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



U.S. stocks settled lower on Wednesday, with the Nasdaq Composite falling around 2% during the session.



Major tech stocks, including Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), fell more than 2% on Wednesday, while 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>) declined over 3% during the session.



On the economic data front, February saw U.S. new orders for manufactured durable goods rise 0.9% month over month to $289.3 billion.



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



The Dow Jones closed lower by around 133 points to 42,454.79 on Wednesday. The S&amp;P 500 dipped 1.12% to 5,712.20, while the Nasdaq Composite tumbled 2.04% to 17,899.02 during Wednesday's session.



Investors are awaiting earnings results from TD SYNNEX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNX#NYSE">SNX</a>), Winnebago Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WGO#NYSE">WGO</a>), and Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) today.



What is the CNN Business Fear &amp; Greed Index?



At a current reading of 28.6, the index remained in the &#8220;Fear&#8221; zone on Wednesday, versus a prior reading of 30.5.



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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</ul>



Photo courtesy: Shutterstock

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Nasdaq Tumbles 2% Amid Decline In Alphabet, Amazon: Investor Sentiment Declines, Greed Index Remains In 'Fear' Zone

President Donald Trump declared on Wednesday the introduction of a 25% tariff on auto imports. This decision aims to stimulate domestic production but could financially strain automakers dependent on international supply chains.



What Happened: The tariffs, poised to generate $100 billion annually, are set to be enforced starting April 3, <a href="https://apnews.com/article/autos-tariffs-trump-tax-imports-ford-gm-e53823ef7bbb7b3c46d11eca90aaa638?user_email=97d05b29432d778bbb1ffb8f16f2769451bf1d6125981f71ceccbe18ec8d01d8&amp;utm_medium=APNews_Alerts&amp;utm_source=Sailthru_AP&amp;utm_campaign=NewsAlert_Mar26_2025_05:37PM&amp;utm_term=AP%20News%20Alerts#">reported</a> the Associated Press. The administration anticipates that the increased costs will incentivize the opening of more factories within the U.S., thereby reducing dependence on global supply chains. However, American automakers, who rely on components sourced globally, might face heightened expenses and reduced sales.



&#8220;This will continue to spur growth,&#8221; said Trump on his decision, according to the Press.



Under the USMCA trade pact covering the United States, Mexico, and Canada, the 25% tariffs would only affect non-U.S. content in autos and parts.



The administration argues that U.S. automakers have enough excess capacity to increase domestic production and bypass the tariffs. An official also pointed out that automakers have been aware of the potential tariffs since Trump&#8217;s campaign.



Shares of General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) dropped by over 3% on Wednesday, while Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) experienced a slight uptick. Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), the parent company of Jeep and Chrysler, saw its stock value decline by nearly 3.6%.



International leaders, including Canadian Prime Minister Mark Carney and European Commission President Ursula von der Leyen, have criticized the tariffs, suggesting a potential escalation into a global trade conflict. Trump also proposed a tax incentive for American-made vehicles, allowing buyers to deduct auto loan interest from federal taxes.



Carney said, &#8220;This is a very direct attack.&#8221; The Prime Minister vowed to defend Canadian workers and companies. He said, &#8220;We will defend our country.&#8221;



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44505050/dollar-tree-sells-family-dollar-for-1-billion-truly-addition-by-subtraction-analyst-says">Dollar Tree Sells Family Dollar For $1 Billion: &#8216;Truly Addition By Subtraction,&#8217; Analyst Says</a>



Why It Matters: The announcement follows&nbsp;<a href="https://in.benzinga.com/25/03/44494096/trump-hints-at-more-lenient-stance-on-upcoming-april-tariffs-with-just-minor-considerations-i-dont-want-to-have-too-many-exceptions">Trump&#8217;s earlier hints</a>&nbsp;that the tariffs might be less stringent than initially anticipated, offering some relief to investors. During a Newsmax interview, Trump suggested a more lenient approach, acknowledging minimal exceptions.



Earlier, Trump had indicated that while&nbsp;<a href="https://in.benzinga.com/news/global/25/03/44468587/trump-announces-auto-tariffs-are-imminent-but-some-countries-might-receive-exemptions">tariffs on automobiles were imminent</a>, not all would be enforced by April 2. He mentioned potential exemptions for certain countries, though specifics were not provided.



Trump&#8217;s tariffs on steel, aluminum, and auto imports <a href="https://in.benzinga.com/25/03/44342459/4-auto-stocks-set-to-benefit-from-trumps-tariffs">hurt foreign-part-dependent automakers</a> but benefit companies with strong domestic production and supply chains. Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), BYD Company Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), and GM are poised to gain, while automakers reliant on cross-border supply chains face higher costs. Used car dealers like AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) and CarMax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NASDAQ">KMX</a>) may also benefit as new car prices rise.



Image via Shutterstock



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



Read Next:



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<li><a href="https://www.benzinga.com/politics/25/03/44505859/trumps-approval-rating-hits-new-low-since-inauguration-americans-unhappy-with-presidents-handling-of-economy">Trump&#8217;s Approval Rating Hits New Low Since Inauguration: Americans Unhappy With President&#8217;s Handling Of Economy</a></li>
</ul>



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

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Trump Imposes 25% Tariffs On Auto Imports, Says 'This Will Continue To Spur Growth' — Canada, EU Slam The Move

Leading cryptocurrencies slacked on Wednesday as President Donald Trump imposed 25% levies on cars not manufactured in the U.S.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.64%</td><td>$87,177.14</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.94%</td><td>$2,014.81</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>+1.08%</td><td>$0.1961</td></tr></tbody></table></figure>



What Happened: Bitcoin rose to $88,292.16 early morning but failed to sustain the rally, plunging below $86,000 late afternoon.&nbsp;



Ethereum recorded a steeper decline, nearly 3%, in the last 24 hours. The second-largest cryptocurrency fell below $2,000 in the late afternoon but recouped some losses by evening.



Bitcoin's market dominance increased to 60.5% while Ethereum's share shrank by 1.91% over the last 24 hours. Dogecoin, meanwhile, recorded a healthy gain of 5%.



Cryptocurrency liquidations reached $268.44 million in the last 24 hours, with $186 million in bullish bets getting wiped out. A further $500 million in longs risked liquidation if Bitcoin dropped to $84,285.



Bitcoin's Open Interest fell 2.60% in the last 24 hours. Interestingly, despite the price dip, Ethereum's Open Interest rose 2.95%, suggesting the potential opening of new short positions.



More than 50% of derivatives traders on Binance were positioned long on Bitcoin, according to the Long/Short Ratio.



The market flipped back into "Fear" mode, according to the Crypto Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. ET)</td></tr><tr><td>Maker (MKR)</td><td>+9.07%</td><td>$1,415.79</td></tr><tr><td>Curve DAO Token (CRV)</td><td>+8.74%</td><td>$0.5505</td></tr><tr><td>Zcash (ZEC)</td><td>+7.97%</td><td>$39.43</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.85 trillion, following a drop of 0.97% in the last 24 hours.



Stocks pulled back after two straight sessions of gains. The Dow Jones Industrial Average slid 132.71 points, or 0.31%, to close at 42,454.79. The S&amp;P 500 fell 1.12%, ending at 5,712.20, while the tech-heavy Nasdaq Composite lost 2.04% to close at 17,899.01.



The sell-off occurred before <a href="https://in.benzinga.com/25/03/44506345/trump-imposes-25-tariffs-on-auto-imports-says-this-will-continue-to-spur-growth-canada-eu-slam-the-move">Trump announced 25% tariffs</a> on automobiles and certain automobile parts during a press conference. Shares of domestic automakers like General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) plunged during the session.



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



Analyst Notes: Popular on-chain blockchain analytics firm CryptoQuant noticed that the Coinbase Premium Index was trending in positive territory, a potential sign of "renewed" interest in Bitcoin.



"Historically, a sustained positive Coinbase Premium has sometimes coincided with upward price momentum, as heightened demand from U.S. investors can bolster global market confidence," CryptoQuant added.&nbsp;



The Coinbase Premium Index is a measure of institutional whales' movement, with high values suggesting they might be accumulating BTC.



<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">Is the Coinbase Premium Signaling a Bullish Shift for Bitcoin? "The Coinbase Premium Index appears to be trending toward positive territory… heightened demand from U.S. investors can bolster global market confidence." – By <a href="https://twitter.com/nino_trade?ref_src=twsrc%5Etfw">@nino_trade</a> Full analysis &#x2935;&#xFE0F;<a href="https://t.co/1sw0Qep5Hk">https://t.co/1sw0Qep5Hk</a> <a href="https://t.co/d2P6mzykLl">pic.twitter.com/d2P6mzykLl</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1904924801879208394?ref_src=twsrc%5Etfw">March 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst Ali Martinez highlighted that stablecoin reserves plateaued in 2025 after a sharp spike in late 2024 due to profit-taking.



"Now that reserves have plateaued, it looks like investors are sitting on the sidelines," Martinez remarked.



