Leading cryptocurrencies rallied on Wednesday on news that Bitcoin would be granted special status in the national strategic cryptocurrency reserve.



<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 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+4.01%</td><td>$90,164.31</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>+3.79%</td><td>$2,245.90</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>+2.42%</td><td>$0.2029</td></tr></tbody></table></figure>



What Happened: The apex cryptocurrency surpassed $90,000, recouping gains lost due to the ongoing tariff announcements by President Donald Trump.



The momentum trickled to the rest of the market as Ethereum sailed past $2,500, hitting an intraday high of $2,272.80.



The improvement in sentiment came after Commerce Secretary Howard Lutnick indicated <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44143660/howard-lutnick-says-president-definitely-thinks-theres-a-bitcoin-strategic-reserve">major policy announcements</a> during Friday&#8217;s White House crypto summit. He confirmed that Bitcoin may receive special status in the national cryptocurrency reserve, but other tokens will be treated differently but positively.



The rally liquidated short positions worth $145 million from the cryptocurrency market in the last 24 hours.



Bitcoin's Open Interest popped 5.34%. A surge in spot price, coinciding with a jump in OI, indicated an influx of fresh money into the market.



More than 55% of traders on Binance were positioned long as of this writing, according to the Long/Short Ratio, implying a bullish sentiment.



In contrast, the Crypto Fear and Greed Index remained in the "Extreme Fear" zone.



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 7:45 p.m. ET)</td></tr><tr><td>Ondo (ONDO)</td><td>+19.90%</td><td>$1.15</td></tr><tr><td>Bitcoin Cash (BCH)</td><td>+18.82%</td><td>$387.05</td></tr><tr><td>Aptos (APT)</td><td>+13.63%</td><td>$6.20</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.96 trillion, following an increase of 3.30% in the last 24 hours.



Stocks recovered on Wednesday following two consecutive days of losses. The Dow Jones Industrial Average jumped 485.60 points, or 1.14%, to close at 43,006.59. The S&amp;P 500 gained 1.12%, ending at 5,842.63, while the tech-focused Nasdaq Composite added 1.46% to close the session at 18,552.73.



The recovery came after the <a href="https://www.benzinga.com/25/03/44149833/trump-delays-ford-gm-stellantis-from-from-tariffs-on-mexico-canada-for-one-month">Trump administration paused tariffs on automobile manufacturers' imports</a> by one month, sending stocks of big automakers higher.



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



Analyst Notes: Widely followed cryptocurrency analyst, Ali Martinez, stated that if Bitcoin reclaims $97,000, there is a strong chance of it moving toward $150,000, according to the Pi Cycle Top indicator.



The Pi Cycle Top Indicator is a technical indicator used to identify potential tops in Bitcoin&#8217;s price cycles.



<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">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> reclaims $97,000, it could gain momentum for a move toward $150,000, according to the Pi Cycle Top indicator! <a href="https://t.co/yok308t4Jy">pic.twitter.com/yok308t4Jy</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1897440993752100984?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Popular on-chain analytics firm Santiment noted a sharp drop in Ethereum sentiment owing to its underperformance relative to other large-cap cryptocurrencies.&nbsp;



"For those patiently holding their ETH, the bearishness being projected across social media is a good sign of a potential turnaround once crypto markets stabilize," the analytics firm predicted.



<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">&#x1f43b; Ethereum sentiment has declined to year-low levels as the asset has underperformed relative to other top caps. For those patiently holding their <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, the bearishness being projected across social media is a good sign of a potential turnaround once crypto markets stabilize. <a href="https://t.co/iRaKTvb0Tu">pic.twitter.com/iRaKTvb0Tu</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1897453613162594338?ref_src=twsrc%5Etfw">March 6, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by CMP_NZ on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/03/44151496/trumps-crypto-push-ibit-vs-etha-which-etf-stands-to-gain-more">Trump&#8217;s Crypto Push: IBIT Vs. ETHA – Which ETF Stands To Gain More?</a></li>
</ul>

Cryptocurrency

News

Markets

Movers

Trading Ideas

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Spike Amid High Hopes From White House Crypto Summit: This Analyst Has Some Good News For Those 'Patiently Holding' Their ETH

Jim Cramer voiced support for CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) on Wednesday, challenging bearish analysts by purchasing shares for his Charitable Trust despite the cybersecurity firm&#8217;s recent stock decline.



What Happened: &#8220;We bought some Crowdstrike today for the Charitable Trust thinking the analysts who were so negative today had it wrong,&#8221; CNBC&#8217;s Cramer wrote on X, inviting viewers to watch his interview with CEO George Kurtz.



During the <a href="https://www.cnbc.com/2025/03/05/cramer-suggests-trump-is-upending-the-way-investors-evaluate-stocks.html">interview</a>, Kurtz painted a concerning picture of today&#8217;s cybersecurity landscape, noting that geopolitical tensions are driving increased threat activity. &#8220;Adversaries get more active, nation state adversaries get more active, and certainly in the confusion of that, you have the e-criminals that come out,&#8221; he told Cramer.



Kurtz revealed that hackers can now breach and navigate systems in just 51 seconds, a speed unprecedented in the company&#8217;s experience. He also described sophisticated schemes by North Korean hackers who apply for remote jobs at well-known companies, receive company laptops, and redirect them to &#8220;laptop farms&#8221; controlled by North Korean operatives.



<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">We bought some Crowdstrike today for the Charitable Trust thinking the analysts who were so negative today had it wrong. Watch George Kurtz tonight on <a href="https://twitter.com/MadMoneyOnCNBC?ref_src=twsrc%5Etfw">@MadMoneyOnCNBC</a> to see if we are right!&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1897407203767918880?ref_src=twsrc%5Etfw">March 5, 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/personal-finance/25/03/44068159/nba-legend-shaq-says-his-net-worth-quadrupled-once-he-took-note-from-jeff-bezos-and-started-investing-in-things-that-change-peoples-lives" target="_blank" rel="noreferrer noopener">NBA Legend Shaq Says His Net Worth ‘Quadrupled' Once He Took Note From Jeff Bezos And Started Investing In Things That ‘Change People's Lives'</a>



Why It Matters: The CrowdStrike CEO highlighted how agentic AI is creating demand for new cybersecurity solutions, comparing it to previous technology cycles that necessitated enhanced security measures. 



