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HC Wainwright &amp; Co. analyst Joseph Pantginis reiterates Biomea Fusion (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMEA#NASDAQ">BMEA</a>) with a Buy and maintains $40 price target.

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Reiteration

Analyst Ratings

BMEA

HC Wainwright & Co. Reiterates Buy on Biomea Fusion, Maintains $40 Price Target

The U.S. has the world&#8217;s largest companies by market capitalization and about two-thirds of the MSCI World Index is dominated by companies based out of America.
What Happened: U.S.-based companies ranking among the world&#8217;s top ten firms by market capitalization include Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>).
These magnificent seven firms along with Broadcom are the beneficiaries of the U.S. tech and AI boom. The remaining two non-U.S. firms that make up the top ten include Saudi Arabian Oil Co and Taiwan Semiconductor Mfg Co Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>).
According to an X post by Kevin Gordon, director and senior investment strategist at Charles Schwab, &#8220;Such an imbalance has not been seen since the late 1980s.&#8221; The data shared by him shows nine out of the top ten companies by market capitalization were based out of the U.S. in the 1980s.
"…the US, with 4% of the world's population, roughly a quarter of global GDP and a third of global profits, now accounts for more than two-thirds of the MSCI World index's capitalization. Such an imbalance has not been seen since the late 1980s…,&#8221; he said.
<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">"…the US, with 4% of the world's population, roughly a quarter of global GDP and a third of global profits, now accounts for more than two-thirds of the MSCI World index's capitalization. Such an imbalance has not been seen since the late 1980s…" ⁦<a href="https://twitter.com/Gavekal?ref_src=twsrc%5Etfw">@Gavekal</a>⁩ <a href="https://t.co/OKO0XCPld5">pic.twitter.com/OKO0XCPld5</a>
&mdash; Kevin Gordon (@KevRGordon) <a href="https://twitter.com/KevRGordon/status/1868748830851633403?ref_src=twsrc%5Etfw">December 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Additionally, the top ten constituents in the MSCI World index are U.S.-based firms. This index captures 1,397 large and mid-cap companies across 23 developed markets.
According <a href="https://www.msci.com/documents/10199/178e6643-6ae6-47b9-82be-e1fc565ededb">to</a> MSCI&#8217;s latest release, dated Nov. 29, the U.S. has a weightage of 73.92% in the index, followed by Japan with 5.23%, the United Kingdom with 3.44%, Canada with 3.1% and France with 2.5%.
The index has the highest exposure of 25.29% to information technology companies, followed by 16.3% to financial firms.
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Photo courtesy: Shutterstock

Equities

Global

Markets

AAPL

AMZN

AVGO

GOOG

GOOGL

MSCI

MSFT

NVDA

TSLA

TSMC

US Stocks Led By Apple, Nvidia, And Other Tech Giants Dominate Nearly Two-Thirds Of MSCI World Index, Drawing Parallels To 1980s Peak

HC Wainwright &amp; Co. analyst Joseph Pantginis reiterates Tenaya Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNYA#NASDAQ">TNYA</a>) with a Buy and maintains $18 price target.

TNYA

HC Wainwright & Co. Reiterates Buy on Tenaya Therapeutics, Maintains $18 Price Target

Stifel analyst Drew Crum downgrades Electronic Arts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) from Buy to Hold and maintains the price target from $167 to $167.

Downgrades

Stifel Downgrades Electronic Arts to Hold, Maintains Price Target to $167

HIMX

Himax and Seeed Studio Collaborate To Redefine IoT With AI-Powered SenseCAP Watcher, Debuting At CES 2025

Stifel analyst Brad Reback upgrades Workiva (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WK#NYSE">WK</a>) from Hold to Buy and raises the price target from $102 to $130.

Upgrades

Stifel Upgrades Workiva to Buy, Raises Price Target to $130

Morgan Stanley analyst Eric Serotta maintains Celsius Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) with a Equal-Weight and lowers the price target from $46 to $42.

CELH

Morgan Stanley Maintains Equal-Weight on Celsius Holdings, Lowers Price Target to $42

HC Wainwright &amp; Co. analyst Joseph Pantginis reiterates BioCardia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCDA#NASDAQ">BCDA</a>) with a Buy and maintains $25 price target.

