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Tesla and SpaceX CEO Elon Musk has seemingly supported Rep. Jim Jordan (R-Ohio) in his criticism of the Joe Biden administration&#8217;s alleged <a href="https://www.benzinga.com/news/23/03/31152736/china-says-us-hurting-its-own-credibility-by-rehashing-covid-19-lab-leak-theory-respect-science-and">suppression of the lab leak theory</a>.
What Happened: On Wednesday, the tech billionaire reacted to Jordan&#8217;s thread on X, formerly Twitter. 
In his post, Jordan spoke about the Biden White House&#8217;s alleged <a href="https://www.benzinga.com/news/23/02/31062165/us-energy-department-says-this-was-the-likely-chinese-source-of-covid-19-pandemic-report">censorship of the lab leak theory</a>, which suggests that the COVID-19 virus may have originated from a laboratory in Wuhan, China.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">THE FACEBOOK FILES PART 6 THE BIDEN WHITE HOUSE CENSORSHIP OF THE LAB LEAK THEORY &#x1f9f5; Thread:
&mdash; Rep. Jim Jordan (@Jim_Jordan) <a href="https://twitter.com/Jim_Jordan/status/1785753836532978067?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
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Jordan&#8217;s posts included an alleged 2021 message from Mark Zuckerberg, the CEO of Meta Platforms, Inc. to other high-ranking Facebook executives, including Sheryl Sandberg, Nick Clegg, and Joel Kaplan.
See Also: <a href="https://www.benzinga.com/news/24/04/38482489/ukrainian-troops-retreat-as-conflict-with-russia-intensifies-in-eastern-front-zelenskyy-urges-us-for?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ukrainian Troops Retreat As Conflict With Russia Intensifies In Eastern Front, Zelenskyy Urges US For Swift Arms Deliveries</a>
He said, &#8220;On July 16, 2021, Mark Zuckerberg texted Sheryl Sandberg, Nick Clegg, and Joel Kaplan. Three of the highest ranking executives at Facebook. Could Facebook tell the world that &#8216;the [Biden] WH put pressure on us to censor the lab leak theory?'&#8221;
Responding to Jordan&#8217;s post, Musk called the situation a &#8220;Smoking gun First Amendment violation.&#8221; The First Amendment of the U.S. Constitution protects freedom of speech and the press, among other rights.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Smoking gun First Amendment violation
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1785851259523576284?ref_src=twsrc%5Etfw">May 2, 2024</a></blockquote>
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Why It Matters: The lab leak theory has been a <a href="https://www.benzinga.com/news/23/02/31109887/xi-jinpings-mouthpiece-warns-elon-musk-against-pushing-china-covid-19-lab-leak-theory">contentious issue since the start</a> of the COVID-19 pandemic. The theory suggests that the virus may have accidentally leaked from a laboratory in Wuhan, China, rather than originating from a wet market, as initially believed. 
Last year in March, <a href="https://www.benzinga.com/news/23/03/31152736/china-says-us-hurting-its-own-credibility-by-rehashing-covid-19-lab-leak-theory-respect-science-and">China strongly criticized this theory</a> saying, &#8220;By rehashing the lab-leak theory, the U.S. will not succeed in discrediting China, and instead, it will only hurt its own credibility.&#8221;
Musk&#8217;s stance on COVID-19-related matters has been a topic of interest. The billionaire entrepreneur has been critical of the COVID-19 vaccines and <a href="https://www.benzinga.com/general/biotech/23/03/31334008/did-elon-musk-just-put-his-skepticism-behind-and-warm-up-to-mrna-tech-that-powers-most-covid-19-v">vocal about his skepticism</a> towards them. However, he has also acknowledged the potential of mRNA technology in treating other diseases, such as cancer.
Read Next: <a href="https://www.benzinga.com/news/24/04/38539846/hillary-clinton-on-another-trump-presidency-it-wouldnt-be-as-bad-as-it-was-last-time-it-would-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hillary Clinton On Another Trump Presidency: &#8216;It Wouldn&#8217;t Be As Bad As It Was Last Time, It Would Be&#8230;&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Politics

TSLA

Elon Musk Finds 'Smoking Gun' Constitutional Violation As Jim Jordan Challenges Mark Zuckerberg's Facebook To Tell Truth Behind White House Censorship Of Lab Leak Theory

