Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) reported second-quarter financial results for fiscal 2025 after the market close on Thursday. Here&#8217;s a rundown of the <a href="https://www.benzinga.com/pressreleases/24/12/b42604084/nike-inc-reports-fiscal-2025-second-quarter-results">athletic footwear and apparel company&#8217;s report</a>.



Q2 Earnings: Nike reported second-quarter revenue of $12.35 billion, beating analyst&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;of $12.13 billion. The company&nbsp;reported second-quarter earnings of 78 cents per share, beating analyst estimates of 65 cents per share.



Total revenues were down 8% year-over-year. North America sales were down about 8%, Greater China sales were down about 8%, European sales fell 7% and Asia Pacific and Latin American sales were down 3%.



Nike Direct revenues were $5 billion in the quarter, down 13% year-over-year. Nike Brand revenues totaled $12 billion, down 7%, and Wholesale revenues fell 3% to $6.9 billion. 



Inventories came in at $8 billion, flat on a year-over-year basis. The company ended the quarter with $9.8 billion in cash, equivalents and short-term investments.



&#8220;After an energizing 60 days of being back with my Nike teammates, our clear priority is to return sport to the center of everything we do,&#8221; said Elliott Hill, president and CEO of Nike.



&#8220;We&#8217;re taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I&#8217;m confident you will see more moments of Nike being Nike again.&#8221;



Hill, a longtime Nike veteran, took over for former CEO John Donahoe in October. Executive vice president and CFO Matthew Friend noted the company is accelerating pace and reigniting brand momentum under Hill&#8217;s leadership.



Don&#8217;t Miss: <a href="https://www.benzinga.com/trading-ideas/technicals/24/12/42600598/nikes-earnings-loom-with-bearish-signals-will-the-swoosh-bounce-back">Nike&#8217;s Earnings Loom With Bearish Signals: Will The Swoosh Bounce Back?</a>



Nike noted it returned approximately $1.6 billion to shareholders during the quarter, including $557 million in dividends and $1.1 billion in share repurchases. As of Nov. 30, Nike had approximately $6.7 billion remaining under its four-year buyback approved in June 2022.



Management will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.



NKE Price Action:&nbsp;<a href="http://benzinga.com/quote/nke" target="_blank" rel="noreferrer noopener">Nike shares&nbsp;</a>were down approximately 29% year-to-date heading into the print. The stock was up 8.24% in after hours, trading at $83.50 at the time of publication Thursday, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



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Photo: Courtesy of Nike.

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Sports

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Nike Q2 Earnings: Revenue Beat, EPS Beat, Shares Jump — 'Nike Being Nike Again'

FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) reported its second-quarter results after Thursday's closing bell. Here's a look at the key<a href="https://www.benzinga.com/pressreleases/24/12/b42603607/fedex-reports-second-quarter-diluted-eps-of-3-03-and-adjusted-diluted-eps-of-4-05"> figures from the quarter. </a>



The Details:&nbsp;FedEx reported adjusted earnings of $4.05 per share, beating the $3.91 consensus estimate. Quarterly revenue came in at $22 billion, missing the $22.11 billion analyst consensus estimate. 



The company said its consolidated operating results were negatively affected by lower-than-expected FedEx Freight revenue and profit, as sustained weakness in U.S. industrial production continued to pressure less-than-truckload industry demand. 



The lower FedEx Freight results were mostly offset by cost reduction benefits at Federal Express through its DRIVE program initiatives and higher base yields at each transportation segment.



FedEx Freight segment operating results decreased during the quarter due to fewer shipments, lower fuel surcharges and reduced weight per shipment and were partially offset by higher base yield.



&#8220;Our second quarter results demonstrate that our efforts to transform our operations are working. The Federal Express segment delivered operating profit growth despite several headwinds, including the continued weak U.S. domestic demand environment as well as the expiration of our U.S. Postal Service contract,&#8221; said Raj Subramaniam, FedEx Corp. president and CEO.



Read More: <a href="https://www.benzinga.com/general/social-media/24/12/42598651/mystery-drone-sightings-all-over-the-country-trump-says-what-to-know-about-investigations-lawmakers-reactions">&#8216;Mystery Drone&#8217; Sightings Spark Investigations, Politicians Respond: &#8216;Shoot Them Down,&#8217; Trump Says</a>



FedEx Freight Spin Off: FedEx also announced that it has decided to pursue a <a href="https://www.benzinga.com/pressreleases/24/12/b42603568/fedex-announces-intent-to-separate-fedex-freight-creating-two-industry-leading-public-companies">full separation </a>of FedEx Freight through the capital markets, creating a new publicly traded company. FedEx said the separation is expected to be achieved in a tax-efficient manner for FedEx stockholders and executed within the next 18 months.



&#8220;This is the right time to pursue a separation as we respond to the unique dynamics of the LTL market,&#8221; said Subramaniam. 



&#8220;This announcement is a testament to the strength of the business our team has built, and to our dedication to doing what&#8217;s best for our customers, our team members, and our stockholders. Through this process, we will unlock value for our Freight business and position FedEx to create even greater value for stockholder,&#8221; Subramaniam added. 



Outlook:&nbsp;FedEx now expects approximately flat revenue year-over-year, versus its prior forecast of a low single-digit percentage increase. 



FDX Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, FedEx shares are up 7.29% after-hours at $296 at the time of publication Thursday. 



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42440681/markets-have-the-green-light-to-rally-after-novembers-yawner-inflation-report-experts-say">&#8216;Markets Have The Green Light To Rally&#8217; After November&#8217;s &#8216;Yawner&#8217; Inflation Report, Experts Say</a></li>
</ul>



Image: Shutterstock

FedEx Stock Rallies On Better-Than-Expected Q2 EPS, Freight Spin-Off Announcement

Murder suspect Luigi Mangione was extradited from Pennsylvania to New York on Thursday and faced his first federal court appearance after receiving <a href="https://www.benzinga.com/news/legal/24/12/42593013/luigi-mangione-faces-extradition-possible-federal-charges-may-carry-death-penalty">new federal charges.</a>



What Happened: Mangione, who is the <a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">suspect in the murder</a> of UnitedHealthcare CEO Brian Thompson, appeared in a New York federal court Thursday to hear and discuss the four federal counts he now faces in the case.



The federal charges include murder through use of a firearm and stalking, according to <a href="https://www.cnn.com/us/live-news/the-latest-on-the-unitedhealthcare-ceo-killing-suspect-12-19-24/index.html">CNN</a>. Also wanted on state charges in Pennsylvania and New York, Mangione was taken into federal custody around 1 p.m. ET Thursday before being transported to New York.



The unsealed federal complaint showed that the notebook found in Mangione's possession when arrested at the Pennsylvania McDonald's included handwritten pages criticizing the health insurance sector and wealthy executives.



An entry in the notebook dated Aug. 15 said, "The details are finally coming together." The entry said procrastination had allowed Mangione to learn more about the redacted company he was targeting.



"The target is insurance…it checks every box," is also found in the notebook alleged to belong to Mangione, according to the federal complaint.



The notebook also references the investor conference that Thompson was set to attend.



"This investor conference is a true windfall."



Traveling across state lines and the "use of interstate facilities" to carry out the attack led to federal prosecutors claiming jurisdiction in the case.



The UnitedHealthcare CEO was believed to have been targeted by Mangione as the CEO of the insurance unit of UnitedHealth Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), one of the largest health insurance companies in the United States, according to the complaint.



On Thursday, Mangione was flown via helicopter from Pennsylvania to New York to meet with his lawyers ahead of the federal court appearance.



Mangione told Magistrate Judge Katharine Parker that he had seen the federal charges and understood what he was accused of.



Mangione's lawyers did not request bail at the Thursday hearing, but noted that they reserve the right to do so in the future.



After the federal court appearance, U.S. Marshals escorted Mangione out of the courtroom.



Mangione will be held in the Metropolitan Detention Center in Brooklyn, the lone New York City federal prison. Rapper Sean "Diddy" Combs is also being held at the same facility awaiting trial on federal charges.



Among the lawyers on Mangione's defense team is Karen Friedman Agnifilo, whose husband, Marc Agnifilo, is representing Diddy.



Read Also: <a href="https://www.benzinga.com/news/legal/24/12/42418763/unitedhealthcare-ceo-murder-suspect-chronic-pain-unabomber-fascination-isolation-details-emerge">UnitedHealthcare CEO Murder Suspect: Chronic Pain, Unabomber Fascination, Isolation Details Emerge</a>



Why It's Important: Thursday's extradition was far from normal course, with New York City Mayor Eric Adams joining the helipad escort of Mangione after the murder suspect arrived in New York.



"This act of terrorism and the violence that stems from (Mangione's case) is something that will not be tolerated in the city. We wanted to personally be here to show the symbolism of leading from the front," Adams told reporters, according to CNN.



Adams said that cheering for Mangione's alleged actions "sends the wrong message" about gun violence.



"You're celebrating using violence to solve an issue."



The public escort by the helipad was unusual for a federal suspect, CNN reported. The very public display of Mangione comes as federal authorities often avoid "perp walks" that can attract supporters and a large media presence. Perp walks can also be viewed as "prejudicial," CNN senior correspondent Evan Pérez said.



What's Next: The federal and state case in New York will "proceed in parallel," the Manhattan District Attorney's office said Thursday, as reported by CNN.



Mangione faces 11 counts in the state of New York, including murder in the first degree, which carries a maximum sentence of prison without parole. The federal charges could see Mangione eligible for the death penalty if convicted of murder.



<a href="https://www.benzinga.com/general/entertainment/24/12/42544499/luigi-mangione-documentaries-in-the-works-from-award-winning-creators-and-possibly-rapper-50-cent">Benzinga recently reported</a> that at least three documentaries are in the works on the life of Mangione and the health insurance industry. ABC, a unit of The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), is airing a special edition of &#8220;20/20&#8221; at 10 p.m. ET Thursday. The episode will look at the death of Thompson, the search for Mangione and more on the suspected killer&#8217;s life.



