With Republicans taking control of Congress, Wall Street is buzzing about a potential boom in mergers and acquisitions (M&amp;A) under the upcoming<a href="https://www.benzinga.com/topic/donald-trump"> Trump administration.</a>



Bank of America analysts see brighter days ahead for deal-making, anticipating that Trump could remove Federal Trade Commission Chair Lina Khan, whose aggressive antitrust stance has been a major roadblock for M&amp;A activity across sectors.



Combined with favorable macro factors and investor demand for capex and M&amp;A over debt paydown, there are plenty of reasons to believe that 2025 and beyond could see significant deal activity.



<h3 class="wp-block-heading">Banks And Biotech: Two Key Sectors To Watch</h3>



Analysts at Bank of America's U.S. banks team are particularly bullish about the M&amp;A prospects for financials, which have historically enjoyed more than 50% higher deal activity under Republican administrations than Democratic ones. With regulatory scrutiny expected to loosen, the landscape is ripe for a surge in bank deals.



Deal activity in biotech has already started picking up, especially in smaller acquisitions. Big Pharma faces mounting pressure to offset patent expirations, so it&#8217;s hunting for acquisition targets to replenish its drug pipelines. Lower rates and potential deregulation could further fuel biotech M&amp;A as we head into 2025.



"The election results could lead to a less restrictive regulatory environment, which may open the door for more bank mergers and acquisitions,&#8221; Jill Carey Hall, CFA, a Bank of America analyst, said. 



<h3 class="wp-block-heading">Macro Factors: Green And Yellow Lights for M&amp;A</h3>



Several macroeconomic factors support a cyclical pick-up in M&amp;A activity. 



Strong equity market returns, cheap small-cap valuations relative to large caps and tight credit spreads all suggest a favorable environment for deal-making.



Not all signals are flashing green. Slowing GDP growth, rate uncertainty and high volatility could throw some caution flags. Long-term growth expectations for small caps, though improved, still remain below average.



Bank of America's credit strategists predict that 2025 could be a better year for M&amp;A activity as rate cuts begin to materialize and volatility subsides. 



"Sponsors are sitting on a pile of uncalled capital, and there's a real incentive to deploy it in a friendlier economic environment," Hall said.



<h3 class="wp-block-heading">Who Stands To Gain: Small-Cap Targets, Large-Cap Acquirers</h3>



With large deals on the decline, smaller targets have become the prime candidates for takeovers. 



Aggregate deal value has been falling in recent years as mega-cap deals have dried up and smaller, more manageable transactions have become the norm.



This trend has paid off for both sides: small-cap targets have outperformed post-announcement and large-cap acquirers have seen record one-day gains in 2023 despite paying higher deal premiums.



This pattern suggests that investors are rewarding companies that buy growth, especially in today's uncertain economic landscape.



<h3 class="wp-block-heading">10 Potential M&amp;A Candidates Among Large Caps</h3>



Bank of America's latest screening of potential M&amp;A candidates includes high-growth, undervalued names, each with distinct value propositions that may appeal to suitors looking for long-term growth.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Company</th><th>Sector</th><th>Market Cap ($M)</th><th>Free Cash Flows-to-Enterprise Value (%)</th><th>Long-Term Growth Expectations (%)</th></tr></thead><tbody><tr><td>Universal Health Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UHS#NYSE">UHS</a>)</td><td>Health Care</td><td>13,932</td><td>4.4</td><td>25.3</td></tr><tr><td>Ralph Lauren Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>)</td><td>Consumer Disc.</td><td>12,473</td><td>5.99</td><td>10.5</td></tr><tr><td>Paramount Global (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NYSE">PARA</a>)</td><td>Comm. Services</td><td>7,250</td><td>3.4</td><td>46.4</td></tr><tr><td>Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>)</td><td>Technology</td><td>14,480</td><td>6.39</td><td>12.7</td></tr><tr><td>Hasbro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>)</td><td>Consumer Disc.</td><td>9,215</td><td>3.6</td><td>27.5</td></tr><tr><td>F5 Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>)</td><td>Technology</td><td>13,431</td><td>6.39</td><td>9.9</td></tr><tr><td>DaVita Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>) </td><td>Health Care</td><td>11,976</td><td>5.39</td><td>15.4</td></tr><tr><td>BorgWarner Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BWA#NYSE">BWA</a>)</td><td>Consumer Disc.</td><td>7,316</td><td>6.5</td><td>12.0</td></tr><tr><td>Aptiv plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APTV#NYSE">APTV</a>)</td><td>Consumer Disc.</td><td>13,143</td><td>4.4</td><td>23.7</td></tr><tr><td>A. O. Smith Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AOS#NYSE">AOS</a>)</td><td>Industrials</td><td>10,895</td><td>2.3</td><td>10.0</td></tr></tbody></table></figure>



Read Next:



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<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>
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Photo by Capri23auto from Pixabay

Analyst Color

Large Cap

Politics

Small Cap

Federal Reserve

Markets

APTV

FFIV

PARA

Golden Years For M&A Deals Ahead Under Trump? Analysts Highlight Top 10 Large-Cap Candidates

Ray Dalio's Bridgewater Associates recently trimmed its Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) stake by 20% in the third quarter 2024, marking a notable reduction in a stock long considered <a href="https://www.benzinga.com/quote/MSFT/news">a tech stalwart</a>.