Despite beating analyst expectations with fourth-quarter revenue of $1.058 billion and adjusted earnings of $1.03 per share, CrowdStrike shares fell over 6% Wednesday following soft earnings guidance. The company expects first-quarter adjusted earnings of 64-66 cents per share, <a href="https://www.benzinga.com/news/earnings/25/03/44127302/crowdstrike-q4-earnings-revenue-beat-eps-beat-strong-momentum-shares-slide-on-soft-guidance">below analysts&#8217; 95-cent estimate</a>.



On the earnings call, Kurtz described the company as a &#8220;comeback story&#8221; following last year&#8217;s <a href="https://www.benzinga.com/news/earnings/25/03/44127302/crowdstrike-q4-earnings-revenue-beat-eps-beat-strong-momentum-shares-slide-on-soft-guidance">major global outage</a>, pointing to strong momentum in cloud security and identity protection businesses that now exceed $1.3 billion in combined annual recurring revenue



Price Action: CrowdStrike closed at $365.44 on Wednesday, down 6.34%. After hours, it rose 0.13% to $365.90. The stock is up 5.21% year to date and 22.81% over the past year, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Read Next:



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<li><a href="https://www.benzinga.com/personal-finance/25/03/44065932/mark-cuban-was-asked-how-hed-invest-100k-his-answer-buy-bulk-toothpaste-and-soup-for-the-best-guaranteed-return-on-investment" target="_blank" rel="noreferrer noopener">Mark Cuban Was Asked How He'd Invest $100K — His Answer? Buy Bulk Toothpaste And Soup For The ‘Best Guaranteed Return On Investment'</a></li>
</ul>



Image Via Shutterstock



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

Equities

CRWD

Jim Cramer Doubles Down On CrowdStrike Despite Drop: 'Analysts Who Were So Negative…Had It Wrong'

In a decision made public on Tuesday, a U.S. federal judge has dismissed a shareholder lawsuit accusing Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) of misleading investors about its foundry business, which contributed to a $32 billion market value wipeout after the company reported heavy losses.



What Happened: Investors alleged that Intel concealed a $7 billion operating loss tied to its chip manufacturing unit, Intel Foundry Services, in the fiscal year 2023. The company only disclosed the figure in April 2024 after restructuring its financial reporting, reported Reuters.



However, U.S. District Judge Trina Thompson ruled that shareholders had incorrectly linked the loss to the foundry business and that Intel had not misled investors.



She also found that statements made by then-CEO Patrick Gelsinger in March 2024—claiming Intel had &#8220;significant traction&#8221; and &#8220;growing demand for our foundry offering&#8221;—were not fraudulent because they referred to specific customers rather than overall revenue.



Investors may still file an amended complaint, leaving the door open for further legal action.&nbsp;



See Also: <a href="https://www.benzinga.com/25/03/44070969/former-intel-ceo-craig-barrett-warns-that-splitting-the-company-would-be-a-costly-mistake-a-far-better-move-might-be-to-fire-the-intel-board-and-rehire-pat-gelsinger">&#8216;Fire The Intel Board,&#8217; Says Former CEO Craig Barrett As He Pushes Back On Breakup Plans, Urges Focus On Chipmaking Wins</a>



Why It Matters: Intel has struggled to <a href="https://in.benzinga.com/tech/25/02/43680696/bill-gates-has-a-soft-spot-for-intel-but-says-the-chip-giant-has-lost-its-way-questions-whether-the-company-can-recover-after-ceo-exit-and-falling-behind-in-ai">compete with major chipmakers</a> like Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), especially amid the artificial intelligence boom.&nbsp;



Last month, it was reported that Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and TSMC are exploring deals that could <a href="https://in.benzinga.com/markets/25/02/43761300/intel-could-be-split-in-two-as-broadcom-and-tsmc-explore-deals-trump-white-house-resists-foreign-ownership-report">result in the breakup</a> of Intel.



In January, the company announced its <a href="https://www.benzinga.com/insights/earnings/25/01/43353848/intel-earnings-analysis-q4-recap">fourth-quarter earnings</a>, showing a $1.15 billion drop in revenue compared to the previous year. Its market capitalization is currently $90.10 billion.



Intel is <a href="https://www.benzinga.com/25/02/43965130/intels-panther-lake-yield-under-30-says-top-analyst-mass-production-in-second-half-of-2025-challenging">currently relies</a> on its advanced 18A process node to regain profitability by 2026. This cutting-edge technology will be used in upcoming products like Panther Lake and Clearwater Forest.



Last week it was reported that Intel may not launch its chip fabrication plant in Ohio until 2030 or 2031. Financial struggles have forced the company to delay its $28 billion semiconductor project in central <a href="https://in.benzinga.com/media/25/02/44052935/intel-delays-28-billion-ohio-chip-plant-again-pushing-opening-to-2030-amid-financial-struggles">Ohio for a second time</a> in 2025.



Price Action: Intel's stock ended Wednesday at $20.81, down 2.44%. It slipped another 0.62% in after-hours trading. So far this year, the stock has risen 2.92%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Photo Courtesy: Shutterstock.com



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<li><a href="https://www.benzinga.com/news/25/02/44055314/mrbeast-lost-millions-on-amazons-beast-games-now-hes-looking-to-raise-hundreds-of-millions-to-take-h" target="_blank" rel="noreferrer noopener">MrBeast Lost Millions On Amazon&#8217;s ‘Beast Games&#8217;—Now He&#8217;s Looking To Raise Hundreds Of Millions To Take His Brand To The Next Level</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.

Legal

Tech

Media

AVGO

INTC

NVDA

Intel Beats Investor Lawsuit After $32 Billion Stock Plunge—Judge Rules Foundry Losses Weren't Misleading

President Donald Trump is partly stepping back from <a href="https://www.benzinga.com/news/25/03/44143647/trump-considering-tariff-relief-for-mexico-canada-commerce-secretary-lutnick-says">his tariffs on Mexico and Canada</a> by pausing levies on automobile manufacturers&#8217; imports, including Ford Motor Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>).



