Wall Street remains on edge as investors adopt a cautious stance amid an increasingly uncertain economic outlook. At its March meeting, the Federal Reserve kept interest rates unchanged at 4.25%-4.50%, signaling "no rush" to <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44403637/fed-holds-rates-while-growth-forecasts-slip-inflation-projections-rise">adjust its monetary policy.</a>



Yet, the central bank's latest economic projections painted a less optimistic picture, with lower growth forecasts and higher inflation expectations for the coming years.



The Fed now expects real GDP growth to slow from its December forecast of 2.1% for 2025 to 1.7%. Growth estimates for 2026 were revised downward from 2% to 1.8% and 2027 was lowered from 1.9% to 1.8%.



The Personal Consumption Expenditures price index — the Fed's preferred inflation gauge — is now projected to hit 2.7% in 2025, up from 2.5% previously. Broader price pressures for 2026 were also revised higher, from 2.1% to 2.3%, signaling persistent inflation risks.



In short, the latest projections suggest a more stagflationary environment — something Fed Chair Jerome Powell had categorically dismissed last year, when he quipped that he saw "no stag, nor flation" on the horizon.



<a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44405112/tariff-inflation-may-be-transitory-powell-says-stocks-rally-bitcoin-clears-85000-as-bulls-return">During his press conference</a>, Powell attempted to quell market fears over a potential recession and the inflationary impact of tariffs. He reaffirmed confidence in the U.S. economy, highlighting its resilience and low recession risk, while acknowledging lingering uncertainty in the outlook.



His characterization of Trump's proposed tariffs as "transitory" <a href="https://www.benzinga.com/news/25/03/44427074/economists-react-to-powell-we-are-now-seeing-the-stag-and-the-flation">raised eyebrows among economists</a>  — particularly given his prior misjudgment in labeling post-COVID-19 pandemic inflation as short-lived.



Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) emerged as the week's top performer in the S&amp;P 500, surging double digits in its best weekly performance since July 2023. The rally was fueled by a multibillion-dollar contract to design and manufacture a next-generation fighter jet for the U.S. Air Force, beating out rival Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)'s decline persisted, now down more than 50% from its peak, marking its ninth consecutive negative week — a record losing streak since the company went public in 2010. In Elon Musk's empire, SpaceX has now officially overtaken Tesla as his most valuable asset.



NVIDIA-GM Alliance: At the GPU Technology Conference, NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang unveiled a new collaboration with General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) to advance <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/03/44399929/how-the-nvidia-gm-partnership-could-challenge-tesla-boost-uber">next-generation self-driving vehicles.</a> This partnership intensifies competition with Tesla in the growing robotaxi market.



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Photo: Shutterstock.

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Large Cap

Macro Economic Events

Econ #s

Economics

Federal Reserve

NVDA

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Tesla Notches Ninth Negative Week; Fed Sees More Inflation, Less Growth Yet Powell Labels Tariffs Effect As 'Transitory': This Week In Markets

2025 started rough for the broader tech elite, yet a strong rebound may be just around the corner for three key members <a href="https://www.benzinga.com/topic/magnificent-seven">of the Magnificent Seven.</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 Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) have consistently delivered strong April returns, making the coming weeks potentially pivotal for traders looking to buy on recent dips. 



<h3 class="wp-block-heading">What Makes April So Powerful For Big Tech?</h3>



April tends to be kind to big tech. And for these three companies, it&#8217;s among the most favorable months on the calendar.



The timing is not coincidental. These firms typically report first-quarter earnings in late April, a period that often delivers upbeat results and fuels momentum.



For Amazon, April is historically the strongest month of the year. The e-commerce and cloud leader has posted a 7.6% average return in April since 1997, closing the month in the green 70% of the time as Table 1 below shows



Some Aprils have delivered eye-popping surges. In 2001, Amazon rallied 54.3%, followed by a nearly identical 54.1% gain in 2007. Even in the depths of the pandemic in 2020, shares jumped 26.8%. 



Only in 2022 did the stock log a sharp April loss—23.8%, during a broader market sell-off as the Federal Reserve aggressively raised interest rates to combat inflation.



So far this year, however, Amazon has struggled, with shares down 12% year to date, while the Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>)—which tracks Amazon and its fellow mega-cap peers—is down 14.1% year to date.



That may leave room for a technical rebound in mega-cap tech giants if historical trends hold. 



Table 1: Amazon&#8217;s Historical Monthly Performance – Data: TradingView



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="597" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21152714/AMZN_2025-03-21_19-24-06_c2078-1024x597.png" alt="" class="wp-image-836697" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21152714/AMZN_2025-03-21_19-24-06_c2078-1024x597.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21152714/AMZN_2025-03-21_19-24-06_c2078-300x175.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21152714/AMZN_2025-03-21_19-24-06_c2078-768x448.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21152714/AMZN_2025-03-21_19-24-06_c2078-1536x896.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21152714/AMZN_2025-03-21_19-24-06_c2078.png 1767w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Meta Platforms, owner of Facebook, Instagram and WhatsApp, has also historically enjoyed April tailwinds. The stock has averaged a 5.1% gain, with a 67% win ratio since its public debut in 2012, as Table 2 below shows.



Meta's biggest April climb came in 2020, when it soared 22.7% as digital advertising boomed during the pandemic.



April ranks as Meta's second-best month, just behind January. 



While the stock is relatively flat for 2025, it has endured a sharp 20%-plus drawdown from its February peak, giving traders another reason to watch the April window closely.



Table 2: Meta Platform&#8217;s Historical Monthly Performance – Data: TradingView



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="590" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153041/META_2025-03-21_19-29-26_9a7eb-1024x590.png" alt="" class="wp-image-836704" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153041/META_2025-03-21_19-29-26_9a7eb-1024x590.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153041/META_2025-03-21_19-29-26_9a7eb-300x173.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153041/META_2025-03-21_19-29-26_9a7eb-768x443.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153041/META_2025-03-21_19-29-26_9a7eb-1536x885.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153041/META_2025-03-21_19-29-26_9a7eb.png 1766w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



For Microsoft, April is the month with the highest win ratio of any on the calendar—71% since 2004. 



On average, the tech behemoth returned 3.48% in April, only slightly behind October&#8217;s 4.19% average gain.



Standout Aprils include a 15.7% gain in 2013, a 19.6% rally in 2015 and 13.6% in 2020.



Shares of Microsoft are down 10% year to date, and with first-quarter earnings typically released in late April, the potential for a sentiment reset is strong.



Table 3: Microsoft&#8217;s Historical Monthly Performance – Data: TradingView



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="592" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153339/MSFT_2025-03-21_19-31-30_a8ff6-1024x592.png" alt="" class="wp-image-836705" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153339/MSFT_2025-03-21_19-31-30_a8ff6-1024x592.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153339/MSFT_2025-03-21_19-31-30_a8ff6-300x173.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153339/MSFT_2025-03-21_19-31-30_a8ff6-768x444.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153339/MSFT_2025-03-21_19-31-30_a8ff6-1536x888.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/21153339/MSFT_2025-03-21_19-31-30_a8ff6.png 1775w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Table: Average April Performance</h3>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Company</th><th>Avg. April Return</th><th>April Win Rate</th></tr></thead><tbody><tr><td>Amazon</td><td>7.6%</td><td>70%</td></tr><tr><td>Meta Platforms</td><td>5.1%</td><td>67%</td></tr><tr><td>Microsoft</td><td>3.5%</td><td>71%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">Final Thought: Is A Bounce Ahead?</h3>



If you&#8217;re a short-term trader or swing investor, seasonal trends like these are worth watching. While past performance is never a guarantee of future results, the data speaks clearly: April has consistently been a launching pad for these tech giants.



Read now: 



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Photo: Shutterstock

Tech

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MAGS

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April Could Spark A Tech Rally For These Three Magnificent 7 Giants, If History Has A Say

<h2 class="wp-block-heading">New On The Block</h2>



Sandals Resorts International is once again trying to sell itself after years of family drama that&#8217;s more akin to <a href="https://www.benzinga.com/money/hotel-reits">&#8220;Succession&#8221; than &#8220;Paradise Hotel.&#8221; </a>



The Caribbean company — famous for its luxury destinations in places like Jamaica, the Bahamas, Saint Lucia, Grenada, Barbados, Antigua, Curaçao and Turks and Caicos — is hoping to fetch between $6 billion and $7 billion, the Wall Street Journal reported.



