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



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.35%</td><td>$95,699.46</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.27%</td><td>$3,627.03</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.50%</td><td>$0.4143</td></tr></tbody></table></figure>



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



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



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



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



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



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



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Reserve Rights (RSR)</td><td>+162.63%</td><td>$0.02651</td></tr><tr><td>Tron (TRX)</td><td>+90.37%</td><td>$0.4195</td></tr><tr><td>Neo (NEO)</td><td>+39.77%</td><td>$25.08</td></tr></tbody></table></figure>



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



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



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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> are extremely heating up at this point. Double-digit returns day after day; it&#39;s great. The good thing: we&#39;re just getting started. The bad thing:people will lose a lot, too. Make sure to avoid chasing FOMO in those positions and take profits of the table.&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1864003415304770024?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Igor Faun on Shutterstock



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42300582/dogecoin-doge-in-the-limelight-as-elon-musk-vivek-ramaswamy-to-address-congress-members-on-thursday">Dogecoin, D.O.G.E In The Limelight As Elon Musk, Vivek Ramaswamy To Address Congress Members On Thursday</a></li>
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Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits

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



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



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



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



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



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



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



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Image Via Shutterstock



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

Asia

Equities

Global

HXSCF

HYMTF

NVDA

SSNLF

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



Image via Shutterstock



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



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

Tech

Media

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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Photo via Shutterstock.

Emerging Markets

Emerging Market ETFs

Politics

ETFs

South Korea ETFs, Won Pare Losses As Yoon Makes U-Turn On Martial Law Declaration

Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) reported third-quarter financial results after the market close on Tuesday. Here&#8217;s a look at the key metrics <a href="https://www.benzinga.com/pressreleases/24/12/b42301590/salesforce-announces-third-quarter-fiscal-2025-results">from the quarter</a>.



Q2 Earnings:&nbsp;Salesforce reported third-quarter revenue of $9.44 billion, beating the&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $9.35 billion. The enterprise cloud solutions company reported adjusted earnings of $2.41 per share, missing analyst estimates of $2.44 per share, according to<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">&nbsp;Benzinga Pro</a>.



Total revenue was up 8% on a year-over-year basis. Operating margin came in at 20%, and non-GAAP operating margin was 33.1%. Cash flow from operations was up 29% year-over-year and free cash flow was up 30% year-over-year to $1.78 billion. The company ended the quarter with remaining performance obligations of $26.4 billion, up 10% year-over-year.



&#8220;We delivered another quarter of exceptional financial performance across revenue, margin, cash flow and cRPO,&#8221; said Marc Benioff, chair and CEO of Salesforce.



&#8220;Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale.&#8221;



Don&#8217;t Miss: <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42297318/american-exceptionalism-trade-gains-steam-as-dollar-sp-500-surge-in-lockstep-bank-of-america">&#8216;American Exceptionalism Trade&#8217; Gains Steam As Dollar, S&amp;P 500 Surge In Lockstep: Bank Of America</a>



Salesforce said it repurchased $1.2 billion worth of its stock in the quarter and returned $400 million to shareholders in the form of dividend payments. 



Guidance: Salesforce expects fourth-quarter revenue to be in the range of $9.9 billion to $10.1 billion. The company anticipates fourth-quarter adjusted earnings of $2.57 to $2.62 per share.&nbsp;



Salesforce sees full-year 2025 revenue of $37.8 billion to $38 billion. The company expects full-year adjusted earnings to be between $9.98 and $10.03 per share.



&#8220;With Agentforce, we&#8217;re not just witnessing the future — we&#8217;re leading it, unleashing a new era of digital labor for every business and every industry,&#8221; Benioff said.



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



CRM Price Action: <a href="https://www.benzinga.com/quote/CRM" target="_blank" rel="noreferrer noopener">Salesforce shares</a> were up 7.72% in after-hours, trading at $357 at publication Tuesday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Photo: Shutterstock.

Earnings

After-Hours Center

Movers

Salesforce Q3 Earnings: Revenue Beat, EPS Miss, Free Cash Flow Up 30%, AI Driving 'Groundbreaking Transformation' And More

Federal Reserve Governor Adriana Kugler said on Tuesday that inflation &#8220;appears to be on a sustainable path&#8221; but indicated that challenges still persist, adding that monetary &#8220;policy is not <a href="https://www.benzinga.com/topic/interest-rates">on a preset course.&#8221;</a>



Speaking at the Detroit Economic Club, Kugler described recent inflation readings as encouraging. Personal consumption expenditures rose 2.3% over the past year, and core PCE—the Fed&#8217;s favorite inflation gauge—increased 2.8%.



&#8220;I am encouraged that inflation expectations appear to remain well anchored,&#8221; she said. 



&#8220;I viewed the elevated inflation readings as partly stemming from seasonal and one-off factors not fully accounted for in the data,&#8221; she added.



Kugler highlighted the Fed's recent interest rate cuts in September and November as steps toward a more neutral monetary policy stance. 



<h3 class="wp-block-heading">Labor Market Shows Signs Of Cooling, Yet Hurricanes And Strikes Disrupt Statistics</h3>



Kugler said monthly payroll gains have slowed, from an average of 260,000 in the first quarter to below 200,000 by midyear. 



The unemployment rate has risen from 3.7% in January to 4.1% in October, which she described as &#8220;near the level I judge as roughly consistent with our maximum-employment mandate.&#8221;



Disruptions in October's employment report, including hurricanes and strikes, accounted for 100,000 to 120,000 missing jobs, with a rebound expected in the months ahead.



&#8220;Will see some bounce back,&#8221; she said in response to a question about the upcoming November jobs report, set to be released this Friday



<h3 class="wp-block-heading">Economic Growth, Low Inflation Fueled By Productivity Gains</h3>



Kugler said 2024 economic growth has outpaced expectations, with GDP growth nearly doubling earlier forecasts. She attributed this to two key supply-side factors: a surge in immigration earlier in the year and higher productivity growth.



Revisions in September revealed that productivity growth since 2020 has averaged 1.9% annually, compared to 1.4% in the five years prior. 



&#8220;Emerging technologies, most notably artificial intelligence, may also be starting to contribute to enhanced productivity,&#8221; she said. 



Kugler highlighted this significant development, saying it boosts the economy's capacity for growth without overheating.



&#8220;My speculation was that higher productivity was a possible explanation for the unusual combination of strong economic output, a cooling labor market, and declining inflation,&#8221; she added. 



<h3 class="wp-block-heading">Outlook: Risks And Flexibility</h3>



Kugler said she will continue to assess incoming data to determine the appropriate policy course, emphasizing that the Fed's decisions are not on a preset path. 



She said the Fed remains vigilant for potential risks, including slowing immigration, trade policy changes, and negative supply shocks that could impact economic growth and inflation.



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



Interest rate futures saw little movement after Kugler&#8217;s remarks, with market-implied odds showing a 74% probability of a 25-basis-point rate cut at the Fed&#8217;s Dec. 18 meeting, as per the CME FedWatch tool.



The U.S. Dollar Index—as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>)—slightly weakened, extending session losses to negative 0.3%.



Large-cap U.S. stocks remained broadly flat for the day, with the S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) hovering at $603.30. 



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Image created using a photo from Wikimedia and background generated via Midjourney.

Macro Economic Events

Broad U.S. Equity ETFs

Forex

Econ #s

Economics

Federal Reserve

Fed's Kugler Sees Inflation Progress But Warns: 'Policy Is Not On A Preset Course'

TikTok Shop saw more than $100 million in sales on Black Friday, as the social media app's bet on live shopping in the US appears<a href="https://www.benzinga.com/government/24/10/41380181/alibabas-lazada-leverages-ai-in-e-commerce-race-against-shopee-and-tiktok-shop"> to be paying off. </a>



What To Know: TikTok launched its Shop e-commerce platform in the fall of 2023 and has been pushing its creators and sellers to adopt the live shopping format which drives billions in sales in other markets, like China.&nbsp;



&#8220;We want people to discover new products,&#8221; Nico Le Bourgeois, TikTok Shop&#8217;s head of US operations, <a href="https://www.businessinsider.com/tiktok-drove-100-million-in-us-black-friday-sales-livestream-2024-12">told</a> Business Insider in late October. 



