Moody's Ratings downgraded the <a href="https://www.benzinga.com/topic/economy">United States' long-term</a> credit rating from Aaa to Aa1 and changed its outlook from "negative" to "stable."  



The move marks the loss of the United States' last remaining top-tier rating from the three major credit agencies, as Moody's joins Fitch and S&amp;P Global in grading the U.S. below the <a href="https://www.benzinga.com/government/regulations/25/03/44480823/debt-alarm-bells-ring-in-washington-as-moodys-ray-dalio-call-for-urgent-fiscal-discipline">highest "triple-A" level.</a>



Rising Government Debt: Moody's cited a sustained increase in government debt and interest payment ratios over more than a decade as a reason for the downgrade.&nbsp;



The U.S. debt-to-gross domestic product ratio will climb from nearly 100% in 2025 to around 130% by 2035, according to Moody's.&nbsp;



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&#8220;Even in a very positive and low probability economic and financial scenario, debt affordability remains materially weaker than for other Aaa-rated and highly rated sovereigns,&#8221; Moody&#8217;s said in a statement in late March.&nbsp;



Persistent Fiscal Deficits: The agency noted that successive U.S. administrations and Congress have failed to agree on measures to reverse large annual fiscal deficits and growing interest costs. 



Moody's said it expects these trends to continue without material reductions in mandatory spending or deficits which will drive debt and interest burdens even higher over the next decade.&nbsp;



"While we recognize the US' significant economic and financial strengths, we believe these no longer fully counterbalance the decline in fiscal metrics," Moody's wrote Friday, per Bloomberg.&nbsp;



Markets React: The S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), and the Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), slipped in Friday's after-hours trading on the news.&nbsp;



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Moody's Downgrades US Credit Rating Over Debt, Deficit Concerns

Michael Burry, famed for his highly profitable bet against the U.S. housing market in 2008, has recently shifted to a bearish stance on Chinese <a href="https://www.benzinga.com/markets/equities/25/05/45461072/the-big-short-fame-michael-burry-doubled-estee-lauder-stake-despite-slump-bet-against-nvidia-and-dumps-china-stocks-amid-trade-war-jitters-in-q1">technology stocks.</a>



Burry's pivot is notable because he was previously bullish on China tech companies and held significant long positions in companies like Alibaba Group Holdings, Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and JD.Com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) as recently as late 2024. 



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However, the latest SEC filings show a marked reversal: Burry's hedge fund, Scion Asset Management,&nbsp; acquired put options against several major Chinese tech companies.&nbsp;



The Details: In the first quarter of 2025, Burry completely liquidated his previous positions in Alibaba, JD.Com, Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and PDD Holdings Inc &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) and purchased put options on each of the Chinese tech names.&nbsp;



Burry's bearish pivot on China came in the quarter before the announcement of new tariffs on Chinese goods by President Donald Trump, which heightened trade tensions and roiled global markets. The timing suggests the experienced investor anticipated increased volatility or downside risk in Chinese equities amid geopolitical and economic uncertainty.&nbsp;



Scion also purchased a sizable amount of put options on NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in the first quarter, which now makes up nearly half of its portfolio.&nbsp;



The hedge fund's only long position in the most recent quarter's filing was Estee Lauder Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>).&nbsp;



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'Big Short' Investor Michael Burry Turns Bearish On China: What's On His Short List Now

The U.S. and China agreed to de-escalate their trade war by cutting tariffs by 115 percentage points, bringing U.S. duties on Chinese <a href="https://www.benzinga.com/government/regulations/25/05/45347089/wall-street-rips-higher-as-tariff-truce-halts-us-china-economic-escalation">goods down to 30%.</a>



The announcement sparked a broad-based equity rally, with the S&amp;P 500 climbing back to early March 2025 levels and erasing losses from President Donald Trump's &#8220;<a href="https://www.benzinga.com/government/regulations/25/05/45355655/magnificent-seven-gain-700b-after-us-china-slash-tariffs-gold-crashes-whats-driving-markets-monday">Liberation Day&#8221; tariff shock.</a>



The improved trade outlook also prompted economists to cut recession odds and upgrade U.S. growth forecasts for the second half of the year.



<h3 class="wp-block-heading">S&amp;P 500 Logs 5 Consecutive Winning Sessions</h3>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 5% higher for the week, notching five straight sessions in the green.



Semiconductors kept powering higher. The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) rose nearly 10% on the week, logging its fourth straight week of gains and delivering its best monthly rally since 2020.



Yet, clean energy stocks – as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) – outshined even chipmakers. Solar names surged after Republicans released a better-than-expected tax proposal <a href="https://www.benzinga.com/top-stories/25/05/45381191/first-solar-eyes-best-2-day-rally-since-2013-after-gop-tax-plan-spares-key-clean-energy-credits">on renewable energy credits.</a> Shares of First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) soared 27% for the week, leading the sector.



<h3 class="wp-block-heading">Trump&#8217;s Middle East Blitz Attracts $2 Trillion In Gulf Commitments</h3>



During his Middle East visit, President Trump secured around $2 trillion in trade and investment pledges from Gulf countries.



<a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45390422/trump-unveils-historic-and-transformative-600-billion-saudi-deal-predicts-markets-will-go-a-lot-higher">Saudi Arabia committed $600 billion</a> in deals involving Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>), Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Uber Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NASDAQ">UBER</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), GE Vernova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) and Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>).



<a href="https://www.benzinga.com/government/regulations/25/05/45446924/trump-secures-12-trillion-qatar-deal-as-boeing-ge-land-record-orders">Qatar followed with a $1.2 trillion package</a> focused on energy and infrastructure, inking major contracts with GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) and Boeing.



The United Arab Emirates signed a $200 billion deal to import over one million AI chips from Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other initiatives with Exxon Mobil Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NASDAQ">XOM</a>), Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).



<h3 class="wp-block-heading">UNH In Free Fall, Consumer Inflation Concerns Hit 1980s Levels</h3>



Back on Wall Street, one corporate giant is facing deep losses in what's shaping up to be one of the worst crises in its history. UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) shares nosedived 27% this week, marking the company&#8217;s worst weekly performance since the 2009 financial crisis and extending a five-week losing streak.



CEO Andrew Witty resigned Tuesday citing "personal reasons," while the company suspended 2025 guidance due <a href="https://www.benzinga.com/25/05/45373368/unitedhealth-stock-plunges-names-new-ceo-suspends-2025-guidance">to surging medical costs</a>. A U.S. Department of Justice criminal probe into alleged fraud in its Medicare Advantage <a href="https://www.benzinga.com/general/health-care/25/05/45426769/unitedhealth-stock-plunges-over-8-in-after-hours-trading-as-doj-criminal-probe-adds-to-turmoil-after-ceo-shake-up">program worsened investor fears.</a>



On the macro front, <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45374267/inflation-eases-in-april-as-trumps-tariffs-dont-push-prices-higher">April inflation data</a> signaled softening price pressures, but retail sales dropped, reflecting consumer <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45435725/tariffs-slow-retail-spending-as-producer-prices-post-sharpest-drop-since-2020">caution amid trade uncertainty</a>. Inflation expectations are also heating up again.



The <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45470155/consumer-sentiment-crashes-to-5-year-lows-as-inflation-fears-reach-1981-levels">University of Michigan's survey</a> showed the weakest sentiment since 2020 as the one-year consumer inflation outlook hit levels last seen in 1981.



<h3 class="wp-block-heading">Chart Of The Week: Year-Ahead Consumer Inflation Expectations Have Never Been This High Since Early &#8217;80s</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-1024x529.png" alt="" class="wp-image-918486" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-768x397.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-1536x793.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16155140/image-213-2048x1058.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



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US-China Trade Truce, Trump's Middle East Deals Spark Wall Street Rally: This Week In Markets

Even with Wall Street rallying off April lows, small-cap stocks remain stuck in the mud, with the Russell 2000 still trading near its lowest level relative to the S&amp;P <a href="https://www.benzinga.com/topic/small-caps">500 since December 2000.</a>



The ratio between iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) continued to hover around levels last seen 24 years ago, a clear sign of investor preference for large, multinational firms amid ongoing macro volatility.