Founded in 1981 by Gordon "Butch" Stewart, Sandals has been caught in a legal soap opera since his passing in 2021. His son, Adam Stewart, now runs the company, but family infighting over Butch's estate could complicate the sale process. Expect big hotel chains and private equity firms to circle the all-inclusive resort company.



Earlier this year, Hyatt shelled out $2.6 billion for Playa Hotels &amp; Resorts, proving that the market is sizzling hotter than a Jamaican beach in July.



Of course, before Sandals finds a new owner, it has to survive both the sale process and the family feud. While Sandals promises a stress-free getaway for couples, behind the scenes, it's been anything but smooth sailing.



<h2 class="wp-block-heading">Updates From The Block</h2>



The Boston Celtics are set to be sold to private equity investor Bill Chisholm for a record-breaking $6.1 billion, eventually reaching a whopping $7.3 billion. According <a href="https://www.axios.com/2025/03/20/boston-celtics-record-sale?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosprorata&amp;stream=top">to</a> Axios, that&#8217;s more than any pro sports team has ever fetched. 



For context, that&#8217;s more than what Josh Harris paid for the entire Washington Commanders, and they at least have their own stadium.



Chisholm, a Massachusetts native and co-founder of Symphony Technology Group, isn't going it alone. Sixth Street Partners &#8211; fresh off <a href="https://sixthstreet.com/investment_announce/san-francisco-giants-form-strategic-partnership-with-global-investment-firm-sixth-street/">snagging</a> a slice of the San Francisco Giants &#8211; is also in on the action. The current ownership group, led by Wyc Grousbeck, bought the team in 2002 for just $360 million (talk about a return on investment). Grousbeck will stick around as CEO until at least 2028, while his co-investor, Steve Pagliuca, seems unlikely to stay on board after losing out on the top bid.



But it&#8217;s not a slam dunk just yet. The NBA must give Chrisholm the blessing, which won't happen until after the season. Until then, Chisholm is reportedly still shopping for some deep-pocketed co-investors.



Other M&amp;A updates:



<ul>
<li>CVC Capital Partners is interested in buying Fortress Investment Group from Mubadala, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-03-19/cvc-interested-in-buying-mubadala-backed-fortress?sref=TBDibEcD">reported</a>.</li>
</ul>



<ul>
<li>Brookfield Asset Management is the top bidder for the Colonial Pipeline auction. Colonial is expected to go for more than $10 billion, according <a href="https://www.bloomberg.com/news/articles/2025-03-19/brookfield-leading-race-to-acquire-10-billion-colonial-pipeline">to</a> Bloomberg. </li>



<li>Redwire Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDW#NYSE">RDW</a>) <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44439892/whats-going-on-with-redwire-corporation-stock-today">received all necessary regulatory approvals</a> to acquire Edge Autonomy. These approvals include the completion of the antitrust review under the Hart-Scott-Rodino Act, as well as foreign investment reviews in Latvia, Canada and the U.K. The acquisition is expected to close in the second quarter of 2025.</li>
</ul>



<h2 class="wp-block-heading">Off The Block</h2>



<ul>
<li>Venture capital-backed Sora Finance, a provider of debt optimization software to financial advisers, sold to MassMutual&#8216;s Flourish. Sora Finance had raised $5.5 million from various firms, including Peterson Ventures, New Era Capital Partners, Launchpad Capital, Fairbridge Park, Tubbs Ventures, Creative Capital and Endurance Cos.</li>
</ul>



<ul>
<li>Cylinder, a Chicago-based virtual health platform, just acquired Dieta Health, a startup specializing in generating AI images of your stool. Seriously. Dieta's app allows patients to snap photos of their number two and the AI provides an accurate reading and report. Cylinder's goal? To provide more personalized digestive care that actually improves clinical outcomes and gut health.</li>
</ul>



<ul>
<li>Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/25/03/44414790/nvidia-acquires-synthetic-data-firm-gretel-to-train-ai-models-report">completed</a> the acquisition of Gretel, a synthetic data startup valued at $320 million. Although the exact financial terms of the purchase were not undisclosed. The acquisition marks an expansion for Nvidia as it integrates Gretel's team and technology into its growing portfolio of cloud-based AI services.</li>
</ul>



<h2 class="wp-block-heading">Bankruptcy Block</h2>



Village Roadshow Entertainment, the company behind hits like &#8220;The Matrix,&#8221; is now in full liquidation mode after filing Chapter 11.



The company's dispute with Warner Bros Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) started when &#8220;The Matrix Resurrections&#8221; was released on HBO Max the same day it hit theaters. Village Roadshow claims this move killed the franchise&#8217;s value.



That made already troubling financial matters worse, according <a href="https://variety.com/2025/biz/news/village-roadshow-bankruptcy-chapter-11-1236339304/">to</a> Variety. Village Roadshow dropped millions in legal fees trying to resolve the dispute, which still isn&#8217;t settled three years later.



Despite putting 99 movies (i.e., &#8220;Joker&#8221; and &#8220;Ocean&#8217;s Eleven&#8221;) and 166 TV series into development, none were profitable enough to keep the business afloat.



At the moment, Village Roadshow's assets are worth an estimated $100 million to $500 million, but it owes over $500 million to $1 billion and has a list of over 200 creditors. Among its debts? Over $11 million to Kirkland &amp; Ellis and $1.4 million to the Writers Guild of America West.



For last week&#8217;s edition of the <a href="https://www.benzinga.com/personal-finance/financial-advisors/25/03/44342234/deal-dispatch-trump-ma-boom-is-a-bust-purple-mattress-considers-sale-celtics-auction-heats-up">Deal Dispatch, click here</a>.



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Deal Dispatch: Sandals For Sale, Chisholm's Celtic Pride, 'Matrix' Producer Faces Bankrupt Reality

Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) analysts provide a cautious tone for the apparel company's turnaround and short-term growth after the company's third-quarter financial results.



The Nike Analysts: 



<ul>
<li>Stifel analyst Jim Duffy maintained a Hold rating on Nike with a $75 price target.</li>



<li>Goldman Sachs analyst Brooke Roach maintained a Buy rating and lowered the price target from $90 to $88.</li>



<li>Needham analyst Tom Nikic maintained a Buy rating and lowered the price target from $80 to $75.</li>



<li>Telsey analyst Cristina Fernandez maintained a Market Perform rating with a $80 price target.</li>



<li>Oppenheimer analyst Brian Nagel maintained an Outperform rating with a $120 price target.</li>
</ul>



Stifel on NKE: Nike's return to growth could be several quarters away, Duffy said in a new investor note.



"Strategically, the marketplace cleanup is on track, though we expect a return to healthy growth to take several quarters before positive revenue inflection," Duffy said.



The analyst said China remains a challenge for Nike.



While Nike has a "market-leading position," Duffy said the company is in the "middle innings" of a cleanup with no upside at current levels.



"At the current multiple, we believe a return to growth and margin improvement is discounted in shares suggesting risk/reward largely in balance at current levels."



Goldman Sachs on NKE: The apparel company's strategy is on track, Roach said in a new investor note.



"We believe today's results provided fodder for both bulls and bears in the quarter, and thus expect the stock to remain heavily debated going forward," Roach said.



The analyst said Nike is "early in its turnaround journey."



Roach said management's commentary showed pressure on the company to develop new products, reposition the Nike digital marketplace, clean up inventory, and reset its wholesale business.



"We continue to believe that NKE's strategic actions are the appropriate moves to reset Nike to return to future growth."



Needham on NKE: The apparel company's strategy of "win now" could be working, but a return to growth is moving later and later, Nikic said in a new investor note.



"We continue to have confidence in CEO Elliott Hill, but it will take time for the bull thesis to play out," Nikic said.



