Oil is entering its historically strongest month with a bang, as a 3% rally on the final day of March sent West Texas Intermediate crude to a six-week high, just as geopolitical risks reemerge and seasonal <a href="https://www.benzinga.com/markets/commodities">trends signal further upside.</a>



<h2 class="wp-block-heading">Why Oil Is Suddenly Heating Up?</h2>



WTI crude, which is tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), closed out March with an over 3% jump to $71.50 a barrel — its biggest one-day rally since mid-January and the highest level since Feb. 21.



Several bullish forces are converging. First, the ongoing delay in reaching a Black Sea ceasefire between Ukraine and Russia keeps supply risks on the table. Moscow has demanded sanctions relief as a condition for compliance, which could stall negotiations further.



Trump's latest comments in which he threatened secondary sanctions of up to 50% on buyers of Russian oil added more fire to an already tense backdrop.



"If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia's fault — which it might not be — but if I think it was Russia's fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia," Trump told <a href="https://www.nbcnews.com/politics/donald-trump/trump-angry-putin-zelenskyy-iran-sanctions-rcna198729">NBC</a>.



The president also threatened military strikes on Iran if a new nuclear deal isn't reached. "If they don&#8217;t make a deal, there will be bombing — the likes of which they have never seen before." Trump also floated the idea of a 25% indirect tariff on Tehran's oil exports, deepening fears of a renewed Middle East energy shock.



<h2 class="wp-block-heading">Is Seasonality Setting Up A Spring Oil Rally?</h2>



Beyond geopolitics, historical performance is also on the side of oil.



April has statistically been the best month for WTI crude over the past four decades, delivering average gains of 3.4% and rising 63% of the time. The standout years were 1986, 2015, and 1994, with returns of 28%, 25.3%, and 14.3%, respectively. By contrast, April 2002 and 2005 were outliers, dropping 16.4% and 10.3%.



May isn't far behind. The second-best month on average, crude oil gained 2.3% historically, though only 48% of the time. However, the average is skewed by post-crisis rebounds, like the 88% rally in May 2020 during the COVID recovery and a 29.7% jump in May 2009 following the global financial crisis.



Bank of America technical analyst Paul Ciana said the second quarter has typically been strong for oil, with an average gain of about 10% since 1984. The current pattern could favor buying dips in April for a potential upside through June.



"The last ten years favor buying an April dip for a May &#8211; June rally," Ciana said.



In the first three weeks of April, oil posted gains 66% of the time. He also noted that oil has historically traded higher by the end of August in 73% of election cycle years, like 2025.



This looming geopolitical squeeze, combined with seasonal strength, is why many traders are eyeing a test of the $80 level ahead of the summer driving season. With refinery maintenance winding down and gasoline demand typically ramping up in the second quarter, the fundamentals could align for a bullish breakout.



<h3 class="wp-block-heading">Table: Monthly Performance Of Oil Prices Since 1985</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="479" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31152305/CL1_2025-03-31_20-22-02_06921-1024x479.png" alt="" class="wp-image-849889" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31152305/CL1_2025-03-31_20-22-02_06921-1024x479.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31152305/CL1_2025-03-31_20-22-02_06921-300x140.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31152305/CL1_2025-03-31_20-22-02_06921-768x359.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31152305/CL1_2025-03-31_20-22-02_06921-1536x718.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31152305/CL1_2025-03-31_20-22-02_06921.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Data: TradingView – Symbol: CL1! 



Photo: Shutterstock

Analyst Color

Commodities

Analyst Ratings

April Is Oil's Best Month, May Second: Will Prices Hit $80 Before Summer?

Investor sentiment was dealt a shock last week when President Donald Trump declared a 25% tariff on auto imports, increasing inflation fears and spooking the markets. Inflation readings were hotter than expected, <a href="https://www.benzinga.com/etfs/sector-etfs/25/03/44380264/consumer-spending-stumbles-time-to-buy-the-dip-in-retail-etfs">consumer confidence faltered</a> and the national debt outlook worsened.



Despite the volatility in the market, five <a href="https://www.benzinga.com/etfs">ETFs that managed to perform well</a> deserve a mention:



MicroSectors Gold 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHNY#NYSE">SHNY</a>) – This exchange-traded note saw an uptick as investors rushed to gold amid inflation fears and rising global uncertainty.



Weekly Gains: 7.22%



Expense Ratio: 0.95%



GraniteShares 2x Short NVDA Daily ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVD#NASDAQ">NVD</a>) – As AI chip giant Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) ran into headwinds, this leveraged inverse ETF rallied on its pullback.



Weekly Gains: 21%



Expense Ratio: 1.5%



Direxion Daily AI and Big Data Bear 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIBD#NYSE">AIBD</a>) – While AI stocks suffered due to general risk-off sentiment, this bear ETF delivered strong returns.



Weekly Gains: 14.4%



Expense Ratio: 1.04%



T-Rex 2X Inverse Ether Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ETQ#BATS">ETQ</a>) – This inverse Ethereum ETF benefited from the drop in Ether as crypto markets remained volatile.



Weekly Gains: 22.8%



Expense Ratio: 1.25%



iPath Series B S&amp;P 500 VIX Short-Term Futures ETN (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VXX#BATS">VXX</a>) – As uncertainty in the markets rose, volatility climbed, bringing returns for this ETN on short-term VIX futures.



Weekly Gains: 13.14%



Expense Ratio: 0.89%



How Markets Fared Last Week



The news of blanket auto tariffs shook equities, particularly automotive and consumer plays. General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) <a href="https://www.benzinga.com/25/03/44520779/stocks-slip-gold-rallies-auto-tariffs-benefit-tesla-rivian-punish-gm-ford-whats-driving-markets-thursday">nosedived as investors worried about higher costs and lower demand</a>. Companies manufacturing domestically, like Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Rivian (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), stayed safe.



The broader market was also<a href="https://www.benzinga.com/news/25/03/44546899/trumps-25-auto-tariffs-rattle-wall-street-feds-favorite-inflation-gauge-surges-consumer-price-worries-rocket-this-week-in-markets"> low on enthusiasm as trade tensions and higher-than-anticipated inflation</a> readings kept investors cautious. The core Personal Consumption Expenditures (PCE) price index for February climbed 2.8% from a year earlier, exceeding the expected 2.7%. This led to reconsiderations in the Fed&#8217;s rate-cut path, watering down expectations for early monetary easing.



On Friday, the University of Michigan consumer sentiment survey drew an even more dismal picture, saying Americans see inflation averaging 4.1% over the next five years, the highest level since February 1993. Amid these numbers, consumer confidence fell to its lowest level since November 2022.



Needless to say, safe-haven assets came into favor. Gold prices rose to all-time highs as investors fled to safety from market volatility, while Treasury yields surged as bond markets re-priced the Fed&#8217;s policy expectations.



Meanwhile, the U.S. debt-to-GDP ratio is projected to surpass its World War II peak by 2029 and reach a staggering 156% of GDP by 2055, adding another layer of long-term economic uncertainty.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/03/44545009/big-moves-at-intelthese-3-etfs-stand-to-benefit">Big Moves At Intel: These 3 ETFs Stand To Benefit</a></li>
</ul>



Photo: Shutterstock

Broad U.S. Equity ETFs

ETFs

AIBD

NVDA

RIVN

SHNY

TSLA

Tariffs, Inflation And Tumbling Markets: These 5 ETFs Thrived Amid Last Week's Chaos

Larry Fink, chairman and CEO of BlackRock, the world's largest asset manager with more than $10 trillion in assets under management, addressed investors in his <a href="https://www.blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter#the-prosperity-flywheel">2025 annual letter</a>, outlining the company's strategic focus amid economic uncertainty.



What To Know: BlackRock, a global leader in <a href="https://www.benzinga.com/etfs">ETFs</a>, active management and technology-driven investment solutions, is doubling down on innovation, long-term growth and client resilience.



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44563303/gold-beats-sp-500-by-widest-margin-since-2011-as-tariff-fears-trigger-rush-to-hav">Gold Beats S&amp;P 500 By Widest Margin Since 2011 As Tariff Fears Trigger Rush To Havens</a>



Fink highlighted key <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44563303/gold-beats-sp-500-by-widest-margin-since-2011-as-tariff-fears-trigger-rush-to-havens">macroeconomic trends</a>, including persistent inflation, rising interest rates and geopolitical instability. He stressed that BlackRock's scale and diversified investment offerings — from index funds and private markets to fixed income — uniquely position it to help clients navigate volatility.



"I hear it from nearly every client, nearly every leader — nearly every person — I talk to: They&#8217;re more anxious about the economy than any time in recent memory," Fink stated in the letter.



Technology is at the forefront of BlackRock's strategy. The firm continues to expand Aladdin, its proprietary risk management platform, which is used by institutional investors worldwide. 



Fink said <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence's</a> growing role in portfolio management and BlackRock's investments in AI-driven financial solutions.



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44560485/goldman-sachs-slashes-sp-500-price-outlook-as-tariffs-weaker-growth-hit-earnings">Goldman Sachs Slashes S&amp;P 500 Price Outlook As Tariffs, Weaker Growth Hit Earnings</a>



What Else: Among other key points from the annual letter, sustainability remains a critical but evolving focus. While BlackRock offers <a href="https://www.benzinga.com/markets/esg">ESG</a> investment options, Fink acknowledged increasing skepticism around sustainable investing. He said BlackRock's approach is driven by risk management and long-term returns rather than ideology.



