WisdomTree Bloomberg U.S. Dollar Bullish Fund (ARCA: USDU)

에 대한 최신 뉴스 WisdomTree Bloomberg U.S. Dollar Bullish Fund (ARCA:USDU)

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The fund is an actively managed ETF that seeks to provide total returns, before fees and expenses, that exceed the performance of the index. The index is structured to potentially benefit as the U.S. dollar appreciates relative to a basket of global currencies. The fund will seek exposure to both the U.S. dollar and global currencies held by the index through investing, under normal circumstances, at least 80 percent of its assets in money market securities and other liquid securities. It is non-diversified.

Wisdomtree Floating Rate Treasury Fund

WisdomTree Bloomberg US Dollar Bullish Fund

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ETFs

PowerShares DB US Dollar Index Bearish Fund

USDU

PowerShares DB US Dollar Index Bullish Fund

투자 세계에서 미국 달러의 글로벌 금융 지배력이 약화되는 것에 대한 논란이 많다. 그러나 JP모건의 글로벌 리서치 의장인 조이스 장(Joyce Chang)은 다양화 경향과 대체 금융 시스템이 증가하고 있음에도 불구하고 여전히 달러의 지배력이 깊이 뿌리내리고 있다고 주장한다.

달러의 지배력은 도전에 직면하지만 종말은 수십 년 후의 일: 분석가

WisdomTree Bloomberg U.S. Dollar Bullish Fund

Billionaire entrepreneur <a href="https://www.benzinga.com/topic/mark-cuban">Mark Cuban</a> has never been one to stay quiet, especially regarding the U.S. Securities and Exchange Commission (SEC). Recently, Cuban made waves by saying he'd gladly take over the role of SEC Chair from Gary Gensler.&nbsp;
His reason? Cuban simply wants to shake things up and isn't a fan of how Gensler handles the job, particularly when it comes to regulating cryptocurrencies. &#8220;Head of the SEC. That&#8217;s the job I would take,&#8221; <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41046084/mark-cuban-as-treasury-secretary-no-head-of-the-sec-is-the-job-hed-take-because-gary-gensl">Cuban said bluntly</a>.
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However, Cuban explained in a recent <a href="https://www.youtube.com/watch?v=RhkQQn6ahsk">podcast</a> that he wasn&#8217;t genuinely serious about the position and that his statement was mostly to express his displeasure with Gensler&#8217;s leadership. &#8220;I put that out there on the SEC because I wanted to f&#x2A;&#x2A;&#x2A; with Gary Gensler,&#8221; Cuban remarked, sending shock waves through the business world as many thought he was serious about his SEC ambitions.
&#8220;You&#8217;re not going to see me in politics,&#8221; he added, emphasizing that his focus remains on his businesses, not government roles – &#8220;when it&#8217;s all said and done, costplusdrugs.com that&#8217;s hopefully going to be my legacy.&#8221;
Trending: Mark Cuban believes &#8220;the next wave of revenue generation is around real estate and entertainment&#8221; —<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> this new real estate fund allows you to get started with just $100.</a>
Cuban has been vocal about his dislike for how the SEC operates, especially regarding cryptocurrency regulation. He thinks the SEC's policies under Gary Gensler are "awful" and hold back innovation in industries like crypto. In Cuban's view, the SEC seems more interested in winning legal battles than protecting regular investors.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If <a href="https://twitter.com/JoeBiden?ref_src=twsrc%5Etfw">@joebiden</a> loses, there is a good chance you will be able to thank <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw">@GaryGensler</a> and the <a href="https://twitter.com/NewYork_SEC?ref_src=twsrc%5Etfw">@NewYork_SEC</a> Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD All he has done is make it nearly impossible for… <a href="https://t.co/uBKupxLhS9">https://t.co/uBKupxLhS9</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1789037772050702824?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
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<a href="https://www.benzinga.com/personal-finance/24/08/40626939/mark-cuban-slams-the-sec-for-being-a-mess-and-only-caring-about-wall-street-i-wouldnt-trust-them">During a Reddit AMA in 2021</a>, Cuban called the SEC a "mess" and accused the agency of working more for Wall Street than the average person, saying, &#8220;The SEC is a mess. I wouldn&#8217;t trust them to do the right thing ever. It&#8217;s an agency built by and for lawyers to be lawyers and win cases rather than do the right thing.&#8221;
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As Cuban backtracked on his SEC role comments, he reiterated that his focus remains on business ventures like Cost Plus Drugs, an online pharmacy he's passionate about. Cuban sees his legacy more in disrupting the health care industry for the better, stating, &#8220;I screwed up the entire health care system for the better so that everybody could start affording their health care and their medications."
Still, his dissatisfaction with the SEC is clear, and his feud with Gensler reflects his broader frustration with the agency's approach. Cuban has also <a href="https://www.benzinga.com/startups/24/09/40855223/mark-cuban-praises-kamala-harris-support-for-business-is-her-new-tax-plan-a-game-changer">praised Vice President Kamala Harris</a> for her stance on emerging technologies, contrasting it sharply with Gensler's leadership. He sees Harris as thorough and open-minded, which led him to <a href="https://www.benzinga.com/general/entertainment/24/09/41052701/mark-cuban-compares-kamala-harris-rise-in-2024-election-polls-betting-odds-to-new-ceo-that-">publicly support her in the 2024 election</a>.
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</ul>

Startups

'I Wanted To F*** With Gary Gensler,' Says Mark Cuban About His SEC Head Aspirations – 'You're Not Going To See Me In Politics'

Facebook and Meta founder Mark Zuckerberg is exploring the idea of selling his own range of Classics-inspired graphic T-shirts, with Meta&#8217;s Instagram being a <a href="https://www.benzinga.com/news/24/09/41079963/decoding-zuckerbergs-efficiency-mantra-a-wifi-password-speaks-volumes">potential sales platform</a>.
What Happened: Zuckerberg&#8217;s sartorial preferences have been in the spotlight since 2023. He is now mulling over the possibility of making his new attire available for purchase on Instagram.
In a conversation with Pubity, Zuckerberg disclosed that he&#8217;s been toying with the idea of selling t-shirts akin to the ones he&#8217;s been donning recently, which are influenced by Greek and Roman history. 
He sported a black t-shirt with the Latin phrase &#8220;Aut Zuck aut nihil&#8221; at the Meta Connect keynote on September 25, which means &#8220;Zuck or nothing,&#8221; <a href="https://www.businessinsider.in/tech/news/mark-zuckerberg-is-leaning-into-his-fashion-era-and-considering-selling-classics-inspired-t-shirts/articleshow/113949749.cms">reports</a> Business Insider.
&#8220;I&#8217;ve been playing around with the idea of whether I should sell these on my Instagram page as, like, limited drops,&#8221; Zuckerberg told the outlet. 
Also Read: <a href="https://www.benzinga.com/news/24/09/40969847/mark-zuckerberg-flaunts-watches-valued-at-a-cybertrucks-price">Mark Zuckerberg Flaunts Watches Valued at a Cybertruck&#8217;s Price</a>
This initiative would also provide him with the opportunity to test Instagram&#8217;s shopping feature as a seller and gain firsthand knowledge of how businesses utilize the platform.
Zuckerberg is said to be collaborating with fashion designer Mike Amiri to create his own clothing line, although it remains uncertain if these designs will be accessible to the public.
Why It Matters: Zuckerberg&#8217;s move to sell his own clothing line on Instagram could potentially boost the platform&#8217;s shopping feature, providing a real-world example of its use by high-profile individuals. 
This could inspire other businesses to leverage the platform for their sales, leading to increased usage and revenue for Instagram. 
Furthermore, it would provide Zuckerberg with valuable insights into the user experience of Instagram&#8217;s shopping feature, which could inform future improvements and enhancements.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

