Federal Reserve Chair Jerome Powell painted a rosy picture of the U.S. economy ahead of key jobs data due Friday. The strength of the economy is allowing the Fed to be <a href="https://www.benzinga.com/news/econ-s/24/12/42316647/interest-rate-cut-in-december-st-louis-feds-musalem-urges-patient-approach-in-last-mile-to-2">more cautious with interest rates</a>.



What Happened: Speaking at the New York Times DealBook Summit on Wednesday, Powell stressed that the current state of the economy allows the Fed to exercise caution in moving rates back down to a more neutral level.



&#8220;The U.S. economy is in very good shape right now. It&#8217;s in remarkably good shape, we are sort of the envy of other large economies around the world, and I&#8217;m going to do everything I can to keep it there during the rest of my term, and I feel very good about where the economy is and where monetary policy is,&#8221; Powell said.



The economy is growing at about a 2.5% clip and inflation has come down from above 7% to around 2.3%, while unemployment remains in check, the Fed chair said.



&#8220;We&#8217;re not quite there on inflation, but we&#8217;re still making progress &#8230; We&#8217;re now on a path to bring rates back down to a more neutral level over time,&#8221; Powell said.



&#8220;The good news is that we can afford to be a little more cautious as we try to find neutral.&#8221;



If the Fed lowers rates too quickly, it risks undermining the progress the central bank has made on inflation, but if it moves toward neutral too slowly, it could cause unnecessary harm to the labor market.



Check This Out: <a href="https://www.benzinga.com/news/econ-s/24/12/42316647/interest-rate-cut-in-december-st-louis-feds-musalem-urges-patient-approach-in-last-mile-to-2">Interest Rate Cut In December? St. Louis Fed&#8217;s Musalem Urges &#8216;Patient Approach&#8217; In &#8216;Last Mile&#8217; To 2%</a>



Why It Matters: The Fed lowered interest rates <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41820253/fed-cuts-interest-rates-to-lowest-since-february-2023-sticks-to-data-driven-path">by 0.25% in November</a>, bringing the federal funds target range to between 4.5% and 4.75%, marking the lowest levels seen since February 2023.



The Fed is currently in a &#8220;quiet&#8221; period ahead of its next interest rate decision, due on Dec. 18. The implied probability of a 0.25% rate cut at the Fed&#8217;s next meeting currently sits at 75.5%, according to CME Group&#8217;s FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>. Another cut to rates later this month would mark the Fed&#8217;s third consecutive interest rate cut.



Powell <a href="https://www.benzinga.com/news/econ-s/24/11/41991849/powell-with-strong-us-economy-fed-has-no-need-to-be-in-a-hurry-to-lower-rates">said in mid-November</a> that the Fed was in a position to &#8220;carefully&#8221; consider the appropriate level of rate cuts and did not need to &#8220;hurry,&#8221; pushing the odds for another cut in December lower. However, the implied probability moved higher earlier this week after Fed Governor Christopher Waller said he was <a href="https://www.benzinga.com/news/24/12/42282037/federal-reserves-waller-leans-toward-rate-cut-in-december-cites-inflations-downward-path-to-2">&#8220;leaning toward&#8221;</a> a rate cut later this month.



The Fed will get another look at key jobs data on Friday when the Bureau of Labor Statistics reports unemployment figures for November at 8:30 a.m. ET.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42318715/us-services-sector-growth-cools-more-than-expected-in-november-as-businesses-show-cautionary-outlooks-on-tariffs">US Services Sector Growth Cools More Than Expected In November As Businesses Show &#8216;Cautionary Outlooks&#8217; On Tariffs</a></li>
</ul>



This illustration was generated using artificial intelligence via Midjourney.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Fed Chair Powell speaks at the New York Times DealBook Summit 2024" width="500" height="281" src="https://www.youtube.com/embed/4umAoF9l17c?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



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News

Econ #s

Federal Reserve

Jerome Powell Says US Economy In 'Remarkably Good Shape,' Fed Can Be 'A Little More Cautious' With Interest Rates

The New York City shooting death of UnitedHealthcare CEO Brian Thompson Wednesday is believed to be a preplanned and premeditated, police said Wednesday hours after <a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">the attack.</a>



What Happened: Thompson, who was CEO of UnitedHealth Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)&#8217;s insurance division UnitedHealthcare, was fatally shot while outside the New York Hilton Midtown hotel in Manhattan, New York, where the company was hosting its investor day.



Police said the shooting appears to be preplanned and premeditated with the shooter, who is still at large, having known which door Thompson was going to enter and waiting for him there.



New York Police Commissioner Jessica Tisch called Wednesday's shooting a "brazen targeted attack," as <a href="https://www.nytimes.com/live/2024/12/04/nyregion/brian-thompson-uhc-ceo-shot">reported </a>by the New York Times.



New York Chief of Police Jeffrey Maddrey and Chief of Detectives Joseph Kenny also spoke at a Tuesday press conference. 



The shooter fled the scene on a bike, police said. Surveillance video shows the shooter leaving of the scene. There is no audio on the surveillance footage. Police are offering a reward up to $10,000 for more information on the case.



Police said they are trying to identify a witness who was near Thompson when the shooting occurred. 



Thomspon was getting to the conference early to help set up and he did not travel with security detail, according to police, who added that early findings show he did not typically travel with security. 



A cell phone that could belong to the shooter was located in a nearby alley and is undergoing forensics testing. Police also said they have a search warrant and were looking through Thompson's hotel room to try and find more clues. 



Kenny said it was too early to answer whether a silencer was used on the weapon in response to a press question Wednesday. The chief of detectives said it's too early to know if the shooter was a professional but surveillance shows he was able to fix a firing malfunction quickly, suggesting proficiencytwith firearms.



Police are interviewing Thompson's coworkers to see if any threats were recently been made against him and also checking social media for more clues.



Thompson, who joined UnitedHealth Group in 2004 and held various positions, arrived in New York Monday ahead of the conference, according to police.



Read Also: <a href="https://www.benzinga.com/general/health-care/24/12/42317793/unitedhealth-introduces-2025-guidance-ahead-of-now-stopped-investor-conference">UnitedHealth Group Issued 2025 Guidance Ahead Of Now Stopped Investor Conference</a>



Statements Pour In: UnitedHealth Group shared a statement on Wednesday's killing shortly before noon ET.



"We are deeply saddened and shocked at the passing of our dear friend and colleague Brian Thompson, the CEO of UnitedHealthcare. Brian was a highly respected colleague and friend to all who worked with him. We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time. Our hearts go out to Brian's family and all who were close to him," the <a href="https://www.unitedhealthgroup.com/newsroom/2024/2024-12-4-uhg-statement-on-events.html">statement </a>reads.



New York Gov. Kathy Hochul called Wednesday's events "horrific" and said state police will help if they are needed for the investigation.



"Our hearts are with the family and loved ones of Mr. Thompson, and we are committed to ensuring the perpetrator is brought to justice," Hochul said, as reported by the New York Times.



New York City Mayor Eric Adams told reporters the shooting was targeted and "does not appear to be a random act of violence.



U.S. Sen. Amy Klobuchar of Minnesota, where UnitedHealth Group is headquartered, said Wednesday's event was "a horrifying and shocking act of violence."



What's Next: Police officials told the public that the event was preplanned and premeditated and encouraged New Yorkers to go on with their daily routines while also reporting any suspicious activity and taking a look at the surveillance footage to help identify the shooter.



Wednesday's shooting occurred the same day as the lighting of the Christmas tree in Rockefeller Center, located several blocks away from the crime scene. 



The tree lighting, which is set to air as a two-hour special beginning at 8 p.m. ET on Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>)-owned NBC and Peacock, will go on as planned.



"We will have a massive police presence," Maddrey said.



Additional police will be located in subways to help ease the concern of New Yorkers traveling to the tree lighting ceremony, Maddrey added.



New York police are using drones, K9 units and aviation with no expenses spared to "keep New Yorkers safe," Maddrey said.



UNH Price Action: UnitedHealth Group stock is up 1% to $613.66 on Wednesday versus a 52-week trading range of $436.38 to $630.73.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/legal/24/11/41917050/justice-department-moves-to-block-unitedhealths-amedisys-takeover-whats-going-on">Justice Department Moves To Block UnitedHealth&#8217;s Amedisys Takeover: What&#8217;s Going On?</a></li>
</ul>



Photo via Shutterstock.

