The Magnificent Seven, a group of top-performing tech stocks, has delivered extraordinary returns since Joe Biden was elected in early November 2020, significantly outpacing <a href="https://www.benzinga.com/">the broader stock market. </a>



An equally weighted portfolio of Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has returned 213.6% over the last four years. This equates to a compounded annualized growth rate, or CAGR, of about 25%.



To put this in perspective, an investor who put $10,000 into this tech-heavy basket on Nov. 3, 2020 would have seen their investment grow to roughly $31,360 by Nov. 5, 2024.



In contrast, an equivalent investment in the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) would have grown by 74%, for a CAGR of just 14.8%, resulting in an end balance of about $17,400.



Here&#8217;s a closer look at how these tech giants fared individually under Biden and how their performance compares to the Trump era.



<h3 class="wp-block-heading">Magnificent 7 Performance In The Biden Years</h3>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Stock</th><th>Return (%)</th><th>CAGR (%)</th><th>Market Cap (Nov. 3, 2020)</th><th>Market Cap (Nov. 5, 2024)</th></tr></thead><tbody><tr><td>NVIDIA</td><td>967.92%</td><td>80.56%</td><td>$321.69 billion</td><td>$3.42 trillion</td></tr><tr><td>Meta Platforms</td><td>114.22%</td><td>20.98%</td><td>$755.65 billion</td><td>$1.44 trillion</td></tr><tr><td>Alphabet</td><td>105.85%</td><td>19.78%</td><td>$1.1 trillion</td><td>$2.09 trillion</td></tr><tr><td>Apple</td><td>101.13%</td><td>19.08%</td><td>$1.88 trillion</td><td>$3.37 trillion</td></tr><tr><td>Microsoft</td><td>99.55%</td><td>18.85%</td><td>$1.56 trillion</td><td>$3.07 trillion</td></tr><tr><td>Tesla</td><td>77.48%</td><td>15.42%</td><td>$415.27 billion</td><td>$807.74 billion</td></tr><tr><td>Amazon</td><td>29.36%</td><td>6.64%</td><td>$1.53 trillion</td><td>$2.08 trillion</td></tr></tbody><tfoot><tr><td>Average return, CAGR / Total market cap.</td><td>213.64%</td><td>25.02%</td><td>$7.58 trillion</td><td>$16.26 trillion</td></tr></tfoot></table></figure>



Among the Magnificent Seven, Nvidia as been the standout performer under Biden, surging 967.92% with an annualized return of 80.56%. This explosive growth, driven by the AI boom and demand for GPUs, has catapulted NVIDIA's market cap from $321.69 billion to over $3.4 trillion.



Apple, Microsoft, and Alphabet have all roughly doubled in market value under Biden, each delivering annualized returns close to 19%. These established tech giants benefited from strong growth in their cloud, advertising and services segments.



Tesla performance lagged behind the average of the basket. Tesla shares rose 77.48%, translating to a CAGR of 15.42%. The company&#8217;s market cap nearly doubled, reaching $807.74 billion.



Amazon stands out as a relative laggard in this group, with only a 29.36% gain — translating to a 6.64% CAGR — over the same period. The company has faced headwinds from slowing e-commerce growth post-pandemic and rising costs impacting its profitability.



<h3 class="wp-block-heading">Magnificent 7 Performance Under Trump</h3>



The same basket of tech stocks had an even more impressive run under the Trump administration from Nov. 8, 2016 to Nov. 2, 2020.



The SPY ETF delivered a 67% gain during the same time frame, slightly lagging broader market returns under Biden.



Here&#8217;s how each Magnificent Seven stock and the equally weighted basket performed during Trump&#8217;s tenure:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Stock</th><th>Return (%)</th><th>CAGR (%)</th><th>Market Cap (Nov. 8, 2016)</th><th>Market Cap (Nov. 2, 2020)</th></tr></thead><tbody><tr><td>NVIDIA</td><td>631.84%</td><td>64.47%</td><td>$38.07 billion</td><td>$310.85 billion</td></tr><tr><td>Meta Platforms</td><td>113.57%</td><td>20.89%</td><td>$358.60 billion</td><td>$744.35 billion</td></tr><tr><td>Alphabet</td><td>102.67%</td><td>19.32%</td><td>$552.28 billion</td><td>$1.10 trillion</td></tr><tr><td>Apple</td><td>297.77%</td><td>41.22%</td><td>$592.21 billion</td><td>$1.85 trillion</td></tr><tr><td>Microsoft</td><td>241.38%</td><td>35.93%</td><td>$470.18 billion</td><td>$1.53 trillion</td></tr><tr><td>Tesla</td><td>987.26%</td><td>81.59%</td><td>$29.22 billion</td><td>$379.64 billion</td></tr><tr><td>Amazon</td><td>286.98%</td><td>40.26%</td><td>$331.19 billion</td><td>$1.51 trillion</td></tr></tbody><tfoot><tr><td>Average return, CAGR / Total market cap.</td><td>380.2%</td><td>43.38%</td><td>$2.56 trillion</td><td>$7.42 trillion</td></tr></tfoot></table></figure>



Under Trump&#8217;s administration, the Magnificent Seven returned an average of 380.2%, with an annualized return of 43.38%.



A $10,000 investment in an equally weighted basket of the Magnificent Seven stocks at the start of Trump&#8217;s term would have grown to approximately $48,020 by Nov. 2, 2020.



This performance was driven by massive rallies, especially in Tesla and Nvidia, which surged 987.26% and 631.84%, respectively.



These stocks were boosted by early enthusiasm for electric vehicles and semiconductor technology, which set the stage for further gains in the Biden era.



Amazon and Apple also thrived during Trump's tenure, with gains of 286.98% and 297.77%, respectively, benefiting from booming e-commerce and strong iPhone sales. 



Even the more mature players, Microsoft and Alphabet, saw their market caps more than double, reflecting the ongoing expansion of cloud computing and digital advertising.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41720723/tesla-vs-nvidia-stock-performance-under-biden-might-reveal-truth-about-elon-musks-support-for-tr">Tesla Vs. Nvidia Stock Performance Under Biden Might Reveal Truth About Elon Musk&#8217;s Support For Trump</a></li>
</ul>



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Magnificent 7 Basket Notches Over 200% Gain Since Biden's Election: How Did Tech Giants Perform Under Trump?

On Tuesday, the recently launched 2024 election contracts on Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) surpassed the 200 million milestone.



On Monday, Robinhood CEO Vlad Tenev <a target="_blank" href="https://www.benzinga.com/general/sports-betting/24/11/41719799/robinhood-passes-100-million-2024-election-contracts-do-users-favor-trump-or-harris-on-sto" rel="noreferrer noopener">shared</a> on X that the company passed 100 million contracts traded in less than a week since <a target="_blank" href="https://www.benzinga.com/news/24/10/41573989/harris-vs-trump-robinhood-launches-election-event-contracts-for-traders-as-2024-presidential-race-he" rel="noreferrer noopener">launching election contracts.</a>



As per an emailed statement to Benzinga, Robinhood said it reached 200 million contracts.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41748807/thomson-reuters-q3-earnings-legal-corporate-segments-enjoy-revenue-boost-as-ceo-highlights-ai-inves" rel="noreferrer noopener">Thomson Reuters Q3 Earnings: Legal, Corporate Segments Enjoy Revenue Boost As CEO Highlights AI Investment</a>



Robinhood&#8217;s election contracts are available to select U.S. users who comply with citizenship requirements.



Robinhood&#8217;s 2024 election contracts showed Donald Trump as the frontrunner at 57 cents, with Vice President Kamala Harris trailing at 45 cents. Winning candidate contracts will pay out $1 each.



Robinhood&#8217;s election contracts add a new investment avenue for users alongside stocks, options, and cryptocurrency.



Interest in prediction markets for the 2024 election has soared, with Polymarket and Kalshi attracting bets from around the world.



Polymarket is only available to users outside the U.S. Kalshi is regulated&nbsp;by the Commodity Futures Trading Commission in the U.S.



Price Action: HOOD stock is up 2.42% at $24.91 at the last check on Tuesday.



Also Read:



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<li><a href="https://www.benzinga.com/news/earnings/24/11/41745824/short-squeeze-globalfoundries-stock-soars-on-q3-earnings-beat-strong-q4-outlook" target="_blank" rel="noreferrer noopener">Short Squeeze &#8211; GlobalFoundries Stock Soars On Q3 Earnings Beat, Strong Q4 Outlook</a></li>
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Robinhood's Election Contracts Hit 200 Million Trades On Election Day

Boris Jordan, <a href="https://www.benzinga.com/topic/curaleaf">founder and executive chair</a> of Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), had some parting words for <a href="https://www.benzinga.com/topic/ron-desantis">Governor Ron DeSantis</a> who has opposed Florida's cannabis legalization initiative, Amendment 3, since day one, even after – or should we say because former President <a href="https://www.benzinga.com/markets/cannabis/24/09/40774795/trump-says-hell-reschedule-cannabis-if-elected-backs-marijuana-banking-reform-and-floridas-amend">Donald Trump endorsed it</a>?