News

Social Media

From Tech To Tees: Meta's Zuckerberg May Launching Clothing Line On Instagram

Silicon Valley billionaire and venture capitalist <a href="https://www.benzinga.com/news/24/09/41086806/elon-musk-mocks-vinod-khosla-after-openai-investor-mixes-up-argentinas-poverty-and-unemployment-rate">Vinod Khosla</a> has issued a bold prediction: artificial intelligence (AI) will replace most human jobs over the next 25 years.&nbsp;
In a recent blog post, Khosla wrote about the implications of AI and warned that "80% of 80% of all jobs, maybe more, can be done by AI, be it primary care doctors, psychiatrists, sales people, oncologists, farmworkers or assembly line workers, structural engineers, chip designers, you name it."
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Khosla's experience gives weight to his predictions. He cofounded Sun Microsystems and has invested heavily in tech giants like Amazon, Google and <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">OpenAI</a>. He has also spent over four decades studying disruptive technology and believes that AI will do most jobs "better, faster and cheaper" than humans, drastically changing the labor market.&nbsp;
<h2 class="wp-block-heading">A World Without Jobs</h2>
According to his blog, Khosla says that AI will create a world where human labor isn't necessary for most tasks. It can assist with and perform tasks like assembly line work, investment banking and even medical diagnosis.&nbsp;
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>
The warnings Khosla discusses surrounding AI aren't meant to spread fear but to advocate for proactive solutions as our world heads in this direction. He talks about the risk of an "economic dystopia," where wealth becomes increasingly concentrated at the top – more so than it is now – and both intellectual and physical labor lose their value.&nbsp;
Khosla states that if governments don't proactively identify this problem and devise solutions for AI taking over jobs, millions could face <a href="https://www.benzinga.com/markets/equities/24/09/40760261/biden-administration-says-unemployment-is-low-but-do-americans-see-it-that-way">unemployment</a>.&nbsp;
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<h2 class="wp-block-heading">The Case for Universal Basic Income (UBI)</h2>
According to Khosla, universal basic income (UBI) is one solution to the looming AI job crisis. UBI is a government program that regularly provides every adult citizen with a set amount of money to help alleviate poverty.&nbsp;
Khosla believes that UBI will become essential as AI replaces jobs. It can provide a safety net for those whose jobs become automated. "As AI reduces the need for human labor, UBI could become crucial, with governments playing a key role in regulating AI's impact and ensuring equitable wealth distribution," he wrote.
The concept of UBI isn't new, but it has gained renewed attention as automation accelerates. Khosla joins a growing list of Silicon Valley figures, including Sam Altman and Mark Zuckerberg, who advocate for UBI to cushion the economic disruption caused by AI.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
<h2 class="wp-block-heading">A Shorter Workweek and More Meaningful Life</h2>
While Khosla spoke about AI&#8217;s challenges, he also presented several upsides, one of which is a shorter workweek. He envisions a world where AI handles mundane, labor-intensive jobs, freeing people up to take on more fulfilling activities. He believes that with the right policies, AI could bring about a three-day workweek, where people can focus more on hobbies, spend time with loved ones and enjoy life more.&nbsp;
"Life won't become less meaningful once we eradicate undesirable, toil-intensive jobs," he wrote. "Quite the opposite – life will become more meaningful as the need to work 40 hours per week could disappear within a few decades for those countries that adapt to these technologies."
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<h2 class="wp-block-heading">The Debate Continues</h2>
Many other prominent tech figures have made predictions about AI that align closely with Khosla's vision. <a href="https://www.benzinga.com/personal-finance/24/10/41145078/billionaire-bill-gates-has-a-bold-plan-to-shrink-the-wealth-of-the-rich-heres-how-he-intends-to-">Bill Gates</a> has also suggested that AI will lead to a three-day workweek. Elon Musk has gone further, predicting that work could become more of a "hobby" as AI handles the heavy lifting.
Despite these predictions, history has shown that technological advancements don't always mean less work. Economist John Maynard Keynes famously predicted in 1930 that people would be working only 15 hours per week in a century, thanks to improvements in productivity. As 2030 approaches, many people still engage in 40-hour workweeks, often more.
AI will continue to advance, and the future of work will change. An AI-driven economy may be inevitable, but how we handle this societal shift will determine whether these changes lead to widespread prosperity or deeper inequality.&nbsp;
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Personal Finance

AI Will Do Most Jobs 'Better, Faster, Cheaper': Silicon Valley Billionaire Vinod Khosla Calls For Universal Basic Income

Donald Trump has proposed that Israel should focus on Iran&#8217;s nuclear facilities amidst its <a href="https://www.benzinga.com/news/24/10/41143156/oil-prices-spike-energy-stocks-jump-after-irans-missile-attack-on-israel-what-investors-need-to-know">rocket attacks on Israel</a>.
What Happened: On Friday, Trump voiced these views at a town hall gathering in Fayetteville, North Carolina. His statements come after Iran fired nearly 200 missiles at Israel earlier this week.
At present, Israel is engaged in conflicts with Iranian proxies in Lebanon and Syria, besides its ground operations in Gaza.
Trump expressed dissatisfaction with the current administration&#8217;s handling of the crisis, specifically President Joe Biden&#8216;s counsel against targeting Iran&#8217;s nuclear program, The Jerusalem Post <a href="https://www.jpost.com/breaking-news/article-823243">reported</a>.
He contended that the Israeli Defense Forces should concentrate on incapacitating Iran&#8217;s nuclear capabilities rather than chasing regular military targets.
Trump slammed Biden&#8217;s stance on the ongoing conflict and said, &#8220;They asked him, what do you think about, what do you think about Iran? Would you hit Iran? And he goes, "As long as they don't hit the nuclear stuff."
&#8220;That's the thing you want to hit, right? I said, I think he's got that one wrong. Isn't that what you're supposed to hit?" I mean, it's the most, it's the biggest risk. We have nuclear weapons, the power of nuclear weapons – the power of weaponry,&#8221; Trump added. 
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Trump also said, &#8220;You know, I rebuilt the entire military jets, everything I built it, including nuclear, and I hated to build the nuclear. But I got to know firsthand the power of that stuff, and I'll tell you what, we have to be totally prepared. We have to be absolutely prepared.&#8221; 
&#8220;But when they asked him that question, the answer should have been hit the nuclear first and worry about the rest later. And that's why they should, if they're going to do it, if they're going to do it, they're going to do it, but we'll find out whatever their plans are,&#8221; he continued. 
Trump&#8217;s comments highlight his conviction that the nuclear facilities present the most significant threat. He implied that if Israel chooses to retaliate, it should prioritize striking the nuclear infrastructure first and address the rest later.
The former president&#8217;s remarks have intensified the already escalating tensions in the Middle East, with the global community keenly observing how the situation will evolve.
Why It Matters: Trump&#8217;s comments add a new dimension to the ongoing Middle East conflict, emphasizing the potential threat posed by Iran&#8217;s nuclear capabilities. 
His stance contrasts with the current administration&#8217;s approach, potentially influencing future diplomatic and military strategies in the region. 
The global community&#8217;s response to these developments could significantly impact the geopolitical landscape and the future of nuclear non-proliferation efforts.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Global

Trump Urges Israel To Target Iran Nuke Sites: 'Hit Nuclear First And Worry About The Rest Later'

Known best as the former CEO and co-founder of Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Steve Jobs created some of the most visionary products of the <a href="https://www.benzinga.com/general/education/23/09/34704049/if-you-invested-in-apple-stock-instead-of-buying-iphones-each-year-heres-how-much-youd-have-tod">past 30 years.</a>
The late Apple co-founder also had some unique habits, including one that centered on his automobiles.
What Happened: Jobs is best remembered as a brilliant leader <a href="https://www.benzinga.com/news/23/10/35119619/tim-cooks-emotional-tribute-to-mentor-and-friend-honoring-steve-jobs-a-visionary-who-changed-the-wor">and tech visionary.</a>
For several years, Jobs had a unique habit of switching to a new vehicle of the same model and color every six months.
As <a href="https://www.autoweek.com/car-life/but-wait-theres-more/a1704461/heres-why-steve-jobs-got-same-new-car-every-six-months/" target="_blank" rel="noopener">Autoweek</a> shared, the Apple co-founder bought a new car every six months for decades.
Jobs would buy a black Porsche 911 and replace it six months later with the same Porsche 911. Jobs did this for many years before switching over to the Mercedes-Benz SL55.
According to the report, Jobs did this because he hated license plates.
At one point, the state of California did not require new vehicles to have a license plate for up to six months. Therefore, Jobs would lease a new vehicle every six months and then switch to a new model—a move that wouldn&#8217;t require him to ever need a license plate.
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</ul>
The Loophole Ended Years Later: What would become known as the &#8220;Steve Jobs Loophole,&#8221; was eventually&nbsp;<a href="https://www.autoweek.com/car-life/but-wait-theres-more/a1713416/california-closes-steve-jobs-loophole-license-plate-will-require-temp/" target="_blank" rel="noreferrer noopener">ended&nbsp;</a>in January 2019.
The state of California made the switch to temporary license plates required at the time of a new vehicle sale. Under the new rule, the temporary license plates had to be replaced with real license plates for the front and back of the vehicles in the state.
Before 2019, the period was also cut down to three months without license plates required, which came after Jobs&#8217; death. So, we will never know if Jobs had made the move to have a new vehicle every three months before the loophole&#8217;s full end.
Jobs<a href="https://www.benzinga.com/general/education/23/06/33049968/if-you-invested-1-000-in-apple-stock-when-tim-cook-became-the-ceo-heres-how-much-youd-have-now" target="_blank" rel="noreferrer noopener"> served as the CEO of Apple </a>from 1997 until 2011, when he stepped down in August and chose Tim Cook to replace him. The move came two months before Jobs's death.
During his time at the helm of Apple, Jobs was known for many things, including the&nbsp;<a href="https://www.benzinga.com/general/education/23/09/34704049/if-you-invested-in-apple-stock-instead-of-buying-iphones-each-year-heres-how-much-youd-have-tod" target="_blank" rel="noreferrer noopener">introduction of the iPhone</a>&nbsp;— one of the most important products in the company's history.
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</ul>
This article was previously published by Benzinga and has been updated.
Image created using artificial intelligence via Midjourney.

