Air New Zealand (OTC:ANZLY) Stock, Quote.Headers.trade-ideas

Air New Zealand

Air New Zealand, majority owned by the New Zealand government, provides air passenger and cargo transport services within New Zealand as well as to and from Australia, the Southwest Pacific, Asia, North America, the United Kingdom, and South America. Air New Zealand also encompasses business units providing engineering and ground handling services. Air New Zealand dominates the local market with around 80% share, although the majority of revenue is derived from international and trans-Tasman activity.

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ALEAFIA HEALTH INC ORD by Aleafia Health Inc.

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Stocks That Hit 52-Week Lows On Thursday

AIR NEW ZEALAND SP/ADR by Air New Zealand Ltd.

Air New Zealand Ltd

VSTO

MNC Capital Says Committed To Re-engaging With Vista Outdoor; Says Not Withdrawing, And Does Not Intend To Reduce, Its $43 Per Share All-Cash Offer

Sable Offshore Entered Into Subscription Agreements To Issue 7.50M Shares Of Its Common Stock In A Private Placement To Institutional Investors; Company Expects To Receive Gross Proceeds Of Approximately $150M

This firm-fixed price contract is worth up to&nbsp;$99.80 million&nbsp;over five years and simplifies and expedites the ability for services to access the existing capabilities within Maven Smart System. Maven Smart System is part of the National Geospatial-Intelligence Agency&#39;s Maven AI infrastructure.

Contracts

PLTR

Palantir Says Awarded Contract  By DEVCOM Army Research Laboratory Expanding Maven Smart System Access Across Military Services; Firm-fixed Price Contract Is Worth Up To $99.80M

Wedbush analyst Nick Setyan maintains Darden Restaurants (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) with a Outperform and raises the price target from $170 to $200.

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Wedbush Maintains Outperform on Darden Restaurants, Raises Price Target to $200

Nutriband abuse-deterrent transdermal technology consists of a proprietary aversive agent coating that employs taste aversion to deter the oral abuse of and accidental exposure to transdermal opioid and stimulant patch products

NTRB

Nutriband Signs Trademark Licensing Agreement For Bitrex Brand Denatonium Benzoate, As An Aversive Agent For Its Aversa Fentanyl Abuse Deterrent Fentanyl Transdermal Patch

The appointment will support Wessex Water in delivering its planned &pound;3.7 billion investment between 2025-2030 in a wide range of improvements for its 2.9 million customers across the South West of England, including improved wastewater treatment, enhancing the environment and ensuring the availability of water.

AECOM Says It Has Been Awarded First Place On The Design Consultant Lot Of Wessex Water's New Capital Delivery Framework

Needham analyst Scott Berg reiterates Salesforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) with a Buy and maintains $345 price target.