<h1 class="wp-block-heading">Chart: Small Caps Have Never Been This Cheap Relative To Large Caps In A Quarter Of A Century</h1>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16113446/image-204-1024x529.png" alt="" class="wp-image-918167" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16113446/image-204-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16113446/image-204-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16113446/image-204-768x397.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16113446/image-204-1536x793.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16113446/image-204-2048x1058.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h1 class="wp-block-heading">Why Small Caps Lag Behind</h1>



Small companies have consistently trailed large-cap peers throughout 2025, and analyst Michael Gayed, CFA, said there's a clear reason: "These companies are likely to be more negatively impacted by tariffs because of their lesser ability to shift supply chains quickly and the comparative lack of financial resources to be able to handle higher costs."



Large corporations typically possess more diversified operations and pricing power, helping them weather tariff shocks better than smaller, domestically focused peers.



<h1 class="wp-block-heading">Is A Reversal in Sight?</h1>



President Donald Trump's recent U-turn on tariff policy — suspending reciprocal duties with China and reducing trade tensions — has opened the door for a change in market leadership. Investors who had bet against small caps might soon need to rethink their positioning.



"If the Liberation Day tariffs have been largely responsible for small-cap underperformance, wouldn't it stand to reason that a reversal of those policies could inspire them to lead?" Gayed said.



The return to a more stable trade environment may create a short-term tailwind for small stocks, particularly those that derive the bulk of their revenues within the U.S.



<h1 class="wp-block-heading">Longer-Term Catalyst: Deregulation</h1>



Beyond trade policy, the bigger structural catalyst could be deregulation — a central theme in Trump's second-term economic agenda.



Reducing federal red tape, especially in energy and financial services, could provide meaningful relief to small-cap companies that have historically been burdened by compliance costs and bureaucratic hurdles.



Looser regulation may enhance profit margins and boost investor sentiment toward smaller firms that have long struggled under stricter oversight compared to their larger counterparts.



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Russell 2000 Holds At 24-Year Low Vs. S&P 500: Why Trump's Deregulation Could Spark A Turnaround

Amid tariff concerns, activist investor Dan Loeb‘s Third Point LLC made significant changes, shedding stakes or exiting major Magnificent Seven stocks <a href="https://www.benzinga.com/topic/dan-loeb">during the first quarter of 2025</a>.



What Happened: A 13F <a href="https://www.sec.gov/Archives/edgar/data/1040273/000108514625003337/xslForm13F_X02/infotable.xml">filing </a>released Thursday shows that Third Point completely exited its positions in Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) during the first quarter of 2025. The hedge fund had <a href="https://www.sec.gov/Archives/edgar/data/1040273/000108514625001713/xslForm13F_X02/infotable.xml">previously </a>held 665,000 shares of Meta and 500,000 shares of Tesla at the end of the fourth quarter of 2024.



The investor also fully exited its position in Workday Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) in Q1, selling all 500,000 shares it held as of the fourth quarter of 2024.



In addition to the complete exits, Third Point also trimmed several positions in the first quarter compared to the fourth quarter of 2024. Notable reductions include:



<ul class="wp-block-list">
<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>): -48%</li>



<li>Intercontinental Exchange Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>): -47%</li>



<li>Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>): -32%</li>



<li>Brookfield Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BN#NYSE">BN</a>): -15%</li>
</ul>



Here are the top new additions in the first quarter by shares:



<ul class="wp-block-list">
<li>Kenvue Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVUE#NYSE">KVUE</a>): 8.9 million</li>



<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>): 3.78 million</li>



<li>United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>): 3.63 million</li>



<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>): 1.45 million</li>



<li>CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>): 1.98 million</li>



<li>Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>): 1 million</li>



<li>RB Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBA#NYSE">RBA</a>): 950,000</li>



<li>Talen Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLN#NASDAQ">TLN</a>): 585,000 </li>



<li>SharkNinja, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SN#NYSE">SN</a>): 550,000</li>



<li>Caseys General Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>): 300,000</li>
</ul>



Here are the top increases in stake&nbsp;in the first quarter compared to the final quarter of 2024 in percentages:



<ul class="wp-block-list">
<li>Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>): +275%</li>



<li>Soho House &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHCO#NYSE">SHCO</a>): +121%</li>



<li>Capital One Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): +14%</li>
</ul>



As of the first quarter of 2025, Loeb&#8217;s top five holdings were Pacific Gas &amp; Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>), Kenvue, Telephone and Data Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>), Soho House, and Brookfield. Of these, all but Brookfield were new or increased positions during the quarter.



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Loeb's Third Point Exits Meta, Tesla, Rotates Into Staples, Telecom, Industrials

The University of Michigan&#8217;s May consumer survey delivered a jarring message to Wall Street and policymakers: sentiment among American consumers has plunged to the lowest levels since June 2020, while expectations for inflation surged to heights last seen <a href="https://www.benzinga.com/news/econ-s">during the early 1980s.</a>



The preliminary Consumer Sentiment Index dropped to 50.8 in May, down from 52.2 in April and missing economists' forecasts of 53.4. The gauge is now 27% lower than it was a year ago, signaling deepening anxiety among households despite the recent 90-day pause on tariffs.



<h3 class="wp-block-heading">Expectations Sink To 1980 Lows, Inflation Fears Echo 1981</h3>



The subindex for Current Economic Conditions declined to 57.6 from 59.8 in April, while the Consumer Expectations subindex – a measure of forward-looking sentiment – dipped further from 47.3 to 46.5. 



That reading marks the weakest since May 1980, worse even than the worst moments of the 2008 financial crisis and the early Covid-19 pandemic.



"Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60% in April," said Joanne Hsu, director of the Surveys of Consumers. "Uncertainty over trade policy continues to dominate consumers' thinking about the economy."



The data was gathered between April 22 and May 13, closing two days after the White House announced a trade truce with Chine, leaving room for potential revision of the data. 



&#8220;The final release for May will reveal the extent to which the pause on some China tariffs leads consumers to update their expectations,&#8221; Hsu added.



Year-ahead inflation expectations jumped sharply from 6.5% in April to 7.3% in May, the highest reading since November 1981. 



Long-term inflation expectations over the next five years also climbed to 4.6%, up from 4.4%, reaching levels last seen in March 1991.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="531" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-1024x531.png" alt="" class="wp-image-918032" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-1024x531.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-300x156.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-768x399.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-1536x797.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-2048x1063.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Markets react: Dollar Rises, Equities Erase Gains</h3>



Investors interpreted the inflation surge as a headwind to future interest rate cuts. 



The U.S. dollar, which had opened weaker, reversed course after the data. The Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), which tracks the dollar's strength, climbed 0.2% by 10:15 a.m. ET.



Stocks turned mixed as inflation fears resurfaced. 



The S&amp;P 500 erased early gains, while the Dow Jones Industrial Average and small-cap benchmark Russell 2000 both flipped to the red. Only the Nasdaq 100 managed to stay positive, up 0.2% at last check.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45468724/emerging-markets-break-out-as-peace-trades-gain-momentum-hartnett-says">Emerging Markets Break Out As &#8216;Peace Trades&#8217; Gain Momentum, Hartnett Says </a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Currency ETFs

Consumer Sentiment Crashes To 5-Year Lows As Inflation Fears Reach 1981 Levels

Wall Street fought for a fifth consecutive day of gains on Friday, with major indexes edging slightly higher by midday in New York as investors continued to digest the week's significant trade breakthroughs and <a href="https://www.benzinga.com/news/econ-s">recalibrate their economic expectations.</a>



The S&amp;P 500 rose 0.1% to 5,925, its highest level since early March, while the Nasdaq 100 held firm after a strong prior session. Gains were broad but cautious as markets balanced optimism over de-escalating tariffs with growing macro concerns. 



Healthcare stocks rebounded from recent underperformance, buoyed by a rally in Eli Lilly &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), while the energy sector lagged as crude prices cooled.



The U.S. dollar surged after the <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45470155/consumer-sentiment-crashes-to-5-year-lows-as-inflation-fears-reach-1981-levels">University of Michigan's consumer sentiment report</a> delivered one of the bleakest stagflationary signals in recent decades. 



The headline Consumer Sentiment Index dropped to its lowest level since June 2020, while the Consumer Expectations subindex hit levels not seen since 1980. Year-ahead inflation expectations soared to 7.3%, the highest since late 1981. 



The spike in inflation fears rattled rate-cut bets. Fed funds futures slashed the odds of a June interest rate cut to just 5%, effectively pricing out any move next month. 



Markets now fully price the first rate cut only by October 2025, with a second possibly arriving in December.



Treasury yields rose as bond prices fell, with the 30-year yield rising back to 4.90%, following the dismal sentiment data. The combination of rising yields and a stronger dollar weighed heavily on gold, which dropped 1.8% and is headed for its worst weekly performance since November 2024. 



