airlines-1024x244.png" alt="" class="wp-image-644695" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13033834/Spirit-Airlines-1024x244.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13033834/Spirit-Airlines-300x71.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13033834/Spirit-Airlines-768x183.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13033834/Spirit-Airlines-1536x366.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13033834/Spirit-Airlines.png 1738w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



What Happened: The budget airline is in discussion with its noteholders for potential bankruptcy or out-of-court restructuring that has been underway for months. This comes after Spirit&#8217;s effort to merge with Frontier Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>) and its takeover by JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) fell out.



Also read: <a href="https://www.benzinga.com/24/11/41929722/top-wall-street-forecasters-revamp-tower-semiconductor-price-expectations-ahead-of-q3-earnings">Top Wall Street Forecasters Revamp Tower Semiconductor Price Expectations Ahead Of Q3 Earnings</a>



Why It Matters: As the ultra-discount airline&#8217;s efforts to save itself fail, its equity holders may suffer because of the cancellation of shares. However, the company&#8217;s statement indicates that the plan that it is trying to negotiate would not hamper general unsecured creditors, employees, customers, vendors, suppliers, aircraft lessors, or the holders of its secured debt backed by aircraft.



The bondholders include the owners of about $1 billion, 8% coupon loyalty bonds which are due 2025 and $500 million in unsecured convertible bonds due 2026. This former debt is backed by claims on elements of the company's frequent-flyer program.



Also Read: <a href="https://www.benzinga.com/24/11/41899303/top-3-tech-and-telecom-stocks-which-could-rescue-your-portfolio-in-q4" target="_blank" rel="noreferrer noopener">Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio In Q4</a>



Price Action: The shares of Spirit Airlines have underperformed the NYSE Composite on a year-to-date basis as it has fallen by 80.31%, whereas the index gave a 17.88% return in the same period. The relative strength index at 40.79 shows that the stock is neither overbought nor oversold.



The consensus estimates of all the 12 analysts tracking the stock as per Nasdaq, is a &#8220;sell&#8221; with an average price target is $2.13 apiece.



<ul>
<li>Read Next: <a href="https://www.benzinga.com/tech/24/11/41895759/amazon-set-to-introduce-new-ai-chips-in-december-to-rival-jensen-huangs-ai-stalwart-we-want-to-be-absolutely-the-best-place-to-run-nvidia">Amazon Set To Introduce New AI Chips In December To Rival Jensen Huang&#8217;s AI Stalwart: &#8216;We Want To Be Absolutely The Best Place To Run Nvidia&#8217;</a></li>
</ul>



Photo via Wikimedia Commons

Earnings

Equities

After-Hours Center

JBLU

ULCC

Spirit Airlines Nears Bankruptcy, Creditors May Approve Equity 'Cancellation:' Here's What It Means For Investors As Shares Fall With A Thud

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



After six consecutive months of easing, the annual inflation rate, as measured by the Consumer Price Index (CPI), reversed course in October, <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41914599/trump-led-market-honeymoon-faces-crucial-test-with-wednesdays-inflation-data">climbing to 2.6% as expected. </a>



This outcome casts doubt on the disinflationary trend that consumers and policymakers had hoped would persist, underscoring the challenging path ahead for the Federal Reserve&#8217;s 2% inflation target.



On Tuesday, Minneapolis Fed President Neel Kashkari cautioned that he might consider pausing a potential December rate cut if inflation data came in <a href="https://www.benzinga.com/news/econ-s/24/11/41919011/feds-kashkari-warns-of-december-interest-rate-pause-risk-surprises-to-the-upside">higher than anticipated.</a> 



Market-implied odds of a 25-basis-point cut in December were at 58% before the report&#8217;s release, according to the CME FedWatch tool, rising to 72% after the data was released Wednesday. 



October Inflation Report: A Wake-Up Call For Markets



<ul>
<li>The annual CPI inflation rate rose from 2.4% in September to 2.6% in October, in line with economist predictions. </li>



<li>Month-over-month, CPI increased by 0.2%, holding from both the prior and expected rate of 0.2%.</li>



<li>The core CPI rate, which excludes volatile energy and food prices to better gauge underlying inflation pressures, held steady at 3.3%, aligning with forecasts. </li>



<li>On a monthly basis, core CPI rose by 0.3% as expected. </li>
</ul>



Key Drivers Of October's Inflation Uptick



The shelter index saw a 0.4% increase, contributing to more than half of the overall monthly rise in all items. The food index also went up, increasing by 0.2%, with the food-at-home index rising 0.1%and the food-away-from-home index climbing 0.2%. The energy index remained steady in October, following a 1.9% decrease in September.



