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Gencan Capital Inc

Bernstein analyst Adrian Yanoshik downgrades General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) from Outperform to Market Perform and announces $53 price target.

News

Downgrades

Price Target

Analyst Ratings

Bernstein Downgrades General Motors to Market Perform, Announces $53 Price Target

TD Cowen analyst Andrew Charles maintains Cava Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) with a Buy and raises the price target from $115 to $130.

CAVA

TD Cowen Maintains Buy on Cava Group, Raises Price Target to $130

Shares of Granite Point Mortgage Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPMT#NYSE">GPMT</a>) rose sharply in today's pre-market trading after the company announced a third-quarter common and p<a href="https://www.benzinga.com/quote/GPMT/news">referred stock dividends</a>.
After the market close on Friday, Granite Point Mortgage Trust declared a quarterly cash dividend of 5 cents per share of common stock for the third quarter of 2024. The company's board also declared a quarterly cash dividend of 43.75 cents per share of the 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
Granite Point Mortgage Trust shares gained 3.2% to $2.93 in the pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Nukkleus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUKK#NASDAQ">NUKK</a>) gained 73.3% to $0.3683 in pre-market trading after gaining over 5% on Friday.</li>
<li>Linkage Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGCB#NASDAQ">LGCB</a>) gained 54.1% to $0.6445 in the pre-market trading session after dipping 57% on Friday.</li>
<li>Wheeler Real Estate Investment Trust, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WHLR#NASDAQ">WHLR</a>) rose 42.9% to $19.99 in pre-market trading after dipping more than 25% on Friday.</li>
<li>Nuvve Holding Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVVE#NASDAQ">NVVE</a>) shares rose 30.9% to $5.13 in pre-market trading after tumbling over 16% on Friday.</li>
<li>Garden Stage Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSIW#NASDAQ">GSIW</a>) gained 26.7% to $1.70 in pre-market trading after dipping 83% on Friday.</li>
<li>Treasure Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGL#NASDAQ">TGL</a>) gained 23.5% to $0.84 in pre-market trading.</li>
<li>Gogoro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GGR#NASDAQ">GGR</a>) gained 16.4% to $0.60 in pre-market trading after falling 13% on Friday.</li>
<li>Stem, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STEM#NYSE">STEM</a>) rose 12.8% to $0.4006 in pre-market trading after dipping 12% on Friday. Stem recently named David Buzby as interim CEO following John Carrington&#8217;s departure.</li>
<li>AC Immune SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACIU#NASDAQ">ACIU</a>) shares gained 7.1% to $3.95 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Jin Medical International Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZJYL#NASDAQ">ZJYL</a>) fell 21.5% to $3.20 in pre-market trading after jumping around 55% on Friday.</li>
<li>PainReform Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRFX#NASDAQ">PRFX</a>) shares fell 21.1% to $0.6080 in pre-market trading. The company recently announced findings regarding the compatibility of sutures in human clinical trials of PRF-110.</li>
<li>SolarMax Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMXT#NASDAQ">SMXT</a>) shares dipped 19.7% to $0.70 in pre-market trading after surging 9% on Friday.</li>
<li>Aditxt, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADTX#NASDAQ">ADTX</a>) fell 19% to $0.31 in pre-market trading following a 4% decline on Friday.</li>
<li>Chijet Motor Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CJET#NASDAQ">CJET</a>) shares declined 18.5% to $2.28 in pre-market trading. Chijet Motor Company announced issuance of ordinary shares to holders of contingent value rights.</li>
<li>CERo Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERO#NASDAQ">CERO</a>) fell 16% to $0.10 in today's pre-market trading after jumping 37% on Thursday.</li>
<li>Gaxos.ai Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GXAI#NASDAQ">GXAI</a>) shares declined 15.2% to $2.05 in pre-market trading. Gaxos.ai announced exercise of warrants for $3.24 million gross proceeds.</li>
<li>Maxeon Solar Technologies, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAXN#NASDAQ">MAXN</a>) declined 14.8% to $0.0780 in pre-market trading after the company received Nasdaq delisting notification.</li>
<li>Primega Group Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGHL#NASDAQ">PGHL</a>) shares fell 10.3% to $15.00 in pre-market trading after gaining more than 5% on Friday.</li>
<li>James Hardie Industries plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHX#NYSE">JHX</a>) shares fell 6% to $39.49 in pre-market trading after gaining more than 8% on Friday.</li>
</ul>
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<li><a href="https://www.benzinga.com/markets/24/09/40962695/jim-cramer-viking-has-many-ships-coming-in">Jim Cramer: Viking Has &#8216;Many Ships Coming In&#8217;</a></li>
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Pre-Market Outlook

Markets

Movers

Trading Ideas

ACIU

ADTX

CERO

CJET

GPMT

GSIW

GXAI

LGCB

Maxeon Solar Technologies, Ltd. - Ordinary Shares

MAXN

NUKK

NVVE

PGHL

PRFX

SMXT

STEM

WHLR

ZJYL

Why Granite Point Mortgage Trust Shares Are Trading Higher; Here Are 20 Stocks Moving Premarket