But Dalio isn't the only prominent investor easing back; Cathie Wood's Ark Invest also trimmed its position in Microsoft, sparking speculation on the future role of Big Tech in high-profile portfolios.



<h3 class="wp-block-heading">Bridgewater's Q3 Picks</h3>



Bridgewater, managing over $17.7 billion, cut its Microsoft stock holding by 220,169 shares, reducing the stock's portfolio weight from 2.54% to 2.12%, according to a Wednesday SEC filing. This shift came as Dalio's fund focused on other assets, with its top buys leaning heavily toward core index holdings, like the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>), and major players in energy and semiconductor sectors, like Constellation Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>) and Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>).



The pivot suggests Bridgewater may be rebalancing in favor of sectors with defensive and growth-oriented plays, possibly seeking stability amid a fluctuating economic environment.



Read Also: <a href="https://www.benzinga.com/news/24/10/41594398/bill-gates-climate-innovation-model-wins-praise-from-ray-dalio-klaus-schwab-but-say-1-trillion-annua">Bill Gates&#8217; Climate Innovation Model Wins Praise From Ray Dalio, Klaus Schwab, But Say $1 Trillion Annual Funding Globally Is Not Enough</a>



<h3 class="wp-block-heading">Ark Invest's Microsoft Cutback: A Nod to Innovation Over Stability?</h3>



Wood's Ark Invest, known for its aggressive focus on innovation, also pared down its Microsoft stock holding, reducing its position by 11.05% in the third quarter.



Unlike Bridgewater, however, Ark's top buys this quarter were technology and biotech names like Tempus AI Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>), Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and 10X Genomics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>).



The moves highlight Ark's continued commitment to emerging technology and health care, emphasizing disruptive companies over Big Tech mainstays.



<h3 class="wp-block-heading">Broader Implications For Big Tech In Institutional Portfolios</h3>



As both Dalio and Wood adjust their positions, the moves reflect distinct investment philosophies but raise questions about Big Tech's evolving appeal. 



While Bridgewater seems to prioritize diversification and resilience, Ark's lean toward innovation shows a preference for companies positioned to drive future trends rather than rely on established giants. 



This mixed approach underscores the evolving role of Big Tech in dynamic portfolios amid a rapidly shifting economic and innovation landscape.



Read Next: 



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<li><a href="https://www.benzinga.com/news/global/24/11/41939983/microsoft-president-warns-beijings-tech-progress-is-catching-up-with-the-west-people-who-dont-go-to-china-too-often-assume-theyre-behind">Microsoft President Warns Beijing&#8217;s Tech Progress Is Catching Up With The West: &#8216;People Who Don&#8217;t Go To China Too Often Assume They&#8217;re Behind&#8217;</a></li>
</ul>



Image: Shutterstock

Hedge Funds

Tech

AVGO

MSFT

Ray Dalio's Bridgewater Cuts Stake In Microsoft Stock By 20% – Is Big Tech Losing Its Shine?

Wynn Resorts Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) shares are trading higher Thursday after billionaire Tilman Fertitta disclosed a 9.9% passive stake <a href="https://www.benzinga.com/quote/WYNN">in the company</a>.



What Happened: Fertitta, CEO of Landry&#8217;s and owner of the Houston Rockets, filed an amended 13-G with the U.S. Securities and Exchange Commission late Wednesday, showing the billionaire increased his stake in the casino and resorts company from 6.2% to 9.9%. 



Fertitta <a href="https://www.benzinga.com/real-estate/22/12/29952022/what-real-estate-themes-are-billionaires-investing-in-heres-two">revealed in late 2022</a> that he had acquired more than a 6% stake in Wynn Resorts. 



CNBC&#8217;s David Faber reported Thursday morning that Fertitta&#8217;s increased stake in the company is &#8220;likely not going to be passive for long.&#8221;



Check This Out: <a href="https://www.benzinga.com/tech/24/11/41973572/ray-dalios-bridgewater-cuts-stake-in-microsoft-stock-by-20-is-big-tech-losing-its-shine">Ray Dalio&#8217;s Bridgewater Cuts Stake In Microsoft Stock By 20% – Is Big Tech Losing Its Shine?</a>



Wynn Resorts reported <a href="https://www.benzinga.com/news/earnings/24/11/41749371/wynn-resorts-q3-performance-misses-expectations-amid-strategic-investments">third-quarter financial results</a> at the beginning of the month. The company missed estimates on the top and bottom lines as Las Vegas operations slowed. 



Wynn ended the quarter with $2.41 billion in cash and cash equivalents, and $11.79 billion in outstanding debt.



WYNN Price Action: <a href="http://benzinga.com/quote/wynn">Wynn Resorts shares</a> were up 8.56% at $93.14 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. With Thursday&#8217;s gains, Wynn shares have now turned positive for the year.