Reiteration

Needham Reiterates Buy on Salesforce, Maintains $345 Price Target

Microsoft Corp.&nbsp;co-founder Bill Gates&#8216; ex-wife Melinda French Gates has openly criticized CEOs who <a href="https://www.benzinga.com/markets/emerging-markets/21/11/24163784/sleep-the-core-of-a-healthy-life-and-more-companies-are-promoting-it-for-their-employees">boast about not needing sleep</a>, calling the trend &#8220;so dumb.&#8221;
What Happened: French Gates dismissed the glorification of sleepless nights among executives, in an <a href="https://www.vanityfair.com/style/story/melinda-gates-interview-politics">interview</a> with Vanity Fair. She argued that this behavior is rooted in a misguided machismo and puritan work ethic that values overworking.
French Gates, who left the Bill and Melinda Gates Foundation this past spring, has since donated $1 billion to women&#8217;s rights and reproductive rights groups. She also criticized other billionaires, including Elon Musk, for their lack of philanthropic efforts.
She emphasized the importance of sleep, noting that many men who claim to sleep only three or four hours are not pleasant to be around. French Gates herself aims for seven to eight hours of sleep each night.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40917216/elon-musk-says-warren-buffett-is-positioning-for-kamala-harris-win-with-his-277b-cash-pile-as-pr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Warren Buffett Is Positioning For Kamala Harris Win With His $277B Cash Pile As Pro-Trumper John Paulson Warns Of Equity Market Exit</a>
Why It Matters: French Gates&#8217; comments come amid her broader push for <a href="https://www.benzinga.com/news/24/09/40826726/melinda-gates-reveals-substantial-donations-to-kamala-harris-tim-walz-campaign-says-her-billionaire">social change and philanthropy</a>. Recently, she revealed substantial donations to political campaigns, including those of Vice President and Democratic presidential nominee&nbsp;Kamala Harris&nbsp;and her running mate,&nbsp;Tim Walz&nbsp;(D-Minn.), emphasizing her commitment to women&#8217;s rights and reproductive health.
Since her divorce from Bill Gates, French Gates has <a href="https://www.benzinga.com/news/24/09/40852306/melinda-french-gates-embraces-independence-post-divorce-from-bill-gates-it-feels-quite-good">embraced her independence</a> and newfound professional autonomy. She feels validated in her contributions and has expressed a sense of empowerment in her philanthropic endeavors.
Her criticism of sleepless CEOs also aligns with her broader <a href="https://www.benzinga.com/news/24/08/40152510/bill-ackman-hits-back-at-melinda-gates-advocates-elon-musks-for-profit-solutions-over-philanthropy-g">critique of billionaire philanthropy</a>. French Gates has previously criticized Bill Ackman and Musk for their approaches to philanthropy, arguing that more traditional philanthropic efforts are necessary to address societal issues.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40931458/obama-era-economist-says-she-is-pleasantly-surprised-that-jd-vance-thinks-the-economy-is-too-strong?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Obama-Era Economist Says She Is &#8216;Pleasantly Surprised&#8217; That JD Vance Thinks The &#8216;Economy Is Too Strong For The Rate Cut&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock 
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>

Entrepreneurship

Global

Tech

Bill Gates' Ex-Wife Melinda French Gates Slams Admiration For Sleepless CEOs As 'So Dumb'

On Thursday, September 19, U.S. markets closed higher following the Federal Reserve&#8217;s 50-basis-point rate cut, which also signaled potential further reductions.
Fed Chair Jerome Powell downplayed recession risks, while analysts remained hopeful for a soft landing amid inflation control efforts. Tesla, Apple, Meta, and Nvidia saw gains, supported by better-than-expected jobless claims and renewed market optimism.
According to economic data, the U.S. reported a Q2 current account deficit of $266.8 billion, exceeding estimates of $260 billion. Initial jobless claims fell by 12,000 to 219,000 for the week ending September 14, beating expectations of 230,000.
Most S&amp;P 500 sectors closed positively, led by consumer discretionary, communication services, and information technology stocks. However, consumer staples and utilities stocks diverged, closing the session lower.
The Dow Jones Industrial Average was up 1.26% and closed at 42,025.19. The S&amp;P 500 ended the day higher by 1.70% at 5,713.64, and the Nasdaq Composite rose 2.51%, finishing the session at 18,013.98.
Asian Markets Today
<ul>
<li>On Friday, Japan&#8217;s Nikkei 225 closed the session higher by 1.67% at 37,739.50, led by gains in the Automobiles &amp; Parts, Power and Rubber sectors.</li>
<li>Australia&#8217;s S&amp;P/ASX 200 ended the day higher by 0.21% at 8,209.50, led by gains in the Consumer Discretionary, Gold, and IT sectors.</li>
<li>India&#8217;s Nifty 50 rose 1.58% to 25,816.85, while the Nifty 500 rose 1.55% to 24,223.10.</li>
<li>China&#8217;s Shanghai Composite closed higher by 0.03% at 2,736.81, and Shanghai Shenzhen CSI 300 was up 0.16%, ending the day at 3,201.05.</li>
<li>Hong Kong&#8217;s Hang Seng rose 1.36%, ending the day at 18,258.57.</li>
</ul>
Eurozone at 06:00 AM ET
<ul>
<li>The European STOXX 50 index declined 0.91%.</li>
<li>Germany&#8217;s DAX was down 0.98%.</li>
<li>France&#8217;s CAC fell 0.89%.</li>
<li>U.K.&#8217;s FTSE 100 index traded lower by 0.74%.</li>
</ul>
Commodities at 06:00 AM ET
<ul>
<li>Crude Oil WTI was trading lower by 0.82% at $70.58/bbl, and Brent was down 0.81% at $74.28/bbl.</li>
<li>Natural Gas was down 0.21% at $2.343.</li>
<li>Gold was trading higher by 0.74% at $2,633.50, Silver gained 0.32% to $31.523, and Copper rose 0.33% to $4.3615.</li>
</ul>
US Futures at 06:00 AM ET
Dow futures were down 0.01%, S&amp;P 500 futures fell 0.24%, and Nasdaq 100 Futures slid 0.39%.
Forex at 06:00 AM ET
<ul>
<li>The U.S. dollar index rose 0.16% to 100.78, the USD/JPY rose 0.88% to 143.88, and the USD/AUD gained 0.08% to 1.4688.</li>
<li>Global stocks neared record highs, fueled by the Fed&#8217;s rate cut, while the yen weakened after Japan&#8217;s central bank held rates. European stocks fell, and U.S. markets remained optimistic. Gold hit a record, and oil posted weekly gains.</li>
</ul>
Photo by Pavel Bobrovskiy via Shutterstock