Jim Cramer, the host of CNBC&#8217;s &#8220;Mad Money,&#8221; has advised investors to trust Federal Reserve Chair Jerome Powell&#8216;s recent statement that a rate hike is unlikely, despite ongoing inflation concerns.
What Happened: Cramer urged investors to take Powell&#8217;s word seriously when he indicated that a rate hike is not imminent, despite persistent inflation, <a href="https://www.cnbc.com/2024/05/01/cramer-says-not-to-second-guess-fed-chief-powells-wednesday-remarks.html">reported</a> CNBC.
He highlighted that Powell&#8217;s comments, made after the Federal Reserve&#8217;s two-day meeting, have temporarily eased Wall Street&#8217;s concerns. 
However, Cramer warned that investor anxiety could resurface ahead of the upcoming employment data release, which could provide insights into the economy&#8217;s trajectory.
"There's only one person worth listening to in this entire universe when it comes to this stuff, and that happens to be the plain-speaking Fed chief himself, Jay Powell. He's been consistent the whole time," Cramer said. "He raised rates until he feared he could tip us into a recession, then he stopped raising rates and the economy got hot again. But then interest rates went higher on their own and now we've gotten some brown shoots that are helping to slow the economy."
Cramer emphasized Powell&#8217;s consistency in managing the economy, stating that the Fed chief has taken the possibility of a rate hike &#8220;off the table.&#8221; He also noted the Fed&#8217;s decision to slow the pace of bond sales as a &#8220;dovish sign.&#8221;
Despite Powell&#8217;s remarks, Cramer stressed that the employment data could still impact market sentiment. He also appreciated Powell&#8217;s assurance that there are no signs of stagflation in the economy, a concern that many have raised.
See Also: <a href="https://www.benzinga.com/markets/asia/24/04/38481213/breaking-tesla-reportedly-teams-up-with-baidu-to-roll-out-fsd-in-china?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Musk&#8217;s China Mission Pays Off? Tesla Reportedly Inks FSD Deal With Internet Giant Baidu</a>
Why It Matters: The Federal Reserve&#8217;s decision to keep the federal funds rate unchanged at 5.25% to 5.5% on Wednesday, as widely expected, <a href="https://www.benzinga.com/news/econ-s/24/05/38561640/fed-keeps-interest-rates-steady-announces-slower-than-expected-pace-of-balance-sheet-runoff">reaffirmed its commitment</a> to steering the economy towards sustainable growth and controlling inflation. 
The Fed also noted a lack of further progress towards its 2% inflation objective in recent months.
This stance has been <a href="https://www.benzinga.com/news/24/05/38571981/ray-dalio-gives-a-nod-to-larry-summers-contention-that-federal-reserve-in-a-treacherous-environment">questioned by investors</a> like Larry Summer, who have warned against potential rate cuts in the current economic climate.
Meanwhile, renowned economist Peter Schiff has <a href="https://www.benzinga.com/news/24/05/38571216/peter-schiff-blasts-jerome-powell-for-not-seeing-the-stag-in-stagflation-same-type-of-blindness-that">criticized Powell&#8217;s dismissal</a> of stagflation concerns, comparing it to previous Federal Reserve misstatements. Schiff expressed skepticism over Powell&#8217;s inability to recognize the signs of stagflation.
Despite the ongoing inflation concerns, the market has been experiencing <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38571663/bitcoin-tops-returns-in-all-asset-classes-amid-repeatedly-disappointing-inflation-data-moh">significant volatility</a>, with Bitcoin topping returns in all asset classes in April amid repeatedly disappointing inflation data.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38479312/watershed-moment-says-tesla-analyst-as-elon-musk-makes-surprise-china-visit-to-repo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Watershed Moment,&#8217; Says Tesla Analyst As Elon Musk Makes Surprise China Visit To Reportedly Discuss FSD Rollout And Data Transfer Overseas</a>
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Global

Federal Reserve

Jim Cramer Says Don't Doubt Fed Chair Powell's Assurance Of No Rate Hike, 'He's Been Consistent The Whole Time'

In a daring move, independent candidate Robert F. Kennedy Jr. has called on President Joe Biden to step down from the presidential race, in an attempt to prevent former President Donald Trump from reclaiming the presidency.
What Happened: Kennedy, despite lagging behind Biden by 30 points in recent polls, held a press conference in Brooklyn. He contended that he is the sole candidate who can defeat Trump and proposed a &#8220;No Spoiler Pledge&#8221; for Biden. This pledge would necessitate Biden&#8217;s withdrawal from the race if he underperforms Kennedy in a head-to-head poll with Trump in mid-October, <a href="https://www.politico.com/news/2024/05/01/robert-f-kennedy-jr-spoiler-pledge-biden-trump-00155600">reported</a> Politico.
"We only have one chance to beat Donald Trump, and we need a nominee who can get the job done. And that would be me," Kennedy declared during his presentation.
Kennedy&#8217;s campaign manager, Amaryllis Fox Kennedy, presented a poll from John Zogby Strategies as proof of their claim. The poll demonstrated Kennedy defeating Trump in a scenario without Biden or any other Democratic candidate in the race.
"Is there any scenario in which President Trump participates in the election and doesn't win it? Yes, there is exactly one. And that scenario is that President Biden acknowledges that he cannot win," Fox Kennedy stated.
See Also: <a href="https://www.benzinga.com/news/24/04/38508828/edward-snowden-releases-genie-out-of-the-bottle-his-ongoing-poll-shows-people-want-neither-trump-nor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Edward Snowden Releases &#8216;Genie&#8217; Out Of The Bottle, His Ongoing Poll Shows People Want &#8216;Neither Trump Nor Biden&#8217;</a>
However, Democratic National Committee spokesperson Matt Corridoni dismissed Kennedy&#8217;s proposal, asserting that it is &#8220;as deeply unserious as his campaign is.&#8221;
The Kennedy campaign did not present any results for a three-way race. According to a RealClearPolitics polling average, Kennedy currently holds about 11 percent support in national polls when pitted against both Biden and Trump.
Why It Matters: The latest <a href="https://www.benzinga.com/news/24/04/38349825/trumps-voters-enamored-with-robert-kennedy-jr-not-bidens-shows-latest-poll">NBC News poll</a> reveals that Kennedy is eroding Trump's support more than Biden's. Interestingly, a larger portion of Trump voters in the direct matchup are switching their support to Kennedy in the expanded ballot.
Former President Trump has <a href="https://www.benzinga.com/general/24/03/37991340/trump-slams-robert-f-kennedy-jr-great-for-maga-but-most-radical-left-candidate-in-the-race-because-o">criticized</a> Kennedy for his environmental stances and other policies, labeling him as "the most radical left candidate in the race".
Many election polls point to a close race between Biden and Trump in the <a href="https://www.benzinga.com/general/politics/24/04/38537950/trump-vs-biden-former-president-holds-lead-in-all-7-swing-states-which-candidate-does-robert-f-k">2024 election</a>, suggesting that Kennedy&#8217;s role in the race could be a decisive factor.
Photo courtesy: Shutterstock
Read Next: <a href="https://www.benzinga.com/news/24/04/38539846/hillary-clinton-on-another-trump-presidency-it-wouldnt-be-as-bad-as-it-was-last-time-it-would-be?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hillary Clinton On Another Trump Presidency: &#8216;It Wouldn&#8217;t Be As Bad As It Was Last Time, It Would Be&#8230;&#8217;</a>
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Robert F. Kennedy Jr Says He's The One That Can Beat Trump, Urges Biden To Drop Out: 'We Only Have One Chance'

