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In a recent post on X, SpaceX CEO Elon Musk outlined his vision for making life multiplanetary, emphasizing the need for a significant leap in rocket technology to reduce costs.
What Happened: On Monday, Musk responded to a post about the cost of launching to low earth orbit. He explained that to make life multiplanetary, rocket and spacecraft technology needs to improve by 1000X. He pointed out that recent US Mars missions have cost about $1B per ton of useful load to the surface of Mars, a figure that has been increasing over time.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Since your handle is "Whole Mars", perhaps this lengthy reply is apropos: Getting the cost per ton to the surface of Mars low enough that humanity has the resources to make life multiplanetary requires a roughly 1000X improvement in rocket &amp; spacecraft technology. Recent US… <a href="https://t.co/BdasygYS5q">https://t.co/BdasygYS5q</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1846001324246319409?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote>
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Musk emphasized the monumental cost hurdles humanity faces in making life on Mars a reality, while expressing optimism about future advancements in rocket technology. Musk, responding to a user with the handle &#8220;Whole Mars Catalog.&#8221;
Musk began by acknowledging the astronomical costs involved, stating that recent U.S. Mars missions have had a cost per ton of useful load to the Martian surface at around $1 billion. "It has become more, not less, expensive over time!" he added, stressing the increasing difficulty of reducing these costs with existing technology.
He explained that building a self-sustaining city on Mars would require at least a million tons of equipment, amounting to a cost of over $1,000 trillion. Musk highlighted the impracticality of this figure, pointing out that it far exceeds the current U.S. GDP of $29 trillion.
However, Musk expressed confidence that advancements in rocket technology could bring this cost down by 1,000 times, potentially making the total cost for colonization around $1 trillion. He added that if this could be spread over 40 years, it would translate to less than $25 billion annually, a more feasible number that &#8220;wouldn't materially affect people's standard of living on Earth.&#8221;
Musk specifically pointed to SpaceX's Starship, which is designed to achieve the 1,000X improvement needed to reduce costs. He noted the success of recent tests, stating, "especially after yesterday's <a href="https://www.benzinga.com/news/24/10/41305295/spacex-notches-another-milestone-with-first-booster-catch">booster catch</a> and precise ocean landing of the ship, I am now convinced that it can work."
See Also: <a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan&#8217;s Angular Design Inspired By Art Deco Trains, &#8216;Unusually Low&#8217; Ground Clearance Enabled By Automatic Load-Leveling Suspension</a>
Why It Matters: Musk&#8217;s SpaceX has been making strides towards this goal. On Sunday, the company&#8217;s <a href="https://www.benzinga.com/news/24/10/41303518/starship-to-fly-again-on-sunday-after-spacexs-long-war-of-words-with-regulator-over-frivolous-licens">Starship had its fifth test flight</a>, following a long battle with the Federal Aviation Administration (FAA). The Starship, touted as the most powerful rocket ever built, successfully completed the flight, which included a first-of-its-kind "catch" of the booster back at the launch tower.
This significant accomplishment for SpaceX follows nearly 18 years after its first rocket launch. The <a href="https://www.benzinga.com/news/24/10/41317860/elon-musk-went-from-examining-debris-from-falcon-1-flight-to-spacex-successfully-catching-booster-of">Starship&#8217;s design demonstrates reusability</a>, a crucial factor in reducing costs and making Musk&#8217;s vision of affordable Mars colonization a reality.
Image via Shutterstock
Check out more of Benzinga's Future Of Mobility coverage by <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/markets/cryptocurrency/24/10/41306985/coinbase-ceo-brian-armstrong-wants-to-know-how-elon-musk-gets-so-much-done-wants-an-in-dep?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Coinbase CEO Brian Armstrong Wants To Know How Elon Musk Gets So Much Done — Wants An In-Depth Study Done</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

News

Tech

General

Elon Musk's Mars Mission Math: 'Building A Self-Sustaining City Would Require At Least A Million Tons Of Equipment' — The Price Tag: A Mind-Boggling $1000 Trillion

Sebastien Bubeck, the vice president of GenAI research at&nbsp;Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is set to join ChatGPT-parent, OpenAI.
What Happened: While Bubeck&#8217;s new role at OpenAI remains undisclosed, a Microsoft spokesperson confirmed the move, reported Reuters.
&#8220;Sebastian has decided to leave&nbsp;Microsoft to further his work&nbsp;toward developing AGI,&#8221; the spokesperson stated, expressing the company&#8217;s anticipation to continue&nbsp;their relationship through Bubeck&#8217;s work&nbsp;with OpenAI.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41196932/legendary-apple-co-founder-steve-jobs-once-said-being-the-richest-man-in-the-cemetery-doesnt-matter?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Legendary Apple Co-Founder Steve Jobs Once Said, &#8216;Being The Richest Man In The Cemetery Doesn&#8217;t Matter To Me:&#8217; Maybe That&#8217;s Why His Impact Transcends Financial Success For iPhone-Maker And Beyond</a>
The Information initially <a href="https://www.theinformation.com/briefings/microsoft-ai-researcher-sebastien-bubeck-to-join-openai?rc=v4bmzs">reported</a> Bubeck&#8217;s departure, stating that most of his coauthors from the research paper on Microsoft&#8217;s Phi LLMs—smaller than conventional large language models—are still with the company and intend to keep advancing the models.
This move&nbsp;follows a series of departures&nbsp;from OpenAI, including the exit&nbsp;of longtime chief technology officer&nbsp;Mira Murati in September.
However, OpenAI CEO Sam Altman has refuted any connection between these&nbsp;departures and the company&#8217;s planned restructuring, the report noted.
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Why It Matters: Bubeck&#8217;s move to OpenAI comes at a time when&nbsp;<a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41237091/microsoft-stock-nears-death-cross-as-openai-partnership-weakens-time-to-lock-in-gains">Microsoft&#8217;s partnership with OpenAI</a>&nbsp;is reportedly showing signs of strain.
Previously, it was reported that OpenAI is moving towards greater autonomy from Microsoft&#8217;s cloud services by leasing data centers from Oracle Corp in Texas.
Earlier this month, OpenAI secured $6.6 billion in one of the largest venture <a href="https://www.benzinga.com/startups/24/10/41312615/investors-pour-billions-into-openai-whats-driving-this-unprecedented-surge-in-funding">capital funding rounds in U.S. history</a>.
This deal values the San Francisco-based startup at a staggering $157 billion, with big-name backers including Thrive Capital, Microsoft, and Nvidia betting on OpenAI's potential to reshape the future.
Image via ChatGPT
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/10/41307048/elon-musks-spacex-was-once-called-a-dream-seller-by-this-potent-rival-now-pierre-ferragu-warns-compa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s SpaceX Was Once Called A Dream Seller By This Potent Rival, Now Pierre Ferragu Warns Companies Never To Underestimate Underdog Innovators Like Nokia And BlackBerry Did</a></li>
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Disclaimer:&nbsp;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.

Media

MSFT

Sam Altman-Led OpenAI Welcomes Microsoft's GenAI Research VP Following Wave Of Executive Departures