In crypto, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) bounced back and reclaimed the $104,500 level. 



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



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %</td></tr><tr><td>Russell 2000</td><td>2,103.26</td><td>0.3%</td></tr><tr><td>S&amp;P 500</td><td>5,932.74</td><td>0.3%</td></tr><tr><td>Dow Jones</td><td>42,424.05</td><td>0.2%</td></tr><tr><td>Nasdaq 100</td><td>21,350.21</td><td>0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:15 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 class="wp-block-list">
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.2% up to $591.88.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.2% to $424.32.</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;edged 0.1% up $520.03.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.4% to $209.16.</li>



<li>The&nbsp;Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, up 1%; the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.5%.</li>
</ul>



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



<ul class="wp-block-list">
<li>Applied Materials inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) fell 6.1% following a miss in revenue forecasts and revised guidance amid trade challenges with China. </li>



<li>Take-Two Interactive Software inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) fell 2% after missing earnings expectations last quarter. </li>
</ul>



Read now: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/large-cap/25/05/45472025/loebs-third-point-exits-meta-tesla-rotates-into-staples-telecom-industrials">Loeb&#8217;s Third Point Exits Meta, Tesla, Rotates Into Staples, Telecom, Industrials </a></li>
</ul>



Photo: Shutterstock

$BTC

AMAT

GLOB

TTWO

Stocks Fight For Fifth Day Of Gains, Dollar Rebounds As Inflation Fears Go Haywire: What's Driving Markets Friday?

Bank of America's chief investment strategist Michael Hartnett sees a powerful rotation in financial markets, with so-called "peace trades" now eclipsing "war trades" as the key driver of 2025 performance — a shift that could unleash the next bull <a href="https://www.benzinga.com/markets/emerging-markets">market in emerging markets.</a>



In his latest "The Flow Show" note shared Friday, Hartnett said a rare combination of falling oil prices, a weaker dollar, and a bond yield ceiling near 5% is reshaping the global investment landscape. The strategist cited a dramatic rally in emerging markets and sharp inflows to risk assets as signs of a growing consensus that diplomacy and disinflation are back in style.



<h3 class="wp-block-heading">&#8216;Peace Trades&#8217; Powering 2025 Market Leaders</h3>



"Big geopolitics = big price action," Hartnett said, highlighting that Tel Aviv and Tehran stock exchanges have hit all-time highs, Poland's market – tracked by the iShares Poland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPOL#NYSE">EPOL</a>) – is up 28%, and Russia's ruble is the best-performing currency this year, gaining 41%.



The top-performing asset year to date remains gold, up 22.1%, while oil is the worst, down 14% — a reversal Hartnett calls the "peace dividend." Stocks are up 5%, government bonds 4.3%, and the U.S. dollar is down 7.2%.



A potential &#8220;Riyadh Accord,&#8221; Hartnett said, could be driving this geopolitical detente. 



Lower oil prices may stem from behind-the-scenes deals between the U.S., OPEC and Russia, as Trump allegedly pursues lower inflation via energy diplomacy, rather than shale output.



<h3 class="wp-block-heading">30-Year Yield Is The Macro Pivot</h3>



Hartnett identified three macro pressure points: the 30-year Treasury yield at 5%, the U.S. dollar index at 100, and the SOX semiconductor index at 5000. 



If yields decisively breach the 5% threshold, stocks could falter. But for now, Hartnett says the level is holding, reinforcing the disinflation narrative.



A weak dollar, peak yields, and a Chinese economic recovery form the backbone of his next bull market thesis, with emerging markets ex-China – as tracked by the SPDR S&amp;P Emerging Markets Ex-China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XCNY#NYSE">XCNY</a>) – already up 20% in the past month, breaking a 20-year trading range.



<h3 class="wp-block-heading">Flows Confirm The Rotation </h3>



Flows into risk assets have surged in recent weeks. Investors poured $25.2 billion into stocks and $13.1 billion into bonds last week, while pulling $17.5 billion from cash. 



Notably, U.S. equities saw their first inflow in five weeks at $19.8 billion, and financials drew in $1 billion, reversing a seven-week drought. Emerging market debt attracted $1.5 billion, its largest inflow since January 2023. Investment-grade and high-yield credit combined saw $8.6 billion, the biggest in 10 weeks. 



Gold, however, had a modest $0.4 billion outflow, despite being on track for a record $85 billion inflow in 2025.



<h3 class="wp-block-heading">A 1970s Or 1990s Outcome? </h3>



Hartnett said the key question for markets is whether the late 2020s will echo the &#8220;inflationary peace dividend&#8221; of the early 1970s or the &#8220;disinflationary peace dividend&#8221; of the early 1990s. 



The former involved volatile macro policy, oil shocks and protectionism; the latter delivered stable growth via globalization, deregulation and lower rates. 



He sees 2025 surprising with lower yields and disinflation, but warns that the secular outlook for government bonds remains bearish.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45450466/what-recession-markets-have-erased-every-last-bit-of-economic-pessimism">What Recession? Markets Have Erased Every Last Bit Of Economic Pessimism </a></li>
</ul>



Photo: Shutterstock

Emerging Markets

Emerging Market ETFs

EPOL

XCNY

Emerging Markets Break Out As 'Peace Trades' Gain Momentum, Hartnett Says

First Solar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) is in the midst of a likely short squeeze, which is skyrocketing the stock. Once the squeeze is over, shares should fall back to relative congestion support.



So today, let&#8217;s place a trade on First Solar against the current trade, but give the chart some time to develop by setting the expiration at least 60 days to deliver results.



Here&#8217;s how best to do it.



First Solar&#8217;s resistance zone currently sits around $200, but with all this market uncertainty, trading could be choppy in the summer months. Support sits near $155, which is where we&#8217;ll put our middle strike.



The way to play this is with a long put butterfly, a combination of a long put spread, and a short put spread that share the same short strike and same expiration date. Though this kind of trade is often described as &#8220;delta neutral,&#8221; it certainly delivers profit if price action fades as expected. 



<ul class="wp-block-list">
<li>Buy to open 1 FSLR 15 Aug 175 puts </li>



<li>Sell to open 2 FSLR 15 Aug 155 puts </li>



<li>Buy to open 1 FSLR 15 Aug 135 puts </li>
</ul>



Set an alert for prices near the middle strike so that you are very aware of the motion into the middle strike, as this is where the maximum profit will engage into expiration. You will also notice that price action is less sensitive to fluctuation the further we are from expiration. 



This long-put butterfly currently has a debit of $1.55, which represents the total risk incurred in the trade. The breakeven price of the stock at expiration on this trade is $173.45, less commissions.



The highest potential profit is $20 (the distance between $175 and $155), less the cost of the debt incurred by buying the call butterfly, so $20 &#8211; $1.55 = $18.45 less commissions.



It is extremely rare to collect all this premium in this kind of butterfly. Consider price action information to drive your risk and profit parameters.



This strategy provides several ways to exit, but I will discuss the main two:



<ol class="wp-block-list">
<li>Sell the put butterfly when the profit goal moves into your target parameters, particularly once the middle strike is tested near the expiration time. I often look for an 80% to 200% return for these types of put butterflies, but the maximum profit potential is much greater.</li>



<li>To sell the put butterfly when your loss threshold is breached. Customarily, this is 50% for me. </li>
</ol>



More advanced traders might consider rolling the short strikes down over time if First Solar&#8217;s price continues to fall.



<h2 class="wp-block-heading">Meet Your One-Stop Command Center for Smarter Investing</h2>



Newsletters talk. Analysts argue. Talking heads on TV hype. Benzinga Edge does something different—it delivers. With real-time portfolio alerts, actionable stock ideas, and pro-grade tools…you get the complete investors&#8217; arsenal — ready to help you profit in any market. Get Your Edge Now right <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/">HERE</a> (At 43% New-Member Discount)



Editorial content from our Expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



Photo: Shutterstock

Opinion

Trading Ideas

This Week's Best Short Squeeze Options Trade

The Trump administration has intensified its critique of Europe&#8217;s digital regulations, asserting that they pose a risk to free speech and American commercial interests.



What Happened: The State Department is spearheading the initiative, seeking instances of European government efforts to curtail freedom of speech. The focus is on the European Union&#8217;s legislation that outlines standards for tech giants like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) to regulate online content, <a href="https://www.wsj.com/politics/policy/trump-administration-targets-europes-digital-laws-as-a-threat-to-basic-rights-and-u-s-business-20db1016">reported</a> The Wall Street Journal.