What Happened: Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-03-05/us-weighs-one-month-delay-of-auto-tariffs-on-canada-mexico">reported</a> on Wednesday that Trump had indeed made an exemption for the automotive industry after talking to industry leaders on Tuesday.



The tariffs on automakers were delayed by one month, similar to Trump&#8217;s <a href="https://www.benzinga.com/government/regulations/25/02/43440692/us-mexico-agrees-on-one-month-tariffs-pause-stocks-rebound-peso-rallies">delay in February</a>.



&#8220;Reciprocal tariffs will still go into effect on April, 2, but at the request of the companies associated with USMCA [United States–Mexico–Canada Agreement], the president is giving them an exemption for one month so they are not at an economic disadvantage," White House press secretary Karoline Leavitt said.



Why it Matters: Experts say that tariffs impacting automakers could leave consumers <a href="https://www.benzinga.com/25/03/44119668/trump-tariffs-could-make-your-next-car-12000-more-expensive-expert-says-25-fees-will-have-a-sharp-negative-effect">paying substantially more</a> for vehicles and sink automotive sales. Tariffs are taxes paid by domestic importers that are often passed along to consumers in the form of price hikes.



Trump has long championed tariffs as a means to bring back manufacturing jobs to the United States. Many economists are <a href="https://www.benzinga.com/news/25/02/43649264/mohamed-el-erian-says-trumps-uncooperative-tariff-play-can-benefit-america-but-could-lead-to-welfare-losses-in-long-term">skeptical of Trump&#8217;s plans</a> and believe tariff policies could lead to stagflation. While the U.S. economy specialized in manufacturing throughout the 20th century, the U.S. has recently dominated services industries.



Automotive manufacturers, including Ford, GM and Stellantis, offshored much of their production to other countries to reduce labor costs. All three OEMs have struggled in recent years, particularly Stellantis whose stock has fallen over 50% in the past year.



Price Action: The Big Three automakers saw upward price action on Wednesday following the news:



<ul>
<li>Shares of Ford traded up 4.6%</li>



<li>Shares of General Motors traded up 6%</li>



<li>Shares of Stellantis traded up 8.3%</li>
</ul>



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth">US Services Sector Unexpectedly Expands In February Despite Slowing Job Growth</a></li>
</ul>



Photo: Shutterstock

Government

Movers & Shakers

Politics

STLA

Trump Delays Ford, GM, Stellantis Tariffs On Mexico, Canada For One Month

Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) released its fourth-quarter results after Wednesday's closing bell. Here's a look at the details from the report.&nbsp;



The Details:&nbsp;Marvell reported adjusted earnings of 60 cents per share, beating the 59 cent consensus estimate. Quarterly revenue came in at $1.81 billion, which beat the&nbsp;$1.79 billion analyst consensus estimate.



The company also reported cash flow from operations for the fourth quarter of $514 million and 60.1% non-GAAP gross margin. 



Read Next: <a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth">US Services Sector Unexpectedly Expands In February Despite Slowing Job Growth</a>&nbsp;



&#8220;We closed fiscal year 2025 on a high note, delivering record fourth-quarter revenue of $1.817 billion — an increase of 20% sequentially and 27% year-over-year. This performance was driven by strong growth in our data center end market, where revenue increased 78% year-over-year in the fourth quarter, along with a continued recovery in our multi-market businesses,&#8221; said&nbsp;Matt Murphy, Marvell&#8217;s CEO.



Outlook:&nbsp;Marvell expects first-quarter revenue in a range of $1.78 billion to $1.96 billion, versus the $1.87 billion estimate. 



MRVL Price Action: According to data from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Marvell Technology shares were down 16.80% after hours at $75 on Wednesday.  



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<li><a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a></li>
</ul>



Photo: Shutterstock

Earnings

After-Hours Center

MRVL

Marvell Technology Stock Drops After Q4 Results, Q1 Guidance Roughly In-Line: Details

Benzinga is pleased to announce the conclusion of our highly anticipated debate on the topic:&nbsp;



Gold vs. Bitcoin: Which is the better reserve asset and why?



Our contributors truly rose to the occasion, offering thought-provoking perspectives and compelling arguments throughout the discussion. This engaging exchange has provided valuable insights into the strengths and challenges of both assets, sparking meaningful dialogue about their roles in the future of financial strategy.&nbsp;



Participants:



<a href="https://www.benzinga.com/author/dr-john-sinclair">Dr. John Alexander Sinclair</a>: The founder of Positive Trends Research and the director of Options &amp; Derivatives Education.



<a href="https://www.benzinga.com/author/julia-mindmoney-eu">Julia Khandoshko</a>: The CEO of Mind Money, a leading European investment technology and financial engineering hub.



<a href="https://www.benzinga.com/author/kadan-stadelmann">Kadan Stadelmann</a>: The Chief Technology Officer, Komodo Platform, a blockchain developer, and operations security expert.&nbsp;



Read on for a comprehensive summary of the debate and the key takeaways that emerged.



Gold Vs. Bitcoin: Which Is The Better Reserve Asset And Why? Experts Weigh In



The recent announcement of government-backed crypto reserves by President Trump has sparked significant debate about the future of digital currencies as reserve assets and Bitcoin's viability as a reserve asset is an evolving theme in the discussion.



Bitcoin is long seen as a hedge against inflation but its price volatility has hindered its adoption as a stable reserve asset.



With the introduction of crypto reserves by the U.S. Government &#8211; Bitcoin&#8217;s legitimacy could be enhanced in the global economy. But will this make Bitcoin a safer reserve asset, or will its volatility continue to undermine its reliability? A new administration in four years could possibly dissolve the crypto reserve, so what are the guarantees?



On the other hand, Gold has maintained its status as the cornerstone of global reserves due to its stability, limited supply, and intrinsic value. But the shiny, yellow metal does have significant drawbacks when used as a reserve asset, including limited growth potential, lack of income generation, and vulnerability to theft among other concerns.



