The University of Michigan&#8217;s May consumer survey delivered a jarring message to Wall Street and policymakers: sentiment among American consumers has plunged to the lowest levels since June 2020, while expectations for inflation surged to heights last seen <a href="https://www.benzinga.com/news/econ-s">during the early 1980s.</a>



The preliminary Consumer Sentiment Index dropped to 50.8 in May, down from 52.2 in April and missing economists' forecasts of 53.4. The gauge is now 27% lower than it was a year ago, signaling deepening anxiety among households despite the recent 90-day pause on tariffs.



<h3 class="wp-block-heading">Expectations Sink To 1980 Lows, Inflation Fears Echo 1981</h3>



The subindex for Current Economic Conditions declined to 57.6 from 59.8 in April, while the Consumer Expectations subindex – a measure of forward-looking sentiment – dipped further from 47.3 to 46.5. 



That reading marks the weakest since May 1980, worse even than the worst moments of the 2008 financial crisis and the early Covid-19 pandemic.



"Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60% in April," said Joanne Hsu, director of the Surveys of Consumers. "Uncertainty over trade policy continues to dominate consumers' thinking about the economy."



The data was gathered between April 22 and May 13, closing two days after the White House announced a trade truce with Chine, leaving room for potential revision of the data. 



&#8220;The final release for May will reveal the extent to which the pause on some China tariffs leads consumers to update their expectations,&#8221; Hsu added.



Year-ahead inflation expectations jumped sharply from 6.5% in April to 7.3% in May, the highest reading since November 1981. 



Long-term inflation expectations over the next five years also climbed to 4.6%, up from 4.4%, reaching levels last seen in March 1991.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="531" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-1024x531.png" alt="" class="wp-image-918032" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-1024x531.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-300x156.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-768x399.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-1536x797.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16102239/image-201-2048x1063.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Markets react: Dollar Rises, Equities Erase Gains</h3>



Investors interpreted the inflation surge as a headwind to future interest rate cuts. 



The U.S. dollar, which had opened weaker, reversed course after the data. The Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), which tracks the dollar's strength, climbed 0.2% by 10:15 a.m. ET.



Stocks turned mixed as inflation fears resurfaced. 



The S&amp;P 500 erased early gains, while the Dow Jones Industrial Average and small-cap benchmark Russell 2000 both flipped to the red. Only the Nasdaq 100 managed to stay positive, up 0.2% at last check.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45468724/emerging-markets-break-out-as-peace-trades-gain-momentum-hartnett-says">Emerging Markets Break Out As &#8216;Peace Trades&#8217; Gain Momentum, Hartnett Says </a></li>
</ul>



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Consumer Sentiment Crashes To 5-Year Lows As Inflation Fears Reach 1981 Levels

Amid tariff concerns, activist investor Dan Loeb‘s Third Point LLC made significant changes, shedding stakes or exiting major Magnificent Seven stocks <a href="https://www.benzinga.com/topic/dan-loeb">during the first quarter of 2025</a>.



What Happened: A 13F <a href="https://www.sec.gov/Archives/edgar/data/1040273/000108514625003337/xslForm13F_X02/infotable.xml">filing </a>released Thursday shows that Third Point completely exited its positions in Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) during the first quarter of 2025. The hedge fund had <a href="https://www.sec.gov/Archives/edgar/data/1040273/000108514625001713/xslForm13F_X02/infotable.xml">previously </a>held 665,000 shares of Meta and 500,000 shares of Tesla at the end of the fourth quarter of 2024.



The investor also fully exited its position in Workday Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) in Q1, selling all 500,000 shares it held as of the fourth quarter of 2024.



In addition to the complete exits, Third Point also trimmed several positions in the first quarter compared to the fourth quarter of 2024. Notable reductions include:



<ul class="wp-block-list">
<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>): -48%</li>



<li>Intercontinental Exchange Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>): -47%</li>



<li>Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>): -32%</li>



<li>Brookfield Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BN#NYSE">BN</a>): -15%</li>
</ul>



Here are the top new additions in the first quarter by shares:



<ul class="wp-block-list">
<li>Kenvue Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVUE#NYSE">KVUE</a>): 8.9 million</li>



<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>): 3.78 million</li>



<li>United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>): 3.63 million</li>



<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>): 1.45 million</li>



<li>CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>): 1.98 million</li>



<li>Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>): 1 million</li>



<li>RB Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBA#NYSE">RBA</a>): 950,000</li>



<li>Talen Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLN#NASDAQ">TLN</a>): 585,000 </li>



<li>SharkNinja, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SN#NYSE">SN</a>): 550,000</li>



<li>Caseys General Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>): 300,000</li>
</ul>



Here are the top increases in stake&nbsp;in the first quarter compared to the final quarter of 2024 in percentages:



<ul class="wp-block-list">
<li>Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>): +275%</li>



<li>Soho House &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHCO#NYSE">SHCO</a>): +121%</li>



<li>Capital One Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): +14%</li>
</ul>



As of the first quarter of 2025, Loeb&#8217;s top five holdings were Pacific Gas &amp; Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>), Kenvue, Telephone and Data Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>), Soho House, and Brookfield. Of these, all but Brookfield were new or increased positions during the quarter.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/management/25/05/45455434/warren-buffett-ditches-bitcoin-linked-nu-holdings-adds-to-constellation-brands-dominos-pizza-pool-corp-stakes" target="_blank" rel="noreferrer noopener">Warren Buffett Ditches Bitcoin-Linked Nu Holdings, Adds To Constellation Brands, Domino&#8217;s Pizza, Pool Corp Stakes</a></li>
</ul>



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Loeb's Third Point Exits Meta, Tesla, Rotates Into Staples, Telecom, Industrials

Bank of America's chief investment strategist Michael Hartnett sees a powerful rotation in financial markets, with so-called "peace trades" now eclipsing "war trades" as the key driver of 2025 performance — a shift that could unleash the next bull <a href="https://www.benzinga.com/markets/emerging-markets">market in emerging markets.</a>



In his latest "The Flow Show" note shared Friday, Hartnett said a rare combination of falling oil prices, a weaker dollar, and a bond yield ceiling near 5% is reshaping the global investment landscape. The strategist cited a dramatic rally in emerging markets and sharp inflows to risk assets as signs of a growing consensus that diplomacy and disinflation are back in style.