The U.S. is resolved to break down the &#8220;global censorship-industrial complex,&#8221; as stated in a State Department communication. This dispute over Europe&#8217;s digital policies happens amid strained trans-Atlantic relations due to Trump&#8217;s tariffs and his engagement with Russia.



The EU&#8217;s Digital Services Act (DSA), adopted in 2022, is central to this initiative. The DSA requires digital platforms to show their efforts in tackling risks such as&nbsp;the dissemination of illegal content&nbsp;and election manipulation through disinformation. Trump officials argue that these EU restrictions could potentially impact U.S. content moderation policies and free speech.



EU officials, on the other hand, insist that the DSA, applicable only within the EU, aims to safeguard Europeans&#8217; basic rights and protect children online, without threatening free speech.



SEE ALSO:&nbsp;<a href="https://benzinga.com/tech/25/05/45433850/mr-wonderful-kevin-oleary-says-youre-literally-giving-away-money-to-billers-by-not-doing-this-one-simple-thi" target="_blank" rel="noreferrer noopener">Mr Wonderful Kevin O&#8217;Leary Says You&#8217;re Literally Giving Away Money To Billers By Not Doing This One Simple Thing — And He&#8217;s Been Doing It For Decades</a>



Why It Matters: This development comes in the wake of increasing tensions between the U.S. and the EU over online regulations. The EU and the United Kingdom have <a href="https://www.benzinga.com/markets/eurozone/25/04/44695371/eu-online-crackdown-may-fuel-more-tensions-with-trump-officials">tightened </a>their control over online speech for U.S. social media companies and their citizens, potentially fueling tension with the Trump administration. 



The EU has even considered a $1 billion fine against Elon Musk&#8217;s social media platform, X, for alleged DSA breaches. This ongoing conflict underscores the complex interplay between digital regulations, free speech and international relations.



On the other hand, in February, Vice President JD Vance at the Paris AI Summit had warned Europe against &#8220;authoritarian censorship&#8221; and &#8220;massive regulations.&#8221; Meanwhile, President Donald Trump has criticized non-monetary trade barriers he believes hurt the U.S., prompting his administration to intensify pressure on Europe's digital regulations.



Vanguard Information Technology Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) surged 21.23%, while Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) rose 20.91% over the past month. 



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45460177/bitcoin-rises-while-ethereum-dogecoin-slip-market-isnt-going-to-peak-in-the-next-6-months-says-popular-analyst" target="_blank" rel="noreferrer noopener">Bitcoin Rises While Ethereum, Dogecoin Slip — &#8216;Market Isn&#8217;t Going To Peak In The Next 6 Months,&#8217; Says Popular Analyst &#8211; Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided benefi</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.

AAPL

GOOG

US Slams Europe's Digital Laws, Calls Them A Danger To Free Expression And American Big Tech

Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) shares fell on Friday after the company announced that CEO Lars Fruergaard Jørgensen will <a target="_blank" href="https://view.news.eu.nasdaq.com/view?id=b6731bc5fbbb86a53bdd454ea6c2f7d98&amp;lang=en&amp;src=listed" rel="noreferrer noopener">step down</a> after eight years leading the company.



He will remain in the role temporarily to help ensure a smooth leadership transition while a successor is identified.



The decision follows a decline in Novo Nordisk's share price since mid-2024 and increased pressure from the Novo Nordisk Foundation, which holds majority voting power through its investment company. The foundation also pushed for stronger board representation.



Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/25/05/45418556/novo-nordisks-ozempic-weight-loss-jabs-could-boost-uk-economy-by-6-billion-study-finds" rel="noreferrer noopener">Novo Nordisk's Ozempic Weight Loss Jabs Could Boost UK Economy By $6 Billion, Study Finds</a>



NVO stock has lost close to 50% of its value in the last year and is down over 23% year-to-date. The company makes blockbuster drugs like Ozempic and Wegovy.



The company said that during his eight years as CEO, Novo Nordisk's sales, profits and share price have almost tripled.



Helge Lund, chair of the Novo Nordisk Board, says, "Novo Nordisk's strategy remains unchanged, and the Board is confident in the company's current business plans and its ability to execute on the plans."



Lars Rebien Sørensen, current chair of the foundation and former CEO of Novo Nordisk, will join the company's board as an observer.



He is expected to be nominated as a board member at the 2026 Annual General Meeting, bringing with him extensive industry experience and deep company knowledge. Board Chair Helge Lund said the company's overall strategy remains intact.



The executive transition comes amid mixed business signals. While the company reported lukewarm <a target="_blank" href="https://www.benzinga.com/25/05/45252150/novo-nordisk-expects-fda-decision-for-oral-wegovy-by-end-of-2025-reports-mixed-q1-earnings" rel="noreferrer noopener">Q1 earnings</a>, it remains optimistic about upcoming regulatory milestones, including an expected FDA decision on oral Wegovy by the end of 2025.



On Wednesday, Novo Nordisk entered a global <a target="_blank" href="https://www.benzinga.com/general/biotech/25/05/45407486/novo-nordisk-inks-22-billion-deal-with-septerna-to-develop-oral-weight-loss-and-diabetes-drugs" rel="noreferrer noopener">collaboration</a> with Septerna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEPN#NASDAQ">SEPN</a>) to develop oral small-molecule therapies for obesity, type 2 diabetes, and cardiometabolic diseases.



The deal includes over $200 million in upfront and near-term milestone payments, with Septerna eligible for up to $2.2 billion in total. Novo Nordisk will cover all development costs and lead commercialization.



Price Action: NVO shares are trading lower by 3.87% to $63.64 premarket at the last check on Friday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com//node/45347237" target="_blank" rel="noreferrer noopener">Novo Nordisk's Sogroya Supports Effective Weekly Alternative To Daily Hormone Therapy Across Three Growth Disorders</a></li>
</ul>



Photo by KK Stock via Shutterstock

Management

SEPN

Ozempic Maker Novo Nordisk Looks For New Chief, Jørgensen Steps Down From CEO Role

Editor&#8217;s Note: This article has been updated to reflect the correct 2-year Treasury bond yield of 3.95%.



U.S. stock futures advanced on Friday after a mixed close on Thursday. Futures of major benchmark indices were trading higher in premarket.



The S&amp;P 500 index recorded its fourth day of gains on Thursday after turning positive for the year at the beginning of the week.



Jerome Powell, Federal Reserve Chair, indicated Thursday that the Fed is r<a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45439079/powell-signals-fed-may-shift-its-inflation-strategy-after-5-year-economic-shake-up">eassessing its inflation and employment strategies</a>, suggesting potential shifts in policy following a comprehensive review scheduled for 2025. 



"Participants have indicated that they thought it would be appropriate to reconsider the language around [labor market] shortfalls," Powell said, referring to how the Fed talks about employment in its official strategy.



Nasdaq dropped after continued positive momentum from <a href="https://www.benzinga.com/25/05/45462404/trump-unveils-over-200-billion-worth-of-deals-with-uae-including-major-etihad-airways-commitment">partnerships with the Middle East</a> during the U.S.-Saudi Investment Forum. 



Meanwhile, the 10-year Treasury bond yielded 4.40% and the two-year bond was at 3.95%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 91.8% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.33%</td></tr><tr><td>S&amp;P 500</td><td>0.23%</td></tr><tr><td>Nasdaq 100</td><td>0.23%</td></tr><tr><td>Russell 2000</td><td>0.40%</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, rose in premarket on Friday. The SPY was up 0.14% to $591.31, while the QQQ advanced 0.16% to $520.06, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Led by strong gains in utilities, consumer staples, and real estate, most sectors within the S&amp;P 500 finished Thursday in positive territory, contributing to the index&#8217;s fourth consecutive session of gains.



However, consumer discretionary and communication services stocks diverged from the broader market, ending the day lower.



Overall, the S&amp;P 500 has climbed approximately 4.5% week-to-date, followed by a roughly 2.6% increase for the Dow and a significant 6.6% rise for the Nasdaq.



Notably, tech giants like Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) have seen substantial weekly gains of around 15% each, with Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and 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>) also adding around 6% and 7%, respectively.



In other news, Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) reported stronger-than-anticipated first-quarter earnings, while Foot Locker Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) shares surged around 86% following an agreement for acquisition by DICK&#8217;s Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>).