Jordan said that DeSantis' &#8220;smear campaign&#8221; regarding Amendment 3 and his stance against cannabis legalization is misguided.



"The @GovRonDeSantis smear campaign against Amendment 3 is on the wrong side of history. Time and again, states across our nation have proven that legal adult-use cannabis can have a positive impact, generating important tax revenues while providing responsible adult consumers with access to tested and regulated products," Jordan wrote on X.



Safe &amp; Smart Florida, the group behind the legalization campaign, had a follow-up comment about how the &#8220;legalized adult-use recreational marijuana, the elimination of underground markets has driven a reduction in underage use while generating billions in tax revenue to reinvest in youth programs and scholarships.&#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">The <a href="https://twitter.com/GovRonDeSantis?ref_src=twsrc%5Etfw">@GovRonDeSantis</a> smear campaign against Amendment 3 is on the wrong side of history. Time and again, states across our nation have proven that legal adult-use <a href="https://twitter.com/hashtag/cannabis?src=hash&amp;ref_src=twsrc%5Etfw">#cannabis</a> can have a positive impact, generating important tax revenues while providing responsible adult consumers… <a href="https://t.co/O0D5cf0x1p">https://t.co/O0D5cf0x1p</a>&mdash; Boris Jordan (@Boris_Jordan) <a href="https://twitter.com/Boris_Jordan/status/1853555668768407854?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Smear Campaign? </h2>



DeSantis has gone after the campaign's main financial backer, Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), on several occasions while opposing the entire campaign with ongoing comments about weed being a smelly affair and equating it with drug cartel activity.



Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41744722/election-day-2024-will-florida-nebraska-north-and-south-dakota-join-the-marijuana-revolution">Election Day 2024: Will Florida, Nebraska, North And South Dakota Join The Marijuana Revolution?</a>



<h2 class="wp-block-heading">DeSantis&#8217; Final Shot: Trulieve Is &#8216;Big Pharma On Steroids&#8217;</h2>



DeSantis shared his final comments on <a href="https://www.facebook.com/GovRonDeSantis">Facebook </a>Monday, directing attention toward Trulieve.



&#8220;One mega marijuana corporation has poured over $140 million into Amendment 3,&#8221; the governor said. &#8220;That's not a charitable donation in the best interests of Florida—it's a publicly-traded company trying to maximize profits for their own shareholders, by securing special privileges and permanent carve-outs in our constitution. It's like Big Pharma on steroids.&#8221;



Benzinga reached out to Trulieve for the company&#8217;s response and is awaiting comment.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41656678/trump-harris-and-desantis-face-off-on-cannabis-legalization-in-florida-and-beyond">Trump, Harris And DeSantis Face Off On Cannabis Legalization In Florida And Beyond</a></li>
</ul>



Photo: Benzinga edit with images by&nbsp;<a href="https://www.flickr.com/people/22007612@N05" target="_blank" rel="noreferrer noopener">Gage Skidmore</a>&nbsp;from Surprise, AZ,&nbsp;USA&nbsp;–&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/53299142646/" target="_blank" rel="noreferrer noopener">Ron DeSantis</a>&nbsp;via Wikimedia Commons and&nbsp;<a href="https://unsplash.com/@joseluissp_ph" target="_blank" rel="noreferrer noopener">Jose Luis Sanchez Pereyra</a>&nbsp;via Unsplash

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DeSantis 'On Wrong Side Of History,' Curaleaf Chair Says: Governor Calls Trulieve 'Big Pharma On Steroids'

A win for Donald Trump or Kamala Harris could have implications for many sectors, including technology and electric vehicles, making the outcome of the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election</a> important for investors.



A group of Wedbush analysts outlines the implications for the technology sector in light of Tuesday's election.



2024 Election Being Closely Watched: Wedbush analysts Daniel Ives, John Katsingris, Steven Wahrhaftig, and Sam Brandeis share their thoughts on <a href="https://www.benzinga.com/tech" target="_blank" rel="noopener">the technology sector</a> ahead of the 2024 election and what a win by either Trump or Harris could mean.



"U.S. Elections here with implications for tech on the table," the analysts said.



Technology investors are worried about the global implications of a Trump win with the potential for increased tariffs that could create tensions between the U.S. and China in the technology sector, the analyst said.



"Tonight the Street and tech world will be watching election results with white knuckles as there are many policy dynamics in the Beltway that will impact the tech sector looking ahead."



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent110524">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



What a Trump Win Means: The analysts said a Trump win could create major changes in tariffs and could impact the overall technology supply chain.



NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) are highlighted in the report as companies that could be negatively impacted by the possibility of retaliatory impacts from China.



The analysts said a Trump win could "slow the pace of the AI revolution."



Federal Trade Commission (FTC) Chair Lina Khan is another critical figure to monitor, as she has exerted pressure on major tech companies and may advocate for breakups. The analysts said Khan is likely out with a Harris win, but could remain in the position if Trump wins.



The analysts added that Congressional races on Election Day could impact the chance of major policy changes for Big Tech regardless of who wins the White House. A GOP sweep of the White House and Congress could be bullish for the overall stock market but negative for Big Tech stocks.



"From a Big Tech/AI trade perspective we view overall a Harris White House win as more bullish on the margins and a Trump win as a net negative for Big Tech."



Given Elon Musk&#8217;s support for the former present, one of the big questions is whether a Trump win could be good for Tesla.



"We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled, however for Tesla we see this as a potential positive with some caveats."



The analysts said Tesla's size and scale could help the company without tax incentives, and it could have a "clear competitive advantage" with competitors losing subsidies and the potential of higher tariffs on Chinese companies.



"Higher China tariffs that would continue to push away cheaper EV players (BYD, Nio, etc.) from flooding the US market over the coming years."



What a Harris Win Means: A win in the 2024 election by Harris could be a positive for the electric vehicle sector, the analysts said.



"If Harris wins we would expect the EV tax credits to remain the same and ultimately increase in 2025 as the goal to get more US consumers towards EVs would be a laser focus in a Harris Administration," the analysts said.



General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) are named as companies that could benefit from a Harris win as they are betting heavily on electric vehicles and need the growth to continue.



The analysts said a Harris win could be neutral or slightly negative for Tesla.



Musk heavily supporting Trump in the election could have "negative consequences" in the future, the analysts said.



"For now, the ‘Musk betting on Trump bet' has seen a limited negative impact on demand in the U.S. although clearly this political dynamic could impact some customers to go away from Tesla when buying decisions ultimately come around over the next year."



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41750191/republican-win-likely-to-lift-magnificent-7-stocks-democratic-sweep-better-for-bond">Republican Win Likely To Lift Magnificent 7 Stocks, Democratic Sweep &#8216;Better For Bonds,&#8217; Says WisdomTree</a></li>
</ul>



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Trump Win Could Hinder Tech, EV Sector Growth, 'Slow The Pace' Of AI Revolution: Analysts Lay Out 2024 Election Implications

As Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and Arm Holdings PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) gear up to <a href="https://www.benzinga.com/earnings">release their earnings</a> Wednesday, the two <a href="https://www.benzinga.com/topic/semiconductors">semiconductor giants</a> face bearish technical pressures but diverge in their growth paths. 



<h2 class="wp-block-heading">Qualcomm: Navigating Challenges Amid Bearish Technicals</h2>



Qualcomm, a mainstay in mobile chipsets, faces strong bearish signals.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05125732/Screenshot-2024-11-05-at-11.20.50-PM.png" alt="" class="wp-image-630916" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05125732/Screenshot-2024-11-05-at-11.20.50-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05125732/Screenshot-2024-11-05-at-11.20.50-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



QCOM stock is trading at $165.87, well below its eight, 20, and 50-day simple moving averages. Analysts expect fourth quarter EPS of $2.56 on revenue of $9.91 billion, but the stock's recent bearish signals from technical indicators suggest caution. 



QCOM's MACD (Moving Average Convergence/Divergence) is -0.94, and its RSI (Relative Strength Index) is 45.95, indicating a neutral condition with limited immediate upside potential due to bearish momentum.