Photo: Shutterstock.

News

Movers

WYNN

Wynn Resorts Stock Surges As Tilman Fertitta Increases Stake

Walt Disney Co&nbsp;(NYSE: DIS)&nbsp;reported fiscal fourth-quarter&nbsp;2024 revenue growth of 6% year-on-year to $22.57 billion, marginally beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41967035/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024" rel="noreferrer noopener">analyst consensus of $22.35 billion</a>. Adjusted EPS of $1.14 beat the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of $1.10</a>.



Disney ended the quarter with 174 million Disney+ Core and Hulu subscriptions and over 120 million Disney+ Core paid subscribers, an increase of 4.4 million over the prior quarter.



DIS stock soared after the earnings report. CEO Robert A. Iger said, "In Q4 we saw one of the best quarters in the history of our film studio."



Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/11/41720954/disney-creates-new-tech-hub-for-ai-and-ar" rel="noreferrer noopener">Disney Creates New Tech Hub For AI and AR</a>



Segments: Entertainment revenue (which encompasses traditional TV networks, direct-to-consumer streaming, and films) increased by 14% year over year to $10.83 billion.



Sports revenue (mostly comprised of ESPN) remained flat year over year at $3.91 billion.



Experiences revenue (including Disney's theme parks as well as consumer products) climbed 1% year over year to $8.24 billion.



In the Entertainment segment, Linear Networks revenue declined by 6% year over year to $2.46 billion, Direct-to-Consumer revenue climbed 15% year over year to $5.78 billion, and Content Sales/Licensing and Other revenue grew by 39% year over year to $2.59 billion.



The combined DTC streaming businesses improved their profitability with an operating income of $321 million on revenue of $6.3 billion (up by 13% year over year).



Pixar's&nbsp;Inside Out 2&nbsp;and Marvel's&nbsp;Deadpool &amp; Wolverine&nbsp;helped drive $316 million in operating income at Content Sales/Licensing and Other in the quarter.



The average revenue per user for domestic Disney+ customers dropped from $7.74 to $7.70 due to a higher mix of customers on its cheaper, ad-supported tier.&nbsp;



The traditional TV networks business continued to decline as consumers dumped TV bundles behind for streaming.



The consolidated operating income grew 23% year over year to $3.66 billion, led by the Entertainment segment's $1.07 billion, the Sports segment's $929 million, and the Experiences segment's $1.66 billion.



Disney generated a fourth-quarter operating cash flow of $5.52 billion (up 15% Y/Y) and a free cash flow of $4.03 billion (up 18% Y/Y).



Outlook:&nbsp;For fiscal 2025, Disney expects to achieve high-single-digit growth in adjusted earnings per share (EPS) compared to 2024 versus a consensus of $4.93.



The company aims to generate around $15 billion in operating cash flow and plans capital expenditures of approximately $8 billion. Dividend increases will align with earnings growth, and Disney targets $3 billion in stock buybacks.



For fiscal 2026, Disney forecasts double-digit growth in adjusted EPS (versus consensus of $5.17) and operating cash flow.



For fiscal 2027, Disney expects to continue its double-digit growth trajectory in adjusted EPS.



Disney J/V: Reliance Industries Limited (RIL), Viacom 18 Media Private Limited, and Disney have finalized the merger of Viacom18's media assets and JioCinema with Star India Private Limited, following approvals from the relevant regulatory bodies.



RIL has invested ₹11,500 crore (about $1.4 billion) in the joint venture to drive its expansion.



The JV is valued at ₹70,352 crore (approximately $8.5 billion) post-money, excluding any anticipated synergies. Ownership is structured with RIL holding 16.34%, Viacom18 owning 46.82%, and Disney holding 36.84%.



The combined entity integrates top brands like ‘Star' and ‘Colors' on television, along with digital platforms ‘JioCinema' and ‘Hotstar,' creating a diverse offering across entertainment and sports for audiences in India and globally.



Iger stated the strategic value of joining forces with Reliance to strengthen Disney's footprint in India and enhance its content portfolio across entertainment, sports, and digital services.



Management Transition: Disney has broadened its search for a new CEO to replace Bob Iger, as the board, led by incoming Chair James Gorman, considers external candidates to ensure a stable succession process.



This expansion moves beyond internal candidates, with <a target="_blank" href="https://www.benzinga.com/news/management/24/11/41917113/who-will-succeed-disney-ceo-bog-iger" rel="noreferrer noopener">potential contenders like</a> Andrew Wilson, CEO of Electronic Arts Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>), in the mix.



Disney has enlisted executive search firm Heidrick &amp; Struggles to evaluate external options, identifying at least two additional candidates. Gorman, who will assume the Chair role in January, is pushing for a comprehensive review to find the best successor, with a decision expected by early 2026.



Price Actions: DIS stock is up 9.08% at $112.05 premarket at&nbsp;the last check on Thursday.