"Markets, like everything humans build, aren&#8217;t perfect. They reflect us — unfinished, sometimes flawed, but always improvable. The solution isn&#8217;t to abandon markets; it&#8217;s to expand them."



Retirement security was another key theme, with BlackRock committed to providing innovative retirement solutions as global demographics shift. Fink noted the importance of capital markets in navigating these challenges, stating, &#8220;Of all the systems we&#8217;ve created, among the most powerful — and uniquely suited to moments like ours — began over 400 years ago … We call this system the capital markets."



Fink concluded by reiterating BlackRock's core mission: delivering financial security and long-term prosperity for its clients through innovation, discipline and fiduciary responsibility.



Read Next:



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<li><a href="https://www.benzinga.com/25/03/44558639/amazon-secures-nokias-video-technology-in-major-patent-deal" target="_blank" rel="noreferrer noopener">Nokia, Amazon End Patent Dispute With Major Licensing Pact for Streaming Innovation</a></li>
</ul>



Photo: Shutterstock

News

BlackRock CEO Larry Fink's 2025 Investor Letter: How The Company Will Navigate AI, Inflation, Global Markets

Backed by NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), cloud infrastructure company CoreWeave, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) had one of the most anticipated IPOs in years with its market debut Friday.



Analysts share their reactions after the IPO priced below an expected range of $47 to $55 and closed its first day at $40, equaling its IPO price.



Rosenblatt on CoreWeave: The technology company's IPO debut was disappointing but could prove to be a positive for miners shifting to high-performance computing, Rosenblatt analyst Chris Brendler said in an investor note.



"The market has been taking a ‘glass half empty' approach lately, but we still think CoreWeave's IPO and HPC deal with Galaxy are positive developments for our bull case on miners," Brendler said.



The analyst said power is still in short supply and Bitcoin miners can supply large loads of power. Brendler said CoreWeave's IPO may be "disappointing and discouraging for the overall IPO market."



One item that likely helped was the company's capital commitments from investors like Nvidia, the analyst added.



"As a public company, we not only expect improved visibility on the opportunity but also boost CRWV's ability to raise additional capital. As a result, we think we'll see more lease agreements with miners given advantaged access to power."



The analyst highlighted a new 15-year lease between Galaxy Digital (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BRPHF#OTC">BRPHF</a>) and CoreWeave announced Friday.



D. Boral on CoreWeave: The AI company has an IPO that went off with challenges, D. Boral Capital analyst Jesse Sobelson said.



"Initially aiming to raise up to $2.7 billion, the company ultimately settled for $1.5 billion, pricing shares at $40," Sobelson said.



The analyst said Nvidia helped backstop the offering, buying shares directly with investor demand falling short of initial expectations.



"CRWV's business model revolves around renting high-performance GPU infrastructure to companies requiring substantial computational power for AI, machine learning, and other GPU-accelerated workloads."



Sobelson said the company being unprofitable and having $7 billion in debt may have overshadowed the $1.9 billion in revenue it had last year.



The analyst said partnerships with Nvidia, OpenAI and Microsoft show confidence in the long-term potential of CoreWeave, but may not be enough for investors at the lofty valuation.



"Investor sentiment remains mixed, especially so given Microsoft's recent comments on moderating its AI infrastructure commitments."



The analyst said the lackluster IPO shouldn't be a warning for AI stocks, but rather a reflection of the broader market conditions and risks specific to CoreWeave.



"As CRWV's public market performance unfolds, investors will be closely watching for signs of stabilization and evidence that the company can maintain momentum despite potential headwinds."



CRWV Price Action: CoreWeave stock is down 7.31% to $37.04 on Monday. The stock has traded between $36 and $41.94 since going public Friday.



Read Next: • <a href="https://www.benzinga.com/analyst-ratings/price-target/25/03/44565595/top-wall-street-forecasters-revamp-progress-software-price-expectations-ahead-of-q1-earnings">Top Wall Street Forecasters Revamp Progress Software Price Expectations Ahead Of Q1 Earnings</a> 



Photo: Shutterstock

IPOs

Tech

Trading Ideas

BRPHF

CRWV

CoreWeave IPO Performance Likely Due To Company, Not AI Sector: Analyst Says 'Investor Sentiment Remains Mixed'

March saw gold post a historic outperformance over U.S. equities, with the bullion on track to beat the S&amp;P 500 by its biggest margin in 13 years. Mounting concerns about trade tariffs, economic growth, and geopolitical instability drove the <a href="https://www.benzinga.com/topic/gold">rotation into haven assets.</a>



Gold prices soared 9% in March, delivering their strongest monthly gain since July 2020, as the metal repeatedly notched fresh all-time highs throughout the month.



In contrast, the S&amp;P 500 tumbled 7.6%, creating a nearly 18-percentage-point performance gap—the widest monthly outperformance for gold over U.S. equities since August 2011. 



<h2 class="wp-block-heading">Chart: Gold Notches Strongest 1-Month Leap Against S&amp;P 500</h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="529" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31095632/GLD_SPY_2025-03-31_14-56-17_eaf40-1024x529.png" alt="" class="wp-image-849317" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31095632/GLD_SPY_2025-03-31_14-56-17_eaf40-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31095632/GLD_SPY_2025-03-31_14-56-17_eaf40-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31095632/GLD_SPY_2025-03-31_14-56-17_eaf40-768x396.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31095632/GLD_SPY_2025-03-31_14-56-17_eaf40-1536x793.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31095632/GLD_SPY_2025-03-31_14-56-17_eaf40.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Investor appetite has mirrored the price action. The SPDR Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) saw inflows of $2.8 billion in March, building on February's $4 billion intake. 



Meanwhile, the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) witnessed a massive $18 billion in outflows—the heaviest drawdown since January 2024. However, while SPY bled capital, other S&amp;P 500 ETFs like the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) and iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) pulled in $6 billion and $21.6 billion, respectively.



"Investors have been adding gold to their portfolios to diversify, having shunned the precious metal in favor of tech stocks for many years," David Morrison, analyst at Trade Nation, said.



<h3 class="wp-block-heading">Is This The Start Of A Gold Supercycle?</h3>



While the rally may seem steep, some believe it's far from over. 



Veteran Wall Street investor Ed Yardeni, founder of Yardeni Research, has been bullish on gold since mid-2024 and sees the metal hitting $4,000 by the end of this year and $5,000 in 2026.



Goldman Sachs analyst Daan Struyven presented a scenario where gold could skyrocket even further.



In what the bank terms &#8220;tail-risk&#8221;—such as rising concerns about the Federal Reserve's political independence or questions around the U.S. dollar's reserve currency status—central banks could increase gold purchases to 110 tonnes per month. 



That type of demand pressure could drive up gold to $4,200 or even $4,500. 



<h3 class="wp-block-heading">Q2 Outlook: What Seasonality, Technicals Tell Us</h3>



Looking ahead, the seasonality of gold provides a mixed picture. 



Paul Ciana, a technical strategist at Bank of America, said that since 1975, gold has tended to trend flat in the second quarter. But over the past 10 years, Q2 has typically delivered a 3% gain from late April to late May, with the strongest week being April 4–11, during which gold has risen 0.9% on average.



Interestingly, an up March has often preceded a down June, with this sequence occurring 71% of the time. 



On equities, seasonal trends offer some hope. The S&amp;P 500 Index tends to post gains in the second quarter, averaging 2% into mid-June and 1% by quarter-end. April is often weak, but May brings recovery. 



From a technical perspective, Morrison also observed that gold is not as overbought now as it was six weeks ago, helping to ease concerns about a correction. 



"So far, profit-taking has led to shallow dips which have been met with fresh buying," he said. "But this only increases the probability that there will be a bigger pullback at some stage."



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44560485/goldman-sachs-slashes-sp-500-price-outlook-as-tariffs-weaker-growth-hit-earnings">Goldman Sachs Slashes S&amp;P 500 Price Outlook As Tariffs, Weaker Growth Hit Earnings</a></li>
</ul>



 Image: Shutterstock

Equities

Macro Economic Events

Econ #s

Economics

Gold Beats S&P 500 By Widest Margin Since 2011 As Tariff Fears Trigger Rush To Havens

Risk sentiment remains under pressure at the start of the week on Wall Street, with tech-heavy indexes sliding while commodities advance, as traders fear a new wave of price pressures following <a href="https://www.benzinga.com/topic/tariffs">the upcoming tariffs announcement.</a>



The S&amp;P 500 experienced a turbulent morning session, first hitting its lowest level in over six months before clawing back some ground and trimming losses. Nevertheless, the benchmark equity index is on track for its worst month since September 2022, having fallen 7% in March.



Tech stocks remained the weakest link, with the Nasdaq 100 down 1.1% as semiconductor names weighed on the broader sector. The iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) dropped 1.9% and is down 11.9% month-to-date — also marking its worst month since September 2022.



President Donald Trump's threats toward Iran over the weekend pushed crude oil prices up by 3.5% for the session, marking the biggest single-day gain since October.