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</ul>



Photo courtesy of Pennsylvania State Police.

Legal

Luigi Mangione's Notebook Reveals Plot, Feds Say: UnitedHealth Group Investor Conference Called 'True Windfall'

U.S. natural gas prices jumped Thursday, with the Henry Hub benchmark – as broadly tracked by the U.S. Natural Gas Fund LLP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) – climbing 6.5% to $3.59 per million British units, eyeing the highest <a href="https://www.benzinga.com/markets/commodities">close since January 2023. </a>



Since the start of the week prices are up 9.5%, cementing the likelihood of witnessing the eighth week of gains in the last nine. 



The recent rally came on the back of robust withdrawals from storage, robust domestic and global demand, and ongoing geopolitical uncertainties in Europe.



Rising natural gas prices spell trouble for inflation and the economy, potentially leading to higher utility bills for U.S. consumers <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42598354/wall-street-pins-hopes-on-fridays-crucial-fed-inflation-report-yet-a-miracle-is-needed-to-shift-the-narrative">in the near future. </a>



For investors, rising natural gas prices add to the concerns sparked by a more hawkish-than-expected Federal Reserve meeting this week, in which policymakers raised inflation forecasts for next year and signaled a slower <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">pace of rate cuts.</a>



<h3 class="wp-block-heading">EIA Data Confirms Third Consecutive Triple-Digit Storage Drop</h3>



The U.S. Energy Information Administration reported a 125 billion cubic feet withdrawal from natural gas storage for the week ending Dec. 13, in line with market expectations of a 126 Bcf decline. This marks the third straight week of triple-digit draws and the fifth consecutive week of inventory reductions.



The most significant declines in storage were recorded in colder regions of the Midwest, down by 48 Bcf , and East, down 34 Bcf.



As of Dec. 13, total U.S. natural gas stockpiles stood at 3,622 Bcf—0.6% higher than the same period last year and 3.8% above the five-year average.



<h3 class="wp-block-heading">Domestic Demand Soars, Breaking Records in 2024</h3>



The EIA's Natural Gas Annual report released Wednesday forecasted record-breaking domestic consumption in 2024, largely driven by a surge in power sector demand. 



The report revealed that AI data centers are an important source of increasing natural gas consumption.



<ul>
<li>Electric Power Sector: Natural gas use averaged 35.4 Bcf/d in 2023, a 6.7% increase (2.2 Bcf/d) from the previous year, making up 40% of total U.S. consumption.</li>



<li>Residential Sector: Consumption hit a five-year low, averaging 12.4 Bcf/d, an 8.9% drop from 2022.</li>



<li>Commercial Sector: Usage decreased by 4.8%, or 0.5 Bcf/d.</li>
</ul>



<h3 class="wp-block-heading">Geopolitical Risks Drive LNG Demand</h3>



Global liquefied natural gas markets are also influencing U.S. natural gas prices.



Uncertainty surrounding Europe&#8217;s access to Russian gas via Ukraine has prompted EU countries to seek alternative suppliers, boosting demand for U.S. LNG.



This trend is further fueled by President-elect Donald Trump&#8216;s promises to expand LNG export permits. U.S. firms are already favoring lucrative LNG exports over cheaper domestic sales, amplifying the focus on global markets despite abundant local supply.



"If weather remains mild this winter as in the past two winters, we expect a relatively stable global supply-demand balance with prices similar to the previous two winters," the EIA said in a recent report. 



The agency cautioned that colder-than-expected winters in Europe or Asia could tighten supply-demand balances, leading to price spikes.



<h3 class="wp-block-heading">Market Reaction: Natural Gas Stocks On The Move</h3>



Natural gas stocks outperformed within the broader energy sector on Thursday. 



Major gainers included Kinder Morgan Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NASDAQ">KMI</a>), up 2.8%, The Williams Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>), up 1.6% and EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>), up 0.9%: 



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Image created using artificial intelligence via Midjourney.

Equities

Large Cap

Macro Economic Events

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Commodities

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Economics

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ETFs

Natural Gas Nears 2-Year Highs, Inflation Fears Mount As Utility Costs Climb

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) shares are trading higher Thursday despite thousands of workers walking off job sites in an effort to push the company to engage in contract negotiations. Amazon reportedly said it doesn&#8217;t expect <a href="https://www.benzinga.com/news/24/12/42577506/amazon-shares-rise-as-company-says-operations-remain-unaffected-despite-workers-at-seven-us-facilities-going-on-strike-amid-peak-holiday-shopping">operations to be impacted</a>. 



What To Know: Amazon workers at seven U.S. warehouses went on strike Thursday morning in the heart of the holiday shopping rush, per Reuters. 



The International Brotherhood of Teamsters, which represents about 10,000 Amazon workers, said it was organizing the &#8220;largest&#8221; strike ever against Amazon. 



"If your package is delayed during the holidays, you can blame Amazon's insatiable greed. We gave Amazon a clear deadline to come to the table and do right by our members. They ignored it," <a href="https://teamster.org/2024/12/teamsters-launch-largest-strike-against-amazon-in-american-history/">said</a> Teamsters general president Sean O'Brien.&nbsp;



Amazon shares were actually higher by about 1.8% at the last check. Reuters reported that Amazon said it doesn&#8217;t expect the strikes to impact operations. The report indicates that unions only represent about 1% of Amazon&#8217;s employee base.



The Teamsters have &#8220;intentionally misled the public&#8221; and &#8220;threatened, intimidated and attempted to coerce&#8221; employees and third-party drivers to join them, an Amazon spokesperson reportedly told Reuters on Thursday. 



See Also: <a href="https://www.benzinga.com/24/12/42599089/us-stocks-edge-up-micron-suffers-worst-day-since-march-2020-bond-yields-surge-whats-driving-markets-thursday">US Stocks Edge Up, Micron Suffers Worst Day Since March 2020, Bond Yields Surge: What&#8217;s Driving Thursday&#8217;s Markets?</a>



Amazon employs more than 1.5 million across the world and has said it prefers to maintain direct relationships with employees. The report suggests that Amazon is not likely to bargain with the union as such could make room for further union action. 



Amazon announced in September that it would invest $2.1 billion to raise pay for its delivery service partner program workers in the U.S., upping base wages by approximately 7% to around $22 per hour.



AMZN Price Action: <a href="http://benzinga.com/quote/amzn">Amazon shares</a> were up 1.83% at $224.49 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



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Photo: courtesy of Amazon.

AMZN

Amazon Investors Unbothered As Warehouse Workers Walk Off The Job: What's Going On With The E-Commerce Giant's Stock?

Micron Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) analysts lowered near-term price targets on Thursday following the company&#8217;s first-quarter earnings results. Despite the disappointing quarter, analysts generally remain optimistic for the long term, especially in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41055252/microns-ai-driven-hbm-demand-and-data-center-growth-to-fuel-stock-upside-analysts-s">High-Bandwidth Memory market</a>.



Micron Q1 Earnings: Micron reported <a href="https://www.benzinga.com/news/earnings/24/12/42564387/micron-q1-earnings-revenue-miss-eps-beat-soft-guidance-sinks-shares-as-consumer-markets-turn-weaker-in-near-term">mixed first-quarter results</a>, beating adjusted earnings estimates of $1.76 per share by 3 cents, but narrowly missing on revenue. 



Micron also issued weak guidance for the current quarter. The company said it expects second-quarter revenue of $7.9 billion, plus or minus $200 million, versus estimates of $9 billion. Micron sees second-quarter adjusted earnings of $1.43 per share, plus or minus 10 cents per share, versus estimates of $1.92 per share.



Although the company noted that consumer-oriented markets were weaker in the near term, Micron laid out expectations for a return to growth in the second half of its fiscal year.



Goldman Sachs Reiterates Buy: Goldman Sachs analyst Toshiya Hari <a href="https://www.benzinga.com/analyst-stock-ratings">reiterated Buy</a> following the print, but cut the price target from $145 to $128.



The analyst acknowledged that he was wrong on Micron over the past six months and cut estimates accordingly. However, Hari expects strength in High-Bandwidth Memory and resiliency in server DRAM to more than offset weakness in other areas moving forward. 



&#8220;We see the stock's recent pullback, if anything, as an opportunity to add to positions as we continue to envision a) growth in AI compute &#8230; initially in the core Data Center but ultimately at the Edge, b) market share gains for Micron in the high-margin HBM and eSSD markets, and c) supply-side discipline on the part of Micron and its peers,&#8221; the Goldman analyst said.



Wedbush Maintains Outperform: Wedbush analyst Matt Bryson maintained Micron with an Outperform and lowered the price target from $140 to $125



The Wedbush analyst believes demand headwinds due to Blackwell delays slowing AI server installations and customers moderating pricing will be short-lived. Bryson noted that he believes demand is set to improve in the second quarter. 



&#8220;While MU&#8217;s FQ2 outlook is clearly disappointing, we see many of the factors weighing on MU&#8217;s guidance as short-term in nature,&#8221; the analyst said.



Bryson&#8217;s new target is based on a price-to-earnings multiple of 9x applied to the firm&#8217;s fiscal year 2026 estimates.



Check This Out: <a href="https://www.benzinga.com/24/12/42594797/trump-wants-to-get-rid-of-the-debt-ceiling-30-year-treasury-bonds-fall-to-2024-lows-stocks-cut-gains">Trump Would &#8216;Lead The Charge&#8217; To Scrap Debt Ceiling: 30-Year Treasury Bonds Slide To 2024 Lows, Stocks Cut Gains</a>



Rosenblatt Reiterates Buy: Rosenblatt analyst Hans Mosesmann reiterated Micron with a Buy rating and maintained a Street-high price target of $250, despite acknowledging that the company&#8217;s near-term outlook was &#8220;significantly below&#8221; the firm&#8217;s expectations.