<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">After <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> broke $70,000 in late 2024, stablecoin reserves jumped from $26 billion to $46 billion, signaling heavy profit-taking. Now that reserves have plateaued, it looks like investors are sitting on the sidelines. <a href="https://t.co/PRtOQnNq5x">pic.twitter.com/PRtOQnNq5x</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1904904674286985392?ref_src=twsrc%5Etfw">March 26, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Avi Rozen on Shutterstock



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<li><a href="https://www.benzinga.com/general/gaming/25/03/44504061/gamestop-stock-tumbles-after-the-bell-whats-going-on">GameStop Stock Tumbles After The Bell: What&#8217;s Going On?</a></li>
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Cryptocurrency

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Bitcoin, Ethereum Drop, Dogecoin Gains As Stocks Flounder On Trump's Auto Tariff Move: Analyst Sees Signs Of 'Renewed Interest' In BTC

President Donald Trump could consider offering tariff relief to China to help finalize a sale of TikTok, as the clock ticks toward a <a href="https://in.benzinga.com/25/03/44345433/tiktok-ban-deadline-looms-but-vice-president-jd-vance-confirms-high-level-us-ownership-deal-is-nearly-done">government-imposed deadline</a> for its parent company, ByteDance, to divest the app.



What Happened: Speaking to reporters on Wednesday, Trump said he was open to reducing tariffs on China as part of the negotiation to transfer TikTok's ownership to a U.S. buyer.



&#8220;With respect to TikTok, and China is going to have to play a role in that, possibly in the form of an approval, maybe, and I think they&#8217;ll do that,&#8221; Trump said. &#8220;Maybe I&#8217;ll give them a little reduction in tariffs or something to get it done.&#8221;



See Also: <a href="https://www.benzinga.com/tech/25/03/44506409/steve-jobs-warned-34-years-ago-about-america-being-hollowed-out-by-foreign-manufacturing-a-concern-trump-now-echoes">Steve Jobs Warned 34 Years Ago About America Being &#8216;Hollowed Out&#8217; By Foreign Manufacturing — A Concern Trump Now Echoes</a>



Why It's Important: ByteDance faces an April 5 deadline to sell TikTok or risk a full ban in the U.S. under a national security law passed in 2024. The Joe Biden administration originally set the deadline for Jan. 19, but <a href="https://in.benzinga.com/general/social-media/25/01/43088960/trump-suspends-us-tiktok-ban-for-75-days-with-executive-order-but-legal-and-market-uncertainty-looms-over-platforms-future">Trump extended it after</a> taking office.



The sale remains complicated by Beijing&#8217;s resistance. Trump has previously threatened to raise tariffs if China blocks a U.S. acquisition of the platform, which is used by over 170 million Americans.



The White House has also <a href="https://in.benzinga.com/news/global/25/02/43604572/jd-vance-quarterbacking-tiktok-deal-will-his-venture-capital-experience-secure-a-win">taken an active role</a> in brokering the deal, with Vice President JD Vance expressing optimism that terms will be finalized by April 5.



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.



Earlier this week, the Trump administration added over 50 Chinese entities to an <a href="https://in.benzinga.com/news/global/25/03/44494896/us-adds-50-chinese-entities-to-export-restriction-list-curtailing-access-to-nvidia-amd-chips">export restriction list</a>, limiting their access to advanced U.S. technology, including chips from Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>).



China is also reportedly contemplating <a href="https://in.benzinga.com/news/global/25/03/44448798/china-ponders-export-limitations-to-quell-trumps-trade-onslaught">export limitations</a> to counteract the U.S. economic measures.



There are also discussions underway for a <a href="https://in.benzinga.com/news/global/25/03/44235317/trump-xi-discuss-potential-birthday-summit-amid-rising-trade-tensions-report">potential &#8220;birthday summit&#8221;</a> between Trump and Chinese President Xi Jinping in June.



Image via Shutterstock



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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<li><a href="https://www.benzinga.com/tech/25/03/44487688/signal-touts-gold-standard-encryption-as-trump-administration-leak-spotlight-intensifies-our-code-is-regularly-scrutinized" target="_blank" rel="noreferrer noopener">Signal Touts ‘Gold Standard&#8217; Encryption As Trump Administration Leak Spotlight Intensifies: ‘Our Code Is Regularly Scrutinized&#8217;</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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NVDA

Trump Says He May Give China 'A Little Reduction In Tariffs Or Something' To Get TikTok Deal Done — Clock Is Ticking For ByteDance

A major credit rating firm said Wednesday that the U.S. economy is on track for a marked slowdown in 2025, even as inflation stays stubbornly high <a href="https://www.benzinga.com/topic/tariffs">amid ongoing tariff effects.</a>



The good news? A full-blown recession is still not the central scenario, easing fears that have permeated in recent weeks among investors.



In its latest quarterly outlook, S&amp;P Global said it expects real gross domestic product growth to fall to 1.9% in both 2025 and 2026, a sharp decline from the post-pandemic rebound pace of 2.9% in 2023 and 2.8% in 2024. The agency anticipates growth to stabilize near 2.0% annually thereafter, marking a return to a slower long-run trajectory.



<h3 class="wp-block-heading">What's Driving The Slowdown?</h3>



A mix of weaker household income, receding fiscal support, higher interest rates, and a shifting trade environment marked by rising tariffs is dampening growth momentum. 



S&amp;P Global said these forces are acting in tandem to squeeze consumers and weigh on private-sector investment, while also increasing the cost of doing business across the economy.



The firm flagged that upcoming policy moves, including those from the Trump administration, could drag on growth before any stimulus effects from tax cuts or deregulation fully materialize. 



The front-loaded nature of "regressive" measures—such as tariff hikes and potential federal workforce layoffs—has already led to a soft patch earlier than initially expected.



&#8220;President Trump&#8217;s April 2 date for reciprocal tariffs will keep financial market trading choppy,&#8221; the report said. 



<h3 class="wp-block-heading">Labor Market Set To Cool</h3>



S&amp;P expects the labor market to lose steam by mid-2025, with monthly job gains falling below 100,000, down from the current three-month average of 200,000. 



The unemployment rate, now at 4.1%, is projected to rise to 4.6% by mid-2026.



"Public sector hiring, which significantly supported payroll growth in the past two years, is likely to slow down," the report said.



<h3 class="wp-block-heading">Is A Recession Likely?</h3>



While the tone of the report suggests caution, S&amp;P is not predicting a recession as its base-case scenario. 



&#8220;We don&#8217;t see a recession as the most likely outcome yet,&#8221; the report said. 



The firm maintains a 25% probability of a downturn occurring within the next 12 months, citing growing uncertainty and cautious behavior from both consumers and businesses as factors that could tip the balance.



<h3 class="wp-block-heading">Inflation And Interest Rates: What To Expect</h3>



Inflation isn't going away soon. While the Federal Reserve continues to target a 2% inflation rate, S&amp;P now sees price pressures lingering due to tariff pass-through effects. 



Core personal consumption expenditures—the Fed's preferred inflation gauge—are expected to reach 2.8% in the fourth quarter of 2025, pushed higher by rising supply chain costs and service price adjustments that have lagged goods inflation.



That said, S&amp;P views the tariff-induced inflation bump as temporary, expecting price growth to gradually ease to 2% by 2027.



In terms of monetary policy, the firm forecasts the Fed will cut interest rates only once in 2025, by 25 basis points, ending the year with a federal funds rate between 4.00%-4.25%. 



For longer-term rates, the 10-year U.S. Treasury yield is projected to hover around 4.0%-4.5% in 2025, gradually falling toward 3.4%-3.6% by 2027-2028. 



Should bond yields drop as forecasted, Treasury investments such as the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) stand to deliver positive returns.



<h3 class="wp-block-heading">What Could Turn The Tide?</h3>



S&amp;P sees growth rebounding in 2026, albeit after a slow start. That recovery is expected to come from easing trade tensions, further Fed policy support, and a stronger external backdrop, including improved eurozone demand that could boost U.S. exports.



Still, the path forward is far from certain. 



The firm noted a "high degree of unpredictability" around how the U.S. administration will implement its economic agenda—particularly when it comes to tariffs—and what ripple effects that might create for global supply chains and credit markets.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/federal-reserve/25/03/44493432/elevated-consumer-inflation-expectations-raise-the-bar-for-possible-rate-cuts-this-year-goldman-sachs">Elevated Consumer Inflation Expectations &#8216;Raise The Bar For Possible Rate Cuts This Year&#8217;: Goldman Sachs</a></li>
</ul>



Photo: janews/Shutterstock.com

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S&P Says US Growth To Slow In 2025, But Recession Not 'Most Likely Outcome Yet'

Petco Health and Wellness Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOOF#NASDAQ">WOOF</a>) released its fourth-quarter results after Wednesday's closing bell. Here's a look at the<a href="https://www.benzinga.com/pressreleases/25/03/n44502527/petco-health-wellness-company-inc-reports-fourth-quarter-and-full-year-2024-financial-results"> details from the report. </a>



The Details: Petco Health and Wellness reported GAAP losses of five cents per share, which missed the analyst consensus estimate for losses of two cents. Quarterly revenue came in at $1.52 billion, missing the consensus estimate of $1.56 billion. Comparable sales increased 0.5% year-over-year.