Qualcomm's expansion into automotive and IoT markets showcases its strategic shift, but near-term pressures from regulatory concerns and competition—particularly from Apple Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) modem push—continue to cloud investor sentiment.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41652277/amds-ai-data-center-business-booms-ceo-says-its-closed-a-good-part-of-that-gap-with-nvidia">AMD&#8217;s AI Data Center Business Booms: CEO Says It&#8217;s &#8216;Closed A Good Part Of That Gap&#8217; With Nvidia</a>



<h2 class="wp-block-heading">Arm Holdings: Bullish Hints Despite Near-Term Pressures</h2>



Arm, with its IP-licensing model and strong YTD performance, shows resilience amid bearish trends. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05130141/Screenshot-2024-11-05-at-11.21.49-PM.png" alt="" class="wp-image-630924" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05130141/Screenshot-2024-11-05-at-11.21.49-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05130141/Screenshot-2024-11-05-at-11.21.49-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Trading at $139.89, ARM stock is below short-to medium-term SMAs (eight-day at $145.69, 20-day at 148.79, and 50-day at $141.22), signaling a bearish trend prevailing. Moreover, its MACD is a negative 0.23, which reinforces the bearish trend.



However, the 200-day SMA provides support at $131.04, signaling potential long-term strength.



Analysts forecast that the second quarter EPS will be 26 cents on revenue of $808.37 million.



Unlike Qualcomm, Arm's royalty-based model shields it from manufacturing woes, positioning it for growth in high-demand areas like AI, data centers, and IoT.



<h2 class="wp-block-heading">Different Risks, Different Rewards</h2>



While both stocks have bearish technical signals, Qualcomm's cyclicality contrasts with Arm's steadier IP-driven model. Investors eyeing Qualcomm may anticipate a comeback in 5G and automotive, while Arm's appeal lies in its growth as a diversified IP giant. 



This earnings season will be pivotal for both, but the charts suggest caution.



Read Next: 



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<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/11/41745935/super-micro-computer-posts-q1-earnings-are-delisting-fears-here-to-stay-or-can-the-stock">Super Micro Computer Posts Q1 Earnings: Are Delisting Fears Here To Stay Or Can The Stock Rebound?</a></li>
</ul>



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Qualcomm Vs. Arm: Pre-Earnings Semiconductor Showdown

Wall Street rallied on Tuesday as improved investor sentiment aligned with millions of Americans casting their votes <a href="https://www.benzinga.com/topic/2024-election">for the 47th president.</a>



Betting markets leaned slightly toward Donald Trump, with CFTC-regulated Kalshi placing Trump's win probability at 56% compared to Kamala Harris's 44%.



National polls show a close contest, with the latest New York Times/Siena College poll indicating both candidates tied at 48% in the popular vote.



The S&amp;P 500 climbed 1.2%, while the tech-focused Nasdaq 100 surged 1.5%, marking its strongest one-day increase in nearly a month. 



All 11 sectors of the S&amp;P 500 experienced gains, with consumer discretionary stocks outperforming. Small caps also joined the rally, with the Russell 2000 index gaining 1.1%.



Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) led the S&amp;P 500, with shares soaring after the artificial intelligence company surpassed quarterly earnings estimates and provided strong guidance.



In macroeconomic news, U.S. services sector activity hit over two-year highs <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41750522/us-services-sector-gauge-rises-more-than-expected-to-over-2-year-highs-as-employm">in October, outperforming expectations</a>.



Treasury yields increased by 5 basis points, while the dollar declined for a second consecutive session.



Gold edged up 0.3%, hovering near record highs, and oil prices gained 1.2% after a 3.2% surge on Monday.



Crypto sentiment was strong as well, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) jumping 4.5% to over $70,000 and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) spiking 12%.



Read also: <a href="https://www.benzinga.com/markets/24/11/41741466/if-trump-and-republicans-sweep-dollar-may-climb-7-but-harris-win-could-bring-5-drop-says-jpmorgan">If Trump And Republicans Sweep, Dollar May Climb 7% — But Harris Win Could Bring 5% Drop, Says JPMorgan</a>



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Nasdaq 100</td><td>20,259.62</td><td>1.5%</td></tr><tr><td>S&amp;P 500</td><td>5,779.38</td><td>1.2%</td></tr><tr><td>Russell 2000</td><td>2,244.40</td><td>1.1%</td></tr><tr><td>Dow Jones</td><td>42,191.93</td><td>1.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110424&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 1.1% to $575.87.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.9% to $421.79.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) soared 1.4% to $492.61.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.1% to $222.47.</li>



<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, rising 1.7%. The Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, up 0.4%.</li>
</ul>



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



Stocks reacting to earnings reports included: 



<ul>
<li>Vertex Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>), up 4.8%</li>



<li>Palantir Technologies Inc., up 22.8%</li>



<li>NXP Semiconductors NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), down 6.8%</li>



<li>Diamondback Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), down 1.6%</li>



<li>American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>), down 2.3%</li>



<li>Illumina Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), down 0.5%</li>



<li>Apollo Global Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), up 6.2%</li>



<li>Emerson Electric Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>), up 6.8%, </li>



<li>Marathon Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), up 3.9%, </li>



<li>Cummins Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMI#NYSE">CMI</a>), up 8.8%, </li>



<li>Targa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRGP#NYSE">TRGP</a>), 4.7%,</li>



<li>YUM! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>), up 2.5%, </li>
</ul>



Read Next:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41746843/bond-market-fear-gauge-soars-to-1-year-high-ahead-of-us-election-results-bond-vigil">Bond Market Fear Gauge Soars To 1-Year High Ahead Of US Election Results: &#8216;Bond Vigilantes Have Been Voting Early&#8217;</a></li>
</ul>



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Wall Street Rallies On Election Day, Palantir Skyrockets, Bitcoin Tops $70,000: What's Driving Markets Tuesday?

Investors are zeroing in on what <a href="https://www.benzinga.com/general/politics">potential political outcomes</a> in the U.S. elections Tuesday could mean for the markets.



WisdomTree's Global CIO, Jeremy Schwartz and Senior Economist Jeremy Siegel have shared insights on how a Republican or Democratic win could shape sectors across both the equity and bond markets.



Here's what WisdomTree sees on the horizon.



<h2 class="wp-block-heading">Bond Market Volatility: How Policy Could Shape Yields</h2>



Siegel said bond markets are primed for volatility, with each election outcome pointing to different scenarios for interest rates and yields. A Republican sweep, accompanied by tax cuts and heightened fiscal spending, could push bond yields upward by 20 basis points or more, he said. In this scenario, investors might brace for inflationary pressures and potentially tighter monetary policy, which would counterbalance any short-term equity gains.



On the flip side, a Democratic sweep is seen as a stabilizing force for bonds, with expectations for moderated spending and pro-growth fiscal restraint. 



WisdomTree's Kevin Flanagan, head of fixed income strategy, notes that Democratic policies might offer a predictable, low-volatility environment that helps maintain steady rates and tempers inflation concerns.



A divided government could yield the "best case" for bonds, creating stability through gridlock that limits sweeping fiscal changes and curbs deficit growth.



<h2 class="wp-block-heading">Equity Market Winners: Mag 7 In Focus Under GOP, Infrastructure &amp; Clean Energy For Democrats</h2>



For equity markets, each scenario presents distinct opportunities, particularly in the growth-oriented and infrastructure sectors. Under a Republican administration, WisdomTree expects an initial boost in stocks like the Magnificent Seven: (Meta Platforms Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). 



The Magnificent Seven stocks could be driven by extended tax cuts, reduced regulation, and potential capital gains exemptions.



The Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>) provides exposure to the Magnificent Seven stocks along with other popular tech-heavy ETFs such as the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), the Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).



This favorable backdrop for the tech-heavy sector could stimulate momentum, although Siegel cautions that rising yields might cap equity gains by pressuring valuations.



In contrast, a Democratic sweep would likely favor sectors tied to clean energy and infrastructure. With a focus on the Inflation Reduction Act, the Democratic agenda is expected to channel substantial support into solar, hydrogen and renewable energy projects. The Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) provides exposure to solar stocks.



Read Also: <a href="https://www.benzinga.com/markets/esg/24/11/41722922/trump-vs-harris-evgo-cleveland-cliffs-plug-power-nucor-brace-for-2024-election-impact">Trump Vs. Harris: EVgo, Cleveland-Cliffs, Plug Power, Nucor Brace For 2024 Election Impact</a>



This shift would likely benefit clean energy stocks while weighing on small-cap stocks with high U.S. revenue exposure, as they would face the most significant earnings impact from higher corporate tax rates. 



Investors in clean energy ETFs such as the iShares Global Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICLN#NYSE">ICLN</a>) and First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRID#NYSE">GRID</a>) and those invested in small-cap stocks via ETFs such as the iShares Core S&amp;P Small-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJR#NYSE">IJR</a>) or the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) should be wary of their holdings.