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PowerShares DBmmodity Index Optimum Yield Diversified Fund

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KraneShares Trust KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

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PowerShares DB US Dollar Index Bullish Fund

Asia Markets Advance, Europe Edges Lower And Gold Clocks New High At $2,630 – Global Markets Overview

California-based EV startup Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) has added the &#8220;Tri Max&#8221; version of its R1S SUV, priced at about $100,000, to its online shop.
What Happened: &#8220;R1S Tri is here to elevate every adventure,&#8221; the company wrote in a post on social media platform X. The R1S Ascend Tri Max is a pricier version of the R1S SUV which starts at $105,900. The cheapest variant of the R1S SUV, in comparison, starts at $75,900.
Unlike the cheaper dual-motor variants of the vehicle, the Tri Max variant can touch 60 mph from rest in less than 3 seconds, thanks to the two motors in the rear and one in front. The vehicle can deliver 850 hp power and an estimated range of 371 miles. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">R1S Tri is here to elevate every adventure. Built for the wild and proves rugged doesn't have to mean roughing it. Get first access to Storm Blue exterior: <a href="https://t.co/KFLZhYaUdO">https://t.co/KFLZhYaUdO</a> <a href="https://t.co/fohksjV1E0">pic.twitter.com/fohksjV1E0</a>
&mdash; Rivian (@Rivian) <a href="https://twitter.com/Rivian/status/1836921265849811042?ref_src=twsrc%5Etfw">September 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Rivian is yet to add the Tri Max variant of its R1T truck to its inventory. The R1T Tri Max variant starts at $99,990, significantly higher priced than the cheapest variant which starts at just $69,900. 
Rivian currently <a href="https://www.benzinga.com/news/24/08/40574576/rivian-or-lucid-which-of-the-two-loss-making-ev-startups-is-solving-cash-burn">makes only the R1T and the R1S</a>. Its R2 SUV, priced at around $45,000, is slated to start production in the first half of 2026.
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>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40934031/teamsters-opts-to-not-endorse-either-harris-or-trump-for-upcoming-presidential-elections-citing-fail" target="_blank" rel="noreferrer noopener">Teamsters Opts To Not Endorse Either Harris Or Trump For Upcoming Presidential Elections, Citing Failure To Secure Pledges Of Non-Interference In Union Campaigns</a></li>
</ul>
Photo courtesy: Shutterstock

RIVN

Rivian Introduces $100K Tri Max Variant Of R1S Electric SUV On Online Shop Which Can Go from 0-60 MPH In 3s

HC Wainwright &amp; Co. analyst Ed Arce reiterates Aligos Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGS#NASDAQ">ALGS</a>) with a Buy and maintains $75 price target.