Mark Cuban, billionaire entrepreneur and vocal supporter of Vice President Kamala Harris, defended the Democratic presidential candidate&#8217;s grasp of cryptocurrencies and the significance they hold for young people.
What Happened: On Monday, Cuban defended Harris against allegations that the vice president lacked even a basic understanding of cryptocurrency and monetary policy. 
&#8220;She doesn't know everything. Unlike your guy [Trump], she doesn't pretend. She understands the connection cryptocurrency has to young people. And she spoke about it today,&#8221; Cuban said, highlighting Harris&#8217; latest cryptocurrency regulatory framework.
Cuban also took potshots at Republican challenger Donald Trump, stating that Harris was not trying to sell <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41307276/mark-cuban-questions-trumps-motive-behind-wlfi-token-sale-former-prez-failed-in-the-bitcoi">tokens</a>, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40076664/trump-launches-limited-edition-bitcoin-themed-sneakers-following-bitcoin-2024-keynote-repo">sneakers</a>, bibles, etc. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">She doesn't know everything. Unlike your guy, she doesn't pretend. She understands the connection crypto has to young people. And she spoke about it today. She understands it's a valuable technology that needs to grow here. She spoke about it in Pittsburgh She also… <a href="https://t.co/b9HbEteBZM">https://t.co/b9HbEteBZM</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1845949435811188783?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
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The famous &#8216;Shark Tank&#8217; celebrity also replied to concerns about why Harris cannot transfer state-owned Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to the Treasury Department to demonstrate her support for the leading cryptocurrency.
&#8220;There is a law in place that currently prevents it. Obviously, it&#8217;s been discussed. But no one can change it unilaterally,&#8221; Cuban said. 
Considered a close advisor to the Harris campaign team, Cuban said he argued for holding onto confiscated cryptocurrency assets and warned against the consequences of dumping a huge quantity of Bitcoins into the market in quick successions.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41278873/gary-gensler-doubts-cryptocurrency-future-says-leading-figures-are-either-in-jail-or-await?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gary Gensler Doubts Cryptocurrency Future, Says Leading Figures Are Either In Jail Or Awaiting Extradition</a>
Why It Matters: Harris recently unveiled a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41319364/kamala-harris-unveils-crypto-regulatory-framework-as-part-of-outreach-toward-black-male-vo">cryptocurrency regulatory framework</a> as part of her "Opportunity Agenda for Black Men," signaling a potential shift in the Democratic approach to digital assets. However, the decision faced criticism from some industry leaders over the narrow focus on black men.
Earlier, Cuban <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41307276/mark-cuban-questions-trumps-motive-behind-wlfi-token-sale-former-prez-failed-in-the-bitcoi">criticized Trump&#8217;s upcoming sale of tokens</a>, which were tied to his much-touted decentralized finance (DeFi) project, World Liberty Financial (WLFI).
Cuban has <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41314578/mark-cuban-to-replace-gary-gensler-under-harris-administration-if-asked-i-would-want-to-be">expressed dissatisfaction with the current SEC Chair</a> Gary Gensler‘s approach to regulating the cryptocurrency industry and floated his name as a potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41314578/mark-cuban-to-replace-gary-gensler-under-harris-administration-if-asked-i-would-want-to-be">SEC chair candidate</a> should Harris win the U.S. presidency.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41303639/donald-trump-says-his-crypto-project-world-liberty-financial-will-start-selling-tokens-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Says His Crypto Project World Liberty Financial Will Start Selling Tokens On Tuesday</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Markets

$BTC

Mark Cuban Defends Kamala Harris' Crypto Knowledge, Appears To Take Dig At Trump For Selling Tokens And Merchandise: 'Unlike Your Guy, She Doesn't Pretend'

Trump-Era White House national security advisor, John Bolton, has called on Israel to target Iran&#8217;s nuclear program, despite worldwide appeals for moderation following Iran&#8217;s recent missile attack.
What Happened: Bolton said on X on Monday, &#8220;The Israeli government should consider retaliating against Iran by going after its nuclear weapons program.&#8221;
&#8220;Iran having nuclear weapons directly threatens Israel&#8217;s national security as well as America&#8217;s.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Israeli government should consider retaliating against Iran by going after its nuclear weapons program. Iran having nuclear weapons directly threatens Israel&#39;s national security as well as America&#39;s. <a href="https://t.co/Eld6ErQhn2">https://t.co/Eld6ErQhn2</a>
&mdash; John Bolton (@AmbJohnBolton) <a href="https://twitter.com/AmbJohnBolton/status/1845953227864658312?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
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He shared an <a href="https://globalnews.ca/news/10808015/israel-iran-nuclear-program-john-bolton/">article</a> from Canada&#8217;s Global News in which he was quoted as saying, &#8220;I think that's the point where Israel can have the maximum impact, precisely by going after the nuclear weapons program.&#8221; The former U.S. official said that there was &#8220;no guarantee&#8221; that Israel would have another opportunity that was as good.
In an interview with Mercedes Stephenson on The West Block, Bolton underscored the need for Israel to prevent Iran&#8217;s next attack from involving a nuclear warhead, according to the report.
&#8220;If you're Israel, and you've seen in both the April attack from Iran and the Oct. 1 attack hundreds of ballistic missiles launched at you, you could have no confidence that the next time you see a ballistic missile coming from Iran, that under its nose cone it might not have a nuclear weapon.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/10/41303750/elon-musks-new-cybercab-does-not-have-stainless-steel-exterior-panels-like-cybertruck-despite-other?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s New Cybercab Does Not Have Stainless Steel Exterior Panels Like Cybertruck Despite Other Resemblances, Says Tesla Engineer: &#8216;Mass And Cost…Is Undesirable&#8217;</a>
Why It Matters: Bolton has previously <a href="https://www.benzinga.com/news/24/10/41199882/trump-era-nsa-john-bolton-calls-for-regime-change-in-iran-hope-israels-actions-are-beginning-of-the">advocated for regime change in Iran</a> and has criticized Iran&#8217;s role in attacks on Israeli civilians. His latest call for action comes after Israeli Prime Minister Benjamin Netanyahu <a href="https://www.benzinga.com/news/24/10/41321699/oil-prices-drop-after-netanyahu-says-israel-will-attack-military-not-oil-or-nuclear-targets-in-iran">expressed willingness to strike military targets</a> rather than oil or nuclear facilities in Iran. This decision was seen as a move to avoid political interference in the U.S. elections and to prevent a surge in energy prices.
However, experts have warned that any Israeli military action targeting Iranian facilities could <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41309234/israels-attack-on-iran-would-rattle-the-nerves-of-oil-market-says-expert">significantly impact global oil prices</a> and lead to potential disruptions in the energy markets. This adds another layer of complexity to the already tense geopolitical situation.
Notably oil prices fell on Monday after Netanyahu said that Israel will not target Iran&#8217;s oil or nuclear targets.At the time of writing WTI Crude November 2024 futures traded 2.9% lower at $71.70. ICE Brent Crude December 2024 futures were down 2.8% at $75.28.
The United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) ended Monday lower by 2% at $75.93 while the iShares US Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) closed 1.1% lower at $96.03.
Image via Flickr/ Gage Skidmore
Did You Know?
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<li>Congress Is Making Huge Investments. <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>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

John Bolton Says Israel Should Strike Iran By 'Going After Its Nuclear Weapons Program' — Tehran's Nukes Threaten America's Security

Leading Chinese carmakers have dismissed the idea of challenging Europe&#8217;s legacy manufacturers with <a href="https://www.benzinga.com/news/24/10/41311787/tesla-rival-byd-slams-eu-tariffs-on-chinese-evs-needs-more-positive-education-trust-is-low">cheaper electric vehicles</a>.
What Happened: At the Paris motor show, Chinese carmakers, including Xpeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Guangzhou Automobile Group Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GNZUF#OTC">GNZUF</a>), emphasized their long-term commitment to the European market. This comes amidst a trade war between Beijing and Brussels and fears of a potential &#8220;invasion,&#8221; <a href="https://www.ft.com/content/f0e8cf38-c5b3-4288-b9b3-4f12132628d3">reported</a> the Financial Times on Sunday.
&#8220;We&#8217;re a 10-year-old company. We&#8217;re not going to overthrow anybody who&#8217;s developed over 100 years,&#8221; said Xpeng co-president Brian Gu, while showcasing an electric saloon with advanced artificial intelligence technology. He added that Xpeng aims to be the provider of &#8220;premium electric vehicles&#8221; in Europe and does not intend to compete on price.
Chinese state-owned carmaker GAC, which is also making inroads in the region, echoed a similar sentiment, emphasizing the potential economic benefits of its entry into the European markets and its willingness to collaborate with European suppliers.
See Also: <a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan&#8217;s Angular Design Inspired By Art Deco Trains, &#8216;Unusually Low&#8217; Ground Clearance Enabled By Automatic Load-Leveling Suspension</a>
These statements come amid growing political anxiety in Europe over the potential risks posed to the region&#8217;s industry. In early October, EU member states <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">agreed on tariffs of up to 45% on Chinese EVs</a> in an effort to counter their advance. This has led to a series of profit warnings from local manufacturers.
Why It Matters: The European Union&#8217;s protectionist stance against Chinese EVs has been a point of contention in the industry. The EU&#8217;s decision on tariffs for Chinese EVs could potentially lead to a <a href="https://www.benzinga.com/news/24/10/41143690/european-tariffs-on-chinas-ev-makers-could-backfire">wider trade war with China</a>, as the 27-member bloc&#8217;s protectionist stance could hurt its export-dependent companies, and its EV targets, and threaten critical raw material supplies.
China has also <a href="https://www.benzinga.com/news/24/09/40914629/china-warns-eu-tariffs-on-evs-will-harm-trade-with-germany">warned the EU</a> about the potential negative impacts on trade, especially with Germany, if the EU imposes tariffs on Chinese EVs. The situation has raised concerns about increased costs for consumers and potential impacts on the automotive market.
Meanwhile, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rival BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) has <a href="https://www.benzinga.com/news/24/10/41311787/tesla-rival-byd-slams-eu-tariffs-on-chinese-evs-needs-more-positive-education-trust-is-low">slammed the proposed EU tariffs</a> on Chinese-made EVs, warning that they could increase costs and discourage buyers. This warning comes as European and Chinese automakers compete at the Paris car show, the largest in Europe, during a time of weak demand and rising costs.
Read Next: 
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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>