According to Wisdom Tree, Democratic leadership could also benefit international markets, as the reduced likelihood of higher tariffs might ease trade concerns and foster demand.



<h2 class="wp-block-heading">Navigating The Election Landscape</h2>



Beyond direct impacts on stocks and bonds, WisdomTree suggests that a blend of strategies, such as private credit, inflation hedges like gold, and international exposure with currency hedging, may help investors manage market uncertainty.



Trade policies, inflation, and the Federal Reserve's trajectory are all likely to play roles in shaping post-election strategies, underscoring the value of a diversified approach.



As the U.S. awaits the election results, WisdomTree's analysis highlights a divided outlook for investors. Whether the election ushers in policies that lift the Magnificent Seven stocks or bolsters the bond market, each scenario brings unique opportunities and risks to watch in the weeks ahead.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41746843/bond-market-fear-gauge-soars-to-1-year-high-ahead-of-us-election-results-bond-vigil">Bond Market Fear Gauge Soars To 1-Year High Ahead Of US Election Results: &#8216;Bond Vigilantes Have Been Voting Early&#8217;</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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ICLN

MAGS

Republican Win Likely To Lift Magnificent 7 Stocks, Democratic Sweep 'Better For Bonds,' Says WisdomTree

The tiny town of Dixville Notch, New Hampshire, cast its votes for president just after midnight as per longstanding tradition, and the results there were the same as polls and predictions across the nation: The race <a href="https://www.benzinga.com/general/politics/24/11/41730670/prediction-markets-swing-back-to-trump-but-data-analysts-say-its-too-close-to-call">between Kamala Harris and Donald Trump is a tie</a>.



What Happened: Harris and Trump each received three votes in the town just south of the Canadian border. That&#8217;s not much different than Nate Silver&#8216;s final analysis in his Silver Bullet newsletter, which gives Harris a 50.015% chance of victory, with Trump with a 49.648% chance and a 0.337% chance of an Electoral College tie. 



FiveThirtyEight&#8217;s data-driven simulations show Harris winning 50.3% of the tests to Trump&#8217;s 49.5% chance, with a 0.2% chance of a tie. Only The Economist&#8217;s model shows anything other than a coin-toss race: Its model had a 50-50 split yesterday, but in its final run, shows a 56% chance of a Harris victory.



Several political analysis websites made final predictions within the past 24 hours, and they all expect Harris wins as well, though mostly by very tight Electoral College margins. CNalysis predicts Harris winning with 308 electoral votes to Trump&#8217;s 230, and Elections Daily predicts a 292-246 Harris win. The Crystal Ball at the University of Virginia Center for Politics sees a 276-262 Harris win, while Split Ticket has Harris winning with the narrowest possible margin, 270-268. That scenario comes if Harris wins the &#8220;Blue Wall&#8221; states of Michigan, Pennsylvania, and Wisconsin, and Trump wins the remaining swing states of Arizona, Georgia, Nevada, and North Carolina.



Also Read: <a href="https://www.benzinga.com/general/politics/24/11/41725742/2024-election-stakes-potential-sweeps-split-outcomes-in-congressional-presidential-races">2024 Election Stakes: Potential Sweeps, Split Outcomes In Congressional, Presidential Races</a>



But as of 9:30 a.m. ET on Election Day, the betting markets do not agree. On Kalshi, where Harris briefly took the lead over the weekend, bettors give Trump a 59% chance of victory, and Polymarket wagerers give Trump a 62% chance. Even PredictIt, where Harris was showing a 54% chance of winning on Monday, now gives Trump a 51% chance. Robinhood&#8216;s presidential market has Trump at 58%.



Why It Matters: The final calls from Silver and FiveThirtyEight show rare late agreement between the two data-crunching sites, since Silver has generally been more bearish on Harris. But both have concluded that the race is essentially a tie.



The agreement in the four election experts&#8217; predictions may give the Trump campaign pause, but even in most of these cases, a shift of a state or two could change the result.



The betting markets have been more favorable to Trump throughout the race, but his late gains on Harris indicate continued doubt among bettors that she can pull off a win.



Read Next



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<li><a href="https://www.benzinga.com/general/politics/24/11/41728436/trump-vs-harris-2024-election-deadlocked-final-emerson-poll-shows-one-candidate-with-small-edge-">Trump Vs. Harris: 2024 Election Deadlocked, Final Emerson Poll Shows One Candidate With Small Edge Among Independents</a></li>
</ul>



Image: Shutterstock

Trump Holds Edge In Betting Markets On Election Day, While Experts Call Tight Race For Harris

Novo Nordisk AS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) will report third-quarter earnings on Wednesday. Wall Street expects 88 cents in EPS and $10.49 billion in revenues when the company reports<a href="https://www.benzinga.com/calendars/earnings?tickers=NVO" target="_blank" rel="noreferrer noopener"> after market hours</a>. 



The stock is up 8.55% over the last year and 7.45% year-to-date.



Let&#8217;s look at what the charts indicate for Novo Nordisk stock and how the stock maps against Wall Street estimates.



<h2 class="wp-block-heading">Novo Nordisk Stock Chart Bearish Ahead Of Q3 Earnings</h2>



Novo Nordisk&#8217;s stock is showing strong bearish momentum, as its price of $108.76 sits below its five- 20- and 50-day exponential moving averages. This downward trend is accompanied by persistent selling pressure, suggesting potential for continued bearish movement.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05081610/Screenshot-2024-11-05-at-6.30.26-PM.png" alt="" class="wp-image-630249" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05081610/Screenshot-2024-11-05-at-6.30.26-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05081610/Screenshot-2024-11-05-at-6.30.26-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



With an eight-day simple moving average (SMA) of $111.67, a 20-day SMA of $115.16 and a 50-day SMA of $123.13 — all above the current price — technical indicators point to a bearish signal for NVO stock.



Additionally, the 200-day SMA at $128.29 further underscores the bearish outlook. 



The Moving Average Convergence Divergence (MACD) indicator at a negative 3.44 signals downside momentum, while a Relative Strength Index (RSI) of 25.06 indicates oversold conditions, hinting that NVO stock may face further declines without substantial support or a shift in buying interest.



Read Also: <a href="https://www.benzinga.com/general/biotech/24/11/41685634/popular-weight-loss-drug-wegovy-shows-encouraging-results-in-liver-fibrosis-trial">Popular Weight Loss Drug Wegovy Shows Encouraging Results in Liver Fibrosis Trial</a>



<h2 class="wp-block-heading">New Partnership For Longer-Acting GLP-1 Drugs</h2>



In a significant move to broaden its portfolio, Novo Nordisk has entered into <a href="https://www.benzinga.com/general/biotech/24/11/41723496/wegovy-manufacturer-inks-multi-million-deal-for-monthly-obesity-drug">a $285 million agreement</a> with Denmark-based Ascendis Pharma AS (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASND#NASDAQ">ASND</a>). This partnership grants Novo exclusive worldwide rights to Ascendis' TransCon technology, aiming to develop once-monthly GLP-1 receptor agonists for Type 2 diabetes and obesity — a step up from its weekly GLP-1 drugs.



The alliance also covers cardiovascular diseases, with Novo retaining the option to expand future metabolic treatments into additional therapeutic areas. Ascendis will lead early-stage development, while Novo handles the regulatory, manufacturing, and commercial phases.



The lead program in the partnership is a once-monthly GLP-1 drug, a potential game-changer for patients with metabolic disorders. Novo's recent clinical studies underscore the broader health impact of its GLP-1 treatments, showing reduced hospital admissions for heart disease in overweight patients, boosting investor confidence in the potential cardiovascular applications of the new drug.



<h2 class="wp-block-heading">Novo Nordisk Analysts See 46% Upside</h2>



<a href="https://www.benzinga.com/quote/NVO/analyst-ratings" target="_blank" rel="noreferrer noopener">The consensus analyst rating</a> on Novo Nordisk stock stands at a Buy with a price target of $123.86. The latest analyst ratings for Novo Nordisk stock from BMO Capital and Cantor Fitzgerald give an average price target of $158.67, suggesting 45.78% upside potential.



As Novo Nordisk readies to share its third-quarter performance, the dual narratives of bearish technicals and bullish analyst ratings, combined with a groundbreaking new partnership, make the upcoming earnings call a highly anticipated event.



Price Action: Novo Nordisk stock closed the trading day Monday at $109.72, down 1.98%.