ALGS

HC Wainwright & Co. Reiterates Buy on Aligos Therapeutics, Maintains $75 Price Target

North Korea&#8217;s recent missile tests, which coincide with joint military exercises by China and Russia, are seen as a clear message that the country is no longer interested in diplomatic talks with the United States, according to analysts.
What Happened: The recent missile tests are being interpreted as a display of North Korea&#8217;s determination to expand its nuclear and conventional arsenal, the South China Morning Post <a href="https://www.scmp.com/week-asia/politics/article/3279145/show-force-are-north-koreas-missile-tests-sign-it-has-given-diplomacy-us?module=top_story&amp;pgtype=homepage">reported</a> on Friday.
North Korea&#8217;s state-run Korean Central News Agency (KCNA) announced on Thursday that a new tactical ballistic missile, the Hwasongpho-11-Da-4.5, had been successfully test-fired. This missile is designed to carry a 4.5-tonne conventional warhead. The missile was tested on Wednesday, and North Korean leader Kim Jong-un personally oversaw the test.
In addition to the ballistic missile test, North Korea also conducted a test of a strategic cruise missile, which has been upgraded for enhanced combat use.
Defence expert Lee Il-woo from the Korea Defence Network called the missiles tests &#8220;Defence expert Lee Il-woo from the Korea Defence Network called the missiles tests a &#8221;&nbsp;show of force.&#8221;
Analysts in Seoul have expressed growing concern that both political parties competing for the presidency in the U.S. may shift away from the long-standing goal of denuclearizing Pyongyang. Instead, there is speculation they may settle for freezing its nuclear program and preventing further proliferation.&#8221;
"North Korea doesn't see any possibility for negotiations with the United States in the near future," said Lim Eul-chul, a senior researcher at the Institute of Far Eastern Studies.
Eul-chul added that North Korea has a clear position on building their nuclear arsenal and while the U.S&#8217;s return to the negotiation is ideal, it will not deter them from building a bigger arsenal.
See Also: <a href="https://www.benzinga.com/news/24/09/40950674/data-scientist-who-called-2020-election-correctly-says-its-gone-from-drastic-landslide-in-trumps-dir?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist Who Called 2020 Election Correctly Says Its Gone From &#8216;Drastic Landslide In Trump&#8217;s Direction To A drastic landslide For Harris&#8217;</a>
Why It Matters: The recent missile tests by North Korea are seen as a significant indicator of the country&#8217;s shifting stance on negotiations with the US. This comes in the wake of <a href="https://www.benzinga.com/news/24/09/40894933/kim-jong-uns-north-korea-outranks-china-as-russias-top-ally-in-ukraine-conflict-says-military-intell">North Korea being ranked as Russia&#8217;s top ally</a> in the Ukraine conflict, potentially signaling a shift in the geopolitical landscape of the region.
Kim Jong Un&#8217;s recent visit to a uranium enrichment facility and his call for increased production of weapons-grade uranium for &#8220;self-defense&#8221; also suggest a hardening of North Korea&#8217;s stance. This, combined with the missile tests, indicates a clear shift in North Korea&#8217;s approach to negotiations with the US. The U.S. has stressed that it will not accept <a href="https://www.benzinga.com/24/08/40547291/kim-jong-un-oversees-successful-test-of-north-koreas-new-suicide-drones-as">North Korea as a nuclear-armed country</a>, but the recent developments suggest that North Korea is no longer interested in denuclearization.
Analysts have also raised concerns about the potential implications of <a href="https://www.benzinga.com/news/24/09/40894933/kim-jong-uns-north-korea-outranks-china-as-russias-top-ally-in-ukraine-conflict-says-military-intell">North Korea&#8217;s growing ties with Russia</a>, warning that this could embolden North Korea to engage in more provocative actions. The best response, according to U.S. Deputy Secretary of State Kurt Campbell, would be to strengthen trilateral security cooperation between the U.S., South Korea, and Japan.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40931458/obama-era-economist-says-she-is-pleasantly-surprised-that-jd-vance-thinks-the-economy-is-too-strong?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Obama-Era Economist Says She Is &#8216;Pleasantly Surprised&#8217; That JD Vance Thinks The &#8216;Economy Is Too Strong For The Rate Cut&#8217;</a></li>
</ul>
Image via Shutterstock
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/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Kim Jong Un's 'Show Of Force' With Missiles Indicates North Korea Is No Longer Interested In Negotiations With US, Say Analysts