Energy-related stocks outperformed and are on pace to log their fourth consecutive positive month, now up 8.5% year-to-date.



Meanwhile, gold prices continued to smash record highs, with bullion surging over 1% to $3,115 per ounce. Quarterly gains have reached 18% — the strongest three-month rally since 2009.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) inched up 1.2% to $83,400, fighting to avoid a second consecutive monthly decline.



<h1 class="wp-block-heading">Monday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg %</td></tr><tr><td>Dow Jones</td><td>41,688.45</td><td>0.3%</td></tr><tr><td>S&amp;P 500</td><td>5,555.01</td><td>-0.5%</td></tr><tr><td>Russell 2000</td><td>2,001.35</td><td>-1.0%</td></tr><tr><td>Nasdaq 100</td><td>19,075.33</td><td>-1.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:45 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $553.82.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) inched 0.2% up to $416.59.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;fell 1.1% to $463.82.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 0.9% to $198.50.</li>



<li>The&nbsp;Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 1.5%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) saw the worst performance, down 1.2%.</li>
</ul>



<h1 class="wp-block-heading">Monday&#8217;s Stock Movers</h1>



<ul>
<li>Celsius Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) surged more than 7% after Truist upgraded the stock from Hold to Buy and lifted its price target from $35 to $45.</li>



<li>Wolfspeed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) roared 11% following a 52% drop on Friday. </li>



<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) shares plunged nearly 10% after the resignation of Dr. Peter Marks, the FDA's top vaccine official, sparked concerns over potential delays in the review of new treatments.</li>
</ul>



Read Now:



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Photo: Shutterstock Professional via Shutterstock

Sector ETFs

$BTC

CELH

MRNA

SOXX

WOLF

Stocks Fall, S&P 500 Eyes Worst Month In Almost Two Years, Oil Rallies: What's Driving Markets Monday?

Goldman Sachs delivered a sobering reality check for equity investors, slashing its year-end S&amp;P 500 target as it expects weaker corporate profits, slower economic growth, and a higher chance of recession to weigh <a href="https://www.benzinga.com/topic/expert-ideas">on valuations and returns.</a>



In a note shared Sunday, Goldman Sachs chief equity strategist David J. Kostin said the bank now expects a 5% drop in a 3-month horizon, down from 0%.



The 12-month S&amp;P 500 price target has also been downwardly revised to 5,900 points, up 6% from current levels compared to earlier estimates of a 16% gain. 



The downward revision stems from a mix of harsher macroeconomic assumptions. Goldman Sachs now expects U.S. GDP to grow at just 1.5% annually, down from 2%, average core personal consumption expenditures inflation to hover at 3.5%, up from 3%, and average U.S. tariffs to spike to 18%—a full 15 percentage points above current levels.



The S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) is already down over 5% year-to-date.



See Also: <a href="https://www.benzinga.com/25/03/44556580/us-stocks-likely-to-open-lower-after-three-day-fall-equity-drawdown-probability-hasnt-peaked-yet-says-goldman-sachs-analyst">US Stocks Likely To Open Lower After 3-Day Fall: &#8216;Equity Drawdown Probability Hasn&#8217;t Peaked Yet,&#8217; Says Goldman Sachs Analyst</a>



<h2 class="wp-block-heading">Slower Earnings Growth In Sight</h2>



Goldman's base case scenario anticipates significantly slower earnings expansion among S&amp;P 500 companies in the coming years. 



The investment bank lowered its earnings-per-share growth estimates for the index to 3% in 2025 and 6% in 2026, down from 7% previously for both years. That equates to EPS levels of $253 next year and $269 the year after.



Those figures fall short of both the top-down strategist consensus, which calls for 9% growth annually, and the more optimistic bottom-up forecasts by equity analysts, expecting 9% and 14% for 2025 and 2026, respectively.



Kostin said the cuts were driven by the revised macro outlook, and noted that "each 100 basis point change in U.S. GDP growth is worth about 3-4% of S&amp;P 500 EPS growth," while "each 5 percentage point increase in the average tariff rate reduces our EPS forecast by 1-2%."



<h2 class="wp-block-heading">Valuations Under Pressure</h2>



Alongside earnings, stock valuations are also seen compressing. The S&amp;P 500 began 2025 trading at a price-to-earnings ratio of 21.5 times forward EPS, but has since dropped to 20 times. 



Goldman projects the multiple will decline further to 19 in the near term, recovering only slightly to 19.5 by year-end.



"Slowing growth and rising uncertainty warrant a higher equity risk premium and lower valuation multiples," Kostin said, citing increased economic policy uncertainty, fragile consumer sentiment, and muted growth expectations.



In fact, much of the recent 9% drop from the S&amp;P 500's February peak to its current level came from this valuation reset alone. 



If macro conditions deteriorate further, Goldman suggests valuations could fall even more aggressively. For comparison, previous market downturns saw P/E ratios hit 15x in 2022, 13x in 2020, and 14x in 2018.



<h2 class="wp-block-heading">Recession Risk Is Back On The Radar</h2>



Goldman assigned a 35% probability that the U.S. economy will enter a recession in the next 12 months.



If that scenario materializes, the S&amp;P 500 could face another leg down, with a potential drawdown of 25% from its February peak—implying a bottom around 4,600, or roughly 17% lower from current levels.



That would also entail a 13% drop in earnings, aligning with historical patterns during downturns.



Read now:



<ul>
<li><a href="https://www.benzinga.com/25/03/44556580/us-stocks-likely-to-open-lower-after-three-day-fall-equity-drawdown-probability-hasnt-peaked-yet-says-goldman-sachs-analyst">US Stocks Likely To Open Lower After 3-Day Fall: &#8216;Equity Drawdown Probability Hasn&#8217;t Peaked Yet,&#8217; Says Goldman Sachs Analyst</a></li>
</ul>



Image: Shutterstock

Goldman Sachs Slashes S&P 500 Price Outlook As Tariffs, Weaker Growth Hit Earnings

As CoreWeave Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) closed at its exact initial public offering price of $40 apiece on Friday, this analyst highlights the challenges for the &#8220;tough&#8221; IPO, stemming from several reasons, including the reduction in artificial intelligence spending by companies in 2025.



What Happened: Dan Niles, the founder and portfolio manager of Niles Investment Management, described the CoreWeave IPO as a &#8220;tough&#8221; one as it closed at the exact IPO price on its listing day. He said in an X posy that a solid deal is one where the stock is up 15-30% from its IPO price on the opening day of trade.



According to Niles, the AI cloud infrastructure company closed at the IPO price because it was backed by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). The chipmaker, led by Jensen Huang, is a 6% investor and contributes at least 15% to CoreWeave&#8217;s revenue. However, Niles wasn&#8217;t convinced that Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which contributes to 62% of CRWV&#8217;s revenue, did not invest $12 billion for extra capacity.



&#8220;What is more troubling to me is the news story that $MSFT, a 62% customer of Coreweave, turned down a $12B option for more capacity. OpenAI reportedly took this capacity, but Microsoft generates a lot of free cash flow to fund their spending, while OpenAI loses a tremendous amount and will need to raise capital in the future to fund their capex desires,&#8221; he said.



He also recalled Alibaba Group Holding Ltd. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) chairman, Jack Ma&#8216;s March 25 statement on AI spending, where he said that pouring a lot of money ahead of significant demand wasn&#8217;t &#8220;entirely necessary&#8221;.



Niles said that these factors, along with reciprocal tariffs on April 2nd, do not bode well for how CoreWeave is likely to trade this upcoming week or related AI names.



&#8220;AI capex spending by mid-year will be going through a digestion phase due to a slowdown in training demand,&#8221; Niles said.



<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">As it relates to the <a href="https://twitter.com/search?q=%24CRWV&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CRWV</a> IPO on Friday, a solid deal is one where the stock is up 15-30% from its IPO price on the opening day of trade. The issuing company is happy at not having underpriced the deal too much in raising capital. Investors receiving the IPO shares are happy for…&mdash; Dan Niles (@DanielTNiles) <a href="https://twitter.com/DanielTNiles/status/1906500919794991223?ref_src=twsrc%5Etfw">March 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/25/03/44554923/goldman-sachs-warns-us-stocks-are-at-risk-of-further-declines-but-policy-pivot-from-trump-or-fed-could-stoke-reco">Goldman Sachs Warns US Stocks ‘Are At Risk Of Further Declines,' But Policy Pivot From Trump Or Fed Could Stoke Recovery </a>



Why It Matters: The shares of CRWV dropped 3.73% to $38.51 apiece in premarket on Monday.



Despite the short-term outlook, Niles said that &#8220;Longer-term, I still believe AI capex spending is likely to double by the end of the decade from current levels driven by inference demand.&#8221;



Addressing the 62% revenue from Microsoft, CRWV&#8217;s CEO, Michael Intrator, turned down the concerns over <a href="https://www.benzinga.com/tech/25/03/44549825/nvidia-backed-coreweaves-ceo-defends-microsoft-openai-revenue-concentration-due-to-mind-bendingly-large-deals">client concentration</a> on the listing day. 