Education

AAPL

Apple Founder Steve Jobs Swapped Porsches Every 6 Months – Here's Why

<a href="https://www.benzinga.com/topic/kevin-oleary">Kevin O'Leary</a>, a well-known investor and star of Shark Tank, appeared on <a href="https://www.youtube.com/watch?v=8KJ8YVNYM9Y">Fox Business</a> to share his strong views on the state of the American economy. During a contentious debate, O&#8217;Leary vehemently defended the American dream, voicing his displeasure with Vice President Kamala Harris&#8217;s recent comments that seemed to diminish it.
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When speaking at the Congressional Hispanic Caucus Leadership Conference, Harris said that the &#8220;American dream is elusive for far too many people.&#8221;&nbsp;
The American dream is still alive and well, according to O&#8217;Leary, who made this point clear by citing his investments in successful companies. "I'm the guy that invests in businesses with 5 to 500 employees, and we are on fire!" O'Leary exclaimed. He asserts that private industry is still booming and that entrepreneurship – not government intervention – may spur economic growth.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It's NOT true that the American dream is dead. I know that it's working. I deal with it every day. I'm the guy that invests in small businesses that make up 60% of jobs. We are on fire! <a href="https://t.co/XzIvjpeINg">pic.twitter.com/XzIvjpeINg</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1839659092459008279?ref_src=twsrc%5Etfw">September 27, 2024</a></blockquote>
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&#8220;Our number one export in America is not a product, service, good technology, mining, minerals or metals. It&#8217;s the American dream. I live that,&#8221; shared O&#8217;Leary. He argued that the U.S. economy has thrived for over 200 years because of its commitment to economic freedom and the private sector.&nbsp;
The Shark Tank star, who has <a href="https://www.benzinga.com/startups/24/08/40557261/the-stupid-idea-that-made-kevin-oleary-a-massive-20x-return-it-was-such-a-crazy-pitch-i-bought-it-an">invested in numerous startups and growing companies</a>, emphasized that the American dream continues to be the driving force behind people risking everything to come to the United States and pursue success. &#8220;<a href="https://www.benzinga.com/personal-finance/24/09/40692513/theres-a-reason-people-go-through-barbed-wire-to-get-here-says-kevin-oleary-we-cant-afford-polic">People risk their lives to crawl under barbed wire</a> and rivers to come here. We never ever, ever want to lose that,&#8221; he said.
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Despite acknowledging the nation&#8217;s economic difficulties, O&#8217;Leary is adamant that allowing businesses to prosper through fewer restrictions and lower taxes is the way to solve the problem. He emphasized that small enterprises, the economy&#8217;s foundation, can spearhead the recovery provided they are not overburdened by red tape.
He said, &#8220;Private capital, like me and millions of others, makes our own decisions every day – millions of decisions that determine the outcome of an economy that&#8217;s already proven.&#8221;
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Even though Vice President Harris has started doing longer interviews, O&#8217;Leary pointed out that more work still needs to be done. He said she had done well with her &#8220;all sugar, no protein strategy of Kumbaya&#8221; and gained many female votes. Still, she now faces the challenge of appealing to male voters, particularly those in key battleground states like Michigan and Pennsylvania.
O&#8217;Leary noted that it would be critical to address the serious concerns many men and women have about <a href="https://www.benzinga.com/general/24/02/37037283/it-is-becoming-increasingly-harder-to-live-in-america-kevin-oleary-says-cost-of-living-is-a-problem">rising </a>living expenses. He also stated that when Harris faces follow-up interview questions, her responses become unclear, which he called &#8220;verbal soup.&#8221;&nbsp;
&#8220;Trump has lots of problems, too. He sometimes runs on too long, and he&#8217;s bombastic, but she&#8217;s got verbal soup,&#8221; he said.
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Kevin O'Leary Defends The American Dream On Fox Business – 'I'm The Guy That Invests In Businesses 5 To 500 Employees, We Are On Fire!'

Hurricane <a href="https://www.benzinga.com/topic/hurricanes" target="_blank" rel="noreferrer noopener">Helene</a> has left a devastating mark on the Southeast, prompting urgent federal responses and highlighting stark political divides as<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41145534/hurricane-helene-adds-to-most-active-quarter-for-power-outages-driving-back-up-gene" target="_blank" rel="noreferrer noopener"> communities struggle to recover</a>.
Vice President <a href="https://www.benzinga.com/topic/kamala-harris" target="_blank" rel="noreferrer noopener">Kamala Harris</a> is visiting North Carolina to support the state&#8217;s recovery efforts following Hurricane Helene. Her trip comes just a day after Former President <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a><a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">&#8216;s</a> visit, during which he reportedly made misleading claims about the federal response to the disaster, <a href="https://apnews.com/article/kamala-harris-democrats-hurricane-helene-13475a09f3fed719a1b451105ab15ccf" target="_blank" rel="noreferrer noopener">according </a>to AP News.
On Friday, White House Senior Deputy Press Secretary Andrew Bates issued a memo calling these accusations &#8220;bald-faced lies.&#8221; This exchange highlights the contrasting narratives from both parties regarding the storm&#8217;s aftermath. President Joe Biden also toured the affected areas, spending two days in the Carolinas, Florida, and Georgia to assess the damage and meet with farmers whose crops were devastated by the hurricane.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41195085/white-house-counters-gop-accusations-of-fema-funds-misuse-denies-disaster-relief-funding-was-used-fo" rel="noreferrer noopener">White House Counters GOP Accusations Of FEMA Funds Misuse, Denies Disaster Relief Funding Was Used For Migrant Housing: &#8216;Bald-Faced Lies&#8217;</a>
Biden has mobilized 1,000 active-duty soldiers to support the 6,000 National Guard members and 4,800 federal aid workers who are currently working in six states impacted by the severe weather, BBC News <a href="https://www.bbc.com/news/articles/cgmgz3elmjxo" target="_blank" rel="noreferrer noopener">reported</a>.
Meanwhile, in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/10/04/letter-to-congress-on-disaster-needs/" target="_blank" rel="noreferrer noopener">letter</a> sent late Friday to congressional leaders, Biden urges Congress to provide immediate federal assistance to communities impacted by Hurricane Helene. He warns of an impending funding shortfall for the Small Business Administration&#8217;s disaster loan program. Biden also requests additional resources for FEMA&#8217;s Disaster Relief Fund to ensure continued recovery efforts. Furthermore, he underscores the importance of comprehensive disaster relief for other communities nationwide that are also in need.
Gov. Roy Cooper (D-N.C.) announced this week that over 50,000 individuals have registered for FEMA assistance, with approximately $6 million already disbursed, AP News added.
At least 223 individuals have lost their lives, and hundreds are still unaccounted for due to the devastation caused by Hurricane Helene, which made landfall in Florida on September 26, <a href="https://www.nbcnews.com/news/weather/live-blog/hurricane-helene-live-updates-rcna173973" target="_blank" rel="noreferrer noopener">reported</a> NBC News. Over a week later, many residents and communities continue to be cut off, hundreds of thousands are without electricity, and inconsistent service has complicated communication.
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<li><a href="https://www.benzinga.com/general/politics/24/10/41192406/jamie-dimon-rejects-trump-endorsement-claim-casting-doubt-on-treasury-rumors" target="_blank" rel="noreferrer noopener">Jamie Dimon Rejects Trump Endorsement Claim, Casting Doubt On Treasury Rumors</a></li>
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Harris To Survey Helene Impact In North Carolina One Day After Trump Visit