Equities

Eurozone

BYDDF

BYDDY

GNZUF

TSLA

XPEV

Tesla's Chinese Rivals Move To Calm Fears Of An European 'Invasion' That Threatens Legacy Players: 'Not Going To Overthrow Anybody Who's Developed Over 100 Years'

Former President Donald Trump has gained a slight lead over Vice President Kamala Harris among early voters in battleground states.
What Happened: The Harvard CAPS/Harris poll reveals that 48% of early voters in key swing states are in favor of Trump, while Harris has the support of 47%. An additional 5% of the respondents either opted for another candidate or had not yet cast their vote. &#8220;Trump's swing state strategy is paying off,&#8221; noted Mark Penn, the poll&#8217;s co-director, <a href="https://thehill.com/homenews/campaign/4932890-donald-trump-kamala-harris-battleground-states-harvard-harris-survey/">reported</a> The Hill.
Despite Trump&#8217;s slight advantage in swing states, Harris holds a substantial 8-point lead among early voters nationwide, with 51% support compared to Trump&#8217;s 43%. Overall, 45% of voters stated they&#8217;d be voting early, while 50% intend to vote on Election Day.
The poll, conducted from October 11-13, was based on responses from 3,145 registered voters, including 2,596 likely voters and 898 battleground state voters. The margin of error for the total sample was plus or minus 1.8 percentage points.
With less than a month to go until Election Day, the race for the Oval Office is incredibly close, with key battleground states expected to play a decisive role.
See Also: <a href="https://www.benzinga.com/government/24/10/41308384/mark-cuban-clashes-with-bill-ackman-after-billionaire-fund-manager-calls-kamala-harris-startup-tax-d?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Clashes With Bill Ackman After Billionaire Fund Manager Calls Kamala Harris&#8217; Startup Tax Deduction Proposal &#8216;Extremely Misleading:&#8217; &#8216;We Need To Get You Watching Shark Tank&#8217;</a>
Why It Matters: Earlier, a <a href="https://www.benzinga.com/news/24/10/41306411/kamala-harris-leads-trump-but-most-americans-are-pessimistic-about-the-nations-direction-poll-shows">CBS News poll</a> showed Harris leading Trump by 3 points. However, most Americans expressed a pessimistic outlook on the state of the country.
Simultaneously, the Democratic Party saw a dip in voter registration advantage in key battleground states like Pennsylvania, North Carolina, and Nevada, potentially posing a challenge for Harris, as reported by <a href="https://www.benzinga.com/news/24/10/41306291/trouble-for-kamala-harris-ahead-pennsylvania-north-carolina-nevada-democrats-lose-voter-registration">Benzinga</a>.
Despite these challenges, an <a href="https://www.benzinga.com/news/24/10/41312383/trump-and-harris-neck-and-neck-in-final-stretch-of-presidential-race-but-heres-how-vice-president-ca">NBC News poll</a> showed Trump and Harris evenly matched with 48% support each, indicating a neck-and-neck race in the final stretch of the presidential election.
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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>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Ahead Of Harris Shows Poll Among Early Voters In Key Battlegrounds: Ex-President's 'Swing State Strategy' Is Paying Off

The debate over the effects of different <a href="https://www.benzinga.com/markets/cannabis/22/11/29549541/the-strongest-magic-mushroom-species">psilocybin mushroom strains</a> has long divided growers and users. Psilocybe cubensis varieties like Golden Teacher, B+ and Z-strain are often believed to have distinct psychedelic effects, leading to endless online discussions and confusion for newcomers trying to choose the &#8220;best&#8221; strain. However, as Double Blind <a href="https://doubleblindmag.com/variances-in-magic-mushroom-strains/">reported</a>, recent <a href="https://f1000research.com/articles/10-961?trk=public_post_comment-text">research</a> suggests that these strains may be more alike than they are different.
For years, the phrase &#8220;a cube is a cube&#8221; has been used to downplay the idea that specific Psilocybe cubensis strains offer unique psychedelic experiences. This statement rejects the notion that one strain is inherently better for certain uses, like microdosing or intense trips, emphasizing that the differences are largely superficial.
<h3 class="wp-block-heading">The Science Behind Mushroom Strains</h3>
<a href="https://www.benzinga.com/topic/magic-mushrooms">Psilocybin mushrooms</a> belong to the genus Psilocybe, with Psilocybe cubensis being the most commonly cultivated species. Within this species, strains or varieties, such as B+, Golden Teacher, and others, have been differentiated by their appearance, ease of cultivation and purported effects. Yet, as Kevin McKernan et al. demonstrated in a genetic study of 81 strains, there is minimal difference between many strains, even when sold by various vendors. The lack of genetic consistency between strains across different suppliers highlights that most of these variations are not as distinct as once thought.
&#8220;Strains are often little more than marketing labels,&#8221; notes Ian Bollinger, a scientist known for his work with Oakland Hyphae&#8217;s Hyphae Cup, a potency-testing competition. According to Bollinger, &#8220;Potency has less to do with the strain itself and more to do with the supporting of the strain. The three major factors that go into a potent mushroom are how you cultivate it, its genetics, and, furthermore, how you treat it afterward.&#8221;
<h3 class="wp-block-heading">Cultivation Over Strain</h3>
The <a href="https://www.benzinga.com/money/how-to-grow-magic-mushrooms-at-home">cultivation process</a> plays a far greater role in determining the potency and quality of magic mushrooms than the specific strain being grown. In fact, even with genetically distinct strains like Penis Envy, known for its high psilocybin content, the difference in potency often comes down to how well the mushroom was grown, harvested and preserved. The data from the Hyphae Cup showed that, while Penis Envy is a common submission for potency testing, the results often overlap with those from other strains, further suggesting that cultivation techniques may overshadow any inherent genetic advantages.
Strains like Golden Teacher and B+ may have been originally named to denote specific traits, such as appearance or ease of growth, but over time, these traits become less reliable due to genetic drift and inconsistent spore-sharing practices. As Bollinger points out, only one of the key factors affecting potency is linked to genetics, making cultivation methods far more significant in determining the final product's effects.
<h3 class="wp-block-heading">The Future Of Mushroom Strains</h3>
A 2023 <a href="https://www.cell.com/current-biology/abstract/S0960-9822(23)01460-4">study</a> compared the genetic diversity of 86 cultivated strains and 38 wild strains from Australia, revealing that domesticated strains have far less genetic diversity. This raises questions about the impact of domestication on Psilocybe cubensis, as selective breeding may have reduced traits like contamination resistance, making modern cultivated strains weaker than their wild counterparts.
Looking forward, many experts suggest that instead of focusing on specific strains, growers and consumers should prioritize learning about optimal cultivation practices and experimenting with different species. Wild species like Psilocybe cyanescens, known for their higher potency and resilience to contamination, offer exciting possibilities for both growers and psychonauts.
Until there's more conclusive research on the differences between strains, experts advice for new growers is simple: pick a strain you like the sound of and focus on refining your cultivation technique. As Bollinger says, &#8220;The real magic is in how you grow and handle your mushrooms.&#8221;
Cover image made with AI

Cannabis

Psychedelics

Magic Mushroom Strains: Is There Really A Difference?