In October, indexes that rose included shelter, used cars and trucks, airline fares, medical care and recreation. Offsetting these rises, apparel, communication and household furnishings and operations were among those that declined.



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



The October CPI report elevated expectations for a December interest rate cut, with Fed futures now pricing in a 72% chance of a 25-basis-point reduction, up from 58% before the report.



The shift in the interest rate outlook drove a dip in Treasury yields, with the rate-sensitive two-year yield falling 7 basis points to 4.28%.



In premarket trading, equity futures responded positively in New York. Contracts for the tech-heavy Nasdaq 100 and the S&amp;P 500 each climbed 0.2% as of 8:50 a.m. ET.



Small-cap stocks led the gains, with Russell 2000 futures surging over 1%.



Wall Street finished Tuesday in the red, as the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed down 0.3%.



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<li><a href="https://www.benzinga.com/federal-reserve/24/11/41900128/trump-vs-powell-dec-18-fed-meeting-sets-stage-for-new-tensions">Trump Vs. Powell: Dec. 18 Fed Meeting Sets Stage For New Tensions</a></li>
</ul>



Photo via Shutterstock.

October Inflation Rate Rises To 2.6% As Expected: December Interest Rate Cut Remains Uncertain (UPDATED)

President-elect Donald Trump announced Tuesday his plan to appoint Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE), aimed at restructuring federal agencies and reducing government spending.



What Happened: The initiative, which Trump compared to &#8220;The Manhattan Project,&#8221; will focus on dismantling bureaucracy, reducing regulations, and cutting wasteful expenditures. The department is scheduled to complete its work by Jul. 4, 2026, coinciding with America&#8217;s 250th independence anniversary.



&#8220;Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy,&#8221; Trump said in a statement. The department will work alongside the White House and Office of Management &amp; Budget to implement structural reforms.



Musk, who shared the announcement on X (formerly Twitter), stated the changes would &#8220;send shockwaves through the system.&#8221; The department&#8217;s name, DOGE, shares its acronym with a cryptocurrency Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) Musk has previously promoted.



&#8220;Department of Government Efficiency. The merch will be &#x1f525;&#x1f525;&#x1f525;,&#8221; Musk <a href="https://x.com/elonmusk/status/1856504428913705061">stated</a> in another post. 



<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"><a href="https://t.co/Vnk4MCAofY">pic.twitter.com/Vnk4MCAofY</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1856502787930050927?ref_src=twsrc%5Etfw">November 13, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The initiative aims to address the federal government&#8217;s annual $6.5 trillion in spending by identifying and eliminating waste and fraud. Trump emphasized the department would operate from outside the government structure to bring an &#8220;entrepreneurial approach&#8221; to federal operations.



Ramaswamy, responding to the announcement on X, posted &#8220;We will not go gently,&#8221; while sharing Trump&#8217;s statement.



<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">We will not go gently, <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>. &#x1f1fa;&#x1f1f8; <a href="https://t.co/sbVka2vTiW">https://t.co/sbVka2vTiW</a>&mdash; Vivek Ramaswamy (@VivekGRamaswamy) <a href="https://twitter.com/VivekGRamaswamy/status/1856497493560746377?ref_src=twsrc%5Etfw">November 13, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The department&#8217;s primary objectives include:



<ul>
<li>Restructuring federal agencies</li>



<li>Reducing government regulations</li>



<li>Cutting wasteful spending</li>



<li>Creating accountability measures</li>



<li>Implementing structural reforms</li>
</ul>



The administration states this effort will make the U.S. government more accountable to citizens while promoting economic growth through reduced bureaucracy.