Prominent venture capitalist Ben Horowitz intends to financially support Kamala Harris&#8216; presidential campaign – a move that comes on the heels of his recent financial support for political action committees that favor <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39445667/trumps-presidential-campaign-receives-over-limit-bitcoin-donation-from-winklevoss-twins">Donald Trump&#8216;s presidential bid</a>.
What Happened: Horowitz and his wife have committed to making a &#8220;significant donation&#8221; to entities backing the Harris-Walz campaign.
The venture capitalist, a co-founder of the firm Andreessen Horowitz, disclosed this in a letter to his employees. In the letter, he stated that he and his wife have been friends with Harris for over a decade.
According to a report <a href="https://www.axios.com/2024/10/04/ben-horowitz-endorse-kamala-harris">by</a> Axios, a person close to the firm confirmed the contents of the letter.
"I wanted to give you an update on my political activity. As I mentioned before, Felicia and I have known Vice President Harris for over 10 years and she has been a great friend to both of us during that time," Horowitz wrote in the letter. 
Also Read: <a href="https://www.benzinga.com/news/24/09/40971646/harris-vs-trump-kamala-harris-leads-in-fundraising-as-wall-street-silicon-valley-boost-her">Harris Vs Trump: Kamala Harris Leads In Fundraising As Wall Street, Silicon Valley Boost Her</a>
"As a result of our friendship, Felicia and I will be making a significant donation to entities who support the Harris Walz campaign," he also added in the letter. 
Despite their previous financial support for Trump&#8217;s campaign, Andreessen Horowitz has not officially endorsed any candidate for the 2024 election. The firm&#8217;s backing for Trump was linked to what they described as a superior &#8220;little tech agenda.&#8221;
Horowitz voiced his optimism about Harris after engaging in discussions with her and her team. However, he pointed out that her tech policy is still to be unveiled, and as such, the firm will not revise its position on that issue.
Why It Matters: The decision by Horowitz to back Harris&#8217; campaign marks a significant shift in his political leanings. 
His previous support for Trump&#8217;s PACs had been linked to the former president&#8217;s tech policies, which Andreessen Horowitz found favorable. 
However, with Harris&#8217; tech policy yet to be announced, it remains to be seen how this will influence the firm&#8217;s political endorsements moving forward.
Read Next
<a href="https://www.benzinga.com/news/24/08/40544248/kamala-harris-campaign-achieves-historic-540m-milestone-raised-since-biden-exit">Kamala Harris&#8217; Campaign Achieves Historic $540M Milestone Raised Since Biden Exit</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image: 
Image: Wikimedia Commons

VC Ben Horowitz First Endorsed Donald Trump, Now Pledges Support For Kamala Harris

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
Stocks rocketed higher on Friday as fresh data revealed nonfarm payrolls surged by 254,000 in September. The unemployment rate slipped to 4.1%, defying projections that it would hold steady at 4.2%.
The S&amp;P 500 climbed 0.22% for the week, while the Dow eked out a 0.09% gain. The Nasdaq, despite entering Friday with losses exceeding 1%, managed a 0.1% weekly rise, marking a notable turnaround.
Crude oil prices jumped again on Friday, capping off a nearly 9% weekly gain. The surge came amid heightened tensions in the Middle East, following Iran's missile attack on Israel.
Chinese tech stocks, represented by the iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), enjoyed another week of strong gains, driven by growing enthusiasm <a href="https://www.benzinga.com/markets/asia/24/10/41192510/labor-market-surprises-with-strength-energy-stocks-rally-on-israel-iran-tensions-chinese-tech-giants">for domestic stimulus efforts.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
<a href="https://www.benzinga.com/news/24/10/41156900/nvidia-ceo-jensen-huang-says-demand-for-next-gen-blackwell-gpu-platform-insane-everyone-wants-to-hav">&#8220;Nvidia CEO Jensen Huang Says Demand For Next-Gen Blackwell GPU Platform Insane: &#8216;Everyone Wants To Have The Most, And Everyone Wants To Be First,'&#8221;</a> by <a href="https://www.benzinga.com/author/ananya-gairola">Ananya Gairola</a>, reports that Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang highlighted the overwhelming demand for the new Blackwell GPU platform, confirming it is in full production and expected to drive significant revenue growth despite investor concerns over delays.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41136347/is-dogecoins-bullish-momentum-over-after-18-retreat-from-recent-highs-not-yet-say-a">&#8220;Is Dogecoin&#8217;s Bullish Momentum Over After 18% Retreat From Recent Highs? Not Yet, Say Analysts,&#8221;</a> by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, highlights that despite Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) experiencing an 18% drop, analysts like Santiment and Ali Martinez believe its bullish potential remains strong, citing increased whale activity and technical signals of further upside.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41100053/apples-iphone-16-pro-demand-correction-in-sight-analyst-highlights-delivery-trends-">&#8220;Apple&#8217;s iPhone 16 Pro Demand Correction In Sight: Analyst Highlights Delivery Trends Across Global Markets,&#8221;</a> by <a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, reports that a JPMorgan analyst sees stabilizing delivery times for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhone 16 Pro models, indicating a demand correction ahead, as lead times for base models moderate across key markets like the U.S., China, and Europe.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/general/entertainment/24/10/41162458/amazon-ceo-andy-jassy-said-prime-video-will-have-meaningfully-fewer-ads-than-rivals-2-month">Amazon CEO Andy Jassy Said Prime Video Will Have &#8216;Meaningfully Fewer Ads&#8217; Than Rivals. 2 Months Later, Streaming Giant Is Reportedly Set To Get More Ads</a>
<a href="https://www.benzinga.com/trading-ideas/technicals/24/09/41096549/cisco-set-for-technical-breakout-as-golden-cross-signals-strength-analyst-predicts-stock">Cisco Set For Technical Breakout As Golden Cross Signals Strength: Analyst Predicts Stock Will &#8216;Quietly&#8217; Climb Higher</a>
<a href="https://www.benzinga.com/markets/equities/24/10/41135042/reliable-tesla-number-cruncher-forecasts-biggest-delivery-beat-in-3-years-fund-manager-says-this">Reliable Tesla Number Cruncher Forecasts Biggest Delivery Beat In 3 Years: Fund Manager Says This Could Change The Stock&#8217;s Narrative</a>
The Bears
<a href="https://www.benzinga.com/general/social-media/24/10/41189534/spirit-airlines-bankruptcy-chatter-has-critics-blaming-biden-heres-what-history-shows-about-">&#8220;Spirit Airlines Bankruptcy Chatter Has Critics Blaming Biden: Here&#8217;s What History Shows About Carrier Mergers,&#8221;</a> by <a href="https://www.benzinga.com/author/anthony-noto-0">Anthony Noto</a>, explores how Spirit Airlines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) is in bankruptcy talks, with critics blaming the blocked JetBlue merger, while history shows that mergers in the airline industry often lead to job losses regardless of financial struggles.
<a href="https://www.benzinga.com/government/24/10/41140319/humana-faces-sharp-decline-in-medicare-star-ratings-for-2025-braces-for-2026-revenue-hit">&#8220;Humana Faces Sharp Decline In Medicare Star Ratings For 2025, Braces For 2026 Revenue Hit,&#8221;</a> by <a href="https://www.benzinga.com/author/vandana-singh">Vandana Singh</a>, reports that Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) is anticipating a major drop in Medicare Advantage Star Ratings, with only 25% of members enrolled in plans rated four stars or above, which could lead to significant revenue losses in 2026.
<a href="https://www.benzinga.com/markets/equities/24/09/41086177/amazon-ceo-andy-jassy-faces-employee-revolt-over-full-time-return-to-office-mandate-73-consider-">&#8220;Amazon CEO Andy Jassy Faces Employee Revolt Over Full-Time Return To Office Mandate, 73% Consider Quitting: Survey,&#8221;</a> by <a href="https://www.benzinga.com/author/kaustubh-bagalkote">Kaustubh Bagalkot</a>, reports that Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) CEO Andy Jassy is facing internal backlash as 73% of surveyed employees consider leaving due to a new full-time return-to-office policy starting in 2025, sparking concerns over morale and retention.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/markets/asia/24/10/41141152/cramer-says-hot-money-flowing-from-nvidia-apple-into-china-focus-on-alibaba-if-you-must">Cramer Says &#8216;Hot Money&#8217; Flowing From Nvidia, Apple Into China, Focus On Alibaba &#8216;If You Must&#8217;</a>
<a href="https://www.benzinga.com/markets/asia/24/09/41084907/japans-nikkei-plummets-over-2-000-points-amid-change-of-guard-while-chinese-market-extends-stimulus">Japan&#8217;s Nikkei Plummets Over 2,000 Points Amid Change Of Guard, While Chinese Market Extends Stimulus-Driven Run: What&#8217;s Driving Sentiment In Asia</a>
<a href="https://www.benzinga.com/news/24/10/41114769/boeing-dips-in-pre-market-as-struggling-plane-maker-considers-raising-10b-through-stock-sale-amid-st">Boeing Dips In Pre-Market As Struggling Plane Maker Considers Raising $10B Through Stock Sale Amid Strike</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
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Benzinga Bulls And Bears: Nvidia, Apple, Amazon, Spirit Airlines — And Dogecoin Drops But Whale Activity Remains High