The traditional Wall Street adage &#8220;sell in May and go away&#8221; may not hold water this year, as analysts debunk the myth with strong evidence of positive stock market performance during the historically weak May-October period.
What Happened: The six-month period from May to October is often considered the worst for stock market performance. However, LPL Financial&#8216;s chief technical strategist Adam Turnquist pointed out that the average returns for the S&amp;P 500 during this period have been positive since 1950, <a href="https://markets.businessinsider.com/news/stocks/stock-market-may-performance-sell-wall-street-seasonal-outlook-2024-5">reported</a> Business Insider on Monday.
Turnquist&#8217;s data shows an average return of +1.7% for the past 10 years, which jumps to +4.0% for the last decade. This suggests that selling stocks in May based on historical trends might not be the best strategy.
&#8220;Unless investors can seek superior returns in other asset classes, being out of the equity market may not have been the best strategy, with stocks still delivering positive six-month returns, on average, over all the May-October periods studied,&#8221; Turnquist said in a recent note.
Tom Lee of Fundstrat also ran the calculations and discovered that since 1985, &#8220;May has been a surprisingly good month.&#8221; 
Market strategist Ryan Detrick of Carson Group also noted the positive returns during this period, particularly in May, which has seen positive stock market returns in nine of the past ten years, with an average gain of 0.7%.
In conclusion, Detrick discovered that in years where there is a presidential election, such as 2024, the stock market typically experiences a summer rally prior to the November surge. The period from May to October typically sees gains of 2.3% and higher 78% of the time.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38519395/goldman-sachs-tempers-investor-excitement-on-tesla-self-driving-not-yet-an-eyes-off?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Goldman Sachs Tempers Investor Excitement On Tesla Self-Driving Tech In China: &#8216;Not Yet An Eyes-Off, Unsupervised Product&#8217;</a>
Why It Matters: The potential irrelevance of the &#8220;Sell in May and go away&#8221; adage comes in the wake of recent statements by the Federal Reserve which has decided to <a href="https://www.benzinga.com/news/econ-s/24/05/38561640/fed-keeps-interest-rates-steady-announces-slower-than-expected-pace-of-balance-sheet-runoff" target="_blank" rel="noreferrer noopener">keep interest rates steady</a>, emphasizing the need to allow more time for restrictive monetary policies to bring inflation towards the Fed's 2% goal. This decision has had a significant impact on market dynamics.
"The inflation data received so far this year have been higher than expected," Federal Reserve Chair Jerome Powell said today, adding that it is likely that gaining <a href="https://www.benzinga.com/markets/equities/24/05/38563545/powell-keeps-hawks-at-bay-says-interest-rate-hike-unlikely-stocks-gold-rally-while-treasury-yiel" target="_blank" rel="noreferrer noopener">greater confidence in disinflation</a> will take longer than previously thought.
This stance has been <a href="https://www.benzinga.com/news/24/05/38571981/ray-dalio-gives-a-nod-to-larry-summers-contention-that-federal-reserve-in-a-treacherous-environment">questioned by investors</a> like Larry Summer, who have warned against potential rate cuts in the current economic climate.
These developments follow earlier predictions of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38273842/s-p-500-due-for-classic-10-correction-wall-street-veteran-warns-why-they-expect-zer">&#8220;classic 10% correction&#8221;</a> in the S&amp;P 500 index by Wall Street veteran investor Ed Yardeni, who noted that &#8220;rising yields are starting to weigh on the stock market.&#8221; 
Despite these concerns, other experts have remained confident in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38284811/wall-street-experts-dismiss-rate-cut-fears-middle-east-tensions-predict-bull-market">continuation of the bull market</a>, citing a robust U.S. economy and the potential of artificial intelligence (AI) as key drivers.
Read Next: <a href="https://www.benzinga.com/news/24/04/38489087/jim-cramer-likes-palantir-recommends-pioneer-natural-resources-i-want-you-to-ka-ching-ka-ching?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Likes Palantir, Recommends Pioneer Natural Resources: &#8216;I Want You To Ka-Ching, Ka-Ching&#8217;</a>
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Analyst Color

'Sell In May And Go Away': A Fading Tradition In Stock Market?

Twitter co-founder&nbsp;Jack Dorsey has appears to disagree with Vice President&nbsp;Kamala&nbsp;Harris&#8216;s&nbsp;statement on&nbsp;women&#8217;s&nbsp;trust, but could he have misinterpreted her meaning?
What Happened: On Wednesday, Harris took to X, formerly Twitter, and posted&nbsp;&#8220;Trust women.&#8221; Her remark&nbsp;was met&nbsp;with a response from Christopher Stanley,&nbsp;X&#8217;s&nbsp;senior director of security engineering, who shared the post on the platform commenting, &#8220;I&nbsp;don&#8217;t&nbsp;blindly trust anyone.&#8221;
Responding to Stanley&#8217;s post, Dorsey&nbsp;then&nbsp;weighed in, saying,&nbsp;&#8220;Don&#8217;t&nbsp;trust, verify.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/04/38509476/while-mark-zuckerberg-led-meta-battles-advertiser-complaints-elon-musk-continues-to-thrash-facebook?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">While Mark Zuckerberg-Led Meta Battles Advertiser Complaints, Elon Musk Continues To Thrash Facebook, Instagram For Allegedly Stealing &#8216;Credit For Traffic&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">don&#39;t trust, verify.
&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1785747127550812536?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to&nbsp;get&nbsp;all the latest tech developments&nbsp;delivered&nbsp;to your inbox.
One user in the comment section said that Harris&nbsp;wasn&#8217;t&nbsp;advocating for blind trust, but asking women to trust their own bodies. And the user is right. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Only concrete thinking nerds would consider that statement by VP Harris to be encouraging people to blindly trust anybody. Y'all KNOW it is referring to the bodily autonomy of women and trusting them with their own bodies.
&mdash; &#x1f1fa;&#x1f1f8; 
</blockquote></div></figure>

Jack Dorsey Doesn't Agree With VP Kamala Harris' 'Trust Women' Statement —Says 'Verify' — But Has He Got It Right?