After weeks of uncertainty, Democratic presidential hopeful Kamala Harris finally put her cryptocurrency cards on the table, eliciting mixed reactions from industry observers.
What happened: At a fundraising event at Wall Street, the vice president<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40972902/kamala-harris-finally-mentions-crypto-and-that-too-on-wall-street-promises-to-encourage-in"> vowed to protect</a> the interests of emerging technologies like artificial intelligence and digital assets.
Harris' first-ever public mention of cryptocurrencies on the campaign trail got enthusiasts excited, especially the ones favoring her in the election
Anthony Scaramucci, CEO of investment firm SkyBridge Capital, said, "Kamala means Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in every language."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Kamala means Bitcoin in every language
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1838016216645914765?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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Another prominent market observer and founder of venture fund Cinneamhain Ventures, Adam Cochran, said Harris proved naysayers wrong with her "pro-digital assets" remark.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f440; Progress moves slowly But it does move. There is your first formal statement, directly from Harris that is reasonably pro-digital assets. Proving that the naysayers who thought it not being in her platform was some evil plan, had no idea what they were talking about &#x1f937;&#x200d;&#x2642;&#xfe0f;… <a href="https://t.co/ynldI6RBtK">https://t.co/ynldI6RBtK</a>
&mdash; Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1837972999045046618?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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That said, neutral observers also welcomed Harris' crypto-friendly remark. Coinbase's Chief Policy Officer Faryar Shirzad dubbed the statement "important and constructive."
"We should press for more, but her statement today means a lot and we should recognize that," the executive noted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is an important and constructive statement from <a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw">@KamalaHarris</a>. It's not nearly as forward leaning as the concrete and visionary positions taken by <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>, but it's still notable because: &#8211; she recognizes digital asset innovation as being important and on par… <a href="https://t.co/sIzq06a4lU">https://t.co/sIzq06a4lU</a>
&mdash; Faryar Shirzad &#x1f6e1;&#xFE0F; (@faryarshirzad) <a href="https://twitter.com/faryarshirzad/status/1837967033612546429?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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Jake Chervinsky, Chief Legal Officer at Variant Fund, said, "This is progress and progress is good," although he wanted to know more about her policy.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is progress and progress is good… …but "while protecting our consumers and investors" could mean a lot of things. The anti-crypto army uses "consumer protection" as a smoke screen to conceal their attempts to destroy our industry. I, for one, want to see policy details. <a href="https://t.co/Zc1aUdOYzl">https://t.co/Zc1aUdOYzl</a>
&mdash; Jake Chervinsky (@jchervinsky) <a href="https://twitter.com/jchervinsky/status/1838000616829862216?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40950912/bitcoins-reserve-asset-appeal-increased-due-to-state-of-us-federal-deficit-and-debt-says-b">Bitcoin&#8217;s Reserve Asset Appeal Increased Due To State Of US Federal Deficit And Debt, Says BlackRock: A Hedge Against &#8216;Possible Future Events&#8217; Affecting The Dollar</a>
However, not everyone was convinced. Pierre Rochard, VP of Research at Riot Platforms, said that Harris was "fully aligned" with anti-cryptocurrency crusader Senator Elizabeth Warren (D-Mass.) on pushing central bank digital currencies and shadow-banning Bitcoin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Kamala is fully aligned with Elizabeth Warren on pushing a CBDC and shadow-banning Bitcoin, read between the lines here <a href="https://t.co/6elzRi12ht">https://t.co/6elzRi12ht</a>
&mdash; Pierre Rochard (@BitcoinPierre) <a href="https://twitter.com/BitcoinPierre/status/1837964639596171649?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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Additionally, Ryan Selkis, the founder of on-chain analytics firm Messari, also known for his pro-Trump statements, outrightly dismissed Harris' overture.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If you believe this, you deserve to work on Wall Street on a soulless CBDC desk. <a href="https://t.co/ezpS6IvPyk">https://t.co/ezpS6IvPyk</a>
&mdash; Ryan Selkis (d/acc) &#x1f1fa;&#x1f1f8; (@twobitidiot) <a href="https://twitter.com/twobitidiot/status/1837948219684233651?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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Price Action: Bitcoin rallied sharply since Harris&#8217; remarks, climbing as high as $64,660 before relinquishing gains to trade at $63,539.22 as of this writing, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Check This Out:
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Photo created using Shutterstock and Midjourney.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Politics

$BTC

$SOL

Kamala Harris' First Public Mention Of Cryptocurrencies On Campaign Trail Sparks Excitement Among Enthusiasts: 'This Is Progress And Progress Is Good…'

Small Cap Consumer Research analyst Eric Beder maintains Jakks Pacific (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JAKK#NASDAQ">JAKK</a>) with a Buy and raises the price target from $24 to $30.

JAKK

Small Cap Consumer Research Maintains Buy on Jakks Pacific, Raises Price Target to $30

XOMA Royalty Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XOMA#NASDAQ">XOMA</a>) ("XOMA" or the "Company") today announced its Board of Directors has authorized the following cash dividends to holders of XOMA's Series A and Series B Cumulative Preferred Stock: &nbsp;
Holders of the 8.625% Series A Cumulative Perpetual Preferred Stock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XOMAP#NASDAQ">XOMAP</a>) shall receive a cash dividend equal to $0.53906 per share.&nbsp;&nbsp;
Holders of depositary shares, each representing 1/1000 of a share of XOMA's 8.375% Series B Cumulative Perpetual Preferred Stock (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XOMAO#NASDAQ">XOMAO</a>), shall receive a cash dividend equal to $0.52344 per depositary share.&nbsp;&nbsp;
The preferred dividends will be paid on or about October 15, 2024, to respective holders of record at the close of business on October 3, 2024.&nbsp;&nbsp;