<a href="https://www.benzinga.com/topic/grant-cardone">Grant Cardone</a>, the well-known real estate entrepreneur, recently took a strong stance on the ongoing dockworkers&#8217; strike, stating that longshoremen deserve better pay. Cardone tweeted that the nation has more than enough financial means to compensate the workers handling the daily goods Americans use.&nbsp;
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But what was exactly in his <a href="https://x.com/GrantCardone/status/1841167347538616453">tweet</a>? He said, &#8220;Pay the Longshoremen. The U.S. pays $150B to fund illegal immigrati on and has given $250B to Ukraine [sic]. Pay the workers who get our goods to us or make it in America and quit importing it.&#8221;
It's important to note that these figures are likely inflated and undocumented workers contribute to the economy through taxes and essential labor.
Reactions to his tweet were mixed. Some people who agreed with Cardone said that Americans should earn more money and that investing in the people who sustain the nation is long overdue.
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Others pointed out that it's not just about pay – it's about whether halting automation is even a realistic demand, with some saying, "They have to accept automation as part of the deal. Who knows how much extra cost is being passed on to Americans by staying in the stone age to maximize their pay."
The strike, which has <a href="https://www.benzinga.com/news/24/10/41111978/dockworkers-strike-will-it-impact-your-holiday-shopping">shut down 36 ports</a> along the East and Gulf Coasts, began when the International Longshoremen's Association (ILA) and the U.S. Maritime Alliance failed to agree on a new contract. Dockworkers demand a 77% wage increase over six years, protections against automation and <a href="https://www.benzinga.com/money/best-health-insurance">better health coverage</a>.&nbsp;
Nearly half of all maritime imports into the United States pass through these ports, so a major disruption to supply networks costs the country billions of dollars daily. In fact, J.P. Morgan estimates that if it continues, it could cost the economy up to $4.5 billion per day.
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The ports affected by the strike <a href="https://www.benzinga.com/news/global/24/10/41148694/beer-shortage-ahead-3-products-that-will-be-most-impacted-by-port-strike">handle significant amounts of imported goods</a>, including cars, construction equipment and beverages. If the strike drags on, prices could rise and products could take longer to hit store shelves – affecting everyone from small business owners to consumers just trying to buy a holiday gift.
Despite the economic risks, President Biden has so far refused to intervene, though he has been in contact with both sides, encouraging them to find a solution quickly. A White House spokesperson said, &#8220;This weekend, senior officials have been in touch with USMX representatives urging them to come to a fair agreement fairly and quickly – one that reflects the success of the companies. Senior officials have also been in touch with the ILA to deliver the same message.&#8221;
As the strike continues, Cardone&#8217;s demand to &#8220;pay the longshoremen&#8221; joins the growing chorus of voices opposed to workplace automation and calling for fair wages.&nbsp;
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'Pay the Longshoremen,' Says Grant Cardone. Argues The U.S. Has More Than Enough Money To 'Pay The Workers Who Get Our Goods To Us'

Michael Saylor is regarded as one of the most influential advocates of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), and MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a software firm established by him, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40776328/microstrategys-bitcoin-strategy-has-outperformed-every-s-p-500-company-and-even-nvidia-sin">functions more like a proxy</a> of the leading cryptocurrency.
But not many know that the Bitcoin evangelist wasn't bullish on the asset from the get-go. In fact, the man himself has expressed surprise at some of his old takes on the cryptocurrency.
What happened: On Dec. 19, 2013, Saylor tweeted something typical of any skeptic who may come to your mind while reading this article.
"Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling," Saylor had remarked.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/413478389329428480?ref_src=twsrc%5Etfw">December 19, 2013</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Saylor was asked about the tweet in a September 2020 podcast with Anthony Pompliano, founder and CEO of Professional Capital Management.&nbsp;
&#8220;I&#8217;m really ashamed to say — I didn&#8217;t know I tweeted it until the day that I tweeted that I bought $250 million worth of Bitcoin,&#8221; Saylor replied with a childlike glee.
"I literally forgot I ever said that," he added, admitting "what an idiot" he was.&nbsp;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41172369/bitcoin-not-a-safe-haven-but-rising-trump-odds-could-fuel-a-rally-standard-chartered">Bitcoin &#8216;Not A Safe Haven&#8217; But Rising Trump Odds Could Fuel A Rally: Standard Chartered</a>
Why It Matters: Less than seven years from the tweet he forgot, Saylor's MicroStrategy <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40306998/since-embracing-bitcoin-4-years-ago-michael-saylors-microstrategy-has-outperformed-warren-">adopted Bitcoin as its primary reserve asset</a>, becoming the first publicly listed company to pursue this strategy.&nbsp;
The company hasn't looked back since then, and as of this writing, MicroStrategy is the world&#8217;s largest corporate owner of Bitcoin, with a stash worth more than $15 billion, <a href="https://bitcointreasuries.net/">according</a> to bitcointreasuries.net.
Moreover, since adopting Bitcoin, MicroStrategy's stock <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40776328/microstrategys-bitcoin-strategy-has-outperformed-every-s-p-500-company-and-even-nvidia-sin">has outperformed every company</a> in the S&amp;P 500, including AI powerhouse NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
Meanwhile, Saylor's journey has been exciting, from saying "Bitcoin's days are numbered" to it being the "swarm of cyber hornets serving the goddess of wisdom."
He recently disclosed <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40229380/michael-saylors-personal-bitcoin-holdings-near-1b-continues-to-invest-heavily">that he owned nearly $1 billion in the leading cryptocurrency</a> and made his intentions clear to acquire more in the future.  
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1307029562321231873?ref_src=twsrc%5Etfw">September 18, 2020</a></blockquote>
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Price Action: At the time of writing, Bitcoin was exchanging hands at $61,022.74, down 0.65% 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>.&nbsp;Shares of MicroStrategy closed down 0.75% to $163.41 during Thursday&#8217;s regular trading session.
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<iframe loading="lazy" title="Pomp Podcast #385: Michael Saylor On Buying Bitcoin With His Balance Sheet" width="500" height="281" src="https://www.youtube.com/embed/WrR95PFYDFQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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What‘s Next: Anthony Pompliano will be a headline speaker at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41177884/mark-cuban-an-ardent-kamala-harris-supporter-isnt-keen-on-elizabeth-warren-as-he-is-on-her">Mark Cuban, An Ardent Kamala Harris Supporter, Isn&#8217;t Keen On Elizabeth Warren As He Is On Her Pro-Crypto GOP Rival: Here&#8217;s Why</a></li>
</ul>
Photo courtesy: Wikimedia

MSTR

Michael Saylor Once Said 'Bitcoin's Days Are Numbered.' Now He Holds More Than A Billion Worth Of King Crypto: Here's What Changed For One Of Crypto's Biggest Advocates

Well-known cryptocurrency trader, Capo, has forecasted potential significant declines for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
What Happened: Capo, who commands a large following on the social media platform X, predicts that Bitcoin might test the $48,000 to $50,000 range, while Ethereum could fall to between $1,800 and $2,000.
"There's a possibility of one last shakeout, with BTC testing the $48,000 – $50,000 zone and ETH $1,800 – $2,000, before the real altcoin season begins."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Quick update: There&#39;s a possibility of one last shakeout, with <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> testing the $48k-50k zone and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> $1.8k-2k, before the real altseason begins. If that happens, I&#39;ll be adding more to my altcoin bags. <a href="https://t.co/sx6u8wPNrK">https://t.co/sx6u8wPNrK</a>
&mdash; il Capo Of Crypto (@CryptoCapo_) <a href="https://twitter.com/CryptoCapo_/status/1841601158114152912?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
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Currently, Bitcoin is priced at $60,508, marking a 6% decline over the past week, and Ethereum is valued at $2,345, down by 11% over the same period.
Capo also shared insights on altcoins ranked below the top ten by market capitalization, known as "OTHERS," on his Telegram channel.
He suggests that the market cap of OTHERS might drop to between $132 billion and $164 billion after failing to break a significant resistance level. The altcoins index was rejected from a resistance zone around $240 billion, indicating market weakness.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41170754/donald-trump-is-now-level-with-kamala-harris-at-49-5-election-odds-after-september-rollerc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Is Now Level With Kamala Harris At 49.5% Election Odds After September Rollercoaster</a>
Why It Matters: The potential declines for Bitcoin and Ethereum come at a time when other analysts have <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41195246/bitcoin-could-hit-new-all-time-high-if-it-breaks-above-this-resistance-level-says-a">expressed optimism</a> about Bitcoin&#8217;s future. A recent analysis suggested that Bitcoin could reach a new all-time high if it surpasses the $64,000 resistance level.
Additionally, the cryptocurrency market <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41191566/bitcoin-ethereum-dogecoin-end-the-week-with-strong-gains-summer-lull-seasonality-over-q4-b">recently saw strong gains</a>, with Bitcoin, Ethereum, and Dogecoin ending the week on a high note, driven by positive labor market data. This suggests a potential shift from the summer lull to a more bullish Q4 seasonality.
Despite the current bearish outlook, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41185013/bitcoin-rebounds-above-61-500-and-80k-is-more-likely-than-40k-says-top-technical-analyst">some analysts believe</a> Bitcoin&#8217;s rebound above $61,500 indicates a higher likelihood of reaching $80,000 rather than falling to $40,000. This tension between bullish long-term charts and bearish short-term action highlights the uncertainty in the market.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41177884/mark-cuban-an-ardent-kamala-harris-supporter-isnt-keen-on-elizabeth-warren-as-he-is-on-her?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban, An Ardent Kamala Harris Supporter, Isn&#8217;t Keen On Elizabeth Warren As He Is On Her Pro-Crypto GOP Rival</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