<h3 class="wp-block-heading">&#8216;Peace Trades&#8217; Powering 2025 Market Leaders</h3>



"Big geopolitics = big price action," Hartnett said, highlighting that Tel Aviv and Tehran stock exchanges have hit all-time highs, Poland's market – tracked by the iShares Poland ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPOL#NYSE">EPOL</a>) – is up 28%, and Russia's ruble is the best-performing currency this year, gaining 41%.



The top-performing asset year to date remains gold, up 22.1%, while oil is the worst, down 14% — a reversal Hartnett calls the "peace dividend." Stocks are up 5%, government bonds 4.3%, and the U.S. dollar is down 7.2%.



A potential &#8220;Riyadh Accord,&#8221; Hartnett said, could be driving this geopolitical detente. 



Lower oil prices may stem from behind-the-scenes deals between the U.S., OPEC and Russia, as Trump allegedly pursues lower inflation via energy diplomacy, rather than shale output.



<h3 class="wp-block-heading">30-Year Yield Is The Macro Pivot</h3>



Hartnett identified three macro pressure points: the 30-year Treasury yield at 5%, the U.S. dollar index at 100, and the SOX semiconductor index at 5000. 



If yields decisively breach the 5% threshold, stocks could falter. But for now, Hartnett says the level is holding, reinforcing the disinflation narrative.



A weak dollar, peak yields, and a Chinese economic recovery form the backbone of his next bull market thesis, with emerging markets ex-China – as tracked by the SPDR S&amp;P Emerging Markets Ex-China ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XCNY#NYSE">XCNY</a>) – already up 20% in the past month, breaking a 20-year trading range.



<h3 class="wp-block-heading">Flows Confirm The Rotation </h3>



Flows into risk assets have surged in recent weeks. Investors poured $25.2 billion into stocks and $13.1 billion into bonds last week, while pulling $17.5 billion from cash. 



Notably, U.S. equities saw their first inflow in five weeks at $19.8 billion, and financials drew in $1 billion, reversing a seven-week drought. Emerging market debt attracted $1.5 billion, its largest inflow since January 2023. Investment-grade and high-yield credit combined saw $8.6 billion, the biggest in 10 weeks. 



Gold, however, had a modest $0.4 billion outflow, despite being on track for a record $85 billion inflow in 2025.



<h3 class="wp-block-heading">A 1970s Or 1990s Outcome? </h3>



Hartnett said the key question for markets is whether the late 2020s will echo the &#8220;inflationary peace dividend&#8221; of the early 1970s or the &#8220;disinflationary peace dividend&#8221; of the early 1990s. 



The former involved volatile macro policy, oil shocks and protectionism; the latter delivered stable growth via globalization, deregulation and lower rates. 



He sees 2025 surprising with lower yields and disinflation, but warns that the secular outlook for government bonds remains bearish.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45450466/what-recession-markets-have-erased-every-last-bit-of-economic-pessimism">What Recession? Markets Have Erased Every Last Bit Of Economic Pessimism </a></li>
</ul>



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Emerging Markets Break Out As 'Peace Trades' Gain Momentum, Hartnett Says

First Solar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) is in the midst of a likely short squeeze, which is skyrocketing the stock. Once the squeeze is over, shares should fall back to relative congestion support.



So today, let&#8217;s place a trade on First Solar against the current trade, but give the chart some time to develop by setting the expiration at least 60 days to deliver results.



Here&#8217;s how best to do it.



First Solar&#8217;s resistance zone currently sits around $200, but with all this market uncertainty, trading could be choppy in the summer months. Support sits near $155, which is where we&#8217;ll put our middle strike.



The way to play this is with a long put butterfly, a combination of a long put spread, and a short put spread that share the same short strike and same expiration date. Though this kind of trade is often described as &#8220;delta neutral,&#8221; it certainly delivers profit if price action fades as expected. 



<ul class="wp-block-list">
<li>Buy to open 1 FSLR 15 Aug 175 puts </li>



<li>Sell to open 2 FSLR 15 Aug 155 puts </li>



<li>Buy to open 1 FSLR 15 Aug 135 puts </li>
</ul>



Set an alert for prices near the middle strike so that you are very aware of the motion into the middle strike, as this is where the maximum profit will engage into expiration. You will also notice that price action is less sensitive to fluctuation the further we are from expiration. 



This long-put butterfly currently has a debit of $1.55, which represents the total risk incurred in the trade. The breakeven price of the stock at expiration on this trade is $173.45, less commissions.



The highest potential profit is $20 (the distance between $175 and $155), less the cost of the debt incurred by buying the call butterfly, so $20 &#8211; $1.55 = $18.45 less commissions.



It is extremely rare to collect all this premium in this kind of butterfly. Consider price action information to drive your risk and profit parameters.



This strategy provides several ways to exit, but I will discuss the main two:



<ol class="wp-block-list">
<li>Sell the put butterfly when the profit goal moves into your target parameters, particularly once the middle strike is tested near the expiration time. I often look for an 80% to 200% return for these types of put butterflies, but the maximum profit potential is much greater.</li>



<li>To sell the put butterfly when your loss threshold is breached. Customarily, this is 50% for me. </li>
</ol>



More advanced traders might consider rolling the short strikes down over time if First Solar&#8217;s price continues to fall.