Senator Cynthia Lummis has proposed legislation aimed at leveraging gold certificates stored in the Federal Reserve&#8217;s 12 banks to finance future bitcoin purchases. So, is selling gold to buy Bitcoin a good idea?



We turned to our contributors for opinions and analysis. They rose to the challenge with their nuanced perspectives…



John Alexander Sinclair sees Bitcoin as a stronger reserve asset. While acknowledging Gold&#8217;s historical role as a store of value, Dr. Sinclair cites its physical limitations—transport, storage, and divisibility—that contrast sharply with Bitcoin's advantages in a digital world.



"Bitcoin is decentralized, portable, and censorship-resistant, making it an ideal hedge against financial instability and government intervention. Unlike gold, Bitcoin can be moved globally in seconds, providing a level of liquidity unmatched by any other asset," argues&nbsp;Sinclair.&nbsp;



Julia Khandoshko perceives Bitcoin as a high-potential but dependent asset. "It is a relatively new asset class that has shown remarkable growth and volatility. Bitcoin's decentralization and fixed supply make it an attractive option for those looking to escape traditional monetary policies. But Bitcoin's value is deeply intertwined with technological trends, regulatory decisions, and macroeconomic factors such as interest rate policies. Its price swings are often dictated by investor sentiment, regulatory developments, and broader economic factors."&nbsp;



Sinclair affirms that volatility concerns with bitcoin are valid, but he also points out that Bitcoin has survived multiple bear markets and consistently rebounded stronger. "Institutional adoption continues to grow, with major financial firms integrating Bitcoin into their portfolios. The emergence of spot Bitcoin ETFs has further legitimized its status as a mainstream asset."



Now, the introduction of crypto reserves further solidifies Bitcoin's position and credibility.&nbsp;



Kadan Stadelmann likes the idea of a bitcoin reserve, just not in isolation though. "The United States stockpiles strategic assets like gold, which bolster financial stability. The petroleum reserves safeguard against economic shocks. A Strategic Bitcoin Reserve is the same idea, but in the digital realm. It could act as a financial hedge. Like the gold reserve, it could help support the U.S. Dollar."



And, Stadelmann is against selling gold to accumulate Bitcoin. "It's not a sound strategy. Substituting Bitcoin for gold at the nation-state level is a very risky prospect. Bitcoin is digital gold. Gold is physical gold. Each serves its own purpose. The Bitcoin Reserve should not replace the U.S.' gold stockpile. Instead, it should diversify the U.S.' balance sheet alongside gold."



Julia Khandoshko agrees with Stadelmann's viewpoint. "Investors need to understand that buying Bitcoin is not just acquiring a digital commodity; it's an investment in a system that is influenced by multiple external forces, including institutional adoption, regulatory stances, and market speculation. On the other hand, gold is a timeless and independent asset. Its independence from financial systems makes it an unparalleled hedge against inflation and economic crises. In contrast to gold's stability, Bitcoin's performance is more akin to that of a high-growth technology stock."



Khandoshko leans towards gold. "Unlike fiat currencies or other financial instruments, gold does not rely on external policies, government regulations, or market sentiment. It is simply gold—an asset that does not require investors to track political developments, interest rate decisions, or macroeconomic policies."



But Sinclair is quick to cite Bitcoin's added advantage of transparency. "Every transaction is verifiable on the blockchain, reducing risks associated with gold reserves, which can be manipulated or rehypothecated. Moreover, Bitcoin's scarcity—capped at 21 million coins—mirrors gold's limited supply."



How does Khandoshko view Bitcoin as a reserve asset?



She thinks that Bitcoin's potential as a reserve asset depends on how investors perceive its role in the financial ecosystem. "While some argue that it represents the future of digital wealth storage, others see it as a speculative asset influenced by unpredictable external factors. Gold, on the other hand, continues to be a universal standard of value that requires no external validation."



So, does she consider gold a better reserve asset compared to Bitcoin?



Khandoshko responds in the affirmative, "While Bitcoin may offer impressive growth opportunities, gold remains a steadfast store of value that does not rely on economic policies or market trends. For those seeking a truly independent asset, gold still holds the upper hand in 2025."



To Sinclair, Bitcoin remains the most compelling choice, as nations and corporations look for a digital alternative to traditional reserves.



And Stadelmann believes that "From a geopolitical perspective, the US should look to dominate the sound money space in both the physical and digital realms by maintaining its gold reserves while adding a Bitcoin Reserve."

Commodities

Opinion

Federal Reserve

Exclusives

A Benzinga Debate On Federal Reserve Assets: Our Contributors Speak On Gold, Bitcoin

The Federal Reserve's Beige Book released Wednesday showed a slight increase in overall economic activity since mid-January, with six Districts reporting no change, four reporting modest or moderate growth and two noting slight contractions. However, consumer spending decreased while price sensitivity for discretionary items increased, particularly among <a href="https://www.benzinga.com/general/market-summary/25/02/44015237/pending-home-sales-crash-to-record-low-jobless-claims-soar-wall-street-reacts">lower income consumers.&nbsp;</a>



Key Points from the national summary of all twelve Federal Reserve Districts:&nbsp;



<h3 class="wp-block-heading">Prices</h3>



Prices increased moderately in most Districts, with some reporting an uptick in the pace of increase. Input price pressures were generally greater than sales price pressures, particularly in manufacturing and construction.