$ETH

Cryptocurrency Expert Predicts Significant Drops For Bitcoin And Ethereum Before Altcoin Season Begins

On Friday, Tesla and SpaceX CEO Elon Musk said that they have been granted permission to deliver Starlink terminals and supplies to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41105907/hurricane-helene-shutters-baxter-internationals-key-manufacturing-hub-in-north-caro">disaster-stricken areas in North Carolina</a>. However, the approval allegedly met some resistance initially.
What Happened:&nbsp;Musk took to X, formerly Twitter, and complained that SpaceX engineers were barred by the Federal Emergency Management Agency or FEMA from delivering Starlink terminals and&nbsp;supplies.
&#8220;SpaceX engineers are trying to&nbsp;deliver Starlink terminals &amp;&nbsp;supplies to devastated areas in&nbsp;North Carolina right now and&nbsp;FEMA is both failing to&nbsp;help AND won't let others&nbsp;help. This is unconscionable,&#8221; he said.
He also shared a video showing the extent of the devastation, with&nbsp;roads, houses, electricity, water supply, and ground internet connections destroyed.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41136119/vance-vs-walz-flash-poll-picks-this-candidate-as-tuesdays-debate-winner-but-he-falls-short-in-favora?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Vance Vs. Walz: Flash Poll Picks This Candidate As Tuesday&#8217;s Debate Winner, But He Falls Short In Favorability Rating</a>
He further criticized FEMA for not allowing the SpaceX team to land and deliver critical supplies, adding, &#8220;My blood is boiling.&#8221;
However, in a later update, Musk confirmed that SpaceX had finally received the necessary approval from FEMA to proceed with the delivery of the Starlink terminals and supplies.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Approval received
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1842350511082610925?ref_src=twsrc%5Etfw">October 4, 2024</a></blockquote>
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Why It Matters: Musk also clashed with Department of Transportation Secretary Pete Buttigieg over allegations that <a href="https://www.benzinga.com/news/24/10/41195165/pete-buttigieg-and-elon-musk-clash-over-hurricane-aid-flight-claims">federal authorities hindered flights</a> delivering aid to Hurricane Helene victims.
&#8220;The level of belligerent government incompetence is staggering,&#8221; he stated earlier.
Meanwhile, the White House also&nbsp;<a href="https://www.benzinga.com/news/24/10/41195085/white-house-counters-gop-accusations-of-fema-funds-misuse-denies-disaster-relief-funding-was-used-fo">refuted GOP claims</a>&nbsp;of FEMA funds mismanagement following the hurricane. &#8220;No disaster relief funding at all was used to support migrants housing and services. None. At. All.&#8221;
Earlier, President Joe Biden praised the end of a port strike&nbsp;that threatened to disrupt the U.S. economy, highlighting its <a href="https://www.benzinga.com/news/24/10/41177525/biden-praises-end-of-port-strike-highlights-importance-for-hurricane-helene-recovery-collective-barg">importance for Hurricane Helene&#8217;s recovery</a>.
Previously, former President Donald Trump claimed credit for the deployment of Starlink satellites to aid communication restoration in areas affected by the hurricane. However, <a href="https://www.benzinga.com/news/24/10/41110218/trump-says-he-spoke-with-elon-musk-for-starlink-deployment-to-aid-hurricane-helene-affected-areas-bu">he was contradicted by FEMA</a>.
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<li><a href="https://www.benzinga.com/markets/commodities/24/10/41151338/biden-the-master-oil-trader-part-iv-president-loads-up-on-millions-of-barrels-to-refill-emerg?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden The Master Oil Trader Part IV? President Loads Up On Millions Of Barrels To Refill Emergency Stash In &#8216;One Of The Best Oil Trades In History&#8217;</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Wikimedia

Tech

Elon Musk Said His Blood Was 'Boiling' After FEMA Allegedly Didn't Allow SpaceX Engineers To Deliver Starlink Terminals And Supplies To Hurricane Helene Victims, But Now They've Received Approval

Taiwan-based&nbsp;Novatek&nbsp;is gearing up to mass-produce OLED displays a new technology that could significantly influence the design of future Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones.
What Happened: On Friday, Novatek announced a plan to initiate&nbsp;mass production of OLED displays&nbsp;that incorporate&nbsp;Touch and Display Driver&nbsp;Integration or TDDI technology by the second quarter of 2025, <a href="https://www.digitimes.com/news/a20241004PD206/novatek-apple-tddi-ddi-taiwan.html">reported</a> DigiTimes.
Apple might be among the first clients for Novatek&#8217;s innovative technology, although this remains speculative at this point. 
The projected production timeline for Novatek&#8217;s TDDI displays aligns with the anticipated launch of next-generation iPhone displays in 2025.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41149666/nvidias-blackwell-gpu-sets-new-ai-benchmark-with-over-100-system-configurations-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Blackwell GPU Sets New AI Benchmark With Over 100 System Configurations, Analyst Says</a>
TDDI technology could enable the creation of slimmer OLED displays by merging&nbsp;touch and display driver layers,&nbsp;making it a potential fit for the speculated ultra-thin &#8220;iPhone 17 Air.&#8221;
According to the report, the Cupertino, California-based tech giant might initially implement it in lower-volume products like&nbsp;future iPad and Apple Watch&nbsp;models.
The technology could also find application in&nbsp;a long-rumored foldable iPhone or&nbsp;iPad.
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.
Why It Matters: Apple is rumored to be developing a thinner version of the iPhone 17, expected to launch in 2025. This model, potentially featuring a sleeker design, could attract more <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40332493/apples-thinner-iphone-17-air-with-sleeker-design-could-be-a-game-changer-says-promi">customers to upgrade their devices</a>.
Previously, it was also reported that while the iPhone 16 may <a href="https://www.benzinga.com/markets/equities/24/08/40304265/apples-iphone-16-may-not-fuel-a-gold-rush-of-purchases-but-next-iteration-will-likely-return-fla">not offer a radical redesign</a>, the next iteration could return the flagship product to meaningful growth.
Meanwhile, T-Mobile U.S. Inc. CEO Mike Sievert reported encouraging sales numbers for the new iPhone model last month, showing a strong launch despite initial concerns about demand.
Check out more of Benzinga&#8217;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/news/24/09/41042433/elon-musks-x-suspends-5-3m-accounts-flags-10-6m-posts-in-first-transparency-report-amid-user-and-adv?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s X Suspends 5.3M Accounts, Flags 10.6M Posts In First Transparency Report Amid User And Advertiser Decline</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Apple

Apple Might Have Just Found The Technology To Power Its Thin iPhone 17 Air Display

In a continued shift away from its cashierless Go convenience stores, Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has reportedly shuttered three more locations in New York last week.
What Happened: Amazon has been steadily reducing its Go stores that use the &#8220;Just Walk Out&#8221; technology, with the latest closures, the total number of Go stores has come down to 17 nationwide, <a href="https://techcrunch.com/2024/10/04/amazon-closes-more-of-its-cashierless-convenience-stores/">reported</a> TechCrunch (<a href="https://www.theinformation.com/briefings/amazon-closes-three-more-go-convenience-stores">via</a> The Information) on Friday.
Last year in March also, the <a href="https://www.benzinga.com/news/23/03/31252375/amazon-prepares-to-cut-more-fluff-shut-8-amazon-go-stores-in-seattle-san-francisco-nyc">company had shut down eight</a> Go stores in Seattle, San Francisco, and New York.
Earlier this year, the company removed the&nbsp;Just Walk Out technology from&nbsp;its grocery stores, focusing&nbsp;more on smaller grab-and-go shops. It also opened a new Go store in Washington.
The e-commerce giant also continues to license the&nbsp;Just Walk Out technology to&nbsp;third-party convenience stores.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41149666/nvidias-blackwell-gpu-sets-new-ai-benchmark-with-over-100-system-configurations-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Blackwell GPU Sets New AI Benchmark With Over 100 System Configurations, Analyst Says</a>
Why It Matters: In 2016, Amazon launched its Just Walk Out feature, enabling customers to scan a QR code when entering a store, pick up items, and leave without going through a traditional checkout.
The system relies on cameras, sensors, and a remote team monitoring shoppers to accurately track purchases and complete transactions.
However, the experimental system has faced several challenges, including long delays in finalizing transactions—sometimes taking hours—and the high costs involved in installing the necessary cameras and sensors at each location.
Earlier this year, it was reported that Amazon replaced this <a href="https://www.benzinga.com/news/24/04/38055211/amazon-to-replace-just-walk-out-checkout-technology-with-smart-dash-carts">technology with a &#8220;smart-cart&#8221;</a> system called Dash Cart in its grocery stores.
Despite the closures, Amazon continues to focus on profitable ventures and efficiency gains. Earlier this month, Morgan Stanley analyst Brian Nowak reiterated <a href="https://www.benzinga.com/news/24/10/41169322/amazons-profitable-essential-merchandise-efficiency-gains-set-to-drive-growth-analyst">Amazon with an Overweight rating</a>, highlighting the company&#8217;s growth potential.
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<li><a href="https://www.benzinga.com/news/24/09/41087674/openais-searchgpt-set-to-disrupt-googles-search-empire-as-former-engineer-sounds-alarm-on-deteriorat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s SearchGPT Set To Disrupt Google&#8217;s Search Empire As Former Engineer Sounds Alarm On Deteriorating User Experience Amid Rising Competition</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Wikimedia