According to a recent report from <a href="https://www.benzinga.com/topic/beacon-securities-limited">Beacon Securities</a>, cannabis sales in Colorado and Connecticut are showing mixed results, reflecting both growth and challenges in the legal cannabis market.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Colorado Sales Up 5% Quarter-To-Date</h3>
In Colorado, legal cannabis sales totaled $122 million in August, holding steady month-over-month but down 8% compared to $132 million in August 2023. However, on a quarter-to-date (QTD) basis, sales reached $245 million for July and August, up 5% from the $233 million recorded in April and May.
The Colorado Department of Revenue (CDOR) reported 673 adult-use dispensaries by the end of August, with an average revenue of $162,000 per dispensary, or approximately $1.9 million annually. This is a slight decline from $172,000 per dispensary in August 2023, but the year-over-year declines in revenue per dispensary have slowed, partially due to a 2% reduction in store count since January.
Notable companies with operations in Colorado include Schwazze (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SHWZ#OTC">SHWZ</a>) and The Cannabist Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTC">CBSTF</a>).
<h3 class="wp-block-heading">Connecticut Sales Flat Year-Over-Year</h3>
In Connecticut, legal cannabis sales reached $23.4 million in September, down 9% month-over-month but 7% lower than September 2023. Despite the monthly dip, quarterly sales totaled $74 million in Q3 2024, up 2% from Q2 2024.
With 51 dispensaries operating by the end of September, the average revenue per dispensary was $460,000 per month, down 14% from $535,000 in August. Companies with notable operations in Connecticut include Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), Trulieve Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), and Verano Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>).
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/10/41284994/grown-rogue-secures-800k-vireo-forfeits-4-5m-warrants-in-cannabis-shakeup-whats-next-for-both"> Grown Rogue Secures $800K, Vireo Forfeits 4.5M Warrants In Cannabis Shakeup—What&#8217;s Next For Both?</a>

Market Summary

Retail Sales

THE CANNABIST CO HLDG by THE CANNABIST COMPANY HOLDINGS INC.

CBSTF

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

GTBIF

SHWZ

TCNNF

VRNOF

Is Colorado's Cannabis Market Back On Track? A 5% Sales Boost Says Yes

Washington State University (WSU) researchers have received a $670,000 grant from the National Institutes of Health (NIH) to tackle cannabis misuse among young adults.
The project, led by Stacey Hust and Jessica Willoughby, will focus on educating college students in three states where cannabis is legal. The states are Washington, Illinois and New York, <a href="https://news.wsu.edu/news/2024/10/14/cannabis-intervention-project-receives-nih-backing/">reported</a> WSU Insider.
A particular focus of the study is <a href="https://www.benzinga.com/topic/cannabis-edibles">cannabis edibles</a>, which are increasingly popular but often misunderstood.
The three-year NIH-funded initiative aims to develop and test a technology-based intervention designed to educate young adults on the risks of cannabis. The focus is set on edibles. 
Edibles are a growing segment of the <a href="https://www.benzinga.com/topic/cannabis-markets">cannabis market</a>. Yet, many users are unaware of the delayed onset of effects and misunderstand portion sizes, which can lead to accidental overconsumption.
"Adolescents and young adults are not necessarily educated consumers when it comes to cannabis," said Hust. "Our research has shown that many do not understand the THC content in edibles or how to properly gauge serving sizes."
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40799657/top-brands-in-2-2b-cannabis-edibles-market-include-wyld-incredibles-wana-and-kiva">Top Brands In $2.2B Cannabis Edibles Market Include Wyld, Incredibles, Wana And Kiva</a>
The intervention project includes a mixed-media video presentation. It will be hosted by a former cannabis marketer and is designed to correct these misconceptions by helping users assess cannabis products more effectively. 
The program emphasizes reading labels and understanding THC levels, using examples like <a href="https://www.benzinga.com/markets/cannabis/24/08/40346905/thc-infused-soda-maker-ramps-up-market-presence-with-debut-in-mi-boosts-ca-product-offering">cannabis-infused sodas</a>.
<ul>
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</ul>
Preliminary results have shown the intervention successfully increased cannabis knowledge and awareness of health risks. 
Now, with the <a href="https://www.benzinga.com/markets/cannabis/23/12/36048967/federal-agency-announces-new-cannabis-research-center-to-alleviate-study-barriers-regulatory-hur">NIH funding</a>, the WSU team will refine the program and test it on a larger scale, with plans to customize it for different states&#8217; regulations. 
Ultimately, the researchers hope to secure further funding for a national clinical trial to assess its long-term impact on cannabis use and misuse.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40121015/first-ever-human-trial-finds-cbg-reduces-anxiety-and-boosts-memory">First-Ever Human Trial Finds CBG Reduces Anxiety And Boosts Memory</a></li>
</ul>
Cover: Photo by Kindelmedia via Pixels

Education

Curious About Cannabis Edibles? Fed Health Agency Funds Project To Study Use Among Young Adults

In a bid to control escalating gas prices, California Governor Gavin Newsom (D) has signed into law a bill that empowers his administration to regulate the state&#8217;s dwindling oil refineries. The move underscores California&#8217;s ongoing battle with affordability.
What Happened: Newsom approved the ABX 2 1 bill. The legislation mandates oil companies to prevent price surges due to maintenance issues and low supplies. The signing of the bill marks a decline in the political clout of Big Oil in California, a state actively transitioning from fossil fuels to renewable energy sources, <a href="https://www.politico.com/news/2024/10/14/gavin-newsom-law-gas-prices-00183615">reported</a> Politico.
&#8220;They have been raking in unprecedented profits because they can,&#8221; said Newsom, according to the report. The governor said that the proposal was not about politics, but took the opportunity to take a potshot at Republican Presidential candidate Donald Trump. He said the industry was raising gas prices to &#8220;scare voters&#8221; into backing the ex-president.
Western States Petroleum Association CEO Cathy Reheis-Boyd said about the move by California, &#8220;For those ready to stop playing politics, we welcome the opportunity to address the real issues driving fuel prices higher for Californians and their families.&#8221;
Western States Petroleum Association includes companies such as ExxonMobil, Marathon Petroleum, and HFSinclair. 
See Also: <a href="https://www.benzinga.com/news/24/10/41303300/mary-trump-because-donald-is-a-world-class-hypocrite-it-turns-out-his-interviews-have-been-edited?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump: &#8216;Because Donald Is A World-Class Hypocrite, It Turns Out His Interviews Have Been Edited&#8217;</a>
Set to come into effect in January, the law aims to curb price spikes that have seen the state&#8217;s average gas price exceed $6 per gallon in the past two years. It authorizes the California Energy Commission to require refiners to store more gas and share resupply plans with the state.
Why It Matters: The new law comes in the wake of rising concerns over gasoline prices in California. In September 2023, Tai Milder, the director of California&#8217;s Division of Petroleum Market Oversight, <a href="https://www.benzinga.com/government/23/09/34914870/california-faces-rising-gasoline-prices-division-of-petroleum-market-oversight-raises-concerns">expressed concerns</a> over some refineries&#8217; failure to maintain adequate gasoline levels or import enough fuel to compensate for production shortfalls.
Furthermore, the state has been taking legal action against major oil companies. Last year, California <a href="https://www.benzinga.com/markets/equities/23/09/34649658/california-sues-exxon-shell-and-bp-over-shameful-deception-sickens-you-to-your-core">initiated a lawsuit</a> against Exxon Mobil Corporation, Shell PLC, BP P.L.C., ConocoPhillips, Chevron Corporation, and the American Petroleum Institute. The state accused these companies of concealing the dangers of fossil fuels for decades, leading to significant climate change-related damages.
Image via Shutterstock
Did You Know?
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<li>Congress Is Making Huge Investments. <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>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

SHEL

Gavin Newsom Approves New Law to Tackle Gas Prices, Says Oil Industry Raising Prices To 'Scare Voters' Into Supporting Trump