&#8220;To be surprised. To feel like shopping can be different. And as a part of that, if we can have many customers shop in live and realize that this is really cool, I think we will have done a good job.&#8221;



Read More: <a href="https://www.benzinga.com/etfs/new-etfs/24/12/42270723/new-conservative-etf-aims-to-invest-in-sp-500-without-dei-were-going-to-deliver-that-mandate">New Conservative ETF Aims To Invest In S&amp;P 500 Without DEI: &#8216;We&#8217;re Going To Deliver That Mandate&#8217;</a>



U.S. shoppers participated in more than 30,000 live shopping streams on Friday alone. Home goods, fashion and beauty products are among the most popular categories.



Canvas Beauty, a seller of hair-care products on TikTok Shop, hit $1 million in sales within two hours of going live on the app, the company said.



Sellers are joining TikTok Shop as a way to diversify their revenue streams from other sites like Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>). CNBC <a href="https://www.cnbc.com/2024/12/02/amazon-sellers-are-flocking-to-tiktok-shop-despite-looming-us-ban.html">reports that</a> TikTok Shop was a hot topic at a conference for Amazon sellers in October. A session on "how to scale your brand" with TikTok Shop drew a full room of Amazon sellers.  



"Amazon comes with a ton of competition," e-commerce strategist Rafay MH told the crowd at the conference. "TikTok is the opportunity for free eyeballs and sales."



Salesforce <a href="https://www.benzinga.com/news/retail-sales/24/12/42257394/temu-and-shein-are-shaking-up-western-retailers-this-holiday-season">estimates that</a> one in five online holiday purchases in the U.S., U.K., Australia, and Canada will be made through online marketplaces like Shein, Temu, TikTok Shop, and AliExpress. 



Potential TikTok Ban: President Joe Biden signed a bill in April that requires parent company ByteDance to sell TikTok by Jan. 19. Without a sale of TikTok, app stores and internet hosting services will be prohibited from offering the app in the U.S. 



President-elect Donald Trump has flip-flopped on the issue of a TikTok <a href="https://www.benzinga.com/news/24/09/40890877/tiktoks-future-hangs-in-balance-as-judges-express-skepticism-in-us-court-battle">ban</a> and the future remains uncertain for the app. 



Creators continue to flock to TikTok and sellers seem to be taking the looming ban of the app in stride. 



"The sellers here, creators, they're building their livelihoods on TikTok," a TikTok spokesperson told CNBC. "We're going to continue to show up for that. There's a huge opportunity for us."



Read Next:&nbsp;



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



Image: Shutterstock

Large Cap

Social Media

General

AMZN

TikTok Shop Bags More Than $100 Million In Black Friday Sales With Potential Ban Ahead

U.S. stocks paused for a breather Tuesday, with major equity indices hovering near the flatline as investors digested global developments, including China&#8217;s ban on key raw material exports to the U.S. and South Korea&#8217;s political turmoil following the president&#8217;s <a href="https://www.benzinga.com/news/global/24/12/42292488/south-korean-etfs-slide-on-presidents-emergency-martial-law-declaration-protect-the-constitutional-democratic-order">announcement of martial law</a>.



Korean-linked exchange traded funds such as the iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) fell by 2.7%, recovering some ground from sharper morning losses. 



By midday trading in New York, large-cap stocks remained mostly unchanged, while small-cap stocks underperformed, posting notable losses.



Sectors traded within narrow ranges, with energy and communication services showing slight outperformance.



Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) stood out, as its shares climbed by 2.1%, setting fresh all-time highs. 



In economic news, U.S. job openings rose to 7.744 million in October, exceeding expectations of 7.48 million and improving from September&#8217;s 7.372 million reading. The data signals ongoing resilience in the labor market, ahead of the highly awaited November jobs report scheduled for Friday.



The U.S. Dollar Index (DXY) edged down 0.2%, reversing part of Monday&#8217;s 0.6% rally. Meanwhile, Treasury yields showed little movement, with the 10-year yield inching up 1 basis point to 4.20%.



Precious metals saw modest gains, with gold rising 0.3% and silver advancing 1.7%.



Oil prices surged 2% after OPEC+ confirmed an extension of production cuts. Additionally, the U.S. imposed sanctions on 35 entities and vessels linked to illicit Iranian oil shipments, further supporting crude prices.



In the cryptocurrency market, sentiment remained subdued. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded steadily around $95,900, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) fell by 1.9% and 4.3%, respectively.



<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg. %</td></tr><tr><td>Nasdaq 100</td><td>21,185.87</td><td>0.1 %</td></tr><tr><td>S&amp;P 500</td><td>6,048.77</td><td>0.0%</td></tr><tr><td>Dow Jones</td><td>44,747.11</td><td>-0.1%</td></tr><tr><td>Russell 2000</td><td>2,421.44</td><td>-0.5%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120224&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) flattened at $603.70.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;held steady at $448.42.</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>) inched 0.1% up to $515.96.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) eased 0.5% to $240.62.</li>



<li>The&nbsp;Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, rising 0.5%; the&nbsp;Industrial Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) lagged, down 0.6%.</li>
</ul>



<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>



<ul>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) dropped 5% in reaction to the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42275410/intel-ceo-pat-gelsinger-forced-out-by-board-analysts-cheer-potential-strategy-shift-this-move-opens-the-door"> surprising resignation of CEO Pat Gelsinger</a>.</li>



<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) surged nearly 4% after the company projected over $50 billion in free cash flow over the next three years and committed to returning at least $40 billion to shareholders through dividends and stock buybacks.</li>



<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) fell by 3.8%, following a <a href="https://www.benzinga.com/24/12/42294866/this-fedex-analyst-is-no-longer-bullish-here-are-top-5-downgrades-for-tuesday">series of analyst downgrades. </a></li>



<li>United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) plummeted by 8% in reaction to Chinese export restrictions.</li>



<li>Core &amp; Main Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNM#NYSE">CNM</a>) rallied 15% in reaction to stronger-than-expected quarterly earnings. </li>
</ul>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42297318/american-exceptionalism-trade-gains-steam-as-dollar-sp-500-surge-in-lockstep-bank-of-america">&#8216;American Exceptionalism Trade&#8217; Gains Steam As Dollar, S&amp;P 500 Surge In Lockstep: Bank Of America</a></li>
</ul>



Photo: Shutterstock

Commodities

INTC

US Stocks Pause, South Korea ETFs Fall On Political Turmoil, Oil Prices Rise Above $70: What's Driving Markets Tuesday?

The &#8220;American exceptionalism&#8221; trade is making a roaring comeback, fueled by the potential resurgence of &#8220;America First&#8221; policies under the upcoming Trump administration, <a href="https://www.benzinga.com/topic/expert-ideas">according to Bank of America</a>.



Bank of America analyst Ohsung Kwon highlighted Tuesday the sharp rise in the three-month correlation between the S&amp;P 500 and the U.S. dollar, which has surged to its highest level since 2017.



<h1 class="wp-block-heading">Correlation Between U.S. Stocks, Dollar Hits Highest Since 2017</h1>



Since the election, U.S. equities have outperformed international stocks by three percentage points, while the U.S. dollar has appreciated 2.9%, signaling renewed investor confidence in America's economic resilience.



The correlation between international equities and the dollar has declined, creating a spread that reached its second-highest level in history, only behind the spike following Trump's 2016 election victory, the analyst said. 