Dividends

XOMA

XOMAO

XOMAP

XOMA Announces $0.53906 for Series A, $0.52344 for Series B Preferred Dividends, Record Date October 3

From making yearly design changes to moving to a three-year redesign cycle, the evolution of hardware innovation in Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones indicates that the tech giant is now relying on <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">software upgrades more</a>.
What Happened: In its weekly &#8220;Power On&#8221; newsletter, Bloomberg columnist Mark Gurman spoke about the slow pace of hardware innovation, compared to its track record before 2010s.
According to Gurman, Apple&#8217;s yearly redesign schedule was deeply ingrained in its system until the mid-2010s.
However, by the launch of the iPhone X in 2017, Cupertino had moved to a three-year redesign cycle.
Then in 2020 came the iPhone 12, the tech giant's first iPhone to connect to 5G networks.
"After that, the redesign lag got even lengthier. Apple now appears to be working on a half-decade-long cycle," Gurman stated.
See Also: <a href="https://www.benzinga.com/news/24/09/40974511/iphone-15-pro-models-and-iphone-13-discontinued-by-apple-heres-why">iPhone 15 Pro Models and iPhone 13 Discontinued By Apple: Here&#8217;s Why</a>
He noted that the iPhone 16 has a nearly identical look and feel to the iPhone 12. "Apple has added a lot other features between 2020 and 2024, but it's undeniable that the days of frequent hardware changes are over."
While it&#8217;s unclear if this has negatively impacted Apple&#8217;s sales, the company did experience a revenue decline last year, partly due to slower iPhone sales.
However, Gurman notes that a reliable group of customers upgrade every year or two due to the iPhone Upgrade Program, trade-in offers, or carrier installment programs.
For the iPhone 16 series, he said that despite the absence of major hardware upgrades, the iPhone 16 could be a hit product, given the focus on Apple Intelligence.
In fact, according to Gurman, it is a sign that Apple is now relying more on software to sell its new iPhones.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this month, it was reported that many <a href="https://www.benzinga.com/news/24/09/40785959/iphone-16-fails-to-sway-some-chinese-buyers-im-going-to-buy-huaweis-tri-fold-phone-missing-ai-featur">Chinese buyers were</a> disappointed by the iPhone 16. They cited the lack of AI features in the models as the major reason behind this letdown.
Previously, Apple analyst Ming-Chi Kuo said that <a href="https://www.benzinga.com/tech/24/09/40930388/apple-iphone-16-pre-orders-show-possible-low-demand-one-sign-could-point-to-company-breaking-this-em">iPhone 16 pre-order sales</a> have reached 37 million units, noting that the smartphone's demand could be low.
&#8220;Apple employees can already purchase the iPhone 16 with their employee discount. Typically, employees have had to wait several weeks after the release of new iPhone models before being able to buy. This could be another sign that the early demand for the iPhone 16 is below expectations,&#8221; he stated at the time.
iPhone 16 series has also been facing increasing competition in China as the country's top smartphone maker Huawei Technologies also launched its <a href="https://www.benzinga.com/news/24/09/40845772/huaweis-2-800-tri-fold-phone-has-the-potential-to-eat-apples-lunch-in-china-here-is-how-it-compares">tri-fold phone</a> during the same time as Apple.
Despite these challenges, Wedbush analyst Dan Ives said that a strong start in the demand for iPhone 16 has kept Cupertino on track to hit a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40971882/as-apples-iphone-16-goes-on-sale-analyst-says-demand-off-to-strong-start-keeping-cu">$4 trillion market cap</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/24/09/40968348/whats-next-the-future-with-bill-gates-microsoft-co-founder-unveils-behind-the-scenes-of-his?itm_source=parsely-api">‘What's Next? The Future With Bill Gates': Microsoft Co-Founder Unveils Behind The Scenes Of His New Netflix Series</a></li>
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Photo Courtesy: Apple

Tech

Media

AAPL

Are Big iPhone Overhauls A Thing Of The Past? Apple Shifts Focus To Software Upgrades In New Smartphone Lineup As Major Redesigns Take Backseat

<a href="https://www.ft.com/content/0bb0a4f8-ca72-4bc2-9d87-2dfff3567995" title="https://www.ft.com/content/0bb0a4f8-ca72-4bc2-9d87-2dfff3567995">https://www.ft.com/content/0bb0a4f8-ca72-4bc2-9d87-2dfff3567995</a>

Financial Times Reported Earlier. Novo Nordisk Faces Us Congressional Grilling Over Price Of Weight Loss Drugs

Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) saw a 2.38% increase in its pre-market trading on Monday, following reports of a potential multi-billion dollar investments from Apollo Global Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) and a <a href="https://www.benzinga.com/news/24/09/40968128/qualcomm-reportedly-eyes-potential-takeover-of-intel-amid-60-stock-decline-but-antitrust-concerns-lo">takeover interest from</a> Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>).
What Happened: Apollo, a U.S.-based asset management firm, is considering an equity-like investment of up to $5 billion in Intel, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-22/apollo-is-said-to-offer-multibillion-dollar-investment-in-intel">reported</a> on Sunday, citing an anonymous source. This news arrives at a time when Intel, once the world&#8217;s most valuable chipmaker, has seen its shares plummet by nearly 60% since the beginning of the year.
At the time of writing, Intel was trading at $22.36 while it closed at $21.84 on Friday, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.
Despite Intel&#8217;s current vulnerability, the company is reportedly reviewing Apollo&#8217;s proposal. However, the talks are still in their early stages and have not been finalized. The size of the potential investment and the likelihood of a deal are both subject to change.
Earlier in the year, Apollo announced a separate $11 billion deal to acquire a 49% equity stake in a joint venture connected to Intel&#8217;s new manufacturing facility in Ireland.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40951546/big-short-fame-investor-drops-previous-prediction-of-trump-victory-the-market-is-going-straight-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Big Short&#8217; Fame Investor Drops Previous Prediction Of Trump Victory: &#8216;The Market Is Going Straight Down&#8217;</a>
Meanwhile, Qualcomm has also reportedly expressed interest in Intel, with CEO Cristiano Amon personally leading discussions for a potential acquisition. 
Apollo was up by 0.23% while Qualcomm was slightly lower at 0.25% during Monday pre-market. 
Why It Matters: Intel&#8217;s stock has been on a rollercoaster ride this year. The company reported a significant decrease in its <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">second-quarter earnings</a>, leading to a drop in its shares. This was followed by Apollo&#8217;s $5 billion investment offer, which has sparked a new wave of interest in the company.
Qualcomm&#8217;s potential acquisition of Intel, amid the latter&#8217;s <a href="https://www.benzinga.com/news/24/09/40968128/qualcomm-reportedly-eyes-potential-takeover-of-intel-amid-60-stock-decline-but-antitrust-concerns-lo">60% stock decline</a>, has also been a major point of discussion in the industry.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40973101/bitcoin-ethereum-rise-dogecoin-slips-as-market-reacts-to-harris-crypto-mention-analyst-bel?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Rise, Dogecoin Slips As Market Reacts To Harris&#8217; Crypto Mention: Analyst Believes It&#8217;ll Be &#8216;Game Over&#8217; For Bears If King Crypto Breaches $64K</a></li>
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo: Tada Images/Shutterstock.com

WIIM

General

INTC

QCOM

Intel's Stock Gains In Pre-Market Trading Following Reports Of Qualcomm's And Apollo's Investment Offer

Taylor Swift&#8216;s Eras Tour has led to a 25% increase in demand for United Airlines Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) flights. The surge is <a href="https://www.benzinga.com/general/entertainment/24/09/40824581/taylor-swifts-endorsement-of-kamala-harris-drives-over-330k-visitors-to-vote-gov">attributed to fans traveling to her concerts</a>.
What Happened: Andrew Nocella, United&#8217;s executive vice president and chief commercial officer, revealed at the Skift Global Forum 2024 on Wednesday that the airline closely monitors Swift&#8217;s tour dates and locations to adjust flight availability accordingly, the Observe <a href="https://observer.com/2024/09/taylor-swift-tour-25-percent-spike-united-airlines-demand/?ref=biztoc.com">reported</a> on Thursday. 
&#8220;Quite frankly, we watch where Taylor goes because our demand booms,&#8221; Nocella stated.
The impact is significant for both domestic and international flights, with United previously offering discounts on flights coinciding with Swift&#8217;s U.S. concerts. The Eras Tour is projected to generate $4.6 billion in North America and £1 billion ($1.3 billion) in the U.K. economy.
Other airlines, like Southwest, have also noticed the trend, adding additional flights during Swift&#8217;s tour dates. United plans to enhance the travel experience further by introducing free Wi-Fi through a partnership with SpaceX&#8216;s Starlink, starting in late 2025, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/09/40969744/mark-cuban-embraces-elon-musks-humor-i-have-no-problem-throwing-elon-under-the-bus-but-ill-save-it-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Embraces Elon Musk&#8217;s Humor: &#8216;I Have No Problem Throwing Elon Under The Bus, But I&#8217;ll Save It For When It&#8217;s Truly Deserved&#8217;</a>
Why It Matters: Taylor Swift&#8217;s influence extends beyond music, <a href="https://www.benzinga.com/general/entertainment/24/09/40824581/taylor-swifts-endorsement-of-kamala-harris-drives-over-330k-visitors-to-vote-gov">impacting various sectors including politics</a>. Her endorsement of Vice President Kamala Harris for president drove over 330,000 visitors to vote.gov, highlighting her political sway. This endorsement also led to a viral backlash, with a mother selling her daughter&#8217;s concert tickets in protest.
Swift&#8217;s concerts have also been the target of security threats. The CIA thwarted <a href="https://www.benzinga.com/general/entertainment/24/08/40621481/cia-thwarts-isis-attack-on-taylor-swift-concert-in-vienna-preventing-huge-number-of-deaths-">an ISIS attack at her Vienna concert</a>, preventing potential mass casualties. This underscores the high stakes and extensive planning involved in ensuring the safety of her events.
Moreover, Swift&#8217;s cultural impact is evident in other areas. London&#8217;s Victoria and Albert Museum hosted a free art exhibition inspired by her Eras Tour, <a href="https://www.benzinga.com/general/entertainment/24/07/39955352/taylor-swifts-eras-tour-inspires-free-art-exhibition-at-londons-v-a-museum-featuring-outfit">featuring her iconic outfits and personal memorabilia</a>. This exhibition attracted significant attention, further cementing her status as a cultural icon.
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<li><a href="https://www.benzinga.com/news/24/09/40935722/spacex-ceo-elon-musk-says-anyone-can-go-to-mars-with-spacex-but-journey-would-be-like-a-long-sea-voy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SpaceX CEO Elon Musk Says Anyone Can Go To Mars With SpaceX But Journey Would Be Like A &#8216;Long Sea Voyage Voyage In Centuries Past&#8217;</a></li>
</ul>
Image via Wikimedia Commons
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