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is set to release earnings results for its first quarter before the <a href="https://www.benzinga.com/quote/COP/earnings">opening bell on May 2, 2024.</a>
Analysts expect the Houston, Texas-based company to report quarterly earnings at $2.04 per share, down from $2.38 per share in the year-ago period. ConocoPhillips is projected to report quarterly revenue of $15.05 billion, compared to $15.74 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Feb. 8, ConocoPhillips said fourth-quarter revenue of $15.307 billion missed the consensus of $15.942 billion, while adjusted EPS of $2.40 beat the consensus of $2.09.
ConocoPhillips shares fell 1% to close at $124.34 on Wednesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/COP/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Jefferies analyst Rob Dickerson maintained a Hold rating and cut the price target from $55 to $54 on March 11. This analyst has an accuracy rate of 67%.</li>
<li>DA Davidson analyst Brian Holland initiated coverage on the stock with a Buy rating and a price target of $67 on March 1. This analyst has an accuracy rate of 60%.</li>
<li>Piper Sandler analyst Michael Lavery maintained a Neutral rating and raised the price target from $59 to $60 on Feb. 12. This analyst has an accuracy rate of 70%.</li>
<li>JP Morgan analyst Ken Goldman maintained a Neutral rating and increased the price target from $53 to $59 on Feb. 9. This analyst has an accuracy rate of 81%.</li>
<li>Wells Fargo analyst John Baumgartner maintained an Equal-Weight rating and boosted the price target from $56 to $58 on Feb. 9. This analyst has an accuracy rate of 66%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/earnings/24/05/38550761/how-to-earn-500-a-month-from-intel-stock-following-q1-earnings-report">How To Earn $500 A Month From Intel Stock Following Q1 Earnings Report</a>

Earnings

Price Target

Pre-Market Outlook

ConocoPhillips Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Comstock Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRK#NYSE">CRK</a>) reported quarterly losses of $(0.03) per share which beat the analyst consensus estimate of $(0.04) by 25 percent. This is a 109.09 percent decrease over earnings of $0.33 per share from the same period last year. The company reported quarterly sales of $335.77 million which missed the analyst consensus estimate of $362.94 million by 7.49 percent. This is a 31.42 percent decrease over sales of $489.58 million the same period last year.

Earnings Beats

Earnings Misses

Comstock Resources Q1 Adj $(0.03) Beats $(0.04) Estimate, Sales $335.77M Miss $362.94M Estimate

Preformed Line Products (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLPC#NASDAQ">PLPC</a>) reported quarterly earnings of $1.94 per share. This is a 54.67 percent decrease over earnings of $4.28 per share from the same period last year. The company reported $140.90 million in sales this quarter. This is a 22.51 percent decrease over sales of $181.82 million the same period last year.

PLPC

Preformed Line Products Q1 EPS $1.94 Down From $4.28 YoY, Sales $140.90M Down From $181.82M YoY

AssetMark Financial Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMK#NYSE">AMK</a>) reported quarterly earnings of $0.60 per share which missed the analyst consensus estimate of $0.61 by 1.64 percent. This is a 13.21 percent increase over earnings of $0.53 per share from the same period last year. The company reported quarterly sales of $190.27 million which beat the analyst consensus estimate of $146.60 million by 29.79 percent. This is a 7.76 percent increase over sales of $176.56 million the same period last year.

AssetMark Financial Hldgs Q1 Adj $0.60 Misses $0.61 Estimate, Sales $190.27M Beat $146.60M Estimate

Northwest Pipe (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWPX#NASDAQ">NWPX</a>) reported quarterly earnings of $0.52 per share which beat the analyst consensus estimate of $0.31 by 67.74 percent. This is a 126.09 percent increase over earnings of $0.23 per share from the same period last year. The company reported quarterly sales of $113.22 million which beat the analyst consensus estimate of $103.34 million by 9.56 percent. This is a 14.25 percent increase over sales of $99.10 million the same period last year.

NWPX

Northwest Pipe Q1 EPS $0.52 Beats $0.31 Estimate, Sales $113.22M Beat $103.34M Estimate

NACCO Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NC#NYSE">NC</a>) reported quarterly earnings of $0.61 per share. This is a 19.74 percent decrease over earnings of $0.76 per share from the same period last year. The company reported $53.29 million in sales this quarter. This is a 6.28 percent increase over sales of $50.14 million the same period last year.

NACCO Industries Q1 EPS $0.61 Down From $0.76 YoY, Sales $53.29M Up From $50.14M YoY