In 2025, more than 30 million Americans can file their taxes for free through the IRS's Direct File program. This program was originally launched in 2024 as a pilot and is expanding to cover 24 states, more of which are expected to join in the future.&nbsp;
<a href="https://www.benzinga.com/personal-finance/24/07/39874181/irs-finalizes-10-year-rule-for-retirement-withdrawals-making-things-even-more-insanely-complicat">The IRS</a> aims to simplify tax filing with Direct File and says the program is easy, secure and cost-free for eligible taxpayers. Here&#8217;s what you need to know if you're wondering whether you're eligible and what income types qualify.&nbsp;
Don't Miss:
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<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
<li>This billion-dollar fund has invested in the next big real estate boom,<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> here's how you can join for $10.</a></li>
</ul>
<h2 class="wp-block-heading">Who Can Use Direct File?</h2>
Only those who have lived in the eligible 24 states for all of 2024 can use Direct File. Participating states include:&nbsp;
<ul>
<li>Alaska</li>
<li>Arizona</li>
<li>California</li>
<li>Connecticut</li>
<li>Florida</li>
<li>Idaho</li>
<li>Kansas</li>
<li>Maine</li>
<li>Maryland</li>
<li>Massachusetts</li>
<li>Nevada</li>
<li>New Hampshire</li>
<li>New Jersey</li>
<li>New Mexico</li>
<li>New York</li>
<li>North Carolina</li>
<li>Oregon</li>
<li>Pennsylvania</li>
<li>South Dakota</li>
<li>Tennessee</li>
<li>Texas</li>
<li>Washington state</li>
<li>Wisconsin</li>
<li>Wyoming</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a>
This program expansion was made possible by the <a href="https://www.benzinga.com/personal-finance/24/09/40696394/inflation-jobs-and-taxes-how-trump-and-harris-economic-policies-differ">Biden-Harris Administration's Inflation Reduction Act</a>, providing a significant boost for working-class and middle-income families. According to a news release from the U.S. Department of the Treasury, Americans spend an average of $270 and 13 hours filing taxes. The IRS aims to help individuals and families avoid these costs.&nbsp;
<h2 class="wp-block-heading">What Types of Income Are Eligible?</h2>
With the Direct File program expansions, there will be more eligibility for different types of income, credits and deductions in 2025. Here's a breakdown of the income categories that qualify for free filing through direct file:&nbsp;
<ul>
<li>W-2 Wage Income: This covers most employed workers.</li>
<li>Social Security Income: If you receive Social Security retirement benefits, you can file for free.</li>
<li>Unemployment Compensation: For those who received unemployment benefits in 2024, this income type is also eligible.</li>
<li>Interest Income: In 2025, the program expands to allow interest income above $1,500, making it easier for taxpayers with savings or investments to qualify.</li>
<li>Pension and Annuity Income: This includes non-IRA retirement income, a common source for retirees.</li>
</ul>
If your income comes from gig work, contract work (Form 1099-NEC), rental properties or self-employment, you'll need to explore other filing options, as Direct File does not yet support these.
See Also: <a href="https://www.benzinga.com/money/irs-finalizes-10-year-rule-adv">IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things &#8216;Even More Insanely Complicated&#8217;</a>
<h2 class="wp-block-heading">Tax Credits and Deductions You Can Claim</h2>
In addition to filing for free, Direct File users can take advantage of various tax credits and deductions. For the 2025 season, the program supports the following credits:
<ul>
<li>Earned Income Tax Credit (EITC): A vital credit for <a href="https://www.benzinga.com/personal-finance/24/08/40586670/survey-finds-46-of-middle-class-workers-are-halting-or-cutting-their-retirement-contributions-du">low-to-moderate-income workers</a>.</li>
<li>Child Tax Credit: For those raising children under 17.</li>
<li>Credit for Elderly or Disabled: This credit can provide relief for qualifying seniors and individuals with disabilities.</li>
<li>Retirement Saver&#8217;s Credit: This credit is for those contributing to retirement savings plans such as 401(k)s or IRAs.</li>
</ul>
Additionally, taxpayers can claim the standard deduction and certain &#8220;above-the-line&#8221; deductions, including student loan interest and health savings account contributions. Direct File does not support itemized deductions, however.
See Also: How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.
<h2 class="wp-block-heading">Why You Should Check if You&#8217;re Eligible</h2>
For eligible taxpayers, Direct File offers a free and timesaving alternative. The program has no hidden fees, is available in Spanish and works seamlessly on smartphones, tablets and computers. For many, this could mean significant savings, both financially and in terms of time spent on tax preparation.
The expanded Direct File program may provide a practical alternative to traditional tax filing methods. As the 2025 tax season approaches, it&#8217;s worth checking if you can take advantage of this no-cost filing option, especially if your income falls into one of the supported categories. Stay informed about the latest developments and see if this streamlined process might work for you.
Read Next:
<ul>
<li>Many are using this retirement income calculator to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on how on what&#8217;s behind this formula.</a></li>
<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/red-ventures"> The percentage may shock you</a>.</li>
</ul>

Personal Finance

More Than 30 Million Americans Can File Taxes For Free In 2025 – Find Out If You're One Of Them And What Income Types Are Eligible

Media mogul Barry Diller, who is the chair of IAC Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAC#NASDAQ">IAC</a>) is among the technology sector entrepreneurs who are backing Vice President Kamala Harris in <a href="https://www.benzinga.com/topic/2024-election">the 2024 election.</a>
In recent interviews, Diller opened up on his feelings about Harris' election opponent Donald Trump.
What Happened: Diller, who is <a href="https://www.benzinga.com/news/24/07/39998104/dont-discount-kamala-harris-yet-says-iac-chairman-barry-diller-recounting-how-she-mobilized-her-forc">a longtime supporter</a> of the Democratic Party and has donated to Harris, criticized the wealthy business figures who are supporting Trump in the 2024 election.
"I want Donald Trump pushed into the dustheap of history," Diller said, as <a href="https://www.ft.com/content/ebf2c74c-3732-45cf-b520-be2e3c496104">reported </a>by Financial Times.
Diller said he's surprised by "plutocrats" who support Trump and the likely reason being over taxes and money.
"A good many of them are saying they will vote for Trump because of his position on taxes and other things that will keep their dollars when they have more dollars than they would conceivably need."
During the interview, Diller namedrops hedge fund billionaire John Paulson, who predicted the stock market would crash if Harris won the presidency.
"I heard him talk [about Trump] for 20 minutes and … he never talked about the character of the person. What he and others do is refuse to talk about the character of what is arguably a rotten person."
Diller said he had lunch with Trump back in his "30s" while working at Paramount and around the time Trump was "an up-and-coming real estate guy."
The IAC chairman said the meeting with Trump was reminiscent of talking to someone who tells you how great you are, but they really mean the comments as insults and not compliments.
"I remember going to the elevator and as the door closed thinking: I never want to see this person again in my life."
When running into Trump over the past few decades, Diller has managed to not speak to the former president.
"It is 45 years now since my first encounter (and) I have never spoken to him since. So I have a badge."
Did You Know?
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</ul>
Diller Criticizes Musk: Another name mentioned by Diller of Trump supporters who may be backing the former president for the wrong reasons is Tesla CEO Elon Musk.
"Why he has gone this way, I think, is out of some weird bitterness and rejection by the current administration," Diller said on the "Fire and Fury" <a href="https://omny.fm/shows/fire-and-fury-the-podcast/special-guest-barry-diller">podcast</a>, as <a href="https://www.businessinsider.com/elon-musk-backing-donald-trump-rejected-joe-biden-barry-diller-2024-10">shared </a>by Business Insider.
Diller said Musk and President Joe Biden have publicly spoken out against each other after the billionaire was previously a supporter of the current president.
Unlike billionaires supporting Trump for taxes and money reasons, Diller said Musk may be doing so as he believes the Republican party is more supportive of free speech.
Diller also said Musk's political statements could be hurting revenue on social media platform X.
"He took over Twitter [X] and alienated at least half the audience for no reason other than his own talking. What hurt Twitter was his anti-advertising policies and statements that hurt Twitter's economy."
The media mogul previously said Musk buying X, which was formerly known as Twitter, for $44 billion was similar to if the billionaire "bought a toy."
"How long he will use it, like today, we don't really know, but he's not going to walk away, I don't think."
Check This Out:
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent101424">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Photos: Donald Trump, Barry Diller, Shutterstock

Billionaire Trump Supporters 'Refuse To Talk About The Character Of…Rotten Person': Media Mogul Barry Diller Sounds Off On Elon Musk, Others