<h2 class="wp-block-heading">Meet Your One-Stop Command Center for Smarter Investing</h2>



Newsletters talk. Analysts argue. Talking heads on TV hype. Benzinga Edge does something different—it delivers. With real-time portfolio alerts, actionable stock ideas, and pro-grade tools…you get the complete investors&#8217; arsenal — ready to help you profit in any market. Get Your Edge Now right <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/">HERE</a> (At 43% New-Member Discount)



Editorial content from our Expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



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This Week's Best Short Squeeze Options Trade

The Trump administration has intensified its critique of Europe&#8217;s digital regulations, asserting that they pose a risk to free speech and American commercial interests.



What Happened: The State Department is spearheading the initiative, seeking instances of European government efforts to curtail freedom of speech. The focus is on the European Union&#8217;s legislation that outlines standards for tech giants like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) to regulate online content, <a href="https://www.wsj.com/politics/policy/trump-administration-targets-europes-digital-laws-as-a-threat-to-basic-rights-and-u-s-business-20db1016">reported</a> The Wall Street Journal.



The U.S. is resolved to break down the &#8220;global censorship-industrial complex,&#8221; as stated in a State Department communication. This dispute over Europe&#8217;s digital policies happens amid strained trans-Atlantic relations due to Trump&#8217;s tariffs and his engagement with Russia.



The EU&#8217;s Digital Services Act (DSA), adopted in 2022, is central to this initiative. The DSA requires digital platforms to show their efforts in tackling risks such as&nbsp;the dissemination of illegal content&nbsp;and election manipulation through disinformation. Trump officials argue that these EU restrictions could potentially impact U.S. content moderation policies and free speech.



EU officials, on the other hand, insist that the DSA, applicable only within the EU, aims to safeguard Europeans&#8217; basic rights and protect children online, without threatening free speech.



SEE ALSO:&nbsp;<a href="https://benzinga.com/tech/25/05/45433850/mr-wonderful-kevin-oleary-says-youre-literally-giving-away-money-to-billers-by-not-doing-this-one-simple-thi" target="_blank" rel="noreferrer noopener">Mr Wonderful Kevin O&#8217;Leary Says You&#8217;re Literally Giving Away Money To Billers By Not Doing This One Simple Thing — And He&#8217;s Been Doing It For Decades</a>



Why It Matters: This development comes in the wake of increasing tensions between the U.S. and the EU over online regulations. The EU and the United Kingdom have <a href="https://www.benzinga.com/markets/eurozone/25/04/44695371/eu-online-crackdown-may-fuel-more-tensions-with-trump-officials">tightened </a>their control over online speech for U.S. social media companies and their citizens, potentially fueling tension with the Trump administration. 



The EU has even considered a $1 billion fine against Elon Musk&#8217;s social media platform, X, for alleged DSA breaches. This ongoing conflict underscores the complex interplay between digital regulations, free speech and international relations.



On the other hand, in February, Vice President JD Vance at the Paris AI Summit had warned Europe against &#8220;authoritarian censorship&#8221; and &#8220;massive regulations.&#8221; Meanwhile, President Donald Trump has criticized non-monetary trade barriers he believes hurt the U.S., prompting his administration to intensify pressure on Europe's digital regulations.



Vanguard Information Technology Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) surged 21.23%, while Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) rose 20.91% over the past month. 



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45460177/bitcoin-rises-while-ethereum-dogecoin-slip-market-isnt-going-to-peak-in-the-next-6-months-says-popular-analyst" target="_blank" rel="noreferrer noopener">Bitcoin Rises While Ethereum, Dogecoin Slip — &#8216;Market Isn&#8217;t Going To Peak In The Next 6 Months,&#8217; Says Popular Analyst &#8211; Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided benefi</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.

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US Slams Europe's Digital Laws, Calls Them A Danger To Free Expression And American Big Tech

Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) shares fell on Friday after the company announced that CEO Lars Fruergaard Jørgensen will <a target="_blank" href="https://view.news.eu.nasdaq.com/view?id=b6731bc5fbbb86a53bdd454ea6c2f7d98&amp;lang=en&amp;src=listed" rel="noreferrer noopener">step down</a> after eight years leading the company.



He will remain in the role temporarily to help ensure a smooth leadership transition while a successor is identified.



The decision follows a decline in Novo Nordisk's share price since mid-2024 and increased pressure from the Novo Nordisk Foundation, which holds majority voting power through its investment company. The foundation also pushed for stronger board representation.



Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/25/05/45418556/novo-nordisks-ozempic-weight-loss-jabs-could-boost-uk-economy-by-6-billion-study-finds" rel="noreferrer noopener">Novo Nordisk's Ozempic Weight Loss Jabs Could Boost UK Economy By $6 Billion, Study Finds</a>



NVO stock has lost close to 50% of its value in the last year and is down over 23% year-to-date. The company makes blockbuster drugs like Ozempic and Wegovy.



The company said that during his eight years as CEO, Novo Nordisk's sales, profits and share price have almost tripled.



Helge Lund, chair of the Novo Nordisk Board, says, "Novo Nordisk's strategy remains unchanged, and the Board is confident in the company's current business plans and its ability to execute on the plans."



Lars Rebien Sørensen, current chair of the foundation and former CEO of Novo Nordisk, will join the company's board as an observer.



He is expected to be nominated as a board member at the 2026 Annual General Meeting, bringing with him extensive industry experience and deep company knowledge. Board Chair Helge Lund said the company's overall strategy remains intact.