<ul>
<li>Addition of Marc Kramer to Board of Directors Provides Significant Transportation and Logistics Experience as Company Begins Logistics Business Segment Operations Upon Closing of Buckshot Acquisition</li>
<li>Exploring Strategic Initiatives to Reduce Reliance on Seasonal Business</li>
</ul>
LONGMONT, Colo., May 01, 2024 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENSV#NYSE">ENSV</a>) ("Enservco" or the "Company") today announced changes to its Board of Directors and provided a corporate update. Marc Kramer was appointed to the Company's Board of Directors on April 30, 2024 upon the recommendation of the Company's Board of Directors. He fills the position vacated by Mr. Steve Weyel who resigned effective April 29, 2024 to focus his attention on a new business venture.
Mr. Kramer is a transportation industry investor and operator with over 30 years of investment experience. For the past seven years, he has served as executive chairman of SOAR Transportation Group, of which he is a majority owner, a provider of asset based and non-asset transportation and logistics services serving shippers throughout the United States. Mr. Kramer's previous experience includes founding AVC Partners, which focused on investing and growing businesses in the transportation and logistics industry, and serving as managing director for both H.I.G. Capital and Fenway Partners LLC. Mr. Kramer sits on a variety of private boards which focus on logistics and investment sectors of the transportation industry. He holds a bachelor's degree in government and economics from Dartmouth College and a master's of business administration from Harvard University.
Rich Murphy, Chairman and CEO of Enservco, commented, "We welcome Marc to our Board. As we make the strategic shift into the logistics and transportation business, having someone of Marc's experience and connections within the industry as a member of our Board is invaluable. We appreciate the service of Mr. Weyel to our Company and wish him the best in his new venture."
The Company continues to explore strategic initiatives to reduce reliance upon the seasonal frac heating business. The Buckshot Acquisition will provide Enservco with a proven and growing foundation in an attractive year-round logistics business.
Rich continued, "We appreciate the ongoing support of our stockholders. There are several important proposals to be voted on, including approval of issuance of shares in relation to the Buckshot Acquisition, as well as approval of our five directors who will – as in the past – serve one-year terms. We look forward to closing the Buckshot Acquisition in the near term, with stockholder approval at our annual meeting a key step in the process. The addition of Buckshot to our existing business will prove transformational for Enservco as we transition away from a seasonal business that is subject to commodity risk, to a logistics business that generates strong year-round cash flow. The transition will not require substantial new overhead or capital. We are continuing our evaluation of strategic alternatives designed to further reduce our seasonal focus, with the underlying premise that any opportunities must be immediately accretive, generate solid cash flow, and provide visible near and long-term growth."

ENSV

Enservco Announces Board Changes And Provides Corporate Update; Exploring Strategic Initiatives To Reduce Reliance On Seasonal Business

Stoneridge (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRI#NYSE">SRI</a>) reported quarterly losses of $(0.09) per share which missed the analyst consensus estimate of $(0.04) by 125 percent. This is a 64 percent increase over losses of $(0.25) per share from the same period last year. The company reported quarterly sales of $239.16 million which beat the analyst consensus estimate of $222.99 million by 7.25 percent. This is a 0.90 percent decrease over sales of $241.32 million the same period last year.

Stoneridge Q1 Adj EPS $(0.09) Misses $(0.04) Estimate, Sales $239.16M Beat $222.99M Estimate

Connecticut House passed Tuesday a bipartisan bill to regulate the cannabis and hemp industries in a 130-16 vote, sending it to the Senate.  
Measure&nbsp;<a target="_blank" href="https://www.cga.ct.gov/2024/TOB/H/PDF/2024HB-05150-R00-HB.PDF" rel="noreferrer noopener">No. 5150</a>,&nbsp;&#8220;An Act Concerning Cannabis And Hemp Regulation,&#8221;&nbsp;would redefine high-THC hemp products, ban specific cannabis product advertising and promotion, and allow some hemp farmers to enter the marketplace.&nbsp;
"We can't ban them, but we can regulate the hell out of them," said Rep. Mike D'Agostino (D) co-chair of the General Law Committee as <a href="https://ctmirror.org/2024/04/30/ct-thc-beverages-law/" target="_blank" rel="noreferrer noopener">reported</a> by CT Mirror. "We say, OK, those products need to be manufactured in accordance with our standards. They need to be labeled in accordance with our standards they have to be to have disclosures in accordance with our standards."
The initial version of the bill proposed limiting the amount of THC per serving to 0.5 milligrams, but this was amended to one milligram per serving, enabling sales in package stores and cannabis dispensaries.&nbsp;&nbsp;
Pro tip: Learn all about the&nbsp;future of the cannabis industry at the Benzinga Cannabis Capital Conference&nbsp;this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this&nbsp;link</a>,&nbsp;and access a 20% discount using the code JAVI20.
<h2 class="wp-block-heading">Rules Need To Be Followed </h2>
The measure also strictly limits advertising for cannabis businesses, and&nbsp;establishes labeling and licensing rules.&nbsp;&nbsp;
"We need to make sure that the rules are&nbsp;being followed, that&nbsp;there's&nbsp;not a product out there that is unregulated,&nbsp;that is&nbsp;being sold&nbsp;to minors, that is&nbsp;being sold&nbsp;in convenience stores, that is outside of the strict structures that we created,"&nbsp;D'Agostino&nbsp;said.
Rep.&nbsp;Dave Rutigliano&nbsp;(R) was among many Republicans who are against cannabis legalization, but voted in favor of the bill.&nbsp;&nbsp;
"It's&nbsp;already legal. We&nbsp;can't&nbsp;make it unllegal.&nbsp;So&nbsp;what&nbsp;we've&nbsp;decided to&nbsp;do is&nbsp;try to regulate it in a way that makes a safer environment for everyone,"&nbsp;Rutigliano said.&nbsp;"Our goal this year, as it was last year, is to get THC products, intoxicating products out of our supermarkets, convenience stores and gas stations, to put it in a place where&nbsp;it's&nbsp;regulated, where&nbsp;it's&nbsp;taxed and controlled."
Promotions and discounts&nbsp;are also forbidden&nbsp;under this measure, and Rutigliano previously commented on that by saying,&nbsp;&#8220;We thought that commercialization of marijuana was supposed to be sort of a social justice kind of thing, to decriminalize it, not to promote it. These guys are putting these coupons in the Pennysaver.&#8221;
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/03/37822214/video-connecticut-ag-warns-of-illegal-cannabis-edibles-packaged-to-look-like-childrens-snacks" rel="noreferrer noopener">Video &#8211; Connecticut AG Warns Of Illegal Cannabis Edibles Packaged To Look Like&nbsp;Children&#8217;s&nbsp;Snacks</a>
Courtesy of&nbsp;Handatko&nbsp;via Shutterstock

Cannabis

Connecticut House Passes Bipartisan Measure Regulating Cannabis And Hemp Industries