On the economic front, initial jobless claims remained steady, U.S. retail sales saw a modest 0.1% monthly increase in April, and U.S. producer prices unexpectedly declined by 0.5% in April.



The Dow Jones index advanced 272 points or 0.65% to 42,322.75, whereas the S&amp;P 500 index rose 0.41% to 5,916.93. Nasdaq Composite ended 0.18% lower at 19,112.32, and the small-cap gauge, Russell 2000, ended 0.52% higher at 2,094.69.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.18%</td><td>19,112.32</td></tr><tr><td>S&amp;P 500</td><td>0.41%</td><td>5,916.93</td></tr><tr><td>Dow Jones</td><td>0.65%</td><td>42,322.75</td></tr><tr><td>Russell 2000</td><td>0.52%</td><td>2,094.69</td></tr></tbody></table></figure>



Insights From Analysts:



Ed Yardeni of Yardeni Research said in his QuickTakes note that Fed Chair Powell &#8220;poked a stick&#8221; at the White House following his speech on Thursday.



Yardeni pointed out that Powell implied that the bond yields might stay elevated as a result of more frequent &#8220;supply shocks,&#8221; like tariffs.



&#8220;Higher real rates may also reflect the possibility that inflation could be more volatile going forward than in the inter-crisis period of the 2010s,&#8221; Powell said in prepared remarks for the Thomas Laubach Research Conference in Washington, D.C.



Yardeni said, &#8220;Sounds like Powell is expecting more frequent bouts of stagflation, which was associated with supply shocks in the past.&#8221;



&#8220;The stock and bond markets didn&#8217;t react much to the speech partly because today&#8217;s batch of indicators were mostly ambiguous about the near-term prospects for stagflation,&#8221; he added.



As the PPI declined in April, Louis Navellier of Navellier &amp; Associates said, &#8220;The PPI demonstrated that despite recent trade chaos, wholesale prices are falling from lackluster economic activity and surplus goods that have been &#8216;dumped&#8217; in the U.S.&#8221;



Meanwhile, commenting on the declining PPI, Jamie Cox, the managing partner at Harris Financial Group, added, &#8220;If you are in the stagflation camp, these data aren't confirming your thesis. While growth is slowing, disinflation remains intact.&#8221;



Speaking about the S&amp;P 500 earnings so far, Navellier said, &#8220;Now that 90% of the companies in the S&amp;P 500 have announced their first quarter results, earnings are running at an 11.2% annual pace, which represents the seventh straight quarter of improving earnings growth.&#8221;



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 Friday:



<ul class="wp-block-list">
<li>April&#8217;s import price index, housing starts, and building permit data will be released by 8:30 a.m. ET.</li>
</ul>



<ul class="wp-block-list">
<li>The preliminary consumer sentiment for May will be released by 10:00 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>Flowers Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLO#NYSE">FLO</a>) fell 2.17% in premarket on Friday as analysts expect it to report quarterly earnings of 38 cents per share on revenue of $1.60 billion, before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Brady Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRC#NYSE">BRC</a>) rose 1.77% as Wall Street expects it to report earnings before the opening bell. It is expected to post earnings of $1.22 per share on revenue of $386.81 million.</li>
</ul>



<ul class="wp-block-list">
<li>RBC Bearings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBC#NYSE">RBC</a>) declined 0.56% as analysts expect it to report quarterly earnings of $2.70 per share on revenue of $440.26 million, before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Take-Two Interactive Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) fell 3.59% after the company guided for its first quarter net bookings to be in a range of $1.25 billion to $1.30 billion and full fiscal-year net bookings to be in a range of $5.90 billion to $6.00 billion.</li>
</ul>



<ul class="wp-block-list">
<li>Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) dropped 6.19% after a mixed second quarter. The earnings per share were better than expected, while sales missed estimates.</li>
</ul>



<ul class="wp-block-list">
<li>WeRide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRD#NASDAQ">WRD</a>) was up 2.85% after launching a fully driverless robotaxi trial operation in Abu Dhabi.</li>
</ul>



<ul class="wp-block-list">
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) jumped 5.41% after acquiring natural gas assets worth $1.9 billion.</li>
</ul>



<ul class="wp-block-list">
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) was 0.07% below flatline after the report of a delayed rollout for its AI model update.</li>
</ul>



<ul class="wp-block-list">
<li>Incannex Healthcare Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IXHL#NASDAQ">IXHL</a>) zoomed 68.98% after it finished administering doses to patients in the Phase 2 segment of its trial for Obstructive Sleep Apnea (OSA).</li>
</ul>



<ul class="wp-block-list">
<li>Origin Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORGN#NASDAQ">ORGN</a>) slumped 30.80% after the company reported a year-over-year decrease in first-quarter financial results and cut its FY26 sales guidance below estimates.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.19% to hover around $61.50 per barrel.



Gold Spot US Dollar fell 0.96% to hover around $3,208.84 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.19% at the 100.6880 level.



Asian markets ended lower on Friday except South Korea's Kospi and Australia's ASX 200 index. Japan's Nikkei 225, Hong Kong's Hang Seng, India's S&amp;P BSE Sensex, and China&#8217;s CSI 300 indices declined. European markets were higher in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/general/market-summary/25/05/45399940/warren-buffett-shows-how-patience-pays-98-of-his-160-billion-wealth-came-after-turning-65-thanks-the-power-of-compound-interest">Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of &#8216;Compound Interest&#8217;</a></li>
</ul>



Photo: Shutterstock

IXHL

ORGN

Wall Street Poised To Open Higher After S&P 500's 4-Day Run: 'Sounds Like Powell Is Expecting More Frequent Bouts Of Stagflation,' Cautions Expert (CORRECTED)

Wedbush analyst, Dan Ives&nbsp;anticipates that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could increase its&nbsp;iPhone assembly production in India&nbsp;to 60%-65% by fall, depending on tariff negotiations.



What Happened:  On Friday, Ives posted his views on X that Apple could significantly ramp up its iPhone assembly in India in a best-case scenario. However, he also noted that the tech giant could revert to a China-driven iPhone strategy depending on the tariff situation and deal negotiations. He added that U.S. iPhone production is &#8220;not feasible.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We believe Apple could ramp iPhone assembly production in India up to 60%-65% by the Fall in a best case scenario but could easily pivot back to a China driven iPhone strategy depending on the tariff situation and deal negotiations. US iPhone production not feasible &#x1f3c6;&#x1f525;&#x1f402;&#x1f4f1;&#x1f34e;&#x1f34f;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1923306260176294386?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



This post comes in the wake of President Donald Trump expressing his disapproval of Apple&#8217;s manufacturing expansion in India. Trump told Apple CEO Tim Cook, &#8220;I don't want you building in India.&#8221;



SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45460177/bitcoin-rises-while-ethereum-dogecoin-slip-market-isnt-going-to-peak-in-the-next-6-months-says-popular-analyst" target="_blank" rel="noreferrer noopener">Bitcoin Rises While Ethereum, Dogecoin Slip — &#8216;Market Isn&#8217;t Going To Peak In The Next 6 Months,&#8217; Says Popular Analyst &#8211; Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided benefi</a>



Why It Matters: Despite Trump&#8217;s criticism, India remains committed to its partnership with&nbsp;<a href="https://www.benzinga.com/markets/25/05/45462006/no-change-in-apples-production-plans-says-india-despite-trumps-little-problem-with-ceo-tim-cook-report">Apple</a>. The company has reportedly reassured the Indian government of its commitment to continue using India as a major manufacturing base. This assurance comes despite Trump's recent remarks, with government sources emphasizing that there is "no change" in Apple's investment plans in India.



Apple&#8217;s stock recently saw a boost following a breakthrough in trade negotiations between the&nbsp;<a href="https://www.benzinga.com/news/25/05/45358770/apple-stock-rises-following-us-china-trade-breakthrough">United States and China</a>. The tech giant, heavily reliant on a China-centric supply chain for manufacturing iPhones, was a clear beneficiary of the temporary rollback in tariffs.



Over the past five days, the shares of Apple climbed 6.26%, while on a year-to-date basis, it declined 13.29%, as per data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/general/health-care/25/05/45431505/gop-tax-bill-breaks-trumps-social-security-tax-pledge-still-hits-25-million-seniors-while-elo" target="_blank" rel="noreferrer noopener">GOP Tax Bill Breaks Trump&#8217;s Social Security Tax Pledge, Still Hits 25 Million Seniors While Elon Musk&#8217;s Stock Wealth Skirts FICA</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.