One of the analyst's key concerns is inventory with Nike saying it was working with retailers to take back unsold inventory to make room for new products. This could lead to a large headwind in the fourth quarter before things get better in fiscal 2026.



The analyst said gross margins are seeing big pressure in the near-term and could decline further in the fourth quarter.



"This one-time darling of investors has clearly been off its game in recent years, but we believe that the worst may nearly be over."



Nikic said Nike could be a "compelling story stock" in 2025 if the stock finds a bottom.



Telsey on NKE: Third quarter results were better than expected but were offset by weak guidance and management commentary, Fernandez said in a new investor note.



"We believe Nike is making the right moves by cleaning up inventory, rebalancing the product portfolio by increasing newness and reducing the focus on classic franchises, and strengthening relationships with wholesale partners, but the brand is still several quarters away from reaching stabilization," Fernandez said.



The analyst said management commentary suggests more profit headwinds and struggles ahead.



Nike sales in Greater China were down 15% year-over-year in constant currency in the quarter. The analyst said China's macroeconomic environment remains challenging and Nike is seeing more competition.



Oppenheimer on NKE: A recovery for the apparel company is "taking shape," Nagel said in a new investor note.



The analyst said the third-quarter results were better than expected.



"While results at NKE continue to track weak, we believe that underlying trends at the company are starting to improve and set up for a potentially meaningful rebound, in coming quarters," Nagel said.



NKE Price Action: Nike stock is down 5.3% to $68.04 on Friday, hitting new 52-week lows of $65.17 earlier in the day's trading session. Nike stock is down 9.4% year-to-date in 2025 and down 34% over the last year.



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Photo: Shutterstock

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Reiteration

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Trading Ideas

Nike Stock Hits 52-Week Low As Analyst Warns Bullish Turnaround 'Will Take Time'

Wall Street remains in the red heading into the end of the week, with major indexes posting modest midday losses in New York, though well off <a href="https://www.benzinga.com/markets">the session&#8217;s earlier lows.</a>



At a White House event, President Donald Trump said there would be flexibility on the upcoming tariffs, easing investor concerns that their planned implementation on April 2 could trigger major disruptions.



Read also: <a href="https://www.benzinga.com/25/03/44439169/monster-equity-inflows-say-no-one-really-believes-trade-war-bank-of-americas-hartnett-says">&#8216;Monster Equity Inflows Say No One Really Believes Trade War,&#8217; Bank Of America&#8217;s Hartnett Says</a>



The news helped improve risk sentiment in equities, while gold is having its worst session since late February, down 1% as traders scale back positions in safe-haven assets.



The U.S. dollar reversed course to notch weekly gains after two consecutive weeks of losses. Among mega-cap stocks, Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) led the way, climbing 4.9% and 4.2%, respectively.



Boeing, up 11% for the week, is on track for its strongest weekly performance since July 2023 after securing a multibillion-dollar contract to design and build a next-generation fighter jet for the U.S. Air Force—beating out rival Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), which fell 6%.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) dipped 0.4% to below $84,000 but is still holding onto weekly gains.



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



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %</td></tr><tr><td>Dow Jones</td><td>41,851.01</td><td>-0.2%</td></tr><tr><td>Nasdaq 100</td><td>19,623.24</td><td>-0.3%</td></tr><tr><td>S&amp;P 500</td><td>5,637.84</td><td>-0.4%</td></tr><tr><td>Russell 2000</td><td>2,056.35</td><td>-0.6%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 4:45 p.m. ET</figcaption></figure>



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



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.7% to $561.86.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.4% to $418.47.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;was down 0.2% to $478.28.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.6% to $203.82</li>



<li>The&nbsp;Communication&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 0.4%; the&nbsp;Materials&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) was the worst sector performer, down 1.5%.</li>
</ul>



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



<ul>
<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) tumbled 7.9% in reaction to quarterly earnings, eyeing the worst day since September. </li>



<li>Other stocks reacting to earnings included Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>), up 0.3%, NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), down 3%, Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), down 7.9%, Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>), down 4.5%, Lennar Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>), down 4%. </li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/news/econ-s/25/03/44435609/sp-500-could-soar-12-by-year-end-but-only-if-recession-is-avoided-goldman-sachs-says">S&amp;P 500 Could Soar 12% By Year-End—But Only If Recession Is Avoided, Goldman Sachs Says</a></li>
</ul>



Photo: Shutterstock

Government

Regulations

Broad U.S. Equity ETFs

ETFs

$BTC

Wall Street Trims Losses As Boeing Eyes Best Week In Nearly 2 Years: What's Driving Markets Friday?

Chicago Fed President Austan Goolsbee suggested that the central bank needs to be a steady hand and avoid overreacting, as rising trade tensions, shaky business confidence and stubborn inflation complicate the <a href="https://www.benzinga.com/topic/interest-rates">outlook for interest rates.</a>



In an interview with CNBC Friday, Goolsbee indicated that the Federal Reserve must take a long-term approach as the U.S. economy absorbs the potential impact of new tariffs pushed by the Trump administration. 



"There is nothing more uncomfortable than a stagflationary environment," Goolsbee said. "There is no generic answer to it."



<h3 class="wp-block-heading">Tariffs Could Be &#8216;Transitory&#8217; — Or Maybe Not</h3>



Asked how the Fed should respond to trade-driven inflation, Goolsbee said it's too early to draw firm conclusions. The key, he said, lies in understanding how long the tariffs stay in place, whether other countries retaliate, and how much of the cost hits U.S. consumers.



"We need to be careful when you say transitory," Goolsbee said. 



"The answer to what ‘transitory' means this time around is whether the tariffs apply to intermediate goods, stoke retaliation, and other factors."



His comment came just two days after Fed Chair Jerome Powell, speaking Wednesday after the Federal Open Market Committee held interest rates steady at 4.25%-4.50%, described tariff-driven inflation as potentially "transitory"—a word that drew scrutiny after the Fed's 2022 miscalculation, when it wrongly assumed early inflation spikes would quickly fade.



Goolsbee noted that imports make up only 11% of U.S. GDP, and that one-time tariffs, if not met with retaliation, are "more likely to be transitory." 



Still, he warned that the larger the tariffs, and the more they resemble supply shocks, "the harder it will be for the Fed to look through them."



<h3 class="wp-block-heading">Business Investment Is Stalling</h3>



On the ground, Goolsbee said the Fed is already seeing shifts in behavior from companies.



"There has been a decided turn towards anxiety and waiting on capital spending among business contacts," he said, describing a growing trend of hesitation as uncertainty clouds the outlook.



"Markets want information fast but that is not realistic at this moment," he added. "The Fed needs to be a steady hand and take the long view on the economy."



He also said that while current conditions may be a shock, it depends on how long they last, underscoring the need for patience. "When you have a lot of uncertainty, you have to wait for things to clear up."



<h3 class="wp-block-heading">Room For Cautious Optimism Persists</h3>



Goolsbee maintained a cautiously optimistic view. "There is still a lot of strength in the economy right now," he said, noting progress on both inflation and employment. 



"Unemployment and inflation do reflect progress towards the dual mandate." 



He believes that if the economy continues to cool gradually and inflation trends lower, interest rates could follow. 



"I still believe the economy is resilient, and if there is progress on inflation, rates will be lower in 12 to 18 months." 



Yet, the path forward is far from guaranteed. Goolsbee indicated that if market expectations for long-run inflation begin to rise, or if inflation pushes beyond the initial impact of tariffs, "the Fed would have to revise the outlook."



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



Treasury yields fell in early Friday trading, with the 10-year benchmark yield hitting 4.21%. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) was up 0.3% during the premarket trading in New York. Long-dated Treasury bonds are up 1.2% for the week. 



The dollar slightly gained, while gold prices dipped 0.3%. On Thursday, the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) closed 0.1% lower, snapping seven straight sessions of gains.



Equity futures slumped, with S&amp;P 500 contracts falling 1.2%. If the index ends the session down more than 0.5 percentage points, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) will log its fifth consecutive weekly loss—its longest losing streak since May 2022.