Price Action: Dogecoin is trading at $0.4081, marking a 12.58% increase over the past day. Over the last week, DOGE has surged by 118.81%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. A significant uptick of 91% was noted in DOGE trading volume, which hovered at $40.04 billion, at the time of writing.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41917731/wall-street-veteran-predicts-sp-500-to-hit-10000-by-2029-roaring-2020s">Wall Street Veteran Predicts S&amp;P 500 To Hit 10,000 By 2029: &#8216;Roaring 2020s&#8217;</a></li>
</ul>



Image Via Pixabay 



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

TSLA

Trump Appoints Elon Musk And Vivek Ramaswamy To Lead 'DOGE,' Aiming to Slash Bureaucracy And $6.5 Trillion Federal Spending: 'We Will Not Go Gently'

Editor&#8217;s note: The headline of this story has been updated to correct the date. 



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) experienced a pre-market surge on Wednesday after news broke that its CEO, Elon Musk, is set to join Donald Trump&#8217;s team. The announcement was made by President-elect Trump on Tuesday.



What Happened: At the time of writing on Wednesday, Tesla was trading 2.55% higher after falling 6.15% on Tuesday and closing at $328.49, according to <a href="https://pro.benzinga.com">Benzinga Pro</a> on Wednesday.



Trump has appointed Musk and former presidential candidate Vivek Ramaswamy to lead the newly formed Department of Government Efficiency (DOGE). This department is tasked with overhauling federal agencies and reducing government expenditure.



Trump likened this initiative to &#8220;The Manhattan Project,&#8221; with goals to cut bureaucracy, reduce regulations, and eliminate wasteful spending. The department aims to complete its mission by July 4, 2026, coinciding with the 250th anniversary of American independence.



See Also: <a href="https://www.benzinga.com/trading-ideas/movers/24/11/41870678/bitcoin-taps-81k-ethereum-dogecoin-extend-rally-over-weekend-legendary-trader-projects-apex-crypto-to-hit-125k-by-new-year?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Taps $81K, Ethereum, Dogecoin Extend Rally Over Weekend: Legendary Trader Projects Apex Crypto To</a>



Trump expressed his confidence in Musk and Ramaswamy, stating, "Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy." The department will work closely with the White House and the Office of Management &amp; Budget to implement structural reforms.



Musk, who shared the news on X (formerly Twitter), commented that the changes would "send shockwaves through the system." Interestingly, the department&#8217;s acronym, DOGE, shares its name with the cryptocurrency Dogecoin, which Musk has previously supported.



Why It Matters: The appointment of Elon Musk to Trump&#8217;s cabinet comes at a time when the future of the electric vehicle (EV) industry is under scrutiny. Following Trump&#8217;s election as the<a href="https://www.benzinga.com/markets/24/11/41809183/what-does-trumps-victory-mean-for-ev-giant-tesla-and-the-big-3-automakers"> 47th U.S. president,</a> there is uncertainty regarding policy changes that could impact EV makers, including Tesla. 



Analyst Dan Ives of Wedbush Securities views Trump&#8217;s victory as a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi">significant positive for Tesla</a>, suggesting it could lead to substantial gains for the company. However, after the announcement, Ives highlighted that since it is <a href="https://www.benzinga.com/government/regulations/24/11/41931503/trump-forms-doge-with-elon-musk-and-vivek-ramaswamy-at-the-helm-will-it-impact-tesla-ceos-role-at-the-ev-giant-and-spacex">not an official cabinet</a> or U.S. government position yet, &#8221; there will be NO changes to Musk's CEO roles with Tesla and SpaceX importantly from the Street's perspective."



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41927985/bitcoin-ethereum-consolidate-dogecoin-surges-as-election-rally-takes-a-breather-analyst-says-pullback-typical-for-healthy-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Consolidate, Dogecoin Surges As Election Rally Takes A Breather: Analyst Says Pullback &#8216;Typical&#8217; For Healthy Market</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

Pre-Market Outlook

Tesla Shares Rise In Pre-Market Wednesday After Cooling Down In Previous Session: What's Going On? (CORRECTED)

U.S. stocks could open on a negative note on Wednesday after the <a href="https://www.benzinga.com/news/earnings/24/11/41892574/dow-settles-above-44000-for-the-first-time-as-tesla-continues-to-surge-after-trump-win-investor-sen">averages scaled record highs last week</a>. Futures of all three major indices were slightly down as investors await the crucial Consumer Price Index (CPI) print scheduled to be released on Wednesday.



Nasdaq, S&amp;P 500, and Dow Jones surged over 4% last week after the GOP sweep and the Federal Reserve delivered a widely expected 25 basis point rate cut.