Image via Shutterstock

Earnings

Guidance

Disney Q4 Earnings: Revenue And Profit Beat, Best Film Studio Performance, 3-Year Outlook And More

Tapestry, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPR#NYSE">TPR</a>) shares are trading higher premarket on Thursday after the company disclosed that it has reached an agreement with Capri Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPRI#NYSE">CPRI</a>)<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41967093/tapestry-inc-announces-termination-of-merger-agreement-with-capri-holdings-limited" rel="noreferrer noopener"> to terminate their merger agreement</a>.



The companies mutually agreed to terminate their merger agreement, citing uncertainty in the legal process and the likelihood that it would not be resolved by the February 10, 2025 outside date.



Following the termination of the merger agreement, Tapestry will redeem $6.1 billion in senior notes tied to the acquisition, paying 101% of their principal amount plus accrued interest, as per the Special Mandatory Redemption clause.



There is no break fee. Tapestry will also reimburse Capri $45 million for transaction-related expenses.



Recently, a judge blocked the acquisition by Tapestry, which the <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41550527/why-capri-holdings-stock-is-falling-today" rel="noreferrer noopener">companies planned to appeal the ruling</a>.



In April, the Federal Trade Commission filed a lawsuit&nbsp;aiming&nbsp;to halt&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38382351/ftc-files-lawsuit-to-block-8-5b-merger-of-coach-and-versace-handbag-makers" rel="noreferrer noopener">Tapestry&#8217;s $8.5 billion purchase of Capri Holdings.&nbsp;</a>



Buyback: Tapestry&#8217;s Board of Directors approved a $2 billion share repurchase program, to be funded through a mix of cash on hand and future debt issuance.



This, along with the remaining $800 million from the prior authorization, provides $2.8 billion for repurchases in fiscal 2025 and beyond.



To fund its share repurchase program, Tapestry plans to issue debt while keeping its long-term leverage target below 2.5x gross debt to adjusted EBITDA.



Dividend: Tapestry plans to maintain its annual dividend of $1.40 per share and aims to grow dividends in line with earnings, targeting a payout ratio of 35% to 40%.



<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">FY25 Outlook Reaffirmed</a>: Tapestry reiterated guidance for revenue at over $6.75 billion (vs. consensus of $6.76 billion) and EPS of $4.50 to $4.55.



The company will update its outlook at its next earnings <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">announcement on February 6, 2025</a>.



Meanwhile, Capri Holdings, the fashion luxury group consisting of brands Versace, Jimmy Choo and Michael Kors, also announced its strategies to return to growth, which its management will discuss on a call today. The company will share more details of its strategies at an Investor Day in late February 2025. Capri expects Michael Kors store fleet to be <a href="https://www.benzinga.com//node/41967095">reduced to approximately 650 stores over time.</a>



Investors can gain exposure to the TPR stock via KraneShares Trust KraneShares Global Luxury Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLXY#NYSE">KLXY</a>) and Invesco S&amp;P 500 Equal Weight Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPD#NYSE">RSPD</a>).



Price Action: TPR shares are up 8.25% at $54.49, while CPRI is down 5.60% at $18.54 premarket at the last check Thursday.



Image via Pexels



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<li><a href="https://www.benzinga.com//node/41968621" target="_blank" rel="noreferrer noopener">Analysts Divided About Impact Of Elon Musk Co-Leading DOGE On Tesla Stock: Here&#8217;s What Bulls And Bears Have To Say</a></li>
</ul>

Equities

Dividends

Buybacks

CPRI

KLXY

RSPD

Tapestry And Capri Call Off $8.5B Deal Amid Legal Hurdles

Producer inflation in October came slightly higher than anticipated Thursday, casting doubts on whether the U.S. economy's broader disinflationary trend will hold through <a href="https://www.benzinga.com/topic/inflation">the year&#8217;s final quarter.</a>



Compared to October 2023, the Producer Price Index (PPI) surged to 2.4% last month, up from upwardly revised 1.9% and surpassing projections of 2.3% as tracked by TradingEconomics data. It marks the first increase in the annual PPI inflation rate after three straight months of declines. 



On a monthly basis, the PPI for final demand increased by 0.2%, accelerating the previous 0.1% reading and matching economic estimates of 0.2%. 



When excluding energy and food items, core PPI was up by 0.3% from a month earlier, accelerating from the previous 0.2% but matching estimates. On an annual basis, core PPI surged from 2.8% to 3.1%, topping expectations of 3%, marking the third straight month of gains. 



&#8220;Over one-third of the rise in the index for final demand services can be traced to prices for portfolio management, which advanced 3.6%,&#8221; the Bureau of Labor Statistics said. 



On Wednesday, consumer inflation data also showed an increase in October, matching expectations. 



Prior to Thursday&#8217;s PPI report, traders assigned a 79% of chance on a 25-basis-point rate cut in December.



<h3 class="wp-block-heading">Jobless Claims Below Expectations</h3>



Concurrently, unemployment claims rose by 217,000 in the week ending Nov. 9, down from the previous 221,000 and below estimates of 223,000.



Continuing claims fell to 1.873 million, down from 1.892 million and below the predicted 1.88 million.