&#8220;They say that we had 60% of revenue from Microsoft, and then we signed a contract with OpenAI for just under $12 billion, and now we&#8217;re less than 50%,&#8221; he said in an <a href="https://fortune.com/2025/03/28/coreweave-ceo-michael-intrator-ipo-going-public-ai-company/">interview</a> with Fortune on Friday. &#8220;All the big players that need this type of infrastructure … those are our customers.&#8221; 



Price Action: While CRWV&#8217;s shares were down in premarket, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, dropped in premarket on Monday. The SPY was down 0.91% to $550.59, while the QQQ declined 1.33% to $462.69, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/03/44555936/scott-bessent-has-worst-job-in-the-world-today-says-black-swan-author-nassim-taleb-as-treasury-secretary-knows-the-implications-of-steep-tariffs">Scott Bessent Has &#8216;Worst Job In The World Today,&#8217; Says Black Swan Author Nassim Taleb, As Treasury Secretary Knows The Implications Of Steep Tariffs </a></li>
</ul>



Photo courtesy: Shutterstock

Futures

Markets

General

BABA

MSFT

CoreWeave's 'Tough' IPO: A Warning Sign For AI Investors? Expert Flags Microsoft's Rejection

Gold surged past $3,100, setting a new intra-day high on Monday morning at $3,128 per ounce. Investors rush to safe-haven assets amid escalating trade tensions and uncertainty surrounding U.S. tariff policies, including President Donald Trump's proposed 25% tariffs on imported cars and auto parts and a new round of reciprocal tariffs set to<a target="_blank" href="https://www.benzinga.com/25/03/44502030/trump-may-slap-a-20-tariff-on-europe-yet-april-still-offers-rally-hopes-for-european-stocks" rel="noreferrer noopener"> take effect on April 2</a>.



"Tariff issues will continue driving (gold) prices higher until there is some finality to the tit-for-tat campaign," Edward Meier said per Reuters.



The yellow metal gained nearly 19% in 2025, propped by geopolitical concerns and central bank demand. Over the last 15 years, foreign ownership of US treasuries has converged with gold as a percent of central bank reserves. Treasury ownership sank from 25%, while gold reserves rose from 7% to reach the 15% mark.



As gold continues to break records, major financial institutions have revised their price forecasts upward. Goldman Sachs expects it to reach $3,300 per ounce by the end of the year, up from its previous target of $3,100.



Bank of America sees the yellow metal at <a target="_blank" href="https://www.benzinga.com/25/03/44499732/bank-of-america-sees-new-gold-as-a-buy-lifts-price-target-by-50" rel="noreferrer noopener">$3,063 per ounce in 2025 </a>and $3,350 per ounce in 2026, a significant increase from earlier projections of $2,750 and $2,625, respectively. Macquarie has similarly pointed to strong central bank demand and investor inflows as key drivers behind gold's bullish trend.



Despite silver's solid performance, it has not yet exceeded the high from last October, when it traded at $34.78 per ounce. The gold-to-silver ratio, a popular measure of metal's relative performance, has widened, reflecting gold's stronger momentum.



It now takes 91 ounces of silver to purchase one ounce of gold, suggesting <a target="_blank" href="https://www.benzinga.com/25/02/43615367/peter-schiff-predicts-silvers-explosive-catch-up-move-as-the-gold-to-silver-ratio-crosses-901-analysts-foresee-silver-prices-to-touch-38-in-2025" rel="noreferrer noopener">silver may be undervalued</a>. Historically, traders use this ratio to determine whether to favor gold or silver in their portfolios. When the ratio is high, some investors buy silver, expecting it to outperform gold in the future. Conversely, when the ratio is low, they may shift holdings into gold.



Still, pursuing this strategy doesn't require physical exchange and storage of metal. Trading the ratio is convenient through specialized ETFs that offer exposure to metals. SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) provide direct exposure to gold, while iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) is a popular option for silver investors. A trader would buy the gold ETF when the ratio is at the lower historical levels and eventually swap for a stake in silver when it gets high.



More aggressive strategies might employ leveraged ETFs like ProShares Ultra Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGL#NYSE">UGL</a>) and ProShares Ultra Silver (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGQ#NYSE">AGQ</a>), which correspond to double the daily performance of the underlying benchmark.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44544885/record-high-gold-prices-start-to-scare-some-investors-as-inflation-anchor-crumbles" target="_blank" rel="noreferrer noopener">‘My Spidey Tingles' — Gold's Surge Has Some Investors On Edge</a></li>
</ul>



Photo via Shutterstock

Government

Specialty ETFs

Politics

Media

Gold Surges Past $3,100 As Tariff Uncertainty Sets Silver Ratio Trade

U.S. stock futures fell on Monday after three consecutive days of decline on Friday. Futures of major benchmark indices were lower in premarket trading.



Stocks decline as investors await the day of incoming reciprocal tariffs on April 2nd. This is termed &#8220;Liberation Day&#8221; by U.S. President Donald Trump.



Goldman Sachs, in its recent note, predicted a <a href="https://www.benzinga.com/markets/equities/25/03/44554304/goldman-sachs-raises-us-recession-risk-to-35-expects-inflation-at-3-5-in-2025-amid-tariff-uncertainties-economist-mohamed-el-erian-highlights-stagflationary-twist">35% recession risk</a> and reciprocal tariffs that average 15% across all U.S. trading partners, although product and country exclusions could whittle the addition to the average U.S. tariff rate down to 9 percentage points.



The stock market ended the month of March and the first quarter on a rough note. As of Friday, the Nasdaq 100 index was 13.24% from its previous high. The S&amp;P 500 was 9.22% lower from its record level, and the Dow Jones was down 7.74% from its 52-week high.



With the 10-year Treasury yield at 4.63% and the 2-year at 3.88%, the CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> shows markets pricing in an 82.1% likelihood of the Federal Reserve maintaining current interest rates through its May meeting. 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-1.24%</td></tr><tr><td>S&amp;P 500</td><td>-0.85%</td></tr><tr><td>Dow Jones</td><td>-0.57%</td></tr><tr><td>Russell 2000</td><td>-1.08%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, dropped in premarket on Friday. The SPY was down 0.71% to $551.70, while the QQQ declined 1.16% to $463.49, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Most sectors on the S&amp;P 500 ended Friday in the red, with consumer discretionary, communication services, and information technology stocks posting the steepest losses. In contrast, utilities outperformed, closing the session higher despite broader market weakness.



Adding to market jitters, the Fed's preferred inflation gauge, the core Personal Consumption Expenditures price index, rose 2.8% year-over-year in February, exceeding expectations of 2.7%.



Investor anxiety was further fueled by the University of Michigan Survey of Consumers, which revealed a jump in 5-year forward inflation expectations to 4.1%, marking the highest level since February 1993.



In corporate earnings, AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) shares plunged more than 16% after the company reported a third-quarter sales miss.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-2.70%</td><td>17,322.99</td></tr><tr><td>S&amp;P 500</td><td>-1.97%</td><td>5,580.94</td></tr><tr><td>Dow Jones</td><td>-1.69%</td><td>41,583.90</td></tr><tr><td>Russell 2000</td><td>-2.05%</td><td>2,023.27</td></tr></tbody></table></figure>



Insights From Analysts:



As the date for &#8220;reciprocal tariffs&#8221; or "Liberation Day," as termed by President Trump, gets closer, Louis Navellier of Navellier &amp; Associates says that there is a lot for investors to be excited about in April.



&#8220;Overall, despite continued tariff distractions, after &#8216;Liberation Day,&#8217; I am expecting economic optimism to rise steadily in the upcoming months. Continued strong corporate earnings and lower interest rates are a powerful one-two punch that is expected to drop kick and propel economic growth dramatically higher,&#8221; he said.



However, Goldman Sachs has increased its U.S. recession probability from 20% to 35% in its recent note.



Christian Mueller-Glissmann, the leading asset allocation researcher at Goldman Sachs, has <a href="https://www.benzinga.com/25/03/44554923/goldman-sachs-warns-us-stocks-are-at-risk-of-further-declines-but-policy-pivot-from-trump-or-fed-could-stoke-reco">warned that the risk of further market correction</a> is still looming in the U.S. &#8220;The equity drawdown probability hasn&#8217;t peaked yet,&#8221; he said.