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/news/25/03/44427074/economists-react-to-powell-we-are-now-seeing-the-stag-and-the-flation">Economists React To Powell: &#8216;We Are Now Seeing The Stag And The Flation&#8217;</a></li>
</ul>



Image: Shutterstock

Commodities

Fed's Goolsbee Urges Patience As Trump's Tariffs Stir Fears Of Stagflation: 'We Need To Be Careful When You Say Transitory'

Bulls are storming back into markets with near-record inflows into stocks and gold, brushing aside concerns that trade tariffs could unleash an economic recession and a bear <a href="https://www.benzinga.com/markets">market on Wall Street. </a>



In a note shared Friday, Bank of America's chief investment strategist Michael Hartnett said U.S. stocks recorded their biggest weekly inflow of the year, witnessing $34.1 billion of net capital last week.



&#8220;Monster&nbsp;equity inflows&nbsp;say&nbsp;no one&nbsp;really&nbsp;believes trade war = recession/bear market,&#8221; Hartnett wrote.



<h3 class="wp-block-heading">Why April 2 Matters For Markets</h3>



Hartnett playfully dubbed Apr. 2—the day &#8220;reciprocal tariffs&#8221; take effect—as a potential "peak fear" moment but suggested market direction might hinge more on "whom [Trump] is playing golf with on Apr. 1."



Yet, with U.S. tariffs poised to surge from 2–3% to over 10%, bonds and gold appear far less exposed to a potential &#8220;tariff pandemic&#8221; than U.S. and international equities.



In other words, according to Hartnett, short-term trade-related turbulence can still make gold and bonds safer plays for now.



The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) has posted gains in eleven of the past twelve weeks.



<h3 class="wp-block-heading">From COVID Crash To Now: A Five-Year Astonishing Surge</h3>



This week also marked the fifth anniversary of the S&amp;P 500's COVID low at 2,222 points. Since then, the index has gained more than 150%, powered by an era of rapid fiscal expansion and resilient corporate earnings.



Over the same stretch, U.S. nominal GDP has risen by 50%, government spending surged by 65%, and inflation has hit both Wall Street and Main Street. Yet U.S. Treasuries are down about 50% from their pandemic-era highs. 



<h3 class="wp-block-heading">Foreigners Sell US Equities, Rotate Back To Europe, China</h3>



Appetite for equities outside the U.S. is accelerating. Last week, European stocks drew in $4.3 billion, the largest inflow since May 2017 and the fourth biggest ever.



Chinese and German stocks – as tracked by the iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) and the iShares MSCI Germany Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>), respectively – are both up more than 20% since the U.S. election, reinforcing Hartnett's claim that investors are downplaying the trade war. 



The resurgence in European equities comes amid collapsing sentiment elsewhere. Hartnett flagged the second-biggest drop in global growth expectations ever and the biggest decline in U.S. equity allocation on record.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44379453/equity-exposure-plummets-cash-holdings-jump-as-investors-rethink-us-exceptionalism-bank-of-america-survey">Equity Exposure Plummets, Cash Holdings Jump As Investors Rethink &#8216;US Exceptionalism,&#8217; Bank Of America Survey</a></li>
</ul>



Photo: Shutterstock

News

'Monster Equity Inflows Say No One Really Believes Trade War,' Bank Of America's Hartnett Says

After slipping into a technical correction this month, the S&amp;P 500 may be on the cusp of a powerful rebound that could drive it to new all-time highs — provided the U.S. economy avoids a recession, <a href="https://www.benzinga.com/topic/expert-ideas">as historical patterns suggest.</a>



In a note shared Friday titled "Where To Invest Now", Goldman Sachs chief U.S. equity strategist David J. Kostin said 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>) — could climb to 6,200 points by the end of 2025. 



That&#8217;s a 12% increase from current levels of around 5,675, provided the U.S. economy manages to sidestep a downturn.



<h3 class="wp-block-heading">The Big &#8216;If&#8217;</h3>



"If the economy avoids a recession, 12-month forward return averages 12%," Kostin said, showing that historical data supports this conditional optimism. 



Looking back to 1950, history shows that when the S&amp;P 500 falls 10% and the U.S. economy sidesteps a recession, the index typically rebounds with a 12% gain over the following year.



If the window shortens to six months, the index typically returns about 8%.



Economists at Goldman Sachs and elsewhere are forecasting a gradual deceleration in growth. GDP is projected to slow from 2.8% in 2024 to between 2.0% and 2.2% in 2025, according to Goldman estimates.



The Federal Reserve Bank of Atlanta's GDPNow model is signaling even more fragility, forecasting a contraction of 1.8% for the first quarter of 2025 as of March 18, albeit a slight better revision from previous estimates.



Adding to investor anxiety is the spike in policy uncertainty. 



The U.S. Economic Policy Uncertainty Index has surged to one of its highest levels in 30 years, while Goldman Sachs' economics team expects the effective U.S. tariff rate to jump by 10 percentage points. That would raise the average tariff burden to 13%—the steepest since 1938.



<h3 class="wp-block-heading">Market Rotation: The Fall of the Magnificent 7?</h3>



2025 has started on a shaky note for megacap tech names. 



The so-called Magnificent 7 — 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 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>) — have collectively delivered a year-to-date return of negative 12%.



That underperformance contrasts with the rest of the S&amp;P 500: the remaining 493 companies have gained 1% in the same period, suggesting a rotation out of megacaps into broader market exposure.



&#8220;Tesla has declined by 50%, more than twice the fall of the other Mag 7 stocks,&#8221; Kostin said.



&#8220;Market share of top 7 stocks in S&amp;P 500 is now 31%, down from nearly 35% before the correction.&#8221;



<h3 class="wp-block-heading">Spending Like It's 2023? Capex Boom Continues</h3>



Yet, big tech isn't tightening the purse strings. Goldman Sachs forecasts that capital expenditures for the Magnificent 7 will jump 32% this year to $333 billion — twice the amount they spent annually before the launch of OpenAI's ChatGPT in late 2022.



Leading the investment surge are Amazon.com and Alphabet, expected to spend $103 billion and $75 billion respectively in 2025. Nvidia will more than double its capex to $45 billion, while Meta Platforms plans a 36% increase to $61 billion.



This aggressive reinvestment signals long-term confidence in artificial intelligence and cloud infrastructure. 



Despite recent stock pressure, these companies are aggressively ramping up spending — a signal they're betting big on long-term growth and the durability of their business models.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Company</th><th>2025 Capex ($ bn)</th><th>YoY Growth</th></tr></thead><tbody><tr><td>Amazon</td><td>103</td><td>+25%</td></tr><tr><td>Alphabet</td><td>75</td><td>+42%</td></tr><tr><td>Microsoft</td><td>66</td><td>+20%</td></tr><tr><td>Meta Platforms</td><td>61</td><td>+36%</td></tr><tr><td>Apple</td><td>13</td><td>+17%</td></tr><tr><td>Tesla</td><td>11</td><td>-6%</td></tr><tr><td>Nvidia</td><td>45</td><td>+112%</td></tr><tr><td>Total</td><td>333</td><td>+32%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">S&amp;P 500 Earnings Poised To Grow 7% This Year</h3>



Goldman maintains a constructive stance on the earnings trend. The firm projects S&amp;P 500 aggregate earnings per share will rise 7% to $262 in 2025. That's slightly below the consensus estimate of $270, which assumes 10% growth.



Goldman's valuation model implies a year-end price-to-earnings multiple of 20.6, supported by expectations that nominal 10-year Treasury yields will stay broadly flat around 4.35%.



One of the biggest tailwinds for equities right now is the investor allocation itself. According to Goldman, investors currently have more than 50% of their financial assets tied up in stocks—an all-time high.



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44434672/gold-nears-3100-mark-as-us-accelerates-repatriation-amid-tariff-fears-and-securing-domestic-reserves">Gold Nears $3,100 Mark As US Accelerates Repatriation Amid Tariff Fears, Possibility Of An Audit</a></li>
</ul>



Image: Shutterstock

AAPL

GOOG

GOOGL

S&P 500 Could Soar 12% By Year-End—But Only If Recession Is Avoided, Goldman Sachs Says

The Trump administration is reportedly advocating for revised terms regarding U.S. access to <a href="https://www.benzinga.com/25/02/43968607/trump-negotiates-a-very-big-deal-for-ukraines-mineral-wealth">Ukraine&#8217;s critical minerals</a> and energy assets. This initiative is part of a larger strategy to secure a peace agreement with Russia.