Amazon Shutters 3 More Cashierless Go Stores In New York: Report

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is on the verge of reaching a new all-time high, according to a prominent crypto analyst. The analyst suggests that Bitcoin must break through a significant resistance level to achieve this milestone.
What Happened: Bitcoin could reach a new peak if it surpasses the $64,000 resistance level.
Inmortal, a well-known trader, shared with his 216,300 followers on X that Bitcoin&#8217;s recent decline from around $66,000 to $60,000 might be forming a local bottom. He is considering going long on BTC if it demonstrates a swing failure pattern near $60,000 or gains acceptance above $63,000.
"Breakout above $64,000 = New ATH."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Breakout above 64k = New ATH<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/mUvDN5sTyi">pic.twitter.com/mUvDN5sTyi</a>
&mdash; Inmortal (@inmortalcrypto) <a href="https://twitter.com/inmortalcrypto/status/1842200703810633835?ref_src=twsrc%5Etfw">October 4, 2024</a></blockquote>
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Meanwhile, another analyst, Kaleo, predicts a short-term dip to approximately $57,000 or $58,000 before a rebound. He expects Bitcoin to rise gradually over the next month, especially after the presidential election, advising traders to accumulate during this period.
"Bitcoin. Still looking like a quick little chop to $57,000 or $58,000, followed by a grind higher the rest of the month into a full send post election."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> / <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Still looking like a quick little chop to 57 / 58, followed by a grind higher the rest of the month into a full send post election <a href="https://t.co/QX3wGjPNJQ">pic.twitter.com/QX3wGjPNJQ</a>
&mdash; K A L E O (@CryptoKaleo) <a href="https://twitter.com/CryptoKaleo/status/1841839257096208721?ref_src=twsrc%5Etfw">October 3, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41100361/remember-sbfs-i-didnt-stash-billions-away-the-latest-ftx-repayment-update-may-have-other-i?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Remember SBF&#8217;s &#8216;I Didn&#8217;t Stash Billions Away&#8217;? The Latest FTX Repayment Update May Have Other Ideas</a>
Why It Matters: The potential for Bitcoin to hit new highs comes amid a backdrop of strong market performance. Recently, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41191566/bitcoin-ethereum-dogecoin-end-the-week-with-strong-gains-summer-lull-seasonality-over-q4-b">cryptocurrency markets</a> have been buoyed by positive labor market data, signaling the end of the summer lull and the start of a bullish fourth quarter.
Additionally, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41185013/bitcoin-rebounds-above-61-500-and-80k-is-more-likely-than-40k-says-top-technical-analyst">technical analysts</a> have noted Bitcoin&#8217;s rebound above $61,500, suggesting that $80,000 is more likely than $40,000. This aligns with the current bullish sentiment, despite some bearish low-timeframe actions.
Furthermore, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41172369/bitcoin-not-a-safe-haven-but-rising-trump-odds-could-fuel-a-rally-standard-chartered">Standard Chartered</a> has highlighted Bitcoin&#8217;s role as a hedge against traditional financial system issues, rather than geopolitical tensions. This perspective reinforces the notion that Bitcoin&#8217;s price movements are more influenced by financial market dynamics than geopolitical events.
Price Action: At the time of writing, Bitcoin is trading at $62,120, showing a 1.5% increase over the past 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41166146/would-bitcoin-drop-if-a-war-in-the-middle-east-breaks-out-yes-but-theres-a-catch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Would Bitcoin Drop If A War In The Middle East Breaks Out? Yes, But There&#8217;s A Catch</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Bitcoin Could Hit New All-Time High If It Breaks Above This Resistance Level, Says Analyst

Elon Musk, CEO of SpaceX, has stated that the future of human exploration on Mars is contingent on the <a href="https://www.benzinga.com/topic/2024-election">re-election of former President</a> Donald Trump and the reduction of what he calls &#8220;smothering regulations."
What Happened: Musk, who has thrown his weight behind Trump, endorsed him yet again in the backdrop of <a href="https://www.benzinga.com/news/24/09/41018400/spacex-hits-back-at-faa-chief-for-pinning-starship-delays-on-safety-concerns-every-statement-he-made">SpaceX's struggles</a> with the Federal Aviation Administration, or FAA.
&#8220;Unless Trump wins and we get rid of the mountain of smothering regulations (that have nothing to do with safety!), humanity will never reach Mars. This is existential.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Unless Trump wins and we get rid of the mountain of smothering regulations (that have nothing to do with safety!), humanity will never reach Mars. This is existential. <a href="https://t.co/I9zZuzRvHi">https://t.co/I9zZuzRvHi</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1842250303762051263?ref_src=twsrc%5Etfw">October 4, 2024</a></blockquote>
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</figure>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41157836/teslas-cybercabs-could-be-a-potential-ride-sharing-disruptor-says-analyst-heres-wha?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s &#8216;Cybercabs&#8217; Could Be A Potential Ride-Sharing Disruptor, Says Analyst</a>
This comes amid escalating tensions between SpaceX and FAA, with Musk <a href="https://www.benzinga.com/news/24/09/41041586/spacex-ceo-elon-musk-calls-for-resignation-of-faa-administrator-mike-whitaker">recently calling for the resignation</a> of FAA chief Mike Whitaker.
Musk&#8217;s company has criticized Whitaker for his defense of delays in SpaceX&#8217;s Starship launch vehicle, claiming that &#8220;every statement he made was incorrect.&#8221;
Why It Matters: The relationship between SpaceX and the FAA has been strained, with Musk accusing the FAA of favoritism towards Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and proposing a <a href="https://www.benzinga.com/markets/equities/24/09/40912464/elon-musk-accuses-faa-of-fining-spacex-over-nonsense-that-doesnt-affect-safety-amazingly-no-star">$633,009 fine on SpaceX</a> for regulatory violations.
Whitaker has defended the FAA&#8217;s actions, citing safety concerns and regulatory compliance as reasons for the delay in SpaceX&#8217;s Starship launch. He also stated that <a href="https://www.benzinga.com/news/24/09/41016988/spacex-in-violation-of-texas-federal-law-on-some-matters-says-faa-agency-hits-back-at-elon-musks-roc">SpaceX did not adhere</a> to permitting and licensing requirements, which Musk criticized as obstructive.
These ongoing disputes have led Musk to argue that the future of space exploration depends on a political climate that favors deregulation. His recent tweet suggests that he sees a Trump victory as a necessary condition for this to happen.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/10/41161763/european-telecom-giants-threaten-legal-action-against-elon-musks-starlink-over-potential-fcc-rule-ch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">European Telecom Giants Threaten Legal Action Against Elon Musk&#8217;s Starlink Over Potential FCC Rule Change</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

SPACE

Elon Musk Says 'Humanity Will Never Reach Mars' Unless Trump Wins: 'This Is Existential'