Management

Media

CMCSA

UnitedHealth 'Deeply Saddened' By Death Of Executive Brian Thompson: New York Police Offer $10K Reward For Information

Wall Street extended its rally on Wednesday, driven by robust gains in technology stocks, as investor optimism around AI-fueled <a href="https://www.benzinga.com/markets">growth continued to strengthen.</a>



The Nasdaq 100 climbed 0.9%, pushing further into record territory following Tuesday&#8217;s highs. The S&amp;P 500 advanced 0.4%, hitting 6,077—a fresh record-high milestone—eyeing its twelfth gain in thirteen sessions.



Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) advanced over 2% by midday, breaking all-time highs previously set in November. The e-commerce giant&#8217;s gains were bolstered by strong early holiday sales and optimism stemming from the AWS annual conference, where AI <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42321567/amazon-hits-all-time-highs-eyes-best-2-year-rally-since-2010-cyber-season-marks-record-sales-aws-shines-with-ai-innovations">advancements took center stage.</a>



Fresh economic data offered a mixed narrative. The ISM services index showed a slower-than-expected growth in November, while ADP reported private payroll growth of 146,000 for the month, slightly under the <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42314234/private-employers-add-fewer-than-predicted-jobs-in-november-manufacturing-was-the-weakest-weve-seen-since-spring">consensus estimate of 150,000.</a>



St. Louis Federal Reserve President Alberto Musalem struck a cautious tone on monetary policy, suggesting a potential slowdown or pause in the pace of interest rate cuts <a href="https://www.benzinga.com/news/econ-s/24/12/42316647/interest-rate-cut-in-december-st-louis-feds-musalem-urges-patient-approach-in-last-mile-to-2">might soon be warranted.</a>



The dollar weakened after the ISM report, while U.S. Treasury yields erased earlier gains and remained steady by midday.



In commodities, gold added 0.3%, while natural gas and crude oil prices declined 2.6% and 1%, respectively.



Meanwhile, the cryptocurrency market struggled to keep up with the broader risk-on mood. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped 0.2%, trading just above $95,000



<h2 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg</td><td>%</td></tr><tr><td>Nasdaq 100</td><td>21,428.69</td><td>+199.37</td><td>0.9%</td></tr><tr><td>S&amp;P 500</td><td>6,073.20</td><td>+23.32</td><td>0.4%</td></tr><tr><td>Dow Jones</td><td>44,864.46</td><td>+158.93</td><td>0.4%</td></tr><tr><td>Russell 2000</td><td>2,422.11</td><td>+5.76</td><td>0.2%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:50 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120224&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 0.4% to $606.41.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.4% to $449.79.</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>) rallied 1% to $521.87.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.3% to $240.68.</li>



<li>The&nbsp;Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, rising 1.6%; the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 2.4%.</li>
</ul>



<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>



<ul>
<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) rose over 7% in reaction to its quarterly results, which delivered slightly lower-than-expected earnings. </li>



<li>Other stocks reacting to earnings included Pure Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) up 24%, Okta Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) up 4.8%, The Campbells Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPB#NASDAQ">CPB</a>) down 6%, Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) up 2.4%, and Chewy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) down 3.8%.</li>



<li>Companies slated to report their earnings after the close are Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>), PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) and Five Below Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>). </li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42319796/tesla-analyst-lowers-q4-delivery-estimate-says-2-dynamics-will-determine-ev-stocks-valuation">Tesla Analyst Lowers Q4 Delivery Estimate, Says 2 Dynamics Will Determine EV Stock&#8217;s Valuation</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Earnings

Equities

Large Cap

Macro Economic Events

Broad U.S. Equity ETFs

Economics

Tech

ETFs

$BTC

AMZN

CHWY

DLTR

FIVE

MRVL

OKTA

PSTG

SNPS

Tech Stocks Extend Record Highs On AI Optimism, Marvell Rockets, Bitcoin Hovers Near $95,000: What's Driving Markets Wednesday?

On Tuesday, Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) announced plans to seek proposals from nuclear energy developers to accomplish its artificial intelligence innovation <a target="_blank" href="https://sustainability.atmeta.com/blog/2024/12/03/accelerating-the-next-wave-of-nuclear-to-power-ai-innovation/" rel="noreferrer noopener">and sustainability goals</a>.



The artificial intelligence frenzy has been pivotal in the accelerated adoption of nuclear energy as a power source, prompting big tech firms to indulge in nuclear energy-related projects to generate power for their ongoing AI development initiatives, Reuters reports.



The parent company of Facebook, Instagram, and Threads is eyeing 1-4 gigawatts (GW) of new nuclear generation capacity in the U.S. starting in the early 2030s.



Also Read: <a href="https://www.benzinga.com/tech/24/12/42302411/meta-platforms-talks-political-misinformation-content-moderation-in-latest-blog" target="_blank" rel="noreferrer noopener">Meta Platforms Talks Political Misinformation, Content Moderation In Latest Blog</a>



The company emphasized the importance of electric grids expanding and adopting new sources of reliable, clean, and renewable energy to drive the technologies that will build the future of human connection, including the next wave of AI innovation.



According to Reuters, Meta Platforms expects nuclear energy to support the growth needs of the electric grids that power its data centers and the communities around them.



Meanwhile, Amazon.Com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) cloud unit Amazon Web Services tapped with Dominion Energy, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) to develop a <a href="https://www.benzinga.com/partner/commodities/24/11/42188152/amazon-google-and-microsoft-bet-big-on-nuclear-ais-growing-energy-demands-fuel-new-projects" target="_blank" rel="noreferrer noopener">small modular reactor</a> near Dominion&#8217;s existing North Anna nuclear power station. In October, Amazon committed over $500 million in nuclear power across three projects from Virginia to Washington state. AWS expects the new SMRs to add a minimum of 300 megawatts of power to the Virginia region.



Alphabet Inc (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 forged a deal with Kairos Power to buy power via SMRs, enabling up to&nbsp;500 MW&nbsp;of new carbon-free power to U.S. electricity grids.



Microsoft Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)&nbsp;engaged Constellation Energy Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>) to reopen Pennsylvania&#8217;s Three Mile Island nuclear plant. Microsoft agreed to exclusively purchase the plant&#8217;s energy for two decades.



Meta Platforms stock has surged over 77% year-to-date. Bank of America, Rosenblatt, Goldman Sachs, and Needham analysts projected upside for the stock fueled by Llama and Meta AI. Meta&#8217;s AI investments drove the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41658862/meta-is-an-ai-story-fueled-by-llama-and-meta-ai-says-bullish-analyst" target="_blank" rel="noreferrer noopener">20% revenue growth</a> and have the potential for upside despite higher capex, as per the analysts. 



Price Action: META stock was down 0.77% at $608.75 at last check Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/24/12/42301391/marvell-reveals-latest-offering-to-scale-accelerated-infrastructure" target="_blank" rel="noreferrer noopener">Marvell Unveils New Platform, Targets Growing AI Bandwidth Demands</a></li>
</ul>



Photo: Shutterstock

GOOG

GOOGL

MSFT

Meta Joins Big Tech's Shift To Nuclear Power For AI Ambitions

A Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) analyst has lowered the fourth-quarter delivery estimate for the company citing weak demand and survey data, which could see the company miss <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">full-year growth estimates. </a>



The Tesla Analyst: Goldman Sachs analyst Mark Delaney maintained a Neutral rating on Tesla with a $250 price target.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">Tesla Q3 Earnings Highlights: EPS Beat, Revenue Miss, Shares Climb On 2025 Timeline For Lower-Cost EVs</a>



The Analyst Takeaways: Data on Tesla deliveries for key regions like the United States, Europe and China could point to mixed demand for the current fourth quarter, Delaney said in a new investor note.



"Tesla is not currently tracking to meet its objective to grow vehicle deliveries in 2024," Delaney said.



The analyst said Tesla needs to report deliveries of around 515,000 or more units in the fourth quarter to achieve delivery growth year over year for 2024.



With the current data showing a miss versus this target, Delaney expects Tesla to "increasingly use incentives" to hit this key number.