What Happened: The U.S. is persuading Kyiv to consent to comprehensive terms about the ownership and control of a joint investment fund. The scope of this could potentially extend to U.S. ownership of other economic assets in Ukraine, such as nuclear power plants, according to two Ukrainian officials, as <a href="https://www.ft.com/content/88e4ea22-3a27-4e68-9c6e-4a008f257522">reported</a> by the Financial Times. 



President Donald Trump announced on Thursday, that the U.S. is aiming to establish agreements on rare earths and minerals globally, with a special focus on Ukraine. However, no further details were provided.



"We're doing very well with regard to Ukraine and Russia, and one of the things we're doing is signing a deal very shortly with respect to rare Earth elements with Ukraine," stated Trump.



This strategy will enable the U.S. to strengthen its presence in one of Europe&#8217;s most resource-rich nations amid growing geopolitical challenges. Trump believes&nbsp;that U.S. economic investment in&nbsp;Ukraine is a sufficient security guarantee to deter Russia from initiating a new invasion following any ceasefire. However, the deal is yet to be finalized considering complex negotiation terms.



SEE ALSO: <a href="https://www.benzinga.com/25/03/44433704/trump-invokes-an-act-from-the-1950s-to-boost-domestic-mineral-industry">Trump Invokes An Act From 1950s To Boost Domestic Mineral Industry</a>



Why It Matters: This development comes following <a href="https://in.benzinga.com/news/global/25/03/44384160/oil-prices-slip-energy-stocks-pause-as-trump-putin-call-signals-ukraine-ceasefire-progress">Trump&#8217;s call with </a>Russian President Vladimir Putin on Tuesday which resulted in Russia committing to a &#8216;partial&#8217; ceasefire. Also, in another call, Trump and Ukrainian President Volodymyr Zelenskyy discussed Ukraine&#8217;s electrical supply and nuclear power plants, with Trump suggesting that the U.S. could offer substantial support in managing these facilities using its expertise in electricity and utilities.



Ukraine heavily depends on U.S. support economically and militarily but is increasingly concerned about potential resource exploitation and its long-term impact on communities and the environment. Inna Sovsun, a Ukrainian opposition lawmaker raised concern and posted on X, "Since when does surrendering a strategic sector to a foreign country equal security?"



<ul>
<li>READ MORE: <a href="https://www.benzinga.com/25/03/44434786/jim-cramer-this-industrial-stock-is-super-strong-buy-a-lifetime-super-strong-buy">Jim Cramer: This Industrial Stock Is &#8216;Super Strong Buy, A Lifetime Super Strong Buy&#8217;</a></li>
</ul>



Image via Shutterstock



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

Politics

General

Trump Administration Pushes For Revised Terms To Access Ukraine's Critical Resources Amid Peace Talks: Report

Chinese electric vehicle maker&nbsp;NIO, Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares are trading lower premarket on Friday after the company reported fiscal&nbsp;fourth-quarter&nbsp;revenue of 19.70 billion Chinese yuan&nbsp;($2.70 billion), up 15.2%&nbsp;year-over-year and up&nbsp;5.5%&nbsp;sequentially. Analysts, on average, estimated <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/g44431868/nio-inc-reports-unaudited-fourth-quarter-and-full-year-2024-financial-results" rel="noreferrer noopener">revenue of&nbsp;$2.85 billion for the quarter</a>.



Excluding items, the company reported an adjusted loss per share per ADS of 3.17 Chinese yuan or 43 cent loss compared to a 2.81 Chinese <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">yuan loss in the year-ago quarter</a>. Analysts had called for a&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">loss of 42 cents per ADS</a>.



Vehicle deliveries were 72,689&nbsp;in the quarter, up&nbsp;45.2%&nbsp;Y/Y and&nbsp;17.5%&nbsp;Q/Q. Consequently, vehicle revenue rose by&nbsp;13.2%&nbsp;Y/Y and increased by&nbsp;4.7%&nbsp;Q/Q.



Nio delivered 13,863&nbsp;vehicles in January 2025 and 13,192 vehicles in February 2025. As of February 28, 2025, the cumulative number of NIO vehicle deliveries reached 698,619.



Gross margin for the quarter expanded to&nbsp;11.7%, up from&nbsp;7.5%&nbsp;a year ago and&nbsp;10.7%&nbsp;the previous quarter, as vehicle margin expanded Y/Y from&nbsp;11.9%&nbsp;a year ago to&nbsp;13.1%.&nbsp;



As of December 31, 2024, cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled 41.9 billion Chinese yuan&nbsp;($5.7 billion).



Read: <a target="_blank" href="https://www.benzinga.com/25/03/44424848/nio-q4-earnings-preview-catl-battery-swap-deal-onvo-vehicles-top-items-to-watch" rel="noreferrer noopener">Nio Q4 Earnings Preview: CATL Battery Swap Deal, ONVO Vehicles Top Items To Watch</a>



NIO founder, Chair, and CEO William Bin Li said, &#8220;In 2024, we achieved a new delivery record of 221,970 vehicles. Throughout the year, NIO brand maintained its position as the leader in China&#8217;s BEV market for vehicles priced over RMB300,000, capturing a 40% market share.&#8221;



&#8220;The market share of the ONVO L60 has been steadily increasing since its launch, securing a top-three position in China&#8217;s BEV SUV market priced between RMB200,000 and 300,000.&#8221;&nbsp;



&#8220;NIO brand will further solidify its premium positioning by introducing more technology and experience-driven products. ONVO brand, targeting the mainstream mass market, will concentrate on increasing its sales volume and enriching its product portfolio. Firefly&#8217;s model will be officially launched and begin deliveries in April, serving as a key driver for our future international expansion.&#8221;



Outlook: NIO expects first-quarter deliveries of 41,000 and 43,000 vehicles, reflecting a<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> Y/Y increase of 36.4% to 43.1%</a>.



The company projects revenues between RMB12.367 billion ($1.694 billion) and RMB12.859 billion ($1.762 billion), representing an increase of approximately&nbsp;24.8%&nbsp;&#8211; 29.8%&nbsp;from the same quarter of 2024.



Investors can gain exposure to the stock via&nbsp;Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>) and VanEck Low Carbon Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMOG#NYSE">SMOG</a>).



Price Action: NIO shares are down 4.25% at $4.52 premarket at the last check Friday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/25/03/44431990/us-stocks-likely-to-open-lower-economic-conditions-dont-signal-a-downturn-say-analysts-as-they-expect-resilient-earnings-to-lift-equities" target="_blank" rel="noreferrer noopener">US Stocks Likely To Open Lower, But &#8216;Economic Conditions Don&#8217;t Signal A Downturn,&#8217; Say Analysts As They Expect &#8216;Resilient Earnings&#8217; To Lift Equities</a></li>
</ul>



Photo by Sundry Photography on Shutterstock.

Earnings

Guidance

Movers

SMOG

NIO Q4 Earnings: Revenue & EPS Miss, 45% Delivery Growth, Margin Gains And More

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO, Jensen Huang admitted his comments about quantum computing developments in January, which led to a decline in quantum computing stocks were wrong. He discussed the developments in the field with the leaders of these companies during the GTC AI Conference on Thursday.



What Happened: Huang&#8217;s statements in January pulled the shares of quantum computing companies down, with some experiencing losses exceeding 40%.



During CES 2025, Huang stated that practical quantum computing is likely two decades away. Nvidia set a timeline of 15 to 30 years for "very useful" quantum computers, with a consensus within the company leaning towards a 20-year horizon.



During GTC on Thursday, he said, "My first reaction was, I didn't know they were public! How could a quantum computer company be public?" he said.



Huang said "They can explain why I was wrong," pointing toward the panel of speakers that he had invited from firms like PsiQuantum, D-Wave Quantum Inc., and IonQ Inc.