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



Interest rate futures showed no major reactions following Thursday&#8217;s data releases, with speculators assigning a 77% chance of a 0.25% cut in December, as per CME FedWatch Tool. 



The higher-than-expected PPI report pushed Treasury yields slightly higher, with the 10-year yield reaching 4.48%. 



The dollar continued to hammer all other currencies, with the U.S. Dollar Index (DXY) – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – strengthening to levels last seen in October 2023. The greenback is also on track for a fifth straight session of gains. 



U.S. equity futures were mostly flat at 8:50 a.m. in New York. 



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41955977/trump-ignites-investor-optimism-for-growth-small-caps-us-dollar-bank-of-america-survey">Trump Ignites Investor Optimism For Growth, Small Caps, US Dollar: Bank Of America Survey</a></li>
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Photo via Shutterstock.

Macro Economic Events

Econ #s

Economics

Producer Inflation Rises More Than Expected In October: Should Traders Rethink Interest Rate Cut Path?

U.S. stocks could open on a tentative note on Thursday after the averages scaled record highs last week. Futures of all three major indices were slightly up as investors processed the crucial Consumer Price Index (CPI) data released on Wednesday.



After scaling a peak of 44,000 on Monday, Dow Jones and other major indices witnessed a minor pullback as investors maintained a cautious stance and booked profits.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.08%</td></tr><tr><td>S&amp;P 500</td><td>0.10%</td></tr><tr><td>Dow Jones</td><td>0.13%</td></tr><tr><td>R2K</td><td>0.74%</td></tr></tbody></table></figure>



In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up by 0.09% to $597.70 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.04% to $512.46, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



U.S. stocks ended Wednesday on a mixed note, with the Dow Jones and S&amp;P 500 closing the day in green, while the tech-heavy Nasdaq registered a decline.



Crude oil prices remained under the $70 mark but continued to edge up due to concerns about strained supply.



Treasury yields edged up again as investors wait for Federal Reserve chair Jerome Powell's speech on the economic outlook.



On the economic data front, the U.S. annual inflation rate rose to 2.6% in October from 2.4% in the previous month, which is in line with market estimates. The CPI rose 0.2% month-over-month in October.



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



However, information technology and communication services 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>-0.26%</td><td>19,230.73</td></tr><tr><td>S&amp;P 500</td><td>0.02%</td><td>5,985.38</td></tr><tr><td>Dow Jones</td><td>0.11%</td><td>43,958.19</td></tr><tr><td>Russell 2000</td><td>-0.94%</td><td>2,369.37</td></tr></tbody></table></figure>



Insights From Analysts:



Jeremy Schwartz, chief investment officer at WisdomTree, said that the CPI data was "even better than reported."



To explain this, he used more real-time data to note that the headline inflation fell from 2.6% to 1.3%.



"The Fed should continue recalibrating to neutral," said Schwartz.



<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">CPI news even better than reported! Using more real time metrics for shelter, headline inflation drops from 2.6% to 1.3% Core inflation drops from 3.3% to 1.76% Official BLS shelter 4.9% vs our Estimate of 1.3% The Fed should continue recalibrating to neutral! <a href="https://t.co/mexinRva6Z">pic.twitter.com/mexinRva6Z</a>&mdash; Jeremy Schwartz (@JeremyDSchwartz) <a href="https://twitter.com/JeremyDSchwartz/status/1856693738224955479?ref_src=twsrc%5Etfw">November 13, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



CME Group's FedWatch tool <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">reflected</a> this positive sentiment for another rate cut next month, with its probability rising from 60% to 70%.



Sonu Varghese, Vice President at Carson Group, downplayed fears of a rebound in inflation, stating that there are "disinflationary trends" that will "likely keep a lid" on a rise in prices.



On the other hand, 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."



On the equity front, though, Varghese expressed a bullish outlook.



"Overall, economic strengths clearly outweigh areas of weakness, and the opportunities likely have a higher probability of coming to fruition than the threats. The balance favors continued strength for equities, which is why we're maintaining our overweight to stocks, especially US stocks."



WisdomTree and Wharton School economist&nbsp;Jeremy Siegel echoed similar sentiments.



"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.



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



Upcoming Economic Data



Thursday's economic calendar includes the release of additional inflation-related data.



<ul>
<li>Federal Reserve Gov. Adriana Kugler will speak at 7 a.m. ET.</li>



<li>Initial jobless claims data and Purchasing Power Index (PPI) will be released at 8:30 a.m. ET.</li>



<li>Federal Reserve Chair Jerome Powell will speak at 3 p.m. ET.</li>



<li>New York Fed President John Williams will speak at 4:15 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares fell over 9% in premarket trading on Thursday after the company said it needs more time to file its quarterly report.</li>



<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) shares gained 3% in premarket trading after the company maintained its 2030 targets.</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>) crossed the $90,000 mark.</li>



<li>Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) shares fell over 4% after the company reported a fall in earnings on a year-on-year basis.</li>



<li>JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) shares fell over 4% after the company missed analyst expectations.</li>



<li>Investors are awaiting earnings results from The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Advance Auto Parts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>), and Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by 0.42% to hover around $68.72 per barrel.