"The recent strength in the U.S. dollar suggests the U.S. economic outlook is improving relative to other countries, which is also driving U.S. equities higher versus the rest of the world," said Kwon.



Between the 2016 election and the end of 2017, the S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gained 25%, outperforming international stocks, tracked by the iShares MSCI ACWI EX U.S. ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACWX#NYSE">ACWX</a>), by 7.6 percentage points.



The post-election rally this year — while more modest — still sees the S&amp;P 500 ahead by three percentage points.



<h1 class="wp-block-heading">Chart: U.S. Stocks Sharply Outperform Rest Of The World In 2024</h1>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-1024x501.png" alt="" class="wp-image-674808" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03110419/image-22.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h1 class="wp-block-heading">Jobs Report: The Next Catalyst For Markets?</h1>



The next test for the &#8220;American exceptionalism&#8221; trade could come Friday, with the release of the November employment report. 



Bank of America economist Stephen Juneau said the report will likely be noisy, reflecting temporary factors like the end of the Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) strike and hurricane-related recovery.



BofA expects nonfarm payrolls to jump by 240,000, bolstered by these one-off effects. To get a clearer sense of the labor market's health, Juneau suggested looking at the two-month average of payroll gains.



Adding to the strong labor market narrative, October job openings surprised to the upside. According to the official report released on Tuesday, job openings increased by 372,000 to 7.744 million in October, surpassing market expectations of 7.48 million.



The market reaction to the jobs report may be muted, with S&amp;P options pricing in just an 86-basis-point implied move — the smallest expected reaction since July.



Analysts attribute this to a combination of waning macro volatility. &#8220;Likely a combination of high data volatility, extreme forecasting challenges, and the Fed&#8217;s &#8216;data-dependent&#8217; posture,&#8221; Juneau wrote, adding that the SPY&#8217;s flat reaction to last month&#8217;s surprising inflation data &#8220;was not encouraging&#8221;



Read Next: • <a href="https://www.benzinga.com/24/12/42291861/trumps-tariff-plan-risks-economic-pain-for-north-america-goldman-sachs-warns">Trump&#8217;s Tariff Plan Risks Economic Pain For North America, Goldman Sachs Warns</a>







Photo: Shutterstock

Analyst Color

ACWX

'American Exceptionalism Trade' Gains Steam As Dollar, S&P 500 Surge In Lockstep: Bank Of America

Analysts attribute XRP&#39;s rise to the <a href="https://www.benzinga.com/money/ripple-xrp-price-prediction">third-largest cryptocurrency by market cap</a> to optimism around regulatory changes and Ripple&#39;s ecosystem expansion.

What Happened: Speaking with Benzinga, industry experts highlight how Ripple&#39;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) business growth, including the launch of its RLUSD stablecoin, and <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42293950/donald-trump-may-announce-sec-chair-pick-tomorrow-report">potential shifts in SEC leadership</a> are driving demand for XRP.

In a note sent to Benzinga, Ryan Lee, Chief Analyst at Bitget Research, pointed to the<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42185507/if-you-invested-1-000-in-xrp-token-when-sec-lawsuit-caused-mass-panic-heres-how-much-youd-"> ongoing legal battle between Ripple</a> and the SEC as a critical driver of market sentiment.

He emphasized that &quot;any positive developments in the case, such as Gary Gensler&#39;s resignation or a favorable settlement, could further boost XRP&#39;s price.&quot;

Shivam Thakral, CEO of BuyUcoin, highlighted <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42271334/xrp-price-explodes-for-447-gain-why-is-xrp-going-up-again">the 40% surge</a> in XRP&#39;s price within 24 hours, catapulting its market capitalization to over $156 billion.

Thakral attributed this spike to a more <a href="https://www.benzinga.com/24/12/42269038/crypto-faces-regulatory-shift-as-gensler-exits-and-trump-prepares-to-overhaul-sec-approach">crypto-friendly regulatory environment</a> under the Trump administration and expectations of significant market inflows.

&ldquo;Investor confidence is also buoyed by predictions of a Federal Reserve interest rate cut,&rdquo; he added.

Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42293950/donald-trump-may-announce-sec-chair-pick-tomorrow-report">Donald Trump May Announce SEC Chair Pick Tomorrow: Report</a>

Ripple&#39;s RLUSD stablecoin and its broader ecosystem growth are fueling demand for XRP.

According to Lee, Ripple&#39;s partnerships with financial institutions and the token&#39;s integral role in its infrastructure directly impact XRP&#39;s valuation.

Market analyst Alex Kuptsikevich of FxPro noted that while XRP&#39;s price has stabilized at $2.6&mdash;a level not reached since 2018&mdash;corrections are likely at this point.

He also pointed to the potential introduction of XRP-related ETFs as a future catalyst.

XRP has posted year-to-date gains of 286%, significantly outperforming 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&rsquo;s Next: Ripple&#39;s rally reclaimed the $2 level for the first time in nearly seven years, with a market capitalization exceeding $136 billion.

Ripple&#39;s expansion into stablecoins and cross-border payments, coupled with optimism surrounding SEC leadership changes, has <a href="https://www.benzinga.com/24/12/42259460/xrp-beats-solana-to-become-4th-largest-crypto-by-market-cap-on-ripples-rlusd-approval-speculation">strengthened investor sentiment.</a>

Read Next: 

<ul>
	<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42291096/coinbase-ceo-brian-armstrong-the-us-government-should-never-sell-bitcoin">Coinbase CEO Brian Armstrong: &lsquo;The US Government Should Never Sell Bitcoin&rsquo;</a></li>
</ul>

Image: Shutterstock

$XRP

XRP Price Explodes 415% In 30 Days: Experts Analyze Why XRP Is Going Up

Editor&#8217;s note: This story has been updated with additional details and to clarify a reference to South Korea&#8217;s parliament . The country&#8217;s parliament speaker is reportedly planning to convene a parliamentary session. 



South Korean President Yoon Suk Yeol declared emergency martial law in the country Tuesday, sending ETFs covering the country's stock market down Tuesday <a href="https://www.benzinga.com/premarket">in early U.S. trading.</a>



What Happened: Yoon declared "emergency martial law" Tuesday <a href="https://www.benzinga.com/topic/south-korea">for South Korea</a>, accusing the country's opposition of sympathizing with North Korea and taking part in anti-state activities.



Yoon also accused the country's opposition of controlling the parliament, as <a href="https://abcnews.go.com/International/wireStory/south-korean-president-declares-emergency-martial-law-accusing-116404418">reported </a>by ABC News.



The announced emergency martial law was declared by Yoon during a televised briefing. The South Korean president promised to "eradicate pro-North Korean forces and protect the constitutional democratic order."



Following Yoon's announcement, South Korea's Democratic Party called an emergency meeting for its lawmakers.



South Korea&#8217;s parliament speaker plans to convene a session, <a href="https://www.cnn.com/2024/12/03/asia/south-korea-martial-law-intl/index.html">CNN reported</a>, citing a local broadcaster; the entrance to parliament is reportedly blocked, with lawmakers unable to enter.



The South Korean president has accused the opposition party of turning the country into a "drug haven" and harming the country's public safety.



&#8220;The National Assembly has become a monster undermining liberal democracy, and the nation is in a precarious state, teetering on the edge of collapse," Yoon said.



Yoon told the public the martial law could cause some minor inconveniences, adding that he would attempt to minimize the impact on the public.



 "We will eliminate the anti-state forces and restore the country to normalcy as quickly as possible."



Hang Dong-hoon, the head of the president&#8217;s People Power Party, said the imposition of martial law is &#8220;wrong&#8221; and said he would &#8220;stop it with the people,&#8221; the Associated Press reported. Opposition leader Lee Jae-myung said the declaration of martial law is &#8220;illegal and unconstitutional,&#8221; per the AP. 