HC Wainwright &amp; Co. analyst Raghuram Selvaraju reiterates Genmab (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GMAB#NASDAQ">GMAB</a>) with a Buy and maintains $50 price target.

GMAB

HC Wainwright & Co. Reiterates Buy on Genmab, Maintains $50 Price Target

HC Wainwright &amp; Co. analyst Joseph Pantginis reiterates Cytokinetics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYTK#NASDAQ">CYTK</a>) with a Buy and maintains $90 price target.

CYTK

HC Wainwright & Co. Reiterates Buy on Cytokinetics, Maintains $90 Price Target

Ahead of the busy holiday season and a Prime Day-like sale on Oct. 8-9, Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has announced <a href="https://www.benzinga.com/news/24/09/40927136/amazon-boosts-worker-pay-to-over-29hour-invests-2-2b-as-holiday-kicks-in">new benefits for its warehouse workers</a>, starting next year.
What Happened: The new perk comes alongside a pay increase of at least $1.50 per hour for front-line employees. Prime membership, launched in 2005, now costs $14.99 per month or $139 annually and offers various benefits. The company <a href="https://fortune.com/2024/09/20/amazon-warehouse-workers-prime-membership/">told</a> Fortune that the free Prime membership is exclusively available to front-line workers.
Amazon&#8217;s Vice President of Worldwide Operations, Udit Madan, stated in a blog <a href="https://www.aboutamazon.com/news/workplace/amazon-wage-increase-new-benefits-for-hourly-us-employees">post</a> that front-line team members are crucial in delivering Prime&#8217;s benefits to customers. However, this perk is exclusive to warehouse workers; corporate employees must still pay for their own subscriptions.
Despite the wage increase, warehouse workers&#8217; pay remains significantly lower than that of corporate employees. According to ZipRecruiter, the average Amazon corporate employee earns $133,000 annually.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40932192/trump-pays-up-for-smash-burgers-and-diet-cokes-with-bitcoin-during-new-york-campaign-halt-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Pays Up For Smash Burgers And Diet Cokes With Bitcoin During New York Campaign Halt</a>
Why It Matters: The announcement comes at a time when Amazon is making several strategic moves. On Thursday, Amazon launched a <a href="https://www.benzinga.com/news/large-cap/24/09/40942266/amazon-launches-ai-assistant-codenamed-project-amelia">generative AI-powered personal assistant</a>, Project Amelia, aimed at helping U.S. sellers with personalized answers and updates.
Amazon ended its remote work policy, mandating a <a href="https://www.benzinga.com/news/large-cap/24/09/40930357/amazon-ends-remote-work-former-employee-asks-if-this-is-the-companys-version-of-silent-sacking">return to full-time office work starting in January</a>. 
This decision has drawn attention and criticism, <a href="https://www.benzinga.com/news/large-cap/24/09/40930357/amazon-ends-remote-work-former-employee-asks-if-this-is-the-companys-version-of-silent-sacking">particularly from former employees</a> like John McBride, who questioned if this move was a form of &#8220;silent sacking&#8221; to reduce headcount and boost margins. 
Additionally, Amazon announced on Wednesday that it would <a href="https://www.benzinga.com/news/24/09/40927136/amazon-boosts-worker-pay-to-over-29hour-invests-2-2b-as-holiday-kicks-in">boost worker pay to over $29 per hour</a>, marking an average increase of $3,000 annually for full-time employees. This $2.2 billion investment is part of the company&#8217;s efforts to improve worker compensation amid regulatory scrutiny and unionization efforts. 
Amazon&#8217;s <a href="https://www.benzinga.com/markets/equities/24/09/40912814/amazon-told-its-staff-they-must-come-to-office-five-days-a-week-but-its-primary-healthcare-subsi">return-to-office mandate also extends</a> to its One Medical subsidiary, which requires employees to come into the office three times a week starting in October. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913080/shiba-inu-team-says-launching-k9-finance-liquid-staking-on-shibarium-tomorrow-are-shib-bur?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Team Says Launching K9 Finance Liquid Staking On Shibarium Tomorrow: Are SHIB Burns Set To Accelerate From Here On Now?</a></li>
</ul>
Photo courtesy: Unsplash
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>