&#8220;We are buyers of MU shares on the likely reset today, which is driven by the more non-strategic storage area and NAND,&#8221; Mosesmann said. 



The Rosenblatt analyst expects Micron to continue to gain share in the High-Bandwidth Memory segment as power efficiency becomes increasingly important. 



Mosesmann&#8217;s Street-high price target is based on a mid-teens price-to-earnings multiple on fiscal year 2026 earnings estimates of $18 per share. 



BofA Downgrades To Neutral: BofA Securities analyst Vivek Arya took the most negative view of Micron&#8217;s earnings, downgrading shares from Buy to Neutral and lowering the price target from $125 to $110.



&#8220;We were below consensus heading into MU&#8217;s FQ1 (Nov) results, but are reducing estimates again as GM expected to stay weak in Q2 and even Q3,&#8221; Arya said. 



Although the analyst highlighted strong data center and High-Bandwidth Memory trends, he&#8217;s concerned that weakness in PC and phone markets will continue to put pressure on memory pricing. 



The BofA analyst lowered fiscal year 2025 estimates by 5% and fiscal year 2026 estimates by 11%, and arrived at a new price target of $110 by putting a 2x multiple on 2026 price-to-book estimates. 



MU Price Action: Micron shares were down 16.50% at $86.76 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



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Photo: Courtesy of Micron

Analyst Color

Downgrades

Price Target

Reiteration

Tech

4 Micron Analysts Size Up Q1 Earnings: 'An Opportunity To Add'?

The day after a volatile Federal Reserve meeting, Wall Street grappled with the stark reality of Fed Chair <a href="https://www.benzinga.com/topic/jerome-powell">Jerome Powell</a>&#8216;s cautious tone on cutting interest rates in 2024. The message left investors weighing the impact of higher-for-longer interest rates amid<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42585715/us-gdp-upwardly-revised-to-31-in-q3-jobless-claims-drop-more-than-expected-treasury-yields-hit-7-month-highs"> a still-resilient economy.</a>



Despite the hawkish undertones, stocks managed to stabilize, with major indices posting modest gains as dip-buyers emerged.



The S&amp;P 500 rose 0.5%, recovering from a steep 3% selloff on Wednesday—its worst one-day drop since September 2022. The Dow Jones Industrial Average gained 0.4%, attempting to break a staggering 10-day losing streak, its longest since 1974, while the tech-heavy Nasdaq 100 edged 0.3% higher. 



While equities regained some ground, market conviction remains tepid as investors brace for Friday's release of the November inflation report, a critical data point for the Federal Reserve&#8217;s future policy decisions. The report could either reaffirm the Fed's hawkish stance or inject hope for an <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42598354/wall-street-pins-hopes-on-fridays-crucial-fed-inflation-report-yet-a-miracle-is-needed-to-shift-the-narrative">lower-than-expected data.</a>



Thursday's economic data continued to underscore the resilience of the U.S. economy. Third-quarter GDP growth was upwardly revised from 2.8% to 3.1%, amid strong consumer spending. Weekly jobless claims fell to 220,000 last week, below forecasts of 230,000, signaling a still-tight labor market.



The bond market extended its selloff, with longer-dated Treasuries taking the biggest hit. Fixed-income investors remain under pressure, exacerbated by <a href="https://www.benzinga.com/24/12/42594797/trump-wants-to-get-rid-of-the-debt-ceiling-30-year-treasury-bonds-fall-to-2024-lows-stocks-cut-gains">recent comments from Donald Trump,</a> who floated the idea of eliminating the U.S. debt ceiling entirely—a development that could upend Treasury market dynamics.



In currency markets, the U.S. Dollar Index (DXY) rose 0.2%, hitting its highest level since November 2022, supported by robust economic data.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) remained flat at $100,000, following Wednesday&#8217;s 5.6% plunge.



<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices</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>S&amp;P 500</td><td>5,903.81</td><td>0.5%</td></tr><tr><td>Dow Jones</td><td>42,511.46</td><td>0.4%</td></tr><tr><td>Nasdaq 100</td><td>21,278.46</td><td>0.3%</td></tr><tr><td>Russell 2000</td><td>2,228.69</td><td>-0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:10 p.m. ET </figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent121924&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 0.5% to $589.79.</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 0.5% to $426.40.</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>) edged 0.3% up to $517.89.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) stalled at $220.70. </li>



<li>The&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up by 1%; the&nbsp;Materials Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 0.6%.</li>
</ul>



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



<ul>
<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) plummeted over 16% after a weaker-than-expected guidance for fiscal 2025, eyeing the worst 1-day drop since March 2020. </li>



<li>Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) rallied over 6% in reaction to stronger-than-expected quarterly earnings.</li>



<li>Other stocks reacting to earnings included Darden Restaurants Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) up 15%, Cintas Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>) down 10%, Paychex Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>), up 2.5%, ConAgra Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>), down 2%, FactSet Research Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>) up 3.3%, CarMax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>), up 4.3%, and Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>), down 23%. </li>



<li>Major companies slated to report their earnings after the close include FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) and Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>). </li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/news/24/12/42598016/whats-going-on-with-applied-materials-amat-stock">What&#8217;s Going On With Applied Materials (AMAT) Stock?</a></li>
</ul>



Image by Shutterstock

Cryptocurrency

Bonds

Broad U.S. Equity ETFs

Politics

Treasuries

$BTC

CTAS

PAYX

XLRE

US Stocks Edge Up, Micron Suffers Worst Day Since March 2020, Bond Yields Surge: What's Driving Thursday's  Markets?

If markets hope to recover from the sharp sell-off triggered by the Federal Reserve&#8217;s December meeting, Friday's release of the Personal Consumption Expenditure price index — widely regarded as the Fed&#8217;s preferred inflation measure — will <a href="https://www.benzinga.com/news/econ-s">play a crucial role. </a>



Unfortunately for investors, the outlook is far from reassuring.



Scheduled for release at 8:30 a.m. ET Friday, economists expect the PCE price index to climb to 2.5% year-over-year in November 2024, up from 2.3% in October. This would mark the second consecutive monthly acceleration in the headline figure.



On a monthly basis, the index is projected to increase by 0.2%, maintaining the same pace as the prior two months. If realized, this would indicate that price pressures over the past three months are growing at an annualized rate of 2.4%, exceeding the Federal Reserve's 2% inflation target. 



Core PCE, which excludes volatile food and energy prices, is forecasted to rise slightly from 2.8% to 2.9% year-over-year in November. This would also represent a second consecutive increase, signaling persistent inflationary pressures in the underlying components of the economy.



On a monthly basis, Core PCE is expected to decelerate, rising by 0.2%, down from 0.3% in October.



<h3 class="wp-block-heading">Fed's Revised Inflation Narrative, Hawkish Language</h3>



The Federal Reserve's updated inflation projections unveiled Wednesday painted a hotter-than-expected picture for 2025. Policymakers now anticipate headline PCE inflation at 2.5% next year, up from the 2.1% forecast in September.



Similarly, core PCE inflation is projected to hit 2.5%, compared to the prior estimate of 2.2%.



This upward revision underpinned the Fed's hawkish tone during its policy meeting. 



Officials signaled a cautious approach to rate cuts, forecasting just two rate reductions in 2025, a sharp downgrade from the four cuts previously projected.



Fed Chair Jerome Powell reinforced this message during the post-meeting press conference, stressing the need to avoid premature policy easing.



&#8220;From here it's a new phase and we're going to be cautious about further cuts,&#8221; Powell said. 



The Fed chair didn&#8217;t rule out the possibility of an interest rate hike next year. "You don't rule things completely in or out in this world. That doesn't appear to be a likely outcome," he said.



<h3 class="wp-block-heading">Market Implications: Crucial Inflation Test</h3>



Recent inflation data has sent worrying signals to markets.



While last week's Consumer Price Index rose as expected, the hotter-than-predicted Producer Price Index raised concerns about potential upward momentum in prices.



Friday's PCE report could tip the scales, either bolstering the Fed's cautious stance or providing investors with reasons for optimism.



Bank of America's latest forecast sees core PCE rising by 0.1% month-over-month in November, slightly below consensus expectations. A 0.1% increase would offer the Fed a welcome reprieve following two consecutive 0.3% monthly gains, though it would leave the year-over-year rate unchanged at 2.8%.



"If correct, it would be a relief and make us less worried about the recent trajectory of inflation," said Bank of America economist Aditya Bhave. 



While progress on inflation has stalled above the Fed's target, the latest trends do not suggest a significant reacceleration is underway, the economist said. 



<h3 class="wp-block-heading">How Markets Could React</h3>



A lower-than-expected PCE report could offer relief to equity markets, helping reverse some of the steep losses sustained in the aftermath of the Federal Reserve&#8217;s hawkish December meeting. 



Conversely, any confirmation of persistent inflation, or worse, an upside surprise, may extend the pain for investors.



The S&amp;P 500 index, represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), dropped 3% on Wednesday following the Fed meeting, logging its worst single-day decline since September 2022.



The Dow Jones Industrial Average fell 2.6%, extending losses for the tenth straight session, the longest negative streak since 1974. The index is tracked by the SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>).



Tech stocks — also tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) — fell even more, down 3.6%.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/12/42594797/trump-wants-to-get-rid-of-the-debt-ceiling-30-year-treasury-bonds-fall-to-2024-lows-stocks-cut-gains">Trump Would &#8216;Lead The Charge&#8217; To Scrap Debt Ceiling: 30-Year Treasury Bonds Slide To 2024 Lows, Stocks Cut Gains</a></li>
</ul>



Photo via Shutterstock.