Read Next: 



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<li><a href="https://www.benzinga.com/general/biotech/24/11/41706292/as-race-to-best-miracle-obesity-drug-heats-up-ozempic-maker-novo-nordisk-tests-new-hybrid-drug-th">As Race To Best &#8216;Miracle&#8217; Obesity Drug Heats Up, Ozempic Maker Novo Nordisk Tests New Hybrid Drug That Can Reduce Weight Up To 25%</a></li>
</ul>



Image: Shutterstock

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Novo Nordisk Q3 Preview: Will $285 Million Weight Loss Bet Offset Bearish Charts?

A widely watched gauge of bond market volatility has surged to its highest level in over a year as American voters cast their ballots in one of the closest presidential <a href="https://www.benzinga.com/topic/2024-election">races in recent history. </a>



The ICE BofAML U.S. Bond Market Option Volatility Estimate Index, or &#8220;MOVE&#8221; index, closed at 136 on Monday, reaching levels last seen in early October 2023. 



This spike in the MOVE index highlights mounting anxiety in the bond market, driven by political uncertainty and fears of inflationary fiscal policies.



<h3 class="wp-block-heading">What Is The MOVE Index?</h3>



The MOVE index, often described as the VIX for bonds, measures expected volatility in the Treasury market based on options pricing. 



Like the VIX, which tracks volatility in the equity market, the MOVE index is seen as a &#8220;fear gauge&#8221; for fixed-income investors. 



Higher MOVE readings indicate increased uncertainty about future bond price movements, reflecting traders&#8217; fears around interest rates, inflation, and broader economic conditions.



See Also: <a href="https://www.benzinga.com/money/guide-to-volatility-indices-vix">Beginners Guide to VIX or Volatility Indices</a>



<h3 class="wp-block-heading">Election Jitters Fuel Bond Market Anxiety</h3>



The U.S. presidential election has investors on edge, with polls showing one of the tightest races in modern American history. 



Neither Vice President Kamala Harris nor ex-President Donald Trump held a meaningful lead in critical battleground states ahead of Nov. 5, <a href="https://www.nytimes.com/interactive/2024/us/elections/polls-president.html">wrote</a> Nate Cohn, chief political analyst at the New York Times. 



&#8220;In the history of modern polling, there's never been a campaign where the final polls showed such a close contest,&#8221; he added.



The possibility of a prolonged, contentious result has amplified concerns in the bond market, where volatility has jumped 51% since late September. 



Fixed-income investors are also weighing the potential fiscal impact of each candidate&#8217;s policies, especially if the winner's administration fuels inflation and adds to the federal debt.



According to the Committee for a Responsible Federal Budget (CRFB), Trump's spending plans could increase the national debt by $7.75 trillion over the next decade, driving the debt-to-GDP ratio to 143% by 2035. By contrast, Kamala Harris's proposals would add $3.95 trillion to the debt, resulting in a debt-to-GDP ratio of approximately 134% by the same year.



Chart: Bond Volatility Index Has Risen By Over 50% Since Late-September



<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/2024/11/05084449/image-31-1024x501.png" alt="" class="wp-image-630321" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05084449/image-31-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05084449/image-31-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05084449/image-31-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05084449/image-31-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05084449/image-31.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Trump's Tariff Plans Stoke Inflation Fears</h3>



Under a Trump administration, inflation could rise if proposed tariffs on Chinese imports and other goods come into effect. 



Trump has floated a 60% tariff on Chinese products and a universal 10% tariff, policies which JPMorgan analysts estimate could drive inflation up by as much as 2.4% in a worst-case scenario. 



&#8220;Tariffs are inflationary,&#8221; IMF deputy managing director Gita Gopinath warned in October.



With inflation a growing concern, Treasury yields have been on an upward trajectory, as investors demand higher returns to offset potential future price increases. 



Yields on the 10-year Treasury bond have risen by 50 basis points last month and hit 4.33% on Tuesday. 



<h3 class="wp-block-heading">&#8216;Bond Vigilantes&#8217; Are Back</h3>



The bond market&#8217;s reaction to these uncertainties has been swift and severe. 



&#8220;Nothing seems to be stopping U.S. Treasury bond yields from rising,&#8221; said veteran Wall Street investor Ed Yardeni. 



&#8220;The Bond&nbsp;Vigilantes&nbsp;have been voting early (and voting often) by selling US Treasury notes and bonds,&#8221; he added. 



The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), which tracks long-dated Treasuries, fell nearly 6% in October 2024.



With both candidates likely to enact substantial stimulus, Yardeni stated, &#8220;The bond market is tightening the economy itself,&#8221; as investors anticipate inflation and higher interest rates. 



Yardeni indicated this surge in yields could push the 10-year Treasury into the 5% range, a level not seen since before the financial crisis.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41740288/us-stocks-set-for-cautious-start-as-investors-brace-for-volatility-on-election-day-expert-points-to">US Stocks Set For Cautious Start As Investors Brace For Volatility On Election Day: Expert Points To &#8216;Pretty Well Overall&#8217; Historical Performance</a></li>
</ul>



Image: Shutterstock

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Bond Market Fear Gauge Soars To 1-Year High Ahead Of US Election Results: 'Bond Vigilantes Have Been Voting Early'

<a href="https://www.benzinga.com/topic/2024-election">Election Day has arrived</a>, and we could all probably use a deep breath. Take a moment if you need it.



Now, onto the cannabis front where voters in Nebraska, North Dakota, South Dakota and Florida <a href="https://www.benzinga.com/markets/cannabis/24/10/41387752/winding-road-to-cannabis-legalization-ahead-for-4-states-set-to-vote-in-2024-what-do-the-polls-s">will decide on ballot initiatives</a> to legalize marijuana for recreational or medical use. If approved, these states will join the 38 others that have embraced some form of cannabis legalization and join the rapidly changing landscape of <a href="https://www.benzinga.com/topic/cannabis-reform">marijuana policy</a> in the U.S.



Here's what&#8217;s changed in the landscape…some might even say drastically.



<h3 class="wp-block-heading">One Of Our Favorites: Adult Weed Consumption Rises As Teen Use Falls</h3>



Concerns over a spike in youth cannabis consumption following early legalization efforts, beginning with Colorado and Washington in 2012, have proven unfounded. Contrary to fears, marijuana use among teens has declined, or maybe never really took off.



From 2011 to 2021, the <a href="https://www.benzinga.com/topic/cannabis-reform">percentage of adolescents reporting marijuana use</a> dropped from 23% to under 16%.



"The ‘sky's going to fall' scenario was that all of the kids were just going to have access to all of the cannabis and it was going to be a terrible, terrible thing," said Ryan Vandrey, professor of psychiatry and behavioral sciences at Johns Hopkins Medicine who studies cannabis.



"It just goes to show that teenagers will do exactly the opposite of what you think they're going to do at all times," Vandrey <a href="https://www.nytimes.com/2024/11/04/well/weed-cannabis-america.html">told</a> The New York Times, confirming what every parent who has or is raising a teenager already knows.



Adult cannabis consumption, meanwhile, <a href="https://www.benzinga.com/markets/cannabis/24/08/40652731/cannabis-and-hallucinogen-consumption-hit-all-time-highs-in-2023-while-tobacco-and-alcohol-decli">has reached historic highs</a>, with 42% of individuals aged 19-30 and 29% of those aged 35-50 reporting use in the past year.



Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41609840/sharp-drop-in-teen-marijuana-use-legalization-and-demographics-examined">Sharp Drop In Teen Marijuana Use: Legalization And Demographics Examined</a>



<h3 class="wp-block-heading">Cannabis Use Surpasses Alcohol</h3>



Yeah, you read that right. Recent studies have shown that more Americans are now consuming <a href="https://www.benzinga.com/markets/cannabis/24/05/38976556/daily-cannabis-consumption-outpaces-daily-alcohol-use-in-the-us-for-the-first-time-new-study-sho">weed daily rather than alcohol</a>. Nearly 18 million people report daily or near-daily marijuana use, outpacing the 15 million who drink with similar frequency.



<h3 class="wp-block-heading">Seniors Jump On The Weed Wagon Because…Why Not?</h3>



The country&#8217;s 73 million baby boomers are among the&nbsp;<a href="https://www.benzinga.com/markets/cannabis/23/08/33583433/baby-boomers-turning-to-weed-en-masse-say-it-improves-memory-and-mood-doctors-agree-cnn-series-e" target="_blank" rel="noreferrer noopener">fastest-growing demographic</a><a href="https://www.benzinga.com/markets/cannabis/24/01/36458087/senior-cannabis-consumers-balancing-act-relief-for-numerous-conditions-comes-with-warnings-but-w" target="_blank" rel="noreferrer noopener">&nbsp;</a>of&nbsp;cannabis users in the U.S. and around the world. In the past 8 years, senior cannabis consumption has tripled. Seniors also happen to&nbsp;possess&nbsp;half of the nation's&nbsp;$140 trillion&nbsp;in wealth, so they&#8217;re helping the economy even after they&#8217;ve retired.