Read Next: <a href="https://www.benzinga.com/news/global/25/03/44494896/us-adds-50-chinese-entities-to-export-restriction-list-curtailing-access-to-nvidia-amd-chips">US Adds 50 Chinese Entities To Export Restriction List Curtailing Access To Nvidia, AMD Chips</a>



&#8220;Our results in the fourth quarter demonstrate the progress we&#8217;ve made to return Petco to retail operating excellence,&#8221; said Joel Anderson, Petco&#8217;s CEO. &#8220;While there is more work ahead, I am confident our new leadership team is well-positioned to build on this early momentum, deliver double-digit adjusted EBITDA improvement in 2025 and set the business up for sustainable profitable growth.&#8221;



Outlook: Petco sees first-quarter and fiscal 2025 net revenue down by low single digits year-over-year. 



WOOF Price Action: According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Petco shares were up 13.11% after hours at $2.76 on Wednesday.  



Read More:



<ul>
<li>&nbsp;<a href="https://www.benzinga.com/news/global/25/03/44477467/trumps-tariffs-on-buyers-of-venezuelan-oil-could-boost-energy-sector-exxon-mobil-stock">Trump&#8217;s Tariffs On Buyers Of Venezuelan Oil Could Boost Energy Sector, Exxon Mobil Stock&nbsp;</a></li>
</ul>



Photo: Shutterstock

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WOOF

Petco Shares Soar Despite Worse-Than-Expected Q4 Results

Discord Inc. is working with Goldman Sachs Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) on a potential initial public offering (IPO), which could take place as soon as this year.



What To Know: The timing of the potential IPO <a href="https://www.benzinga.com/25/03/44157952/discord-reportedly-exploring-ipo-in-2025heres-what-we-know-about-the-gaming-chat-titans-plans">remains uncertain</a>, and the company may adjust its plans or bring in additional advisers. Discord had previously considered a direct listing instead of a traditional IPO, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-03-26/chat-app-discord-is-said-to-work-with-goldman-jpmorgan-on-planned-ipo">reported</a>.



Read Also: <a href="https://www.benzinga.com/etfs/sector-etfs/25/03/44495583/these-4-sp-500-sectors-could-outperform-the-market-in-april-if-history-has-a-say">These 4 S&amp;P 500 Sectors Could Outperform The Market In April, If History Has A Say</a>



Founded in 2015, Discord started as a communication tool for gamers but has since expanded its reach. The platform has become a hub for various online communities, including programmers, educators and hobbyist groups, who use its servers for collaboration and social interaction. 



The platform also offers voice, video and text communication, making it a popular choice for remote teams, study groups and live event hosting.



What Else: In 2021, Discord <a href="https://www.benzinga.com/m-a/21/04/20718322/discord-sets-aside-microsofts-acquisition-bid-in-favor-of-ipo-plan-revival-wsj">rejected</a> a $12 billion takeover offer from Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), opting to remain independent. Bloomberg reports that Discord saw its revenue quadruple between 2020 and 2024 to over $600 million annually.



Discord has also raised $1.1 billion in funding and was last valued at $14.7 billion in 2021, according to PitchBook data.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/federal-reserve/25/03/44493432/elevated-consumer-inflation-expectations-raise-the-bar-for-possible-rate-cuts-this-year-goldman-sachs" target="_blank" rel="noreferrer noopener">Elevated Consumer Inflation Expectations ‘Raise The Bar For Possible Rate Cuts This Year': Goldman Sachs</a></li>
</ul>



Image: Shutterstock

Gaming

IPOs

MSFT

Discord Prepares For Potential IPO With Goldman Sachs, JPMorgan: Report

The European Union is bracing for potential 20% tariffs from the Trump administration as the April 2 deadline for <a href="https://www.benzinga.com/topic/tariffs">&#8220;reciprocal&#8221; trade measures looms. </a>



The <a href="https://www.ft.com/content/c5d9a416-16d7-410e-96a5-cdfe1dc02a62">Financial Times reported </a>Wednesday that Maroš Šefčovič, the European Commissioner for Trade and Economic Security, warned that the U.S. may slap 20% tariffs on European Union products starting April 2, with no exemptions for any of the bloc's 27 member states.



According to two people briefed on the talks, Šefčovič said that while the final contours of the U.S. trade plan remain unclear, the scale of tariffs discussed would be around 20%—a level that would mark the highest U.S. tariffs on the EU since the bloc's founding members initiated a common trade policy in the late 1950s.



Šefčovič said such tariffs would be "devastating" for Europe's economy, which is already grappling with weak growth and elevated inflation.



President Donald Trump declared that April 2 would be "Liberation Day," a symbolic moment when "reciprocal" tariffs would be introduced against trading partners accused of taking advantage of low U.S. trade barriers.



Šefčovič said the EU would respond in kind, potentially triggering a new round of retaliatory tariffs. The bloc&#8217;s trade office has not confirmed what countermeasures are being considered, but Brussels has previously targeted U.S. agriculture, tech and spirits during past disputes.



On Wednesday, Trump also said that new tariffs on imported automobiles would be unveiled.



Markets React, But Seasonality Could Offer Support



Following the tariff threat, iShares Europe ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEV#NYSE">IEV</a>), which tracks major European equities, fell 1.4% on Wednesday, marking a two-week low. 



Shares of luxury German automaker Mercedes Benz Group AG (OTCPK: MBGAF) plummeted over 4%, eyeing the worst session since November 6, 2024, when they tumbled in reaction to Donald Trump&#8217;s election victory.



Similarly, Germany&#8217;s biggest automaker, Volkswagen AG (OTCPK: VWAGY), witnessed a 3% drop.



Yet, the selloff may not necessarily trigger a prolonged downtrend, especially for traders looking at seasonality-related strategies. 



April has historically brought a tailwind for European stocks. Over the last 25 years, IEV has posted an average gain of 3.2% in April – the most than in any other month – with positive performance in 71% of those years. The strongest April on record came in 2003, when the ETF soared 14.1%.



The SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>)—another benchmark for Eurozone blue chips—has delivered an average April return of 2.9%, ending the month in the green 73% of the time.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/etfs/sector-etfs/25/03/44495583/these-4-sp-500-sectors-could-outperform-the-market-in-april-if-history-has-a-say">These 4 S&amp;P 500 Sectors Could Outperform The Market In April, If History Has A Say</a></li>
</ul>



Photo: Shutterstock

Equities

Eurozone

ETFs

MBGAF

VWAGY

Trump May Slap A 20% Tariff On EU, Yet April Still Offers Rally Hopes For European Stocks

April tends to be a favorable month for U.S. equities, and history makes a compelling case for this. Over the past 95 years, the S&amp;P 500 has gained an average of 1.1% in April, finishing <a href="https://www.benzinga.com/markets">higher 61% of the time.</a>



In April, the index notched some of its most powerful monthly rallies in history, surging 43.6% in April 1933 and 17.9% in April 2020. Yet, it&#8217;s not always been a smooth ride — the worst April returns were a 20% crash in 1932 and a 9.5% drop in 1970.



Zooming in on the past three decades, April's track record becomes even more convincing. 



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the benchmark ETF tracking the S&amp;P 500, delivered an average gain of 1.9% over the last 30 Aprils, making it the second-best month of the year after November. SPY ended April in the green 77% of the time.



That said, 2025 has started on a cautious note. Through March 26, the S&amp;P 500 is down about 3% year-to-date. 



Yet history suggests a seasonal tailwind could soon be at play — especially in four specific sectors that have consistently outperformed the broader market in April.



<h3 class="wp-block-heading">Financials (XLF): Banks Lead The Earnings Charge</h3>



The Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) has historically been April&#8217;s top-performing sector. 



Since its inception in 1999, XLF has risen an average of 2.7% during the month, with gains coming in 65% of the time. The seasonal strength is largely tied to the first-quarter earnings season, which kicks off in April and is typically led by major banks. Optimism surrounding annual earnings outlooks often provides a boost.



XLF has already outperformed the broader market in 2025, gaining 4.5% year-to-date. Within the sector, JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) stands out: Over the past 45 years, JPM shares have climbed an average of 2.6% in April, delivering positive returns 68% of the time.



<h3 class="wp-block-heading">Consumer Discretionary (XLY): Big Tech Retailers Deliver Spring Strength</h3>



The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) also posted a strong seasonal performance, rising 2.4% on average in April over the last 26 years. It has a 65% winning rate during the month.



April is historically the best month for Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), with an average gain of 7.6% and a 70% success rate. 



Likewise, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) tends to accelerate this time of year, with April returns averaging 5.9%, making it the second-strongest month for the electric vehicle maker, behind only November's 11.9% surge.