The executive transition comes amid mixed business signals. While the company reported lukewarm <a target="_blank" href="https://www.benzinga.com/25/05/45252150/novo-nordisk-expects-fda-decision-for-oral-wegovy-by-end-of-2025-reports-mixed-q1-earnings" rel="noreferrer noopener">Q1 earnings</a>, it remains optimistic about upcoming regulatory milestones, including an expected FDA decision on oral Wegovy by the end of 2025.



On Wednesday, Novo Nordisk entered a global <a target="_blank" href="https://www.benzinga.com/general/biotech/25/05/45407486/novo-nordisk-inks-22-billion-deal-with-septerna-to-develop-oral-weight-loss-and-diabetes-drugs" rel="noreferrer noopener">collaboration</a> with Septerna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEPN#NASDAQ">SEPN</a>) to develop oral small-molecule therapies for obesity, type 2 diabetes, and cardiometabolic diseases.



The deal includes over $200 million in upfront and near-term milestone payments, with Septerna eligible for up to $2.2 billion in total. Novo Nordisk will cover all development costs and lead commercialization.



Price Action: NVO shares are trading lower by 3.87% to $63.64 premarket at the last check on Friday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com//node/45347237" target="_blank" rel="noreferrer noopener">Novo Nordisk's Sogroya Supports Effective Weekly Alternative To Daily Hormone Therapy Across Three Growth Disorders</a></li>
</ul>



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Ozempic Maker Novo Nordisk Looks For New Chief, Jørgensen Steps Down From CEO Role

Editor&#8217;s Note: This article has been updated to reflect the correct 2-year Treasury bond yield of 3.95%.



U.S. stock futures advanced on Friday after a mixed close on Thursday. Futures of major benchmark indices were trading higher in premarket.



The S&amp;P 500 index recorded its fourth day of gains on Thursday after turning positive for the year at the beginning of the week.



Jerome Powell, Federal Reserve Chair, indicated Thursday that the Fed is r<a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45439079/powell-signals-fed-may-shift-its-inflation-strategy-after-5-year-economic-shake-up">eassessing its inflation and employment strategies</a>, suggesting potential shifts in policy following a comprehensive review scheduled for 2025. 



"Participants have indicated that they thought it would be appropriate to reconsider the language around [labor market] shortfalls," Powell said, referring to how the Fed talks about employment in its official strategy.



Nasdaq dropped after continued positive momentum from <a href="https://www.benzinga.com/25/05/45462404/trump-unveils-over-200-billion-worth-of-deals-with-uae-including-major-etihad-airways-commitment">partnerships with the Middle East</a> during the U.S.-Saudi Investment Forum. 



Meanwhile, the 10-year Treasury bond yielded 4.40% and the two-year bond was at 3.95%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 91.8% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.33%</td></tr><tr><td>S&amp;P 500</td><td>0.23%</td></tr><tr><td>Nasdaq 100</td><td>0.23%</td></tr><tr><td>Russell 2000</td><td>0.40%</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, rose in premarket on Friday. The SPY was up 0.14% to $591.31, while the QQQ advanced 0.16% to $520.06, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Led by strong gains in utilities, consumer staples, and real estate, most sectors within the S&amp;P 500 finished Thursday in positive territory, contributing to the index&#8217;s fourth consecutive session of gains.



However, consumer discretionary and communication services stocks diverged from the broader market, ending the day lower.



Overall, the S&amp;P 500 has climbed approximately 4.5% week-to-date, followed by a roughly 2.6% increase for the Dow and a significant 6.6% rise for the Nasdaq.



Notably, tech giants like Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) have seen substantial weekly gains of around 15% each, with Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) also adding around 6% and 7%, respectively.



In other news, Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) reported stronger-than-anticipated first-quarter earnings, while Foot Locker Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) shares surged around 86% following an agreement for acquisition by DICK&#8217;s Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>).



On the economic front, initial jobless claims remained steady, U.S. retail sales saw a modest 0.1% monthly increase in April, and U.S. producer prices unexpectedly declined by 0.5% in April.



The Dow Jones index advanced 272 points or 0.65% to 42,322.75, whereas the S&amp;P 500 index rose 0.41% to 5,916.93. Nasdaq Composite ended 0.18% lower at 19,112.32, and the small-cap gauge, Russell 2000, ended 0.52% higher at 2,094.69.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.18%</td><td>19,112.32</td></tr><tr><td>S&amp;P 500</td><td>0.41%</td><td>5,916.93</td></tr><tr><td>Dow Jones</td><td>0.65%</td><td>42,322.75</td></tr><tr><td>Russell 2000</td><td>0.52%</td><td>2,094.69</td></tr></tbody></table></figure>



Insights From Analysts:



Ed Yardeni of Yardeni Research said in his QuickTakes note that Fed Chair Powell &#8220;poked a stick&#8221; at the White House following his speech on Thursday.



Yardeni pointed out that Powell implied that the bond yields might stay elevated as a result of more frequent &#8220;supply shocks,&#8221; like tariffs.



&#8220;Higher real rates may also reflect the possibility that inflation could be more volatile going forward than in the inter-crisis period of the 2010s,&#8221; Powell said in prepared remarks for the Thomas Laubach Research Conference in Washington, D.C.



Yardeni said, &#8220;Sounds like Powell is expecting more frequent bouts of stagflation, which was associated with supply shocks in the past.&#8221;



&#8220;The stock and bond markets didn&#8217;t react much to the speech partly because today&#8217;s batch of indicators were mostly ambiguous about the near-term prospects for stagflation,&#8221; he added.