Apple iPhone Production In US 'Not Feasible,' Says Tech Bull After Donald Trump Tells Tim Cook To Stay Out Of India

Despite the <a href="https://www.benzinga.com/markets/equities/25/05/45430137/trump-had-a-problem-with-tim-cook-president-says-he-told-apple-ceo-i-dont-want-you-building-in-india-amid-tariff-concerns-and-production-shift-from-china">recent criticism from U.S.</a> President Donald Trump, India remains committed to its growing partnership with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).



What Happened: The Tim Cook-led company has reassured the Indian government of its commitment to continue using India as a major manufacturing base. This assurance comes despite Trump&#8217;s recent remarks, with government sources emphasizing that there is &#8220;no change&#8221; in Apple&#8217;s investment plans in India, as <a href="https://www.cnbctv18.com/technology/apple-manufacturing-us-president-donald-trump-comments-india-reaction-19605132.htm">per</a> a CNBC-TV18 report.



Rajoo Goel, Secretary General of the Electronic Industries Association of India (ELCINA), responded to Trump&#8217;s criticism by underplaying its potential impact. He suggested that while it may slightly slow things down, it is unlikely to significantly affect India, given its minor share in Apple&#8217;s global market. 



Goel referred to Trump&#8217;s remarks as &#8220;just a statement,&#8221; asserting that India&#8217;s electronics manufacturing sector is on &#8220;a very strong footing.&#8221; The Secretary General also anticipates that President Trump would change his stance on this matter.



Apple did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment.



Another Indian government official told India Today that companies like Apple make decisions based on global competitiveness rather than political rhetoric. &#8220;Apple would be more concerned about where they would find manufacturing competitiveness,&#8221; stated the official.



SEE ALSO:&nbsp;<a href="https://benzinga.com/tech/25/05/45433850/mr-wonderful-kevin-oleary-says-youre-literally-giving-away-money-to-billers-by-not-doing-this-one-simple-thi" target="_blank" rel="noreferrer noopener">Mr Wonderful Kevin O&#8217;Leary Says You&#8217;re Literally Giving Away Money To Billers By Not Doing This One Simple Thing — And He&#8217;s Been Doing It For Decades</a>



Why It Matters: Trump&#8217;s recent criticism of Apple&#8217;s manufacturing expansion in India comes after he revealed that he had a &#8220;little problem&#8221; with Apple CEO Tim Cook about the tech giant's manufacturing expansion in India. This followed a conversation between Trump and Cook, where Trump stated that Cook intends to <a href="https://www.benzinga.com/markets/25/05/45417037/apple-may-up-its-numbers-amid-china-tariff-truce-trump-talks-500-billion-us-investment-after-tim-coo">boost </a>Apple's investment in U.S. operations.



However, CNBC's Jim Cramer warned that <a href="https://www.benzinga.com/government/regulations/25/05/45435170/jim-cramer-says-this-will-hurt-apple-president-trump-making-it-tough">Apple could face challenges</a> in India due to Trump's trade policies. He stated that Trump is making it tough for Apple in India, potentially hurting the tech giant&#8217;s operations. Meanwhile, reports suggest that Apple is considering raising prices for its upcoming iPhones but would avoid revealing that the potential hike is related to U.S. tariffs on Chinese-made parts, where most of its assembly takes place.



Despite these criticisms, India&#8217;s electronics industry remains optimistic about its partnership with Apple, suggesting that Trump&#8217;s comments are unlikely to have a significant impact on their ongoing operations. That being said, Apple&#8217;s high-end models like the Pro and Pro Max will continue to be made mainly in China, as India&#8217;s infrastructure and technical capabilities are not yet sufficient for large-scale production at that level, as per experts.



Apple holds a momentum rating of 61.99% and a quality rating of 75.73%, according to&nbsp;<a href="https://www.benzinga.com/quote/AAPL" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s Proprietary Edge Rankings</a>. 



Apple stock has declined 13.29% during the year-to-date period.



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45450026/bitcoin-holding-up-while-ethereum-xrp-dogecoin-dip-dont-get-distracted-by-short-term-noise-trader-says" target="_blank" rel="noreferrer noopener">Bitcoin Holding Up While Ethereum, XRP, Dogecoin Dip: &#8216;Don&#8217;t Get Distracted By Short Term Noise,&#8217; Trader Says &#8211; Benzinga</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.

'No Change' In Apple's Production Plans, Says India, Despite Trump's 'Little Problem' With CEO Tim Cook: Report

JPMorgan Chase CEO Jamie Dimon's distaste for remote work is widely known by now. A long-time opponent, Dimon spoke about the company's return-to-office mandate on Thursday: "I think our employees will be happier over time. And the younger people will learn the right way, it&#8217;s an apprenticeship system. And you can&#8217;t learn working from your basement."



What Happened: In an <a href="https://www.bloomberg.com/news/articles/2025-05-15/jpmorgan-s-dimon-on-work-from-home-rant-i-emoted-a-little-bit">interview</a> with Bloomberg Television, Dimon said, "I think our employees will be happier over time," he added. "And the younger people learn the right way, it is an apprenticeship system and you can't learn working from your basement."



He noted that almost 10% of the bank's employees remain remote. In his remarks at JPMorgan's annual Global Markets Conference in Paris, Dimon added to his previous comments, saying, "I completely applaud your right to not want to go to the office every day. But you're not going to tell JPMorgan what to do."



See Also:<a href="https://www.benzinga.com/25/05/45453976/jp-morgans-investor-day-looms-why-this-could-set-the-stocks-next-move"> JPMorgan Investor Day Looms, Here Are 5 Core Topics To Watch</a>



Dimon was even more blunt in a leaked audio recording obtained <a href="https://www.businessinsider.com/jamie-dimon-every-comment-work-from-home-employee-remote-2025-5">by</a> Business Insider, where he said, "A lot of you were on the fu&#x2A;&#x2A;ing Zoom and you were doing the following: looking at your mail, sending texts to each other about what an asshole the other person is, not paying attention, not reading your stuff."



In the same audio, he also dismissed hybrid models, saying, "Don't give me this s&#x2A;&#x2A;t that work-from-home-Fridays works. I call a lot of people on Fridays, and there's not a goddamn person you can get a hold of."



Why It Matters: Dimon's latest comments align with views he has previously expressed about remote work. Earlier this year, he highlighted that it was mainly white-collar workers who seem to reject remote work, while frontline workers continue to work on-site as their jobs demand. Referring to their <a href="https://www.benzinga.com/25/03/44300682/jamie-dimon-doubles-down-on-work-from-home-criticism-where-did-you-get-your-amazon-packages">work during the pandemic</a>, he asked: &#8220;Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?&#8221;



At a town hall in Columbus, Ohio, <a href="https://www.benzinga.com/markets/equities/25/02/43757032/jamie-dimon-goes-off-on-return-to-office-critics-you-dont-have-to-work-at-jpmorgan">Dimon rebuked employees</a> who challenged the bank's five-day office mandate. He brushed off requests for flexible schedules, arguing that remote work suppresses creativity and delays decision-making.



In a March town hall meeting in Dallas, Texas, Dimon highlighted his belief that <a href="https://www.benzinga.com/25/03/44447865/jamie-dimon-reveals-he-will-remain-jpmorgans-ceo-for-few-more-years-jokes-he-wont-swear-this-time">young workers in particular benefit</a> most by working from the office instead of home.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/05/45447827/cpi-undershoots-but-core-inflation-stays-stubborn-jp-morgan">CPI Undershoots But Core Inflation Stays Stubborn: JP Morgan</a></li>
</ul>



Image Via Shutterstock

General

Jamie Dimon Says Don't 'Tell JPMorgan What To Do' As He Tells Remote Workers, 'You Can't Learn Working From Your Basement,' Defending RTO Crackdown

The world&#8217;s largest cryptocurrency continues to dominate the market, representing 62.2% of the total crypto market capitalization, which currently stands at $3.33 trillion. 



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+1.30%</td><td>$104,232</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>-0.47%</td><td>$2,577</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>-3.15%</td><td>$0.2266</td></tr></tbody></table></figure>



Bitcoin&#8217;s dominance increased by 0.74% over the last day, while Ethereum&#8217;s share declined to 9.3%.



Federal Reserve Chair Jerome Powell signaled on Thursday that the central bank is<a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45439079/powell-signals-fed-may-shift-its-inflation-strategy-after-5-year-economic-shake-up"> reassessing its approach to inflation</a> and employment as part of a major policy review.