Despite acknowledging his previous remarks, Huang urged a reevaluation of quantum computing, suggesting it be viewed as a &#8220;quantum instrument&#8221; rather than a traditional computer.



He argued that applying conventional computer standards hinders the field&#8217;s progress, describing it as &#8220;an unfortunate expectation&#8221;. While panelists, including D-Wave&#8217;s CEO, questioned this reframing, Huang maintained his intent to advance the industry.



See Also: <a href="https://www.benzinga.com/25/03/44431190/billionaire-mark-cuban-questions-motives-behind-national-turnaround-efforts-asks-who-will-be-worse-off-in-the-us-economic-shift">Mark Cuban Questions Motives Of Elon Musk-Led DOGE&#8217;s &#8216;Turnaround&#8217; Efforts, Asks &#8216;Who Will Be Worse Off?&#8217; In The US Economic Shift</a>



Why It Matters: Thursday&#8217;s clarifications and conversations around quantum computing stocks failed to lift them. The stocks fell on Thursday and were trading lower in the premarket on Friday.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Stocks</td><td>Thursday&#8217;s Performance</td><td>Wednesday&#8217;s Pre-Market Performance</td><td>YTD Performance</td></tr><tr><td>Rigetti Computing Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>)</td><td>-9.24%</td><td>-1.56%</td><td>-55.05%</td></tr><tr><td>Quantum Computing Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>)</td><td>-11.71%</td><td>-9.07%</td><td>-60.61%</td></tr><tr><td>D-Wave Quantum Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QBTS#NYSE">QBTS</a>)</td><td>-18.02%</td><td>-2.19%</td><td>-9.57%</td></tr><tr><td>IonQ Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>)</td><td>-9.27%</td><td>-0.76%</td><td>-50.95%</td></tr><tr><td>Defiance Quantum ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTUM#NASDAQ">QTUM</a>)</td><td>-1.99%</td><td>0.78%</td><td>-4.88%</td></tr></tbody></table></figure>



However, despite his reservations, Huang envisioned quantum technology enhancing traditional computers by establishing foundational truths in science, driving advancements in drug discovery and materials.



He expressed satisfaction with the industry&#8217;s progress, even if his previous skepticism proved incorrect. "I think the progress of the industry is incredible," he said.



Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Friday. The SPY was down 0.51% to $562.59, and the QQQ declined 0.34% to $477.65, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



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<li><a href="https://www.benzinga.com/general/market-summary/25/03/44414169/soundhound-ai-short-interest-jumps-to-32-9-bring-it-on-says-ceo-shorts-only-make-the-price-of-winning-bigger" target="_blank" rel="noreferrer noopener">SoundHound AI Short Interest Jumps To 32.9%: ‘Bring It On,&#8217; Says CEO, Shorts ‘Only Make The Prize Of Winning Bigger&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

Markets

IONQ

QBTS

QTUM

QUBT

RGTI

Jensen Huang Admits Mistake, Says 'I Was Wrong' About Quantum Computing: Apology Fails To Lift RGTI, IONQ, QBTS, QUBT

U.S. stock futures declined on Friday after tumbling in trade on Thursday. Futures of all four benchmark indices were lower in premarket trading.



While Jerome Powell&#8216;s comments on tariff-induced &#8220;transitory&#8221; inflation buoyed the market on Wednesday, the concerns about the projections of higher inflation and lower economic growth dampened the markets on Thursday.



However, the &#8220;dot plot&#8221; still projected two rate cuts in 2025, maintaining the Fed&#8217;s initial forecast.



The 10-year Treasury yield stood at 4.22%, while the two-year yield was at 3.94%. According to the CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.htm">tool</a>, there is an 83.8% chance that the Federal Reserve will keep the interest rates unchanged during its May meeting.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.46%</td></tr><tr><td>S&amp;P 500</td><td>-0.39%</td></tr><tr><td>Dow Jones</td><td>-0.38%</td></tr><tr><td>Russell 2000</td><td>-0.64%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Friday. The SPY was down 0.57% to $562.24, and the QQQ declined 0.40% to $477.34, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From The Last Session



Only energy, utilities, financials, and healthcare sectors advanced on Thursday, whereas materials, consumer staples, and information technology sectors led the decline.



Darden Restaurants Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) shares rose 6% on strong earnings, while Accenture Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) fell 7% due to lower-than-expected guidance.



U.S. jobless claims rose slightly, indicating a stable March labor market, but rising trade tensions and government spending cuts cloud the outlook. Longer unemployment durations were also noted. Philadelphia Fed manufacturing, while still expanding, slowed in March, falling to 12.5, though exceeding forecasts.



February U.S. home sales rose to 4.26 million units, exceeding forecasts, as supply increased, though economic uncertainty poses a risk. Meanwhile, the U.S. Leading Economic Index fell 0.3% in February, continuing a decline, but the six-month pace of decline slowed significantly.



As of Thursday, the Nasdaq 100 remains in correction territory, having fallen 11.45% from its prior peak. Similarly, the Dow Jones and S&amp;P 500 have dropped 6.92% and 7.88%, respectively, from their 52-week highs.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.33%</td><td>17,691.63</td></tr><tr><td>S&amp;P 500</td><td>-0.22%</td><td>5,662.89</td></tr><tr><td>Dow Jones</td><td>-0.027%</td><td>41,953.32</td></tr><tr><td>Russell 2000</td><td>-0.65%</td><td>2,068.63</td></tr></tbody></table></figure>



Insights From Analysts



Analysts at BlackRock said that markets were doubting U.S. growth and equity strength. &#8220;Yet economic conditions don't signal a downturn. Resilient earnings keep us overweight U.S. stocks.&#8221;



The note added that the recent volatility was exacerbated by policy uncertainty and investors moving out of crowded positions.



According to them, &#8220;Over time, deleveraging will have run its course, and uncertainty will likely ease as we get more policy implementation details, such as the White House's full tariff plan due in April.&#8221;



&#8220;We think the biggest risk to U.S. growth is prolonged policy uncertainty. U.S. stocks could face more near-term pressure, but we stay overweight on our tactical horizon. We stay underweight long-term Treasuries as we see yields rising,&#8221; the note stated.



Louis Navellier of Navellier &amp; Associates reiterated that he expects four rate cuts in 2025. &#8220;I am anticipating global interest rates to crash due to the fact that economic growth in Asia is weak, while Britain, Canada, France, Germany, and Mexico are all in the midst of economic contractions. As a result, I am expecting that the Bank of England, the European Central Bank, and other central banks to continue to slash key interest rates, which in turn, will cause Treasury yields to decline. And since the Fed does not fight market rates, four key interest rate cuts are still on the table,&#8221; he said.



Meanwhile, Ryan Detrick of Carson Research highlighted that all bear markets start with a correction, but not all corrections turn into a bear market.



He highlighted historical data where 13 of the previous 39 corrections turned into bear markets. &#8216;



<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">13 of the previous 39 corrections turned into bear markets. All bears start with a correction, but not all corrections turn into a bear market. <a href="https://t.co/jyQYQTM9F5">pic.twitter.com/jyQYQTM9F5</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1902753838618071157?ref_src=twsrc%5Etfw">March 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



Upcoming Economic Data



-No data is scheduled to be released on Friday this week.