The factors supporting Goldman Sachs Research's view that the market correction has further to go include:



<ul>
<li>Its model's forecast has signaled heightened risk since January and has yet to indicate a peak in the likelihood of continued declines.</li>
</ul>



<ul>
<li>A weakening macroeconomic backdrop, combined with the equity drawdown, suggests that the market has not yet found a bottom.</li>
</ul>



<ul>
<li>The risk appetite indicator, which measures investor sentiment, remains above the ‘-2' threshold that historically signals a potential market reversal absent policy or economic shifts, indicating that a strong buying opportunity has not yet emerged.</li>
</ul>



<ul>
<li>The Magnificent Seven tech stocks, which play a key role in retail investor confidence, have experienced notable declines, and further weakness in these stocks could weigh on sentiment.</li>
</ul>



<ul>
<li>European and Chinese equities, which are currently outperforming the U.S., have historically led initially but ultimately followed the U.S. during broader market corrections, suggesting that a deeper U.S. downturn could pull global markets lower.</li>
</ul>



Mueller-Glissmann notes a key limitation of his equity drawdown model: it doesn't factor in policy shifts. "If President Trump or the Federal Reserve makes a major policy pivot, markets could recover much faster," he said.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a>



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on this week:



<ul>
<li>On Monday, March&#8217;s Chicago Business Barometer (PMI) will be released by 9:45 a.m. ET.</li>
</ul>



<ul>
<li>On Tuesday, Richmond Federal Reserve President Thomas Barkin will speak at 9:00 a.m. ET.</li>
</ul>



<ul>
<li>March&#8217;s S&amp;P final U.S. manufacturing PMI will be out by 9:45 a.m. ET.</li>
</ul>



<ul>
<li>February&#8217;s construction spending, job openings, and March&#8217;s ISM manufacturing data will be released by 10:00 a.m. ET and the time for auto sales data is yet to be determined.</li>
</ul>



<ul>
<li>On Wednesday, March&#8217;s ADP employment data will be out by 8:15 a.m. ET.</li>
</ul>



<ul>
<li>February&#8217;s factory orders data will be released at 10:00 a.m. ET.</li>
</ul>



<ul>
<li>Fed Governor Adriana Kugler will speak at 4:30 p.m. ET.</li>
</ul>



<ul>
<li>On Thursday, the initial jobless claims data for the week ending March 29 and February&#8217;s U.S. trade deficit data will be released by 8:30 a.m. ET.</li>
</ul>



<ul>
<li>March&#8217;s S&amp;P final U.S. services PMI and ISM services will be announced between 9:45 and 10:00 a.m. ET.</li>
</ul>



<ul>
<li>Fed Vice Chairman Philip Jefferson will speak at 12:30 p.m., and Fed Governor Lisa Cook will speak at 2:30 p.m. ET.</li>
</ul>



<ul>
<li>On Friday, March&#8217;s U.S. employment report, unemployment rate, and hourly wages data will be out by 8:30 a.m. ET.</li>
</ul>



<ul>
<li>Fed Chairman Jerome Powell will speak at 11:25 a.m. ET.</li>
</ul>



<ul>
<li>Fed Governor Michael Barr will speak at noon, and Fed Governor Christopher Waller will speak at 12:45 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) fell 0.66% in premarket on Monday ahead of its earnings after the closing bell. Analysts expect a quarterly earnings of $3.22 per share on revenue of $2.34 million.</li>
</ul>



<ul>
<li>Progress Software Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>) tumbled 0.31% as Wall Street expects it to report a quarterly earnings of $1.06 per share on revenue of $235.63 million after the closing bell.</li>
</ul>



<ul>
<li>Loar Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOAR#NYSE">LOAR</a>) declined 1.64% ahead of its earnings before the opening bell. Analysts expect a quarterly earnings of 10 cents per share on revenue of $102.54 million.</li>
</ul>



<ul>
<li>Babcock &amp; Wilcox Enterprises Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BW#NYSE">BW</a>) was up 1.27% as Wall Street expects it to report a quarterly loss of 1 cent per share on revenue of $213.07 million after the closing bell.</li>
</ul>



<ul>
<li>Xos Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XOS#NASDAQ">XOS</a>) jumped 9.01% as its 2024 revenue surged to $56 million, compared to $44.5 million in 2023. The company delivered 297 units in 2024, up from 283 units in the previous year.</li>
</ul>



<ul>
<li>Acuren Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TIC#NYSE">TIC</a>) slumped 37.78% after a revenue miss and reported a $105.5 million Successor Net Loss for 2024, mainly due to one-time transaction costs. Combined Adjusted EBITDA rose 11.5% to $186.7 million, with margins improved to 17.0% from 15.9% in 2023.</li>
</ul>



<ul>
<li>Treasure Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGL#NASDAQ">TGL</a>) surged 47.50% as it announced plans to develop and deploy an advanced AI cloud infrastructure in Malaysia capable of supporting trillion-parameter models, last week.</li>
</ul>



<ul>
<li>Lexicon Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LXRX#NASDAQ">LXRX</a>) was up 1.38% as it signed an exclusive global license deal with Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) for a first-in-class oral non-incretin drug for obesity and metabolic disorders. The agreement includes up to $1 billion in potential payments, with $75 million upfront and in near-term milestones</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.74% to hover around $69.87 per barrel.



Gold Spot US Dollar advanced 1.24% to hover around $3,122.41 per ounce. Its fresh record high stood at $3,127.88 per ounce. The U.S. Dollar Index spot was lower by 0.05% at the 103.997 level.



Asian markets closed on a lower note on Monday. China&#8217;s CSI 300, India's S&amp;P BSE Sensex, Hong Kong's Hang Seng, South Korea's Kospi, Japan's Nikkei 225, and Australia's ASX 200 index declined. European markets were also lower in early trade.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44554923/goldman-sachs-warns-us-stocks-are-at-risk-of-further-declines-but-policy-pivot-from-trump-or-fed-could-stoke-reco">Goldman Sachs Warns US Stocks &#8216;Are At Risk Of Further Declines,&#8217; But Policy Pivot From Trump Or Fed Could Stoke Recovery</a></li>
</ul>



Photo courtesy: Shutterstock

Asia

Earnings

Earnings Beats

Earnings Misses

Macro Notification

Market Summary

Regulations

Bonds

Guidance

Emerging Markets

Eurozone

Forex

Treasuries

Federal Reserve

Pre-Market Outlook

LOAR

LXRX

PRGS

US Stocks Likely To Open Lower After 3-Day Fall: 'Equity Drawdown Probability Hasn't Peaked Yet,' Says Goldman Sachs Analyst

Prominent investor Chamath Palihapitiya suggested that recent vandalism against Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) represents a coordinated campaign to pressure CEO Elon Musk regarding his work with the Department of Government Efficiency (DOGE), amid mounting concerns from both owners and analysts about the company&#8217;s direction.



What Happened: &#8220;After watching the Fox interview with the DOGE team, it&#8217;s clear to me that the domestic terrorism against Tesla isn&#8217;t bottoms-up vandalism. It&#8217;s an organized effort to pressure Elon to walk away from DOGE,&#8221; Palihapitiya wrote on X, referring to Musk&#8217;s role in the Department of Government Efficiency.



Palihapitiya claimed &#8220;monied interests&#8221; who have &#8220;benefited for decades from organized &#8216;leakage&#8217; from the government&#8221; are behind the attacks, suggesting the United States Department of Justice could uncover this by &#8220;arresting the protestors, making them roll and following the money.&#8221;



<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">After watching the Fox interview with the DOGE team, it's clear to me that the domestic terrorism against Tesla isn't bottoms-up vandalism. It's an organized effort to pressure Elon to walk away from DOGE. Why? There are monied interests that have benefited for decades from…&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1906037828397728164?ref_src=twsrc%5Etfw">March 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



His comments follow multiple reported incidents, including arson at charging stations near Boston, gunshots at a Portland dealership, and attacks on Cybertrucks in Seattle. Rep. Marjorie Taylor Greene (R-Ga.) and House subcommittee members have called for a Federal Bureau of Investigation investigation into these incidents, questioning potential ties to <a href="https://www.benzinga.com/markets/equities/25/03/44295318/marjorie-taylor-greene-demands-fbi-doj-probe-into-organized-attacks-on-teslaquestions-possible-democrat-ngo-ties">Democrat-leaning organizations</a>.



See Also: <a href="https://www.benzinga.com/markets/equities/25/03/44554008/wall-street-on-edge-futures-slide-ahead-of-trumps-liberation-day-tariff-shock">Wall Street On Edge: Futures Slide Ahead of Trump&#8217;s &#8216;Liberation Day&#8217; Tariff Shock</a>



Why It Matters: Tesla owners have expressed growing <a href="https://www.benzinga.com/25/03/44411282/tesla-owners-call-on-elon-musk-for-advanced-security-features-amid-rising-vandalism-there-definitely-is-fear-right-now">fears about vehicle security</a>. &#8220;I really hope Tesla is working on some sort of defensive measures,&#8221; said Tesla owner and investor Sawyer Merritt, as reported by Fortune. John Stringer, President of the Tesla Owners Silicon Valley club, added: &#8220;Within the community, there definitely is fear right now.&#8221;



Attorney General Pam Bondi has characterized the vandalism as &#8220;domestic terrorism,&#8221; while the FBI investigates multiple incidents, including Tesla vehicles being shot at and set ablaze in Las Vegas.



Meanwhile, Wedbush Securities analyst Dan Ives has urged Musk to formally reaffirm his commitment to Tesla and outline a clear <a href="https://www.benzinga.com/markets/equities/25/03/44295318/marjorie-taylor-greene-demands-fbi-doj-probe-into-organized-attacks-on-teslaquestions-possible-democrat-ngo-ties">roadmap for new vehicle launches</a>, calling the current situation &#8220;unsustainable&#8221; for shareholders. Tesla&#8217;s stock has declined approximately 45% since December, with the company reporting its first annual sales decline in 2024.



Tesla lacks a strong valuation metric and short- to medium-term price trend on Benzinga Edge Stock Rankings. However, the stock maintains a positive long-term price trend. For deeper insights, <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">sign up for Benzinga Edge</a>.