Yoon&#8217;s announcement marks the first period of martial law in South Korea since October 1979, the AP said. <a href="https://popup.taboola.com/en/?template=colorbox&amp;utm_source=associatedpress-apnews&amp;utm_medium=referral&amp;utm_content=rec-reel-2n5-a-2:Mid%20Article%20Reco%20Reel%20Slider:" target="_blank" rel="noreferrer noopener"></a>



Yoon's conservative People Power Party has struggled against the liberal opposition Democratic Party since taking office in 2022. The opposition party controls parliament.



The South Korean president's approval rating has fallen in recent months as he struggles to push his agenda through parliament.



A budget bill has been stuck in parliament as a result of the battle between the two parties, the report said.



Yoon has also fought off calls for independent investigations into alleged scandals that involve top officials and his wife, upsetting his political rivals.



Read Also: <a href="https://www.benzinga.com/24/12/42260627/south-korea-gets-its-first-unicorn-of-2024-as-china-based-alibaba-invests-714m-in-ably-corp">Alibaba&#8217;s $71M Bet On Ably Corp Turns It Into South Korea&#8217;s First Unicorn of 2024</a>



Why It's Important: News of the emergency martial law comes one day after South Korea's stock benchmark saw its strongest foreign inflow in over three months.



Experts said strong U.S. economic data helps South Korea, which is a heavy exporter to America, as reported by <a href="https://www.bloomberg.com/news/articles/2024-12-03/korean-stocks-lure-biggest-daily-foreign-inflow-since-august">Bloomberg</a>.



Kospi Index members had $385 million in global funds brought in over the last day, the highest total since Aug. 16.



Price Action: The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) is down 4.5% to $54.15 Tuesday morning.



The Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) is down 6.34% to $17.74. 



The Direxion Daily South Korea Bull 3X ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KORU#NYSE">KORU</a>) is down 13.2% to $4.01 in premarket trading Tuesday.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41726158/did-elon-musk-change-his-mind-on-celebrity-endorsements-tesla-signs-deal-with-viral-olympian-in-this">Did Elon Musk Change His Mind On Celebrity Endorsements? Tesla Signs Deal With Viral Olympian In This Country</a></li>
</ul>

KORU

South Korean ETFs Slide On President's Emergency Martial Law Declaration, Opposition Leader Calls Move 'Unconstitutional' (UPDATED)

President-elect Donald Trump's aggressive tariff proposal—25% on imports from Canada and Mexico—could wreak havoc on North America's economies. Goldman Sachs predicts losses for Canada and Mexico, surging consumer prices, and a <a href="https://www.benzinga.com/news/econ-s">slowdown in U.S. growth.</a>



In a note shared on Monday, Goldman Sachs economists, including Joseph Briggs, estimate that Canada and Mexico could see their gross domestic product shrink by as much as 4% under Trump's full 25% tariff proposal, while U.S. GDP could contract by 0.4%



&#8220;A large increase in tariffs on North American imports would entail significant economic costs, particularly for Canada and Mexico,&#8221; the economists said.



<h3 class="wp-block-heading">Canada And Mexico Face The Hardest Hit</h3>



The economic fallout of Trump's proposal could be catastrophic for America's closest trading partners. 



Goldman Sachs estimates that every 10-percentage-point increase in tariffs between the U.S. and its North American neighbors would cut GDP by roughly 1.5% in Canada and 2% in Mexico. Under the full 25% tariff scenario, the damage would grow to over 2.5% for Canada and 3.5% for Mexico.



The economists also warned of inflationary risks: A 25% tariff hike could raise consumer prices in Canada and Mexico by more than 2%. 



This comes as both nations are already grappling with high inflation, leaving central banks with fewer tools to soften the blow.



<h3 class="wp-block-heading">Ripple Effects On The US Economy</h3>



The tariffs aren't painless for the U.S. either. Goldman's &#8220;tariff rules of thumb&#8221; suggest that every 1 percentage point increase in the effective U.S. tariff rate raises core personal consumption expenditures prices—the Fed&#8217;s favorite inflation gauge—by 0.1% and shaves 0.05% off GDP.



Trump's North American tariff plan would increase the U.S. tariff rate by 7.3 percentage points, translating to a 0.7% bump in core PCE prices and a 0.4% GDP decline.



Trade policy uncertainty is already weighing on U.S. businesses.



&#8220;Anecdotal reports suggest that the threat of U.S. tariffs is already leading companies to reevaluate expansion plans in Mexico and Canada,&#8221; said the economists. Delayed investment and supply chain disruptions could exacerbate the economic drag.



The U.S. auto industry is particularly exposed to the risk of higher tariffs on Mexico and Canada. Shares of General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) have fallen by 9% since Trump&#8217;s announcement to raise tariffs on both countries. 



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42247850/gm-other-us-automakers-brace-for-sharp-profit-squeeze-from-trump-tariffs-analysts-warn">GM, Other US Automakers Face Sharp Profit Squeeze From Trump Tariffs, Analysts Warn</a>



<h3 class="wp-block-heading">From Trade Boost to Trade Bust?</h3>



Free trade agreements like NAFTA and the USMCA have historically boosted North American economies. Goldman estimates these agreements raised GDP by 1.5% in Canada, 2.6% in Mexico, and 0.5% in the U.S. Reversing those gains with aggressive tariffs would erase decades of progress and impose lasting damage.



&#8220;These estimates serve as a reminder of the sizable economic and market risks associated with Trump's trade proposals,&#8221; the investment bank wrote. 



Currency markets are already bracing for turbulence. Goldman's FX team believes the tariff threats will force markets to &#8220;embed a more lasting, and broader, tariff premium,&#8221; potentially weakening the Canadian dollar and Mexican peso against the U.S. dollar.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42219612/usmexico-trade-tensions-escalate-as-mexican-peso-hits-august-2022-lows-why-is-auto-industry-most-at-risk">US–Mexico Trade Tensions Escalate As Mexican Peso Hits August 2022 Lows: Why Is Auto Industry Most At Risk?</a></li>
</ul>



Photo: Shutterstock

Analyst Ratings

Trump's Tariff Plan Risks Economic Pain For North America, Goldman Sachs Warns

Analysts expect Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) to post revenue of $9.35 billion for the third quarter <a href="https://www.benzinga.com/earnings">after t</a>he <a href="https://www.benzinga.com/earnings">market closes Tuesday</a>.



That&#8217;s up from $8.72 billion in last year's third quarter, according to data<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120224&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The cloud-based software company beat revenue estimates in the second quarter. It has beaten analyst estimates in nine of the past 10 quarters overall.



Analysts anticipate Salesforce&#8217;s third-quarter earnings per share to be $2.44, up from $2.11 in last year's third quarter. The company has beaten analyst estimates for earnings per share in more than 10 straight quarters.



Guidance <a href="https://www.benzinga.com/news/earnings/24/08/40612926/salesforce-q2-earnings-revenue-beat-eps-beat-reimagining-enterprise-software-with-ai-cfo-transition">from the company</a> calls for third-quarter revenue to be in a range of $9.31 billion to $9.36 billion. Earnings per share should fall between $2.42 to $2.44.



Read Also: <a href="https://www.benzinga.com/24/12/42273871/okta">Salesforce Stock Balances Bullish, Bearish Signals Ahead Of Earnings</a>



What Analysts Are Saying: Salesforce has two more quarterly results to report for fiscal 2025. 



"F2026 is shaping up to be an important transitional year for CRM as it executes on laying the groundwork to bring AI agents to the enterprise masses with new pricing and packaging offers that could better position the company for a F2027 rebound," Piper Sandler analyst Brent Bracelin said.



Bracelin maintained an Overweight rating and raised the price target from $325 to $395 in a new investor note.