STOCK RISES 1.7%
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="791" height="810" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/14205328/Screen-Shot-2024-10-14-at-4.51.49-PM.png" alt="" class="wp-image-2344" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/14205328/Screen-Shot-2024-10-14-at-4.51.49-PM.png 791w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/14205328/Screen-Shot-2024-10-14-at-4.51.49-PM-293x300.png 293w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/14205328/Screen-Shot-2024-10-14-at-4.51.49-PM-768x786.png 768w" sizes="(max-width: 791px) 100vw, 791px" /></figure>
Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) today experienced a Power Inflow, a significant event for those who follow where smart money goes and value order flow analytics in their trading decisions. 
Today, at 10:19 AM on October 14th, a significant trading signal occurred for Caterpillar, Inc. as it demonstrated a Power Inflow at a price of $388.65. This indicator is crucial for traders who want to know directionally where institutions and so-called "smart money" moves in the market. They see the value of utilizing order flow analytics to guide their trading decisions. The Power Inflow points to a possible uptrend in Caterpillar&#8217;s stock, marking a potential entry point for traders looking to capitalize on the expected upward movement. Traders with this signal closely watch for sustained momentum in Caterpillar&#8217;s stock price, interpreting this event as a bullish sign.
Signal description
Order flow analytics, aka transaction or market flow analysis, separate and studies both the retail and institutional volume rate of orders (flow). It involves analyzing the flow of buy and sell orders, along with size, timing, and other associated characteristics and patterns, to gain insights and make more informed trading decisions. This particular indicator is interpreted by active traders as a bullish signal.&nbsp;
The Power Inflow occurs within the first two hours of the market open and generally signals the trend that helps gauge the stock&#8217;s overall direction, powered by institutional activity in the stock, for the remainder of the day.&nbsp;
By incorporating order flow analytics into their trading strategies, market participants can better interpret market conditions, identify trading opportunities, and potentially improve their trading performance. But let's not forget that while watching smart money flow can provide valuable insights, it is crucial to incorporate effective risk management strategies to protect capital and mitigate potential losses. Employing a consistent and effective risk management plan helps traders navigate the uncertainties of the market in a more controlled and calculated manner, increasing the likelihood of long-term success
If you want to stay updated on the latest options trades for CAT, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.&nbsp;
<a href="https://benzinga.com/apis?_gl=1&#x2A;1hlgn5i&#x2A;_ga&#x2A;MTY1NjE2NTYxMi4xNzE0NzQ4MTAy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDc0ODEwMi4xLjEuMTcxNDc0ODQyOC4wLjAuMA..">Market News and Data are brought to you by Benzinga APIs</a> and include firms, like <a href="https://finitusa.com/en/">Finit USA</a>, responsible for parts of the data within this article. 
&#xA9; 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
After Market Close UPDATE:
The price at the time of the Power Inflow was $388.65. The returns on the High price ($396.28) and Close price ($394.14) after the Power Inflow are respectively 1.7% and 1.4%. The result underlines the importance of a trading plan that includes Profit Targets and Stop Losses that reflect your appetite for risk.
Past Performance is Not Indicative of Future Results

Signals

Trading Ideas

Tradepulse Power Inflow Alert: Caterpillar Inc. Receives Alert And Rises Over 7 Points

A political committee opposing Florida&#8217;s cannabis legalization measure has received a $500,000 donation from an organization reportedly linked to Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO <a href="https://www.benzinga.com/topic/elon-musk">Elon Musk</a>'s prior support of Gov.<a href="https://www.benzinga.com/23/05/32545295/ron-desantis-or-tim-scott-elon-musk-says-he-wants-this-person-to-be-next-president"> Ron DeSantis's primary presidential bid</a>. The financial boost comes as the campaign pushing for cannabis legalization crosses $100 million in contributions.
Florida's cannabis legalization initiative, known as&nbsp;Amendment 3, is set to go before Florida voters in&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d" target="_blank" rel="noreferrer noopener">the upcoming November elections</a>.
The Florida branch of the American Civil Liberties Union (ACLU) posted a familiar video while commenting on Musk&#8217;s anti-cannabis move, which is followed by a breakdown of the campaign finance database provided by Florida investigative reporter Jason Garcia, who covers corporate influence in Florida.
<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">You mean this Elon Musk is against legal cannabis in Florida? Vote yes on Amendment 3 and let's end the drug war in Florida.<a href="https://t.co/8qLhPqTlWA">pic.twitter.com/8qLhPqTlWA</a> <a href="https://t.co/JAMvBnTsyM">https://t.co/JAMvBnTsyM</a>
&mdash; ACLU of Florida (@ACLUFL) <a href="https://twitter.com/ACLUFL/status/1844924362622930994?ref_src=twsrc%5Etfw">October 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Read Also: <a href="EXCLUSIVE: Elon Musk's X Is 'Safe Space' To Say Weed: 'The Only Social Platform Where You Can Talk About Cannabis Openly'">EXCLUSIVE: Elon Musk&#8217;s X Is &#8216;Safe Space&#8217; To Say Weed: &#8216;The Only Social Platform Where You Can Talk About Cannabis Openly&#8217;</a></figcaption></figure>
<h1 class="wp-block-heading"> Musk Money To &#8216;Keep Florida Clean&#8217;?</h1>
The so-called Faithful &amp; Strong Policies, Inc., which is headed by Florida attorney Scott Wagner, made the contribution to <a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">Keep Florida Clean</a>, a group dedicated to defeating Amendment 3, according to <a href="https://dos.elections.myflorida.com/committees/ComDetail.asp?account=88582">campaign filings</a> (seen above). Keep Florida Clean and the&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/06/39565658/desantis-anti-cannabis-florida-freedom-fund-raises-barely-a-fraction-of-legalization-committees-" target="_blank" rel="noreferrer noopener">Florida Freedom Fund</a> are both chaired by James Uthmeier, DeSantis&#8217; chief of staff and former campaign manager when the governor ran for president.
The half-million dollar injection into the anti-legalization campaign comes with just three weeks to go before the election and shortly after a new poll showing majority support for the cannabis measure, though not quite enough to meet the 60% requirement to pass the constitutional amendment. The latest <a href="https://floridapolitics.com/archives/701476-poll-abortion-recreational-pot-measures-have-majority-support-but-just-1-has-enough-backing-to-pass/">NBC 6 poll</a>, conducted from October 1-4 showed 58% of voters support the measure, falling just two points short of the threshold.
That said, the $500,000 pales in comparison to the over $100 million raised by <a href="https://drupal-cloudfront.benzinga.com/topic/smart-safe-florida">Smart &amp; Safe Florida</a>, the committee that helped put the cannabis legalization amendment on the ballot. As of late August, the legalization amendment had pulled in at least $91 million <a href="https://news.ballotpedia.org/2024/09/18/florida-amendment-3-exceeds-previous-records-for-marijuana-legalization-campaign-contributions/">according to Ballotpedia</a>, the vast majority of which was provided by the state's largest medical marijuana operator Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>).
While Musk's connection to Faithful &amp; Strong Policies at the moment is uncertain, The Wall Street Journal <a href="https://www.wsj.com/politics/policy/elon-musk-political-donations-stephen-miller-desantis-39464294">reported</a> that he previously contributed $10 million to the organization, with about half of that supporting DeSantis's presidential campaign. Marijuana Moment first <a href="https://www.marijuanamoment.net/group-thats-been-backed-by-elon-musk-donates-500000-to-anti-marijuana-legalization-effort-in-florida/">reported</a> this story.
Meanwhile, DeSantis has been actively rallying opposition to the initiative as his administration has faced criticism over a <a href="https://www.benzinga.com/markets/cannabis/24/10/41207561/desantis-state-of-florida-under-fire-for-taxpayer-funded-anti-cannabis-ad-as-new-lawsuit-emerges">taxpayer-funded public service announcement</a> warning of impaired driving in states with legalized cannabis. At the same time, Trulieve <a href="https://www.benzinga.com/markets/cannabis/24/10/41156781/trulieve-sues-florida-gop-for-defamation-over-false-and-misleading-claims-as-cannabis-legalizati">filed a defamation lawsuit </a>against Florida's Republican Party, accusing it of misleading voters about the implications of Amendment 3.
Now Read:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41320395/florida-cannabis-legalization-gains-support-from-former-congressman-citing-economic-growth-publi">Florida Cannabis Legalization Gains Support From Former Congressman, Citing Economic Growth, Public Health</a></li>
</ul>
Photos: Eugenio Cuppone via Pixabay; Shutterstock

Legal

Elon Musk-Linked Organization Donates $500,000 To Scuttle Florida Cannabis Legalization Amendment