The CMC Crypto Fear and Greed Index currently registers a score of 69, indicating &#8220;Greed&#8221; in the market. This represents a slight decrease from yesterday&#8217;s reading of 71 but remains elevated compared to last month&#8217;s score of 29, which signaled &#8220;Fear,&#8221; according to data from CoinMarketCap. 



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45450026/bitcoin-holding-up-while-ethereum-xrp-dogecoin-dip-dont-get-distracted-by-short-term-noise-trader-says">Bitcoin Holding Up While Ethereum, XRP, Dogecoin Dip: &#8216;Don&#8217;t Get Distracted By Short Term Noise,&#8217; Trader Says</a>



Meanwhile, traditional markets show modest gains, with S&amp;P 500 futures up 0.0042% at 5,933.50, Nasdaq-100 futures gaining 0.020% to 21,404.50, and Dow Jones Industrial Average futures rising 0.026% to 42,396.00.



In other markets, gold has retreated to around $3,220 per ounce on Friday, heading for a weekly loss exceeding 3% as easing global trade tensions between the U.S. and China reduce its safe-haven appeal.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.30 p.m. ET)</td></tr><tr><td>Hyperliquid (HYPE)</td><td>+7.87%</td><td>$26.97</td></tr><tr><td>Bitget Token (BGB)</td><td>+7.03%&nbsp;</td><td>$5.06</td></tr><tr><td>Story (IP)</td><td>+5.94%</td><td>$4.88</td></tr></tbody></table></figure>



Analyst Notes:&nbsp;&#8220;Bitcoin has seen some resistance over the past week, being challenged to grow past the $104K to $105K level,&#8221; a crypto market intelligence platform, Santiment, noted on Thursday. &#8220;This temporary &#8216;pumping of the brakes&#8217; has been enough to swing traders slightly bearish once again.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f911; Bitcoin has seen some resistance over the past week, being challenged to grow past the $104K to $105K level. This temporary &quot;pumping of the brakes&quot; has been enough to swing traders slightly bearish once again. Markets generally tend to move opposite to crowd&#39;s expectations,… <a href="https://t.co/7toBDE5y6f">pic.twitter.com/7toBDE5y6f</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1923078207491727535?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Despite this short-term resistance, analyst Michaël van de Poppe believes the bull market has significant room to run. &#8220;This market isn&#8217;t going to peak in the next 6 months if we just managed to have a 4-year bear market on Altcoins coming to an end,&#8221; Martinez wrote on social platform X. 



&#8220;The previous bear market was 2 years, and had 2 years of bull since. The 4-year cycle doesn&#8217;t exist anymore,&#8221; van de Poppe added.



<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">This market isn&#39;t going to peak in the next 6 months if we just managed to have a 4-year bear market on <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> coming to an end. The previous bear market was 2 years, and had 2 years of bull since. The 4-year cycle doesn&#39;t exist anymore.&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1923120452307910713?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Yalcin Sonat On Shutterstock.com



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/management/25/05/45455434/warren-buffett-ditches-bitcoin-linked-nu-holdings-adds-to-constellation-brands-dominos-pizza-pool-corp-stakes">Warren Buffett Ditches Bitcoin-Linked Nu Holdings, Adds To Constellation Brands, Domino&#8217;s Pizza, Pool Corp Stakes</a></li>
</ul>



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

Cryptocurrency

$DOGE

$ETH

Bitcoin Rises While Ethereum, Dogecoin Slip — 'Market Isn't Going To Peak In The Next 6 Months,' Says Popular Analyst

With Federal Reserve Chair Jerome Powell once again raising a similar set of concerns during his speech on Thursday, economist Mohamed El-Erian found it all too familiar and was quick to draw parallels between chapters of economic history. 



What Happened: On Thursday, El-Erian posted on X, quoting Powell&#8217;s remarks on the state of the economy during the Second Thomas Laubach Research Conference early in the day.



During his speech, Powell said, &#8220;We may be entering a period of more frequent, and potentially more persistent, supply shocks,&#8221; before adding that it would be a &#8220;difficult challenge for the economy and for central banks,&#8221; <a href="https://www.cnbc.com/2025/05/15/feds-powell-cautions-about-higher-long-term-rates-as-supply-shocks-provide-policy-challenges.html">reported</a> CNBC.



See Also: <a href="https://www.benzinga.com/25/05/45458915/had-microsoft-built-phones-earlier-things-might-look-different-today-steve-ballmers-missed-call-now-worth-289000-to-apple-investors">Steve Ballmer&#8217;s Missed Call: $1000 Investment Then Worth $289,000 To Apple Investors Today — Why Ex-Microsoft CEO Once Admitted &#8216;Religious Transformation&#8217; Came Too Late</a>



While quoting the central banker verbatim, El-Erian asks if the concerns raised &#8220;Sounds familiar?&#8221; This two-word response by the renowned economist highlights how the Fed&#8217;s messaging mirrors prior inflationary cycles and supply-side shocks over the years.



<figure class="wp-block-embed aligncenter 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">Federal Reserve Chair Jerome Powell: "We may be entering a period of more frequent, and potentially more persistent, supply shocks — a difficult challenge for the economy and for central banks." Sounds familiar?<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> <a href="https://twitter.com/hashtag/centralbanks?src=hash&amp;ref_src=twsrc%5Etfw">#centralbanks</a> <a href="https://twitter.com/hashtag/federalreserve?src=hash&amp;ref_src=twsrc%5Etfw">#federalreserve</a>&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1923079689649770533?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: El-Erian is likely referring to the Fed&#8217;s messaging during the COVID-19 pandemic in 2020, when the U.S. and the global economy faced similar <a href="https://www.benzinga.com/news/21/08/22492972/supply-chain-gaps-exposed-by-covid-19-spur-search-for-local-mines-and-more-agile-planning">supply shocks</a>, with Powell as the Fed Chair. 



However, he may also be alluding to the <a href="https://in.benzinga.com/25/04/44892570/fairer-trade-or-economic-trainwreck-elerian-breaks-down-the-administrations-two-futures">stagflation of the 1970s</a>, a period El-Erian has frequently referenced in past commentary. He has warned that tariffs and trade wars risk creating conditions reminiscent of the Carter era, marked by low growth and high inflation.



Photo Courtesy: Poetra.RH On Shutterstock.com



Read More: 



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<li><a href="https://www.benzinga.com/news/25/05/45457691/its-incredible-the-trump-administration-is-acting-like-this-isnt-a-big-deal-says-fox-host-as-la-port-volume-drops-35-and-layoffs-loom">&#8216;It&#8217;s Incredible The Trump Administration Is Acting Like This Isn&#8217;t A Big Deal,&#8217; Says Fox Host As LA Port Volume Drops 35% And Layoffs Loom</a></li>
</ul>

Government

'Sounds Familiar?' Mohamed El-Erian Calls Out Powell's Déjà Vu On Supply Shocks—Economist Draws Historic Parallels On Fed Chair's Latest Message

On Thursday, Cathie Wood-led Ark Invest executed a notable trade involving Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>). The firm decided to sell 9,078 shares of the Jack Dorsey-led company through its ARK Next Generation Internet ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#BATS">ARKW</a>). 



The Block Inc Trade:



Block&#8217;s recent quarterly earnings report fell short of expectations. The <a href="https://www.benzinga.com/news/earnings/25/05/45152696/block-shares-drop-after-worse-than-expected-q1-results-details">company&#8217;s earnings</a> per share were reported at 56 cents, missing the analyst consensus of 87 cents. Additionally, the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-focused company&#8217;s revenue of $5.77 billion did not meet the anticipated $6.2 billion.



Ark Invest&#8217;s decision to sell shares aligns with its recent trend of reducing exposure to Block, as previously noted in <a href="https://www.benzinga.com/25/05/45307499/cathie-woods-21-5-million-shopify-grab-defies-post-earnings-dip-ark-continues-dumping-palantir-also-chops-jack-dorseys-block">other trades</a>. The value of this particular trade, based on the latest closing price of $57.01, amounts to $517,536.