BCDA

HC Wainwright & Co. Reiterates Buy on BioCardia, Maintains $25 Price Target

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRVS#NASDAQ">CRVS</a>) rose sharply in today's pre-market trading after the company announced it will report on December 18 interim data from its Phase 1 clinical trial evaluating Soquelitinib in patients with moderate to<a href="https://www.benzinga.com/quote/CRVS"> severe atopic dermatitis</a>.
Corvus Pharmaceuticals shares jumped 22.5% to $9.06 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>ParaZero Technologies Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRZO#NASDAQ">PRZO</a>) gained 88.8% to $2.89 in pre-market trading after gaining 5% on Tuesday. ParaZero Technologies regained Nasdaq compliance.</li>
<li>Vast Renewables Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSTE#NASDAQ">VSTE</a>) climbed 68.4% to $2.19 in pre-market trading after declining over 6% on Tuesday.</li>
<li>Nukkleus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUKK#NASDAQ">NUKK</a>) gained 55.1% to $18.42 in pre-market trading. Nukkleus shares jumped 755% on Tuesday after the company announced it has acquired a 51% controlling stake in Star 26 Capital.</li>
<li>1847 Holdings LLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EFSH#NASDAQ">EFSH</a>) gained 46% to $0.3278 in pre-market trading.</li>
<li>Tonix Pharmaceuticals Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNXP#NASDAQ">TNXP</a>) rose 33% to $0.4417 in pre-market trading after dipping 37% on Tuesday.</li>
<li>Rezolve AI Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RZLV#NASDAQ">RZLV</a>) gained 30.1% to $4.28 in pre-market trading.</li>
<li>CERo Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERO#NASDAQ">CERO</a>) gained 27.7% to $0.0780 in pre-market trading after jumping 20% on Tuesday.</li>
<li>Richtech Robotics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RR#NASDAQ">RR</a>) gained 26% to $1.55 in pre-market trading after jumping over 26% on Tuesday.</li>
<li>CommScope Holding Company, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COMM#NASDAQ">COMM</a>) rose 9.1% to $6.12 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>NewGenIvf Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIVF#NASDAQ">NIVF</a>) shares tumbled 29.9% to $0.30 in pre-market trading after jumping 56% on Tuesday.</li>
<li>Petros Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTPI#NASDAQ">PTPI</a>) declined 24% to $0.38 in pre-market trading after jumping 87% on Tuesday.</li>
<li>KWESST Micro Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KWE#NASDAQ">KWE</a>) shares fell 15.5% to $0.71 in pre-market trading after surging over 15% on Tuesday.</li>
<li>Applied DNA Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APDN#NASDAQ">APDN</a>) shares fell 14.7% to $0.1962 in pre-market trading after reporting weak quarterly sales.</li>
<li>authID Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUID#NASDAQ">AUID</a>) dipped 13.8% to $5.00 in pre-market trading following a 4% decline in the previous session.</li>
<li>FS Bancorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSBW#NASDAQ">FSBW</a>) fell 13.4% to $39.01 in pre-market trading.</li>
<li>Portage Biotech Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTG#NASDAQ">PRTG</a>) fell 12.5% to $7.90 in today's pre-market trading after jumping 182% on Tuesday.</li>
<li>SHL Telemedicine Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHLT#NASDAQ">SHLT</a>) fell 10% to $3.15 in pre-market trading following a 20% surge on Tuesday.</li>
<li>Southern States Bancshares, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSBK#NASDAQ">SSBK</a>) fell 9.6% to $32.00 in pre-market trading.</li>
<li>Worthington Steel, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) shares dipped 8.6% to $36.00 in pre-market trading.</li>
</ul>
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Why Corvus Pharmaceuticals Shares Are Trading Higher By Around 22%; Here Are 20 Stocks Moving Premarket

Evercore ISI Group analyst Eric Boyes upgrades Dow (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>) from In-Line to Outperform and announces $56 price target.