Equities

Global

'We Watch Where Taylor Goes Because Our Demand Booms:' Taylor Swift's Eras Tour Sparks 25% Flight Demand Surge For United Airlines

Bill Gates addresses various conspiracy theories in his new Netflix docuseries, &#8220;What&#8217;s Next? The Future with Bill Gates,&#8221; while his daughter, Phoebe Gates, <a href="https://www.benzinga.com/general/entertainment/24/09/40868075/bill-gates-youngest-daughter-phoebe-celebrates-22nd-birthday-with-the-best-team-microsoft-c">warns about online misinformation</a>.
What Happened: The billionaire philanthropist and his daughter discuss the impact of misinformation in the series, which premiered on Sunday. Gates, 68, reflects on the bizarre theories that have emerged since he shifted his focus to philanthropy, <a href="https://people.com/bill-gates-shrugs-off-conspiracy-theories-daughter-phoebe-offers-warning-8715722">reported</a> the People.
In the episode, Gates reads outlandish conspiracy theories, including claims that he is part of a "reptilian" race and is trying to force people to eat bugs. He responds with humor, saying, "I'd feel bad if I was doing that," and shrugs off the reptilian theory.
Phoebe, 22, shares her own experiences with misinformation, revealing that friends have distanced themselves due to vaccine-related rumors about her father. She emphasizes the need for caution in online communication.
Gates Ventures CEO Larry Cohen notes that while Gates finds some theories laughable, he is perplexed by the broader issue of misinformation. Gates himself expresses concern about the potential consequences of unchecked misinformation, especially in the context of future pandemics.
Gates hopes the series will inspire meaningful conversations about critical issues like artificial intelligence and global warming. He believes that collaborative efforts can lead to significant progress.
See Also: <a href="https://www.benzinga.com/news/24/09/40970828/data-scientists-election-prediction-kamala-harris-receives-historic-endorsement-from-magazine-elon-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist&#8217;s Election Prediction, Kamala Harris Receives Historic Endorsement From Magazine, Elon Musk Suggests Warren Buffett Is Preparing For A Harris Win And More: Top Political Update This Week</a>
Why It Matters: Gates&#8217; new series, &#8220;What&#8217;s Next? The Future with Bill Gates,&#8221; delves into future challenges, featuring interviews with politicians, celebrities, and business leaders. In a recent blog post, Gates <a href="https://www.benzinga.com/general/entertainment/24/09/40968348/whats-next-the-future-with-bill-gates-microsoft-co-founder-unveils-behind-the-scenes-of-his">highlighted discussions</a> with Lady Gaga, Senator Sen.&nbsp;Bernie Sanders&nbsp;(I-Vt.), and his daughter.
Meanwhile, Gates&#8217; ex-wife, Melinda French Gates, has been vocal about her views on work culture and philanthropy. She criticized the glorification of sleepless CEOs and has donated $1 billion to women&#8217;s rights and reproductive rights groups, also calling out other billionaires like Elon Musk for their <a href="https://www.benzinga.com/news/24/09/40954708/bill-gates-ex-wife-melinda-french-gates-slams-admiration-for-sleepless-ceos-as-so-dumb">lack of philanthropic efforts</a>.
Additionally, Gates has urged wealthier nations to <a href="https://www.benzinga.com/news/24/09/40892574/bill-gates-highlights-need-for-wealthier-nations-to-refocus-on-aid-to-africa-amid-significant-funds">refocus on aid to Africa</a>, emphasizing the need for debt relief, vaccinations, and combating malnutrition. He pointed out that funds are being diverted to crises like the war in Ukraine, leaving Africa with less financial aid.
On a personal note, Gates and Melinda recently celebrated their <a href="https://www.benzinga.com/general/entertainment/24/09/40868075/bill-gates-youngest-daughter-phoebe-celebrates-22nd-birthday-with-the-best-team-microsoft-c">youngest daughter Phoebe&#8217;s 22nd birthday</a>.
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<li><a href="https://www.benzinga.com/news/24/09/40935722/spacex-ceo-elon-musk-says-anyone-can-go-to-mars-with-spacex-but-journey-would-be-like-a-long-sea-voy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">SpaceX CEO Elon Musk Says Anyone Can Go To Mars With SpaceX But Journey Would Be Like A &#8216;Long Sea Voyage In Centuries Past&#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/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Education

Entrepreneurship

Health Care

Bill Gates Laughs Off Wild 'Reptilian' Conspiracy Theory In New Netflix Series, Says 'I'd Feel Bad If I Was Doing That'

Biotech

Large Cap

The FDA Approves Sanofi's Sarclisa (Isatuximab) In Combination With Bortezomib, Lenalidomide, And Dexamethasone As A First Line Treatment For Adult Patients With Newly Diagnosed Multiple Myeloma Who Are Not Eligible For Autologous Stem Cell Transplant