However, after Dow Jones scaled a record 44,000 to kick off the week on a positive note, the markets have witnessed a slight pullback due to profit booking and caution among investors.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.14%</td></tr><tr><td>S&amp;P 500</td><td>-0.13%</td></tr><tr><td>Dow Jones</td><td>-0.11%</td></tr><tr><td>R2K</td><td>-0.08%</td></tr></tbody></table></figure>



In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.11% to $596.25 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.12% to $512.30, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



The S&amp;P 500 and Nasdaq both snapped their five-session winning streak on Tuesday, edging lower as investors took a breather.



Crude oil prices remained under the $70 mark but edged up due to near-term supply tightness.



Treasury yields eased a little as investors await inflation data.



On the economic data front, U.S. consumer inflation expectations for the year ahead eased to 2.9% in October compared to 3% in each of the prior four months.



The RealClearMarkets/TIPP Economic Optimism Index rose 13.4% in November to a reading of 53.2, recording the highest reading in over three years.



Most sectors on the S&amp;P 500 closed on a negative note, with materials, health care, and real estate stocks recording the biggest losses on Tuesday.



However, information technology and communication services stocks bucked the overall market trend, closing the session higher.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.09%</td><td>19,281.40</td></tr><tr><td>S&amp;P 500</td><td>-0.29%</td><td>5,983.99</td></tr><tr><td>Dow Jones</td><td>-0.86%</td><td>43,910.98</td></tr><tr><td>Russell 2000</td><td>-1.77%</td><td>2,391.85</td></tr></tbody></table></figure>



Insights From Analysts:



Ryan Detrick, chief market strategist at Carson Group, thinks that the Fed has enough room to cut interest rates further without worrying about a surge in inflation. According to him, the "strong productivity" will help keep inflation capped.



"As long as productivity remains strong (like we think it should) the path is there for the Fed to continue to cut interest rates and not worry about inflation soaring back."



However, analysts at BlackRock Investment Institute <a href="https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary">expressed</a> caution on inflation.



"We focus on U.S. CPI to see if inflation will keep falling toward the Fed's 2% target. Short-term inflation has been decreasing, with immigration boosting the labor supply and cooling wage growth. However, recent services PCE data remains sticky, indicating that inflation may settle above 2% in the medium term."



Over the longer term, though, an aging population could maintain a persistent upward pressure on inflation, the firm said.



Wells Fargo's lead economist Jay Bryson echoed similar sentiments, saying, "The October CPI report will likely support the notion that the last mile of inflation&#8217;s journey back to target will be the hardest."



WisdomTree and Wharton School economist&nbsp;Jeremy Siegel continued to stress that the equity markets have enough gas in them to continue the ongoing bull run.



"The ‘bull market' sentiment remains intact, though valuations remain a watch point," he said, adding that the expectations of "lighter regulations" from President-elect Donald Trump's administration would benefit equities.



"The bull market in stocks looks set to continue, while bonds face a rougher road," Siegel said but noted that the gains that equity investors have been seeing this year are unlikely to repeat in 2025.



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



Upcoming Economic Data



Wednesday's economic calendar includes the release of inflation print.



<ul>
<li>The Consumer Price Index (CPI) will be released at 8:30 a.m. ET.</li>



<li>New York Fed President John Williams will speak at 9:30 a.m. ET.</li>



<li>Dallas Fed President Lorie Logan will speak at 9:45 a.m. ET.</li>



<li>The monthly U.S. federal budget will be released at 2 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares surged nearly 13% in premarket trading on Wednesday after the company <a href="https://www.benzinga.com/news/contracts/24/11/41924462/rivian-stock-races-higher-after-the-bell-whats-going-on">announced the launch of its joint venture</a> with the Volkswagen Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>), with the deal value rising from $5 billion to $5.8 billion.</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares <a href="https://www.benzinga.com/markets/equities/24/11/41933025/tesla-shares-rise-in-pre-market-tuesday-after-cooling-down-in-previous-session-whats-going-on">rose over 2.5% in premarket trading</a> on Wednesday, after CEO Elon Musk was <a href="https://www.benzinga.com/government/regulations/24/11/41931503/trump-forms-doge-with-elon-musk-and-vivek-ramaswamy-at-the-helm-will-it-impact-tesla-ceos-role-at-the-ev-giant-and-spacex">appointed</a> to the Department of Government Efficiency, or DOGE, along with Vivek Ramaswamy.</li>