There could be some downside risk to fiscal 2026 revenue estimates, he added. But free cash flow growth could be a key moving forward. Pressure includes macroeconomic concerns, budget battles for customers, AI experimentation and longer sales cycles.



"Investor sentiment has clearly improved with CRM shares +30% in the last three-months. We would look to opportunistically add to positions on potential pullbacks."



Needham analyst Scott Berg maintained a Buy rating and $345 price target on Salesforce ahead of the third-quarter financial results.



"We expect CRM to report modest upside during third quarter as we believe the overall demand environment showed signs of subtle improvement versus last quarter," Berg said.



The analyst expects a "marginal upside" in the third quarter after a second-quarter report mostly in line. Positive pipeline trends have been driven by Agentforce, which will be a main topic of discussion from the company, Berg added. &nbsp;



"We expect strength in the quarter to be driven by the continued ramp of Data Cloud, which could gain a tailwind from the recently released Agentforce solution."



Berg said Agentforce could drive incremental sales to sales and services and the demand for the product could help re-accelerate subscription revenue growth.



Price Action: Salesforce stock was down 0.11% from $331.01 in pre-market trading Tuesday versus a 52-week trading range of $212 to $348.86. Salesforce stock is up 29% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/top-stories/24/11/42250059/how-to-earn-500-a-month-from-salesforce-stock-ahead-of-q3-earnings">How To Earn $500 A Month From Salesforce Stock Ahead Of Q3 Earnings</a></li>
</ul>



Photo: Shutterstock

Price Target

Previews

Reiteration

Trading Ideas

Salesforce Q3 Earnings Preview: Analyst Says 'Transitional Year' Ahead, Recommends Buying The Dip

A Delaware judge once again struck down a compensation plan for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk from 2018 <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42279851/elon-musk-56b-pay-package-rejected-by-judge-again-tesla-analyst-says-a-soap-opera-playing-out-in-delaware">on Monday</a>, six months after Tesla shareholders approved the $56 billion pay package for <a href="https://www.benzinga.com/news/24/06/39323339/tesla-shareholders-approve-elon-musk-56b-pay-package-other-company-proposals" target="_blank" rel="noreferrer noopener">a second time.</a>



The Timeline: Delaware Chancery Court Judge&nbsp;Kathaleen McCormick&nbsp;ruled in January that the pay package would be voided due to Tesla&#8217;s board being influenced by Musk when they adopted the plan.&nbsp;Tesla shareholders voted again to reinstate the package in June. 



However, McCormick again ruled against the package on Monday. Tesla said in a post on X that the company deems the ruling to be wrong and intends to appeal to the Delaware Supreme Court while adding that the judge overruled a supermajority of shareholders. However, appealing could typically take around a year. 



What Next: Tesla board chair Robyn Denholm said in June prior to shareholders voting for the pay package yet again that there are multiple possibilities if the package gets rejected. The board then considered creating a new pay plan but the decision would cost shareholders more or result in decreased motivation for the company CEO, Denholm then said, as <a href="https://www.businessinsider.com/tesla-robyn-denholm-what-happens-elon-musk-pay-plan-rejected-2024-6">reported</a> by Business Insider.



Ratifying a new plan could cost the EV giant&#8217;s shareholders an additional $25 billion in the form of stock-based compensation, according to Denholm.



The 2018 pay package awarded Musk stock options if the company hit certain performance and financial targets. Musk cleared all targets, giving the award a hefty value. While the package was originally valued at up to $56 billion, it is now worth over $100 billion given the stock&#8217;s recent rally following Trump&#8217;s re-election to the white house, as per Reuters. 



According to Tesla, formulating a new pay package or offering Musk the old one could both be costly. While a settlement is possible in the lawsuit, it is unlikely given Musk&#8217;s previous track record of taking cases to trial. 



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>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42259569/chinese-ev-behemoth-and-tesla-rival-byd-marks-68-growth-in-november-sales-on-rising-popularity-of-plug-in-hybrid-evs" target="_blank" rel="noreferrer noopener">Tesla Rival BYD Marks 68% Growth In November Sales Driven By Popularity Of Plug-In Hybrid EVs</a></li>
</ul>



Photo courtesy: Shutterstock

Legal

TSLA

Tesla Chair Estimates New Pay Plan For Elon Musk Could Cost $25B More. Now, Delaware Judge Has Rejected It For The 2nd Time: Here's What's Coming Next

Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) announced the <a href="https://www.benzinga.com/trading-ideas/movers/24/12/42268387/super-micro-computer-stock-is-surging-today-whats-behind-the-move">completion of an independent review </a>on Monday. The review, conducted by an Independent Special Committee, found no &#8220;evidence of misconduct&#8221; by the company&#8217;s management or board.



What Happened: The review was initiated in response to allegations of misconduct. Following the report, the company shares popped over 30% on Monday and gained 7% during Tuesday&#8217;s premarket session.



Despite acknowledging "modest lapses," JPMorgan analysts have highlighted two crucial aspects to watch in the aftermath of the review. The first is whether Super Micro&#8217;s <a href="https://www.benzinga.com/trading-ideas/movers/24/10/41625460/super-micro-computer-stock-dives-as-auditor-resigns-whats-going-on">newly appointed independent auditors,</a> BDO, will accept the committee&#8217;s findings.



The server manufacturer had brought BDO on board in mid-November due to consistent delays in submitting its 2024 year-end report to the SEC, <a href="https://www.investing.com/news/stock-market-news/smci-jpmorgan-says-watch-these-two-points-after-special-committee-review-3750232">Investing</a>.com reported.



See Also: <a href="https://www.benzinga.com/news/global/24/12/42284511/tesla-china-sees-robust-demand-in-q4-with-registrations-up-14-2-yoy-so-far-expert-says-ev-giant-on-track-for-best-quarter-ever">Tesla China Sees Robust Demand In Q4, With Registrations Up 14.2% YoY So Far: Expert Says EV Giant On Track For &#8216;Best Quarter Ever&#8217;</a>



The second aspect emphasized by JPMorgan is whether Nasdaq will grant Super Micro&#8217;s request for an extension to regain <a href="https://www.benzinga.com/24/11/42082542/supermicro-computer-shares-soar-32-as-it-avoids-nasdaq-delisting-but-analysts-are-not-convinced-heres-whats-coming-next-for-smci">compliance with listing rules.</a> The company had previously announced in November its plan to file its 2024 financials.



The independent committee&#8217;s recommendations included replacing the Chief Financial Officer, appointing a Chief Accounting Officer and a Compliance Officer, and bolstering its legal department and compliance-related training.



Why It Matters: Despite a substantial dip from their annual highs due to repeated delays in filing annual reports and allegations of accounting malpractice<a href="https://www.benzinga.com/trading-ideas/short-ideas/24/08/40579899/super-micro-computer-stock-falls-on-short-report-hindenburg-says-company-has-accounting"> by short-seller Hindenburg Research</a>, Super Micro shares have seen an increase of about 47% in 2024.



The company, a provider of servers for advanced AI programs, has reaped the benefits of its exposure to the rapidly expanding artificial industry.