The 10-year Treasury note yield edged up about to 4.457%.



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



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41964178/jim-cramer-says-these-10-frothy-stocks-are-up-over-200-ytd-including-rocket-lab-palantir-and-carvana-heres-what-he-suggests-investors-can-do-for-terrific-long-term-returns">Jim Cramer Says These 10 &#8216;Frothy&#8217; Stocks Are Up Over 200% YTD, Including Rocket Lab, Palantir, And Carvana</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Pre-Market Outlook

Trading Ideas

$BTC

AMAT

ASML

CSCO

HOOD

MSTR

SMCI

US Futures Marginally Up As Investors Process Inflation Data Ahead Of Jerome Powell's Speech On Economy: Expert Says Fed Should 'Continue Recalibrating To Neutral' On Softer Inflation

Bitcoin continued to make records as supportive inflation numbers raised the market's expectations of further interest rate cuts by the Federal Reserve.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+1.79%</td><td>$89,874.80</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>-2.11%</td><td>$3,190.24</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>+1.10%</td><td>$0.3925</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency sailed above $93,000 during U.S. trading hours Wednesday, before a sharp correction into the $89,000 zone.



Bitcoin's dominance rose to 60%, reflecting that investors were far more confident in it than other cryptocurrencies.



Ethereum also rallied to an intraday high of $3,366, later cooling down to $3,190, as investors began cashing out.



Nearly $850 million in derivatives contracts was erased in the last 24 hours, with leveraged longs accounting for 61% of the total.



Bitcoin's Open Interest (OI) rose 2.30% in the last 24 hours, signaling higher speculative interest.&nbsp;



Most top trader accounts on Binance were still positioned for Bitcoin's decline, as seen from the Long/Short Ratio indicator.



The "Extreme Greed" sentiment strengthened as the reading on the Cryptocurrency Fear and Greed Index rose from 84 to 88.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Peanut the Squirrel (PNUT)</td><td>+443.42%</td><td>$2.32</td></tr><tr><td>Pepe (PEPE)</td><td>+46.86%</td><td>$0.00002171</td></tr><tr><td>Floki (FLOKI)</td><td>+30.28%</td><td>$0.0000024</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.98 trillion, following an increase of 1.32% in the last 24 hours.



Stocks ticked slightly higher on Wednesday. The Dow Jones Industrial Average rose 47.21 points, or 0.11%, to close at 43,958.19. The S&amp;P 500 gained 0.02% to end at 5,985.38. The tech-heavy Nasdaq Composite registered the second straight day of decline, closing down 0.26% at 19,230.72.



Consumer Price Index (CPI) rose from 2.4% in September to 2.6% in October, <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">in line with economist predictions</a>. Investors raised the odds of a 25 basis-point cut at next month's FOMC meeting to 82% from 58% a day before, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">data </a>from the CME FedWatch tool showed.&nbsp;



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



Analyst Notes: In a note to Benzinga, Chris Kline, COO and Co-Founder of BitcoinIRA, said that Bitcoin was likely to witness heightened volatility on the road to $100,000.



"This is not an unexpected phenomenon, as the market often experiences corrections and fluctuations as it navigates uncharted territory," Kline added.



He also backed Bitcoin's appeal as a wealth preservation asset, predicting that it would catch up given the higher chance of another interest rate cut next month.



Influential cryptocurrency analyst Ali Martinez spotted a cup-and-handle pattern for Bitcoin, widely considered a bullish signal in technical analysis.



Martinez set a price target of $255,000 for the leading cryptocurrency.



<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>



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41959476/fbi-raids-polymarket-ceo-over-crypto-betting-platforms-us-activities-he-fires-back-in-the-face-of-adversity-we-build">FBI Raids Polymarket CEO Over Crypto Betting Platform&#8217;s US Activities — He Fires Back: &#8216;In The Face Of Adversity, We Build&#8217;</a></li>
</ul>

Cryptocurrency

$DOGE

$ETH

Bitcoin Flirts With $100K, Dogecoin Edges Higher, Ethereum Dips As CPI Numbers Fuel Rate Cut Hopes: Analyst Says BTC Could See Over 180% Upside Due To This Bullish Pattern

On Wednesday, November 13th, U.S. markets ended mixed. The Dow and S&amp;P 500 edged higher while the Nasdaq dipped. October CPI data met expectations, supporting bets on a December Fed rate cut. Core CPI rose 0.3%. Consumer discretionary stocks gained, driven by optimism over potential rate cuts.



According to economic data, the annual U.S. inflation rate increased to 2.6% in October, up from 2.4% in September, matching market expectations. The consumer price index (CPI) climbed 0.2% on a monthly basis in October.



Consumer discretionary, energy and real estate led S&amp;P 500 gains Wednesday, while tech and communication services stocks declined.