<ul>
<li>Higher prices for eggs and other food ingredients impacted food processors and restaurants.</li>



<li>Substantial increases in insurance and freight transportation costs were widely reported.&nbsp;</li>



<li>Severe weather conditions weakened demand for leisure and hospitality services and vehicle sales were modestly lower on balance.&nbsp;</li>
</ul>



Read Next: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



<h3 class="wp-block-heading">Sector-Specific Trends</h3>



<ul>
<li>Manufacturing activity showed slight to modest increases across most Districts.</li>



<li>Banking activity was slightly higher on balance.</li>



<li>Residential real estate markets were mixed, with ongoing inventory constraints.&nbsp;</li>



<li>Construction activity declined modestly for both residential and nonresidential units.</li>



<li>Agricultural conditions deteriorated in the Fed's 12 Districts. </li>
</ul>



<h3 class="wp-block-heading">Labor Markets&nbsp;</h3>



<ul>
<li>Employment increased slightly overall, with four Districts reporting a slight increase, seven reporting no change and one reporting a slight decline.</li>



<li>Labor availability improved for many sectors, though some targeted areas remained tight.</li>



<li>Wage growth slowed slightly, occurring at a modest-to-moderate pace.&nbsp;</li>
</ul>



<h3 class="wp-block-heading">Market Reactions</h3>



Markets showed little reaction to the Beige Book release, instead recovering some of the week's losses after President Donald Trump said he will delay auto tariffs for one month.&nbsp;



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, was up 1.17% at $583.62 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100 index, was up 1.43% at $502.62 at the time of publication.&nbsp;&nbsp;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

Broad U.S. Equity ETFs

Econ #s

ETFs

Fed's Beige Book Shows Slight Growth: Consumer Spending Slips As Prices Rise

The once-unshakable dominance of the <a href="https://www.benzinga.com/topic/magnificent-seven">Magnificent Seven</a> (or Mag 7) stocks is under scrutiny.



Stretched valuations and artificial intelligence investment concerns are weighing on mega-cap tech. The Bloomberg Mag Seven Index, an equal-weighted basket of these high-flyers, has officially entered correction territory. It&#8217;s down 10% year-to-date, notes Adam Turnquist, Chief Technical Strategist at LPL Financial.



<h2 class="wp-block-heading">Technical Breakdown: Key Support Levels Under Threat</h2>



According to Turnquist, the group has violated a key uptrend from October 2023 and is now testing critical support at the 200-day moving average. A breakdown from here could open the door to deeper losses, potentially revisiting last August's highs or lows. 



Meanwhile, the Magnificent Seven's relative strength versus the equal-weight S&amp;P 500 is also at a pivotal juncture—if support doesn't hold, Turnquist warns that their leadership status may be in jeopardy.



Read Also: <a href="https://www.benzinga.com/markets/equities/25/03/44101332/sp-500-selloff-spikes-investor-pessimism-bearish-sentiment-hits-30-month-high-but-this-expert-recommends-investors-to-stay-strong-and-not-panic-sell" target="_blank" rel="noreferrer noopener">S&amp;P 500 Selloff Spikes Investor Pessimism: Bearish Sentiment Hits 30-Month High, But This Expert Recommends Investors To ‘Stay Strong And Not Panic Sell'</a>



<h2 class="wp-block-heading">MAGS ETF Signals Strong Bearish Momentum</h2>



The Roundhill Magnificent Seven ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#BATS">MAGS</a>), a fund tracking the group, is reflecting the broader weakness. MAGS is down 8.07% year-to-date and 9.29% in the past month.



<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent030525&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="627" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05135348/Screenshot-2025-03-06-at-12.23.34-AM.png" alt="" class="wp-image-810810" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05135348/Screenshot-2025-03-06-at-12.23.34-AM.png 627w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/03/05135348/Screenshot-2025-03-06-at-12.23.34-AM-300x234.png 300w" sizes="(max-width: 627px) 100vw, 627px" /></a></figure>



<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent030525&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Technicals paint a bleak picture, with the stock trading below its eight-day, 20-day and 50-day simple moving averages, signaling strong bearish momentum. 



However, some buying pressure is emerging, with the 200-day simple moving average at $48.76 acting as potential support.



<h2 class="wp-block-heading">The China Factor: AI Competition Heats Up</h2>



Adding to the uncertainty is China's DeepSeek AI platform, which raises fresh questions about whether American tech giants can maintain their AI supremacy. 



With earnings growth facing new challenges as these companies shift from asset-light to asset-heavy models, investors are left wondering: Is this just a pullback, or has the Mag Seven's reign finally run its course?



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/03/44105284/from-mag7-to-meh7-no-tech-giant-ranks-among-sp-500s-top-50-performers-in-2025-experts-say-struggle-is-justified">From &#8216;Mag7 To Meh7:&#8217; No Tech Giant Ranks Among S&amp;P 500&#8217;s Top 50 Performers In 2025, Experts Say &#8216;Struggle… Is Justified&#8217;</a></li>
</ul>



Image: Shutterstock

Analyst Color

Specialty ETFs

Technicals

Analyst Ratings

MAGS

Magnificent Seven Leadership In Question As MAGS ETF Stumbles: Is AI Losing Steam?

A Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) analyst lowers the price target on the stock due to weaker than expected demand in <a href="https://www.benzinga.com/news/global/25/03/44128646/tesla-sales-drop-in-europe-in-february-some-countries-down-over-40-is-musks-political-push-hurting-ev-company">regions like Europe.</a>



The Tesla Analyst: Goldman Sachs analyst Mark Delaney maintained a Neutral rating on Tesla and lowered the price target from $345 to $320.



Read Also: <a href="https://www.benzinga.com/trading-ideas/25/02/43447273/tesla-sales-drop-12-in-california-is-elon-musks-support-for-donald-trump-hurting-ev-sales">Tesla Sales Drop 12% In California: Is Elon Musk&#8217;s Support For Donald Trump Hurting EV Sales?</a>



The Analyst Takeaways: Broad demand trends for electric vehicles and lower demand seen in Europe will lead to lower delivery estimates for Tesla, Delaney said in a new investor note.



"We continue to expect Tesla to face difficult fundamental conditions in the near-term, and our EPS estimates are below the Street for 2025," he said.



The analyst said Tesla's earnings growth will improve over the longer-term thanks to software revenue like FSD.



Lower deliveries in the first quarter according to reports are likely the result of the Model Y transition and overall weaker demand, Delaney said.



Delaney expects deliveries to be stronger in March with the refreshed Model Y ramp.