Crude oil prices dropped sharply late Monday afternoon after The Washington Post reported Israeli Prime Minister Benjamin Netanyahu told the Biden administration he is willing to strike military targets rather than oil or <a href="https://www.benzinga.com/government/24/10/41298349/us-hits-iran-oil-exports-with-new-sanctions-after-israel-attack-crude-oil-holds-steady-at-75">nuclear facilities in Iran.&nbsp;</a>
The Details: Netanyahu told President Joe Biden in a call last Wednesday he is planning to target military infrastructure in a retaliatory strike against Iran, according to a U.S. official and an official <a href="https://www.washingtonpost.com/world/2024/10/14/israel-iran-strike-nuclear-oil-military/">familiar with the matter</a>. 
The sources also said Israel's action against Iran will be designed to avoid any perception of "political interference in the U.S. elections" noting an attack on Iranian oil facilities could send energy prices higher. The official familiar with the matter described Netanyahu as being in a "more moderated place" during the call between the two leaders.&nbsp;
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41320277/oil-prices-drop-2-as-opec-cuts-forecast-irans-output-rises-analyst-says-netanyahu-m">Oil Prices Drop 2% As OPEC Cuts Forecast, Iran&#8217;s Output Rises: Analyst Says Netanyahu May Doubt US Commitment To &#8216;Restricting Iranian Exports&#8217;</a>
What Else: The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) which tracks West Texas Intermediate (WTI) light crude fell 2.01% in Monday's regular trading session after OPEC lowered its 2024 global <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41320277/oil-prices-drop-2-as-opec-cuts-forecast-irans-output-rises-analyst-says-netanyahu-m">oil-demand growth forecast</a> and its 2025 global oil-demand growth forecast. 
In its Monthly Oil Market Report <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41320277/oil-prices-drop-2-as-opec-cuts-forecast-irans-output-rises-analyst-says-netanyahu-m">released on Monday</a>, OPEC reduced its 2024 oil demand growth estimate by 106,000 barrels per day (bpd), now expecting global demand to increase by 1.93 million bpd next year. Additionally, the forecast for 2025 demand growth was lowered by 102,000 bpd to 1.6 million bpd year-over-year.
The ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) fund fell more than 2% in regular trading Monday following the lower global oil-demand growth forecast and is down another 4.51% at $27.50 after-hours. 
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<li><a href="https://www.benzinga.com/news/24/10/41277250/whats-going-on-with-first-solar-stock">What&#8217;s Going On With First Solar Stock?</a></li>
</ul>
Photo: Shutterstock

Commodities

Global

Movers

Oil Prices Drop After Netanyahu Says Israel Will Attack Military, Not Oil Or Nuclear Targets In Iran

Insured losses are way higher than originally anticipated due to the havoc from <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">back-to-back hurricanes</a>.
What Happened: Moody&#8217;s Risk Management Solutions, or RMS, <a href="https://www.rms.com/newsroom/announcement/2024-10-14/moodys-rms-event-response-us-private-market-insured-loss-estimate-for-hurricanes-helene-and-milton">crunched</a> the data to determine the financial impact of Hurricanes Milton and Helene. 
The firm expects total insured losses to range between $35 billion and $55 billion. 
That&#8217;s nearly quadruple what Moody's originally estimated, with losses falling between $8 billion and $14 billion. 
Hurricane Milton, the 13th named storm of the season, closely followed Hurricane Helene, which made landfall just two weeks earlier in Florida&#8217;s Big Bend region along the Gulf of Mexico.
Both storms hit many of the same areas, bringing widespread wind damage, storm surges, and inland flooding.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41317881/hurricane-milton-to-deliver-2-5b-blow-to-floridas-homebuilding-sector-goldman-sachs">Hurricane Milton To Deliver $2.5B Blow To Florida&#8217;s Homebuilding Sector, Goldman Sachs Says</a>
Why It Matters: Moody&#8217;s estimates help insurance companies, policymakers and other stakeholders assess the financial risks and prepare for the economic consequences of such events in the future.
And that&#8217;s important considering hurricane season typically runs until Nov. 30. 
But here&#8217;s the thing: Floridians already pay exorbitant homeowners&#8217; insurance premiums, <a href="https://www.orlandoweekly.com/news/experts-worry-floridas-2024-hurricane-season-could-wipeout-recent-homeowners-insurance-fixes-38005875">per</a> Orlando Weekly. With the immense damage caused by these storms, they&#8217;re going to be paying even more.
According to Moody&#8217;s Chief Risk Modeling Officer Mohsen Rahnama, several factors add uncertainty to the final loss estimates. These include the complexity of hazard patterns, such as the damaging tornadoes spawned by Milton's rainbands in southern Florida, and the storm's interaction with a mid-latitude jet, which created two swaths of the strongest winds. 
In some cases, structures already damaged by Helene may have sustained further damage from Milton. This complicates efforts to determine the primary cause of loss and leads to potential coverage issues.
It&#8217;s not just Helene and Milton. Overlapping insurance claims and Florida's annual deductibles may increase losses for properties previously damaged by past hurricanes, such as Ian in 2022.
Altogether, the Moody&#8217;s ground teams conducted &#8220;field reconnaissance&#8221; for more than 2,000 miles of damage.
&#8220;Our teams are still in Florida surveying the impacted areas,&#8221; Rahnama said.
Florida&#8217;s Insurance Problem: Several major insurance companies had already retreated from Florida due to the high risks associated with the state&#8217;s frequent hurricanes and rising litigation costs. The ones that remained include:
<ul>
<li>Allstate Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>) </li>
<li>Travelers Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) </li>
<li>Progressive Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>) </li>
<li>State Farm</li>
</ul>
Florida-only carriers will take the hardest hit, per a Moody&#8217;s report from Oct. 10. These insurance companies have at least 75% of their homeowners and commercial property premiums written in the state, the firm noted. 
&#8220;The top 10 Florida-only insurers write about 50% of the state&#8217;s homeowners business and are more vulnerable than others given their geographic concentration,&#8221; the company <a href="https://floridaphoenix.com/wp-content/uploads/2024/10/Moodys-Ratings_Hurricane-Milton_Reinsurers-10Oct2024-PBC_1425591-1.pdf">stated</a>. They include:
<ul>
<li>Citizens Property Insurance Corp.</li>
<li>Universal P&amp;C</li>
<li>Tower Hill</li>
<li>First Protective</li>
<li>Slide Insurance</li>
<li>Edison Insurance</li>
<li>Amer Integrity</li>
<li>Florida Peninsula</li>
<li>Homeowners Choice P&amp;C</li>
<li>Security First </li>
</ul>
ETFs To Watch: Three exchange-traded funds tracking public companies in the insurance space were all in the green at last check Monday:
<ul>
<li>SPDR S&amp;P Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIE#NYSE">KIE</a>), up 0.78%</li>
<li>iShares U.S. Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>), up 0.37%</li>
<li>Invesco KBW Property &amp; Casualty Insurance ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWP#NASDAQ">KBWP</a>), up 0.58%</li>
</ul>
What&#8217;s Next: Moody's will provide a final industry loss estimate for Milton by the end of this week.
The National Hurricane Center is tracking a tropical depression in the Atlantic Ocean. 
Though it can bring heavy rain and cause flooding, a tropical depression is generally weak; if wind speeds increase beyond 39 miles per hour, it can develop into a tropical storm or hurricane if conditions allow.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Mon 10/14 8am EDT: <a href="https://twitter.com/hashtag/AL94?src=hash&amp;ref_src=twsrc%5Etfw">#AL94</a> has a chance of developing into a tropical depression as it approaches, or moves near the northern <a href="https://twitter.com/hashtag/LeewardIslands?src=hash&amp;ref_src=twsrc%5Etfw">#LeewardIslands</a> late this week. <a href="https://t.co/1aFZ3ykENk">pic.twitter.com/1aFZ3ykENk</a>
&mdash; National Hurricane Center (@NHC_Atlantic) <a href="https://twitter.com/NHC_Atlantic/status/1845796399990129124?ref_src=twsrc%5Etfw">October 14, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Now Read:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41319060/s-p-500-extends-record-highs-dow-breaks-43-000-ahead-of-pivotal-earnings-week-bitco">S&amp;P 500 Extends Record Highs, Dow Breaks 43K, Bitcoin Rallies: What&#8217;s Driving Markets Monday?</a></li>
</ul>
Photo: Shutterstock