Increased incentives like 0% financing, free Supercharging and discounts will negatively impact Tesla's auto gross margins, the analyst added.



Delaney lowers the fourth-quarter delivery estimate from 515,000 to 510,000, which would be up 10% quarter-over-quarter and up 5% year-over-year, but miss the yearly company goal.



The new forecast comes with data showing strength in China, flat results in the United States and weak demand in Europe on a year-over-year basis.



"While we see some fundamental headwinds to the core auto business over the near to medium term, we also believe the stock could remain at a higher multiple to reflect the long-term opportunity tied to FSD/robotics given broader market interest in potential AI beneficiaries."



Tesla's new models planned for 2025 and progress with FSD could "help determine the valuation level the stock will trade at," Delaney added.



Delaney expects Tesla to report fourth-quarter delivery results on or around Jan. 2, 2025.



<ul>
<li>You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/trading-ideas/24/11/42144099/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-44">check out five stocks flying under the radar that deserve your attention.</a></li>
</ul>



Consumer Survey Data: Delaney shares key findings from a HundredX survey of U.S. consumers for Tesla and the electric vehicle sector.



The survey found that Tesla&#8217;s brand/trust metric declined in recent months, while the overall sector and peer companies like Ford and General Motors saw trust hold steady over the same time period.



The number of consumers planning to purchase a Tesla vehicle also fell in recent months, while peer companies held steady, according to the survey.



"We believe it will be important to watch how Tesla scores trend going forward, and how products like Full Self Driving (FSD) and new vehicle model (s) affect demand," Delaney said.



TSLA Price Action: Tesla stock trades at $351.39 on Wednesday, versus a 52-week trading range of $138.80 to $361.53. Tesla stock is up 41.5% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/education/24/12/42279286/cybertruck-turns-1-if-you-invested-1000-in-tesla-stock-when-ev-truck-was-unveiled-heres-how-much-youd-have-today">Cybertruck Turns 1: If You Invested $1,000 In Tesla Stock When EV Truck Was Unveiled, Here&#8217;s How Much You&#8217;d Have Today</a></li>
</ul>



Photo: Shutterstock

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Asia

Price Target

Reiteration

Global

Analyst Ratings

Trading Ideas

TSLA

Tesla Analyst Lowers Q4 Delivery Estimate, Says 2 Dynamics Will Determine EV Stock's Valuation

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



Brian Thompson, CEO of UnitedHealth Group, Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) UnitedHealthcare insurance division, was fatally shot on Wednesday morning outside the New York Hilton Midtown in Manhattan, where the company is hosting <a href="https://www.benzinga.com/pressreleases/24/12/b42302284/unitedhealth-group-updates-business-outlook-ahead-of-investor-conference">an investor day. </a>



The Details: According to <a href="https://nypost.com/2024/12/04/us-news/ceo-of-unitedhealthcare-fatally-shot-outside-of-hilton-hotel-in-nyc-in-possible-targeted-attack-sources/">a report </a>from the New York Post, Thompson was shot by a masked man around 6:46 a.m. ET in what police are calling a targeted attack. The man fired at Thompson and fled eastbound on 6th Avenue, the report said, citing police. 



Thompson was rushed to the hospital in critical condition where he was pronounced dead. 



According to a Bloomberg<a href="https://www.bloomberg.com/news/articles/2024-12-04/unitedhealthcare-ceo-brian-thompson-fatally-shot-in-manhattan?sref=TBDibEcD" target="_blank" rel="noreferrer noopener"> report</a>, the NYPD said the alleged shooter was waiting in the area and shot Thompson in the chest from about 20 feet away before taking off on foot. No arrests have been made at this time and the suspect remains at large.



The NYPD described the suspect as a white man wearing a cream-colored coat, gray backpack, black face mask and black and white sneakers.



UnitedHealth CEO&nbsp;Andrew Witty&nbsp;halted the company's investor day at about 9:10 a.m. and addressed the attendees. "We're dealing with a very serious medical situation," Witty said, according to Bloomberg.



Read Next: <a href="https://www.benzinga.com/markets/24/12/42300548/art-cashins-lessons-cuban-crisis-trades-to-timeless-wall-street-wit">Art Cashin&#8217;s Lessons: Cuban Crisis Trades To Timeless Wall Street Wit</a>



Thompson had a <a href="https://www.unitedhealthgroup.com/uhg/our-leaders/brian-thompson.html">long career</a> with UnitedHealth Group, joining the company in 2004 and holding various leadership positions, including CFO of UnitedHealthcare's Employer &amp; Individual, Community &amp; State and Medicare &amp; Retirement businesses and CEO of UnitedHealthcare Medicare &amp; Retirement. He was appointed CEO of UnitedHealthcare in April 2021.&nbsp;



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42273676/walmart-target-bath-body-works-stand-out-as-black-friday-winners-analysts">Walmart, Target, Bath &amp; Body Works Stand Out As Black Friday Winners: Analysts</a></li>
</ul>



Photo courtesy of UnitedHealth Group, Inc.&nbsp;

Health Care

General

UnitedHealthcare CEO Brian Thompson Fatally Shot Outside NYC Hotel (UPDATED)

The pace of monthly employment growth among U.S. private businesses decelerated in November and <a href="https://www.benzinga.com/news/econ-s">slightly missed economist expectations. </a>



Private employers added 146,000 new payrolls in November, down from the downwardly revised 184,000 in October and slightly below the expected 150,000, as reported by&nbsp;Automatic Data Processing Inc.&nbsp;on Wednesday. 



"Strong hiring at large employers led this month&#8217;s growth, yet industry performance was mixed" according to the November&#8217;s ADP National Employment Report.



"Manufacturing was the weakest we&#8217;ve seen since spring. Financial services and leisure and hospitality were also soft."&nbsp;Nela Richardson, chief economist at ADP, added.



The ADP National Employment Report sets the stage for the highly anticipated non-farm payrolls data from the Bureau of Labor Statistics on Friday, where economists forecast a significant employment jump from October&#8217;s 12,000 to 200,000.



<h2 class="wp-block-heading">ADP Employment Report For November: Key Highlights</h2>



<ul>
<li>In November, goods-producing industries saw an increase of only 6,000 jobs.</li>



<li>Manufacturing lost 26,000 payrolls, while construction added 30,000 jobs.</li>



<li>Service-providing industries experienced a more robust employment growth, adding 140,000 jobs. </li>



<li>Education and health services led with 50,000 new payrolls; trade, transportation, and utilities added 28,000. </li>



<li>Employment in leisure and hospitality grew by 15,000, while information and financial services activities witnessed weak growth, up by 4,000 and 5,000, respectively. </li>



<li>Salary growth for job stayers rose to 4.8% year-over-year, marking the first increase in 25 months. For job changers, pay gains rose to 7.2%</li>
</ul>



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



The U.S. dollar gained ground on Wednesday, with the U.S. dollar index – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – up 0.3% on the day.



Yields on longer-dated Treasuries surged, with the 10-year yield rising by 5 basis points to 4.27%. 



Equity futures were up during the premarket trading in New York. Contracts on the S&amp;P 500 rose 0.3%, while those on the Nasdaq 100 and the Dow Jones were up 0.7% and 0.4%, respectively. 



On Tuesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed at $604.16, setting a record-high closing price.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42310998/us-stocks-likely-to-open-higher-as-investors-gear-up-for-a-historically-strong-month-for-markets-wells-fargo-strategists-expect-trump-administrations-policies-set-a-backdrop-for-where-equities-continue-to-rally-in-2025">US Stocks Likely To Open Higher As Investors Gear Up For A Historically Strong Month: Wells Fargo Strategists See Trump Policies Setting A Backdrop Where &#8216;Equities Continue To Rally&#8217;</a></li>
</ul>



Photo: Shutterstock

Private Employers Add Fewer November Jobs Than Expected: 'Manufacturing Was The Weakest We've Seen Since Spring'

On Wednesday, Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>)&nbsp;reported third-quarter adjusted EPS of $1.12, up 15.5% year over year and beating <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42302071/dollar-general-dollar-tree-five-below-q3-earnings-preview-can-discount-retailers-rebound-ahead-of-holidays" rel="noreferrer noopener">the consensus of $1.07</a>.



The discount variety store chain reported sales of $7.57 billion, up 3.5% year-over-year, beating the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $7.44 billion</a>.