<h3 class="wp-block-heading">Materials (XLB): A Solid Spring For Commodities And Chemicals</h3>



The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) also delivered strong April sector performers. XLB has risen an average of 3.1% in April over the past 26 years, with a 65% win rate. The ETF is up about 3% year-to-date, suggesting some early momentum heading into April.



One heavyweight in the materials space, Linde plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NYSE">LIN</a>) — which represents roughly 20% of XLB's holdings — has consistently delivered in April. With 32 years of historical data, Linde has averaged a 3.5% gain in the month and ended April in positive territory 69% of the time.



<h3 class="wp-block-heading">Energy (XLE): The Strongest April Performer</h3>



Energy stocks have historically delivered the most robust gains in April, with the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) averaging a 4.1% return and closing the month higher 62% of the time. 



Yet, it&#8217;s worth noting that this impressive figure is skewed by an extraordinary rebound in April 2020, when XLE surged nearly 30% following a historic 35% plunge in March 2020 — a period marked by collapsing oil prices and pandemic-driven market chaos. 



Looking at long-term leaders within the sector, Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) shares have gained an average of 2.7% in April over the past 40 years, while Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) performed slightly better, rising 3.1% on average over the same period. 



Below is a table showing each sector&#8217;s average performance in April.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>ETF</th><th>Avg. April Return (%)</th></tr></thead><tbody><tr><td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td><td>0.4%</td></tr><tr><td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td><td>1.2%</td></tr><tr><td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td><td>1.2%</td></tr><tr><td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td><td>1.6%</td></tr><tr><td>SPDR S&amp;P 500 ETF Trust&nbsp;</td><td>1.9%</td></tr><tr><td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td><td>1.95%</td></tr><tr><td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td><td>2.4%</td></tr><tr><td>Consumer Discretionary&nbsp;Select Sector SPDR Fund</td><td>2.4%</td></tr><tr><td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td><td>2.6%</td></tr><tr><td>Financial Select Sector SPDR Fund </td><td>2.7%</td></tr><tr><td>Materials&nbsp;Select Sector SPDR Fund </td><td>3.1%</td></tr><tr><td>Energy&nbsp;Select Sector SPDR Fund</td><td>4.07%</td></tr></tbody></table></figure>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44483044/want-to-buy-stocks-in-2025-theres-one-conflicting-place-to-find-winners">Want To Buy Stocks In 2025? There&#8217;s One Conflicting Place To Find Winners, Analyst Says</a></li>
</ul>



Photo: Shutterstock

Sector ETFs

XLRE

These 4 S&P 500 Sectors Could Outperform The Market In April, If History Has A Say

Bitwise Asset Management chief investment officer Matthew Hougan says the firm is "extraordinarily bullish" on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as the cryptocurrency gains widespread acceptance from governments, corporations and traditional <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44194484/congressman-on-digital-assets-subcommittee-buys-bitcoin-etf-before-trumps-strategic-reserve-announcement">asset managers.&nbsp;</a>



What To Know: Hougan sat down with Benzinga at the Future Proof Citywide <a href="https://futureproofhq.com/">event</a> in Miami Beach, FL last week and talked about the importance of a crypto-friendly administration and President Donald Trump's recent announcement of a strategic bitcoin reserve. 



The last existential threat to bitcoin was removed when governments began accepting and adopting the cryptocurrency as an asset, Hougan said. 



Read Next: <a href="https://www.benzinga.com/news/global/25/03/44494896/us-adds-50-chinese-entities-to-export-restriction-list-curtailing-access-to-nvidia-amd-chips">US Adds 50 Chinese Entities To Export Restriction List Curtailing Access To Nvidia, AMD Chips</a>



"We see governments around the world buying it. Do you wanna wait til it&#8217;s too late to get in, or do you want to build your position now? The reason it&#8217;s important for crypto investors is the biggest existential risk to crypto has always been that governments wouldn&#8217;t like it, right?," Hougan told Benzinga.&nbsp;



The chief investment officer said that the bitcoin of today has matured and become legitimized and accepted in a way it was not even five or 10 years ago. He pointed to institutional investors, hedge funds, ETFs and more than 70 corporations that now keep bitcoin as part of their holdings. 



Bitwise designed the Bitwise Bitcoin Standard Corporations ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OWNB#NYSE">OWNB</a>) that provides exposure to corporations with at least 1,000 bitcoin on their balance sheets.



"BlackRock is in the space. Fidelity is in the space. Stan Druckenmiller owns bitcoin. Ray Dalio owns bitcoin. The United States owns bitcoin," Hougan said. 



Hougan said that though the short-term outlook for bitcoin is risky, he sees the influx of capital eventually pushing bitcoin to $200,000 in the long run.&nbsp;



"Short term: risky. Long term: extraordinarily bullish," Hougan said, sharing Bitwise's current outlook for bitcoin.&nbsp;



Read More:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/news/global/25/03/44477467/trumps-tariffs-on-buyers-of-venezuelan-oil-could-boost-energy-sector-exxon-mobil-stock">Trump&#8217;s Tariffs On Buyers Of Venezuelan Oil Could Boost Energy Sector, Exxon Mobil Stock&nbsp;</a></li>
</ul>



Image: Benzinga

Specialty ETFs

Events

Exclusives

Interview

OWNB

EXCLUSIVE: Bitwise Sees Bitcoin Reaching $200,000, CIO Says Firm Is 'Extraordinarily Bullish'

U.S. stocks declined on Wednesday, with all major indices in the red by midday in New York, as renewed concerns <a href="https://www.benzinga.com/topic/tariffs">over tariffs rattled investors.</a>



President Donald Trump signaled that new trade duties on automobiles could be announced as early as today, while market participants are also bracing for April 2, which marks the start of reciprocal tariffs.



Technology shares, particularly semiconductor stocks, led the selloff, dragging the Nasdaq 100 sharply lower and trimming much of its weekly gains. Shares of Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) tumbled 5.9%, on track for the worst daily loss since early March, as investors fear further restrictions on chip exports to China. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) fell 3.4%. 



Meanwhile, blue-chip stocks in the Dow Jones Industrial Average were more resilient, supported by strength in the energy and consumer staples sectors. The CBOE Volatility Index (VIX), Wall Street's so-called "fear gauge," jumped 8% to 18.9.



The dollar and Treasury yields remained flat, reflecting a wait-and-see stance in the bond market amid uncertainty over the broader economic impact of potential tariffs.



In commodities, crude oil rose 1.4%, extending weekly gains to 2.5%—on track for its best week since early January—after a surprise drop in commercial inventories. Metals held steady, with copper holding record highs.



Bitcoin slipped 1% to $86,500 following a flat close the previous day.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg %</td></tr><tr><td>Dow Jones</td><td>42,552.19</td><td>-0.1%</td></tr><tr><td>Russell 2000</td><td>2,078.48</td><td>-0.9%</td></tr><tr><td>S&amp;P 500</td><td>5,720.71</td><td>-1.0%</td></tr><tr><td>Nasdaq 100</td><td>19,980.84</td><td>-1.5%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 1% to $569.92.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.2% lower to $424.78.</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>)&nbsp;dropped 1.7% to $485.01.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) also fell 1% to $205.59</li>



<li>The&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up 1.3%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) was the worst sector performer, down 2.1%.</li>
</ul>



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



<ul>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) skyrocketed 15% in reaction to stronger-than-expected quarterly earnings. The retailer eyes its strongest one-day gain since June 2024. </li>



<li>Other stocks reacting to earnings reports were Cintas Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NYSE">CTAS</a>), up 6.5%, Paychex Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>), up 4.8%, Dollar Tree Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>), up 4.9%, and Chewy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>), up 1.5%. </li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/federal-reserve/25/03/44493432/elevated-consumer-inflation-expectations-raise-the-bar-for-possible-rate-cuts-this-year-goldman-sachs">Elevated Consumer Inflation Expectations &#8216;Raise The Bar For Possible Rate Cuts This Year&#8217;: Goldman Sachs</a></li>
</ul>



Photo: Shutterstock

Large Cap

Broad U.S. Equity ETFs

CHWY

CTAS

DLTR

PAYX

SOXX

Stocks Slip As Tariff Fears Resurface: What's Driving Markets Wednesday?

Fintech Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>) is the latest company to announce a <a href="https://www.benzinga.com/topic/layoffs">series of layoffs</a> with 931 people, or around 8% of the company laid off in the latest round.



Company co-founder and CEO Jack Dorsey sent a letter to employees on the latest news. Here's what Dorsey had to say.



What Happened: Dorsey laid out the facts and reasons why the job cuts were happening, while also ensuring employees that jobs were not being replaced<a href="https://www.benzinga.com/topic/artificial-intelligence"> by artificial intelligence.</a>



"Today we'll be making some org changes, including eliminating roles and beginning the consultation process in countries where required. I want to give you all the straight facts," Dorsey said in the email, which was obtained by <a href="https://techcrunch.com/2025/03/25/read-the-email-jack-dorsey-sent-when-he-cut-931-of-blocks-staff/">TechCrunch</a>.