As the PPI declined in April, Louis Navellier of Navellier &amp; Associates said, &#8220;The PPI demonstrated that despite recent trade chaos, wholesale prices are falling from lackluster economic activity and surplus goods that have been &#8216;dumped&#8217; in the U.S.&#8221;



Meanwhile, commenting on the declining PPI, Jamie Cox, the managing partner at Harris Financial Group, added, &#8220;If you are in the stagflation camp, these data aren't confirming your thesis. While growth is slowing, disinflation remains intact.&#8221;



Speaking about the S&amp;P 500 earnings so far, Navellier said, &#8220;Now that 90% of the companies in the S&amp;P 500 have announced their first quarter results, earnings are running at an 11.2% annual pace, which represents the seventh straight quarter of improving earnings growth.&#8221;



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 Friday:



<ul class="wp-block-list">
<li>April&#8217;s import price index, housing starts, and building permit data will be released by 8:30 a.m. ET.</li>
</ul>



<ul class="wp-block-list">
<li>The preliminary consumer sentiment for May will be released by 10:00 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>Flowers Foods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLO#NYSE">FLO</a>) fell 2.17% in premarket on Friday as analysts expect it to report quarterly earnings of 38 cents per share on revenue of $1.60 billion, before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Brady Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRC#NYSE">BRC</a>) rose 1.77% as Wall Street expects it to report earnings before the opening bell. It is expected to post earnings of $1.22 per share on revenue of $386.81 million.</li>
</ul>



<ul class="wp-block-list">
<li>RBC Bearings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBC#NYSE">RBC</a>) declined 0.56% as analysts expect it to report quarterly earnings of $2.70 per share on revenue of $440.26 million, before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>Take-Two Interactive Software, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) fell 3.59% after the company guided for its first quarter net bookings to be in a range of $1.25 billion to $1.30 billion and full fiscal-year net bookings to be in a range of $5.90 billion to $6.00 billion.</li>
</ul>



<ul class="wp-block-list">
<li>Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) dropped 6.19% after a mixed second quarter. The earnings per share were better than expected, while sales missed estimates.</li>
</ul>



<ul class="wp-block-list">
<li>WeRide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRD#NASDAQ">WRD</a>) was up 2.85% after launching a fully driverless robotaxi trial operation in Abu Dhabi.</li>
</ul>



<ul class="wp-block-list">
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) jumped 5.41% after acquiring natural gas assets worth $1.9 billion.</li>
</ul>



<ul class="wp-block-list">
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) was 0.07% below flatline after the report of a delayed rollout for its AI model update.</li>
</ul>



<ul class="wp-block-list">
<li>Incannex Healthcare Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IXHL#NASDAQ">IXHL</a>) zoomed 68.98% after it finished administering doses to patients in the Phase 2 segment of its trial for Obstructive Sleep Apnea (OSA).</li>
</ul>



<ul class="wp-block-list">
<li>Origin Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORGN#NASDAQ">ORGN</a>) slumped 30.80% after the company reported a year-over-year decrease in first-quarter financial results and cut its FY26 sales guidance below estimates.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.19% to hover around $61.50 per barrel.



Gold Spot US Dollar fell 0.96% to hover around $3,208.84 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.19% at the 100.6880 level.



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



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/general/market-summary/25/05/45399940/warren-buffett-shows-how-patience-pays-98-of-his-160-billion-wealth-came-after-turning-65-thanks-the-power-of-compound-interest">Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of &#8216;Compound Interest&#8217;</a></li>
</ul>



Photo: Shutterstock

Federal Reserve

AMAT

IXHL

ORGN

TTWO

Wall Street Poised To Open Higher After S&P 500's 4-Day Run: 'Sounds Like Powell Is Expecting More Frequent Bouts Of Stagflation,' Cautions Expert (CORRECTED)

Wedbush analyst, Dan Ives&nbsp;anticipates that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could increase its&nbsp;iPhone assembly production in India&nbsp;to 60%-65% by fall, depending on tariff negotiations.



What Happened:  On Friday, Ives posted his views on X that Apple could significantly ramp up its iPhone assembly in India in a best-case scenario. However, he also noted that the tech giant could revert to a China-driven iPhone strategy depending on the tariff situation and deal negotiations. He added that U.S. iPhone production is &#8220;not feasible.&#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">We believe Apple could ramp iPhone assembly production in India up to 60%-65% by the Fall in a best case scenario but could easily pivot back to a China driven iPhone strategy depending on the tariff situation and deal negotiations. US iPhone production not feasible &#x1f3c6;&#x1f525;&#x1f402;&#x1f4f1;&#x1f34e;&#x1f34f;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1923306260176294386?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



This post comes in the wake of President Donald Trump expressing his disapproval of Apple&#8217;s manufacturing expansion in India. Trump told Apple CEO Tim Cook, &#8220;I don't want you building in India.&#8221;



SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45460177/bitcoin-rises-while-ethereum-dogecoin-slip-market-isnt-going-to-peak-in-the-next-6-months-says-popular-analyst" target="_blank" rel="noreferrer noopener">Bitcoin Rises While Ethereum, Dogecoin Slip — &#8216;Market Isn&#8217;t Going To Peak In The Next 6 Months,&#8217; Says Popular Analyst &#8211; Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided benefi</a>



Why It Matters: Despite Trump&#8217;s criticism, India remains committed to its partnership with&nbsp;<a href="https://www.benzinga.com/markets/25/05/45462006/no-change-in-apples-production-plans-says-india-despite-trumps-little-problem-with-ceo-tim-cook-report">Apple</a>. The company has reportedly reassured the Indian government of its commitment to continue using India as a major manufacturing base. This assurance comes despite Trump's recent remarks, with government sources emphasizing that there is "no change" in Apple's investment plans in India.