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Chamath Palihapitiya Says Tesla Attacks Part Of 'Organized Effort' Against Elon Musk's DOGE Role

Billionaire entrepreneur and investor Mark Cuban voiced concerns over a potential economic crisis brewing in rural America, dubbing it the &#8220;Red Rural Recession&#8221;.



<h2 class="wp-block-heading">What Happened</h2>



Cuban, in a post on BlueSky Social on Friday, warned of a possible recession in rural America, attributing it to the ripple effects of extensive budget cuts, layoffs, and the termination of grants and contracts, which are disproportionately affecting smaller towns, cities, and states.



This warning comes amid a thorough examination of&nbsp;economic policies and fiscal decisions, especially in politically conservative &#8220;red&#8221; regions that often heavily depend&nbsp;on federal and state support&nbsp;to maintain their local economies. Cuban suggests that the &#8220;Red Rural Recession&#8221; could be imminent if the current trend of cuts persists.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="600" height="306" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31041432/Screenshot-2025-03-31-134403.png" alt="" class="wp-image-848707" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31041432/Screenshot-2025-03-31-134403.png 600w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/31041432/Screenshot-2025-03-31-134403-300x153.png 300w" sizes="(max-width: 600px) 100vw, 600px" /></figure>



&#8220;Red&#8221;&nbsp;states, predominantly Republican-leaning, have historically&nbsp;endorsed&nbsp;policies favoring deregulation and reduced&nbsp;government spending. However, Cuban&#8217;s critique indicates&nbsp;a paradox: the very policies&nbsp;advocated by these regions&#8217; leaders could now be hastening their economic downfall



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<h2 class="wp-block-heading">Why It Matters</h2>



Mark Cuban reiterated the warning of a &#8216;Red Rural Recession&#8217; in a following post after CNN highlighted stories like that of Jennifer Piggott, a self-proclaimed &#8220;MAGA junkie&#8221; from a red-voting city in West Virginia. Piggott, along with 124 other probationary civil service workers, was let go from the Treasury Department's Bureau of Fiscal Service, leading to a significant blow to the local economy.



The Bureau, which employs around 2,000 people in a city of 29,000, was severely impacted by these layoffs. Despite a federal judge&#8217;s order to reinstate the fired employees, the Donald Trump administration appealed to the Supreme Court, leaving these individuals in a state of uncertainty.



Trending: Hasbro, MGM, and Skechers trust this AI marketing firm — <a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=562&amp;aff_id=1">invest pre-IPO from $0.55 per share</a>.



Rural areas, typically&nbsp;characterized by smaller populations and&nbsp;limited industrial diversity, are particularly&nbsp;susceptible&nbsp;to disruptions in government funding&nbsp;and employment. The shutdown of federal or state offices, or the termination of contracts with local businesses, could result in immediate job losses, dwindling tax revenues, and financial turmoil in entire communities.



Cuban had previously <a href="https://www.benzinga.com/25/03/44431190/billionaire-mark-cuban-questions-motives-behind-national-turnaround-efforts-asks-who-will-be-worse-off-in-the-us-economic-shift">questioned the motives </a>of the Elon Musk-led Department of Government Efficiency (DOGE), saying, &#8220;But this isn't a corporate turnaround. This is the United States of America.&#8221;



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Mark Cuban Warns Of 'Red Rural Recession' As Hundreds Of Small Town MAGA Supporters Reportedly Lose Federal Jobs: 'Their Finances Will Be Turned Upside Down'

Leading cryptocurrencies dipped on Sunday as investors remain cautious ahead of President Donald Trump's tariff "Liberation Day."



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.38%</td><td>$81,421.08</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.80%</td><td>$1,782.50</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.66%</td><td>$0.1637</td></tr></tbody></table></figure>



What Happened: Bitcoin tumbled below $82,000 during the weekend, a sharp U-turn after hitting nearly $90,000 earlier in the week.



Ethereum also dipped below $1,800 after breaching $2,000 early in the week, marking a 9% decline.



The apex cryptocurrency was down 12.21% in the first quarter, on track to record its worst since 2018. Similarly, Ethereum sank over 45% this quarter. The last time it experienced such struggles was in 2018, when it fell by 46%.



Interestingly, Bitcoin's dominance reached a 4-year high of 61.2%, indicating increased rotation out of altcoins toward the leading digital asset.



Bitcoin's Open Interest dropped by 2.85% in the last 24 hours, suggesting weak speculative demand. The percentage of traders positioned short on BTC rose sharply vis-à-vis those betting on its price increase, according to the Long/Short Ratio.



"Fear" sentiment dominated the market, according to the Crypto Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. ET)</td></tr><tr><td>EOS (EOS)</td><td>+10.73%</td><td>$0.6</td></tr><tr><td>Toncoin (TON)</td><td>+5.75%</td><td>$3.87</td></tr><tr><td>Four (FORM)</td><td>+5.11%</td><td>$2.30</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.84 trillion, following a drop of 0.24% in the last 24 hours.



Stock futures were seen lower overnight on Sunday evening. The Dow Jones Industrial Average Futures slid 199 points, or 0.48%, as of 8:41 p.m. EDT.  Futures tied to the S&amp;P 500 dipped 0.78%, while Nasdaq 100 Futures fell 1.37%.



Uncertainty pervaded capital markets ahead of Trump&#8217;s highly touted <a href="https://in.benzinga.com/25/03/44502030/trump-may-slap-a-20-tariff-on-europe-yet-april-still-offers-rally-hopes-for-european-stocks">"Liberation Day,"</a> a moment when &#8220;reciprocal&#8221; tariffs would be introduced against trading partners accused of taking advantage of low U.S. trade barriers.



The overhang has triggered a sharp decline in stocks this month, with the S&amp;P 500 and Dow losing 6.27% and 5.15%, respectively.



The Dow Jones Industrial Average fell 155.09 points, or 0.37%, to close at 42,299.70. The S&amp;P 500 slid 0.33%, ending at 5,693.31, while the tech-focused Nasdaq Composite dipped 0.53% to close at 17,804.03.



Investors likely reacted to Trump&#8217;s<a href="https://in.benzinga.com/25/03/44506345/trump-imposes-25-tariffs-on-auto-imports-says-this-will-continue-to-spur-growth-canada-eu-slam-the-move"> new 25% tariffs targeting foreign automakers</a>.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Popular blockchain analytics firm CryptoQuant stated that seasonal market participants who were previously selling Bitcoin during local peaks have now shifted to accumulation and HODLing.



"The transition of experienced players into a holding (accumulation) phase signals the potential for further BTC growth in the medium term," CryptoQuant added.



<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">Experienced players have transitioned into the coin accumulation phase "Seasoned market participants, who previously engaged in active selling at local peaks (denoted by red circles), have now shifted their strategy toward holding and accumulating positions." – By <a href="https://twitter.com/AxelAdlerJr?ref_src=twsrc%5Etfw">@AxelAdlerJr</a> <a href="https://t.co/hwDwUz1A3q">pic.twitter.com/hwDwUz1A3q</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1906382563599319381?ref_src=twsrc%5Etfw">March 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst and trader Rekt Capital noticed that Bitcoin filled the CME gap area from $82,000 to $85,000 and was on track to form a new CME gap between $82,700 and $84,000.



"That CME gap will likely form between $82,700 and $84,000, which could set BTC up for a move into at least $84,000 next week," the analyst predicted.



CME gaps are the differences in price between the closing price on a given trading day and the opening price on the following trading day on a Bitcoin futures chart. They often act as strong support or resistance levels.



<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"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> has filled the general CME Gap area from $82k-$85k Moreover, Bitcoin will probably develop a brand new CME Gap over this weekend That CME Gap will likely form between $82700 and $84000 Which could set BTC up for a move into at least $84k next week<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/l2ICljv0Kn">https://t.co/l2ICljv0Kn</a> <a href="https://t.co/5mkrFs4jF8">pic.twitter.com/5mkrFs4jF8</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1906380092453917168?ref_src=twsrc%5Etfw">March 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Avi Rozen on Shutterstock



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Cryptocurrency

Movers

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Sink As Risk Appetite Shrinks Ahead Of Trump's 'Liberation Day:' Analyst Says Seasoned Participants Have Shifted From Selling To HODLing

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, while the index moved to the &#8220;Extreme Fear&#8221; zone on Friday.



U.S. stocks settled lower on Friday, with the Dow Jones index falling more than 700 points during the session as investors assessed recent tariff-related news.



Earlier on Friday, the Fed&#8217;s favorite inflation gauge – the core Personal Consumption Expenditure price index – rose 2.8% on an annual basis in February, surprising estimates of 2.7%.



Investor anxiety deepened following the latest University of Michigan Survey of Consumers, which showed 5-year forward inflation expectations jumping to 4.1%, a 0.2-point increase from prior estimates and the highest reading since February 1993.



AAR Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIR#NYSE">AIR</a>) shares dipped over 16% on Friday after the company reported a third-quarter sales miss.



Most sectors on the S&amp;P 500 closed on a negative note, with consumer discretionary, communication services, and information technology stocks recording the biggest losses on Friday. However, utilities stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by around 716 points to 41,583.90 on Friday. The S&amp;P 500 fell 1.97% to 5,580.94, while the Nasdaq Composite tumbled 2.70% to 17,322.99 during Friday's session.