Other Key Trades:



<ul class="wp-block-list">
<li>ARKF sold 6,024 shares of UiPath Inc. (PATH).</li>



<li>ARKQ sold 569,244 shares of 3D Systems Corp (DDD).</li>



<li>ARKW bought 272,686 shares of Nextdoor Holdings Inc. (KIND).</li>



<li>ARKX bought 16,302 shares of Blade Air Mobility Inc (BLDE).</li>
</ul>



Block has a Momentum in the 20th percentile and Growth in the 85th percentile, according to Benzinga Edge Stock Rankings. Wondering how other cryptocurrency plays like <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Coinbase and Marathon Digital compare</a>? 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="444" height="280" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15230456/Screenshot-2025-05-16-at-12.04.41.png" alt="" class="wp-image-917380" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15230456/Screenshot-2025-05-16-at-12.04.41.png 444w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15230456/Screenshot-2025-05-16-at-12.04.41-300x189.png 300w" sizes="(max-width: 444px) 100vw, 444px" /></a></figure>



Photo Courtesy: ChrisStock82 on Shutterstock.com



Read Next: 



<ul class="wp-block-list">
<li><a href="https://benzinga.com/trading-ideas/movers/25/05/45342167/why-is-this-dogecoin-clone-surging-on-monday-morning" target="_blank" rel="noreferrer noopener">Why Is This Dogecoin Clone Surging On Monday Morning? </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>

Market Summary

ARKW

Cathie Wood's Block Sale: Ark Sells Bitcoin Play — See What She's Buying Instead

As legendary investor Warren Buffett prepares to step down as CEO of Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) by <a href="https://www.benzinga.com/25/05/45184410/warren-buffett-to-step-down-as-berkshire-hathaway-ceo-by-end-of-year-asks-board-to-confirm-greg-abel-as-successor">the end of 2025</a>, a 13F filing released on Thursday reveals how his team reshaped the firm's portfolio in the first quarter.



What Happened: The 13F <a href="https://www.sec.gov/Archives/edgar/data/1067983/000095012325005701/0000950123-25-005701-index.html">filing </a>from Berkshire Hathaway Inc., showing the firm&#8217;s holdings as of March 31, reveals several stocks positioned exited completely, with no new stock purchases in the quarter.



Buffett and team exited positions in financial companies Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) and Nu Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) completely in the quarter.



The exit of Nu Holdings stock in the quarter could be a significant storyline as the investment gave Buffett exposure to digital banks in Latin America and also gave the famous Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) skeptic <a href="https://www.benzinga.com/markets/cryptocurrency/22/05/27208096/warren-buffett-now-owns-bitcoin-heres-how-the-oracle-of-omaha-got-exposure-3" target="_blank" rel="noopener">exposure to Bitcoin.</a> Nu holds the leading cryptocurrency on its balance sheet and has several crypto platforms for investors.



Here are the top decreased <a href="https://13f.info/manager/0001067983-berkshire-hathaway-inc">stakes </a>by Berkshire Hathaway in the first quarter by percentage:



<ul class="wp-block-list">
<li>Citigroup: -100%</li>



<li>Nu Holdings: -100%</li>



<li>Formula One (NASDA:FWONK): -48%</li>



<li>T-Mobile US (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>): -11%</li>



<li>Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>): -7%</li>



<li>Capital One Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): -4%</li>



<li>DaVita Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>): -3%</li>



<li>Charter Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>): declined by less than 1%</li>
</ul>



Read Also:<a href="https://www.benzinga.com/general/education/25/05/45208955/warren-buffetts-giant-berkshire-portfolio-top-10-includes-banks-oil-and-apple"> Warren Buffett&#8217;s Giant Berkshire Portfolio: Top 10 Includes Banks, Oil, And Apple</a>



Top Additions: While Berkshire Hathaway did not make new stock purchases in the quarter, the conglomerate added to several existing positions,<a href="https://www.benzinga.com/markets/equities/24/11/41993666/warren-buffetts-berkshire-hathaway-slashes-apple-bofa-holdings-adds-dominos-pizza-in-q3"> including recent holdings</a> like Pool Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POOL#NASDAQ">POOL</a>) and Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>).



Here are the top additions in the first quarter by percentage:



<ul class="wp-block-list">
<li>Pool Corporation: +145%</li>



<li>Constellation Brands: +114%</li>



<li>Heico Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HEI#NYSE">HEI</a>): +11%</li>



<li>Domino's Pizza (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NASDAQ">DPZ</a>): +10%</li>



<li>Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>): +2%</li>



<li>Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>): increased by less than 1%</li>



<li>VeriSign Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>): increase by less than 1%</li>
</ul>



Berkshire's top five holdings remain the same in Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), American Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), Coca-Cola Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), Bank of America and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>). Of the five, only Bank of America was changed in the quarter with the decrease.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45232692/if-you-invested-1000-in-berkshire-hathaway-stock-when-warren-buffett-did-heres-how-much-youd-have-now">If You Invested $1,000 In Berkshire Hathaway Stock When Warren Buffett Did, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

CHTR

FWONK

POOL

SIRI

TMUS

VRSN

Warren Buffett Ditches Bitcoin-Linked Nu Holdings, Adds To Constellation Brands, Domino's Pizza, Pool Corp Stakes

Editor&#8217;s Note: This article has been updated to reflect that Pershing Square converted its Nike stock into call options, maintaining exposure



Bill Ackman could have a new love for the automotive sector with a new investment made in the first quarter and an added position to a stake from the fourth quarter of 2024 that was <a href="https://www.benzinga.com/25/04/44878275/billionare-investor-bill-ackman-posts-hertz-investment-thesis-proposes-av-fleet-partnership-with-uber">revealed in April.</a>



Here's a look at Ackman's investment holdings in Pershing Square as of March 31.



First Quarter Changes: Ackman and Pershing Square unveiled a new stake in Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) in the first quarter with a position of more than 30 million shares. The stake is now the largest holding the Pershing Square portfolio and comes with the investor making several recent moves to his investment strategy.



Ackman increased his stake in Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) in the first quarter with the <a href="https://www.sec.gov/Archives/edgar/data/1336528/000117266125002315/0001172661-25-002315-index.html">filing </a>showing an 18% increase.



Ackman's stake in Hertz was unveiled via a tweet and an updated SEC filing in April. A 12.7 million share purchase was originally kept from the fourth-quarter holdings document due to a request for confidentiality.



Here were the other increased stakes in the quarter:



<ul class="wp-block-list">
<li>Brookfield Corporation: +18%</li>



<li>Alphabet Inc Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>): +11%</li>
</ul>



Pershing Square lowered its investments in the following stocks in the first quarter:



<ul class="wp-block-list">
<li>Hilton Worldwide Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>): -45%</li>



<li>Google Class C (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>): -16%</li>



<li>Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>): -13%</li>



<li>Canadian Pacific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>): decreased by less than 1%</li>
</ul>



One notable move in the quarter was Pershing Square&#8217;s conversion of its 18.8 million Nike shares into over-the-counter call options, maintaining a similar economic exposure.



Read Also: <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43799342/bill-ackman-following-warren-buffett-hedge-funder-promises-modern-day-berkshire-hathaway-with-latest-transaction">Bill Ackman Follows Warren Buffett: Hedge Funder Promises &#8216;Modern Day Berkshire Hathaway&#8217; With Latest Transaction</a>



Ackman's Top Holdings: The newest 13F filing shows 11 stocks owned by Ackman and Pershing Square. Here are the current holdings and their percentage of the investment fund:



<ul class="wp-block-list">
<li>Uber: 19%</li>



<li>Brookfield: 18%</li>



<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>): 13%</li>



<li>Howard Hughes Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>): 12%</li>



<li>Chipotle: 9.1%</li>



<li>Canadian Pacific: 8.7%</li>



<li>Alphabet Class C: 8.3%</li>



<li>Alphabet Class A: 5.8%</li>



<li>Hilton: 5.7%</li>



<li>Seaport Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEG#NYSE">SEG</a>): 0.9%</li>



<li>Hertz: 0.5%</li>
</ul>



The latest 13F filing comes as Ackman is trying to <a href="https://www.benzinga.com/25/05/45401638/howard-hughes-rises-nearly-3-in-pre-market-as-bill-ackman-exits-from-universal-music-groups-board-to-prioritize-new-investments">buy control of </a>Howard Hughes and turn it into a diversified holding company to copy the conglomerate style of legendary investor Warren Buffett.



The Pershing Square 13F could look significantly different next quarter.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/03/44330386/bill-ackman-sells-portion-of-universal-music-stake-one-of-the-best-businesses-we-have-ever-owned">Bill Ackman Sells Portion Of Universal Music Stake: &#8216;One Of The Best Businesses We Have Ever Owned&#8217;</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Bill Ackman Loads Up On Uber In Major Q1 Portfolio Rebalance (CORRECTED)

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