Enterprise same-store net sales increased 1.8%, driven by a 1.6% increase in traffic and a 0.2% <a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/b42310755/dollar-tree-inc-reports-results-for-the-third-quarter-fiscal-2024" rel="noreferrer noopener">increase in average ticket</a>.



Dollar Tree&#8217;s same-store net sales increased 1.8%, driven by a 1.5% increase in traffic and a 0.3% increase in average ticket. Family Dollar&#8217;s same-store net sales increased 1.9%, driven by a 1.8% increase in traffic and a flat average ticket.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40738760/dollar-stores-struggle-when-walmart-performs-well-report" rel="noreferrer noopener">Dollar Stores Struggle When Walmart Performs Well: Report</a>



The company continues reiterating its commitment to completing its formal review of strategic alternatives for the Family Dollar business segment.



As a result of the portfolio optimization review, the company identified approximately 970 underperforming Family Dollar stores, including approximately 600 stores to be closed in the first half of fiscal 2024 and around 370 stores to be closed at the end of each store&#8217;s current lease term.



As of November 2, the company closed approximately 670 stores and expects to close an additional 25 during the remainder of fiscal 2024.



&#8220;Our Dollar Tree and Family Dollar merchandising efforts produced tangible results, and our third quarter sales came in at the high end of our expected range,&#8221; said Mike Creedon, Interim Chief Executive Officer.&nbsp;



Dollar Tree also announced that Jeff Davis will step down from his role as the Chief Financial Officer. The company has launched an external search.



Guidance: Dollar Tree expects fiscal year 2024 sales of $30.7 billion—$30.9 billion, <a target="_blank" href="https://www.benzinga.com/news/earnings/24/09/40705415/dollar-tree-q2-earnings-revenue-and-eps-miss-cuts-annual-forecasts-as-customers-feel-macro-pressure" rel="noreferrer noopener">compared to prior guidance</a> of $30.6 billion—$30.9 billion and the consensus of $30.73 billion.



The company still expects to deliver comparable store net sales growth in the low-single-digits for the enterprise and both the Dollar Tree and Family Dollar segments.



Dollar Tree expects 2024 adjusted EPS of&nbsp;$5.31-$5.51 compared to prior guidance of $5.20-$5.60, versus the consensus of $5.38.



For the fourth quarter of 2024, Dollar Tree forecasts sales of $8.1 billion—$8.3 billion, compared to the consensus of $8.26 billion, based on comparable store net sales growth in the low single digits for the enterprise and both the Dollar Tree and Family Dollar segments.



Adjusted diluted EPS for the fourth quarter is estimated to be $2.10-$2.30 compared to the consensus of $2.22.



Price Action:&nbsp;At last check on Wednesday, DLTR stock was up 4.93% at $76.05 during the premarket session.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42310251/torrid-shares-dip-on-weak-q3-results-and-lowered-fy24-outlook-ceo-optimistic-for-future-growth" target="_blank" rel="noreferrer noopener">Torrid Shares Dip On Weak Q3 Results And Lowered FY24 Outlook, CEO Optimistic For Future Growth</a></li>
</ul>



Photo via Shutterstock

Guidance

Retail Sales

Movers

Dollar Tree Boosts Annual Outlook After Q3 Performance, Talks Family Dollar Strategic Review

Foot Locker, Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) stock tumbled in the premarket session on Tuesday. The company reported a third-quarter adjusted EPS of $0.33,&nbsp;missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $0.41</a>.&nbsp;Quarterly sales of $1.96 billion&nbsp;missed the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/n42311174/foot-locker-inc-reports-third-quarter-2024-financial-results-updates-2024-outlook" rel="noreferrer noopener">street view of $2.02 billion</a>.



Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42171519/snowflake-elastic-poised-for-ai-revolution-gains-analyst-upgrades-the-stocks" rel="noreferrer noopener">Snowflake, Elastic Poised For AI Revolution Gains, Analyst Upgrades The Stocks</a>



Total sales decreased 1.4% year over year. Comparable sales grew by 2.4%, led by 2.8% growth in global Foot Locker and Kids Foot Locker comparable sales.



During the quarter, the company opened ten new stores and closed 24. It also&nbsp;remodeled or relocated 20 stores and updated 167&nbsp;stores to current design standards. Inventory decreased 6.3% year over year.



As of&nbsp;November 2, the company operated 2,450&nbsp;stores in 26 countries in&nbsp;North America,&nbsp;Europe,&nbsp;Asia,&nbsp;Australia, and&nbsp;New Zealand.



In addition, 214 franchised&nbsp;stores were operating in the&nbsp;Middle East and&nbsp;Asia.



Foot Locker&#8217;s gross margin increased by 230 basis points. Quarterly adjusted net income was&nbsp;$31 million, compared with&nbsp;$28 million&nbsp;in the prior year.



At quarter-end, the company&#8217;s cash and cash equivalents totaled&nbsp;$211&nbsp;million, while total debt was&nbsp;$445&nbsp;million.



CEO Mary Dillon flagged a softening of consumer spending trends following the peak Back-to-School period in August and a more-than-expected elevated promotional environment, leading to the third-quarter consensus misses.



Despite disappointing trends in early November as consumers held back their spending ahead of the holiday season, the company noted a meaningful and positive acceleration over the key Thanksgiving week, especially in stores.



Outlook:&nbsp;Foot Locker lowered fiscal 2024&nbsp;adjusted EPS guidance&nbsp;to $1.20-$1.30&nbsp;(<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40598452/foot-locker-q2-earnings-revenue-and-eps-beat-multiple-store-closures-inventory-falls-10-and-more" rel="noreferrer noopener">prior $1.50-$1.70</a>) versus the&nbsp;$1.53 consensus.



Foot Locker revised sales growth outlook to 1.5% to 1.0% decline (prior (1%) to +1%) in fiscal 2024 year over year, or $8.032 billion- $8.072 billion (prior $8.072 billion-$8.236 billion) versus the consensus of $8.143 billion.



It lowered the gross margin guidance to 28.7% to 28.8% (prior to 29.5%-29.7%) to reflect promotional pressure.



The company expects fourth-quarter adjusted EPS of $0.70-$0.80 (versus <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $0.94</a>), sales change of (3.5)%-(1.5)% or $2.297 billion—$2.344 billion (versus consensus of $2.351 billion) and gross margin of 29.0%- 29.2%.



Foot Locker stock has plunged 22% year-to-date.



Price Action:&nbsp;FL stock is down 17.10% to $20.10 premarket at the last check on Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/24/11/42168608/nvidias-fugatto-new-ai-model-lets-you-create-sounds-never-heard-before" target="_blank" rel="noreferrer noopener">Nvidia Unveils Fugatto: AI Tool That Transforms Sound Creation For Music, Ads, And Gaming</a></li>
</ul>



Photo by Sorbis via Shutterstock

Foot Locker Cuts Outlook On Soft Consumer Spending In Q3, Stock Tanks

U.S. stocks could open on a positive note on Wednesday after the <a href="https://www.benzinga.com/news/global/24/12/42299162/us-stocks-pause-south-korea-etfs-fall-on-political-turmoil-oil-prices-rise-above-70-whats-driving-markets-tuesday">averages maintained a cautious stance on Tuesday</a>. Futures of all three major indices were up on Wednesday, pointing to an optimistic sentiment on Wall Street.



This is a day after the S&amp;P 500 closed at another record high, with AI stocks and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) giving the benchmark index a boost. Markets brushed off rising geopolitical tensions across the world, with South Korean President Yoon declaring an emergency and enforcing martial law.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.51%</td></tr><tr><td>S&amp;P 500</td><td>0.21%</td></tr><tr><td>Dow Jones</td><td>0.42%</td></tr><tr><td>R2K</td><td>0.07%</td></tr></tbody></table></figure>



In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.22% to $605.23 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.54% to $519.68, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



U.S. stocks closed on a mixed note on Tuesday, with the Dow Jones closing in the red while the Nasdaq and S&amp;P 500 edged up.



Crude oil prices edged up on Wednesday after the U.S. imposed sanctions on 35 Iranian entities.



Treasury yields rose as investors waited for crucial job data to be released.