Tesla and SpaceX CEO Elon Musk on Wednesday reacted to a social media user&#8217;s comment about Meta Platforms, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Instagram&#8217;s <a href="https://www.benzinga.com/news/24/01/36487758/instagrams-update-dilemma-are-new-features-hurting-creator-income">algorithm change</a>.
What Happened: Instagram, a subsidiary of Meta, earlier this week announced a significant change in its recommendation algorithm for Reels. The update aims to promote original content and discourage the reposting of others&#8217; work.
Adam Mosseri, the head of Instagram, explained the changes in a video posted on Instagram, stating that the platform would <a href="https://www.benzinga.com/news/24/04/38085248/instagram-creators-can-now-earn-upto-30k-in-a-month-with-reels-photo-carousels-and-more-as-meta-revi">prioritize original content</a> over reposted material in its recommendations. Additionally, accounts that frequently share unoriginal content without adding value will be removed from recommendations.
See Also: <a href="https://www.benzinga.com/news/24/04/38480983/giant-leap-for-apple-new-leak-of-iphone-16-lineup-confirms-recent-rumors-about-screen-sizes-and-came?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Giant Leap For Apple? New Leak Of iPhone 16 Lineup Confirms Recent Rumors About Screen Sizes And Camera Bump</a>
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01232230/Screenshot-2024-05-02-at-8.52.15%E2%80%AFAM-1024x859.png" alt="" class="wp-image-318503" /></figure>
Following this announcement, a user on X, formerly Twitter, humorously suggested that the change would lead to a 99% drop in Instagram content, implying that most of the platform&#8217;s content is duplicated. 
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Musk, in response, reacted with a Face with Tears of Joy emoji.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1785786090932031589?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
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Why It Matters: Musk has repeatedly targeted Meta CEO Mark Zuckerberg and his social media platforms like Instagram and Facebook. Last month, the tech billionaire <a href="https://www.benzinga.com/news/24/04/38375786/elon-musk-hates-annoying-instagram-logo-that-pops-up-in-reels-posted-on-x-makes-things-worse">criticized the Instagram Reels posted on X</a>, calling the platform&#8217;s logo &#8220;annoying.&#8221; 
In August 2023, Musk highlighted the importance of &#8220;truth&#8221; and Community Notes on X, pointing out the lack of fact <a href="https://www.benzinga.com/news/23/08/33997990/elon-musk-flexes-truth-in-advertising-on-x-versus-instagrams-unchecked-sponsored-posts">verification for sponsored ads on Instagram</a>. In November the same year, <a href="https://www.benzinga.com/news/23/11/35605209/elon-musk-takes-another-swipe-at-mark-zuckerberg-likens-instagram-to-onlyfans">he mockingly compared</a> the popular photo and video networking site and OnlyFans.
In December, Musk responded to a report suggesting that over a million people worldwide were <a href="https://www.benzinga.com/news/23/12/36381479/elon-musk-reacts-to-the-report-that-claims-more-than-a-million-seek-how-to-delete-instagram-every-mo">eager to delete their Instagram</a> accounts. 
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38510070/apple-co-founder-steve-wozniak-reveals-his-unique-obsession-with-this-weird-object-many-of-the-best?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Co-Founder Steve Wozniak Reveals His Unique Obsession With This Weird Object: &#8216;Many Of The Best Things… Aren&#8217;t Super Functional But They Are Cool&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Social Media

Elon Musk Reacts To Algorithm Changes On Mark Zuckerberg-Led Instagram Geared Toward Rewarding Originality: 'Content About To Drop 99%'

Renowned investor Ray Dalio has lent his voice to the growing concern over the Federal Reserve&#8217;s policy decisions. Dalio&#8217;s remarks align with those of former U.S. Treasury Secretary Larry Summers, who has been cautioning against potential rate cuts in the current economic climate.
What Happened: Dalio, the founder of Bridgewater Associates, one of the world&#8217;s largest hedge funds, endorsed Summers&#8217; views on inflation and the Fed&#8217;s precarious position. 
Summers highlighted the acceleration of the Employment Cost Index (ECI) and housing price inflation, indicating that inflation is not firmly heading towards target levels. 
The statistics on the inflation of housing prices, according to Summers, also raise concerns about the sustainability of the decline in shelter inflation. At some point, rentals will pick back up due to rising interest rates and increased unit values.
He also pointed out that the easing of bottlenecks and loose financial conditions make the Fed&#8217;s position particularly precarious.
Dalio took to social media platform X, to express his agreement with Summers&#8217; analysis. &#8220;Larry Summer&#8217;s post provides a good summary of the inflation issue,&#8221; he wrote. This endorsement adds weight to Summers&#8217; warnings about the potential risks of the Fed&#8217;s current policy stance.
As he wrapped off his remarks, Larry said, &#8220;All reasons why the @FederalReserve is in a treacherous environment, should have been more careful about easing signals and now should be very cautious about possible rate cutting.&#8221; 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Larry Summer&#39;s post provides a good summary of the inflation issue. <a href="https://t.co/bkxbMHj4OS">https://t.co/bkxbMHj4OS</a>
&mdash; Ray Dalio (@RayDalio) <a href="https://twitter.com/RayDalio/status/1785790411958620272?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38535085/s-p-500-nasdaq-100-snap-5-month-winning-streak-in-april-as-inflation-reality-check-hits-bullish-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">S&amp;P 500, Nasdaq 100 Snap 5-Month Winning Streak In April As Inflation Reality Check Hits Bullish Sentiment</a>
Why It Matters: The Federal Reserve has decided to <a href="https://www.benzinga.com/news/econ-s/24/05/38561640/fed-keeps-interest-rates-steady-announces-slower-than-expected-pace-of-balance-sheet-runoff" target="_blank" rel="noreferrer noopener">keep interest rates steady</a>, emphasizing the need to allow more time for restrictive monetary policies to bring inflation towards the Fed&#8217;s 2% goal. This decision has had a significant impact on market dynamics.
&#8220;The inflation data received so far this year have been higher than expected,&#8221; Federal Reserve Chair&nbsp;Jerome Powell&nbsp;said today, adding that it is likely that gaining&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38563545/powell-keeps-hawks-at-bay-says-interest-rate-hike-unlikely-stocks-gold-rally-while-treasury-yiel" target="_blank" rel="noreferrer noopener">greater confidence in disinflation</a>&nbsp;will take longer than previously thought.
Meanwhile, the market has been experiencing significant volatility, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) emerging as the top performer across all asset classes amid <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38571663/bitcoin-tops-returns-in-all-asset-classes-amid-repeatedly-disappointing-inflation-data-moh">repeatedly disappointing inflation data</a>. Renowned economist Mohamed El-Erian highlighted the challenging market conditions in April, despite solid year-to-date returns.
However, not everyone shares the Fed&#8217;s optimism. Renowned economist Peter Schiff has criticized Powell for his dismissal of <a href="https://www.benzinga.com/news/24/05/38571216/peter-schiff-blasts-jerome-powell-for-not-seeing-the-stag-in-stagflation-same-type-of-blindness-that">stagflation concerns</a>. Schiff believes that Powell&#8217;s failure to recognize these signs could lead to a repeat of previous Federal Reserve misstatements.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38514380/wall-street-on-edge-ahead-of-fed-decision-spotlight-falls-on-amazon-and-amd-earnings-analyst-says-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">S&amp;P 500, Nasdaq Set To Open Lower Ahead Of Fed Decision: What&#8217;s Dragging Stock Futures?</a>
Ray Dalio. Photo courtesy: World Economic Forum On Flickr
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Economics