Apple&#8217;s stock recently saw a boost following a breakthrough in trade negotiations between the&nbsp;<a href="https://www.benzinga.com/news/25/05/45358770/apple-stock-rises-following-us-china-trade-breakthrough">United States and China</a>. The tech giant, heavily reliant on a China-centric supply chain for manufacturing iPhones, was a clear beneficiary of the temporary rollback in tariffs.



Over the past five days, the shares of Apple climbed 6.26%, while on a year-to-date basis, it declined 13.29%, as per data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/general/health-care/25/05/45431505/gop-tax-bill-breaks-trumps-social-security-tax-pledge-still-hits-25-million-seniors-while-elo" target="_blank" rel="noreferrer noopener">GOP Tax Bill Breaks Trump&#8217;s Social Security Tax Pledge, Still Hits 25 Million Seniors While Elon Musk&#8217;s Stock Wealth Skirts FICA</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.

Apple iPhone Production In US 'Not Feasible,' Says Tech Bull After Donald Trump Tells Tim Cook To Stay Out Of India

Despite the <a href="https://www.benzinga.com/markets/equities/25/05/45430137/trump-had-a-problem-with-tim-cook-president-says-he-told-apple-ceo-i-dont-want-you-building-in-india-amid-tariff-concerns-and-production-shift-from-china">recent criticism from U.S.</a> President Donald Trump, India remains committed to its growing partnership with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).



What Happened: The Tim Cook-led company has reassured the Indian government of its commitment to continue using India as a major manufacturing base. This assurance comes despite Trump&#8217;s recent remarks, with government sources emphasizing that there is &#8220;no change&#8221; in Apple&#8217;s investment plans in India, as <a href="https://www.cnbctv18.com/technology/apple-manufacturing-us-president-donald-trump-comments-india-reaction-19605132.htm">per</a> a CNBC-TV18 report.



Rajoo Goel, Secretary General of the Electronic Industries Association of India (ELCINA), responded to Trump&#8217;s criticism by underplaying its potential impact. He suggested that while it may slightly slow things down, it is unlikely to significantly affect India, given its minor share in Apple&#8217;s global market. 



Goel referred to Trump&#8217;s remarks as &#8220;just a statement,&#8221; asserting that India&#8217;s electronics manufacturing sector is on &#8220;a very strong footing.&#8221; The Secretary General also anticipates that President Trump would change his stance on this matter.



Apple did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment.



Another Indian government official told India Today that companies like Apple make decisions based on global competitiveness rather than political rhetoric. &#8220;Apple would be more concerned about where they would find manufacturing competitiveness,&#8221; stated the official.



SEE ALSO:&nbsp;<a href="https://benzinga.com/tech/25/05/45433850/mr-wonderful-kevin-oleary-says-youre-literally-giving-away-money-to-billers-by-not-doing-this-one-simple-thi" target="_blank" rel="noreferrer noopener">Mr Wonderful Kevin O&#8217;Leary Says You&#8217;re Literally Giving Away Money To Billers By Not Doing This One Simple Thing — And He&#8217;s Been Doing It For Decades</a>



Why It Matters: Trump&#8217;s recent criticism of Apple&#8217;s manufacturing expansion in India comes after he revealed that he had a &#8220;little problem&#8221; with Apple CEO Tim Cook about the tech giant's manufacturing expansion in India. This followed a conversation between Trump and Cook, where Trump stated that Cook intends to <a href="https://www.benzinga.com/markets/25/05/45417037/apple-may-up-its-numbers-amid-china-tariff-truce-trump-talks-500-billion-us-investment-after-tim-coo">boost </a>Apple's investment in U.S. operations.



However, CNBC's Jim Cramer warned that <a href="https://www.benzinga.com/government/regulations/25/05/45435170/jim-cramer-says-this-will-hurt-apple-president-trump-making-it-tough">Apple could face challenges</a> in India due to Trump's trade policies. He stated that Trump is making it tough for Apple in India, potentially hurting the tech giant&#8217;s operations. Meanwhile, reports suggest that Apple is considering raising prices for its upcoming iPhones but would avoid revealing that the potential hike is related to U.S. tariffs on Chinese-made parts, where most of its assembly takes place.



Despite these criticisms, India&#8217;s electronics industry remains optimistic about its partnership with Apple, suggesting that Trump&#8217;s comments are unlikely to have a significant impact on their ongoing operations. That being said, Apple&#8217;s high-end models like the Pro and Pro Max will continue to be made mainly in China, as India&#8217;s infrastructure and technical capabilities are not yet sufficient for large-scale production at that level, as per experts.



Apple holds a momentum rating of 61.99% and a quality rating of 75.73%, according to&nbsp;<a href="https://www.benzinga.com/quote/AAPL" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s Proprietary Edge Rankings</a>. 



Apple stock has declined 13.29% during the year-to-date period.



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/05/45450026/bitcoin-holding-up-while-ethereum-xrp-dogecoin-dip-dont-get-distracted-by-short-term-noise-trader-says" target="_blank" rel="noreferrer noopener">Bitcoin Holding Up While Ethereum, XRP, Dogecoin Dip: &#8216;Don&#8217;t Get Distracted By Short Term Noise,&#8217; Trader Says &#8211; Benzinga</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.

'No Change' In Apple's Production Plans, Says India, Despite Trump's 'Little Problem' With CEO Tim Cook: Report

JPMorgan Chase CEO Jamie Dimon's distaste for remote work is widely known by now. A long-time opponent, Dimon spoke about the company's return-to-office mandate on Thursday: "I think our employees will be happier over time. And the younger people will learn the right way, it&#8217;s an apprenticeship system. And you can&#8217;t learn working from your basement."