General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) will lay off 1695 employees at its Fairfax Assembly and Stamping plant in Kansas City, according to a Worker Adjustment and Retraining Notification notice&nbsp;dated Sept. 19.
What Happened: The plant currently manufactures the Cadillac XT4 and the Chevrolet Malibu. 
In May, GM said that the production of the Chevrolet Malibu <a href="https://www.benzinga.com/news/24/05/38722473/gm-kicks-one-more-iconic-gas-powered-chevy-car-to-the-curb-as-ev-focus-sharpens">would end in November</a>. Production of the XT4 in Kansas will also be paused after January 2025. 
The plant will then be retooled and will resume production in late 2025 with the next generation of Chevrolet Bolt EVs and the XT4, the company then said. 
GM did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8216;s</a> request for comment on whether the layoffs are part of the production halt.
Why It Matters: The Chevrolet Bolt was GM&#8217;s <a href="https://www.benzinga.com/news/24/07/39612749/60-000-cadillac-lyriq-drives-gms-q2-ev-sales-after-bolt-is-discontinued">best-selling electric vehicle</a> until the company stopped production of its previous generation in December. 
GM&#8217;s autonomous driving unit Cruise will also <a href="https://www.benzinga.com/news/24/07/39903020/gms-cruise-abandons-pedal-less-origin-autonomous-vehicle-pivots-to-next-generation-chevrolet-bolt-in">use the next-generation Bolt for its autonomous driving operations</a> in the future, company CEO Mary Barra said in July.
It is unclear if the layoffs are temporary until the company resumes production later next year. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40968088/teslas-stock-performance-in-2019-and-2024-shows-striking-similarities-says-gary-bla" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Stock Performance In 2019 And 2024 Shows ‘Striking&#8217; Similarities, Says Gary Black: Flags This Reason That May Lead To Price Surge In 2025</a></li>
</ul>
Photo via shutterstock

General Motors To Lay Off About 1700 Employees Ahead Of Chevrolet Malibu Phase-Out And Re-Tooling For EV Production

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index settling at a record high during the session. The US Federal Reserve, on Wednesday, slashed interest rates by 50 basis points Wednesday at its September Federal Open Market Committee meeting, lowering the federal funds rate to a range of 4.75% to 5%.
All three major indices recorded weekly gains, with the S&amp;P 500 gaining around 1.4% and adding more than 19% in 2024. The Dow gained around 1.6% last week, while the tech-heavy Nasdaq jumped around 1.5% during the week.
FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) shares dipped over 15% on Monday after the company reported worse-than-expected first-quarter financial results and cut FY25 guidance.
Most sectors on the S&amp;P 500 closed on a negative note, with industrials, materials and information technology stocks recording the biggest losses on Friday. However, utilities and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed higher by around 38 points to 42,063.36 on Friday. The S&amp;P 500 fell 0.19% to 5,702.55, while the Nasdaq Composite dipped 0.36% to 17,948.32 during Friday's session.
Investors are awaiting earnings results from AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) and Red Cat Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 62.9, the index remained in the &#8220;Greed&#8221; zone on Friday, versus a prior reading of 65.1.
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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RCAT

Dow Settles At New Record High: Investor Sentiment Declines But Fear Index Remains In 'Greed' Zone

With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) to report quarterly earnings at 82 cents per share on revenue of $645.50 million after the closing bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. AAR shares edged lower to $69.26 in after-hours trading.</li>
<li>ShiftPixy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIXY#NASDAQ">PIXY</a>) announced a 1-for-15 reverse stock split. ShiftPixy shares gained 0.8% to $1.21 in the after-hours trading session.</li>
<li>Analysts expect Red Cat Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>) to post a quarterly loss at 8 cents per share on revenue of $3.85 million after the closing bell. Red Cat shares gained 0.3% to $3.14 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>iBio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIO#NASDAQ">IBIO</a>) posted a consolidated net loss of $24.9 million for the fiscal year ended June 30, versus a year-ago loss of $65.01 million. Its revenue jumped 100% to around $0.2 million. iBio shares fell 0.5% to $1.96 in the after-hours trading session.  </li>
<li>Before the markets open, Uxin Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NYSE">UXIN</a>) is projected to report earnings results for the first quarter. Uxin shares fell 1.6% to $1.56 in the after-hours trading session.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/markets/24/09/40962695/jim-cramer-viking-has-many-ships-coming-in">Jim Cramer: Viking Has &#8216;Many Ships Coming In&#8217;</a></li>
</ul>