Former Treasury Secretary Larry Summers has expressed disapproval of the Federal Reserve&#8217;s decision to <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">cut interest rates last month</a>, terming it a misstep in the face of the latest US job growth data.
What Happened: On Friday, Summers took to X, formerly Twitter, and voiced his disagreement with the Federal Reserve&#8217;s decision to slash interest rates by 50 basis points in September.
He labeled this action as a &#8220;mistake,&#8221; particularly in light of the recent data that shows <a href="https://www.benzinga.com/trading-ideas/previews/24/10/41170128/jobs-report-preview-could-september-labor-data-shift-feds-interest-rate-path">U.S. job growth</a> exceeding all predictions.
&#8220;Today&#8217;s employment report confirms suspicions that we are in a high neutral rate environment where responsible monetary policy requires caution in rate cutting,&#8221; he said.
See Also: <a href="https://www.benzinga.com/news/24/08/40301145/lawrence-summers-calls-for-sec-investigation-into-unprecedented-vix-movement">Lawrence Summers Calls For SEC Investigation Into Unprecedented VIX Movement</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today's employment report confirms suspicions that we are in a high neutral rate environment where responsible monetary policy requires caution in rate cutting. With the benefit of hindsight, the 50 basis point cut in September was a mistake, though not one of great consequence.…
&mdash; Lawrence H. Summers (@LHSummers) <a href="https://twitter.com/LHSummers/status/1842214555562258679?ref_src=twsrc%5Etfw">October 4, 2024</a></blockquote>
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Why It Matters: The <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41184080/us-economy-adds-254-000-new-jobs-in-september-smashes-expectations-unemployment-f">September jobs report</a> exceeded expectations, showing a 254,000 increase in U.S. payrolls and a surprising drop in the unemployment rate to 4.1%.
Wage growth also outpaced predictions, climbing 0.4% from the previous <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41187740/blowout-september-jobs-report-spurs-reactions-6-economists-say-aggressive-fed-rat">month and 4% over the past</a> year.
Joseph Brusuelas, principal and chief economist at RSM US LLP, highlighted the strong wage increases and dismissed recession concerns, pointing instead to a &#8220;mid-cycle economic expansion.&#8221;
Aditya Bhave, U.S. economist at BofA Securities, adjusted his November forecast to smaller rate cuts (25 basis points) due to the robust economic data.
Bhave predicted a terminal rate of 3.0%-3.25%, with the potential for it to rise further, given the unexpectedly strong productivity growth.
Before the September rate cut, Federal Reserve Chairman Jerome Powell had stated that future interest rate cuts would hinge on economic data. His comments at the time added <a href="https://www.benzinga.com/news/24/09/41102248/stocks-slip-as-powell-says-future-interest-rate-cuts-hinge-on-data-economy-is-in-solid-shape-we-inte">uncertainty to the market</a>, causing stocks to slip.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Economics

Federal Reserve

Former Treasury Secretary Larry Summers Slams Fed's September Rate Cut Saying It Was A Mistake: 'Today's Employment Report Confirms Suspicions That...'

Department of Transportation Secretary Pete Buttigieg took aim at Elon Musk on Friday over allegations that federal authorities hindered flights delivering aid to <a href="https://www.benzinga.com/topic/hurricane-helene">Hurricane Helene</a> victims.
What Happened: Musk posted a screenshot implying that airspace was &#8220;shut down&#8221; and the Federal Aviation Administration (FAA) was &#8220;throttling flights.&#8221;
Musk voiced his frustration, stating, &#8220;The level of belligerent government incompetence is staggering!!&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Just received this text 20 mins ago. The level of belligerent government incompetence is staggering!! <a href="https://t.co/wWbBR7FfUo">pic.twitter.com/wWbBR7FfUo</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1842252268856324160?ref_src=twsrc%5Etfw">October 4, 2024</a></blockquote>
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In response, Buttigieg refuted these claims, asserting that the FAA does not obstruct legitimate rescue and recovery flights. He extended an invitation to Musk to discuss any issues directly, saying, &#8220;If you're encountering a problem give me a call.&#8221;
Following their public exchange, Musk expressed gratitude for a private conversation with Buttigieg, indicating a desire to resolve the matter. &#8220;Thanks for the call. Hopefully, we can resolve this soon,&#8221; Musk wrote, though the details of their discussion remain undisclosed.
See Also: <a href="https://www.benzinga.com/news/24/10/41157285/elon-musks-mom-chimes-in-after-son-says-he-cant-handle-4-years-of-seeing-and-hearing-kamala-harris-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Mom Chimes In After Son Says He Can&#8217;t Handle 4 Years Of &#8216;Seeing And Hearing&#8217; Kamala Harris And Tim Walz</a>
Musk also posted a video showing SpaceX engineers trying to deliver Starlink terminals.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">SpaceX engineers are trying to deliver Starlink terminals &amp; supplies to devastated areas in North Carolina right now and <a href="https://twitter.com/fema?ref_src=twsrc%5Etfw">@FEMA</a> is both failing to help AND won't let others help. This is unconscionable!! They just took this video a few hours ago, where you can see the level of… <a href="https://t.co/abpOsfNenF">pic.twitter.com/abpOsfNenF</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1842284913279586447?ref_src=twsrc%5Etfw">October 4, 2024</a></blockquote>
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Why It Matters: The backdrop of this exchange is the ongoing recovery efforts following Hurricane Helene, which has significantly impacted the region.
<a href="https://www.benzinga.com/news/24/10/41138209/elon-musks-spacex-to-give-free-starlink-access-to-hurricane-helene-victims">Musk&#8217;s SpaceX</a> has been proactive in offering free Starlink access to affected areas, aiming to facilitate communication and aid efforts. This move was part of a broader initiative to deploy a software update ensuring Starlink systems operate without payment in hurricane-affected zones.
Furthermore, the hurricane season has been notably active, with <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41145534/hurricane-helene-adds-to-most-active-quarter-for-power-outages-driving-back-up-gene">Hurricane Helene</a> contributing to widespread power outages, affecting millions. This has driven demand for backup generators, as noted by analysts observing increased consumer interest in such products.
Amidst these challenges, the <a href="https://www.benzinga.com/news/24/10/41195085/white-house-counters-gop-accusations-of-fema-funds-misuse-denies-disaster-relief-funding-was-used-fo">White House</a> has been countering accusations from Republicans regarding the misuse of FEMA funds in the aftermath of the hurricane. These claims have been strongly denied, with officials labeling them as falsehoods.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Gage Skidmore via Flickr

Pete Buttigieg And Elon Musk Clash Over Hurricane Aid Flight Claims

The White House has refuted Republican claims of Federal Emergency Management Agency (FEMA) funds mismanagement following Hurricane Helene.
What Happened: On Friday, Andrew Bates, the senior deputy press secretary, issued a memo accusing Republicans of propagating &#8220;bald-faced lies&#8221; about the post-Hurricane Helene cleanup efforts, <a href="https://thehill.com/homenews/administration/4916014-federal-response-criticized/">reported</a> The Hill.
Republicans, including former President Donald Trump, have claimed&nbsp;that disaster relief funding was&nbsp;spent on migrants, criticizing the administration&#8217;s hurricane response.
Bates denied these allegations, saying, &#8220;No disaster relief funding at all was used to support migrants housing and services. None. At. All.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41156066/elon-musk-cant-contain-his-joy-after-california-deepfakes-law-supported-by-gavin-newsom-blocked-by-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Can&#8217;t Contain His Joy After California Deepfakes Law Supported By Gavin Newsom Blocked By Court: &#8216;Yay!&#8217;</a>
He stated that Congress appropriates the funding for migrant support to Customs &amp; Border Protection, and FEMA merely administers it.
Bates also noted&nbsp;that FEMA has already provided&nbsp;over&nbsp;$45 million in direct financial&nbsp;assistance to individuals and families&nbsp;affected by the storm. He cautioned against the potential harm of spreading false information, especially&nbsp;when people are in need.
On the same day, FEMA also released a fact-checking page, confirming that &#8220;no money has been diverted&#8221; and that it has sufficient funds&nbsp;for immediate response and recovery&nbsp;needs.
Why It Matters: Hurricane Helene, which hit on Sept. 26, caused significant damage and <a href="https://www.benzinga.com/news/24/10/41126631/hurricane-helene-devastation-the-latest-on-damage-companies-affected">left nearly 800,000 people</a> without power. The storm claimed more than 130 lives and caused widespread power outages, affecting over two million customers of Duke Energy Corp.
As a result of the hurricane, there was a surge in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41145534/hurricane-helene-adds-to-most-active-quarter-for-power-outages-driving-back-up-gene">demand for backup and portable</a> power generators.
President Joe Biden has urged Congress to reconvene from recess to approve more funding for recovery efforts, though lawmakers aren't scheduled to return until Nov. 12.
His administration has already sent over 4,800 federal personnel to aid in the response, and the president has authorized the deployment of up to 1,000 troops to assist with North Carolina's recovery, the report noted.
Biden visited North Carolina on Wednesday, followed by trips to Florida and Georgia on Thursday to assess the damage and meet with local leaders.
Previously, Republican presidential nominee Trump allegedly took credit for the deployment of Elon Musk-led Starlink satellites to aid communication restoration in areas affected by Hurricane Helene.
However, FEMA contradicted his statement, saying that the decision was already in <a href="https://www.benzinga.com/news/24/10/41110218/trump-says-he-spoke-with-elon-musk-for-starlink-deployment-to-aid-hurricane-helene-affected-areas-bu">place before Trump's alleged</a> involvement.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Flickr

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