Previews

Markets

Wall Street Pins Hopes On Friday's Crucial Fed Inflation Report: Miracle Needed To Shift Narrative

President-elect Donald Trump stirred the pot on Thursday by advocating for the outright removal of the U.S. debt ceiling, a move that sent shockwaves through the bond market and <a href="https://www.benzinga.com/markets">tempered Wall Street gains.</a>



Trump's remarks came as Congress scrambled to pass a funding bill to avoid a government shutdown just days before the deadline.



In a phone interview with NBC News, Trump didn't mince words, calling the debt ceiling "a meaningless concept" and advocating for its elimination. 



"The Democrats have said they want to get rid of it. If they want to get rid of it, I would lead the charge," Trump told NBC News.



According to Trump, the statutory limit on how much the U.S. government can borrow to meet its financial obligations &#8220;doesn't mean anything, except psychologically,&#8221; and getting rid of it would be the "smartest thing [Congress] could do.&#8221;



<h3 class="wp-block-heading">How Could US Congress Get Rid Of The Debt Ceiling?</h3>



To abolish the debt ceiling, Congress would need to pass a new law explicitly repealing or replacing the existing statute that sets borrowing limits. This requires a simple majority vote in both the House of Representatives and the Senate. 



In the House, that typically means 218 votes out of 435 members, assuming all members vote. In the Senate, where there are 100 seats, it takes 51 votes to pass a bill—or 50 votes plus the Vice President's tie-breaking vote if the chamber is evenly divided.



Yet, the Senate's infamous filibuster rule complicates things. Without using the budget reconciliation process (a special mechanism reserved for fiscal matters), a bill to eliminate the debt ceiling would need 60 votes in the Senate to overcome a filibuster.



Once the bill passes through Congress, it needs presidential approval to become law. 



Should the President veto it –&nbsp;a situation highly unlikely according to what Trump revealed – Congress would face an even steeper challenge: overriding the veto would require a two-thirds majority in both chambers, or 290 votes in the House and 67 votes in the Senate.



<h3 class="wp-block-heading">Goldman Sachs: Shutdown Unlikely To Drag On</h3>



Goldman Sachs economist Alec Philips highlighted that a government shutdown, while disruptive, is unlikely to persist for long. 



"We estimate that a shutdown would reduce GDP growth in the quarter by 0.15 percentage points for each week it lasted and would boost GDP growth by the same amount in the quarter following government reopening," Philips said.



Yet, Philips also acknowledged that the disruption wouldn't be without its pain points, particularly for federal employees and government contractors, who might bear the brunt of the fallout in real-time.



According to the economist, two potential paths have emerged. 



First, Republicans could tie a debt limit increase to the spending bill set for March 2025, although this would likely require concessions from Democrats, such as a $20 billion annual extension of ACA insurance premium subsidies. 



Alternatively, Republicans may pursue a debt limit suspension through an early 2025 budget reconciliation bill focused on immigration enforcement.



However, the success of these strategies is uncertain, as both approaches hinge on complex political negotiations.



<h3 class="wp-block-heading">Market reactions: Bonds fears spill over to Wall Street</h3>



Long-dated Treasuries, the asset class most sensitive to debt ceiling developments, reacted sharply to the news of Trump's call to eliminate the borrowing cap. Bond investors weren't thrilled, and their response was clear: yields on 30-year Treasury bonds surged 7 basis points to 4.75%, reaching their highest levels since May 2024.



The spike in yields hammered the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), which tumbled 1.5%, revisiting its April 2024 lows and flirting with its worst levels in over a year. This selloff reflects growing concerns over the possibility of unchecked government spending, which could fuel larger deficits and inflationary pressures.



Equities didn't escape unscathed either. The broader U.S. stock market lost steam as major indices pared their session gains. 



The S&amp;P 500—tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)—dropped 0.5%, or 150 points, following the news. 



Investors worried that removing the debt ceiling could stoke inflation and force the Federal Reserve into a more hawkish stance, generating further uncertainty in the path of rate cuts ahead. 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">Fed&#8217;s Powell Shocks Markets After Interest Rate Cut: &#8216;It&#8217;s A New Phase&#8217;</a></li>
</ul>



Photo: Shutterstock

Government

Regulations

Trump Would 'Lead The Charge' To Scrap Debt Ceiling: 30-Year Treasury Bonds Slide To 2024 Lows, Stocks Cut Gains

Murder suspect Luigi Mangione faces extradition to New York after his arrest in connection with the death of UnitedHealthcare&#8216;s CEO. After <a href="https://www.benzinga.com/news/legal/24/12/42423214/luigi-mangione-fights-extradition-to-new-york-on-murder-charge-shouts-at-press-outside-courthouse">previously fighting</a> a transfer back to New York, he is expected to waive his extradition Thursday.



What Happened: Mangione, who was recently<a href="https://www.benzinga.com/news/legal/24/12/42541669/luigi-mangione-indicted-on-first-degree-murder-charges-in-unitedhealthcare-ceos-death-senseless-act-of-violence"> charged with murder</a> in the first degree, will appear in court Thursday in the state of Pennsylvania.



<a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">Charged with killing </a>UnitedHealthcare CEO Brian Thompson, Mangione is expected to waive extradition to New York, according to his attorney, ABC News <a href="https://abcnews.go.com/US/unitedhealthcare-ceo-killing-latest-mangione-expected-court-extradition/story?id=116936089">reported</a>.



On Thursday, a Pennsylvania judge will be asked to accept the extradition waiver or move forward with a hearing on Mangione's charges in the state, which center on weapons, including the ghost gun found when he was arrested at an Altoona, Pennsylvania McDonald&#8217;s. 



If the judge agrees to the extradition, Mangione would be transported back to the state of New York by the New York Police Department. The murder suspect could be arraigned in New York as early as Thursday.



Mangione faces 11 counts in the state of New York including a murder in the first degree charge that carries a sentence of up to life in prison without parole if convicted and two charges of murder in the second degree, including one charge related to terrorism.



The indictment is &#8220;for the brazen, targeted and premeditated shooting of Brian Thompson,&#8221; Manhattan District Attorney Alvin Bragg said recently after reading off the charges.



Law enforcement said Mangione could also face federal charges in New York, which could lead to him being eligible for the death penalty if found guilty.



Mangione's lawyer Karen Friedman Agnifilo said they are ready to fight the charges in a statement reported by ABC news.



"The federal government's reported decision to pile on top of an already overcharged first-degree murder and state terror case is highly unusual and raises serious constitutional and statutory double jeopardy concerns," Agnifilo said.



Read Also: <a href="https://www.benzinga.com/news/legal/24/12/42418763/unitedhealthcare-ceo-murder-suspect-chronic-pain-unabomber-fascination-isolation-details-emerge">UnitedHealthcare CEO Murder Suspect: Chronic Pain, Unabomber Fascination, Isolation Details Emerge</a> Why It's Important: The death of Thompson, who led the UnitedHealth Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)-owned insurance unit, has sparked a large following for Mangione, with some members of the public voicing sympathy and supporting his cause of taking on the health insurance sector.



Outside the Pennsylvania courthouse are supporters with signs with words like "Free Luigi," "Murder for Profit is Terrorism" and "Deny, Defend, Depose."



Mangione&#8217;s arrest at a Pennsylvania&nbsp;McDonald&#8217;s&nbsp;triggered a rise&nbsp;<a href="https://www.benzinga.com/general/restaurants/24/12/42427146/pennsylvania-mcdonalds-where-unitedhealthcare-ceo-murder-suspect-arrested-gets-review-bombed-more-like-narc-donalds" target="_blank" rel="noreferrer noopener">in negative reviews</a>&nbsp;for the location, accusing the restaurant employees and patrons of being snitches.



Public sympathy for Mangione can be found on social media. On a&nbsp;Joe Rogan&nbsp;podcast episode,<a href="https://www.benzinga.com/media/24/12/42473433/joe-rogan-on-public-sympathy-for-unitedhealthcare-ceo-murder-suspect-health-insurance-a-dirty-dirty-business" target="_blank" rel="noreferrer noopener">&nbsp;the host</a>&nbsp;said the health insurance sector is a &#8220;dirty business.&#8221;



Rogan suggested UnitedHealthcare&#8217;s alleged high claim denial rate may have been a reason why the public is not showing sympathy for Thompson.



A manifesto document found on Mangione reportedly contained comments about health insurance companies focusing on profits and greed over public health.



Benzinga recently reported there are at least three documentaries in the works on the life of Mangione and the health insurance industry. ABC, which is a unit of The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), is airing a special edition of "20/20" at 10 p.m. ET Thursday. The episode will look at the death of Thompson, the search for Mangione and more on the suspected killer's life.



UNH Price Action: UnitedHealth stock trades at $503.91 in premarket trading Thursday versus a 52-week trading range of $436.38 to $630.73. The stock is down 13% over the last month and down 7% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/12/42544499/luigi-mangione-documentaries-in-the-works-from-award-winning-creators-and-possibly-rapper-50-cent">Luigi Mangione Documentaries In The Works From Award-Winning Creators — And Possibly Rapper 50 Cent</a></li>
</ul>



Photo courtesy of Pennsylvania State Police.

Luigi Mangione Faces Extradition, Possible Federal Charges May Carry Death Penalty

The U.S. economy expanded at an annualized real growth rate of 3.1% in the third quarter of 2024, exceeding the prior estimate of 2.8%, according to the official final <a href="https://www.benzinga.com/news/econ-s">reading released on Thursday. </a>



This marks the fastest pace of economic expansion since the fourth quarter of 2023 and signals a stronger-than-expected rebound in activity.



The upward revision was driven primarily by robust household spending and a larger increase in exports, although these gains were partially offset by a downward revision in private inventory investment. 