Investors are awaiting earnings results from PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>), Progress Software Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRGS#NASDAQ">PRGS</a>), and Babcock &amp; Wilcox Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BW#NYSE">BW</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 21.9, the index moved to the &#8220;Extreme Fear&#8221; zone on Friday, versus a prior reading of 28.5.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



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Dow Tumbles Over 700 Points Amid Tariff Concerns: Investor Sentiment Declines, Greed Index Moves To 'Extreme Fear' Zone

U.S. stock futures declined Sunday night as investors braced for a potentially volatile week ahead of President Donald Trump&#8216;s <a href="https://www.benzinga.com/markets/25/03/44552465/trump-unfazed-by-potential-auto-price-hikes-amid-new-tariffs-i-couldnt-care-less">anticipated &#8220;Liberation Day&#8221; tariff announcements</a>.



What Happened: Dow Jones futures fell 200 points to 41,651.00, S&amp;P 500 futures dropped 35 points to 5,588.00, and Nasdaq 100 futures tumbled 216 points to 19,241.00, signaling continued pressure on markets that have struggled throughout March.



The major indices are poised to <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44542620/inflation-fears-spark-risk-off-sentiment-as-magnificent-7-drop-whats-driving-markets-friday">end the month with sharp declines</a>, as the S&amp;P 500, tracked by SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), is down 6.27%, the Dow Jones Industrial Average, tracked by SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), has dropped 5.15%, and the Nasdaq Composite, tracked by Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), has tumbled 8.09%.



Global markets also reflected investor anxiety, with Japan&#8217;s Nikkei 225 plummeting 1,203.93 points to 35,916.40 on Monday at 10:25 am local time.



See Also: <a href="https://www.benzinga.com/markets/25/03/44549998/cathie-wood-sees-small-business-recovery-ahead-tom-lee-predicts-extremely-high-odds-of-a-v-shaped-ma">Cathie Wood Sees Small Business Recovery Ahead, Tom Lee Predicts &#8216;Extremely High&#8217; Odds Of A V-Shaped Market Rebound</a>



Why It Matters: Trump is set to announce new &#8220;reciprocal&#8221; tariffs on April 2, dubbed &#8220;Liberation Day,&#8221; aimed at countries <a href="https://in.benzinga.com/25/03/44502030/trump-may-slap-a-20-tariff-on-europe-yet-april-still-offers-rally-hopes-for-european-stocks">imposing trade barriers and duties</a>.



The tariff concerns compound existing trade tensions following Trump&#8217;s Mar. 26 announcement of <a href="https://in.benzinga.com/news/25/03/44546899/trumps-25-auto-tariffs-rattle-wall-street-feds-favorite-inflation-gauge-surges-consumer-price-worries-rocket-this-week-in-markets">25% auto tariffs</a> scheduled to take effect Apr. 3. Additionally, the one-month suspension of 25% tariffs on numerous Canadian and Mexican goods is set to expire in early April.



Market participants will also digest critical economic data this week, highlighted by the March jobs report scheduled for release Friday morning at 8:30 a.m. ET, which could provide insights into the health of the U.S. economy amid mounting trade pressures.



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Wall Street On Edge: Futures Slide Ahead of Trump's 'Liberation Day' Tariff Shock

Pierre Ferragu, an analyst at New Street Research, long-time Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) advocate, and Grok investor, believes that the <a href="https://www.benzinga.com/25/03/44549314/elon-musk-acquires-his-own-social-media-platform-x-through-xai-in-33-billion-deal-says-combined-entity-now-worth-80-billion">$113 billion market cap</a> of Elon Musk's latest merger will soon seem modest.



What Happened: Ferragu reacted positively to the news that Musk is merging xAI with his social media platform X in a deal valuing the combined entity at $113 billion.



"Oh yes. The global town square is taking a massive step up," Ferragu said X, adding that the $113 billion valuation "will look tiny in a few years," highlighting his bullish outlook on the growth potential of the merged companies.&nbsp;



"So much potential," he said, while also noting, "I am biased, do your own research."



See Also:&nbsp;<a href="https://in.benzinga.com/tech/25/02/43772135/ex-openai-chief-scientist-ilya-sutskevers-ai-startup-valued-at-30-billion-in-latest-funding-round-report" target="_blank" rel="noreferrer noopener">Ex-OpenAI Chief Scientist Ilya Sutskever's AI Startup Valued At $30 Billion In Latest Funding Round: Report</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">This $113bn market cap will look tiny in a few years. So much potential. (I am biased, do your own research.)&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1905812601977626710?ref_src=twsrc%5Etfw">March 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The all-stock deal combines xAI, which Musk launched to rival ChatGPT-parent OpenAI, with X, formerly Twitter, which he acquired for<a href="https://www.benzinga.com/general/social-media/25/03/44404525/elon-musk-paid-high-price-for-twitter-but-after-years-of-declining-value-x-is-once-again-wor"> $44 billion in October 2022</a>.&nbsp;



Musk said the merger will unify "data, models, compute, distribution and talent" under a new holding company, xAI Holdings Corp. The move values xAI at $80 billion and X at $33 billion.



Musk has a history of merging his own companies. In 2016, he leveraged Tesla stock to acquire SolarCity, his solar energy venture.



His other privately held enterprises include SpaceX, which focuses on rocket technology; Neuralink, a company developing brain-implant chips; and The Boring Company, specializing in tunnel construction.



Photo courtesy: Shutterstock



Check out more of Benzinga&#8217;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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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.

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Tesla Bull Pierre Ferragu Predicts $113 Billion Combined Market Cap Of Elon Musk's AI Startup xAI And X Will Look 'Tiny' In Few Years: 'So Much Potential'

President Donald Trump remains undeterred in the face of potential price hikes in the auto industry in response to his new tariffs on foreign-made vehicles.



What Happened: On Saturday, Trump refuted claims that he had advised auto industry leaders against price increases in response to the new tariffs. Instead, he reaffirmed his decision to raise tariffs in an effort to boost American manufacturing.



&#8220;I couldn&#8217;t care less if they raise prices, because people are going to start buying American-made cars,&#8221; Trump stated in an interview <a href="https://www.nbcnews.com/politics/donald-trump/trump-says-couldnt-care-less-automakers-raise-prices-tariffs-rcna198731">with</a> NBC News. He further expressed his anticipation for price increases, which he believes will steer consumers towards American-made vehicles.



Earlier this week, Trump declared a 25% tariff on foreign-made cars and auto parts, set to take effect from April 2. Countries such as Germany, Japan, and South Korea are predicted to be most affected by these tariffs.



Also Read: <a href="https://www.benzinga.com/25/03/44509009/over-7-million-vehicles-could-face-the-brunt-of-trumps-auto-tariff-this-could-drive-not-the-overall-economy-stric">Over 7 Million Vehicles Could Face The Brunt Of Trump&#8217;s Auto Tariffs: &#8216;This Could Drive&#8230;The Auto industry Into Recession&#8217;</a>



Trump confirmed these import policies are here to stay. &#8220;The world has been ripping&nbsp;off the United States for&nbsp;the last 40 years and&nbsp;more,&#8221; he declared. &#8220;And all we&#8217;re&nbsp;doing is being fair, and&nbsp;frankly, I&#8217;m being very generous.&#8221;



According to reports, if&nbsp;the tariffs are fully passed&nbsp;onto consumers, the average price of an imported vehicle could spike by $12,500. This could potentially fuel overall inflation. However, Trump pointed out that countries with &#8220;great value&#8221; resources might have room to negotiate lower prices.



Despite some resistance from lawmakers, Trump is convinced that this move will bring long-term benefits for the U.S. This announcement has already triggered significant investments in American plants by foreign companies, including&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>),&nbsp;Honda Motor Co., Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>), and&nbsp;Hyundai Motor Company&nbsp;(KRX: 005380).



Why It Matters: This decision by the President could reshape the auto industry, potentially leading to a shift in consumer behavior towards American-made vehicles. 



The move has already sparked investments from foreign companies in American manufacturing plants, indicating a possible boost to the domestic auto industry. 



However, the potential price hike and its impact on inflation will be a key factor to watch in the coming months.



Read Next



<a href="https://www.benzinga.com/markets/25/03/44346155/trumps-tesla-shoutout-falls-flat-no-spike-in-orders-or-inventory-movement">Trump&#8217;s Tesla Shoutout Falls Flat — No Spike in Orders or Inventory Movement</a>

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Trump Unfazed by Potential Auto Price Hikes Amid New Tariffs: 'I Couldn't Care Less'

Defense Secretary Pete Hegseth has reportedly been taking his wife to high-level foreign meetings where sensitive information was discussed.



What Happened: Hegseth brought Jennifer Hegseth to at least two meetings with foreign military leaders.



According to the report <a href="https://www.wsj.com/politics/national-security/hegseth-brought-his-wife-to-sensitive-meetings-with-foreign-military-officials-c16db0ea?mod=hp_lead_pos1">by</a> The Wall Street Journal, the meetings in question included one with UK Secretary of Defense John Healey on March 6, and a NATO meeting in Brussels in February. Jennifer Hegseth, a former Fox News producer, was present at both meetings where sensitive information regarding support for Ukraine was discussed.