Entertainment

General

AMZN

Amazon Extends Free Prime Membership To Warehouse Workers, But Corporate Staff Left Out Ahead Of Holiday Rush

HC Wainwright &amp; Co. analyst Swayampakula Ramakanth reiterates Evaxion Biotech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVAX#NASDAQ">EVAX</a>) with a Buy and maintains $14 price target.

EVAX

HC Wainwright & Co. Reiterates Buy on Evaxion Biotech, Maintains $14 Price Target

Nova Minerals has executed a variation agreement with its largest institutional shareholder and convertible note holder Nebari Gold Fund 1, LP (Nebari) to reduce the month end cash covenant required under the previously announced loan agreement dated 21 November 2022 from US$2m to A$1m, and with the option to extend the convertible facility for a further 12 months out to 29 November 2026. In addition to the recent US NASDAQ listing, the freeing up of this additional ~A$2m gives the Company the ability to accelerate the RPM early start up option to a Feasibility Study (FS) for delivery in 2025 by undertaking internal optimization studies aimed to investigate how it can potentially generate as much early cashflow as possible to organically fund the Company&#39;s expansion plans across the Estelle Project. It also gives the Company the ability to continue its advanced discussions with the US Dept. of Defense (DoD) in relation to potentially establishing a starter antimony operation at Stibium in parallel.

Nova Minerals Says It Has Executed Variation Agreement With Largest Institutional Shareholder And Convertible Note Holder Nebari Gold Fund 1 To Reduce The Month End Cash Covenant Required Under Previously Announced Loan Agreement Dated 21 November 2022