Earnings

IBIO

PIXY

UXIN

AAR, ShiftPixy And 3 Stocks To Watch Heading Into Monday

Guidance

Uxin Limited Expects Q2 Revenue Of RMB480M-RMB500M

Ahead of a critical U.S. visit, Ukraine&#8217;s President Volodymyr Zelenskyy is set to discuss his &#8220;victory plan&#8221; to end the war with Russia with key American leaders.
What Happened: Zelenskyy is traveling to the United States this week to present a &#8220;victory plan&#8221; to President Joe Biden and his potential successors, Kamala Harris and Donald Trump, according to Reuters on Monday.
The Ukrainian leader aims to influence U.S. policy on Ukraine&#8217;s war with Russia which began in February 2022, regardless of the outcome of the upcoming U.S. elections. Zelenskyy will address the U.N. General Assembly on Tuesday.
Zelenskyy stated that if the plan is supported by the West, it could have a significant impact on Moscow, potentially compelling Russian President Vladimir Putin to end the war diplomatically. He emphasized the plan&#8217;s urgency, outlining steps to be taken by strategic partners until the end of December.
The trip comes at a critical moment for Ukraine, with the Nov. 5 U.S. presidential election potentially altering Washington&#8217;s policy on Ukraine. Trump has indicated a possible reset, while Harris has accused him of seeking Kyiv&#8217;s swift capitulation.
U.S. National Security Adviser Jake Sullivan mentioned that Biden is eager to discuss Zelenskyy&#8217;s comprehensive strategy for success in the war. Zelenskyy is expected to press for long-term assurances of aid and possibly call for authorization of long-range strikes into Russia.
See Also: <a href="https://www.benzinga.com/news/24/09/40969978/mary-trump-says-americans-pay-the-price-as-her-uncle-sets-world-on-fire-with-his-provocations-i-worr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump Says Americans Pay The Price As Her Uncle Sets World On Fire With His Provocations: &#8216;I Worry About What Will Happen&#8217;</a>
Why It Matters: The visit follows Zelenskyy&#8217;s <a href="https://www.benzinga.com/news/24/08/40597402/ukrainian-president-zelenskyy-plans-to-present-comprehensive-strategy-to-biden-to-end-war-with-russi">announcement in late August</a> about presenting a comprehensive strategy to Biden, emphasizing that the war can only end through dialogue if Kyiv is in a strong position. This plan includes Kyiv's recent incursion into Russia's Kursk region and other economic and diplomatic measures.
In July, the U.S. committed an <a href="https://www.benzinga.com/news/24/07/40029762/us-commits-additional-1-7b-in-military-aid-to-ukraine-amid-ongoing-conflict-with-russia-bringing-tot">additional $1.7 billion</a> in military aid to Ukraine, bringing the total package to $55.4 billion. This aid includes munitions and support for air defense systems, highlighting the ongoing U.S. support for Ukraine&#8217;s defense efforts.
However, the stakes are high. Earlier this month, Putin warned that the use of <a href="https://www.benzinga.com/news/24/09/40851131/russian-president-says-ukraines-use-of-long-range-missiles-would-signal-that-us-and-nato-are-at-war">Western-made long-range missiles</a> by Ukraine could lead to a direct military confrontation between Russia and the West. Zelenskyy has been lobbying for Western allies to permit Ukraine to deploy these missiles to limit Moscow's attack capabilities.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Image via Wikimedia Commons
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>

Ukraine's Zelenskyy Heads To US To Present 'Victory Plan' Against Russia To Biden As War Drags For Over Two Years Now

Uxin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NASDAQ">UXIN</a>) reported $55.20 million in sales this quarter. This is a 38.50 percent increase over sales of $39.86 million the same period last year.

Uxin Q1 Sales $55.20M Up From $39.86M YoY

Ahead of the holiday season, Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is <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">enforcing a return-to-office five days a week mandate</a>, clashing with the UK government&#8217;s push for flexible working rights.
What Happened: Amazon argues that in-office work fosters better invention, collaboration, and connection among employees. However, the UK government links flexible working to improved performance and a more loyal workforce, <a href="https://www.bbc.com/news/articles/cden9y37e6ro">reported</a> BBC.
Microsoft&#8216;s study during the pandemic indicated that remote workers collaborated more within existing networks but built fewer new connections. Real-time communication also declined, replaced by more emails and instant messages.
Contrastingly, a Stanford University study found that Chinese home workers were 13% more productive due to fewer breaks and sick days. However, fully remote work could lead to a 10% drop in productivity compared to full-time office work.
Other tech giants like Goldman Sachs, JPMorgan, and Morgan Stanley have also required employees to return to the office. Elon Musk&#8216;s companies, Tesla and SpaceX, enforce similar policies, with SpaceX losing 15% of its senior employees after implementing the rule, according to a <a href="https://cdn.arstechnica.net/wp-content/uploads/2024/05/RTO.pdf">study</a> published earlier this year.
The debate continues as the UK government believes that some level of home working boosts productivity, while Amazon maintains that full-time office work is essential for their operational success.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40971260/trumps-historic-bitcoin-transaction-ethereum-co-founder-backs-trump-over-harris-for-crypto?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Historic Bitcoin Transaction, Ethereum Co-Founder Backs Trump Over Harris For Crypto, Gamestop Customer&#8217;s Bitcoin Windfall, And More: This Week In Cryptocurrency</a>
Why It Matters: The clash between Amazon and the UK government over remote work policies is part of a broader trend among major corporations. Recently, JPMorgan Chase CEO Jamie Dimon called for <a href="https://www.benzinga.com/news/24/09/40967938/jpmorgan-ceo-jamie-dimon-calls-for-federal-employees-to-return-to-office-says-empty-buildings-bother">federal employees to return to their offices</a>, expressing frustration over empty buildings in Washington, DC.
Amazon&#8217;s decision to end remote work and mandate office presence <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">starting in January</a> has sparked significant attention. Former employees, like John McBride, have criticized the move, suggesting it may be driven by economic factors to reduce headcount and boost margins.
Additionally, Amazon has been making headlines with its recent initiatives. The company announced a <a href="https://www.benzinga.com/news/24/09/40927136/amazon-boosts-worker-pay-to-over-29hour-invests-2-2b-as-holiday-kicks-in">pay increase for its front-line employees</a>, raising the average compensation to over $29 per hour and investing $2.2 billion ahead of the holiday season.
However, Amazon&#8217;s new benefits, such as free Prime membership, are <a href="https://www.benzinga.com/general/entertainment/24/09/40954565/amazon-extends-free-prime-membership-to-warehouse-workers-but-corporate-staff-left-out-ahea">exclusively available to warehouse workers</a>, leaving corporate staff out. 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40946963/bitcoin-worth-63-000-pulled-in-33-pack-of-trading-cards-at-gamestop-mind-boggling-story-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Worth $63,000 Pulled In $33 Pack Of Trading Cards At GameStop: ‘Mind-Boggling' Story Goes Viral, Highlights Crypto Redemption Card</a></li>
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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/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