What Happened: In an <a href="https://www.bloomberg.com/news/articles/2025-05-15/jpmorgan-s-dimon-on-work-from-home-rant-i-emoted-a-little-bit">interview</a> with Bloomberg Television, Dimon said, "I think our employees will be happier over time," he added. "And the younger people learn the right way, it is an apprenticeship system and you can't learn working from your basement."



He noted that almost 10% of the bank's employees remain remote. In his remarks at JPMorgan's annual Global Markets Conference in Paris, Dimon added to his previous comments, saying, "I completely applaud your right to not want to go to the office every day. But you're not going to tell JPMorgan what to do."



See Also:<a href="https://www.benzinga.com/25/05/45453976/jp-morgans-investor-day-looms-why-this-could-set-the-stocks-next-move"> JPMorgan Investor Day Looms, Here Are 5 Core Topics To Watch</a>



Dimon was even more blunt in a leaked audio recording obtained <a href="https://www.businessinsider.com/jamie-dimon-every-comment-work-from-home-employee-remote-2025-5">by</a> Business Insider, where he said, "A lot of you were on the fu&#x2A;&#x2A;ing Zoom and you were doing the following: looking at your mail, sending texts to each other about what an asshole the other person is, not paying attention, not reading your stuff."



In the same audio, he also dismissed hybrid models, saying, "Don't give me this s&#x2A;&#x2A;t that work-from-home-Fridays works. I call a lot of people on Fridays, and there's not a goddamn person you can get a hold of."



Why It Matters: Dimon's latest comments align with views he has previously expressed about remote work. Earlier this year, he highlighted that it was mainly white-collar workers who seem to reject remote work, while frontline workers continue to work on-site as their jobs demand. Referring to their <a href="https://www.benzinga.com/25/03/44300682/jamie-dimon-doubles-down-on-work-from-home-criticism-where-did-you-get-your-amazon-packages">work during the pandemic</a>, he asked: &#8220;Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?&#8221;



At a town hall in Columbus, Ohio, <a href="https://www.benzinga.com/markets/equities/25/02/43757032/jamie-dimon-goes-off-on-return-to-office-critics-you-dont-have-to-work-at-jpmorgan">Dimon rebuked employees</a> who challenged the bank's five-day office mandate. He brushed off requests for flexible schedules, arguing that remote work suppresses creativity and delays decision-making.



In a March town hall meeting in Dallas, Texas, Dimon highlighted his belief that <a href="https://www.benzinga.com/25/03/44447865/jamie-dimon-reveals-he-will-remain-jpmorgans-ceo-for-few-more-years-jokes-he-wont-swear-this-time">young workers in particular benefit</a> most by working from the office instead of home.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/05/45447827/cpi-undershoots-but-core-inflation-stays-stubborn-jp-morgan">CPI Undershoots But Core Inflation Stays Stubborn: JP Morgan</a></li>
</ul>



Image Via Shutterstock

General

Jamie Dimon Says Don't 'Tell JPMorgan What To Do' As He Tells Remote Workers, 'You Can't Learn Working From Your Basement,' Defending RTO Crackdown

The world&#8217;s largest cryptocurrency continues to dominate the market, representing 62.2% of the total crypto market capitalization, which currently stands at $3.33 trillion. 



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+1.30%</td><td>$104,232</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>-0.47%</td><td>$2,577</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>-3.15%</td><td>$0.2266</td></tr></tbody></table></figure>



Bitcoin&#8217;s dominance increased by 0.74% over the last day, while Ethereum&#8217;s share declined to 9.3%.



Federal Reserve Chair Jerome Powell signaled on Thursday that the central bank is<a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45439079/powell-signals-fed-may-shift-its-inflation-strategy-after-5-year-economic-shake-up"> reassessing its approach to inflation</a> and employment as part of a major policy review.



The CMC Crypto Fear and Greed Index currently registers a score of 69, indicating &#8220;Greed&#8221; in the market. This represents a slight decrease from yesterday&#8217;s reading of 71 but remains elevated compared to last month&#8217;s score of 29, which signaled &#8220;Fear,&#8221; according to data from CoinMarketCap. 



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45450026/bitcoin-holding-up-while-ethereum-xrp-dogecoin-dip-dont-get-distracted-by-short-term-noise-trader-says">Bitcoin Holding Up While Ethereum, XRP, Dogecoin Dip: &#8216;Don&#8217;t Get Distracted By Short Term Noise,&#8217; Trader Says</a>



Meanwhile, traditional markets show modest gains, with S&amp;P 500 futures up 0.0042% at 5,933.50, Nasdaq-100 futures gaining 0.020% to 21,404.50, and Dow Jones Industrial Average futures rising 0.026% to 42,396.00.



In other markets, gold has retreated to around $3,220 per ounce on Friday, heading for a weekly loss exceeding 3% as easing global trade tensions between the U.S. and China reduce its safe-haven appeal.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.30 p.m. ET)</td></tr><tr><td>Hyperliquid (HYPE)</td><td>+7.87%</td><td>$26.97</td></tr><tr><td>Bitget Token (BGB)</td><td>+7.03%&nbsp;</td><td>$5.06</td></tr><tr><td>Story (IP)</td><td>+5.94%</td><td>$4.88</td></tr></tbody></table></figure>



Analyst Notes:&nbsp;&#8220;Bitcoin has seen some resistance over the past week, being challenged to grow past the $104K to $105K level,&#8221; a crypto market intelligence platform, Santiment, noted on Thursday. &#8220;This temporary &#8216;pumping of the brakes&#8217; has been enough to swing traders slightly bearish once again.&#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">&#x1f911; Bitcoin has seen some resistance over the past week, being challenged to grow past the $104K to $105K level. This temporary &quot;pumping of the brakes&quot; has been enough to swing traders slightly bearish once again. Markets generally tend to move opposite to crowd&#39;s expectations,… <a href="https://t.co/7toBDE5y6f">pic.twitter.com/7toBDE5y6f</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1923078207491727535?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Despite this short-term resistance, analyst Michaël van de Poppe believes the bull market has significant room to run. &#8220;This market isn&#8217;t going to peak in the next 6 months if we just managed to have a 4-year bear market on Altcoins coming to an end,&#8221; Martinez wrote on social platform X. 