Insurance

ETFs

iShares Dow Jones US Insurance Index Fund

KBWP

Hurricanes Helene, Milton Insurance Losses Spike To $55B: Moody's

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) showed off its humanoid robot, Optimus, at the company's "We, Robot&#8221; unveiling event last Thursday. According to a Bloomberg report, humans were remotely assisting the Optimus robot prototypes<a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil"> with some functions.</a>&nbsp;
The Details: Tesla CEO Elon Musk showcased the latest version of his Optimus robots during the Cybercab (robotaxi) reveal, which also happened at the event, and predicted the humanoid robots would become &#8220;the biggest product ever of any kind.&#8221; Musk did not reveal the robots were assisted or controlled remotely by humans. 
According to the Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-10-14/tesla-s-optimus-robots-were-remotely-operated-at-cybercab-event?srnd=homepage-americas&amp;sref=TBDibEcD">report</a>, Tesla employees remotely oversaw interactions between the Optimus robots and attendees of the event, said the sources who asked not to be identified. The sources reported the Optimus humanoid robot prototypes were able to walk unassisted using AI. Tesla did not immediately respond to Bloomberg's request for comment.&nbsp;
Read Next: <a href="https://www.benzinga.com/fintech/24/10/41295297/whats-going-on-with-sofi-technologies-stock">What&#8217;s Going On With SoFi Technologies Stock?</a>
Several videos posted on social media show event attendees interacting with the robots who served drinks, sang &#8220;Happy Birthday&#8221; and even danced with guests. A video <a href="https://x.com/minchoi/status/1845070881191612916">posted on X</a> shows an Optimus robot serving in a bartending role and confirming he was being remotely assisted by a human.&nbsp;
"Today, I'm assisted by a human. I'm not yet fully autonomous," the Optimus robot said in the video.&nbsp;
Another video <a href="https://x.com/Scobleizer/status/1844594008225611858">shows a guest</a> asking Optimus how much of the robot is controlled by AI.&nbsp;
&#8220;I can&#8217;t disclose just how much, that&#8217;s something you&#8217;ll have to find out later,&#8221; the robot said. &#8220;I would say, it might be some. I&#8217;m not going to confirm, but it might be some.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I asked. <a href="https://t.co/FkgPrdRlyW">pic.twitter.com/FkgPrdRlyW</a>
&mdash; Robert Scoble (@Scobleizer) <a href="https://twitter.com/Scobleizer/status/1844594008225611858?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Some Tesla influencers and investors said they felt betrayed or misled by Tesla's nondisclosure of Optimus' human assistance. But <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41298220/uber-analysts-unfazed-by-teslas-cybercab-reveal-eye-stronger-av-position">several analysts</a> felt Optimus' interactions with guests at the event were impressive and are a potential catalyst for the company.&nbsp;
Wedbush's Dan Ives <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41295072/tesla-robotaxi-day-event-more-fanfare-than-substance-8-analysts-on-cybercab-optimus">highlighted</a> "the massive improvements in Optimus&#8221; and said Cybercab and Optimus &#8220;could be a major financial contributor to Tesla&#8221; following last week's event.&nbsp;
TSLA Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Tesla shares ended Monday's session 0.62% higher at $219.16.&nbsp;
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Photo: Shutterstock&nbsp;

Tesla's Optimus Robots Were Remotely Assisted By Humans At 'We, Robot' Event

These preliminary&nbsp;Third Quarter&nbsp;2024 revenue and Adjusted EBITDA results are within its previously announced&nbsp;guidance&nbsp;ranges.&nbsp;&nbsp;

Guidance

Forum Energy Technologies Reports Preliminary Q3 Revenue Of Approximately $208M (Est $214.5M), Bookings Of $205M

Federal Reserve Gov. Christopher J. Waller voiced concerns Monday over recent inflation data, signaling that the central bank must proceed cautiously <a href="https://www.benzinga.com/topic/interest-rates">on interest rate cuts. </a>
Speaking at a conference at Stanford University, Waller struck a slightly hawkish tone, highlighting the U.S. economy's strength while acknowledging worries over recent inflation upticks.
<h1 class="wp-block-heading">Solid Economic Growth but Disappointing Inflation</h1>
Waller emphasized the economy is on &#8220;solid footing,&#8221; with employment near the Federal Open Market Committee&#8217;s (FOMC) maximum objective. But he added, &#8220;The latest inflation data was disappointing.&#8221;
Despite progress in reducing inflation, recent figures suggest uneven progress toward the Fed&#8217;s 2% target.
Waller praised the economy&#8217;s resilience, noting that real GDP grew at a 2.2% annual rate in the first half of 2024 and is expected to accelerate in the third quarter. 
He also mentioned that household resources remain in good shape, though lower-income groups continue to face financial strain. &#8220;These revisions suggest that the economy is much stronger than previously thought, with little indication of a major slowdown in economic activity,&#8221; Waller said.
<h1 class="wp-block-heading">&#8216;Considerable Pent-Up Demand&#8217; As Interest Rates Fall</h1>
Waller highlighted continued strength in consumer spending, despite some moderation. 
Growth in personal consumption expenditures (PCE) has averaged around 2.5% this year. Waller&#8217;s business contacts expressed optimism about &#8220;considerable pent-up demand&#8221; for durable goods and home improvements, demand that has been delayed due to high interest rates.
As interest rates for credit cards and home equity loans begin to decline, Waller expects consumers to resume purchasing &#8220;durable goods, home improvements, and other big-ticket items.&#8221; 
&#8220;Now that rates have started to come down and are expected to come down more, consumers will be eager to make those purchases,&#8221; he said. 
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41314387/most-widely-hated-bull-market-reaches-2-year-milestone-top-20-s-p-500-stocks-drivin">&#8216;Most Widely Hated&#8217; Bull Market Reaches 2-Year Milestone: Top 20 S&amp;P 500 Stocks Driving The Rally</a>
<h1 class="wp-block-heading">Jobs Market Remains Quite Healthy</h1>
Waller also addressed the September jobs report, which far exceeded expectations. &#8220;The labor market remains quite healthy,&#8221; he said, pushing back against speculation that the Fed might have considered an emergency rate cut earlier in the summer. 
While Waller expects payroll gains to slow, he believes job growth will continue at a &#8220;solid rate.&#8221;
He did, however, caution that interpreting the October jobs report may be difficult due to temporary disruptions from recent hurricanes and the Boeing strike, which are expected to skew the numbers.
<h1 class="wp-block-heading">Inflation Rollercoaster and Rate Outlook</h1>
Turning to inflation, Waller expressed concern over September's likely increase in PCE inflation, the Fed's preferred measure. &#8220;We have made a lot of progress on inflation over the last year and a half, but that progress has clearly been uneven — at times it feels like being on a rollercoaster,&#8221; Waller said.
He remains uncertain whether the recent uptick in inflation is a temporary blip or a signal of more persistent inflationary pressures. &#8220;I will be watching the data carefully to see how persistent this recent uptick is,&#8221; he added.
Despite these concerns, Waller reaffirmed his outlook for gradual rate reductions over the next year, aligning with the FOMC&#8217;s median projection of 3.4% for the federal funds rate by the end of 2025. 
However, he acknowledged, &#8220;There is less certainty about the final destination.&#8221;
<h1 class="wp-block-heading">Market Reactions</h1>
Waller&#8217;s remarks have not significantly shifted interest-rate expectations. According to the CME FedWatch Tool, the odds of a 25-basis-point rate cut remained steady at 86%. 
However, if more Fed policymakers also express concerns about inflation in the days to come, and if Thursday's retail sales data exceeds expectations, the likelihood of the Fed holding rates unchanged could rise from here.
On Monday, Treasury yields were largely stable, with the two-year note yield — sensitive to rate policy — hovering around 4%. The U.S. dollar index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), rose 0.3%, reaching its highest level since late July.
Meanwhile, the S&amp;P 500 index, monitored via the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gained 0.8% to close at 5,859 points, extending its record highs.
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<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41319060/s-p-500-extends-record-highs-dow-breaks-43-000-ahead-of-pivotal-earnings-week-bitco">S&amp;P 500 Extends Record Highs, Dow Breaks 43,000 Ahead Of Pivotal Earnings Week, Bitcoin&#8217;s Rally Lifts Crypto Stocks: What&#8217;s Driving Markets Monday?</a></li>
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