Compared to the second quarter, the acceleration in GDP was attributed to stronger consumer spending, exports, and federal government expenditures.



<h3 class="wp-block-heading">Consumer Spending Remains the Growth Engine</h3>



Real consumer spending, a key driver of the economy, increased at an annualized rate of 3.7% in third quarter, up from the 3.5% growth reported in the previous estimate. This marked a notable acceleration from the 2.8% rise in the second quarter and the fastest pace of private consumption growth since the first quarter of 2023.



Household spending accounted for a significant share of the GDP boost, reflecting continued resilience despite high borrowing costs and lingering inflationary pressures.



Corporate profits contracted by 0.4% during the third quarter, a revision from the flat growth reported earlier and a sharp reversal from the 3.5% increase seen in the second quarter. 



Inflation pressures, as measured by the GDP price index, rose 1.9%, consistent with earlier estimates but down from 2.5% in the second quarter. 



The Core Personal Consumption Expenditures Price Index, a preferred measure of inflation for the Federal Reserve, increased at a 2.2% annualized rate, slightly above the 2.1% initially estimated but easing from 2.8% in the second quarter. 



<h3 class="wp-block-heading">Labor Market Shows Continued Strength</h3>



In a separate report on Thursday, labor market data revealed a decline in unemployment claims, reinforcing the narrative of a strong labor market.



Initial jobless claims fell to 220,000 for the week ending Dec. 14, down from 242,000 the previous week and below expectations of 230,000. Continuing claims also edged lower, dropping from a revised 1.879 million to 1.874 million, defying projections of an increase to 1.89 million.



These figures indicate that the brief spike in claims observed in early December has not persisted, pointing to robust momentum in employment as 2024 draws to a close.



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



Risk sentiment rebounded during the premarket trading on Thursday, following the sharp selloff witnessed a day earlier amid a more hawkish than expected Federal Reserve meeting. 



Futures on major U.S. indices were in the green, with contracts on the S&amp;P 500 index rising by 0.8%. Similar gains were witnessed by the Nasdaq 100 and the Dow. On Wednesday the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 3% lower, marking its worst session since September 2022.



The U.S. dollar index – Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – remained broadly steady for the day.



Meanwhile, Treasury yields continued their relentless climb, with yields on the 10-year benchmark surpassing 4.53%, hitting the highest levels since early May 2024. 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/24/12/42571835/trumps-rejection-of-bipartisan-deal-fuels-government-shutdown-fears-how-markets-historically-react-to-political-turmoil">Trump&#8217;s Rejection Of Bipartisan Deal Fuels Government Shutdown Fears: How Markets Historically React To Political Turmoil</a></li>
</ul>



Photo: Shutterstock

US GDP Revised To 3.1%, Jobless Claims Dip More Than Expected, Treasury Yields Hit 7-Month High

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has rebounded to $102,250 after taking a nosedive on Thursday following <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">the FOMC meeting</a>.



What Happened: Bitcoin cratered from above $105,000 before Thursday&#8217;s trading session to a low of $98,839 during U.S. night time hours. 



It has since rebounded and is down 2.5% over the past 24 hours.



Crypto chart analyst Ali Martinez explained in an X <a href="https://x.com/ali_charts/status/1869520970832138261">post</a> following the Fed meeting that the reaction wasn't due to the 25-bps rate cut, which was largely expected, but rather concerns over persistent inflation and the possibility of prolonged elevated interest rates.



Despite the negative sentiment, Martinez advised traders to &#8220;keep calm, don't panic sell,&#8221; emphasizing that markets dislike uncertainty but typically stabilize once clarity emerges.



Coinglass data reveals that total liquidations in the past 24 hours amounted to $788.5 million, with over 269,623 traders liquidated.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42554929/donald-trump-reportedly-discussed-bitcoin-reserve-in-meeting-with-cryptocom-ceo-kris-marszalek">Donald Trump Reportedly Discussed Bitcoin Reserve In Meeting With Crypto․com CEO Kris Marszalek</a>



Why It Matters: Fed Chair Jerome Powell added to market jitters by calling the decision a "closer call," hinting at divisions within the Federal Reserve. 



This boosted the U.S. Dollar to its highest level since 2022, putting pressure on risk assets like Bitcoin, which experienced a sharp drop.



In a separate tweet, Martinez highlighted funding rates suggesting leveraged positions:



<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">Funding rates look like we should go 100x leverage! &#x1f605; <a href="https://t.co/dLyDhlHI37">pic.twitter.com/dLyDhlHI37</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1869699700162482186?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



He also <a href="https://x.com/ali_charts/status/1869651554099499318">noted</a>, &#8220;Binance traders were right; we should have shorted Bitcoin.&#8221; 



Martinez previously noted that 62.6% of Binance traders with open BTC futures positions were going short, aligning with the bearish market sentiment.



Key takeaways from the Fed meeting included the expectation of fewer rate cuts in 2025 (down from three to two), higher inflation forecasts for 2025 (2.5%) and 2026 (2.1%), exceeding the Fed&#8217;s 2% target, and an acknowledgement that inflation metrics like core CPI, core PCE and PPI are ticking up.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a></li>
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Image created using artificial intelligence with Midjourney.

Bitcoin Price Rebounds Above $102,000 After Fed Meeting Calamity: Why Is BTC Going Up?

President-elect Donald Trump unexpectedly dismissed a <a href="https://www.benzinga.com/24/12/42544562/congressional-leaders-reach-bipartisan-deal-to-avert-government-shutdown">bipartisan proposal</a> on Wednesday, increasing the possibility of a U.S. government shutdown ahead of Christmas.



However, according to research firm Edward Jones, markets tend to look through the noise, with U.S. stocks staying positive half the times during the past 20 government shutdowns since 1976.



What Happened: &#8220;The uncertainty that a potential government shutdown introduces can lead to a short-term uptick in volatility. But as with most political events, government shutdowns have historically had little lasting impact on equity performance,&#8221; said Angelo Kourkafas, an investment strategist at Edward Jones.



Recent years have witnessed recurring government shutdowns, though they have been relatively short-lived. Since 1976, the U.S. has experienced 20 such shutdowns lasting at least a day. The most prolonged shutdown, occurring in December 2018, lasted for 35 days, setting a historical record.



The following table shows how the markets have reacted to the previous shutdowns. According to this data, the stocks were positive half the time during the government closures and were higher in most cases three and six months later.



<h3 class="wp-block-heading">Market Performance Over Last 20 Shutdowns Since 1976</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Start Date</td><td>Duration in days</td><td>During Shutdown</td><td>Three Months Later</td><td>Six Months Later</td></tr><tr><td>9/30/1976</td><td>11</td><td>-3%</td><td>2%</td><td>-4%</td></tr><tr><td>9/30/1977</td><td>13</td><td>-3%</td><td>-5%</td><td>-3%</td></tr><tr><td>10/31/1977</td><td>9</td><td>1%</td><td>-2%</td><td>4%</td></tr><tr><td>11/30/1977</td><td>9</td><td>-1%</td><td>-5%</td><td>7%</td></tr><tr><td>9/30/1978</td><td>18</td><td>-2%</td><td>-2%</td><td>0%</td></tr><tr><td>9/30/1979</td><td>12</td><td>-4%</td><td>5%</td><td>-1%</td></tr><tr><td>11/20/1981</td><td>3</td><td>0%</td><td>-8%</td><td>-6%</td></tr><tr><td>9/30/1982</td><td>2</td><td>1%</td><td>15%</td><td>25%</td></tr><tr><td>12/17/1982</td><td>4</td><td>1%</td><td>11%</td><td>25%</td></tr><tr><td>11/10/1983</td><td>4</td><td>1%</td><td>-6%</td><td>-5%</td></tr><tr><td>9/30/1984</td><td>3</td><td>-2%</td><td>1%</td><td>9%</td></tr><tr><td>10/3/1984</td><td>2</td><td>0%</td><td>0%</td><td>10%</td></tr><tr><td>10/16/1986</td><td>2</td><td>0%</td><td>11%</td><td>20%</td></tr><tr><td>12/18/1987</td><td>2</td><td>0%</td><td>9%</td><td>8%</td></tr><tr><td>10/5/1990</td><td>4</td><td>-2%</td><td>-1%</td><td>19%</td></tr><tr><td>11/13/1995</td><td>6</td><td>1%</td><td>8%</td><td>11%</td></tr><tr><td>12/15/1995</td><td>22</td><td>0%</td><td>6%</td><td>7%</td></tr><tr><td>9/30/2013</td><td>17</td><td>3%</td><td>7%</td><td>8%</td></tr><tr><td>1/19/2018</td><td>3</td><td>1%</td><td>-5%</td><td>0%</td></tr><tr><td>12/21/2018</td><td>35</td><td>10%</td><td>11%</td><td>14%</td></tr></tbody></table><figcaption class="wp-element-caption">Source: Edward Jones Research</figcaption></figure>



&#8220;More broadly, market performance tends to be driven more by the outlook for economic growth, earnings and interest rather than the political landscape,&#8221; added Kourkafas.



See Also: <a href="https://www.benzinga.com/24/12/42550804/bofa-says-cash-holdings-of-asset-managers-in-december-2024-has-been-the-lowest-since-2011-and-2002-triggering-a-sell-signal">Cash Holdings Of Asset Managers Lowest In 13 Years, Says BofA, Flagging &#8216;Sell&#8217; Signal Amid &#8216;Trump 2.0 Optimism&#8217;</a>



Why It Matters: The impact of a shutdown could be different on various kinds of government functions. It differs from a debt-limit default in that it doesn&#8217;t hinder the government&#8217;s capacity to meet its debt obligations to bondholders, meaning it doesn&#8217;t directly influence borrowing costs or credit ratings.