$BTC

Ray Dalio Gives A Nod To Larry Summer's Contention That Federal Reserve In A 'Treacherous Environment': 'Should Be Very Cautious About Possible Rate Cutting'

Renowned crypto analyst Ali Martinez has hinted at a potential bull run for Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), despite the cryptocurrency&#8217;s ongoing price correction.
What Happened: In a post on X, formerly Twitter, on Wednesday, Martinez noted that Dogecoin is currently experiencing a 47% price correction, similar to previous cycles. He suggested that this could be the precursor to the next bull run for the meme coin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Now, in 2024, <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> bull run! <a href="https://t.co/ZmuHmvIwei">pic.twitter.com/ZmuHmvIwei</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1785808743709434096?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38491753/spectacular-meme-runs-mean-these-three-altcoins-could-be-doomed-to-irrelevancy-muses-veter?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Spectacular Meme Runs&#8217; Mean These Three Altcoins Could Be &#8216;Doomed To Irrelevancy,&#8217; Muses Veteran Trader</a>
His tweet comes amidst a turbulent time for the cryptocurrency market, with Dogecoin and other major cryptocurrencies experiencing significant losses at the start of May.
In the same thread, Martinez said, &#8220;The ongoing [Dogecoin] price correction is part of its usual behavior before massive bull runs!&#8221;
Dogecoin has fallen 15.65% over a period of the last seven days, while the fall has been steeper over 30 days at 32.9%.
Why It Matters: Martinez&#8217;s prediction aligns with his <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38564859/are-dogecoin-and-shiba-inu-due-a-bounce-this-trader-sees-bull-flag-forming-for-one-coin">previous statements</a> about the behavior of Dogecoin. He has previously noted the coin&#8217;s tendency to mirror its past bull cycles, suggesting that patience could be rewarded.
Other traders have also been optimistic about Dogecoin&#8217;s future. Crypto trader Kevin analyzed Dogecoin's recent performance, noting the cryptocurrency was in an <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38540409/amid-dogecoin-price-dip-trader-predicts-major-support-zone-for-meme-coin">important support zone</a> and if the cryptocurrencies were in a real bull market, the zone between 0.125-0.13 cents level was crucial.
Price Action: At the time of writing, Dogecoin traded 3.5% lower at $0.13, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
Photo Courtesy: Shutterstock.com
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38540161/is-bitcoin-heading-for-a-dip-ahead-of-fomc-analyst-predicts-potential-cascade-towar?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Bitcoin Heading For A Dip Ahead Of FOMC? Analyst Predicts Potential &#8216;Cascade Towards $55-58K&#8217; Before Rebound</a>
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Cryptocurrency

$DOGE

Dogecoin Bull Run Predicted By Analyst — Current 47% Price Correction 'Part Of Its Usual Behavior'

eXp World Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NASDAQ">EXPI</a>) reported quarterly losses of $(0.02) per share which beat the analyst consensus estimate of $(0.06) by 66.67 percent. This is a 300 percent decrease over earnings of $0.01 per share from the same period last year. The company reported quarterly sales of $943.05 million which beat the analyst consensus estimate of $893.24 million by 5.58 percent. This is a 11.15 percent increase over sales of $848.45 million the same period last year.

EXPI

CORRECTION: eXp World Holdings Q1 Adj $(0.02) Beats $(0.06) Estimate, Sales $943.05M Beat $893.24M Estimate