Benzinga reached out to Block for comment.



Dorsey laid out the three main areas in his letter being strategy, performance and hierarchy. The letter lays out why some teams are being reduced and how some employees with poor performance were let go.



The job cuts totaled as follows:



<ul>
<li>Strategy: 391 people</li>



<li>Performance: 460 people</li>



<li>Hierarchy: 80 managers</li>
</ul>



Block is also closing the majority of its 748 job openings, keeping only some key leadership and critical operational roles open.



"None of the above points are trying to hit a specific financial target, replacing folks with AI, or changing our headcount cap. They are specific to our needs around strategy, raising the bar and acting faster on performance, and flattening our org so we can move faster with less abstraction."



Dorsey said the large number of job cuts was happening at once because the company is "behind in our actions."



"When we know, we should move, and there hasn't been enough movement. We need to move to help us meet and stay ahead of the transformational moment our industry is in."



Read Also: <a href="https://www.benzinga.com/news/earnings/25/02/43867724/block-shares-sink-after-q4-revenue-miss-ceo-jack-dorsey-expects-to-end-year-at-rule-of-40-run-rate">Block Shares Sink After Q4 Revenue Miss, CEO Jack Dorsey Expects To End Year &#8216;At Rule Of 40 Run Rate&#8217;</a>



Why It's Important: Dorsey said his job is to increase the value of the company.



"We believe this will help us focus and execute better to do just that," Dorsey said.



Dorsey called the job cuts the "toughest part" of his job.



The Block co-founder said he's open to direct feedback and encouraged employees to email him if there are areas the company could do better.



"Thank you to all those leaving us. I am grateful and appreciative for you and your work, which has built us up to this point. We will continue to honor that by increasing our value to our customers, and therefore to all of our shareholders, including you."



Block previously cut around 1,000 jobs in January 2024. At the end of 2024, the company had around 11,300 employees.



While Dorsey likely never meant for his letter to reach the public, the words dig into the reasoning behind the cuts and the company&#8217;s efforts to play catch-up in some areas if it feels it is behind.



XYZ Price Action: Block stock is down 1.6% to $60.32 on Wednesday versus a 52-week trading range of $53.54 to $99.26. Block stock is down 29% year-to-date in 2025.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/03/44299872/jack-dorseys-block-first-us-company-to-deploy-nvidias-ai-cluster-predicts-30x-performance-boost">Jack Dorsey&#8217;s Block First US Company To Deploy Nvidia&#8217;s AI Cluster, Predicts 30x Performance Boost</a></li>
</ul>



Photo: Shutterstock

Management

Jack Dorsey Says Block Not 'Replacing Folks With AI' In Letter Explaining 900+ Job Cuts

Recent spikes in consumer inflation expectations are threatening to narrow the Federal Reserve's room to maneuver to further reduce interest rates this year, casting new uncertainty over whether cuts <a href="https://www.benzinga.com/news/econ-s">will materialize this year.</a>



In a note shared this week, Goldman Sachs analyst Elsie Peng discussed recent data showing a notable rise in survey-based inflation forecasts and why the Federal Reserve might have to tread carefully despite softening economic conditions.



See Also: <a href="https://www.benzinga.com/government/regulations/25/03/44492183/cfos-increasingly-alarmed-over-tariffs-as-business-confidence-wavers-15-say-they-are-concerned-about-duties-in-q1">CFOs Increasingly Alarmed Over Tariffs As Business Confidence Wavers: 15% Say They Are &#8216;Concerned&#8217; About Duties In Q1</a>



<h3 class="wp-block-heading">What&#8217;s Driving Inflation Expectations Higher?</h3>



The University of Michigan&#8217;s closely watched Survey of Consumers revealed a jump in year-ahead inflation expectations to 4.9% in March, up from 4.3% in February. That's the highest reading since November 2022. 



Longer-term expectations, tracking perceived inflation over five to ten years, climbed to 3.9% — a level not seen since 1993.



These figures are particularly concerning because they suggest consumers are not just reacting to short-term price pressures but may be bracing for a more structurally persistent inflation regime. Elevated inflation expectations can become self-fulfilling, as households and businesses adjust behavior in anticipation of future price increases.



It's not just the Michigan survey flashing red. The Conference Board's Consumer Confidence Index, released Tuesday, showed inflation expectations rising from 5.8% to 6.2% in March.



Yet Federal Reserve Chair Jerome Powell, speaking after the March Federal Open Market Committee (FOMC) meeting, downplayed the Michigan <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44331170/us-consumer-confidence-plunges-as-inflation-fears-hit-highest-level-since-1993">results, calling them an "outlier." </a>



Still, there&#8217;s more nuance under the hood.



<h3 class="wp-block-heading">Are Political Biases, Tariffs Distorting The Data?</h3>



Peng said that recent survey results are being distorted by sampling changes and political polarization.



Last year, the University of Michigan switched from a phone-based to an online format, resulting in a greater share of extreme responses.



This shift, combined with how survey medians are calculated, has skewed results toward more extreme inflation views, especially amid news of new tariffs.



"Inflation expectations have become extremely partisan," she said, adding that expectations tend to rise when a respondent's opposing party is in power.



Adjusting for these factors, Goldman Sachs estimates that the 1-year inflation expectation for March should be closer to 3.6% rather than 4.9%, and the 5-10-year expectation should be 3.3% instead of 3.9%.



Even so, Peng said that "these adjusted expectations are still meaningfully higher than late last year," reinforcing the idea that consumers are genuinely rattled by tariff news and persistent inflation in essential categories like food and energy.



Investors who turned to traditional inflation hedges like Treasury inflation-protected securities, tracked by the iShares TIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIP#NYSE">TIP</a>), or gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), would have seen year-to-date gains of 3% and 14% respectively, in contrast to a 3% decline in the broader S&amp;P 500 index.



<h3 class="wp-block-heading">What This Means For The Fed's Rate Path</h3>



Goldman's analysis adds another layer to the growing debate over how much room the Fed really has to ease policy this year. 



According to Fed funds futures, markets expect at least three rate cuts in 2024. However, persistently high inflation expectations—even if somewhat overstated—make it harder for the central bank to justify easing unless economic data deteriorate sharply.



"High inflation and high survey-based inflation expectations raise the bar for possible rate cuts this year," Peng said.



Yet, she also added that if economic growth slows enough, Fed officials would still likely proceed with cuts — particularly if market-based inflation expectations remain well-anchored.



In such a scenario, officials could take the same stance they held during the first trade war in 2019: temporary inflation bumps related to tariffs don't pose long-term risks if broader demand weakens.



Based on the latest dot plot, the Federal Reserve projected two additional rate cuts for 2025.



Betting markets on the CFTC-regulated platform Kalshi now reflect expectations for two rate cuts, a shift down from earlier projections of three cuts earlier this month.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXRATECUTCOUNT-25DEC31?color_scheme=light&#038;widget_size=large&#038;utm_campaign=benzinga_widget" width="552px" height="400px" style="border:0"></iframe>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44475192/consumer-confidence-falls-to-lowest-since-2022-as-inflation-tariff-worries-grow">Consumer Confidence Falls To Lowest Since 2022 As Inflation, Tariff Worries Grow</a></li>
</ul>



Image: Shutterstock

Elevated Consumer Inflation Expectations 'Raise The Bar For Possible Rate Cuts This Year': Goldman Sachs

Dollar Tree Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) shares are <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">trading higher in premarket</a> after the fourth-quarter FY24 earnings.



On Wednesday, the company reported fourth-quarter sales of $8.26 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/b44489886/dollar-tree-inc-reports-results-for-the-fourth-quarter-fiscal-2024" rel="noreferrer noopener">beating the analyst consensus estimate of $8.24 billion.</a>



Adjusted EPS of $2.29 also beat the <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">consensus estimate of $2.19.</a>



The revenue and adjusted EPS data includes the discontinued operations of Family Dollar. All the other data excludes Family Tree operations.



Dollar Tree reached an agreement today, under which Brigade Capital Management, LP (Brigade) and Macellum Capital Management, LLC (Macellum) will partner to <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/b44489868/dollar-tree-announces-agreement-to-divest-its-family-dollar-business-to-brigade-capital-management" rel="noreferrer noopener">acquire the company&#8217;s Family Dollar</a> business segment for $1.007 billion.



Following an extensive evaluation of various options for the Family Dollar segment, the leadership team and Board of Directors at Dollar Tree concluded that selling Family Dollar to Brigade and Macellum would create the greatest value for Dollar Tree shareholders and set Family Dollar up for long-term success.



Also Read: <a target="_blank" href="https://www.benzinga.com/25/03/44475168/cognizant-partners-with-nvidia-to-enhance-enterprise-operations-with-neuro-ai-platform" rel="noreferrer noopener">Cognizant Boosts Stock Buyback, Partners With NVIDIA To Enhance Enterprise Operations With Neuro AI Platform</a>



Net proceeds from the sale are estimated to total approximately $804 million.