While Treasury interest payments and Social Security benefits continue as usual, millions of federal workers go without pay during the shutdown. Although this situation affects households, furloughed employees will receive backpay once Congress restores funding.



What&#8217;s Happening With The Bill? After scrapping the bipartisan proposal, Trump urged House Speaker Mike Johnson and Republican lawmakers to renegotiate, just days before federal funding was set to expire.



Speaker Johnson has to now come up with an alternative plan to prevent the government from closing ahead of Friday's deadline.



In a statement, Trump and Vice President-elect JD Vance urged Republicans to "get smart and tough."



Trump's proposal, which was seen as highly ambitious, called for continued government funding alongside a contentious provision to raise the national debt ceiling—something that typically faces strong opposition from his own party. "Anything else is a betrayal of our country," they declared.



Department of Government Efficiency co-lead Elon Musk, on the other hand, also supported the Republicans in turning down the bill.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The voice of the people was heard. This was a good day for America. <a href="https://t.co/r8K4AcbDYf">https://t.co/r8K4AcbDYf</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1869521075761234338?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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<li><a href="https://www.benzinga.com/general/market-summary/24/12/42569883/quantum-computing-rigetti-d-wave-skyrocket-up-to-300-in-5-sessions-after-google-unveils-willow-chip-but-analysts-urge-caution-not-every-tiktok-guitarist-is-the-next-taylor-swift">Quantum Computing, Rigetti, D-Wave Skyrocket Up To 300% In 5 Sessions After Google Unveils Willow Chip, But Analysts Urge Caution: &#8216;Not Every TikTok Guitarist Is The Next Taylor Swift&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

Trump's Rejection Of Bipartisan Deal Fuels Government Shutdown Fears: How Markets Historically React To Political Turmoil

U.S. stock futures climbed on Thursday in premarket hours after the indices declined in the previous session following a <a href="https://www.benzinga.com/news/econ-s/24/12/42561549/fed-slashes-interest-rates-by-0-25-as-predicted-december-dot-plot-flags-only-2-potential-cuts-in-2025">hawkish cut</a> from the Federal Reserve. The futures of all four major indices were trading higher.



The 10-year and two-year Treasury notes yielded 4.54% and 4.32%, respectively.



On Wednesday, the Federal Reserve did reduce interest rates by 0.25% to a range of 4.25%-4.5%, as expected. However, the revised economic projections indicate only two possible rate cuts in 2025—down from the four predicted in September and fewer than the three that markets had anticipated before the meeting.



The probability of having no change in the interest rates for the upcoming Jan. 31, 2025 decision was at 91.4%, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according</a> to CME Group&#8217;s FedWatch tool.



GDP revisions slated to be released later today will reveal whether the economy maintained the previously estimated 2.8% growth rate for the third quarter.



Investors will receive another critical economic data point on Friday with the release of the November personal consumption expenditures (PCE) inflation index. This release follows other inflation indicators that suggest price increases accelerated in November.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.28%</td></tr><tr><td>S&amp;P 500</td><td>0.40%</td></tr><tr><td>Dow Jones</td><td>0.37%</td></tr><tr><td>Russell 2000</td><td>0.39%</td></tr></tbody></table></figure>



In premarket trading on Thursday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.52% to $589.35 and the Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.48% to $518.94, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Cues From The Last Session



U.S. stocks closed lower on Wednesday, with the <a href="https://www.benzinga.com/news/earnings/24/12/42569953/dow-dips-over-1100-points-falling-for-10th-session-as-powell-adopts-hawkish-stance-greed-index-moves-to-fear-zone">Dow Jones dropping for the tenth consecutive session</a>, falling by more than 1,100 points.



On the economic front, the U.S. posted a current account deficit of $310.9 billion in the third quarter, up from a revised deficit of $275.0 billion in the previous quarter and exceeding market expectations of a $284 billion gap. Meanwhile, U.S. housing starts declined by 1.8%, reaching an annualized rate of 1.289 million units in November, down from 1.312 million in October.



All sectors of the S&amp;P 500 ended the day in the red, with consumer discretionary, real estate, and communication services stocks seeing the largest losses.



&#8220;It&#8217;s been a very mild year with just 17 declines of 1% or more,&#8221; said Charlie Bilello, chief market strategist at Creative Planning Investor.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The S&amp;P 500 fell 2.95% today, the worst day for stocks since August 5 (Nikkei black Monday crash). Overall, it&#39;s been a very mild year with just 17 declines of 1% or more (vs. 29 in the average year). History of large down days since 1928&#8230; <a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a><a href="https://t.co/l5IYmkf6Ih">https://t.co/l5IYmkf6Ih</a> <a href="https://t.co/XSAGBsgiIY">pic.twitter.com/XSAGBsgiIY</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1869527952851116382?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-3.56%</td><td>19,392.69</td></tr><tr><td>S&amp;P 500</td><td>-2.95%</td><td>5,872.16</td></tr><tr><td>Dow Jones</td><td>-2.58%</td><td>42,326.87</td></tr><tr><td>Russell 2000</td><td>-4.39%</td><td>2,231.51</td></tr></tbody></table></figure>



Insights From Analysts



Talking about her 2025 projections after the Fed&#8217;s rate cut, Julia Khandoshko, the CEO of Mind Money in a conversation with <a href="https://www.benzinga.com">Benzinga</a> said, &#8220;In 2025, investors should focus on three key strategies: monitoring the impact of political and economic changes on markets, investing in promising sectors such as AI and biotechnology without excessive dependence on technology, and actively diversifying the portfolio with traditional industries and new opportunities in emerging markets.&#8221;



Chris Zaccarelli, chief investment officer for Northlight Asset Management, said that markets are forward-looking and reacted to the Fed&#8217;s 2025 projection and not the quarter-point cut that it delivered.



&#8220;Santa came early and dropped a 25-bps rate cut in the market&#8217;s stocking but accompanied it with a note saying that there would be coal next year,&#8221; Zaccarelli said.



Jeremy Siegel, professor emeritus at the University of Pennsylvania's Wharton School, described the stock market's recent downturn as a "healthy" reaction to the Federal Reserve's cautious approach to future interest rate cuts.



&#8220;The market was overly optimistic…so I am not surprised at the sell-off,&#8221; he said.



He suggested that the Fed might reduce rates only once or twice next year, with the possibility of no cuts at all due to inflation concerns. Siegel also mentioned potential tariffs from President-elect Donald Trump could impact inflation, though he believes the actual tariffs may not be as significant as feared.



Bill Adams, chief economist for Comerica Bank, said the Fed is reacting to the incoming Trump administration&#8217;s policies, which it sees as most likely to boost growth and inflation, as well as tighten the job market.



Trump does not have much control over the pace of rate cuts in the near term, Adams said, but &#8220;that could change in 2026 if President-elect Trump gets the Senate to confirm a new Fed chair who is more sympathetic to his policy goals.&#8221;



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



Upcoming Economic Data



Important data is slated to be released in the rest of the week that will help investors determine the future course of action.



<ul>
<li>On Thursday, the data for initial jobless claims till Dec. 14, GDP&#8217;s second revision for the third quarter, and Philadelphia Fed manufacturing survey data for December will be released at 8:30 a.m., ET.</li>



<li>Existing home sales data and U.S. leading economic indicators for November will be announced at 10:00 a.m., ET.</li>



<li>On Friday, personal income and spending data along with core and headline PCE index data for November will be released at 8:30 a.m., ET.</li>



<li>Consumer sentiment data for December will be released at 10:00 a.m., ET.</li>



<li>Carnival Corporation and Winnebago Industries will report earnings.</li>
</ul>



Stocks In Focus:



<ul>
<li>Accenture Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) was up 3.56% ahead of its Q1 earnings call scheduled before the opening bell. Wall Street expects quarterly earnings at $3.40 per share on revenue of $17.12 billion.</li>



<li>Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) was down 15.52% after it posted better-than-expected earnings but sales missed expectations in the first quarter.</li>



<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) was just up 0.4% in premarket a analysts expect it to post quarterly earnings at 64 cents per share on revenue of $12.13 billion after the closing bell.</li>



<li>Lennar Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) was 8.85% lower in premarket trading after it reported worse-than-expected financial results for the fourth quarter.</li>



<li>Sangamo Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGMO#NASDAQ">SGMO</a>) was up 22.55% after it inked an agreement with Astellas Pharma allowing the latter to leverage Sangamo&#8217;s novel proprietary neurotropic adeno-associated virus capsid. Sangamo will receive a $20 million upfront license fee and is eligible to earn up to $1.3 billion in additional licensed target fees.</li>



<li>KULR Technology Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KULR#NYSE">KULR</a>) was up 27.88% after it announced plans to launch the KULR ONE Space battery via launch integrator Exolaunch on a SpaceX rideshare mission scheduled for 2026.</li>



<li>Mesoblast Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MESO#NASDAQ">MESO</a>) rose 42.61% in pre-market trading after Mesoblast's RYONCIL became the first FDA-approved mesenchymal stromal cell therapy in the U.S.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures were lower in the early New York session by 0.94% to hover around $69.92 per barrel.



The gold spot index fell by 0.82% to $2,631.59 per ounce. The Dollar Index was down 0.12% to 107.893 level.



Asian markets declined on Thursday, as Hong Kong&#8217;s Hang Seng, South Korea&#8217;s Kospi, Japan&#8217;s Nikkei 225, India&#8217;s S&amp;P BSE Sensex, and Australia&#8217;s ASX 200 index fell, while China&#8217;s CSI 300 index ended marginally higher.



Most European markets were also trading lower.