AMZN

Amazon Has Enforced Full-Time Return To Office Policy, But It Hasn't Gone Down Well With The UK Government, Which Is Pushing For Flexible Working As Holiday Season Approaches: Here's What's Happening

The S&amp;P 500 Index &#8211; a measure of broader market performance, has been on a tear this year, thanks to inflation&#8217;s downward trajectory that allowed the Federal Reserve the leeway to cut rates, the resilient economy and robust corporate profit growth. With the year approaching its last leg, the question in the minds of everyone is whether the broader uptrend seen since the bear market bottom of Oct. 2022 would continue.
Gravity-Defying Rally: After the post-COVID-19 inflation surge sent markets across the globe lower in 2022, things began to take a turn for the better by the end of the year. The launch of OpenAI&#8217;s ChatGPT large language model-powered chatbot and the pullback in inflation from the June 2022 peak of 9.1% in response to aggressive Fed funds rate hikes helped restore sanity in the market.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the S&amp;P 500 Index, has gained about 65% since bottoming at $346.35 on Oct. 12, 2022. This year alone, the ETF had soared nearly 21%.
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="430" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1024x430.png" alt="" class="wp-image-560490" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1024x430.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-300x126.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-768x323.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169-1536x646.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/23033331/image-169.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: Benzinga Pro
S&amp;P Goes Past Most Year-End Predictions: Wall Street&#8217;s year-end estimate for the S&amp;P 500 Index ranges from 4,200 to 6,100, according to data shared by Trading platform TrendSpider on X, formerly Twitter. The highest estimate is from BMO Capital Markets and the lowest is from JPMorgan.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">S&amp;P 500 Year-End Forecasts by Firm <a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPY</a> BMO: 6,100 Evercore: 6,000 Oppenheimer: 5,900 Deutsche Bank: 5,750 RBC: 5,700 UBS: 5,600 Citi: 5,600 Goldman Sachs: 5,600 Barclays: 5,600 Wells Fargo: 5,535 Bank of America: 5,400 Morgan Stanley: 5,400 Fundstrat: 5,200 JP Morgan: 4,200
&mdash; TrendSpider (@TrendSpider) <a href="https://twitter.com/TrendSpider/status/1837605221624590377?ref_src=twsrc%5Etfw">September 21, 2024</a></blockquote>
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<figcaption class="wp-element-caption">The S&amp;P 500 Index ended Friday&#8217;s session at 5,702.55, down 0.19% for the session. Of the 14 estimates, only four are above the index&#8217;s current level.</figcaption></figure>
Financial data provider FactSet said in a recent report that the trailing 12-month price/earnings ratio for the S&amp;P 500 Index is 26.7, above the 5-year average of 23.7 and the 10-year average of 21.7.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The trailing 12-month P/E ratio for <a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> of 26.7 is above the 5-year average (23.7) and above the 10-year average (21.7). <a href="https://twitter.com/hashtag/earnings?src=hash&amp;ref_src=twsrc%5Etfw">#earnings</a>, <a href="https://twitter.com/hashtag/earningsinsight?src=hash&amp;ref_src=twsrc%5Etfw">#earningsinsight</a>, <a href="https://t.co/7mrPQvsy28">https://t.co/7mrPQvsy28</a> <a href="https://t.co/E4DNDzKMxF">pic.twitter.com/E4DNDzKMxF</a>
&mdash; FactSet (@FactSet) <a href="https://twitter.com/FactSet/status/1838010413402730679?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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<figcaption class="wp-element-caption"> See Also: <a href="https://www.benzinga.com/money/best-income-stocks">Top Performing Income Stocks</a> Room For More Upside? Most analysts and strategists see the scope for further upside, contingent on the economy averting a hard landing. Recent data showing the softening of the labor market is the primary reason for the Federal Reserve to drop its cautious stance and announce a bigger and bolder cut. Going forward, the labor market data is the key that will guide the central bank on future rate moves.</figcaption></figure>
With the rate cut announced last week and two more 25 basis-point cuts anticipated this year, the market rally is expected to broaden. Analysts see small-cap and rate-sensitive stocks picking up momentum after lagging for an extended period, while they also expect the mega-caps that have so far spearheaded the rally, to hold up.
Uncertainty could prevail until the <a href="https://www.benzinga.com/news/24/09/40974653/trump-vs-harris-vice-president-leads-in-2-more-new-polls-but-pollster-says-undecided-republicans-can">outcome of the Nov. 5 election is known,</a> but the market could take advantage of the seasonal strength seen in the final few weeks of the year. 
JPMorgan Global Investment Strategist Sarah Stillpass said in a report the September rate cut could bode well for equities. Since 1980, five of the 10 best years for the S&amp;P 500 happened when the Fed was cutting rates without a recession, she said. She also noted that the Fed has cut rates 12 times when the S&amp;P 500 was within 1% of its all-time high such as the current year. The market was higher one year later all 12 times, with a median return of 15%, she added.
In premarket trading on Monday, the SPY edged up 0.08% to $568.69, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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S&P 500 Outpaces Wall Street Projections As Year-End Nears: Will The Rally Hold?

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