On the economic data front, the number of job openings rose by 372,000 to 7.744 million in October compared to a revised reading of 7.372 million in September and higher than market estimates of 7.48 million.



Most sectors on the S&amp;P 500 closed on a negative note, with utilities, industrials, and financial stocks recording the biggest losses on Tuesday.



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



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.40%</td><td>19,480.91</td></tr><tr><td>S&amp;P 500</td><td>0.05%</td><td>6,049.88</td></tr><tr><td>Dow Jones</td><td>-0.17%</td><td>44,705.53</td></tr><tr><td>Russell 2000</td><td>-0.73%</td><td>2,416.35</td></tr></tbody></table></figure>



Insights From Analysts:



Ryan Detrick, chief market strategist at Carson Group, maintained his bullish outlook on the prospects of equity markets in December. While December has traditionally been a strong one for investors, another metric shows why bears shouldn't bet against equities this month, according to Detrick.



"When the S&amp;P 500 was up 20% or more for the year heading into the final month, December has been up nine of the past 10 times," said Detrick in his latest note.



Data shows the S&amp;P 500 has gained over 28% since the beginning of 2024 through November, and going by past trends, December looks set to close in the green, too.



It's not just December that could be positive – Detrick's analysis shows that big gains in November set equities on a path for a rally in the new year, too.



"Do big monthly gains matter? We'd say yes, as the S&amp;P 500 is up an average of 13.5% a year later and higher nearly 84% of the time after a calendar month gain of more than 5%."



He notes that a 5% gain in November has historically been followed by an average 13% increase the following year, occurring three out of four times. This pattern underpins Detrick's optimistic outlook.



Wells Fargo strategists also expect a bull run in 2025, giving a target of 7,007 for the S&amp;P 500.



"On balance, we expect the Trump Administration to usher in a macro environment that is increasingly favorable for stocks at a time when the Fed will be slowly reducing rates," said Christopher Harvey and his team of strategists.



&#8220;In short, a backdrop where equities continue to rally.&#8221;



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



Upcoming Economic Data



Wednesday's economic calendar is packed.



<ul>
<li>November's data on ADP employment will be released at 8:15 a.m. ET.</li>



<li>St. Louis Fed President Musalem will speak at 8:45 a.m. ET.</li>



<li>The S&amp;P final U.S. services PMI for November will be released at 9:45 a.m. ET.</li>



<li>The ISM services and factory orders data for November and October, respectively, will be released at 10:00 a.m. ET.</li>



<li>Fed Beige Book will be released at 2:00 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) <a href="https://www.benzinga.com/24/12/42309867/why-marvell-technology-shares-are-trading-higher-by-around-13-here-are-20-stocks-moving-premarket">stock surged 14% in premarket trading</a> on Wednesday after the company beat analyst estimates on the back of "strong demand from AI."</li>



<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) stock rose 13% in premarket after the company <a href="https://www.benzinga.com/news/earnings/24/12/42302924/salesforce-q3-earnings-revenue-beat-eps-miss-free-cash-flow-up-30-ai-driving-groundbreaking-transformation-and-more">posted revenue</a> that topped forecasts. It also raised its fiscal year revenue guidance.</li>



<li>Okta Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) stock gained 15% in premarket after the security firm handily beat Street expectations with its <a href="https://www.benzinga.com/news/earnings/24/12/42303322/okta-q3-earnings-revenue-beat-eps-beat-strong-guidance-shares-surge">third-quarter results</a>.</li>



<li>Pure Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) <a href="https://www.benzinga.com/news/earnings/24/12/42303442/pure-storage-shares-soar-after-strong-q3-q4-guidance-above-estimates-details">stock rocketed 25%</a> in premarket after the company raised its annual revenue guidance.</li>



<li>Investors are awaiting earnings results from Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>), Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>), and PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, gaining 0.69% to hover around $70.42 per barrel.



The 10-year Treasury note yield edged up to 4.254%.



Major Asian markets ended mixed on Wednesday, and European markets were similarly mixed in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42310095/apple-shares-hit-new-high-despite-iphone-sales-slowdown-expert-reiterates-that-street-is-starting-to-realize-ipho">AAPL Stock Hits New High Despite Sales Slowdown: Tech Bull Says ‘Street Is Realizing' iPhone 16 Marks The &#8216;Start Of A Super Cycle&#8217; For Apple</a></li>
</ul>



Photo courtesy: Wikimedia

Futures

Pre-Market Outlook

Markets

AAPL

US Stocks Likely To Open Higher As Investors Gear Up For A Historically Strong Month: Wells Fargo Strategists See Trump Policies Setting A Backdrop Where 'Equities Continue To Rally'

Moses Ventures founder and &#8220;Big Short&#8221; fame trader Danny Moses said on Tuesday that he does not have a short position in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) anymore.



What Happened: Moses has been short on Tesla at various times since Nov. 2016 when Tesla bought SolarCity, which he deemed to be an &#8220;awful deal.&#8221;



However, in the first quarter of this year, Tesla started to trade on fundamentals after a long time, Moses said.



After the quarter&#8217;s performance dropped, the company made promises of autonomous driving and robotaxis and company CEO Elon Musk started developing a relationship with President-elect Donald Trump, Moses noted in an <a href="https://www.cnbc.com/video/2024/12/03/abig-shorta-trader-danny-moses-on-why-heas-no-longer-shorting-tesla.html">appearance</a> on CNBC.



&#8220;When the story moves from non-fundamentals to technicals&#8230; that&#8217;s when I leave the story,&#8221; Moses said.



&#8220;It&#8217;s very difficult to short a name that is not trading on fundamentals. It&#8217;s also hard to go long a name when it&#8217;s all on promises.&#8221;



Moses added that Musk has &#8220;promised things in the past that never came to fruition&#8221; and now he&#8217;s talking about cutting $2 trillion from the federal budget. &#8220;You&#8217;re not gonna be able to do that.&#8221;



Why It Matters: Tesla shares closed down 1.6% at $351.42 on Tuesday. The stock is up by nearly 41% year-to-date, particularly after the stock rallied following Trump&#8217;s victory in the Presidential elections. 



Overall, analysts have a consensus rating of "Buy" on Tesla stock, with the highest price target being $411. 



Earlier this week, Roth MKM&nbsp;analyst&nbsp;Craig Irwin raised&nbsp;Tesla&#8217;s price target by 347% from $85 to $380 and upgraded the rating to a "buy" from "neutral."



A long-time Tesla bear, <a href="https://www.benzinga.com/24/12/42285783/tesla-bear-craig-irwin-turns-bullish-increases-price-target-from-85-to-380">Irwin turned bullish</a> on Tesla on Monday noting the benefits that Tesla might reap out of its CEO's new association and support for Trump.



Price Action: Tesla stock closed at $351.42 on Tuesday, down 1.6% for the day. Year-to-date, Tesla's shares have risen 41.5%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Overall, analysts have a consensus rating of "Buy" on the Tesla stock, with the highest price target being $411. The most recent analyst ratings by Roth MKM, Stifel, and UBS have an average price target of $339, implying a 3.5% downside.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/quote/tsla/analyst-ratings"><img loading="lazy" decoding="async" width="471" height="357" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04022334/Tesla-ratings-1.jpg" alt="" class="wp-image-675863" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04022334/Tesla-ratings-1.jpg 471w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04022334/Tesla-ratings-1-300x227.jpg 300w" sizes="(max-width: 471px) 100vw, 471px" /></a></figure>



Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42308219/ford-uk-chair-calls-on-govt-for-ev-incentives-of-up-to-5000-pounds-per-car-amid-weakening-demand-report" target="_blank" rel="noreferrer noopener">Ford UK Chair Calls For ‘Substantial' Incentives To Boost EV Demand: ‘We Need And Want To Sell Electric Vehicles'</a></li>
</ul>



Image made via photos on Shutterstock

'Big Short' Trader Danny Moses Gives Up On Shorting Tesla, Says It Is 'Very Difficult To Short A Name That Is Not Trading On Fundamentals'

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) stock soared to a new 52-week high on Tuesday, closing at $242.65, despite a general market slowdown. Wedbush's Dan Ives reacted to it, <a href="https://www.benzinga.com/markets/equities/24/09/40767552/iphone-16-could-kick-off-biggest-upgrade-cycle-in-apples-history-says-dan-ives-wedbush-analyst-p">reiterating his belief</a> that the iPhone 16 is the "start of a super cycle."