Read Next:



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<li><a href="https://www.benzinga.com/24/12/42571821/why-sangamo-therapeutics-shares-are-trading-higher-by-around-20-here-are-20-stocks-moving-premarket">Why Sangamo Therapeutics Shares Are Trading Higher By Around 20%; Here Are 20 Stocks Moving Premarket</a></li>
</ul>



Photo courtesy: Wikimedia

Market Summary

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Pre-Market Outlook

Trading Ideas

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MESO

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US Stocks Likely To Open Higher After Plunging On Powell's Hawkish Comments: Analyst Calls It A 'Healthy' Reaction From An 'Overly Optimistic' Market

A publicly traded cryptocurrency company&#8217;s shares have nearly tripled in a month following reports of a potential acquisition by President-elect Donald Trump&#8217;s Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>).&nbsp;



What happened: Bakkt Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKKT#NYSE">BKKT</a>) closed at an 11-month high of $32.44 earlier on Monday, marking a staggering 186% jump in a month, between Nov. 15 to Dec. 16. The rally pushed the company's valuation to $443 million, representing an addition of $288 million.



The positive momentum was imparted by reports that Trump Media &amp; Technology Group was in <a href="https://www.benzinga.com/general/social-media/24/11/42048594/trump-digs-deeper-into-c[%E2%80%A6]oar-on-reported-interest-from-president-elects-media-company">advanced talks</a> to acquire the company. The official confirmation has yet to be made as of this writing.



See Also:<a href="https://www.benzinga.com/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a>



Bakkt, based in Alpharetta, Georgia, provides services for cryptocurrency trading, storage, and loyalty point redemption.



Bakkt was founded and is 55% owned by Intercontinental Exchange, which also owns the New York Stock Exchange.



Why It Matters: The market has<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/12/42552111/trump-era-will-unlock-crypto-market-with-regulatory-clarity-says-analyst"> reacted positively</a> to Trump&#8217;s triumph, with the price of the top cryptocurrency Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surpassing $100,000 and other cryptocurrency-based equities like MicroStrategy and MARA Holdings raking in big gains.



The optimism stemmed from Trump&#8217;s vigorous pro-cryptocurrency campaign, which saw bold promises like <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">establishing a national Bitcoin stockpile</a>.&nbsp;



Interestingly, Bakkt&#8217;s stock has returned more than Bitcoin and its <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">de facto proxy stock, MicroStrategy</a>, which grew by only 16% and 24%, respectively, in the said time.



However, one could argue that low-priced stocks have a higher potential for large percentage moves.



Price Action: Meanwhile Bakkt shares have given up early week's gains, crashing 13.2% to $26.55 during Wednesday's regular session, 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>. 



Bakkt has a <a href="https://www.benzinga.com/quote/BKKT/analyst-ratings">consensus price targe</a>t of $2.51, according to four analyst ratings. The high of $7 was issued by Jefferies in Jan. 2022 while the low of $0.3 was issued by Citigroup in March.



The DJT stock likewise tanked 7% to $35.32. The decline had more to do with the <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">Federal Reserve's hawkish outlook</a> which roiled the broader market.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
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Photo courtesy: Shutterstock

BKKT

Trump's DJT Connection Drives This Lesser-Known Crypto Stock's Nearly 3X Surge In A Month

On Wednesday, December 18th, U.S. markets closed sharply lower, with the Dow dropping over 1,100 points—its steepest decline since August and longest losing streak since 1974. The Fed cut rates by 25 basis points as expected but signaled fewer cuts in 2025. Markets reacted sharply to the less dovish tone despite assurances of economic strength and progress on inflation.



Fed Chair Powell adopted a hawkish tone as the Fed cut rates by 0.25% but reduced 2025 rate cut projections to two, down from four in September and below market expectations.



The U.S. current account deficit widened to $310.9 billion in Q3, exceeding the estimated $284 billion. Housing starts fell 1.8% in November to an annualized 1.289 million units from 1.312 million in October.



S&amp;P 500 ended in the red, with consumer discretionary, real estate, and communication services stocks suffering the largest declines.



The Dow Jones Industrial Average was down 2.58% and closed at 42,326.87, the S&amp;P 500 closed lower by 2.95% at 5,872.16, and the Nasdaq Composite slipped 3.56% to finish at 19,392.69.



Asia Markets Today



<ul>
<li>On Thursday, Japan&#8217;s Nikkei 225 declined 0.80% and ended the session at 38,808.50, led by losses in the Communication, Steel, and Transportation Equipment sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 fell 1.70% and ended the day at 8,168.20, led by losses in the Gold, IT, and Materials sectors.</li>



<li>India&#8217;s Nifty 50 slid 0.98% to 23,961.95, and Nifty 500 was down 0.77%, closing at 22,757.65, led by losses in the Banking, Consumer Durables, and Capital Goods sectors.</li>



<li>China&#8217;s Shanghai Composite fell 0.36% to close at 3,370.03, while the Shenzhen CSI 300 gained 0.09%, finishing the day at 3,945.46.</li>



<li>Hong Kong&#8217;s Hang Seng was down 0.56% and closed the session at 19,752.51.</li>
</ul>



Eurozone at 05:30 AM ET



<ul>
<li>The European STOXX 50 index was down 1.60%.</li>



<li>Germany&#8217;s DAX slid 1.12%.</li>



<li>France&#8217;s CAC fell 1.49%.</li>



<li>U.K.&#8217;s FTSE 100 index traded lower by 1.27%.</li>



<li>European stocks fell as the Fed signaled slower rate cuts in 2025. Rate-sensitive tech stocks led losses, while bond yields spiked and commodities declined.</li>
</ul>



Commodities at 05:30 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 0.71% at $70.08/bbl, and Brent was up 0.07% at $73.44/bbl.</li>



<li>Natural Gas rose 2/16% to $3.447.</li>



<li>Gold was trading lower by 0.78% at $2,632.79, Silver was down 2.23% to $30.027, and Copper fell 1.62% to $4.0903.</li>
</ul>



U.S. Futures at 05:30 AM ET



Dow futures were up 0.40%, S&amp;P 500 futures rose 0.48% and Nasdaq 100 futures gained 0.47%.



Forex at 05:30 AM ET



<ul>
<li>The U.S. dollar index was down 0.13% to 107.89, the USD/JPY rose 1.35% to 156.89, and the USD/AUD slid 0.42% to 1.6012.</li>



<li>The U.S. dollar surged to a two-year high after the Fed signaled fewer rate cuts in 2025, pressuring global currencies. However, it slipped Thursday amid thin holiday trading, with the euro and Canadian dollar, and won fluctuating sharply.</li>
</ul>



Photo via Shutterstock

Asia

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Forex

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ASHR

BBEU

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USDU

Global Markets Slide On Fed's Hawkish Rate Policy; U.S. Dollar Eases Slightly After Hitting Two-Year High - Global Markets Today While US Slept

The CNN Money Fear and Greed index showed a sharp decline in the overall market sentiment, while the index moved to the &#8220;Fear&#8221; zone on Wednesday.



U.S. stocks settled lower on Wednesday, with the Dow Jones index falling for the 10th session in a row, dipping more than 1,100 points during the session.



Federal Reserve Chair Jerome Powell adopted a hawkish stance during his Wednesday press conference after the December Fed meeting. Although the Federal Reserve lowered interest rates by 0.25% to a range of 4.25%-4.5%, as widely anticipated, the updated economic projections suggest just two potential rate cuts in 2025 — down from four projected in September and fewer than the three anticipated by markets before the meeting.



On the economic data front, the U.S. recorded a current account deficit of $310.9 billion in the third quarter compared to the revised gap of $275.0 billion in the previous period, versus market estimates of a $284 billion gap. U.S. housing starts fell 1.8% to an annualized rate of 1.289 million units in November from 1.312 million in October.



General Mills, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) shares fell around 3% on Wednesday following the release of second-quarter results. Shares of Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>) rose around 10% during Wednesday&#8217;s session as the company posted better-than-expected results for its second quarter.



All sectors on the S&amp;P 500 closed on a negative note, with consumer discretionary, real estate, and communication services stocks recording the biggest losses on Wednesday.



The Dow Jones closed lower by around 1,123 points to 42,326.87 on Wednesday. The S&amp;P 500 fell 2.95% to 5,872.16, while the Nasdaq Composite declined 3.56% at 19,392.69 during Wednesday's session.



Investors are awaiting earnings results from Accenture Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>), Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>), and FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 33.9, the index moved to the &#8220;Fear&#8221; zone on Wednesday, versus a prior reading of 50.7.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



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<li><a href="https://www.benzinga.com/24/12/42553288/top-3-tech-and-telecom-stocks-that-may-crash-this-month">Top 3 Tech And Telecom Stocks That May Crash This Month</a></li>
</ul>



Photo courtesy: Shutterstock

Dow Dips Over 1,100 Points, Falling For 10th Session As Powell Adopts Hawkish Stance: Greed Index Moves To 'Fear' Zone

Quantum computing stocks have catapulted this year, especially after Dec. 9, when Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google announced its <a href="https://www.benzinga.com/24/12/42447332/alphabets-quantum-willow-chip-wows-analyst-google-at-the-leading-edge-of-technology-innovation">latest quantum chip, Willow</a>. However, analysts have a negative consensus rating for these stocks.



What Happened: Quantum Computing Inc. stock surged by 52.95% on Thursday and 2,785.39% over the year but Citron Research has called this move the &#8220;most ridiculous&#8221; citing its spending on research and development.



Stocks of other companies, including Rigetti Computing Inc., and D-Wave Quantum Inc. have soared enormously, whereas other quantum computing players like IONQ Inc. and International Business Machines. have seen modest growth.