Evercore ISI Group Upgrades Dow to Outperform, Announces $56 Price Target

Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) stock experienced a notable uptick in pre-market trading on Wednesday, climbing by 1.06%. This surge comes as investors eagerly await the company&#8217;s fiscal 2025 first-quarter earnings report.
What Happened: According to&nbsp;<a href="https://pro.benzinga.com/">Benzinga Pro</a>, Micron has seen a substantial 31.89% increase in year-to-date (YTD) returns. The company has consistently <a href="https://www.benzinga.com/24/12/42541544/micron-q1-earnings-preview-analyst-estimates-why-company-is-well-positioned-heading-into-2025">outperformed analyst revenue projections</a>, surpassing expectations in six consecutive quarters and in seven of the last ten quarters overall. 
Analysts are forecasting&nbsp;first-quarter earnings per share of&nbsp;$1.76, a significant improvement&nbsp;from a loss of 95&nbsp;cents per share in the same quarter last year.
Micron has also exceeded analyst earnings per share estimates in three consecutive quarters and in seven of the last ten quarters overall. The company&#8217;s guidance suggests first-quarter revenue will range between $8.5 billion and $8.9 billion, with earnings per share expected to be between $1.66 and $1.82.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42499950/crypto-analyst-shiba-inu-price-set-for-massive-surge-could-go-up-sixfold?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Analyst: Shiba Inu Price Set For Massive Surge, Could Go Up Sixfold</a>
Why It Matters: The recent performance of Micron Technology is bolstered by a significant investment announcement. On Dec. 10, the <a href="https://www.benzinga.com/news/24/12/42410722/micron-technology-stock-jumps-in-pre-market-after-securing-6-1b-investment-for-us-chip-manufacturing">White House revealed</a> that Micron had secured an investment exceeding $6.1 billion.
This funding will aid in constructing advanced memory chip facilities in Clay, New York, and Boise, Idaho, with Vice President Kamala Harris highlighting the potential creation of at least 20,000 jobs by the decade&#8217;s end.
Additionally, the Department of Commerce has agreed to preliminary terms for a further $275 million investment to expand Micron&#8217;s facility in Manassas, Virginia. This expansion will support critical technologies essential to the defense, automotive, and national security sectors.
Read Next:
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<li><a href="https://www.benzinga.com/markets/24/12/42485284/billionaire-warren-buffett-paid-120000-for-a-home-but-took-out-a-mortgage-to-do-it-investing-that-money-instead-made-him-2-billion?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Billionaire Warren Buffett Paid $120,000 For A Home But Took Out A Mortgage To Do It – Investing That Money Instead Made Him $2 Billion</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.
Image via Shutterstock

Pre-Market Outlook

Tech

General

Micron Technology Rises Ahead Of Earnings Report

Piper Sandler analyst Brent Bracelin maintains Salesforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) with a Overweight and maintains $405 price target.

Piper Sandler Maintains Overweight on Salesforce, Maintains $405 Price Target

Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) plans to hire 2,000 people to sell its artificial intelligence products, doubling its previous hiring target announced last month, as the cloud software giant sees strong demand for <a href="https://www.benzinga.com/24/11/42156373/marc-benioff-warns-were-near-the-upper-limits-of-llms-the-future-of-ai-lies-in-autonomous-agents-not-bots-like-chatgpt">its enterprise AI solutions</a>.
What Happened: CEO Marc Benioff revealed the expanded hiring plans at a company <a href="https://www.youtube.com/watch?v=vwgmBsMSwmo">event</a> in San Francisco on Tuesday, noting overwhelming interest with &#8220;9,000 referrals for the 2,000 positions.&#8221; The hiring push comes as Salesforce prepares to launch Agentforce 2.0, its next-generation AI platform, in February 2025.
The increased focus on AI sales represents a strategic shift for Salesforce, which <a href="https://www.benzinga.com/news/24/02/36972435/salesforce-executive-threatens-to-withhold-stock-grants-bonuses-if-employees-fail-to-meet-training-g">laid off over 7,000 employees</a> two years ago amid economic pressures. The company&#8217;s headcount stood at 72,682 as of Jan 31, down about 1% from two years earlier.
Salesforce&#8217;s AI capabilities are already showing promising results in customer service applications. Benioff highlighted that the company&#8217;s AI-powered help page now handles 32,000 conversations weekly, with only 5,000 requiring human escalation – down from 10,000 previously.
Salesforce&#8217;s Agentforce 2.0 serves as a digital labor platform that transforms core business operations. The AI agents autonomously handle sales lead nurturing, provide real-time coaching, prequalify job candidates, and manage customer support 24/7.
See Also: <a href="https://www.benzinga.com/tech/24/12/42547442/microsof-scoops-up-485000-nvidia-ai-chips-twice-as-many-as-its-closest-rival-meta-report">Microsoft Scoops Up 485,000 Nvidia AI Chips, Twice As Many As Its Closest Rival Meta: Report</a>
Why It Matters: The expanded hiring initiative aligns with Salesforce&#8217;s ambitious vision for enterprise AI. Benioff has positioned autonomous AI agents as the next evolution in enterprise software, setting a target of deploying a billion AI agents within a year through the <a href="https://www.benzinga.com/news/management/24/11/41978942/salesforce-ceo-marc-benioff-bets-big-on-billion-bots">company&#8217;s Agentforce platform</a>.
Major customers including Accenture, The Adecco Group, and Indeed are <a href="https://www.benzinga.com/news/contracts/24/12/42532242/salesforce-supercharges-adecco-vivint-with-ai-details">implementing Salesforce&#8217;s AI solutions</a>. Indeed&#8216;s CIO Anthony Moisant said the company is leveraging Agentforce to achieve goals including reducing time-to-hire by 50%.
The move intensifies competition with Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which has been rolling out its own Copilot AI tools. 
With Agentforce 2.0&#8217;s launch approaching, Salesforce is positioning itself at the forefront of enterprise AI automation, focusing on practical applications that can demonstrate immediate business value rather than theoretical capabilities.
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</ul>
Image via Flickr
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Salesforce Plans Hiring Spree To Sell AI That Cuts Hiring Time And Boosts Sales Productivity