The analyst's first quarter delivery estimate drops from 399,000 units to 375,000 units based on the new data, including a 40% year-over-year decline in Europe in January. For the full fiscal year, Delaney estimates Tesla's deliveries at 1.91 million, down from a previous estimate of 1.96 million.



Consumer survey data shows lower scores for Tesla on brand value and trust in recent months, the analyst noted.



Delaney sees tougher competition for Tesla in China, while highlighting the positive of FSD recently being released in the country. The analyst said Tesla rivals are releasing similar software without consumers needing to purchase an additional package in China, which could make it harder for the company to monetize FSD in the country.



TSLA Price Action: Tesla stock is trading at $271.61 on Wednesday versus a 52-week trading range of $138.80 to $488.54. Tesla stock is down 28.4% year-to-date in 2025.



While Tesla stock previously soared after Donald Trump won the 2024 presidential election, the stock is back to nearly where it was after the victory.



Tesla stock closed at $251.44 on Nov. 5 and opened for trading at $284.67 on Nov. 6 after Trump&#8217;s victory was announced.



With its price of $271.61, Tesla stock is also getting closer to a 50% drop from its all-time high reached in December.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/politics/25/02/43880789/elon-musk-approval-rating-hits-41-voters-not-impressed-with-doge-work-and-calls-to-eliminate-departments">Elon Musk Approval Rating Hits 41%: Voters Not Impressed With DOGE Work And Calls To Eliminate Departments</a></li>
</ul>



Photo: Shutterstock

Price Target

Reiteration

Retail Sales

TSLA

Tesla Stock Nears 50% Drop From All-Time Highs: Analyst Says 'Difficult Fundamental Conditions' Ahead

The U.S. services sector expanded in February 2025 with all four main subindexes expanding for the third consecutive month. However, concerns persist around the impact of tariffs and<a href="https://www.benzinga.com/news/econ-s/25/03/44140282/private-employment-rises-by-77000-in-february-well-below-144000-forecast-hiring-hesitancy-among-employers"> federal spending cuts.&nbsp;</a>



The Details: The ISM Services PMI unexpectedly increased to 53.5% in February 2025, up from 52.8% in January and beating forecasts of 52.6%, as tracked by Trading Economics. 



Key highlights from the February 2025 Services ISM <a href="https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/february/">Report On Business</a> include:



<ul>
<li>Business Activity Index slightly decreased to 54.4%</li>



<li>New Orders Index rose to 52.2%</li>



<li>Employment Index expanded to 53.9%</li>



<li>Prices Index increased to 62.6%, marking the third consecutive reading above 60%</li>



<li>Inventories Index returned to expansion at 50.6%</li>



<li>Backlog of Orders Index entered expansion territory at 51.7%</li>
</ul>



Read Next: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



&#8220;Slightly slower growth in the Business Activity Index was more than offset by growth in the other three subindexes. Anxiety continues; however, over the potential impact of tariffs. Some respondents indicated that federal spending cuts are having negative impacts on their business forecasts,&#8221; ISM Chair Steve Miller said. 



<h3 class="wp-block-heading">Labor Market In the Services Sector</h3>



The labor market in the services sector dropped significantly in February, adding only 36,000 jobs compared to 190,000 jobs in January.&nbsp;



The ADP National Employment Report released Wednesday showed<a href="https://www.benzinga.com/news/econ-s/25/03/44140282/private-employment-rises-by-77000-in-february-well-below-144000-forecast-hiring-hesitancy-among-employers"> the sector </a>was led by jobs in leisure/hospitality, professional/business, and financial while job losses occurred in trade/transportation/utilities, education/health and information.



<h3 class="wp-block-heading">Market Reactions</h3>



All three major indices were green in early trading Wednesday as markets awaited further developments regarding trade policies with Canada and Mexico. 



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, was up 0.38% at $579.05 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100 index, was up 0.33% at $497.19 at the time of publication.&nbsp;&nbsp;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

US Services Sector Unexpectedly Expands In February Despite Slowing Job Growth

The three major indices were mostly flat in midday trading Wednesday with the S&amp;P 500 and Nasdaq slightly under the flatline and the Dow Jones<a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44143660/howard-lutnick-says-president-definitely-thinks-theres-a-bitcoin-strategic-reserve"> up 39 points.&nbsp;</a>



Wall Street digested mixed economic data after the ISM Services PMI<a href="https://www.benzinga.com/news/econ-s/25/03/44143666/us-services-sector-unexpectedly-expands-in-february-despite-slowing-job-growth"> price index indicated</a> strong growth in the services sector, but the ADP employment report came in well below forecasts and added the fewest jobs in seven months. 



Traders awaited further <a href="https://www.benzinga.com/news/25/03/44143647/trump-considering-tariff-relief-for-mexico-canada-commerce-secretary-lutnick-says">developments on trade policy</a> after Commerce Secretary Howard Lutnick appeared on Bloomberg Television on Wednesday. Lutnick said President Donald Trump would likely make a decision on possible tariff relief for Mexico and Canada Wednesday afternoon.



Read Next: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



The yield on the 10-year US Treasury note was at 4.23% on Wednesday, trimming declines from the morning after expansion in the services sector, reflected by the ISM PMI easing concerns on lower growth. However, yields remained near four-month lows touched earlier in the week.  The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 0.24%.  



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up 1% on Wednesday, and up nearly 5% on the week, as investors look forward to President Trump's White House crypto summit on Friday.&nbsp;



<h2 class="wp-block-heading">Wednesday's Performance In Major U.S. Indices, ETFs</h2>



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1 day % chg.</td></tr><tr><td>Nasdaq 100</td><td>18,207.74</td><td>-0.43%</td></tr><tr><td>S&amp;P 500</td><td>5,756.29</td><td>-0.38%</td></tr><tr><td>Dow Jones</td><td>42,470.06</td><td>-0.12%</td></tr><tr><td>Russell 2000</td><td>2,075.09</td><td>-0.21%</td></tr></tbody></table></figure>



According to Benzinga Pro data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was down 0.43% at $574.36. </li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) was down 0.14% at $424.98. </li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;fell 0.58% to $492.67. </li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>)&nbsp;slid 0.59% to $205.22. </li>



<li>The&nbsp;Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)&nbsp;was down 0.19% to $207.85. </li>



<li>The&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)&nbsp;was down 3.31% to $84.09. </li>
</ul>



<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers:&nbsp;</h2>



Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) shares plunged Wednesday after the company&#8217;s weak outlook overshadowed its <a href="https://www.benzinga.com/news/earnings/25/03/44142510/abercrombie-q4-earnings-beat-overshadowed-by-cautious-q1-outlook-stock-plunges">better-than-expected</a> fourth-quarter results. The company said it expects first-quarter EPS in the range of $1.25 to $1.45 versus the $2.01 estimate.