<h3 class="wp-block-heading">Closing That Gender Gap </h3>



Cannabis use has long been more prevalent among men than women, but that disparity is shrinking. In 2023, young women (ages 19-30) <a href="https://www.benzinga.com/markets/cannabis/24/08/40652731/cannabis-and-hallucinogen-consumption-hit-all-time-highs-in-2023-while-tobacco-and-alcohol-decli">reported higher rates of cannabis use</a> than their male counterparts. Teenage girls also now report higher marijuana use than boys, marking a shift in gender patterns of cannabis consumption.



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/11/41726320/hemp-donations-fuel-desantis-and-florida-gops-charge-against-weed-legalization-new-findings">Hemp Donations Fuel DeSantis And Florida GOP&#8217;s Charge Against Weed Legalization, New Findings</a></li>
</ul>



Photo:&nbsp;Shutterstock

Legal

Election Day 2024: Will Florida, Nebraska, North And South Dakota Join The Marijuana Revolution?

Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) is gearing up for its first-quarter earnings report Tuesday after the market close. Expectations are set for 75 cents in earnings per share (EPS) and revenue of $6.45 billion, according to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1">Benzinga Pro data</a>.



Super Micro's financial credibility, following significant governance issues, concerns investors.



Here's what to watch as the company tries to stabilize in the wake of these challenges.



<h2 class="wp-block-heading">SMCI Under Pressure</h2>



SMCI stock has taken a beating over the past year, with shares down 3.05% year-over-year and 8.83% year-to-date. 



The recent departure of Ernst &amp; Young as its auditor over transparency and governance concerns hit shares even harder. While management has set up a special committee to address the issues, SMCI now faces a Nov. 20 deadline to regain Nasdaq compliance or risk delisting. 



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41661361/super-micro-analyst-suspends-rating-over-governance-accounting-issues">Super Micro Analyst Suspends Rating Over Governance, Accounting Issues</a>



The pressure is on for Super Micro to convince investors that it&#8217;s addressing these issues head-on.



<h2 class="wp-block-heading">A Bearish Setup Ahead Of Q1 Earnings</h2>



From a technical perspective, SMCI is deep in bear territory. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05065237/Screenshot-2024-11-05-at-5.22.23-PM.png" alt="" class="wp-image-630015" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05065237/Screenshot-2024-11-05-at-5.22.23-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/05065237/Screenshot-2024-11-05-at-5.22.23-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>



The stock currently trades at $26.34, far below its 200-day simple moving average of $71.97, and shows no signs of recovery. With a relative strength index (RSI) of 23.71, SMCI is in oversold territory, suggesting the stock could fall further unless fundamentals improve. 



Meanwhile, the moving average convergence divergence (MACD) indicator sits at a negative 4.69, reinforcing the negative outlook.



<h2 class="wp-block-heading">Key Partnership With Nvidia At Risk</h2>



Super Micro's issues extend beyond the stock chart. Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has <a href="https://www.digitimes.com/news/a20241104PD217/supermicro-nvidia-supply-chain-ai-server-2018.html">reportedly</a> rerouted some orders to Asia-based suppliers Gigabyte and ASRock, signaling that Super Micro Computer's internal issues are affecting business relationships.



As demand for AI infrastructure remains robust, competition is fierce, and SMCI risks missing out on critical revenue streams if it can't maintain partner confidence.



<h2 class="wp-block-heading">What's At Stake In This Earnings Call?</h2>



With Super Micro Computer&#8217;s first quarter results around the corner, analysts are wary. Rosenblatt analyst Hans Mosesmann suspended his rating, citing a lack of financial clarity, while Wedbush's Matt Bryson slashed his price target from $62 to $32.



Tuesday's earnings report could determine whether the company can shift sentiment, but unless the company addresses transparency and governance concerns, investors may remain skeptical.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41700445/benzinga-bulls-and-bears-tesla-alphabet-trump-media-super-micro-trader-predicts-dogecoin-r">Benzinga Bulls And Bears: Tesla, Alphabet, Trump Media, Super Micro — Trader Predicts Dogecoin Rally Above 20 Cents In November</a></li>
</ul>



Image: Shutterstock

SMCI

Super Micro Computer Posts Q1 Earnings: Are Delisting Fears Here To Stay Or Can The Stock Rebound?

Boeing Co.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) 33,000 International Association of Machinists and Aerospace Workers ratified a groundbreaking four-year contract, achieving a 43.65% compounded wage increase and a $12,000 ratification bonus. 



What Happened:&nbsp;This deal, supported by President Joe Biden and Vice President Kamala Harris&#8216; administration and facilitated by Acting U.S. Secretary of Labor Julie Su, ends a nearly two-month strike across Washington, Oregon, and California.



The contract introduces key benefits, including a 38% wage increase over four years, enhanced retirement contributions, and improved health benefits. 



IAM leaders Jon Holden and Brandon Bryant praised the agreement, calling it a major victory for the middle class and a new standard for aerospace industry workers.



Price Action: Boeing&#8217;s stock closed at $155.07 on Monday, marking a modest gain of 0.31% during regular trading hours. In after-hours trading, the stock saw an additional rise, climbing 0.63%. Year to date, however, Boeing&#8217;s stock has faced a significant decline, down 38.41%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41734875/palantirs-ai-gamble-pays-off-as-customer-revenue-from-single-customer-jumps-12x-in-under-8-month">Palantir&#8217;s AI Gamble Pays Off As Customer Revenue From Single Customer Jumps 12x In Under 8 Months — Alex Karp Quips: &#8216;We Should Just Go Home&#8217;</a></li>
</ul>



Image via Flickr



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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Management

Boeing Workers End Seven-Week Strike By Accepting New Contract With Major Pay Increases

Pseudonymous crypto analysts DonAlt and CryptoCred explored Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price trends and the impact of <a href="https://www.benzinga.com/news/24/11/41733346/obamas-former-campaign-manager-alarmed-by-early-voting-numbers-as-harris-trump-fight-close-battle-re">Tuesday&#8217;s presidential election</a>.



Bitcoin's Expected Trajectory



In the latest &#8216;Technical Roundup&#8217; <a href="https://www.youtube.com/watch?v=IhonU0vEFQE&amp;pp=ygURdGVjaG5pY2FsIHJvdW5kdXA%3D">episode</a>, DonAlt noted Bitcoin's recent surge to close to its all-time high before retreating below $70,000, calling the monthly close "catastrophic" after a key resistance retest.



He projected $49,000 as the first support level in the short term, with more robust support near $35,000 on a monthly timeframe, and in an extreme scenario, a possible drop to $16,000.



DonAlt attributes recent sluggish crypto market activity to positioning ahead of a potential Trump victory. He <a href="https://x.com/CryptoDonAlt/status/1853452002983813251">cautioned</a> on X that a Trump win might bring only modest short-term upside for Bitcoin, while a loss could trigger a sell-off, with a Harris win potentially causing an even steeper decline. Emphasizing flexibility, DonAlt highlighted the need for strategic preparation as election results unfold.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41720318/bitcoin-on-the-evening-of-the-election-heres-how-it-performed-in-2012-2016-and-2020">Bitcoin On The Evening Of The Election—Here&#8217;s How It Performed In 2012, 2016 And 2020</a>



Ethereum's Play



DonAlt also commented on Ethereum's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) underperformance relative to Bitcoin, stressing the dependency of ETH/BTC strength on Bitcoin's movement. He shared his open position in a SOL/BTC trade.



Given the election uncertainty, DonAlt concluded, "I'm not going to trade in the next weeks, maybe months," stressing the importance of caution in the current environment.



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41709166/bitcoin-to-hit-100-000-by-january-2025-could-black-hole-effect-push-the-largest-crypto-to-">Bitcoin To Hit $100,000 By January 2025? Could &#8216;Black Hole Effect&#8217; Push The Largest Crypto To Never-Before-Seen Levels</a></li>
</ul>



Image: Shutterstock

$ETH

Veteran Traders Share 'Presidential Election Crypto Trading Roadmap,' Predict Heavy Volatility

U.S. stocks could open on a tentative note on Tuesday after the <a href="https://www.benzinga.com/news/earnings/24/11/41696201/market-volatility-soars-ahead-of-elections-tech-earnings-mixed-strikes-and-hurricanes-knock-employm">averages registered a mixed October</a>. Futures of all three major indices were slightly up on Tuesday, pointing to a cautious sentiment on Wall Street.



While the S&amp;P 500 and Dow Jones snapped their six-week winning streak, the Nasdaq Composite chalked its seventh straight week of gains to round off a volatile October.