While a&nbsp;secretary can invite anyone to&nbsp;meetings, attendees typically possess security clearances due to the sensitive nature of discussions. Jennifer Hegseth, who is not a Defense Department employee, has not confirmed whether she holds a security clearance.



"When you have meetings with ministers or high-level NATO officials, those meetings almost always include sensitive security conversations," former Secretary of Defense Chuck Hagel, a Republican who served in the Obama administration, told the outlet.



Also Read: <a href="https://www.benzinga.com/startups/25/02/43434159/defense-secretary-pete-hegseths-6m-earnings-revealednewly-sworn-in-defense-secretary-pete-hegseth-earned-nearly-6-million-over-the-past-two-years-from-his-fox-news-job-book-deals-and-spea">Defense Secretary Pete Hegseth&#8217;s $6M Earnings Revealed</a>



"If you are going to discuss top secret, national security issues, you have to be very selective. What's the relevancy of the person you are inviting?" he added. 



Some attendees at the meetings were reportedly unaware of Jennifer Hegseth&#8217;s identity, while others were surprised by her presence. It remains unclear whether her attendance impacted the discussions.



Current and former defense officials&nbsp;have stated that&nbsp;it is unusual for spouses&nbsp;to attend such meetings, raising questions about the appropriateness of Jennifer Hegseth&#8217;s presence.



Why It Matters: The presence of Jennifer Hegseth at these high-level meetings raises serious questions about the security protocols in place. It is not common practice for spouses, who do not hold official positions or security clearances, to be present at such meetings where sensitive information is discussed. 



This incident has sparked a debate about the professional boundaries within the Defense Department and the potential risks associated with breaching these boundaries.



Read Next



<a href="https://www.benzinga.com/news/25/03/44348262/trump-musk-and-democrats-get-low-marks-on-economy-in-nbc-poll">Trump, Musk, and Democrats Get Low Marks on Economy in NBC Poll</a>



Image: Shutterstock

Defense Secretary Hegseth Under Fire for Bringing Wife To High-Level Security Meetings

The past week in the world of business and finance was nothing short of eventful. From the FBI stepping in to address violent protests against&nbsp;Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) to&nbsp;Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)&nbsp;making strategic moves in the EV sector, there was no shortage of headlines. Here&#8217;s a quick recap of the top stories.



FBI Steps Up Against Tesla Protests



In response to escalating violent attacks involving Tesla, the Federal Bureau of Investigation has initiated a new task force. FBI Director Kash Patel, who labeled the attacks as &#8220;domestic terrorism,&#8221; addressed the issue on social media.



<a href="https://in.benzinga.com/markets/equities/25/03/44474423/fbi-launches-task-force-to-address-tesla-protests-director-kash-patel-condemns-violence-as-domestic-terrorism">Read the full article here.</a>



Rivian&#8217;s Micromobility Spin-Off



Rivian Automotive announced the spin-off of its micromobility business into a new entity, Also, Inc. The news was well-received by the market, with Rivian&#8217;s shares experiencing a boost post-announcement.



<a href="https://www.benzinga.com/trading-ideas/movers/25/03/44494216/rivian-doubles-down-on-ev-innovation-with-micromobility-spin-off-stock-gains">Read the full article here.</a>



See Also: <a href="https://www.benzinga.com/general/space/25/03/44509379/boeing-lockheeds-vulcan-rocket-aimed-to-rival-spacexs-falcon-9-cleared-for-us-security-missions" target="_blank" rel="noreferrer noopener">Boeing-Lockheed's Vulcan Rocket Aimed To Rival SpaceX's Falcon 9 Cleared For US Security Missions</a>



Experts Dispute Tesla Vandalism Claims



Claims by Elon Musk and Donald Trump that recent attacks on Tesla properties are part of a coordinated effort have been dismissed by law enforcement agencies and experts. A report by NBC News revealed no evidence of such coordinated efforts.



<a href="https://www.benzinga.com/markets/equities/25/03/44455245/tesla-vandalism-no-coordinated-efforts-detected-experts-dispute-elon-musk-and-trumps-allegations">Read the full article here.</a>



Ford&#8217;s Manual Shift in EVs



Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)&nbsp;has filed a patent for a manual shift in electric vehicles, sparking conversations in the EV sector. The company has a history of filing patents for its electric vehicles and technology.



<a href="https://www.benzinga.com/news/25/03/44484646/ford-patent-filing-for-manual-shift-in-evs-will-car-owners-appreciate-the-legacy-stick-shift-efforts">Read the full article here.</a>



Waymo&#8217;s Parking Fines



Alphabet&#8216;s Waymo autonomous vehicles have racked up fines totaling $65,065 in San Francisco for traffic violations, including obstructing traffic and parking in restricted zones.



<a href="https://www.benzinga.com/25/03/44530904/waymos-robotaxis-rack-up-600-parking-tickets-65000-in-fines-in-just-san-francisco-in-2024">Read the full article here.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/03/44507598/elon-musk-warns-of-significant-impact-on-tesla-due-to-trumps-auto-tariffs-the-cost-impact-is-not-trivial" target="_blank" rel="noreferrer noopener">Elon Musk Warns Of ‘Significant' Impact On Tesla Due To Trump's Auto Tariffs: ‘The Cost Impact Is Not Trivial'</a></li>
</ul>



Photo courtesy: Tesla



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/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

FBI Targets Tesla Protests, Rivian's Micromobility Spin-Off, And Waymo's Parking Fines: This Week In Mobility

The past week was filled with significant developments, from oil and gas executives expressing their frustration with President Donald Trump&#8217;s drilling policies to Vice President JD Vance raising security concerns over Greenland. Here&#8217;s a quick recap of the top stories.



Oil and Gas Executives Challenge Trump&#8217;s Drilling Agenda



Leaders in the oil and gas industry expressed their dissatisfaction with President Trump&#8217;s drilling policies, according to a quarterly survey released by the Federal Reserve Bank of Dallas. Trump&#8217;s campaign promise to bring down prices through increased domestic drilling has not sat well with energy executives who are seeking more stability.



<a href="https://www.benzinga.com/markets/commodities/25/03/44522105/oil-and-gas-executives-rebuke-trumps-drill-baby-drill-agenda-we-want-more-stability">Read the full article here.</a>



JD Vance Questions Denmark&#8217;s Ability to Protect Greenland



Vice President JD Vance has voiced concerns over Denmark&#8217;s ability to safeguard Greenland, suggesting that the U.S. could provide better security. During a visit to the U.S. military base at Pituffik in Greenland, Vance emphasized the strategic importance of the Arctic territory and criticized Denmark&#8217;s lack of resources to protect the region from potential threats.



<a href="https://www.benzinga.com/25/03/44549976/jd-vance-slams-denmark-for-not-keeping-greenland-safe-from-russian-chinese-incursions-we-can-make-them-much-more-secure">Read the full article here.</a>



See Also: <a href="https://www.benzinga.com/25/03/44508234/ontario-premier-doug-ford-supports-retaliatory-tariffs-amid-us-auto-levy-inflict-as-much-pain-as-possible">Ontario Premier Doug Ford Supports Retaliatory Tariffs Amid US Auto Levy: &#8216;Inflict As Much Pain As Possible&#8217;</a>



Trump and Canadian PM Mark Carney&#8217;s Productive Dialogue



President Donald Trump and Canadian Prime Minister Mark Carney engaged in a productive conversation last Friday. This marked the first interaction between the two leaders since Carney assumed leadership of Canada's ruling Liberals on March 9. Trump expressed optimism about future collaborations on Truth Social.



<a href="https://www.benzinga.com/25/03/44549872/trump-says-he-had-an-extremely-productive-call-with-canadian-pm-mark-carney-amid-heightened-us-canada-tensions">Read the full article here.</a>



Trump&#8217;s Approval Rating Hits New Low



President Trump&#8217;s approval rating has hit a new low since his January inauguration. Despite high approval ratings in the early weeks of his presidency, Trump&#8217;s popularity has since declined, with Americans expressing dissatisfaction with his handling of the economy.



<a href="https://www.benzinga.com/politics/25/03/44505859/trumps-approval-rating-hits-new-low-since-inauguration-americans-unhappy-with-presidents-handling-of-economy">Read the full article here.</a>



Trump Administration Officials Face Lawsuit Over Signal Leak



National security leaders from the Trump administration are facing a lawsuit alleging that they used the encrypted messaging app Signal to discuss military operations, potentially violating the Federal Records Act. The lawsuit was initiated by American Oversight, a watchdog organization.



<a href="https://www.benzinga.com/25/03/44485684/trump-administration-officials-face-lawsuit-over-signal-leak-war-planning-doesnt-belong-in-emoji-laden-disappearing-group-chats">Read the full article here.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/space/25/03/44509379/boeing-lockheeds-vulcan-rocket-aimed-to-rival-spacexs-falcon-9-cleared-for-us-security-missions">Boeing-Lockheed&#8217;s Vulcan Rocket Aimed To Rival SpaceX&#8217;s Falcon 9 Cleared For US Security Missions</a></li>
</ul>



Photo courtesy: Shutterstock



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Oil Execs Challenge Trump's Drilling Agenda, JD Vance Criticizes Denmark, And More: This Week In Politics

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