Stocks reacting to company earnings reports included:&nbsp;



<ul>
<li>ChargePoint Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) <a href="https://www.benzinga.com/quote/chpt" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/chpt" target="_blank" rel="noreferrer noopener"></a></li>



<li>Ross Stores, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) </li>



<li>Rigel Pharmaceuticals, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIGL#NASDAQ">RIGL</a>) </li>



<li>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) &nbsp;</li>



<li>Box, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOX#NYSE">BOX</a>) </li>



<li>Sociedad Quimica y Minera S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQM#NYSE">SQM</a>) </li>



<li>AeroVironment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>)</li>



<li>Stem, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STEM#NYSE">STEM</a>) </li>



<li>Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>)</li>



<li>Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) </li>



<li>Arbe Robotics Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARBE#NASDAQ">ARBE</a>) </li>
</ul>



Companies reporting after Wednesday&#8217;s closing bell include:&nbsp;



<ul>
<li>Grindr Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRND#NYSE">GRND</a>) </li>



<li>LendingTree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TREE#NASDAQ">TREE</a>) </li>



<li>MongoDB, Inc. (NAS+DAQ:MDB) </li>



<li>Rigetti Computing, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) </li>



<li>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) </li>



<li>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) </li>



<li>Victorias Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) </li>



<li>Fortuna Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>) </li>
</ul>



Read Next:<a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying" target="_blank" rel="noreferrer noopener">&nbsp;</a>



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying" target="_blank" rel="noreferrer noopener">Markets Tank After Trump Confirms More Tariffs: Here's What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

Large Cap

Market Summary

Sector ETFs

Bonds

Global

General

ARBE

AVAV

CHPT

GRND

RGTI

RIGL

ROST

STEM

TREE

VSCO

Wall Street Awaits Trump's Tariff Decision, Digests Mixed Economic Data: What's Driving Markets Wednesday?

The first two months of the Trump Administration have seen back-and-forths within the Executive Branch on the timing and magnitude of the United States&#8217;s <a href="https://www.benzinga.com/government/regulations/25/02/43440692/us-mexico-agrees-on-one-month-tariffs-pause-stocks-rebound-peso-rallies">tariffs on its neighbors</a> Mexico and Canada. The administration appears set to roll back some of the tariffs <a href="https://www.benzinga.com/markets/25/03/44117288/after-china-mexico-to-hit-back-against-trumps-tariffs-raising-trade-war-risks">placed on Tuesday</a>.



What Happened: Commerce Secretary Howard Lutnick <a href="https://www.bloomberg.com/news/articles/2025-03-05/trump-to-decide-on-canada-mexico-relief-today-lutnick-says">appeared</a> on Bloomberg Television on Wednesday to discuss the status of Trump&#8217;s tariffs. Lutnick says Trump will make his decision on tariffs on Wednesday afternoon.



"There are going to be tariffs, let's be clear, but what he's thinking about is which sections of the market that maybe he'll consider giving them relief until we get to, of course, April 2," Lutnick said. "I think it is going to be in the middle somewhere."



In particular, the administration could reduce tariffs on automobiles. Experts say&nbsp;tariffs could <a href="https://www.benzinga.com/25/03/44119668/trump-tariffs-could-make-your-next-car-12000-more-expensive-expert-says-25-fees-will-have-a-sharp-negative-effect-on-auto-sales">increase car prices</a> by up to 25%.



Lutnick says the administration will place reciprocal tariffs on the rest of the world on April 2.



Why it Matters: This is not the first time Trump's tariff plans have shifted from his initial proposals. In February, Trump announced tariffs against Mexico and Canada but then <a href="https://www.benzinga.com/government/regulations/25/02/43440692/us-mexico-agrees-on-one-month-tariffs-pause-stocks-rebound-peso-rallies">delayed their enactment</a> until March.



Trump&#8217;s tariff policies have drawn criticism from some members of his party.



&#8220;US tariffs inevitably bring Canadian, Mexican, and Chinese tariffs which means higher prices for lumber, steel, aluminum and more expensive homes and cars,&#8221; Sen. Rand Paul (R-KY) <a href="https://x.com/RandPaul/status/1896917724410069372">posted</a> on X on Tuesday.



Sen. Mitch McConnell (R-KY), former Senate Majority Leader, also <a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">denounced Trump&#8217;s tariff plans</a> as &#8220;bad policy.&#8221;



Others, such as Sen. Bernie Moreno (R-OH) see the short-term pain associated with the <a href="https://www.benzinga.com/news/large-cap/25/03/44121022/trumps-25-tariffs-on-auto-imports-are-worth-the-short-term-pain-says-ohio-gop-senator">tariffs as worth it</a> to curb immigration from U.S. neighbors.



Tariffs are taxes paid by American importers, and consumers often pay them in the form of price hikes. Consequently, many economists see tariffs as counterproductive.



Still, Trump&#8217;s policies have found support among unions, particularly the United Auto Workers.