What Happened: AAPL stock rose by 1.3% on Tuesday, pulling up the broader Nasdaq Composite index. This also represented Apple&#8217;s best three-day performance since Oct. 10, when it gained 3.3%.



This comes at a time when reports have pointed to iPhone sales lagging amid a lukewarm reception to new AI features. According to market research firm IDC, Apple's <a href="https://www.benzinga.com/24/11/42209622/apple-faces-modest-growth-as-idc-forecasts-smartphone-market-rebound">iPhones are expected</a> to see a moderate 0.4% year-on-year growth in 2024, while the broader industry is expected to grow at 6.2%.



Ives, who has been bullish on Apple's prospects as far as the AI uptake is concerned, explained that the skepticism about Cupertino's potential is exaggerated.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/12/42286671/apples-foldable-iphone-could-spark-smartphone-market-revival-in-2026-says-expert?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Foldable iPhone Could Spark Smartphone Market Revival In 2026, Says Expert</a>



"The Street is starting to realize the iPhone 16 is the start to a super cycle and China sales look robust, sending the bears into hibernation mode," Ives told Barron's <a href="https://www.barrons.com/articles/apple-shares-climbing-record-iphone-b5580486">in</a> an interview.



IDC's forecast states that AI-powered smartphones will dominate sales by 2028, accounting for 70% of the total market. Ives believes Apple Intelligence-equipped iPhone 16 will help Apple post 90 million unit sales in 2025, and noted that it will help Apple hit <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40971882/as-apples-iphone-16-goes-on-sale-analyst-says-demand-off-to-strong-start-keeping-cu">$4 trillion in market capitalization</a> in the coming year.



Why It Matters: Apple&#8217;s recent stock performance is bolstered by several key developments. A&nbsp;<a href="https://www.benzinga.com/24/12/42299011/apples-app-store-revenue-jumps-152-in-q1-fy25-bofa-analyst-cites-strong-service-expansion-and-gross-margin-tailwinds">report</a>&nbsp;from BofA Securities highlights a 15.2% increase in App Store revenues in the first quarter of FY25, driven by a multi-year iPhone upgrade cycle and strong service expansion.



Additionally,&nbsp;Ray Dalio&#8217;s Bridgewater Associates&nbsp;has <a href="https://www.benzinga.com/markets/equities/24/12/42287009/ray-dalios-bridgewater-adds-broadcom-apple-in-q3-while-diluting-stake-in-topmost-ai-play-nvidia-along-with-other-big-tech-companies">increased its stake in Apple</a>, indicating confidence in the company&#8217;s future prospects. The hedge fund&#8217;s decision to buy more Apple shares while reducing stakes in other tech giants underscores Apple&#8217;s perceived stability and growth potential.



Moreover, Apple&#8217;s strategic plans to launch a&nbsp;<a href="https://www.benzinga.com/markets/24/12/42286671/apples-foldable-iphone-could-spark-smartphone-market-revival-in-2026-says-expert">foldable iPhone</a>&nbsp;by 2026 could rejuvenate the smartphone market, potentially leading to significant market share gains.



Price Action: Apple stock closed at $242.65 on Tuesday, ending the day higher by 1.3%. Year-to-date, the company's stock is up 30.7%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Overall, analysts have a consensus rating of "Buy" on Apple stock, with the highest price target being $300. The most recent analyst ratings by Wedbush, Morgan Stanley, and Maxim Group have an average price target of $262.67, implying an 8.3% downside.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/AAPL/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04053939/Screenshot-2024-12-04-at-4.09.31%E2%80%AFPM-1024x397.png" alt="" class="wp-image-676104"/></a></figure>



Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



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



Photo courtesy: Apple

AAPL Stock Hits New High Despite Sales Slowdown: Tech Bull Says 'Street Is Realizing' iPhone 16 Marks The 'Start Of A Super Cycle' For Apple

A dormant whale resurfaced after 11 years on Tuesday, moving over $250 million worth of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).



What Happened:&nbsp;According to&nbsp;the on-chain tracking platform Lookonchain, the investor suddenly became active, moving 2,700 BTCs to a new address. The total value of the transferred Bitcoin was estimated to be $257.45 million.



The whale received the stash on Dec. 21, 2013, when Bitcoin was priced at $625.84 per unit. If the transferred amount was intended to be sold, the whale would make a profit of around $255.786 million, representing a staggering 15135.8% return.



<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 whale with 2,700 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($257.45M) transferred all 2,700 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($257.45M) out after being dormant for 11 years. The whale received 2,700 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> on Dec 21, 2013, when the price was $625.84.<a href="https://t.co/cizfddOnn6">https://t.co/cizfddOnn6</a> <a href="https://t.co/E2CXEDaTVK">pic.twitter.com/E2CXEDaTVK</a>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1864118741522632869?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Popular cryptocurrency market observer JA Maartunn also weighed in on the fascinating development, stating that such an event only happened once before. 



<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">&#x1f6a8; Satoshi, are you there? 2,700 Bitcoin that had been dormant for more than 10 years has just moved. This event has only occurred once before. <a href="https://t.co/FJ0K3kt4yT">pic.twitter.com/FJ0K3kt4yT</a>&mdash; Maartunn (@JA_Maartun) <a href="https://twitter.com/JA_Maartun/status/1863961195847266750?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42307265/xrp-becomes-third-most-valued-cryptobeats-boeing-nike-in-market-capitalization">XRP Becomes Third-Most Valued Crypto — Beats Boeing, Nike In Market Capitalization</a>



Why It Matters:&nbsp;The activity of Bitcoin whales often influences the cryptocurrency market. Large transactions can cause significant price fluctuations, either positively or negatively. 



Furthermore, the awakening of dormant whales could indicate that long-term holders are cashing out their Bitcoin holdings.



Data from <a href="https://app.intotheblock.com/">IntoTheBlock</a> concurred with this narrative, showing a dip in the Bitcoin balance held by long-term HODLers.



A 90% spike in Bitcoin&#8217;s exchange net flows also supported the idea that funds were likely getting liquidated.



Price Action: At the time of writing, Bitcoin was exchanging hands at $96,612.29, up 1.25% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42307586/bitcoin-dumped-and-recovered-in-south-korea-amid-political-turmoil-an-arbitrage-opportunity-that-wasnt">Bitcoin Dumped And Recovered In South Korea Amid Political Turmoil — An Arbitrage Opportunity That Wasn&#8217;t?</a></li>
</ul>



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



Image via Shutterstock

Cryptocurrency

Dormant Bitcoin Whale Awakens After 11 Years, Moves $257M Worth Of BTC: 'This Event Has Only Occurred Once Before...'

The stock market&#8217;s remarkable performance in 2024, with the <a href="https://www.benzinga.com/news/earnings/24/12/42308304/sp-500-hits-another-high-as-apple-tops-242-for-the-first-time-fear-index-remains-in-greed-zone">S&amp;P 500 hitting 54 all-time highs</a>, may not be a positive indicator for the future, according to analysts.



What Happened: The S&amp;P 500&#8217;s record-breaking run in 2024, fueled by factors such as Fed rate cuts, enthusiasm for artificial intelligence, and Donald Trump&#8217;s pro-market policies, has been impressive. However, this trend could be a cause for concern, as historically, years with numerous record highs have been followed by poor stock performance, analysts at Ned Davis Research said in a Monday note.



Historical data since 1928 shows that in years when the S&amp;P 500&nbsp;hit more than 35 record&nbsp;highs, the median gain for&nbsp;the index the following year was a mere 5.8%, falling short of the long-term average of 8%. In years with&nbsp;at least 50 record highs,&nbsp;the median return&nbsp;was -6% the following year.



&#8220;The obvious challenge to momentum studies is that stocks do not go up forever,&#8221; strategists said. 



&#8220;Perhaps AI will drive another productivity and profit boom that will keep inflation and Fed policy benign. History suggests that is the exception rather than the rule.&#8221;



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42286866/shiba-inu-burn-rate-explodes-by-3450-is-shib-price-going-up-72-in-december-again?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Burn Rate Explodes By 3,450%: Is SHIB Price Going Up 72% In December Again?</a>



There have been exceptions to this trend, such as in 1996 when the S&amp;P 500 returned 20% despite 77 record highs the previous year. However, these gains were largely attributed to the dot-com productivity boom. &#8220;The&nbsp;obvious challenge to momentum studies&nbsp;is that stocks do not&nbsp;go up forever,&#8221; the strategists pointed out.