<li>Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) stock <a href="https://www.benzinga.com/news/earnings/24/11/41932146/spirit-airlines-nears-bankruptcy-creditors-may-approve-equity-cancellation-heres-what-it-means-for-investors-as-shares-fall-with-a-thud">fell over 65% in premarket trading</a> after the company inched closer to bankruptcy and failed to file its September quarter earnings.</li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) shares continued to surge after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) inched closer to $90,000.</li>



<li>Investors are awaiting earnings results from CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), and Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by 0.81% to hover around $68.67 per barrel.



The 10-year Treasury note yield eased slightly to 4.418%.



Most of the major Asian markets ended in the red on Wednesday, but European markets were in the green in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41916359/bitcoin-is-the-decentralized-king-says-anthony-pompliano-whose-100000-price-prediction-is-close-to-coming-true">Bitcoin Is The &#8216;Decentralized King,&#8217; Says Anthony Pompliano, Whose $100,000 Price Prediction Is Close To Coming True</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

CSCO

HOOD

MSTR

S&P 500, Dow Futures Dip As Investors Brace For Key Inflation Data: Expert Says 'Strong Productivity' Will Cap Inflation Despite Fed's Rate Cuts

On Tuesday, November 12, U.S. markets ended lower as investors took profits after a post-election rally, anticipating upcoming inflation data. Worries over Trump&#8217;s inflationary policies, rising Treasury yields, and weak European markets intensified the decline.



According to economic data, U.S. consumer inflation expectations eased to 2.9% in October, down from 3% in the prior four months. The RealClearMarkets/TIPP Economic Optimism Index jumped 13.4% in November to 53.2.



Most S&amp;P 500 sectors declined, led by materials, health care, and real estate, while tech and communication services rose against the trend.



The Dow Jones Industrial Average was down 0.86% and closed at 43,910.98, the S&amp;P 500 fell 0.29% to 5,984.00, and the Nasdaq Composite declined 0.09% to finish at 19,281.40.



Asia Markets Today



<ul>
<li>On Wednesday, Japan&#8217;s Nikkei 225 declined 1.55% and ended the session at 38,740.50, led by losses in the Transportation Equipment, Shipbuilding, and Trading sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 fell 0.75% and ended the day at 8,193.40, led by losses in the Metals &amp; Mining, Financials and Industrials sectors.</li>



<li>India&#8217;s Nifty 50 traded lower by 1.36% at 23,559.05, and the Nifty 500 was down 1.67% at 21,957.50, led by losses in the Real Estate, Capital Goods and Metals sectors.</li>



<li>China&#8217;s Shanghai Composite rose 0.51% to close at 3,439.28, and the Shenzhen CSI 300 rose 0.61%, finishing the day at 4,110.89.</li>



<li>Hong Kong&#8217;s Hang Seng slipped 0.12% and closed the session at 19,823.45.</li>
</ul>



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 index was up 0.08%.</li>



<li>Germany&#8217;s DAX gained0.12%.</li>



<li>France&#8217;s CAC rose0.10%.</li>



<li>U.K.'sU.K.&#8217;s FTSE 100 index traded higher by 0.12%.</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.88% at $68.70/bbl, and Brent was up 0.82% at $72.48/bbl.</li>



<li>Oil prices rose due to supply tightness but remained near two-week lows after OPEC cut its demand forecasts for 2024 and 2025, citing weakness in China.</li>



<li>Natural Gas declined 1.17% to $2.873.</li>



<li>Gold was trading higher by 0.33% at $2,615.40, Silver gained 0.92% to $31.040, and Copper slipped 0.07% to $4.1338.</li>
</ul>



U.S. Futures at 05:30 AM ET



Dow futures decreased 0.12%, S&amp;P 500 futures were down 0.15%, and Nasdaq 100 futures fell 0.15%.



Forex at 05:30 AM ET



The U.S. dollar index is up 0.02% to 105.97, the USD/JPY rose 0.22% to 154.94, and the USD/AUD rose 0.10% to 1.5321.



Image via Shutterstock

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