See Also: <a href="https://www.benzinga.com/24/12/42283257/charles-schwab-goldman-sachs-invesco-add-mara-holdings-morgan-stanley-cuts-stake-here-is-what-changed-with-mara-holdings-in-q3" target="_blank" rel="noreferrer noopener">Charles Schwab, Goldman Sachs Boosts MARA Stake As Stock Rallies 30% In Past 6 Months</a>



According to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, based on an average price target of $27.67 between Goldman Sachs, JP Morgan, and Wedbush, there's an implied 34% downside for Super Micro Computer. The consensus rating forecast on <a href="https://www.benzinga.com/quote/SMCI/analyst-ratings" target="_blank" rel="noreferrer noopener">Benzinga</a>, suggests a score of 2.7 out of 5 points, which implies holding the stock.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/SMCI/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03043048/Screenshot-2024-12-03-at-3.00.40%E2%80%AFPM-1024x389.png" alt="" class="wp-image-674098"/></a></figure>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/12/42262916/ark-invests-cathie-wood-says-stock-market-will-broaden-out-under-trump-but-growth-wont-be-linear-nothing-goes-up-in-a-straight-line">Ark Invest&#8217;s Cathie Wood Says Stock Market Will &#8216;Broaden Out&#8217; Under Trump, But Growth Won&#8217;t Be Linear: &#8216;Nothing Goes Up In A Straight Line&#8217;</a></li>
</ul>



Image via Shutterstock

Pre-Market Outlook

SMCI

Super Micro Shares Jump 7% In Premarket As Special Committee Clears It Of 'Misconduct' Allegations, But Top Investment Bank Flags 2 Key Aspects To Watch

U.S. stock futures were in negative territory during Tuesday&#8217;s premarket hours as the dollar slipped to 106.3 level.



The U.S. 10-year and two-year Treasury notes yielded 4.21% and 4.18%, respectively. Expectations of a further 25 basis point rate cut in December rose to 72.5%, according to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME Group&#8217;s FedWatch tool</a>.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.08%</td></tr><tr><td>S&amp;P 500</td><td>-0.02%</td></tr><tr><td>Dow Jones</td><td>-0.07%</td></tr><tr><td>Russel 2000</td><td>-0.11%</td></tr></tbody></table></figure>



In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was down 0.01% to $603.60 and the Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.09% to $514.84, according to <a href="https://www.benzinga.com/">Benzinga Pro</a> data.



Cues From The Last Session



The U.S. stock market closed higher on Monday, with the <a href="https://www.benzinga.com/24/12/42282669/sp-nasdaq-settle-at-record-highs-as-tesla-shares-surge-investor-sentiment-decreases-but-fear-greed-index-remains-in-greed-zone">S&amp;P 500 and Nasdaq Composite reaching new highs</a>.



Key Drivers:



<ul>
<li>Tesla Boost: Tesla shares surged 3.5% after Roth MKM upgraded the stock and raised its price target.</li>



<li>Super Micro Rebound: Super Micro Computer stock jumped 29% following a positive company announcement.</li>



<li>Economic Data: U.S. construction spending increased and the ISM manufacturing PMI rose, beating expectations.</li>



<li>Sector Performance: While most S&amp;P 500 sectors closed lower, communication services and consumer discretionary stocks outperformed. Utilities, real estate, and financials lagged.</li>
</ul>



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.97%</td><td>19,404</td></tr><tr><td>S&amp;P 500</td><td>0.24%</td><td>6,047.15</td></tr><tr><td>Dow Jones</td><td>-0.29%</td><td>44,782</td></tr><tr><td>Russel 2000</td><td>-0.02</td><td>2,434</td></tr></tbody></table></figure>



Also read: <a href="https://www.benzinga.com/markets/equities/24/12/42282948/ubs-forecasts-sp-500-to-hit-6600-in-2025-citing-support-from-over-easy-global-central-bank-policy">UBS Forecasts S&amp;P 500 To Hit 6,600 In 2025, Citing Support From &#8216;Over-Easy Global Central Bank Policy&#8217;</a>



Insights From Analysts: Chief investment officer at UBS Global Wealth Management, Mark Haefele termed the decade so far as the &#8220;Roaring 20s,&#8221; marked by high economic growth, strong market returns, and improving productivity.



In his ‘<a href="https://www.ubs.com/global/en/wealthmanagement/insights/chief-investment-office/roaring-20s-the-next-stage.html#review">UBS Year Ahead 2025 Report</a>‘ he said "After strong years for equities in 2023 and 2024, we see further upside in 2025. We expect the S&amp;P 500 to reach 6,600 by the end of 2025, around 10% higher than today&#8217;s levels."



"We expect central banks to cut interest rates further in the year ahead, reducing cash returns," Haefele added.



Highlighting his economic outlook he said, "In our base case, we expect sustained economic growth in the U.S., supported by healthy consumption, loose fiscal policy, and lower interest rates. Tariff threats are a headwind for Asia and Europe. If imposed, they could be partially offset by reactive stimulus measures in China."



Chief market strategist at Carson Group LLC, Ryan Detrick highlighted that &#8220;With a new high in December, we&#8217;ve seen new highs in 10 out of 12 months this year (April and August didn&#8217;t).&#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">Today was the 54th all-time high in &#39;24 for the S&amp;P 500. Officially the 5th most ever (since 1957 when it moved to 500 stocks). 62 in 2017 is next up. With a new high in December, we&#39;ve seen new highs in 10 out of 12 months this year (April and August didn&#39;t). Not bad. <a href="https://t.co/FiEJ27kjVr">pic.twitter.com/FiEJ27kjVr</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1863771861034668045?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Unrelated to past cycles, global central banks are easing monetary policy despite strong economic growth, high asset prices, and elevated inflation, said Bob Elliott, the chief investment officer at Unlimited Funds. Elliott presented the underlying data reiterating these conditions in a thread on X, indicating a positive sign for the markets.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The global economy is getting a shot of adrenaline from a coordinated central bank easing. But unlike the past, it comes at a time when growth is pretty good, asset prices are near highs, and inflation remains elevated. Thread.&mdash; Bob Elliott (@BobEUnlimited) <a href="https://twitter.com/BobEUnlimited/status/1863551595545334237?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Upcoming Economic Data



This week&#8217;s economic calendar is packed after a short last week due to Thanksgiving.



<ul>
<li>On Tuesday, job openings data for October will be released at 10:00 a.m. ET and auto sales data will be released for which the time is yet to be determined.</li>



<li>On Wednesday, November&#8217;s data on ADP employment will be released at 8:15 a.m. ET.</li>



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



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



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



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



<li>On Thursday, initial jobless claims data for November and U.S. trade deficit data for October will be released at 8:30 a.m. ET.</li>



<li>On Friday, the U.S. employment report, U.S. unemployment rate, and U.S. hourly wages data will be released at 8:30 a.m. ET.</li>



<li>The preliminary data for consumer sentiment will be released at 10 a.m. ET.</li>



<li>Chicago Fed President Goolsbee will speak at 10:30 a.m., ET.</li>



<li>Consumer credit data will be released at 3:00 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Shimmick Construction (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHIM#NASDAQ">SHIM</a>) was 57.5% higher at $4.43 apiece in premarket after it landed a $45.4 million contract to build the Murray Street Bridge in Santa Cruz.</li>



<li>Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)<a href="https://www.benzinga.com/24/12/42284776/super-micro-shares-rise-over-7-in-premarket-after-independent-special-committee-found-no-evidence-of-misconduct-but-top-investment-bank-flags-two-key-points-to-watch"> was 6.67% up</a> at $44.8 per share after it announced that the independent Special Committee formed by the company&#8217;s board completed its review.</li>



<li>Santi Biosciences Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNTI#NASDAQ">SNTI</a>) shares were 4.50% down at $9.55 apiece after it secured a $37.6 million private placement financing through the sale of 16,713 shares of Series A Convertible Preferred Stock.</li>



<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares were down 1.3% to $352.44 apiece after Elon Musk&#8217;s pay package was rejected again by a Delaware judge despite being approved by Tesla shareholders at a June meeting.</li>



<li>Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) was up 0.17% at $23.97 per share after the retirement announcement of its chief executive officer, Pat Gelsinger.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures rose in the early New York session, advancing 0.91% to hover around $68.72.



The Dollar Index was down 0.12% to 106.3 level. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down 0.16% over the past 24 hours and traded just over the $95K mark.



Major Asian markets closed higher on Tuesday. European markets were also upbeat. 