Stocks In Focus:



<ul>
<li>Nio Inc. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) was down 2.55% in premarket on Friday ahead of its earnings before the opening bell. Analysts expect quarterly loss at 42 cents per share on revenue of $2.85 billion.</li>
</ul>



<ul>
<li>Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) declined 2.41% as Wall Street expects it to report earnings of 2 cents per share on revenue of $5.75 billion before the opening bell.</li>
</ul>



<ul>
<li>MINISO Group Holding Ltd. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>) fell 1.39% ahead of its earnings before the opening bell. Analysts expect earnings of 38 cents per share on revenue of $698.66 million.</li>
</ul>



<ul>
<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) dropped 7.08% after it posted weaker-than-expected earnings for its third quarter, while sales topped estimates.</li>
</ul>



<ul>
<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) was 5.09% lower despite better-than-expected third-quarter earnings as its fourth-quarter outlook disappointed.</li>
</ul>



<ul>
<li>CFSB Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFSB#NASDAQ">CFSB</a>) tumbled 19.39% as its short interest surged 42.1% in February to 10,800 shares, representing 1.6 days of trading volume and 0.4% of shares shorted.</li>
</ul>



<ul>
<li>FrontView REIT Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FVR#NYSE">FVR</a>) surged 17.99% as it added 29 properties, completed a successful IPO, and declared a dividend, despite a net loss, generating $9.1 million, issuing positive 2025 guidance.</li>
</ul>



<ul>
<li>Luminar Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAZR#NASDAQ">LAZR</a>) jumped 10.67% after crushing fourth-quarter expectations. Revenue rose slightly to $22.5 million from $22.1 million a year earlier and was well above a FactSet estimate of $17.7 million.</li>
</ul>



<ul>
<li>Allurion Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALUR#NYSE">ALUR</a>) climbed 40.79% after its combined obesity treatment drug showed a significant 20.3% weight loss in initial trials.</li>
</ul>



<ul>
<li>Patriot National Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNBK#NASDAQ">PNBK</a>) gained 51.89% after it raised over $50 million in a private placement to strengthen its capital, despite a &#8216;Fair&#8217; financial health rating.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.03% to hover around $68.05 per barrel.



The gold spot index was down by 0.35% to $3,033.93 per ounce. Its last record high was at $3,057.51 per ounce. The Dollar Index was up by 0.13% at the 103.991 level.



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



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/03/44431882/jim-cramer-says-micron-looks-good-as-ceo-sanjay-mehrotra-notes-record-hbm-revenue-stock-slides-in-pre-market-trading">Jim Cramer Says &#8216;Micron Looks Good&#8217; As CEO Sanjay Mehrotra Notes Record HBM Revenue, Stock Slides In Pre-Market Trading</a></li>
</ul>



Photo courtesy: Shutterstock

Market Summary

Futures

Pre-Market Outlook

ALUR

CFSB

LAZR

MNSO

PNBK

US Stocks Likely To Open Lower, But 'Economic Conditions Don't Signal A Downturn,' Say Analysts As They Expect 'Resilient Earnings' To Lift Equities

Editor&#8217;s Note: This story has been updated to correct an error in Tesla&#8217;s price action.



On Thursday night, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) abruptly scheduled an all-hands meeting. The event was set to begin at 9:30 p.m. ET, but it didn't start until 9:58 p.m. ET.



What Happened: The presentation started with Tesla CEO Elon Musk praising the company's workforce. "Some of the finest people in the world work at Tesla, designing and manufacturing our incredible products. Thanks to you for everything you are doing, well done."



He then outlined key milestones achieved by the company, announcing that Tesla has now produced over 7 million vehicles globally. Looking ahead, Musk projected that Tesla will surpass the 10 million vehicle mark next year.



Musk went on to add that both manufacturing and servicing vehicles require overcoming significant challenges, but despite occasional turbulence, the future is "incredibly bright."



See Also: <a href="https://www.benzinga.com/media/25/03/44409706/tesla-crash-victims-families-demand-accountability-push-for-probes-free-from-elon-musks-interference-we-are-deeply-concerned">Tesla Crash Victims&#8217; Families Demand Accountability, Push For Probes Free From Elon Musk&#8217;s Interference: &#8216;We Are Deeply Concerned…&#8217;</a>



The Tesla CEO outlined his vision for a future of "sustainable abundance," underscoring the role of solar energy, battery storage, and AI in creating a world where resources are plentiful without compromising nature.



He reiterated Tesla's broader ambitions, including space travel and colonization of Mars.



Musk then highlighted Tesla's ongoing success, noting that Model Y became the best-selling vehicle in the world. He also celebrated Cybertruck's rapid rise as the top-selling electric pickup, Tesla's position as Europe's best-selling EV brand, and the company's growing presence in international markets, including Lithuania, Chile, and the Philippines.&nbsp;



&#8220;If you read the news, It feels like Armageddon,&#8221; he said, adding, &#8220;I can&#8217;t walk past the TV without seeing a Tesla on fire.&#8221;



Musk praised the upgraded Model 3 and reaffirmed the Cybertruck's five-star safety rating. He also defended the Tesla Semi factory, which some critics had dismissed as unfeasible.&nbsp;



He also pointed out that some investors, like ARK Invest CEO Cathie Wood, have already recognized the disruptive potential of Tesla's autonomous future. "What I am saying is, hang on to your stock."



Musk praised Tesla's extensive Supercharger network, which now allows seamless road trips across the U.S., Europe, China, and Australia. He said that Tesla's battery life is designed to exceed human endurance, stating, "The battery will last longer than your bladder—just plug in when you take a restroom break, grab a coffee, and you're back on the road."



He also said that Tesla&#8217;s Dojo supercomputer is making significant progress, with the Dojo first-generation now fully operational at Gigafactory New York and Palo Alto. The system is actively handling AI training workloads, currently accounting for approximately 5%—and nearing 10%—of Tesla's total AI training.



The company plans to introduce a more advanced version, expected to be "ten times" more powerful.



Musk then touted the rapid development of Optimus.



"Optimus has gone from an idea to the most sophisticated humanoid robot on Earth. There's nothing close to its level of sophistication," Musk said. He credited Tesla's expertise in AI, electric motors, batteries, and large-scale manufacturing as key factors enabling Optimus to be mass-produced at an affordable price.



<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">Tesla all-hands live presentation <a href="https://t.co/jQOt6WB2LN">https://t.co/jQOt6WB2LN</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1902899450487455809?ref_src=twsrc%5Etfw">March 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Earlier in the night, Business Insider <a href="https://www.businessinsider.com/tesla-springs-last-minute-public-all-hands-on-staffers-2025-3">reported</a> that Tesla employees were caught off guard as they were given little notice. Internal Microsoft Teams messages revealed that some employees were uncertain about the event's purpose and short notice.



The confusion only deepened when Tesla posted a livestream link ahead of the meeting, only to abruptly take it down about 30 minutes later.



The EV giant restarted the livestream shortly before the scheduled 9:30 p.m. ET start time, but it remained silent for at least 30 minutes. Musk tweeted a link to the event at 9:45 p.m. ET.



Price Action: Tesla's stock gained 0.17% on Thursday's regular session, closing at $236.26. In after-hours trading, it dropped 0.51%, reaching $235.06. Year-to-date, the company's shares have dropped 37.71%, according to <a href="http://pro.benzinga.com/">data from Benzinga Pro</a>.



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



Image via Shutterstock



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<li><a href="https://www.benzinga.com/25/03/44354592/warren-buffett-backed-byd-eyes-germany-for-third-european-plant-amid-tariff-concerns-report" target="_blank" rel="noreferrer noopener">Warren Buffett-Backed BYD Eyes Germany For Third European Plant Amid Tariff Concerns: Report</a></li>
</ul>



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

Elon Musk Says 'Hang On To Your Stock' In Surprise Late-Evening Tesla All-Hands Meeting — Touts 7 Million EVs, Optimus Robot, And AI Supercomputer Dojo (CORRECTED)

Leading cryptocurrencies pulled back Thursday despite President Donald Trump's supportive remarks for the industry at an event.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.39%</td><td>$84,391.51</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.45%</td><td>$1,987.94</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>-4.72%</td><td>$0.1692</td></tr></tbody></table></figure>



What Happened: Bitcoin breached $86,000 in early trading hours but reversed course shortly, plunging to a low of $83,647.19.&nbsp;



Ethereum too failed to build momentum after breaching $2,000, retreating to the upper $1,900 range.



The trajectory didn't <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44420122/donald-trump-calls-for-stablecoin-legislation-lauds-bitcoin-reserve-biden-got-a-fraction-of-their-value">reflect Trump's address at the Blockworks Digital Asset Summit</a>, where he urged Congress to pass stablecoin legislation and reiterated his pledge to make America the world's "undisputed Bitcoin superpower and cryptocurrency capital."



More than $187 million was liquidated from the market in the past 24 hours, with bullish bets accounting for $129 million.