The Dow Jones Industrial Average was up 0.11% and closed at 43,958.19, the S&amp;P 500 rose 0.02% to 5,985.38, and the Nasdaq Composite declined 0.26% to finish at 19,230.72.



Asia Markets Today



<ul>
<li>On Thursday, Japan&#8217;s Nikkei 225 declined 0.61% and ended the session at 38,504.00, led by losses in the Precision Instruments, Automobiles &amp; Parts, and Power sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 rose 0.37% and ended the day at 8,224.00, led by gains in the IT, Financials and Consumer Discretionary sectors.</li>



<li>India&#8217;s Nifty 50 traded lower by 0.02% at 23,555.50, and Nifty 500 was up 0.30% at 21,981.65, led by losses in the Fast Moving Consumer Goods, Healthcare, and Public Sector Undertakings sectors.</li>



<li>China&#8217;s Shanghai Composite declined 1.73% to close at 3,379.84, and the Shenzhen CSI 300 fell 1.73%, finishing the day at 4,039.62.</li>



<li>Hong Kong&#8217;s Hang Seng slipped 1.96% and closed the session at 19,435.81.</li>
</ul>



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 index was up 1.27%.</li>



<li>Germany&#8217;s DAX gained 1.27%.</li>



<li>France&#8217;s CAC rose 0.86%.</li>



<li>U.K.&#8217;s FTSE 100 index traded higher by 0.20%.</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.18% at $68.55/bbl, and Brent was up 0.19% at $72.44/bbl.</li>



<li>Oil prices steadied as a strong U.S. dollar and rising U.S. Treasury yields pressured the market.</li>



<li>Natural Gas declined 1.24% to $2.946.</li>



<li>Gold was trading lower by 1.43% at $2,549.60, Silver declined 2.42% to $29.922, and Copper slipped 1.83% to $4.0088.</li>



<li>Gold fell to a two-month low as a stronger dollar and sticky U.S. inflation data weighed on prices. Copper hit a three-month low on weak Chinese stimulus and tariff concerns.</li>
</ul>



U.S. Futures at 05:30 AM ET



Dow futures increased 0.13%, S&amp;P 500 futures up 0.10% and Nasdaq 100 futures rose 0.08%.



Forex at 05:30 AM ET



<ul>
<li>The U.S. dollar index gained 0.52% to 107.03, the USD/JPY rose 0.45% to 156.16, and the USD/AUD rose 0.40% to 1.5481.</li>



<li>The U.S. dollar reached a one-year high, driven by inflation data and Trump&#8217;s election win. Yen neared intervention levels as USD/JPY surged.</li>
</ul>



Image Via Shutterstock

Asia

Emerging Markets

Eurozone

Commodities

Forex

ADIV

AGOV

ASHR

BBEU

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Dollar Hits One-Year High; China Falls, Gold Hits Two-Month Low - Global Markets Today While US Slept

On Wednesday, the Cathie Wood-led Ark Invest made substantial trades in Rocket Lab USA Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>), Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Archer Aviation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>).



The Rocket Lab USA Inc Trade



Ark Invest sold 479,628 shares in Rocket Lab USA. The trades were made through ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) and ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) and were valued at almost $9 million. On Wednesday, Rocket Lab shares shot up over 28% to $18.83.



This sale came after Rocket Lab reported better-than-expected financial results for the third quarter and announced a multi-launch agreement with a <a href="https://www.benzinga.com/news/contracts/24/11/41941068/rocket-lab-stock-is-blasting-off-wednesday-whats-going-on">confidential customer</a>. The company was also awarded a defense contract worth up to $8 million. Rocket Lab&#8217;s shares surged after it reported revenue of $104.81 million, beating the consensus estimate of $102.28 million. The company also reported a loss of 10 cents per share, which was less than the expected loss of 11 cents per share. Rocket Lab expects fourth-quarter revenue in the range of $125 million to $135 million and plans to end the year with more Electron launches. The company has already set an annual launch record with 12 Electron launches to date. 



The Amazon.com Trade



Ark Invest also purchased Amazon.com shares. Those transactions were made through ARKQ and ARKX and were valued at $956,812. On Wednesday, Amazon shares ended the day 2.48% higher at $214.10.



Amazon&#8217;s stock rose after the company launched an <a href="https://www.benzinga.com/news/global/24/11/41949051/whats-going-on-with-amazon-stock-wednesday-2">online storefront</a> called &#8220;Haul,&#8221; designed to compete with Temu. The storefront offers low-cost shopping, with products priced to compete with heavily discounted Chinese products from competitors like Temu and Shein. Chinese e-commerce platforms have built loyal user bases by offering steep discounts on merchandise. Amazon began talking with China-based sellers about offering a similar service earlier this year. 



The Archer Aviation Trade



Archer Aviation was another significant trade made by Ark Invest. The firm purchased 57,395 shares of the company for $245,650. The trades were made through ARKQ and ARKX. Archer Aviation shares closed Wednesday 8.15% lower at $4.28.