SpaceX CEO Elon Musk said on Tuesday that the company wanted to buy back more than $500 million in common stock in its <a href="https://www.benzinga.com/24/12/42453807/spacex-hits-350-billion-valuation-in-insider-share-sale-ceo-elon-musk-says-no-investors-wanted-to-sell-shares">recent liquidity event</a> but was held back by the need to allow some new investors into the company.
What Happened: Last week, it was reported that <a href="https://www.benzinga.com/24/12/42453807/spacex-hits-350-billion-valuation-in-insider-share-sale-ceo-elon-musk-says-no-investors-wanted-to-sell-shares">SpaceX&#8217;s valuation hit $350 billion</a> after the company and its investors agreed to purchase $1.25 billion of insider shares.
The company and its investors agreed to buy insider shares at $185 a share with SpaceX alone offering to buy as much as $500 million in common stock.
&#8220;We would have bought back more stock, but wanted to allow some new investors to join,&#8221; Musk said on Tuesday.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We would have bought back more stock, but wanted to allow some new investors to join
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1868968984009380127?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The recent so-called tender or secondary offering was aimed at giving employees and early shareholders the choice of selling shares they hold in the company and generating liquidity.
Musk has previously said that no investors wanted to sell shares despite the good value offered. 
"What&#8217;s really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation!,&#8221; Musk said last week. 
Why It Matters: SpaceX is a privately held company, making its financials harder to access than publicly listed companies. 
SpaceX COO&nbsp;Gwynne Shotwell&nbsp;said at a conference hosted by Baron Capital last month that the company will make "some money" on Starlink this year. Starlink is the satellite internet segment of SpaceX. It achieved a&nbsp;<a href="https://www.benzinga.com/news/23/11/35583773/spacex-ceo-elon-musk-says-starlink-business-has-achieved-breakeven-cash-flow-is-an-ipo-on-the-cards" target="_blank" rel="noreferrer noopener">breakeven cash flow</a>&nbsp;in November 2023.
"We are going to make some money on Starlink this year. But ultimately I think Starship (the company&#8217;s new rocket under development) will be the thing that takes us over the top as one of the most valuable companies," she said. Shotwell refused to divulge more of the private company's financials.
However, the company buying back shares implies it has additional capital besides what it invests back into the company. But again, $500 million accounts for only a meager portion of the most valuable private startup in the world.
While SpaceX is private, investors can leverage Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>) and Cathie Wood‘s Ark Venture Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKVX#NASDAQ">ARKVX</a>) to participate in the Musk-led space company's growth.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/government/regulations/24/12/42546578/spacex-lost-ground-control-on-dragon-spacecraft-during-polaris-dawn-mission-due-to-power-outage-at-california-facility-report">SpaceX Lost Ground Control On Dragon Spacecraft During Polaris Dawn Mission Due To Power Outage At California Facility: Report</a></li>
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Photo courtesy: Shutterstock

SPACE

ARKVX

DXYZ

SpaceX Wanted To Buy Back More Than $500 Million In Common Stock In Latest Insider Share Sale, Says Elon Musk

SYNA

Synaptics Will Showcase Its Ai-native Processing And Intelligent Connectivity Offerings At CES 2025

Piper Sandler analyst Brent Bracelin maintains Monday.Com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>) with a Overweight and maintains $350 price target.