Bitcoin's Open Interest dropped 3.85% in the last 24 hours. That said, derivatives traders seemed to buy the dip, as the percentage of traders placing bullish bets on Bitcoin surged to 51%, according to the Long/Short ratio.



The market sentiment flipped back to "Fear" after becoming "Neutral" on the <a href="https://in.benzinga.com/trading-ideas/movers/25/03/44409364/bitcoin-ethereum-dogecoin-rally-on-jerome-powells-dovish-signals-analyst-says-lead-weight-has-been-lifted-as-ripple-sec-case-concludes">Federal Reserve's policy moves</a> a day earlier, according to the Crypto Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>XRP (XRP)</td><td>+9.53%</td><td>$2.52</td></tr><tr><td>Bonk (BONK)</td><td>+9.33%</td><td>$0.00001201</td></tr><tr><td>Sonic (S)</td><td>+8.33%</td><td>$0.5423</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.77 trillion, following a drop of&nbsp; 2.27% in the last 24 hours.



Stocks corrected as Wednesday's rally lost steam. The Dow Jones Industrial Average dipped 11.31 points, or 0.03%, to close at 41,953.32. The S&amp;P 500 fell 0.22% lower at 5,675.29. The tech-focused Nasdaq Composite slid 0.33%, ending at 17,691.63.



Blue-chip averages have struggled in March, with the Dow and the S&amp;P 500 losing 4.3% and 4.8%, respectively, since the month began.



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



Analyst Notes: Popular on-chain analytics firm CryptoQuant highlighted that the Bitcoin Bull Score Index has dropped to a two-year low of 20, signaling a broader bearish trend rather than a short-term correction.



"Historically, Bitcoin has only sustained major price rallies when the Bull Score is above 60," CryptoQuant 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">Bitcoin Bull Score is at a two-year low of 20. Bitcoin's down 23% from its peak, and history shows strong rallies only happen when the score is above 60. Extended low scores often come with bear markets. <a href="https://t.co/3OK5g9gibN">pic.twitter.com/3OK5g9gibN</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1902757682496373185?ref_src=twsrc%5Etfw">March 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, however, spotted a "good sign" for BTC.&nbsp;



"My custom U.S. bank credit supply index is trending higher. Doesn't mean we are done dumping but the odds are shifting more bullish," Hayes predicted.



The index, which is the sum of banking reserves held at the Federal Reserve and other deposits and liabilities, tracks liquidity injection in the risk-on market.



<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">Another good sign for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>, my custom US bank credit supply index is trending higher. Doesn't mean we are done dumping but the odds are shifting more bullish. <a href="https://t.co/Tn2jf7JZaq">pic.twitter.com/Tn2jf7JZaq</a>&mdash; Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1902693243114172495?ref_src=twsrc%5Etfw">March 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by SvetlanaParnikova on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44395095/recession-would-be-a-big-catalyst-for-bitcoin-blackrocks-head-of-digital-assets-says">Recession Would Be &#8216;A Big Catalyst For Bitcoin,&#8217; BlackRock&#8217;s Head Of Digital Assets Says</a></li>
</ul>

Cryptocurrency

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Erase Gains Even As Trump Reiterates 'Crypto Capital' Pledge: Arthur Hayes Says 'Odds Are Shifting More Bullish' For BTC

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



U.S. stocks settled lower on Thursday, with the S&amp;P 500 falling around 0.2% during the session.



Investors digested Federal Reserve Chair Jerome Powell&#8217;s remarks on inflation and tariffs following the Federal Open Market Committee meeting on Wednesday.



Powell downplayed concerns that tariffs imposed by President Donald Trump could reignite inflation, calling their impact &#8220;transitory.&#8221; Yet, the Fed&#8217;s latest projections signaled slower economic growth, rising unemployment, and hotter inflation.



Darden Restaurants Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) shares gained around 6% on Thursday in reaction to stronger-than-expected earnings. Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) shares dipped over 7% after the company issued FY25 diluted EPS guidance below estimates.



On the economic data front, the U.S. current account deficit shrank by 2.0% to $303.9 billion in the fourth quarter, versus a revised deficit of $310.3 billion in the third quarter. U.S. initial jobless claims increased by 2,000 to 223,000 during the second week of March, compared to market estimates of 224,000. The Philadelphia Fed Manufacturing Index fell to 12.5 in March from 18.1 in the previous month, versus market estimates of 8.5.



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



The Dow Jones closed lower by around 11 points to 41,953.32 on Thursday. The S&amp;P 500 fell 0.22% to 5,662.89, while the Nasdaq Composite declined 0.33% to 17,691.63 during Thursday's session.



Investors are awaiting earnings results from NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>, )) and MINISO Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NASDAQ">MNSO</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 22.1, the index remained in the &#8220;Extreme Fear&#8221; zone on Thursday, versus a prior reading of 22.7.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



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<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/03/44414749/top-2-defensive-stocks-that-may-keep-you-up-at-night-in-march">Top 2 Defensive Stocks That May Keep You Up At Night In March</a></li>
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Photo courtesy: Shutterstock

S&P 500 Settles Lower As Accenture Dips Over 7%: Greed Index Remains In 'Extreme Fear' Zone

On Thursday, Cathie Wood-led Ark Invest made significant trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). The trades occurred amidst Tesla&#8217;s recall of over 46,000 Cybertrucks and Meta&#8217;s ongoing privacy challenges.



The Tesla Trade saw Ark Invest&#8217;s ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) acquiring 9,351 shares of the Elon Musk-led automaker. This purchase, valued at approximately $2.21 million based on Tesla&#8217;s closing price of $236.26, comes at a time when Tesla is under scrutiny. The company recently announced a <a href="https://www.benzinga.com/markets/equities/25/03/44414187/elon-musks-tesla-recalls-over-46000-cybertrucks-due-to-safety-concerns">recall of 46,096 Cybertruck vehicles</a> due to safety concerns with an exterior panel.



Additionally, Tesla is grappling with a $1.4 billion <a href="https://www.benzinga.com/markets/equities/25/03/44410602/elon-musks-tesla-faces-1-4-billion-discrepancy-in-capital-expenditure-report">discrepancy in capital expenditure</a>. This financial gap has contributed to a significant drop in Tesla&#8217;s market valuation, from $1.7 trillion to under $800 billion. However, Ark&#8217;s purchase suggests a belief in Tesla&#8217;s ability to overcome these hurdles and continue its growth trajectory.



The Meta Platforms Trade involved Ark Invest&#8217;s ARKK ETF selling 4,648 shares of the Mark Zuckerberg-led company. This sale, valued at approximately $2.72 million based on Meta&#8217;s closing price of $586.00, follows a <a href="https://www.benzinga.com/25/03/44409161/cathie-wood-offloads-meta-stock-while-mark-zuckerberg-celebrates-llama-ai-success">series of recent offloads</a> by Ark. The decision comes as Meta&#8217;s AI model, Llama, celebrates a milestone of 1 billion downloads, yet the company faces privacy scrutiny and expansion challenges.



Importantly, Meta&#8217;s potential to <a href="https://in.benzinga.com/markets/25/03/44374847/meta-could-rake-in-30-40-billion-in-revenue-from-whatsapp-business-messaging-predicts-analyst">generate $30-40 billion in revenue</a> from its business messaging services is seen as undervalued by the market, according to Wolfe Research.



Other Key Trades:



<ul>
<li>CRISPR Therapeutics AG &#8211; ARKG and ARKK ETFs bought a combined total of 100,706 shares.</li>



<li>Intellia Therapeutics Inc &#8211; ARKG and ARKK ETFs acquired a total of 104,341 shares.</li>



<li>Iridium Communications Inc &#8211; ARKK, ARKQ, and ARKX ETFs purchased a total of 103,028 shares.</li>



<li>Recursion Pharmaceuticals Inc &#8211; ARKG and ARKK ETFs bought a total of 161,298 shares.</li>
</ul>



Image via Shutterstock



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</ul>



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

ARKK

Cathie Wood Bets On Elon Musk's Tesla Despite Cybertruck Recall, Dumps Zuckerberg's Meta Shares Again

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