Other technical indicators also suggest a weaker 2025, with the majority of the stock market&#8217;s gains being concentrated among a handful of companies.



&#8220;Continued narrowing would set the stock market up for a tougher 2025,&#8221; the strategists warned.



Why It Matters: Despite this warning, some analysts remain optimistic about the stock market&#8217;s future.&nbsp;Bank of America analysts&nbsp;have predicted <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42276232/bank-of-america-eyes-sp-500-at-6666-in-2025-we-are-expecting-another-good-year-for-equities">a positive outlook for stocks in 2025</a>, with the S&amp;P 500 Index expected to reach 6,666 by the end of 2025, marking a 10% increase from current levels. This forecast is based on confidence in productivity gains, resilient corporate earnings, and strategic sector rotation.



Furthermore, Ark Invest&#8217;s Cathie Wood has expressed <a href="https://www.benzinga.com/markets/equities/24/12/42262916/ark-invests-cathie-wood-says-stock-market-will-broaden-out-under-trump-but-growth-wont-be-linear-nothing-goes-up-in-a-straight-line">her positive outlook</a> for the stock market under President-elect Donald Trump&#8217;s administration. She believes that the market is already starting to anticipate a shift, indicating potential future growth.



Despite a few dips, the equity markets have been trading higher than the pre-election levels after President-elect Trump&#8217;s victory.



The Dow Jones recorded a gain of 7.5% for November. The S&amp;P 500, reflected in the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 5.6% last month. The Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which follows the tech-heavy Nasdaq, has posted returns close to 6%.



Meanwhile, the Dow and S&amp;P 500 <a href="https://www.benzinga.com/24/12/42260445/dow-sp-record-best-month-of-year-investor-sentiment-improves-fear-greed-index-remains-in-greed-zone" target="_blank" rel="noreferrer noopener">recorded their best months</a> of the year in November, according to data from <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42296482/xrp-price-explodes-415-in-30-days-experts-analyze-why-xrp-is-going-up?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">XRP Price Explodes 415% In 30 Days: Experts Analyze Why XRP Is Going Up</a></li>
</ul>



Image via Wikimedia Commons

S&P 500's Record-Breaking Streak In 2024 Could Signal Caution For Investors In 2025, Warn Analysts: 'Stocks Do Not Go Up Forever'

Leading cryptocurrencies traded flat Tuesday even as the stock market closed at new records.&nbsp;



<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>-0.35%</td><td>$95,699.46</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>-0.27%</td><td>$3,627.03</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>-1.50%</td><td>$0.4143</td></tr></tbody></table></figure>



What Happened: Bitcoin had a rocky journey, falling to $93,645 in the morning before recovering to $96,000.



The volatility came amid <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">huge political drama</a> in South Korea, as President Yoon Suk Yeol revoked a martial law decree just hours after it was announced.



Bitcoin's market dominance fell by more than 6%, while altcoins recorded a significant jump in share.&nbsp;



The volatile movement led to more than $621 million in cryptocurrency liquidations in the last 24 hours, with bullish leveraged bets accounting for $389 million.



Bitcoin's Open Interest (OI) fell by 2.26% in the last 24 hours. Interestingly, most top traders, i.e., those with the highest margin balance, continue to be bullish on Bitcoin, as per the Long/Shorts Ratio.



The "Extreme Greed" strengthened from 76 to 78 in the last 24 hours, per the Cryptocurrency Fear &amp; Greed Index, indicating expectations of future upsides.



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>Reserve Rights (RSR)</td><td>+162.63%</td><td>$0.02651</td></tr><tr><td>Tron (TRX)</td><td>+90.37%</td><td>$0.4195</td></tr><tr><td>Neo (NEO)</td><td>+39.77%</td><td>$25.08</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.52 trillion, following an increase of 1.70% in the last 24 hours.



Major stock indexes closed at new records on Tuesday. The S&amp;P 500 gained 0.05% to end at 6,049.88, while the tech-focused Nasdaq Composite closed 0.40% higher to 19,480.91, setting a new intraday record of 19,486.14.



The Dow Jones Industrial Average, meanwhile, dropped 0.17% to close at 44,705.53.



Exchange-traded funds tracking the South Korean market fell amid political drama surrounding martial law. The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) closed down 1.59% to $55.81, while the Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) declined 0.84% to $18.78.



Investors parsed labor market data that revealed a <a href="https://www.benzinga.com/24/12/42298121/crude-oil-surges-2-us-job-openings-increase-in-october">higher-than-expected jump</a> in job openings for October compared to September.



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



Analyst Notes: Widely followed cryptocurrency analyst Justin Bennett made a bold prediction about Ethereum's future price moves.



"If I&#8217;m right about ETH, it trades back to $1,000 from current levels. If I&#8217;m wrong, Ethereum breaks $3,700 to target $4,000," he said. "I&#8217;ve placed my bet. I&#8217;ll be here to call out levels to watch if I&#8217;m right or admit if I&#8217;m wrong."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If I&#39;m right about <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, it trades back to $1k from current levels. If I&#39;m wrong, <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> breaks $3,700 to target $4k+. No ego or emotions, just sharing what I see. I&#39;ve placed my bet. I&#39;ll be here to call out levels to watch if I&#39;m right or admit if I&#39;m wrong. <a href="https://t.co/sb5ST5Xu5z">pic.twitter.com/sb5ST5Xu5z</a>&mdash; Justin Bennett (@JustinBennettFX) <a href="https://twitter.com/JustinBennettFX/status/1863987702766403638?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Influential cryptocurrency market observer Michaël van de Poppe noted how the altcoins were logging double-digit gains on a daily basis.



"The good thing: we&#8217;re just getting started. The bad thing: people will lose a lot, too," he remarked.&nbsp;



Van De Poppe advised his followers not to chase FOMO and "take profits of the table."



<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 <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> are extremely heating up at this point. Double-digit returns day after day; it&#39;s great. The good thing: we&#39;re just getting started. The bad thing:people will lose a lot, too. Make sure to avoid chasing FOMO in those positions and take profits of the table.&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1864003415304770024?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Igor Faun on Shutterstock



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42300582/dogecoin-doge-in-the-limelight-as-elon-musk-vivek-ramaswamy-to-address-congress-members-on-thursday">Dogecoin, D.O.G.E In The Limelight As Elon Musk, Vivek Ramaswamy To Address Congress Members On Thursday</a></li>
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$DOGE

$ETH

FLKR

Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits

South Korean markets traded sharply lower on Wednesday following a dramatic political upheaval that saw President Yoon Suk Yeol briefly impose and then quickly withdraw martial law <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">after facing parliamentary opposition</a>.



What Happened: The benchmark Kospi index fell 1.15% to 2,471.27, while the tech-heavy Kosdaq 100 dropped 2.64% as of 9:49 am local time, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. 



The political uncertainty particularly affected major technology and industrial stocks, with Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) declining 1.12%.



NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) supplier SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>) saw its shares drop 0.061%. Other industrial heavyweights also suffered, with Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) falling 0.70% and U.S.-listed Posco Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKX#NYSE">PKX</a>) declining 4.36% to $47.77 on Tuesday&#8217;s regular session. Still, the stock recovered marginally in after-hours trading.



U.S.-based funds tracking South Korean equities showed signs of recovery in after-hours trading, with the iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) rebounding 0.25% after earlier losses exceeding 6%. The Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) gained 0.53% after hours.



The political turbulence also impacted currency markets, with the South Korean won weakening 0.21% against the U.S. dollar to 1,416.65. 



The market reaction highlights South Korea&#8217;s crucial role in global supply chains, particularly in semiconductor manufacturing and automotive production, where many companies serve as essential suppliers to major U.S. firms.



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</ul>



Image Via Shutterstock



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

HXSCF

HYMTF

NVDA

SSNLF

South Korean Markets Plunge Amid Political Turmoil As President Yoon's Martial Law U-Turn Sparks Uncertainty: Samsung, SK Hynix, And Hyundai Stocks Tumble

The CNN Money Fear and Greed index remained in the &#8220;Greed&#8221; zone on Tuesday.