<figure class="wp-block-table"><table><tbody><tr><td>Stock</td><td>5-Day Change</td><td>1-Month Change</td></tr><tr><td>Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>)</td><td>296.86%</td><td>911.02%</td></tr><tr><td>Rigetti Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>)</td><td>60.87%</td><td>716.03%</td></tr><tr><td>D-Wave Quantum Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>)</td><td>108.37%</td><td>501.34%</td></tr><tr><td>IONQ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>)</td><td>27.99%</td><td>34.46%</td></tr><tr><td>IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>)</td><td>-5.23%</td><td>4.72%</td></tr></tbody></table></figure>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The move in these quantum computing stocks has gotten out of hand. Rigetti <a href="https://twitter.com/search?q=%24RGTI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RGTI</a> and Quantum <a href="https://twitter.com/search?q=%24QUBT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$QUBT</a> are now up more than 1,000% so far in Q4. <a href="https://t.co/UY0MmB8yN0">pic.twitter.com/UY0MmB8yN0</a>&mdash; Bespoke (@bespokeinvest) <a href="https://twitter.com/bespokeinvest/status/1868760473094832549?ref_src=twsrc%5Etfw">December 16, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/24/12/42447332/alphabets-quantum-willow-chip-wows-analyst-google-at-the-leading-edge-of-technology-innovation">Alphabet&#8217;s Quantum Willow Chip Wows Analyst: Google At The &#8216;Leading Edge Of Technology Innovation&#8217;</a>



Why It Matters: The funds allocated to research and development as a part of operating expenses were down to $2.24 million in the third quarter of the current fiscal for Quantum Computing. This compares to $2.32 million during the same period last year.



According to Citron, this is a &#8220;striking mismatch for a company claiming to offer integrated high-performance quantum systems.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Small-cap quantum stocks are in a bubble, but <a href="https://twitter.com/search?q=%24QUBT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$QUBT</a> stands out as the most ridiculous. The numbers tell the story. R&amp;D spending is THE critical indicator in this space: last quarter, <a href="https://twitter.com/search?q=%24IONQ&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IONQ</a> allocated $33M and <a href="https://twitter.com/search?q=%24RGTI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RGTI</a> $12M, modest figures next to tech giants like Google. Yet <a href="https://twitter.com/search?q=%24QUBT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$QUBT</a>…&mdash; Citron Research (@CitronResearch) <a href="https://twitter.com/CitronResearch/status/1869400459267436877?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The company was recently awarded a $26,000 contract from NASA. According to the CEO and CIO of the Arora Report, Nigam Arora, &#8220;The contract is very small and does not justify the run-up.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As many of you know, I am a nuclear physicist and engineer. Quantum computing stock <a href="https://twitter.com/search?q=%24QUBT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$QUBT</a> is being pumped up like crazy on the news of a NASA contract. The contract is very small and does not justify the run up. I have worked with NASA. So, who is buying <a href="https://twitter.com/search?q=%24QUBT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$QUBT</a>. It is the momo…&mdash; Nigam Arora (@TheAroraReport) <a href="https://twitter.com/TheAroraReport/status/1869084928518103125?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Quantum computers, using qubits, promise to revolutionize computing by performing complex calculations exponentially faster than traditional computers.



Google&#8217;s recent breakthrough with Willow demonstrates the potential of quantum memory as it performed a standard benchmark computation in under five minutes which currently takes a supercomputer 10 septillion years — a number that vastly exceeds the age of the Universe.



However, high error rates remain a significant challenge, hindering commercial viability and uncertain timelines for widespread adoption.



&#8220;Buying $RGTI based on Google's quantum success is as misguided as believing every TikTok guitarist is the next Taylor Swift,&#8221; said Citron Research.



<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">Buying <a href="https://twitter.com/search?q=%24RGTI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RGTI</a> based on Google's quantum success is as misguided as believing every TikTok guitarist is the next Taylor Swift. When the hype fades, investors will recall <a href="https://twitter.com/search?q=%24RGTI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RGTI</a> sold equity at $2 just two weeks ago, with more dilution to come rather than true quantum competitiveness.…&mdash; Citron Research (@CitronResearch) <a href="https://twitter.com/CitronResearch/status/1866859551166959963?ref_src=twsrc%5Etfw">December 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



What Are Other Analysts Saying: According to the <a href="https://www.benzinga.com/quote/QUBT/analyst-ratings">analysts tracked by Benzinga</a>, most of these quantum computing companies face a potential downside in the future, with the exception of IBM.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Stocks</td><td>Last Three PT&#8217;s Average</td><td>Up/Downside Potential</td></tr><tr><td>Rigetti Computing</td><td>$3.33 </td><td>-67.09%</td></tr><tr><td>Quantum Computing</td><td>$8.63 </td><td>-62.77%</td></tr><tr><td>D-Wave Quantum</td><td>$4.58 </td><td>-48.33%</td></tr><tr><td>IONQ</td><td>$20.67 </td><td>-46.04%</td></tr><tr><td>IBM</td><td>$226.67 </td><td>2.66%</td></tr></tbody></table></figure>



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<li><a href="https://www.benzinga.com/24/12/42550804/bofa-says-cash-holdings-of-asset-managers-in-december-2024-has-been-the-lowest-since-2011-and-2002-triggering-a-sell-signal">Cash Holdings Of Asset Managers Lowest In 13 Years, Says BofA, Flagging &#8216;Sell&#8217; Signal Amid &#8216;Trump 2.0 Optimism&#8217;</a></li>
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Photo courtesy: Shutterstock

Small Cap

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GOOG

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RGTI

Quantum Computing, Rigetti, D-Wave Skyrocket Up To 300% In 5 Sessions After Google Unveils Willow Chip, But Analysts Urge Caution: 'Not Every TikTok Guitarist Is The Next Taylor Swift'

Leading cryptocurrencies tanked Wednesday after the Federal Reserve's <a href="https://www.youtube.com/watch?v=ReqGMYHAbP0">hawkish outlook</a> and the central bank&#8217;s statement that it has no interest in owning Bitcoin.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-4.94%</td><td>$100,644.84</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>-5.81%</td><td>$3,648.03</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>-8.26%</td><td>$0.3603</td></tr></tbody></table></figure>



What Happened: Bitcoin plunged sharply through the day but managed to stay above the psychologically crucial $100,000 mark.



Ethereum's descent was steeper, as the second-largest cryptocurrency retreated to the $3,600 region following a near 6% drop.



The slump triggered over $675 million in cryptocurrency liquidations in the last 24 hours, with long liquidations hitting $578 million.



The decline came following Fed Chair Jerome Powell's comments during the press conference following the Federal Open Market Committee meeting, where he disclosed that the central bank can't hold Bitcoin and it wasn't looking for a law change.



Bitcoin's Open Interest dropped 1.1%, however, the number of traders taking long positions for the coin surged above 50%, indicating expectations of a revival.



Over $1 billion in short positions risked liquidation if Bitcoin recovers to $105,900.



Market sentiment cooled from "Extreme Greed" to "Greed," according to the Cryptocurrency Fear &amp; Greed Index, signaling a decline in FOMO.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Pudgy Penguins (PENGU)</td><td>+21.82%</td><td>$0.03574</td></tr><tr><td>Bitget Token (BGB)</td><td>+7.95%</td><td>$4.24</td></tr><tr><td>Monero (XMR)</td><td>+0.87%</td><td>$214.23</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.51 trillion, dropping over 5% in the last 24 hours.



Stocks got pounded on Wednesday. The Dow Jones Industrial Average plunged 1,123.03 points, or 2.58%, to close at 42,326.87 as the index posted its 10th consecutive losing day. The S&amp;P 500 slipped 2.95%, ending at 5,872.16, while the tech-focused Nasdaq Composite dipped 3.56% to 19,392.69.



The market suffered <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">despite the Fed's latest 25-basis-point reduction</a> as Chair Powell hinted at a more cautious stance in 2025, with just two more 0.25% rate cuts projected next year, compared to the four anticipated in September.



The benchmark 10-year Treasury yields leaped to 4.5%, the highest since early June, as risk sentiment evaporated.



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



Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez weighed in on the central bank's policy shift, stating that 2025 looks a "lot less rosy."



"For now, keep calm, don't panic sell, and remember: markets hate uncertainty, but they also thrive on it when the dust settles. Let's see where this goes from here," Martinez advised traders.



In his analysis of the Federal Reserve action, Ali said, &#8220;It wasn't today's 25 bps cut that made markets freak out—it was the realization that inflation might stick around longer, and the Fed's not quite ready to take its foot off the gas. Sentiment is shifting, and 2025 suddenly looks a lot less rosy.



<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">What's the deal with today's market chaos? The Fed went ahead with a predictable 25 bps rate cut. No surprises there—97% of people expected it. But then, Bitcoin tanked around $100,000. Why? Let me explain without the usual Fed jargon. ————————- This is a glimpse of the premium… <a href="https://t.co/wANPW4t2uV">pic.twitter.com/wANPW4t2uV</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1869520970832138261?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another well-known analyst, Rekt Capital, noted Bitcoin's daily close above $100,000 but cautioned that it wasn't enough.



&#8220;However, for BTC to move up from here, it would need to reclaim ~$101,000 as support, much like it did on Dec. 14. Otherwise, $101,000 could turn into new resistance, which could mean the downside isn&#8217;t over," the analyst stated.



<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://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Ultimately, BTC has Daily Closed above $100k However for BTC to move up from here, it would need to reclaim ~$101k (red) as support, much like it did on December 14th Otherwise, $101k could turn into new resistance which could mean the downside isn&#39;t over<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a>… <a href="https://t.co/964IqYsdpo">https://t.co/964IqYsdpo</a> <a href="https://t.co/mxhL04PnsH">pic.twitter.com/mxhL04PnsH</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1869542342266683693?ref_src=twsrc%5Etfw">December 19, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a></li>
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$DOGE

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Bitcoin, Ethereum, Dogecoin Fall After Fed Shows No Interest For Piling BTC: Top Analyst Says Sentiment Shifting — '2025 Suddenly Looks A Lot Less Rosy'

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