America goes to polls on Tuesday to elect its 47th president, and data so far suggests that it will be a neck-to-neck race between Democratic candidate&nbsp;Kamala Harris&nbsp;and Republican nominee&nbsp;Donald Trump.



Another factor playing on investors' minds will be the Federal Open Market Committee's (FOMC) rate decision – the prevailing sentiment is that the Fed will deliver a 25-basis point cut.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.27%</td></tr><tr><td>S&amp;P 500</td><td>0.16%</td></tr><tr><td>Dow Jones</td><td>0.12%</td></tr><tr><td>R2K</td><td>0.05%</td></tr></tbody></table></figure>



In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.16% to $570.71 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged up by 0.25% to $487.24, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



The Dow Jones tumbled over 250 points on Monday, closing the day down by 0.61%. The other two averages also declined amid declining investor sentiment and rising fear in the market.



Oil prices continued to rebound after tanking the week before, amid delays in production output increase by the Organization of the Petroleum Exporting Countries, or OPEC.



Treasury yields continued to rise, signaling concerns that regardless of who wins the elections, the next administration might struggle with fiscal discipline. This sentiment was further exacerbated by the International Monetary Fund's warnings on the long-term trajectory <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41495286/deficit-strain-in-washington-will-get-worse-imf-warns-national-debt-projections-rev" target="_blank" rel="noreferrer noopener">of the U.S. national debt</a>.



On the economic data front, U.S. factory orders declined by 0.5% from the previous month to $584.2 billion in September compared to a revised 0.8% fall in August.



Most sectors on the S&amp;P 500 closed on a negative note, with utilities, communication services, and financials stocks recording the biggest losses on Monday.



However, energy and real estate stocks bucked the overall market trend, closing the session higher.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.33%</td><td>18,179.98</td></tr><tr><td>S&amp;P 500</td><td>-0.28%</td><td>5,712.62</td></tr><tr><td>Dow Jones</td><td>-0.61%</td><td>41,794.60</td></tr><tr><td>Russell 2000</td><td>0.40%</td><td>2,219.03</td></tr></tbody></table></figure>



Insights From Analysts:



Ryan Detrick, chief market strategist at Carson Group, underscored that stocks perform well on election day, which could assuage investor concerns amid rising volatility.



"What really stands out is how well stocks have done after the 10 most recent elections. Higher a year later 9 times and up 15.2% on avg (median of 17.2%)," he said.



<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">Here&#39;s how stocks have done after the past 24 elections. What really stands out is how well stocks have done after the 10 most recent elections. Higher a year later 9 times and up 15.2% on avg (median of 17.2%). <a href="https://t.co/ztim9o3RxP">pic.twitter.com/ztim9o3RxP</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1853476226741989530?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Echoing Detrick's sentiment, WisdomTree and Wharton School economist&nbsp;Jeremy Siegel said the equity bull run could continue.



"In the near term, stock markets seem poised for further gains, bolstered by resilient earnings and steady economic fundamentals, while bond markets will likely grapple with higher yields and volatility ahead," he said.



"The bull market in stocks looks set to continue, while bonds face a rougher road."



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



Upcoming Economic Data



Tuesday's economic calendar is fairly light.



<ul>
<li>On Tuesday, U.S. trade deficit data will be released at 8:30 a.m. ET.</li>



<li>ISM services data will be released at 10 a.m. ET.</li>



<li>API weekly crude oil stock data will be released at 4:30 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares soared 5.6% on election eve.</li>



<li>Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) shares surged 13% in premarket trading after the company delivered strong performance and raised guidance.</li>



<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) shares rose nearly 2% after striking machinists ratified a new deal late Monday, ending a seven-week-long strike.</li>



<li>NXP Semiconductors NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) stock fell over 5% after the company's soft guidance, despite beating expectations in the September quarter.</li>



<li>Investors are awaiting earnings results from Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) and Cummins Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMI#NYSE">CMI</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by 0.4% after OPEC announced a delay in increasing production.



The 10-year Treasury note yield surged to 4.311%.



Major Asian markets ended in the green on Tuesday, and European stocks showed strength as well in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41736062/boeing-workers-end-seven-week-strike-by-accepting-new-contract-with-major-pay-increases">Boeing Workers End Seven-Week Strike By Accepting New Contract With Major Pay Increases</a></li>
</ul>



Photo courtesy: Wikimedia

Earnings

Futures

Federal Reserve

Pre-Market Outlook

Movers

US Stocks Set For Cautious Start As Investors Brace For Volatility On Election Day: Expert Points To 'Pretty Well Overall' Historical Performance

On Monday, November 4th, U.S. markets closed lower after a volatile session as investors braced for a pivotal week with the U.S. presidential election and the Federal Reserve&#8217;s policy announcement. A poll showing Kamala Harris leading in Iowa impacted &#8220;Trump trades,&#8221; adding market uncertainty amid expectations of delayed election results.



Economic data showed that U.S. factory orders dropped by 0.5% in September, reaching $584.2 billion, following a revised 0.8% decrease in August.



Most S&amp;P 500 sectors closed lower, led by losses in utilities, communication services, and financials, while energy and real estate stocks rose.



The Dow Jones Industrial Average dipped 0.61% to close at 41,794.60, the S&amp;P 500 fell 0.28% to 5,712.69, and the Nasdaq Composite declined 0.33% to finish at 18,179.98.



Asia Markets Today



<ul>
<li>On Tuesday, Japan&#8217;s Nikkei 225 gained 1.42% and ended the session at 38,595.50, led by gains in the Glass, Transportation Equipment, and Banking sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 declined 0.40% and ended the day at 8,131.80, led by losses in the Gold, Utilities, and Financial sectors.</li>



<li>India&#8217;s Nifty 50 traded higher by 0.85% at 24,199.05, and Nifty 500 was up 0.63% at 22,661.00, led by gains in the Metals, Banking, and Oil &amp; Gas sectors shares.</li>



<li>China&#8217;s Shanghai Composite rose 2.32% to close at 3,386.99, and the Shenzhen CSI 300 gained 2.53%, finishing the day at 4,044.57.</li>



<li>Hong Kong&#8217;s Hang Seng climbed 2.14% and closed the session at 21,006.97.</li>
</ul>



Eurozone at 05.30 AM ET



<ul>
<li>The European STOXX 50 index was up 0.05%.</li>



<li>Germany&#8217;s DAX declined 0.01%.</li>



<li>France&#8217;s CAC rose 0.04%.</li>



<li>U.K.'sU.K.&#8217;s FTSE 100 index traded higher by 0.25%.</li>
</ul>



Commodities at 05.30 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.35% at $71.73/bbl, and Brent was up 0.36% at $75.33/bbl.</li>



<li>Oil prices stayed within a narrow range as markets awaited the U.S. presidential election, following a 2% rise after OPEC+ delayed a planned December production increase.</li>



<li>Natural Gas declined 0.36% to $2.771.</li>



<li>Gold was trading higher by 0.10% at $2,748.80, Silver gained 0.48% to $32.767, and Copper rose 0.85% to $4.4688.</li>
</ul>



U.S. Futures at 05.30 AM ET



Dow futures were up 0.13%, S&amp;P 500 futures gained 0.17%, and Nasdaq 100 Futures rose 0.27%.



Forex at 05.30 AM ET



<ul>
<li>The U.S. dollar index fell 0.12% to 103.77, the USD/JPY was up 0.05% to 152.20, and the USD/AUD declined 0.49% to 1.5110.</li>



<li>The dollar softened as election volatility spiked while traders awaited the Fed&#8217;s rate decision.</li>
</ul>



Photo by Pavel Bobrovskiy via Shutterstock

Asia

Emerging Markets

Eurozone

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

On US Election Day, Asia Mostly In Green, Europe Mixed, Dollar Softens - Global Markets Today While US Slept

Bitcoin plummeted further, but Dogecoin rose as cryptocurrency investors braced for the high-stakes presidential election.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.55%</td><td>$67,984.27</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>-1.55%</td><td>$2,404.36</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>+9.07%</td><td>$0.1625</td></tr></tbody></table></figure>



What Happened: The world&#8217;s largest cryptocurrency fell to $66,800 in the early evening before recovering above $68,000 overnight.



Donald Trump&#8217;s increasing odds on Polymarket failed to boost the leading coin, which has now erased all of its gains since the climb to near-new highs last week.



Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.



Cryptocurrency liquidations breached $200 million in the last 24 hours, with bullish leveraged positions accounting for over 75% of the total.



Bitcoin's Open Interest dropped 0.87% in the last 24 hours. Interestingly, 60% of the top traders on the cryptocurrency exchange Binance were leveraged long on Bitcoin as of this writing.