Same-store sales increased 2% for the Dollar Tree segment, and the sales gained 0.7% on a continuing operations basis.



Gross profit for the quarter decreased 2.8% Y/Y to $1.9 billion, and the gross margin contracted 130 basis points to 37.6%.



Operating income for the quarter plunged 26.5% to $533.6 million, and the margin contracted 390 basis points to 10.7%.&nbsp;



The company held $1.25 billion in cash and equivalents as of February 1. Operating cash flow for the year totaled $2.2 billion with a free cash flow of $893 million, based on continuing operations.



The company opened 33 new Dollar Tree&nbsp;stores in the quarter, bringing full-year openings to 525. Dollar Tree repurchased 3.3 million shares for&nbsp;$403.6 million, including applicable excise tax.



&#8220;In the fourth quarter, our team was focused on successfully closing out the year, bringing the strategic review to a favorable conclusion, and setting Dollar Tree on a path to realize its full potential to create long-term value for our associates, customers, and shareholders,&#8221;&nbsp;said CEO Mike Creedon.



Outlook: Dollar Tree sees FY25 sales from continuing operations of $18.5 billion &#8211; $19.1 billion. Same store sales growth of 3% &#8211; 5%. The company anticipates FY25 adjusted <a href="https://www.benzinga.com/calendars/guidance">EPS from continuing operations of $5.00 &#8211; $5.50.</a>



Dollar Tree&nbsp;sees first-quarter revenue from continuing operations&nbsp;of $4.5 billion &#8211; $4.6 billion. Same store sales growth of 3% &#8211; 5%. The company expects first-quarter adjusted EPS of $1.10 &#8211; $1.25.



Price Action: DLTR shares traded higher by 3.10% at $69.22 in premarket at last check Wednesday.



Read Next:



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<li><a href="https://www.benzinga.com/25/03/44457612/tilrays-hiball-energy-returns-to-whole-foods-market-details" target="_blank" rel="noreferrer noopener">Tilray&#8217;s Hi&#x2A;Ball Energy Returns To Whole Foods Market</a></li>
</ul>



Photo via Shutterstock.

Guidance

Asset Sales

Dollar Tree To Offload Family Dollar Business For $1 Billion, Anticipates 3% To 5% Standalone Same-Store Sales Growth

Geopolitical tensions between Washington and Beijing continue to intensify regarding access to <a target="_blank" href="https://www.benzinga.com/topic/artificial-intelligence" rel="noreferrer noopener">artificial intelligence and</a> other advanced semiconductor technology.



The U.S. had imposed multiple semiconductor embargoes on China, restricting the latter&#8217;s exposure to cutting-edge technology from Nvidia Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>). The move is followed by China&#8217;s retaliation.



China has introduced energy efficiency rules for using advanced chips that would prevent Chinese companies from buying Nvidia&#8217;s tweaked processors, the Financial Times <a target="_blank" href="https://www.ft.com/content/6a2c54fe-e2b7-4c58-907d-68076456d907" rel="noreferrer noopener">reported</a>, citing documents they reviewed.



Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/02/44006332/nvidia-faces-new-ai-chip-challenge-as-huawei-gains-ground-in-china-despite-us-sanctions" rel="noreferrer noopener">Nvidia Faces New AI Chip Challenge As Huawei Gains Ground In China Despite US Sanctions</a>



China&#8217;s National Development and Reform Commission urged Chinese groups to use tailor-made chips in new data centers and expansion of existing facilities.



According to the report, Nvidia&#8217;s tailor-made chip for China, H20, failed to comply with the commission&#8217;s new rules.



Reportedly, the Chinese regulator has passively urged Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), ByteDance, and Tencent Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) against procuring H20 chips, signifying a threat to Nvidia&#8217;s $17 billion annual business in the country. China is Nvidia&#8217;s fourth-largest market.



Reportedly, Nvidia is eying a meeting between its senior executives and commission chair Zheng Shanjie. Also, Nvidia is ready with a solution to adjust H20 chips to meet the NDRC norms.



Tech powerhouses from Alibaba to Tencent aggressively ramped up their orders for H20 chips this year after DeepSeek launched its efficient reasoning model.



Reportedly, Huawei Technologies Co <a target="_blank" href="https://www.benzinga.com/media/25/03/44488569/chinas-huawei-reportedly-doubles-ai-chip-yields-to-40-now-nvidia-ceo-jensen-huang-warns-that-the-chinese-tech-giant-is-the-most-formidable-competitor-despite-us-sanctions" rel="noreferrer noopener">doubled the yield rate</a> on its latest AI chips from around 20% a year ago to&nbsp;~40% now. Huawei&#8217;s revenue grew by 22% in 2024, reaching 860 billion yuan ($118.27 billion).



In February, Nvidia reported <a target="_blank" href="https://www.benzinga.com/news/earnings/25/02/43991607/nvidia-q4-earnings-highlights-revenue-beat-eps-beat-demand-for-blackwell-is-amazing" rel="noreferrer noopener">fourth-quarter revenue</a> of $39.3 billion, up 78%, beating a Street consensus estimate of $38.05 billion.



Nvidia expects first-quarter revenue of $43.0 billion, +/—2%, ahead of a street consensus estimate of $41.75 billion.



Price Action: NVDA stock is down 1.83% at $118.47 premarket at last check Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44330619/tesla-bets-on-low-cost-evs-in-china-after-february-sales-hit-two-year-low" target="_blank" rel="noreferrer noopener">Tesla Bets On Low-Cost EVs in China After February Sales Hit Two-Year Low</a></li>
</ul>



Photo by fukomuffin on Shutterstock

Asia

Emerging Markets

BABA

TCEHY

In Geopolitical Chess, China's Latest Energy Norms Block Nvidia's Chip Strategy Amid US Sanctions

Popular dog-themed cryptocurrency Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) is trading at one-month highs on Wednesday morning amid a broader jump in <a href="https://www.benzinga.com/money/shiba-inu-price-prediction">risk-on sentiment for meme coins</a>.



What Happened: SHIB soared over 14% in the last 24 hours to a market capitalization of over $9 billion. 



The coin sailed to an intraday high of $0.00001561, a level last seen on Feb. 23, before reversing slightly due to profit-taking.



SHIB&#8217;s trading volume jumped 108% to $453 million, making it one of the most traded cryptocurrencies in the last 24 hours.



Whale interest in the coin soared, with large transactions valued at over $100,000 surging by 72% over the previous day, <a href="https://app.intotheblock.com/">according</a> to IntoTheBlock. 



Moreover, the total balance held by long-term holders rose 0.02% over the last 24 hours, suggesting that accumulation was going on.



Speculation also increased in the derivatives market. The open interest in SHIB futures contracts spiked 33% to levels last seen more than a month ago, <a href="https://www.coinglass.com/BitcoinOpenInterest">as per</a> Coinglass.



This meant more liquidity in the market and a potential for higher volatility in the days ahead.



Why It Matters: World Of Charts, a widely followed X account dedicated to cryptocurrency analysis, noted SHIB&#8217;s attempts to break out of the descending channel pattern, projecting a twofold jump if it succeeded. 



A descending channel is formed by two downward-sloping trendlines, indicating a bearish trend. However, a potential breakout from the upper trendline could signal a reversal.



<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/search?q=%24Shib&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Shib</a> <a href="https://twitter.com/hashtag/Shib?src=hash&amp;ref_src=twsrc%5Etfw">#Shib</a> Breaking Descending Channel Range, Successful Breakout Could Lead Solid Rally In Coming Days, Expecting 2x After Successful Breakout. <a href="https://t.co/V0YNZAI80m">pic.twitter.com/V0YNZAI80m</a>&mdash; World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1904835994118938880?ref_src=twsrc%5Etfw">March 26, 2025</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/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/03/44487309/jim-cramer-applauds-gamestop-for-acting-on-his-bitcoin-ploy-as-apex-crypto-barely-moves-after-his-remark">Jim Cramer Applauds GameStop For Acting On His &#8216;Bitcoin Ploy,&#8217; CEO Ryan Cohen Can&#8217;t Help But React</a>



The overall meme coin market capitalization soared 10% to $59.11 billion in the last 24 hours, with other marquee coins such as Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) also netting returns of 10% and 15.20%, respectively, in the last 24 hours.



Price Action:&nbsp; At the time of writing, SHIB was exchanging hands at $0.00001540, up 14.30% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the meme coin has tanked 27%.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/25/03/44486921/xrp-outshines-bitcoin-ethereum-with-17-ytd-gains-as-trump">XRP Has Outshone Bitcoin, Ethereum This Year With Impressive 17% YTD Gains — Will It Reclaim The Third-Largest Crypto Spot?</a></li>
</ul>



Image: Shutterstock

$PEPE

$SHIB

Shiba Inu Hits A 1-Month High As Meme Coin Market Explodes—Will The Dog-Themed Crypto Chart Another 2X Jump?

U.S. stock futures were trading lower on Wednesday, after advancing for three consecutive sessions. Futures of major benchmark indices were lower in premarket trading.