<ul>
<li>Read next: <a href="https://www.benzinga.com/24/12/42283257/charles-schwab-goldman-sachs-invesco-add-mara-holdings-morgan-stanley-cuts-stake-here-is-what-changed-with-mara-holdings-in-q3">Charles Schwab, Goldman Sachs Boosts MARA Stake As Stock Rallies 30% In Past 6 Months: Morgan Stanley, Other Major Funds Trim Positions In Q3</a></li>
</ul>



Image via Shutterstock

SHIM

SNTI

US Stock Futures Dip As Dollar Slides And Treasuries Rise After S&P Hits 54th All-Time High This Year: Analyst Sees 'Further Upside' Of Around 10% In 2025 From Current Levels

A Delaware judge has once again struck down a compensation plan for Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk from 2018, news that comes six months after Tesla shareholders approved the pay package for<a href="https://www.benzinga.com/news/24/06/39323339/tesla-shareholders-approve-elon-musk-56b-pay-package-other-company-proposals"> a second time.</a>



 What Happened: A <a href="https://www.benzinga.com/news/24/06/39537125/elon-musks-tesla-pay-package-saga-continues-latest-developments">2018 pay compensation plan</a> provided several milestones that seemed extremely hard for Musk and Tesla to hit, with high payouts if he could accomplish the improbable.



Musk hit the milestone accomplishments from the 2018 incentive plan which led to options paid out worth around $56 billion, as reported by <a href="https://news.bloomberglaw.com/us-law-week/musk-record-tesla-pay-package-rejected-again-by-delaware-judge">Bloomberg</a>.



Delaware Chancery Court Judge Kathaleen McCormick ruled in January that the pay package would be voided due to Tesla's board being influenced by Musk when they adopted the plan. A lawsuit against the plan was previously brought forth by a Tesla shareholder.



McCormick ruled once again against the pay package Monday, despite shareholders approving the compensation plan again in a vote announced in June. An overwhelming majority of 77% of votes cast were in favor of the pay package for Musk, the company previously revealed.



The judge <a href="https://courts.delaware.gov/Opinions/Download.aspx?id=372420">said </a>the defendants failed to prove "entire fairness" in the case.



"The defendants responded by putting the rescinded compensation plan — the exact same plan that the post-trial opinion deemed a breach of the duty of loyalty — to a stockholder vote for the stated purpose of ‘ratifying' it," McCormick writes.



McCormick denied the motion to revise and said the defendants' argument goes against settled law and there are at least "four fatal flaws" in their argument. The judge said there was evidence created after trial, common-law ratification can't be raised for the first time after the post-trial opinion, a shareholder vote cannot ratify a transaction and misstatements in the shareholder vote proxy statement were all fatal flaws.



"Each of these defects standing alone defeats the motion to revise."



The judge also ruled in favor of the plaintiffs for attorney fees in the amount of $345 million, which was less than the $5.6 billion being asked. The fee can be paid via cash or Tesla stock the ruling said.



The judge's ruling will likely be appealed, which could continue to be an overhang on Tesla stock in the coming months.



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



Why It's Important: Musk is the world's richest person, worth an estimated $343 billion and up $113 billion in 2024 as reported by <a href="https://www.bloomberg.com/billionaires/?sref=TBDibEcD">Bloomberg</a>.



Musk's wealth recently hit an all-time high with Tesla stock soaring and increased valuations for other Musk-related companies gaining after the 2024 election win by his friend Donald Trump.



The pay package is the largest for a U.S. corporate executive and the Tesla shares would be worth over $100 billion now, based on the current share price.



Without the payout, Musk will likely remain the world's richest person, but the news could take a cut out of his wealth.



Wedbush analyst Daniel Ives <a href="https://x.com/DivesTech/status/1863710814651195505">said </a>the pay package being rejected was not a surprise.



"We expect the Musk $56 billion pay package now goes to appeal in Delaware courts and eventually could go the Federal appeals process depending on next steps," Ives tweeted. "This continues to be a soap opera playing out in Delaware."



TSLA Price Action: Tesla stock is down 1.35% to $352.26 in after-hours trading Monday after gaining a little over 3% earlier in the trading session. Tesla stock has traded between $138.80 and $361.92 over the last 52 weeks and is up 43.7% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/06/39324085/elon-musk-thanks-shareholders-says-tesla-starting-a-new-book-could-hit-30-trillion-valuation-hot-d-i">Elon Musk Thanks Shareholders, Says Tesla &#8216;Starting A New Book,&#8217; Could Hit $30 Trillion Valuation: &#8220;Hot D&#x2A;&#x2A;&#x2A;, I Love You Guys&#8217;</a></li>
</ul>



Photo: Shutterstock

Management

Elon Musk $56B Pay Package Rejected By Judge Again: Tesla Analyst Says 'Soap Opera Playing Out In Delaware'

Leading cryptocurrencies corrected Monday after the U.S. government moved nearly $2 billion in Bitcoin to new addresses.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.56%</td><td>$95,870.15</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.58%</td><td>$3,641.51</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.99%</td><td>$0.4231</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency dipped to an intraday low of $94,600 after on-chain data showed the outward movement of around 19,800 BTCs, worth $1.92 billion, confiscated from the <a href="https://www.benzinga.com/topic/silk-road">online black market Silk Road</a>, from the address linked to the U.S. government.



Analytics firm Arkham said that the stash was split into two wallets, from where about 10,000 BTCs, or $963 million, were moved to cryptocurrency exchange Coinbase.



<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">ALERT: US GOVERNMENT MOVING $1.92B BTC TO NEW ADDRESS Address: bc1q0av33ktzrkjps8exjex5gtv98vx225uqmzhspm <a href="https://t.co/JSELsjFg5T">pic.twitter.com/JSELsjFg5T</a>&mdash; Arkham (@arkham) <a href="https://twitter.com/arkham/status/1863623883422679160?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The resultant FUD gripped the larger market, pushing Ethereum to fall below $3,600 until dip buying sparked a comeback.



The correction triggered nearly $600 million in liquidations in the last 24 hours, with about $425 million in bullish bets getting wiped out.



Bitcoin's Open Interest (OI) dropped by 1.41% in the 24-hour period, while the Long/Shorts Ratio fell further, signaling the dominance of bearish positions in the derivatives market.



Owing to the FUD, the "Extreme Greed" sentiment fell marginally from 80 to 76 in the last 24 hours, per the Cryptocurrency Fear &amp; Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Kaia (KAIA)</td><td>+53.04%</td><td>$0.3972</td></tr><tr><td>Hedera (HBAR)</td><td>+48.41%</td><td>$0.3138</td></tr><tr><td>Chainlink (LINK)</td><td>+31.53%</td><td>$24.97</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.47 trillion, following a slight decrease of 0.31% in the last 24 hours.



Stocks spiked to record highs to kickstart 2024's last trading month. The S&amp;P 500 closed 0.24% higher at 6,047.15, while the tech-heavy Nasdaq Composite surged 0.97%, ending at 19,403.95.



Investors parsed encouraging macroeconomic data Monday, as the Manufacturing Purchasing Managers' Index (PMI) <a href="https://www.benzinga.com/24/12/42270045/us-manufacturing-output-tops-forecasts-in-november-is-the-sectors-crisis-over">rose from October's 46.5% to 48.4% in November</a>, beating analyst expectations of 47.5%. This marked the slowest contraction in the manufacturing sector since June.



This next focus will be on the crucial monthly jobs report for November, slated for Friday.



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



Analyst Notes: A widely followed cryptocurrency analyst, going by the pseudonym Wolf, projected a sharp correlation for Bitcoin after it broke the $100,000 milestone.