The market sentiment remained in the "Greed" zone, as per the Cryptocurrency Fear and Greed Index, indicating the potential for higher buying pressure in the days to come.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Dogecoin (DOGE)</td><td>+8.62%</td><td>$0.1633</td></tr><tr><td>Mog Coin (MOG)</td><td>+3.44%</td><td>$0.000001779</td></tr><tr><td>Monero (XMR)</td><td>+1.90%</td><td>$159.68</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.22 trillion, following a decline of 2.92% in the last 24 hours.



Stock cracked ahead of the all-important election. The Dow Jones Industrial Average slipped 257.59 points, or 0.61%, to close at 41,794.60. The S&amp;P 500 lost 0.28% to end at 5,712.69, while the tech-heavy Nasdaq Composite dipped 0.33%, closing at 18,179.98.



Additionally, prices of U.S. Treasurys rose, with the yield for the 10-Year Treasury falling to 0.3% on Monday. This suggested that investors sought refuge in risk-free investments ahead of elections.



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



Analyst Notes: Widely followed cryptocurrency analyst Miles Deutscher highlighted the two possible trajectories Bitcoin could follow after the election outcome.



In the event of a Trump victory, he predicted an immediate rally and a new all-time high this year. On the other hand, a Kamala Harris victory would cause a sell-off and push the highs back to the first quarter of 2025.



"Either way BTC goes to $100,000+, it&#8217;s just the path that changes," Deutscher added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In my opinion: Trump win = Instant pump, new ATH this year Kamala win = Instant dump, new ATH Q1 2025 Either way <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> goes to $100k+, it&#39;s just the path that changes. (I do, however, think the ceiling is higher for both <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> and alts if Trump wins)&mdash; Miles Deutscher (@milesdeutscher) <a href="https://twitter.com/milesdeutscher/status/1853453218086613140?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Influential cryptocurrency analyst and trader Ali Martinez likened Ethereum's trajectory to the S&amp;P 500, noting that this could be the last dip for the second-largest cryptocurrency before it sails to $10,000.



<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/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has been mimicking the S&amp;P500, and this could be the last dip before it triples and hits $10,000! <a href="https://t.co/BgpbZQXM6I">pic.twitter.com/BgpbZQXM6I</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853572432646299649?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Additionally, Martinez observed a buy signal for Bitcoin on the 12-hour chart using the TD Sequential indicator.&nbsp;



<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 TD Sequential has been spot-on with <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> trends on the 12-hour chart, and it's now showing a buy signal! <a href="https://t.co/lGL3U0rUSd">pic.twitter.com/lGL3U0rUSd</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853502915417424043?ref_src=twsrc%5Etfw">November 4, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41723555/michigan-pension-fund-invests-10m-in-ethereum-etfs-exceeds-bitcoin-holdings">Michigan Pension Fund Invests $10M In Ethereum ETFs, Exceeds Bitcoin Holdings</a></li>
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Bitcoin, Ethereum Slip While Dogecoin Surges Ahead Of Presidential Election; Analyst Predicts BTC Will Hit $100K+ Regardless Of Trump Or Harris Win

Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) reported a dramatic expansion in customer spending, with one equipment rental company increasing its annual recurring revenue twelvefold in less than eight months after implementing the company&#8217;s artificial intelligence platform, highlighting the rapid <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41732827/messi-of-ai-wall-street-analyst-gushes-over-robust-earnings-from-palantir">adoption of AI in enterprise operations</a>.



What Happened: The data analytics company, which joined the S&amp;P 500 index in September, announced Monday that its third-quarter revenue surged 30% to $725.52 million, exceeding analyst expectations of $701.13 million.



&#8220;Given how strong our results are, I almost feel like we should just go home,&#8221; CEO Alex Karp told investors during the earnings call, reflecting on the company&#8217;s robust performance.



The company&#8217;s U.S. operations showed particular strength, with revenue growing 44% year-over-year to $499 million. However, international operations faced headwinds, particularly in Europe, and saw a decline in revenue from a government-sponsored enterprise in the Middle East.



Despite these challenges, Palantir continues to build international partnerships. &#8220;We continue to capitalize on targeted growth opportunities in Asia, the Middle East and beyond,&#8221; said Chief Financial Officer David Glazer, noting a multi-year renewal with BP as evidence of ongoing international expansion.



See Also: <a href="https://www.benzinga.com/markets/equities/24/11/41734231/jim-cramer-keeps-recommending-tesla-because-he-loves-space-stuff-but-hes-not-keen-on-ford-i-cant">Jim Cramer Keeps Recommending Tesla Because He Loves &#8216;Space Stuff,&#8217; But He&#8217;s Not Keen On Ford: &#8216;I Can&#8217;t Recommend The Stock&#8217;</a>



Why It Matters: Palantir raised its full-year revenue guidance to between $2.805 billion and $2.809 billion. The company expects fourth-quarter revenue between $767 million and $771 million, with adjusted income from operations projected at $298 million to $302 million.



Palantir&#8217;s U.S. commercial revenue growth is expected to exceed 50% for the full year, reaching at least $687 million, according to Glazer.



The company r<a href="https://www.benzinga.com/news/earnings/24/11/41730179/palantir-q3-earnings-revenue-beat-eps-beat-customers-up-39-raises-guidance-results-driven-by-unrele">eported earnings of six cents per share</a>, double the figure from the same period last year and above analyst estimates of four cents per share. This marks the fifth consecutive quarter Palantir has met or exceeded analyst expectations for both revenue and earnings.



Price Action: In after-hours trading, Palantir stock surged to $47.08, reflecting an increase of 13.69%. The stock closed at $41.41 on Monday, down 1.22% for the day. Year to date, Palantir&#8217;s stock has shown growth, rising to 149.76%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



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<li><a href="https://www.benzinga.com/markets/equities/24/11/41734592/palantir-trump-media-hims-hers-health-nxp-semiconductors-and-tesla-why-these-5-stocks-are-on-inv">Palantir, Trump Media, Hims &amp; Hers Health, NXP Semiconductors, And Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a></li>
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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.

Palantir's AI Gamble Pays Off As Customer Revenue From Single Customer Jumps 12x In Under 8 Months — Alex Karp Quips: 'We Should Just Go Home'

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has reportedly hit a roadblock in its plans to construct a nuclear-powered AI data center in the U.S. The discovery of a rare bee species on the proposed site has disrupted the project.



What Happened: Meta CEO Mark Zuckerberg had planned to collaborate with an existing nuclear power plant operator to provide emissions-free electricity for the new data center.



However, the project encountered several hurdles, including environmental and regulatory issues, <a href="https://www.ft.com/content/ed602e09-6c40-4979-aff9-7453ee28406a">reported</a> Financial Times, citing people familiar with the matter.



See Also: <a href="https://www.benzinga.com/news/24/11/41705075/jeff-bezos-backed-perplexitys-new-ai-election-hub-promises-real-time-vote-counts-and-candidate-summa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos-Backed Perplexity&#8217;s New AI Election Hub Promises Real-Time Vote Counts And Candidate Summaries — But What About Its Accuracy?</a>



The rare bee species found on the land adjacent to the plant, where the data center was to be built, added to the project&#8217;s challenges. Zuckerberg shared this information during a company-wide meeting last week.



Despite the setback, Meta is still investigating various carbon-free energy alternatives, including nuclear.



Meta did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.



Why It Matters: The tech industry&#8217;s increasing demand for <a href="https://www.benzinga.com/markets/equities/24/07/39568237/tech-giants-eye-nuclear-power-to-fuel-ai-boom-raising-concerns-over-stability-and-environmental-">electricity to fuel the AI boom</a> has led to a significant shift towards nuclear power.



Meta&#8217;s rivals, Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) have inked deals with <a href="https://www.benzinga.com/news/24/10/41358363/nuclear-stocks-soar-as-amazon-becomes-latest-tech-giant-to-invest-in-nuclear-power">nuclear power plant operators</a> to cater to their data centers&#8217; growing energy needs.



In September, Microsoft revealed plans to <a href="https://www.benzinga.com/news/24/09/40994664/pennsylvania-governor-josh-shapiro-urges-quick-connect-for-microsofts-nuclear-power-plan-involving-t">reactivate the dormant nuclear facility</a> at Three Mile Island in Pennsylvania.



In March, Amazon invested $650 million to establish a data center adjacent to the Susquehanna Steam Electric nuclear plant, also located in Pennsylvania.



Last month, Google announced its <a href="https://www.benzinga.com/news/24/10/41321236/sam-altmans-oklo-jumps-on-google-nuclear-deal-whats-going-on">intention to purchase power from</a> small modular reactor (SMR) developer Kairos Power.



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

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