MNDY

Piper Sandler Maintains Overweight on Monday.Com, Maintains $350 Price Target

Michael Zinn, a senior portfolio manager at&nbsp;UBS Global Wealth Management, has shared his perspective on the current market dynamics as the year draws to a close. 
What Happened: Zinn remarked that the Santa Claus rally, which typically brings positive market momentum, is experiencing some pause following a significant post-election surge. 
&#8220;I think we are having a little bit of indigestion,&#8221; Zinn <a href="https://www.cnbc.com/video/2024/12/18/michael-zinn-ubs-global-wealth-management--senior-portfolio-manager.html">said</a> during CNBC&#8217;s &#8220;Squawk Box Asia&#8221; on Tuesday.
&#8220;We&#8217;ve just seen such a surge since the election you know people are so amped up over all the drivers that have played out so well this year that I think the market is basically taking a little bit of a probably well-needed pause um which makes some sense between now and year-end.&#8221;
He expressed concerns about the market&#8217;s narrow breadth, noting that despite recent pullbacks, prices continue to rise, driven mainly by AI-focused stocks. This trend, he suggested, might persist into the next year.
Zinn highlighted that only about 40% of stocks in the S&amp;P are trading&nbsp;above their 50-day moving average, even as indexes like the S&amp;P and NASDAQ hit new highs. He pointed out that this is not a healthy combination and noted speculative behavior in options trading as a warning sign. 
However, he remains optimistic about the market&#8217;s long-term prospects, citing supportive factors such as AI advancements, a new administration, economic growth, and potential Federal Reserve easing.
See Also: <a href="https://www.benzinga.com/trading-ideas/movers/24/12/42522084/bitcoin-ethereum-dogecoin-settle-down-amid-growing-talks-of-a-strategic-btc-reserve-top-analyst-sees-prospect-of-apex-crypto-hitting-110k-this-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Settle Down Amid Growing Talks Of A Strategic BTC Reserve</a>
Why It Matters: The Santa Claus rally is a well-documented phenomenon where stock markets often see gains during the final week of December into the first two trading days of January.
Historically, this period has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42170135/its-the-most-wonderful-time-of-the-year-for-the-stock-market-history-says">favorable for investors,</a> with the S&amp;P 500 reaching record highs during the holiday season. However, this year&#8217;s rally faces challenges, as indicated by Zinn&#8217;s observations.
Additionally, recent economic data suggests a robust holiday season, with&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42529956/november-retail-sales-soar-to-11-month-highs-indicate-strong-holiday-season">November retail sales</a>&nbsp;hitting an 11-month high, signaling strong consumer demand. This resilience in spending could potentially support market performance, despite the current &#8220;indigestion&#8221; in the rally.
Price Action: On Tuesday, SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 0.41% lower at $604.29 while Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) closed 0.44% lower at $535.80, as per <a href="https://pro.benzinga.com">Benzinga Pro data</a>.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42499950/crypto-analyst-shiba-inu-price-set-for-massive-surge-could-go-up-sixfold?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Analyst: Shiba Inu Price Set For Massive Surge, Could Go Up Sixfold</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 courtesy: Unsplash

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Santa Claus Rally Is Facing Some 'Indigestion,' Says UBS Expert: 'The Market Is Basically Taking A Little Bit Of A Probably Well-Needed Pause'

As part of the closure of the Singapore facility, the Company expects to incur non-cash impairment charges of approximately $20 to $25 million in the fourth quarter 2024. In addition, the Company estimates restructuring and other exit costs will result in $25 to $30 million of net cash outflows through 2027, after taking into consideration anticipated proceeds from selling certain equipment. The Company expects to accrue for these costs in the fourth quarter 2024.