Investors are reacting cautiously to President Donald Trump&#8216;s mixed tariff signals. While stocks rallied on hints of potential duty reductions, Trump also announced impending tariffs on pharma and auto, along with secondary tariffs on Venezuelan oil and gas buyers. The volatility reflects the market&#8217;s sensitivity to the administration&#8217;s fluctuating trade stance.



The 10-year Treasury yield stood at 4.33%, while the two-year yield was at 4.02%. According to the CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>, there is an 88.4% chance that the Federal Reserve will keep the interest rates unchanged during its May meeting. 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.15%</td></tr><tr><td>S&amp;P 500</td><td>-0.12%</td></tr><tr><td>Dow Jones</td><td>-0.16%</td></tr><tr><td>Russell 2000</td><td>-0.21%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, dropped in premarket on Wednesday. The SPY was down 0.18% to $574.44, while the QQQ declined 0.24% to $492.26, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Consumer discretionary, communication services, financials, and energy sectors led a broad market rally on Tuesday, driving U.S. stocks higher.



Whereas, utilities, consumer staples, real estate and health care sectors declined.



On the economic front, the U.S. home prices hit a 20th record high, S&amp;P Case-Shiller showed a 4.1% annual rise in January. March saw a further decline in consumer confidence, according to the Conference Board, with the current conditions index slipping to 92.9, below expectations and marking a fourth consecutive monthly drop.



The Dow Jones index rose 4 points or 0.01% on Tuesday to 42,587.50, whereas the S&amp;P 500 index was up 0.16% at 5,776.65. Nasdaq Composite notched a 0.46% gain to end at 18,271.86, and the small-cap gauge, Russell 2000, declined 0.66% to 2,095.38.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.46%</td><td>18,271.86</td></tr><tr><td>S&amp;P 500</td><td>0.16%</td><td>5,776.65</td></tr><tr><td>Dow Jones</td><td>0.01%</td><td>42,587.50</td></tr><tr><td>Russell 2000</td><td>-0.66%</td><td>2,095.38</td></tr></tbody></table></figure>



Insights From Analysts:



The director of global macro at Fidelity Investments, Jurrien Timmer, highlighted in an X post that the market has gone from &#8220;above-trend to on-trend.&#8221;



According to his technical analysis, using Bollinger Bands, things are starting to look more balanced again after the S&amp;P 500 index had slipped into the correction.



<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">Technically, things are starting to look more balanced again. The chart below shows detrended Bollinger Bands for the S&amp;P 500. That's a fancy way of showing how many deviations the market is from its trendline. We were at +1 and are now at zero. In other words, the market has… <a href="https://t.co/4NKhFIuOgk">pic.twitter.com/4NKhFIuOgk</a>&mdash; Jurrien Timmer (@TimmerFidelity) <a href="https://twitter.com/TimmerFidelity/status/1904559651104125303?ref_src=twsrc%5Etfw">March 25, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Morgan Stanley&#8217;s chief equity strategist, Mike Wilson, maintained a 6,500 price target on the S&amp;P 500 index, with support at 5,500 points.



He was overweight on financials, industrials, energy and utilities. Whereas, he was underweight the Consumer in all styles.



<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">Morgan Stanley&#39;s chief equity strategist Mike Wilson &#x1f4e2; Maintains 6,500 <a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> price target &#x1f4e2;Overweight Financials, Industrials, Energy, Utes &#x1f4e2;Underweight the Consumer in all styles &#x1f4e2;5,500 support holds unless more severe slowing in economy, which is not our base case… <a href="https://t.co/RczZwCSGtD">pic.twitter.com/RczZwCSGtD</a>&mdash; Seth Golden (@SethCL) <a href="https://twitter.com/SethCL/status/1904497853361164379?ref_src=twsrc%5Etfw">March 25, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Wilson, in his weekly note, said that a Fed put is more likely than a Trump put.



&#8220;Investors are now very focused on the April 2nd reciprocal tariff deadline. While this catalyst could offer some incremental clarity on tariff rates and countries and products in scope, we think it&#8217;s more a starting point for tariff negotiations, as opposed to a clearing event. In short, a Fed put seems closer to being in the money than a Trump put though it probably would require material labor weakness or choppier credit and funding markets,&#8221; he stated.



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



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Wednesday:



<ul>
<li>Durable goods orders data is set to be released at 8:30 a.m. ET.</li>
</ul>



<ul>
<li>St. Louis Fed President Alberto Musalem is scheduled to speak at 1:10 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) surged 12.44% in premarket on Wednesday after the video game retailer announced a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury strategy and reported fourth-quarter adjusted earnings of 30 cents per share, beating analyst estimates of eight cents per share.</li>
</ul>



<ul>
<li>Theratechnologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THTX#NASDAQ">THTX</a>) soared 53.25% after the company received FDA approval for EGRIFTA WR&#x2122; (Tesamorelin F8) to treat excess visceral abdominal fat in adults with HIV and Lipodystrophy.</li>
</ul>



<ul>
<li>Surgepays Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SURG#NASDAQ">SURG</a>) zoomed 73.19% on better-than-expected FY24 sales results.</li>
</ul>



<ul>
<li>CISO Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CISO#NASDAQ">CISO</a>) was up 16.04% after the company said it paid off its highest-interest loans as part of its ongoing efforts to strengthen its balance sheet.</li>
</ul>



<ul>
<li>Windtree Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WINT#NASDAQ">WINT</a>) jumped 9.15% after it had recently announced that it regained compliance status with Nasdaq regarding its listing rule standards.</li>
</ul>



<ul>
<li>Humacyte Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUMA#NASDAQ">HUMA</a>) dropped 22.78% after announcing the pricing of its $50 million public offering of 25 million common shares at $2.00 per share.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.70% to hover around $69.48 per barrel.



Gold Spot US Dollar declined 0.03% to hover around $3,019.12 per ounce. Its previous record high stood at $3,057.51 per ounce.



Asian markets closed on a mixed note on Wednesday. China&#8217;s CSI 300 and India's S&amp;P BSE Sensex index fell in trade. Whereas, Hong Kong's Hang Seng, South Korea's Kospi, Japan's Nikkei 225, and Australia's ASX 200 index advanced. European markets were also mixed in early trade.



Image Via Shutterstock

Commodities

CISO

HUMA

SURG

THTX

WINT

US Stocks Likely To Open Lower After 3-Day Advance: Market Is Looking 'More Balanced' And Gone From 'Above-Trend To On-Trend,' Says Expert

Gold miners dominated <a target="_blank" href="https://www.benzinga.com/topic/mergers-and-acquisitions" rel="noreferrer noopener">mergers and acquisitions (M&amp;A) activity</a> in the metals and mining industry in 2024. Research by S&amp;P Global Market Intelligence found that yellow metal deals accounted for 70% of the total transaction value.



The <a target="_blank" href="https://www.spglobal.com/market-intelligence/en/news-insights/research/mining-mna-in-2024-gold-dominates-mna-space-for-2nd-consecutive-year" rel="noreferrer noopener">report</a> showed 62 gold-related transactions, compared to 47 in 2023, or a 32% growth. Although the overall deal value remained relatively close, at $26.36 billion, the $16.5 billion Newmont's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) acquisition of Newcrest was an outlier, skewing the numbers for the year before.



Most of 2024's M&amp;A occurred in two top jurisdictions, Australia and Canada. Gold's 27% surge in 2024 further incentivized acquisitions, while geopolitical risks, including the persisting conflict in Ukraine, tensions in the Middle East, and rising central bank purchases, encouraged expansions through acquisitions.



Northern Star Resources (OTCPK: NESRF) <a target="_blank" href="https://www.benzinga.com/24/12/42262825/northern-star-acquires-de-grey-for-33-billion-secures-promising-tier-1-asset" rel="noreferrer noopener">$3.26 billion acquisition</a> of De Grey Mining was the largest single transaction, consolidating ownership of one of Australia's most promising gold deposits. The number two spot went to AngloGold Ashanti's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>) <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/09/40790433/anglogold-ashanti-to-acquire-centamin-for-2-5b-to-become-fourth-largest-gold-producer" rel="noreferrer noopener">$2.48 billion takeover</a> of Centamin, strengthening its African presence.



In contrast, despite copper's growing popularity, copper-focused M&amp;A was comparatively subdued, with 16 total deals amounting to $5.7 billion. The largest one was Lundin Mining and BHP's joint <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition" rel="noreferrer noopener">$3.03 billion acquisition</a> of Filo Corp. If BHP's <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">$49 billion bid for </a><a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">Anglo American</a> had succeeded, the situation would have been vastly different.



S&amp;P's report also highlighted that while overall deal value remained stable, the absence of a $10 billion-plus megadeal meant that the average transaction size fell to $428.1 million—the lowest in five years and a 24% decline from 2023.



Large miners like Newmont sold smaller portfolio parts, focusing on top assets. At the same time, intermediate producers sought those assets to pursue margin-boosting synergies and growth necessary to break into the big leagues of producing over 1 million ounces annually.