"A breakout above $100,000 would trigger retail FOMO, only to be followed by a 20-25% correction. This kind of structure is something we've seen just a few months ago and is typical in crypto markets," the analyst emphasized.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A breakout above 100k would trigger retail FOMO, only to be followed by a 20-25% correction. This kind of structure is something we've seen just a few months ago and is typical in crypto markets. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://t.co/VBguEosE6B">pic.twitter.com/VBguEosE6B</a>&mdash; Wolf &#x1f43a; (@IamCryptoWolf) <a href="https://twitter.com/IamCryptoWolf/status/1863656542718882123?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Cryptocurrency analyst and trader Ali Martinez noted a decline in on-chain activity for the Bitcoin network, with daily active addresses, transaction volume, and whale activity cooling down over the past week.



"We need a spike in these metrics to confirm a continuation of the uptrend," Ali stated.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/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> daily active addresses, transaction volume, and whale activity have slowed down over the past week. We need a spike in these metrics to confirm a continuation of the uptrend. <a href="https://t.co/DHhP3FTwd7">pic.twitter.com/DHhP3FTwd7</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1863644579418808496?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Photo by CMP_NZ on Shutterstock



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Bitcoin, Ethereum, Dogecoin Dip As Investors Get Spooked By US Government's $2B BTC Transfer: Analyst Says Breakout Above $100K Could Trigger 20-25% Correction In Top Crypto

On Monday, Cathie Wood&#8217;s Ark Invest made significant moves in its portfolio, notably involving Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) and Pinterest Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>).



The Spotify Trade



Ark Invest&#8217;s Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) ETFs offloaded shares of Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>). The ARKF ETF sold 2,408 shares, while the ARKW ETF sold a more substantial 7,614 shares. Based on Spotify&#8217;s closing price of $480.27 on the day of the trade, the total value of the sold shares amounts to approximately $4.8 million.



This move comes days after Spotify&#8217;s recent launch of <a href="https://www.benzinga.com/24/11/42195174/spotify-introduces-marketing-tools-for-audiobook-authors">Spotify for Authors</a>, a new set of tools aimed at authors and publishers who distribute their audiobooks on its platform. Furthermore, <a href="https://www.benzinga.com/insights/options/24/11/41811361/spotlight-on-spotify-technology-analyzing-the-surge-in-options-activity">a surge in options activity</a> was observed for Spotify, indicating a bullish stance from investors with significant capital.



The Pinterest Trade



Conversely, Ark Invest&#8217;s ARKF and ARKW ETFs bought shares of Pinterest Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>). The ARKF ETF purchased 37,519 shares, and the ARKW ETF acquired a whopping 118,619 shares. Given Pinterest&#8217;s closing price of $30.43 on the day of the trade, the total value of the purchased shares is approximately $4.7 million.



This purchase follows Pinterest&#8217;s third-quarter earnings report, which revealed a <a href="https://www.benzinga.com/news/earnings/24/11/41827920/pinterest-q3-earnings-revenue-beat-eps-miss-soft-guidance-ai-investments-paying-off-and-more">revenue beat, an EPS miss, and soft guidance</a>. Despite the mixed results, Pinterest&#8217;s investments in AI appear to be paying off, with total revenue up 18% YoY and global monthly active users increasing by 11% YoY.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42258934/dogecoin-bounces-9-after-bernie-sanders-views-align-with-elon-musks-doge-department?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Bounces 9% After Bernie Sanders&#8217; Views Align With Elon Musk&#8217;s &#8216;DOGE&#8217; Department</a>



Other Key Trades:



<ul>
<li>Wood&#8217;s Ark purchased 4,012 shares of Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) for its ARKF fund. The transaction was valued at $569,944.</li>



<li>ARKG sold stock of Senti Biosciences Inc (SNTI) and shares of Butterfly Network Inc (BFLY)</li>



<li>ARKG bought shares of Absci Corp (ABSI) and shares of Pacific Biosciences of California Inc (PACB). ARKX sold shares of Garmin Ltd (GRMN).</li>
</ul>



Image via Benzinga YouTube and Unsplash



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42256519/shiba-inu-soars-to-eight-month-high-up-13-as-meme-coins-rally?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Soars To Eight-Month High, Up 13% as Meme Coins Rally</a></li>
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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>

ARKF

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Cathie Wood's Monday Moves: $4.8M Spotify Stock Sale Meets $4.7M Pinterest Shopping Spree

Bank of America analysts shared a positive outlook for stocks in 2025 during Monday&#8217;s conference call on the <a href="https://www.benzinga.com/topic/expert-ideas">economic and market forecast.</a>



According to the bank, the S&amp;P 500 Index—as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)—will climb to 6,666 by the end of 2025, marking a 10% increase from current levels. The forecast underscores confidence in productivity gains, resilient corporate earnings, and strategic sector rotation.



<h3 class="wp-block-heading">16 Years Of S&amp;P 500: From 666 To 6,666</h3>



"We are expecting another good year for equities," said Savita Subramanian, head of U.S. equity strategy at Bank of America. "Our forecast is basically a move from 666 in 2009 to 6,666 in 2025." 



This translates to an annualized return of approximately 10%, driven by robust earnings growth and broader participation across sectors.



The equity outlook for 2025 leans heavily on a projected 13% corporate earnings growth. 



"Although we do believe that 2025 will be a year of rotation rather than just buy the index," Subramanian indicated, hinting at a focus on cyclical stocks as investors seek opportunities beyond mega-cap tech.



Read Also: <a href="https://www.benzinga.com/24/11/42246831/morgan-stanley-sounds-alarm-for-markets-in-2025-sp-500-is-extremely-expensive">Morgan Stanley Sounds Alarm For Markets In 2025: &#8216;S&amp;P 500 Is Extremely Expensive&#8217;</a>



<h3 class="wp-block-heading">Sector Rotation and Valuation Themes</h3>



Bank of America's analysis points to cyclicals, particularly financials, energy, and consumer sectors, as key outperformers in 2025. 



Subramanian said that &#8220;the average stock is more attractive than the overall index,&#8221; citing the sharp gap between equal-weighted and cap-weighted S&amp;P 500 valuations.



Analysts at Bank of America highlighted opportunities in large-cap value stocks – as broadly tracked by the Vanguard S&amp;P 500 Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOOV#NYSE">VOOV</a>) – which they view as well-positioned to weather inflation and interest rate uncertainties. 



&#8220;The key risk under Trump 2.0 is the potential for higher inflation and higher long term interest rates. Our favorite cohort of the S&amp;P 500 is large cap value,&#8221; Subramanian said.



Small caps are expected to outperform large-cap counterparts during the first year of Donald Trump&#8216;s second term.



&#8220;We think the narrative on small caps as the biggest potential outperform,&#8221; analyst Jill Carey Hall said.



However, she indicated that if tariffs and immigration policies are enacted as proposed, especially with a front-loaded approach, they could pose a significantly greater risk to small-cap stocks.



&#8220;Recently proposed tariffs on Canada and Mexico could be a 7% hit to Russell earnings,&#8221; the analyst added. 



<h3 class="wp-block-heading">Productivity and Economic Growth</h3>



Economist Aditya Bhave continues to predict a strong U.S. economy, with productivity gains driving GDP growth to around 2% in 2025. 



"Productivity has accelerated," Bhave said. "We're now on a faster trend growth rate since the start of the pandemic than we were in the previous cycle."



While inflation is moderating, Bank of America warned of persistent risks. "We expect a few tenths extra inflation from tariffs and underlying inflation even setting aside policy changes as being a little bit sticky," Bhave stated.



<h3 class="wp-block-heading">Fed Policy And Risks</h3>



The Federal Reserve is expected to cut rates three times in 2025, bringing the terminal rate to 3.75-4%, according to Bank of America. 



However, Bhave cautioned about uncertainties tied to inflation and trade policy, particularly the potential impact of tariffs.



"Tariffs could add a few tenths to inflation, particularly against China, though FX could offset some of the impact," Bhave said.



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Photo: Shutterstock

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S&P 500 At 6,666 In 2025? Bank Of America Predicts 'Another Good Year For Equities'

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