Wednesday saw a mixed performance in major U.S. indices. The Dow Jones Industrial Average closed the day with a 0.2% increase at 37,903.29, while the S&amp;P 500 finished lower by 0.3% at 5,018.39. Similarly, the Nasdaq ended the day down 0.33% at 15,605.48.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>)
Carvana&#8217;s stock jumped 5.03% to close at $87.09 after reporting strong first-quarter earnings. The company&#8217;s revenue of $3.061 billion <a href="https://www.benzinga.com/news/earnings/24/05/38566697/carvana-stock-jumps-on-q1-earnings-revenue-beat-vehicles-sold-up-16-strong-guidance-and-more">beat the consensus estimate</a>, and it sold 91,878 vehicles, a 16% increase year-over-year. 
Enovix Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>)
Enovix&#8217;s stock soared 3.99% to close at $6.51. Despite missing the analyst consensus estimate with quarterly losses of 31 cents per share, the company reported blockbuster <a href="https://www.benzinga.com/news/earnings/24/05/38567768/enovix-stock-soars-on-blockbuster-q1-sales">first-quarter sales</a> of $5.272 million, a significant increase from the same period last year. 
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38519395/goldman-sachs-tempers-investor-excitement-on-tesla-self-driving-not-yet-an-eyes-off?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Goldman Sachs Tempers Investor Excitement On Tesla Self-Driving Tech In China: &#8216;Not Yet An Eyes-Off, Unsupervised Product&#8217;</a>
Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>)
Pfizer&#8217;s stock rose 6.09% to close at $27.18. The company reported first-quarter adjusted EPS of $0.82, beating the consensus of $0.54, despite a 33% year-over-year decrease. Sales <a href="https://www.benzinga.com/general/biotech/24/05/38554240/pfizer-embraces-direct-to-consumer-model-for-covid-antiviral-says-comirnaty-revenues-continue-to-">were down 20%</a> to $14.9 billion, still beating the consensus of $14.2 billion. 
NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)
NIO&#8217;s shares gained 11.65% to close at $5.27. The company reported a 134.6% year-over-year increase in <a href="https://www.benzinga.com/markets/equities/24/05/38547416/why-nio-shares-are-gaining-today">April vehicle deliveries</a>, reaching a total of 15,620 vehicles. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock fell 1.79% to close at $180, despite news of a potential full self-driving <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38542475/teslas-stock-could-rise-by-up-to-24-if-ev-giants-china-fsd-rollout-succeeds-says-fu">software rollout</a> in China. 
Photo by Jirapong Manustrong on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/government/24/04/38488235/supreme-court-drivers-hauling-baked-goods-are-in-transportation-not-baking?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Supreme Court: Drivers Hauling Baked Goods Are in Transportation, Not Baking</a>
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Renowned economist Mohamed El-Erian shared a comprehensive table of financial returns for major assets and asset classes, highlighting the volatility of the market in April.
What Happened: El-Erian, in his post on X, acknowledged the challenging market conditions in April, despite the solid year-to-date returns. He noted the significant repricing of Fed cuts due to consistently disappointing inflation data.
&#8220;While April proved to be the toughest month so far in 2024 for some of them, the year-to-date returns remain solid overall &#8212; especially given the extent to which markets have repriced their expectations of Fed cuts in response to repeatedly disappointing inflation data,&#8221; El-Erian wrote. 
He shared a table, covering the performance of major indices from 2020 to Apr. 30, which shows diverse results across different asset classes and regions. Notably, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has been the top performer in all asset classes.
The indices covered include the DJIA, S&amp;P 500, Nasdaq, Stoxx Euro 600, FTSE 100 Index, Shanghai Composite Index, NIKKEI 225 Index, Gold, Oil, and Bitcoin.
Bitcoin&#8217;s journey has been particularly volatile, with a 303.95% surge in 2020, followed by a 64.21% drop in 2022. However, it made a strong comeback in 2023 with a 153.32% gain. As of Apr. 30, its year-to-date performance stands at a solid 39.09%, demonstrating its resilience amidst market fluctuations.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The usual monthly table of financial returns for some major assets/asset classes. While April proved to be the toughest month so far in 2024 for some of them, the year-to-date returns remain solid overall &#8212; especially given the extent to which markets have repriced their… <a href="https://t.co/QAVz10ioIL">pic.twitter.com/QAVz10ioIL</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1785778081745043659?ref_src=twsrc%5Etfw">May 1, 2024</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/markets/cryptocurrency/24/04/38479551/is-the-memecoin-supercycle-over-mad-crypto-alpha-with-ivan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is The &#8216;Memecoin Supercycle&#8217; Over? Mad Crypto Alpha With Ivan</a>
Why It Matters: El-Erian&#8217;s insights come at a time when the <a href="https://www.benzinga.com/news/econ-s/24/05/38561640/fed-keeps-interest-rates-steady-announces-slower-than-expected-pace-of-balance-sheet-runoff">Federal Reserve has decided to keep interest rates steady</a>, emphasizing the need to allow more time for restrictive monetary policies to bring inflation towards the Fed's 2% goal. This decision has had a significant impact on market dynamics.
"The inflation data received so far this year have been higher than expected," Federal Reserve Chair Jerome Powell said today, adding that it is likely that gaining <a href="https://www.benzinga.com/markets/equities/24/05/38563545/powell-keeps-hawks-at-bay-says-interest-rate-hike-unlikely-stocks-gold-rally-while-treasury-yiel">greater confidence in disinflation</a> will take longer than previously thought.
Addressing concerns about potential rate hikes due to recent inflationary pressures, Powell said: "I think it's unlikely that the next policy rate move will be a hike. We'd need to see persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation sustainably down to 2% overtime. That's not what we think we're seeing."
Meanwhile, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38570836/bitcoins-historical-data-suggests-a-potential-99-surge-says-crypto-analyst-time-to-buy-the">Bitcoin&#8217;s historical data suggests</a> a potential 99% surge, according to a prominent crypto analyst. This insight, combined with El-Erian&#8217;s observations, underscores the complex dynamics at play in the current market.
Price Action: Bitcoin is currently priced at $57,635, marking a 1.08% decrease over the last 24 hours. However, it has seen an impressive 30.48% increase since the beginning of the year, according to the data&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38491753/spectacular-meme-runs-mean-these-three-altcoins-could-be-doomed-to-irrelevancy-muses-veter?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Spectacular Meme Runs&#8217; Mean These Three Altcoins Could Be &#8216;Doomed To Irrelevancy,&#8217; Muses Veteran Trader</a>
Image Via Wikimedia Commons
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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Latest News for AnalytixInsight Stock (OTC:ATIXF)

Wednesday, April 01, 2020