Archer Aviation, a frontrunner in the electric vertical takeoff and landing (eVTOL) aircraft sector, has seen its stock price soar after signing a <a href="https://www.benzinga.com/content/41897968/archer-aviation-taking-off-in-tokyo-and-beyond">major deal</a> with a Japanese aviation giant and reporting solid earnings for the third quarter of fiscal year 2024. Archer Aviation&#8217;s strategic alliance with Soracle, a joint venture between Japan Airlines (JAL) and Sumitomo Corporation, has electrified the eVTOL market. Soracle has obtained the right to purchase up to 100 of Archer&#8217;s Midnight aircraft, with a potential value reaching $500 million. This agreement marks a significant financial boost for Archer and a calculated entry into a market ripe for urban air mobility disruption. 



Importantly, Ark also purchased 55,770 shares of Joby Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>). Joby is also an eVTOL company. The transaction amounted to $329,043.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41931993/dogecoin-tumbles-despite-elon-musk-vivek-ramaswamys-doge-appointment-this-is-what-indicators-tell-about-its-next-moves?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Tumbles Despite Elon Musk, Vivek Ramaswamy&#8217;s &#8216;DOGE&#8217; Appointment: This Is What Indicators Tell About Its Next Moves</a>



Other Key Trades: 



<ul>
<li>Ark purchased 1,000 shares of Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) through ARKX. The transaction was valued at $139,300.</li>



<li>The Wood-led firm purchased shares of Iridium Communications Inc. (IRDM), L3Harris Technologies Inc. (LHX), and Schrodinger Inc. (SDGR).</li>



<li>Ark Sold shares of Repare Therapeutics Inc. (SNTI) and Adaptive Biotechnologies Corp. (ADPT) along with Exact Sciences Corp. (EXAS).</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41891682/dogecoin-bitcoin-returns-are-dazzling-but-first-neiro-on-ethereum-and-popcat-have-run-up-55000-and-20000-so-far-in-2024?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin, Bitcoin Returns Are Dazzling But First Neiro On Ethereum And Popcat Have Run Up 55000% and 20000% So Far In 2024</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>

ETFs

ACHR

AMZN

ARKQ

ARKX

JOBY

RKLB

Cathie Wood Cashes Out On Rocket Lab's 28% Surge in $9M Share Sale But Expands Bet On Flying Cars

Senator Ted Cruz (R-Texas) anticipated the newly established Department of Government Efficiency (DOGE) department to yield &#8220;good results&#8221; but warned that Elon Musk and Vivek Ramaswamy would have their work cut out.



What happened: During a podcast with Ben Ferguson, Cruz said he was upbeat about Musk&#8217;s <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">new role </a>in the administration but emphasized the fundamental differences between working for a private company and a government department.



Cruz said he had a phone conversation with Musk and urged the tech tycoon to read the book &#8220;Bureaucracy&#8221; by Austrian economist Ludwig von Mises, who argued why private players may find it difficult to administer a government agency.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am excited to see Elon Musk use DOGE to make our government more efficient.<a href="https://twitter.com/benfergusonshow?ref_src=twsrc%5Etfw">@benfergusonshow</a> and I break down the Department of Government Efficiency on Verdict &#x1f447;<a href="https://t.co/Et7wlOPL3D">https://t.co/Et7wlOPL3D</a> <a href="https://t.co/hknpqqjQ0X">pic.twitter.com/hknpqqjQ0X</a>&mdash; Ted Cruz (@tedcruz) <a href="https://twitter.com/tedcruz/status/1856834428770848833?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 senator emphasized that the incentives in the government department were opposite to the profit motive seen in private companies.



Cruz added he asked Musk to take note of the fact that unlike private institutions, one cannot fire government employees because of civil service protections in place.



"I pointed out to Elon. Look, when you went into Twitter, you fired 60% of the employees. That's the flexibility you have."



On the DOGE connection, Cruz said that the nomenclature was not accidental as everyone knows that Musk is a vocal supporter of Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>).



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41873427/shiba-inu-lead-developer-shytoshi-kusama-pitches-s-h-i-b-in-response-to-elon-musks-call-for-new-roles-recommendations-in-trump-administration">Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk&#8217;s Call For New Roles Recommendations In Trump Administration</a>



Why It Matters: Cruz and Musk have a friendly relationship, and the senator <a href="https://www.benzinga.com/news/23/08/33691352/ted-cruz-visits-elon-musks-spacex-says-maintaining-american-leadership-in-space-is-critical">previously lauded</a> the SpaceX CEO for maintaining the U.S.&#8217;s leadership in space technology.



A known cryptocurrency advocate, Cruz has invested in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and believes in the upside potential of the leading digital asset.



Price Action: At the time of writing, DOGE was exchanging hands at $0.3853, up 0.92% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 



Photo by Consolidated News Photos on Shutterstock



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/24/11/41928272/cathie-woods-ark-invest-foresees-crypto-industry-boost-under-incoming-trump-administration">Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen</a></li>
</ul>

Ted Cruz Says Running DOGE Won't Be A Cake Walk, Offers Reading Advice To Elon Musk

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

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

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

$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

Currency ETFs

Global

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.

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

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