&#8220;For 40 years, we've seen the devastating effects of so-called "free trade" on the working class&#8230; Tariffs are a powerful tool in the toolbox for undoing the injustice of anti-worker trade deals,&#8221; the union <a href="https://uaw.org/uaw-statement-on-new-tariff-action/">said</a> in a Tuesday statement. &#8220;We are glad to see an American president take aggressive action on ending the free trade disaster that has dropped like a bomb on the working class.&#8221;



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/econ-s/25/03/44140282/private-employment-rises-by-77000-in-february-well-below-144000-forecast-hiring-hesitancy-among-employers">Private Employment Rises By 77,000 In February, Well Below 144,000 Forecast: &#8216;Hiring Hesitancy Among Employers&#8217;</a></li>
</ul>



Photo: Andrew Harnik/Shutterstock.com

Economics

Trump Considering Tariff Relief For Mexico, Canada, Commerce Secretary Lutnick Says

Private employers created 77,000 new jobs in February, the smallest number in seven months and well below<a href="https://www.benzinga.com/news/econ-s"> forecasts of 140,000.</a>



The ADP National Employment Report, released Wednesday by Automatic Data Processing Inc., showed a significant slowdown in hiring ahead of Friday&#8217;s non-farm payrolls report from the Bureau of Labor Statistics. Economists expect the government report to show 160,000 new jobs.



Nela Richardson, ADP's chief economist, said: "Policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month. Our data, combined with other recent indicators, suggests a hiring hesitancy among employers as they assess the economic climate ahead."



Read More: <a href="https://www.benzinga.com/news/earnings/25/03/44110273/trump-tariffs-will-raise-prices-within-days-target-ceo-says">Trump Tariffs Will Raise Prices &#8216;Within Days,&#8217; Target CEO Says</a>



<h3 class="wp-block-heading">The Details:&nbsp;</h3>



Goods-producing industries added 42,000 jobs, driven by hiring in construction and manufacturing.&nbsp;



Service-providing industries added 36,000 jobs, driven by Leisure and hospitality, which added 41,000 positions. This was offset by reductions of 33,000 in Trade/transportation/utilities and 28,000 in Education/health services. 



January's private employment growth was also revised upward from 183,000 to 186,000.&nbsp;



In February, pay gains showed stability overall. For individuals who changed jobs, year-over-year pay increases experienced a slight decrease, dropping from 6.8% in January to 6.7% in February. Meanwhile, pay gains for those who remained in their jobs remained unchanged at 4.7%.



<h3 class="wp-block-heading">Market Reactions:</h3>



The U.S. Dollar Index (DXY) – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>)&nbsp;– was down 0.58% minutes after the release.&nbsp;



Futures on major U.S. indices were mixed in premarket trading in New York. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.03% lower and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) was up 0.24% by 8:25 a.m. ET.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/25/03/44098232/markets-tank-after-trump-confirms-more-tariffs-heres-what-wall-street-is-saying">Markets Tank After Trump Confirms More Tariffs: Here&#8217;s What Wall Street Is Saying</a></li>
</ul>



Image: Shutterstock

Futures

Private Employment Rises By 77,000 In February, Well Below 144,000 Forecast: 'Hiring Hesitancy Among Employers'

Tracy Jin, Chief Operating Officer of cryptocurrency exchange MEXC, on Wednesday attributed President Donald Trump's decision to include Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) and Ripple&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) in the <a href="https://www.benzinga.com/25/03/44107003/trump-faces-backlash-over-crypto-reserve-plan-from-bitcoin-supporters-including-his-own-dont-think-the-government-should-be-pumping-our-crypto-bags-with-taxpayer-money">U.S. strategic crypto reserve</a> to his businessman instincts, despite market skepticism and a subsequent Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) price retreat.



What Happened: Unveiled on Sunday, the reserve—set to include Bitcoin, Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), XRP, and Cardano—triggered a swift market reaction, with Bitcoin climbing from $85,000 to $95,000 before relinquishing all gains by Monday.



Jin pointed to Trump's business acumen as the <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44120900/donald-trumps-bitcoin-xrp-cardano-reserve-proposal-drives-wedge-in-crypto-industry">rationale behind the unexpected inclusion</a> of ADA and XRP alongside Bitcoin, Ethereum, and Solana.



"I think because Trump is a businessman," she said when asked why these lesser-established tokens were selected. "I think he must have a backhand logic, have some strategy to support these coins. Maybe the price is very low right now, maybe the cost is not very high." 



She suggested that Trump's approach might hinge on cost-efficiency or strategic positioning, though she admitted personal surprise at the choices, favoring Solana's robust ecosystem over ADA and XRP.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44117695/raoul-pal-predicts-extended-crypto-cycle-into-2026-bitcoin-solana-corrections-are-typical-volatility">Raoul Pal Predicts Extended Crypto Cycle Into 2026, Bitcoin, Solana Corrections Are Typical Volatility</a>



Why It Matters: The market's reaction to the reserve news has been turbulent.



Bitcoin's rally proved short-lived, a drop Jin tied <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44139160/trump-tariffs-stock-markets-crypto-reserve-what-key-themes-are-driving-crypto-markets">to macroeconomic pressures</a> rather than the reserve's composition alone.



&#8220;The fall was due to part of the uncertainty surrounding U.S. trade tariffs on a number of countries, including Mexico, Canada, and China,&#8221; she said.



She also noted that weak macroeconomic data—including the ISM Manufacturing Index missing expectations—added to investor concerns, leading to sell-offs in both traditional markets and cryptocurrencies.



Tech-heavy indices like the Nasdaq mirrored this decline, amplifying investor panic in riskier assets.



Jin remained cautiously optimistic about Trump's broader impact on crypto, contingent on clarity from the upcoming White <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44125213/white-house-crypto-summit-to-feature-roundtable-with-industry-leaders-including-michael-saylor">House Crypto Summit on Mar. 7.</a>



She highlighted the event's potential to solidify the reserve plan, stating, "If Trump announces that reserve statement has been confirmed, I think it's very good for the crypto industry." 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44110636/u-s-treasury-secretary-scott-bessent-signals-commitment-to-lower-interest-rates-in-2025-as-bitcoin-consolidates">U.S. Treasury Secretary Scott Bessent Signals Commitment To Lower Interest Rates In 2025 As Bitcoin Consolidates</a></li>
</ul>



Image: Shutterstock

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Trump's XRP, Cardano Inclusion In Crypto Reserve Proposal Could Be Result Of 'Businessman' Instincts, MEXC's Tracy Jin Says

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