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Oatly Announces Closure Of Singapore Plant, Strengthening Supply Chain Efficiency In Line With Asset-Light Strategy

Popular cryptocurrency exchange Bybit announced Tuesday that it will discontinue its withdrawal and custody services&nbsp;in France owing to increasing regulatory pressures.
What Happened: Bybit <a href="https://announcements.bybit.com/en/article/urgent-action-required-withdraw-your-assets-blt1cc27bcc231c3b4f/?category=latest_bybit_news">asked </a>its French users to withdraw their funds before Jan. 8, 2025, at 8 a.m. UTC, to avoid any potential issues with account access or fund transfers.
The exchange said it would transfer unclaimed assets exceeding&nbsp;10 USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>)&nbsp;to Coinhouse, a licensed cryptocurrency&nbsp;custodian in France. For accounts with balances under&nbsp;10 USDC, Bybit will impose&nbsp;a termination fee equivalent to&nbsp;10 USDC, deducting it from&nbsp;available assets, before closing the account. 
Earlier in August, Bybit restricted French users from acquiring new products or adding to positions.
See Also:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/12/42545829/mark-cuban-expresses-sympathy-for-hawk-tuah-girl-amid-meme-coin-controversy-wasnt-something-she-fully-understood">Mark Cuban Expresses Sympathy For &#8216;Hawk Tuah&#8217; Girl Amid Meme Coin Controversy: &#8216;Wasn&#8217;t Something She Fully Understood&#8217;</a>
Why It Matters: Bybit cited &#8220;recent developments&#8221; by France&#8217;s financial markets regulator, The Autorité des Marchés Financiers, as a reason for the exit. The exchange has remained <a href="https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-reminds-public-cryptoasset-trading-platform-bybit-blacklisted">blacklisted </a>in the country since May 2022 for non-compliance with regulations. 
This is not the first time Bybit has faced regulatory challenges. The exchange <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34823586/bybit-suspends-services-in-this-country-due-to-stricter-rules-banned-incentives">had to suspend its services in the U.K.</a> last year following the imposition of stricter rules by the U.K. Financial Conduct Authority. Bybit also doesn&#8217;t offer services to U.S. residents at this time.
ByBit is one of the biggest cryptocurrency trading platforms globally, facilitating trades worth more than $9 billion over the last 24 hours, <a href="https://www.coingecko.com/en/exchanges">according </a>to CoinGecko. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and a host of other coins can be traded on the platform.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/24/12/42545656/peter-schiff-criticizes-michael-saylors-comparison-of-bitcoin-to-manhattan-real-estate-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Micheal Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
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Bybit Suspends Crypto Operations In France Amid Rising Regulatory Tensions

Elon Musk has once again expressed his disapproval of hashtags on X, formerly Twitter, describing them as &#8220;ugly&#8221; and redundant.
What Happened: Musk's latest remark came in response to a post by another user on X who shared a screenshot of what Grok answered regarding hashtags. 
Grok, compared hashtags to a screen door on a submarine, implying their lack of utility on X.&nbsp; In response to the post, Musk said, &#8220;Please stop using hashtags. The system doesn't need them anymore and they look ugly.&#8221;
See Also: <a href="https://www.benzinga.com/trading-ideas/technicals/24/12/42509206/soundhound-ai-soars-over-700-short-squeeze-potential-has-traders-talking?itm_source=parsely-api">SoundHound AI Soars 700%: Short Squeeze Potential Has Traders Talking</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Please stop using hashtags. The system doesn't need them anymore and they look ugly. <a href="https://t.co/GKEp1v1wiB">https://t.co/GKEp1v1wiB</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1869070358210572306?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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Why It Matters: Musk's statement is consistent with his previous criticisms of hashtags, despite efforts by X CEO Linda Yaccarino to restore their popularity on the platform.
Musk previously stated that hashtags might be the next feature to be phased out on X. He referred to hashtags as a &#8220;relic of the past.&#8221;
He also openly said, &#8220;I hate hashtags,&#8221; sparking a response from Chris Messina, the <a href="https://www.benzinga.com/news/23/03/31468709/elon-musk-says-i-hate-hashtags-feature-inventor-says-theyre-doing-just-fine-without-twitter">inventor of hashtags</a>.
On the other hand, <a href="https://www.benzinga.com/news/23/05/32611871/twitters-new-ceo-brushes-aside-elon-musks-disdain-for-hashtags-wearesoback">Yaccarino attempted to revive</a> the use of hashtags, posting &#8220;#wearesoback,&#8221; in May last year.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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<li><a href="https://www.benzinga.com/tech/24/12/42499609/micron-gets-investment-from-white-house-china-launches-antitrust-investigation-on-nvidia-apple-faces-1-2-billion-lawsuit-in-california-more-consumer-tech-news-december-9-13?itm_source=parsely-api">Micron Gets Investment From White House, China Launches Antitrust Investigation On Nvidia, Apple Faces $1.2 Billion Lawsuit In California &amp; More: Consumer Tech News</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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