U.S. stocks settled mixed on Tuesday, with the S&amp;P 500 hitting another record close during the session.



Shares of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) surged to a new 52-week high on Tuesday. Shares of Zscaler Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) fell around 4.7% on Tuesday following first-quarter results.



On the economic data front, the number of job openings rose by 372,000 to 7.744 million in October compared to a revised reading of 7.372 million in September and higher than market estimates of 7.48 million.



Most sectors on the S&amp;P 500 closed on a negative note, with utilities, industrials, and financial stocks recording the biggest losses on Tuesday. However, communication services and information technology stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by around 76 points to 44,705.53 on Tuesday. The S&amp;P 500 rose 0.05% to 6,049.88, while the Nasdaq Composite climbed 0.40% at 19,480.91 during Tuesday's session.



Investors are awaiting earnings results from Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>), Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>), and PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 62.3, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 62.4.



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/24/12/42293707/jim-cramer-prefers-this-delivery-giant-over-ups">Jim Cramer Prefers FedEx Over This Delivery Giant That &#8216;Screwed Up A Lot Of Holiday Seasons&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

S&P 500 Hits Another High As Apple Tops $242 For The First Time: Fear Index Remains In 'Greed' Zone

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg is seeking to play an &#8220;active role&#8221; in shaping technology policies under the administration of President-elect Donald Trump.



What Happened: On Tuesday in a briefing with journalists, Nick Clegg, Meta&#8217;s president of global affairs, said that Zuckerberg intends to play &#8220;an active role&#8221; in discussions about preserving U.S. leadership in technology, <a href="https://www.ft.com/content/69f86be5-ecdd-4222-92aa-3df0a8db213c">reported</a> the Financial Times.



Last week, it was reported that <a href="https://www.benzinga.com/markets/24/11/42227958/mark-zuckerberg-and-trump-reportedly-met-at-mar-a-lago">Zuckerberg met with Trump</a> at Mar-a-Lago, expressing gratitude for the invitation.



Clegg also admitted that the company &#8220;overdid it a bit&#8221; with content moderation during the pandemic, which seems to be an effort to appease Trump, who has accused Meta of censorship.



See Also: <a href="https://www.benzinga.com/news/global/24/12/42260943/tesla-rival-byd-assembles-over-30-of-ipads-for-apple-and-plans-ai-robots-for-nvidia-how-warren-buffett-backed-firm-is-supporting-tim-cook-led-tech-empire?itm_source=parsely-api">BYD Surpassed Tesla In Quarterly Revenue For The First Time In Q3. It Assembles Over 30% Of iPads For Apple, And Is Now Planning To Build AI Robots For Nvidia</a>



The Meta executive said that the company is <a href="https://www.benzinga.com/tech/24/12/42302411/meta-platforms-talks-political-misinformation-content-moderation-in-latest-blog">committed to refining its content</a> moderation practices to ensure "precision and accuracy," admitting the company has faced user backlash over removing non-harmful content.



Why It Matters: Earlier this year, Trump had threatened legal action against Zuckerberg, accusing him of plotting against him while appearing friendly during visits to the Oval Office.



In July this year, <a href="https://www.benzinga.com/news/24/07/39759624/meta-removes-heightened-penalties-on-donald-trumps-accounts-a-day-after-ex-president-threatens-to-pu">Meta lifted additional restrictions</a> on Trump&#8217;s accounts, after he threatened to take legal action against Zuckerberg.



Meanwhile, Meta reported <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">third-quarter revenue</a> of $40.59 billion, surpassing <a href="https://www.benzinga.com/calendars/earnings">analyst expectations</a> of $40.29 billion. The company also reported adjusted earnings of $6.03 per share for the quarter, exceeding the projected $5.25 per share.



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



This marks the seventh straight quarter in which Meta has outperformed analyst estimates for both revenue and earnings, <a href="http://pro.benzinga.com/">according to Benzinga Pro</a>.



Price Action: Meta&#8217;s stock rose 3.51% on Tuesday, finishing the day at $613.65. During after-hours trading, it saw a slight uptick of 0.059%, reaching $614.01. Year-to-date, Meta&#8217;s shares have surged by 77.21%, significantly outperforming the Nasdaq 100 index, which has gained 28.32% in the same period.



Based on evaluations from 41 analysts, Meta&#8217;s consensus price target stands at $639.05, with the highest projection of $811 issued by Rosenblatt on Oct. 31, 2024. Recent ratings from Raymond James, Wells Fargo, and Citigroup average at $673.67, implying a potential 9.72% upside.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/META/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03210454/Screenshot-2024-12-04-at-7.34.49%E2%80%AFAM-1024x363.png" alt="" class="wp-image-675599"/></a></figure>



Image via Shutterstock



Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Zuckerberg Seeks 'Active Role' In Trump's Tech Policies, Says Top Executive — Admits Meta 'Overdid It' During Pandemic Content Crackdown

South Korean markets staged a sharp recovery Tuesday afternoon after President Yoon Suk Yeol reversed a martial law declaration just hours after its announcement following a unanimous parliamentary <a href="https://www.benzinga.com/24/12/42292488/south-korean-etfs-slide-on-presidents-emergency-martial-law-declaration-protect-the-constitutional-democratic-order">vote against the measure.</a>



The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>), a key vehicle for U.S.-based investors seeking exposure to South Korean equities, pared early losses of over 6% to trade down 1.6% as of 3 p.m. ET.



Similarly, the Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) was down 1%, recovering from steeper declines earlier in the session.



The South Korean won weakened by 0.9%, recovering somewhat from a 2% plunge against the U.S. dollar earlier in the day. 



<h3 class="wp-block-heading">Volatile Tuesday For South Korean Assets</h3>



The day began with a political crisis that rattled global observers and sent South Korean markets into freefall. 



Late Tuesday night in Seoul, Yoon declared martial law during a televised address, claiming it was necessary to counter what he described as &#8220;anti-state forces&#8221; within the opposition.



Yoon accused opposition lawmakers of orchestrating gridlock in parliament, undermining key institutions and weaponizing fiscal policy by proposing a 4 trillion won ($2.8 billion) budget cut to cripple his administration.



Financial markets reacted abruptly, with U.S.-listed Korea-linked ETFs facing their steepest early losses since March 2020 during morning trading. 



The South Korean won tumbled nearly 3%, on track for its worst single-day decline since Nov. 9, 2016, when Donald Trump&#8216;s victory in the U.S. presidential election triggered a global selloff in emerging markets.



<h3 class="wp-block-heading">Chart: South Korean ETFs Rebound Sharply After Parliament Overturns Martial Law</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="744" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03154205/image-24-1024x744.png" alt="" class="wp-image-675330" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03154205/image-24-1024x744.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03154205/image-24-300x218.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03154205/image-24-768x558.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03154205/image-24.png 1486w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The president's sudden declaration triggered chaos. Members of Yoon&#8217;s own party urged him to lift the decree, with lawmakers condemning it as "unconstitutional."



Soldiers stormed the National Assembly building, smashing windows to gain entry and blocking lawmakers from entering.



The crisis drew international attention. U.S. Ambassador to South Korea Philip Goldberg commented on X, stating: "The U.S. Embassy and Department of State are closely tracking President Yoon&#8217;s recent declaration of martial law. The situation is fluid."



In response to the crisis, the Bank of Korea announced plans to hold an emergency meeting Wednesday to assess the potential economic and currency fallout.



The Bank of Korea governor, the minister of finance and other financial authorities vowed to provide an unlimited amount of liquidity to stabilize markets.



As reported by Reuters in New York afternoon hours, Yoon's surprise martial law declaration was swiftly and unanimously overturned by 190 National Assembly members, who defied police and military blockades to cast their votes.



According to South Korean law, the president is required to immediately lift martial law if parliament rejects it with a majority vote.



In a brief statement following the vote, Yoon announced that a cabinet meeting would be convened as soon as possible to address the unfolding situation.



Most of the protesters who had gathered outside the National Assembly returned home after the announcement that martial law would be lifted.



The cabinet meeting convened by Yoon officially confirmed the lifting of the martial law.



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Photo via Shutterstock.

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