The market mood appears to have soured as the index futures slid early Friday, which is expected to be volatile due to the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40948624/traders-brace-for-friday-volatility-as-over-5-trillion-in-options-expire-could-trip">triple witching phenomena. </a> There could be a lack of incentive to buy for want of any major Main Street catalysts, as some economists have begun flashing the danger of a hard landing. Negative reaction to earnings released late Thursday may also serve as a dampener
Triple-witching refers to the simultaneous expiration of stock options, index options and index futures contracts, and the session is marked by increased volume and high volatility. This quarterly event will see some $5.1 trillion worth of options tied to individual stocks, indexes and exchange-traded funds fall off the board, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-19/wall-street-s-5-1-trillion-triple-witching-is-next-market-test">reported,</a> citing data analytics firm Asym 500.
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<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.22%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.34%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.03%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.31%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.18% to $568.21 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slipped 0.31% to $481.86, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Pent-up buying perked up on Wall Street on Thursday, as risky bets rallied across the board, led by tech stocks, following the Fed&#8217;s first rate cut in about 4-1/2 years. Traders also drew comfort from a few positive economic data, including an unexpected drop in weekly jobless claims, the Philadelphia regional manufacturing activity unexpectedly turning to expansion territory and a smaller-than-expected drop in Conference Board&#8217;s leading economic index.
The S&amp;P 500 Information Technology Index ended the day up 3.08%, while consumer discretionary and communication technology stocks also rose sharply. On the other hand, safe-haven consumer staples, utility and real-estate stocks pulled back modestly.
The major averages gap opened higher and moved roughly sideways before ending the session notably higher. The Nasdaq Composite Index ended at its highest level since July 16 and the S&amp;P 500 Index ended at a fresh high and in the process scaled a new intraday high.
The 30-stock Dow Jones Industrial Average also hit new intraday and closing highs, as it went past the psychological resistance of 42,000 for the first time.
Making sense of Thursday&#8217;s market rally, Jamie Cox, Managing Partner at Harris Financial Group, said, &#8220;Markets like rate cuts, especially big ones when the economy is strong.&#8221;
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+2.51%</td>
<td>18,013.98</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.70%</td>
<td>5,713.64</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+1.26%</td>
<td>42,025.19</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+2.10%</td>
<td>2,252.71</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Fund manager Louis Navellier said the economic risk is mitigated with the Fed rate cut and a new dot plot, which suggests more cuts could be in the offing this year. The housing sector also seems to be firming up, he said. Much of the economic uncertainty has been eliminated and so all investors have left to stress about is political uncertainty, he added.
Chief Global Strategist of BCA Research Peter Berezin said the 50 basis-point cut and another 50 bps reduction the central bank is penciling in before the year-end may not ensure a soft landing.
<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 Fed cut rates by 50 bps today and penciled in another 50 bps of cuts by yearend. Will that ensure a soft landing? I have my doubts. The Fed lowered rates by a cumulative 100 bps from January 2001 to March 2001, and the recession started one month later. Likewise, the Fed… <a href="https://t.co/YC1TKjVBcf">pic.twitter.com/YC1TKjVBcf</a>
&mdash; Peter Berezin (@PeterBerezinBCA) <a href="https://twitter.com/PeterBerezinBCA/status/1836541172136739273?ref_src=twsrc%5Etfw">September 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The economist noted that the Fed lowered rates by a cumulative 100 bps from Jan. to March 2001 and a recession started a month later, and the central bank implemented a cut of similar magnitude between Sept. 2007 &#8211; Dec. 2007 only for the Great Recession to begin in Jan. 2008.
Investors may be hoping for a repeat of the 1994-95 episode, when Fed easing paved the way for an economic boom, the economist said. There are at least three differences between then and now, he said. In 1994-95, the tightening was fairly mild, merely a cumulative 300 bps between Feb. 1994 and Feb. 1995, as opposed to the 525 bps increase this time around, he said. Also, unlike then, the unemployment rate is rising now, he added.
The second half of the 1990s saw a &#8220;massive disinflationary capex boom&#8221; coupled with rapid productivity growth but nothing comparable is evident in the data so far, Berezin said.
Upcoming Economic Data:
<ul>
<li>Philadelphia Fed President Patrick Harker, who is a member of the rate-setting committee, is scheduled to speak at 2 p.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) shares fell over 13% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s first-quarter earnings miss. Lennar Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) slipped over 2.5% after earnings.</li>
<li>NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) rose over 6.5% after the company announced John Donahoe will retire as CEO, effective Oct. 13, and Elliott Hill, a former Nike executive who retired in 2020, will return to take over from Donahoe.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures slipped after Thursday&#8217;s strong rally that took it past the $71-a-barrel level. Gold futures were in record territory despite the dollar coming back up. The 10-year U.S. Treasury note slid 2.5 points to 3.715%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has extended its rally, rising nearly 2% over the past 24 hours. The apex crypto, which topped $64K intraday, has eased off the day&#8217;s high and traded a little shy of the $63.5K mark.
Most major Asian markets advanced, with the exception of the Indonesian, New Zealand and Singaporean markets, while European stocks pulled back sharply in early trading after Thursday&#8217;s strong gains. 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40944024/exclusive-fed-in-pro-growth-mode-will-drive-small-cap-performance-lazard-expert-say">EXCLUSIVE: Fed In &#8216;Pro-Growth Mode&#8217; Will Drive Small Cap Performance, Lazard Expert Says</a></li>
</ul>
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