In 2025, S&amp;P predicts further positive momentum in gold M&amp;A as metal prices bid new highs. The sector has already seen notable activity in early 2025, including Equinox Gold's $1.87 billion bid for Calibre Mining. However, <a target="_blank" href="https://www.benzinga.com/25/03/44394574/the-largest-shareholder-opposes-equinoxs-18-billion-acquisition" rel="noreferrer noopener">opposition from Equinox's top shareholder</a>, Van Eck, raises questions about whether the deal will proceed. Van Eck, who holds significant stakes in both companies, cited a lack of operational synergies as a key concern.



Gold Fields'<a target="_blank" href="https://www.benzinga.com/25/03/44458684/gruyere-power-struggle-gold-fields-surprise-offer-rejected-countermove-denied" rel="noreferrer noopener"> $2.1 billion offer</a> for Gold Road Resources announced this week was rejected as "opportunistic," with Gold Road arguing it undervalued its assets. The deal would have given Gold Fields full control over the Gruyere gold mine, but Gold Road proposed buying out Gold Fields' stake—a counteroffer that was subsequently rejected.



Read Next:



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/03/44481208/sandstorm-gold-shares-are-up-today-whats-going-on" target="_blank" rel="noreferrer noopener">Sandstorm Gold Shares Are Up Today: What's Going On?</a></li>
</ul>



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Gold M&A Deals Are Accelerating, But Average Deals Are Smaller, Research Shows

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) is set for a pivotal moment in its ongoing legal battle, with a U.S. judge scheduling a criminal fraud trial for Jun. 23, highlighting the aerospace giant&#8217;s persistent challenges stemming from <a href="https://www.benzinga.com/markets/equities/24/12/42716905/boeing-in-spotlight-after-fatal-737-800-crash-in-south-korea-stock-declined-28-amid-deepening-2024-challenges">two fatal 737 MAX crashes that claimed 346 lives</a>.



What Happened: The trial comes after U.S. District Judge Reed O&#8217;Connor rejected a previous plea deal, criticizing a diversity provision and setting the stage for a potentially landmark legal proceeding, reported Reuters. In 2023, O&#8217;Connor described Boeing&#8217;s actions as potentially &#8220;the deadliest corporate crime in U.S. history.&#8221;



The original plea agreement, struck in July, included a potential fine of $487.2 million and a three-year probation period with an independent monitor. However, victims&#8217; families have consistently argued that the deal fails to adequately hold Boeing accountable.



Boeing did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.



See Also: <a href="https://www.benzinga.com/markets/asia/25/03/44486235/chinas-milk-tea-chain-chagee-files-for-nasdaq-ipo-under-cha-taking-on-starbucks-in-growing-market">China&#8217;s Milk Tea Chain Chagee Files For Nasdaq IPO Under &#8216;CHA,&#8217; Taking On Starbucks In Growing Market</a>



Why It Matters: The case centers on Boeing&#8217;s alleged misrepresentations to U.S. regulators about critical flight control systems on the 737 MAX. The company&#8217;s legal challenges are compounded by recent safety incidents, including a January 2024 in-flight door panel blowout on an Alaska Airlines flight that <a href="https://www.benzinga.com/markets/25/03/44411079/boeing-frustrations-reach-crescendo-at-airline-founded-by-warren-buffett-of-india-we-just-dont-have-enough-aircraft-to-fly">exposed ongoing quality concerns</a>.



Despite these legal and operational hurdles, Boeing has secured some positive developments, including a significant U.S. Air Force contract for next-generation fighter aircraft, potentially worth tens of billions of dollars. 



The company continues to face delivery challenges, with airlines like Malaysia Aviation Group and Akasa Air experiencing <a href="https://www.benzinga.com/markets/equities/25/03/44431541/malaysia-aviation-group-orders-30-boeing-737-max-jets-secures-option-for-30-more-amid-rising-southeast-asia-demand">significant aircraft order delays</a>.



Price Action: Boeing closed at $182.59 on Monday, up 0.97% for the day. In after-hours trading, the stock dipped 0.10% to $182.40. Year to date, Boeing&#8217;s stock has gained 6.24%. However, over the past year, the stock has declined by 2.62%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



Boeing lacks a strong growth forecast and valuation, according to Benzinga Edge&#8217;s ranking. For more insights,&nbsp;<a href="https://www.benzinga.com/screener/top-momentum-stocks" target="_blank" rel="noreferrer noopener">sign up for Benzinga Edge</a>.



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Image via Shutterstock



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

Boeing Faces 'The Deadliest Corporate Crime' Trial As Judge Sets June Date In 737 MAX Fraud Case

Canada has put a stop to all rebate payments to Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), also excluding the company from future electric vehicle (EV) rebate programs. The decision comes in response to US tariffs.



What Happened: Transport Minister Chrystia Freeland announced the suspension and ban. The freeze will persist until each rebate claim is individually scrutinized and verified. The Transport minister further informed, "I also directed my department to change the eligibility criteria for future iZEV programs to ensure that Tesla vehicles will not be eligible for incentive programs so long as the illegitimate and illegal U.S. tariffs are imposed against Canada,&#8221; <a href="https://www.thestar.com/news/canada/canada-freezes-tesla-s-43-million-rebate-payments-bars-it-from-future-rebates-because-of/article_d93ae97a-944c-41c6-bae0-63e905050d87.html">reported</a> Toronto Star.



The decision to halt the payments, summing up to C$43 million ($30.11 million), was made ahead of Canadian Prime Minister Mark Carney&#8216;s call for a general election on April 28. Earlier this month, The Star revealed that a Tesla dealership in Quebec City secured nearly C$20 million in public subsidies by reporting over 4,000 electric vehicle sales in just one weekend.



Toronto had previously discontinued financial incentives for Tesla vehicles used as taxis or ride-hail vehicles due to rising trade tensions with the U.S.



SEE ALSO: <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44480511/siriusxm-faces-headwinds-from-pricing-shift-ad-weakness-says-jpmorgan">SiriusXM Faces Headwinds From Pricing Shift, Ad Weakness, Says JPMorgan</a>



Why It Matters: This decision by the Canadian government comes after Nova Scotia excluded Tesla from their EV rebate program. The Progressive Conservative government, along with the NDP and Liberal opposition parties, unanimously <a href="https://www.benzinga.com/news/global/25/03/44452731/nova-scotia-joins-other-canadian-provinces-in-excluding-elon-musks-tesla-from-ev-rebate-program">voted to remove</a> Tesla from the rebate program. Freeland&#8217;s decision to exclude Tesla from future federal rebates follows similar actions by several provinces, driven by concerns over CEO Elon Musk&#8216;s stance on Canada and tariffs.



Tesla has been the biggest beneficiary of Canadian EV rebates, claiming C$713 million ($499.9 million) since 2019. However, many suspected the EV maker of having misused the rebate program.



Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association, stated, "Tesla exploited the iZEV program by sneaking in its Shanghai-built product to soak up Canada incentives while its CEO declared ‘Canada is not a real country' on X. Sounds like they made their bed."



This exclusion from the Canadian EV rebate programs is a big setback for Tesla and could potentially impact the company&#8217;s sales and market share in the region.



Tesla holds a momentum rating of 91.70% and a growth rating of 67.88%, according to&nbsp;<a href="https://www.benzinga.com/report/TSLA" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s Proprietary Edge Rankings</a>. The Benzinga Growth metric evaluates a stock's historical earnings and revenue expansion across multiple timeframes, prioritizing both long-term trends and recent performance. For an in-depth report on more stocks and insights into growth opportunities,&nbsp;<a href="https://www.benzinga.com/screener/top-momentum-stocks" target="_blank" rel="noreferrer noopener">sign</a>&nbsp;<a href="https://www.benzinga.com/screener/top-momentum-stocks" target="_blank" rel="noreferrer noopener">up for Benzinga Edge.</a>



Tesla stock rose 3.45% to close at $287.99 on Tuesday. The stock has lost over 24% year-to-date.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="452" height="291" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/26033156/Screenshot-2025-03-26-130134.png" alt="" class="wp-image-841796" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/26033156/Screenshot-2025-03-26-130134.png 452w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/26033156/Screenshot-2025-03-26-130134-300x193.png 300w" sizes="(max-width: 452px) 100vw, 452px" /></figure>



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<li>READ MORE: <a href="https://www.benzinga.com/tech/25/03/44487389/sundar-pichai-shows-off-googles-most-intelligent-ai-ever-with-a-dinosaur-video-game-that-even-you-could-make-with-a-simple-prompt">Sundar Pichai Shows Off Google&#8217;s &#8216;Most Intelligent AI&#8217; Ever With A Dinosaur Video Game That Even You Could Make With A Simple Prompt</a></li>
</ul>



Image via Shutterstock



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

Canada Bars Tesla From EV Rebates Programs In Response To 'Illegitimate And Illegal' US Tariffs

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