&#8220;The previous bear market was 2 years, and had 2 years of bull since. The 4-year cycle doesn&#8217;t exist anymore,&#8221; van de Poppe 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">This market isn&#39;t going to peak in the next 6 months if we just managed to have a 4-year bear market on <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> coming to an end. The previous bear market was 2 years, and had 2 years of bull since. The 4-year cycle doesn&#39;t exist anymore.&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1923120452307910713?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Yalcin Sonat On Shutterstock.com



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/management/25/05/45455434/warren-buffett-ditches-bitcoin-linked-nu-holdings-adds-to-constellation-brands-dominos-pizza-pool-corp-stakes">Warren Buffett Ditches Bitcoin-Linked Nu Holdings, Adds To Constellation Brands, Domino&#8217;s Pizza, Pool Corp Stakes</a></li>
</ul>



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

Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin Rises While Ethereum, Dogecoin Slip — 'Market Isn't Going To Peak In The Next 6 Months,' Says Popular Analyst

With Federal Reserve Chair Jerome Powell once again raising a similar set of concerns during his speech on Thursday, economist Mohamed El-Erian found it all too familiar and was quick to draw parallels between chapters of economic history. 



What Happened: On Thursday, El-Erian posted on X, quoting Powell&#8217;s remarks on the state of the economy during the Second Thomas Laubach Research Conference early in the day.



During his speech, Powell said, &#8220;We may be entering a period of more frequent, and potentially more persistent, supply shocks,&#8221; before adding that it would be a &#8220;difficult challenge for the economy and for central banks,&#8221; <a href="https://www.cnbc.com/2025/05/15/feds-powell-cautions-about-higher-long-term-rates-as-supply-shocks-provide-policy-challenges.html">reported</a> CNBC.



See Also: <a href="https://www.benzinga.com/25/05/45458915/had-microsoft-built-phones-earlier-things-might-look-different-today-steve-ballmers-missed-call-now-worth-289000-to-apple-investors">Steve Ballmer&#8217;s Missed Call: $1000 Investment Then Worth $289,000 To Apple Investors Today — Why Ex-Microsoft CEO Once Admitted &#8216;Religious Transformation&#8217; Came Too Late</a>



While quoting the central banker verbatim, El-Erian asks if the concerns raised &#8220;Sounds familiar?&#8221; This two-word response by the renowned economist highlights how the Fed&#8217;s messaging mirrors prior inflationary cycles and supply-side shocks over the years.



<figure class="wp-block-embed aligncenter 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">Federal Reserve Chair Jerome Powell: "We may be entering a period of more frequent, and potentially more persistent, supply shocks — a difficult challenge for the economy and for central banks." Sounds familiar?<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> <a href="https://twitter.com/hashtag/centralbanks?src=hash&amp;ref_src=twsrc%5Etfw">#centralbanks</a> <a href="https://twitter.com/hashtag/federalreserve?src=hash&amp;ref_src=twsrc%5Etfw">#federalreserve</a>&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1923079689649770533?ref_src=twsrc%5Etfw">May 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: El-Erian is likely referring to the Fed&#8217;s messaging during the COVID-19 pandemic in 2020, when the U.S. and the global economy faced similar <a href="https://www.benzinga.com/news/21/08/22492972/supply-chain-gaps-exposed-by-covid-19-spur-search-for-local-mines-and-more-agile-planning">supply shocks</a>, with Powell as the Fed Chair. 



However, he may also be alluding to the <a href="https://in.benzinga.com/25/04/44892570/fairer-trade-or-economic-trainwreck-elerian-breaks-down-the-administrations-two-futures">stagflation of the 1970s</a>, a period El-Erian has frequently referenced in past commentary. He has warned that tariffs and trade wars risk creating conditions reminiscent of the Carter era, marked by low growth and high inflation.



Photo Courtesy: Poetra.RH On Shutterstock.com



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/05/45457691/its-incredible-the-trump-administration-is-acting-like-this-isnt-a-big-deal-says-fox-host-as-la-port-volume-drops-35-and-layoffs-loom">&#8216;It&#8217;s Incredible The Trump Administration Is Acting Like This Isn&#8217;t A Big Deal,&#8217; Says Fox Host As LA Port Volume Drops 35% And Layoffs Loom</a></li>
</ul>

Government

'Sounds Familiar?' Mohamed El-Erian Calls Out Powell's Déjà Vu On Supply Shocks—Economist Draws Historic Parallels On Fed Chair's Latest Message

On Thursday, Cathie Wood-led Ark Invest executed a notable trade involving Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>). The firm decided to sell 9,078 shares of the Jack Dorsey-led company through its ARK Next Generation Internet ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#BATS">ARKW</a>). 



The Block Inc Trade:



Block&#8217;s recent quarterly earnings report fell short of expectations. The <a href="https://www.benzinga.com/news/earnings/25/05/45152696/block-shares-drop-after-worse-than-expected-q1-results-details">company&#8217;s earnings</a> per share were reported at 56 cents, missing the analyst consensus of 87 cents. Additionally, the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-focused company&#8217;s revenue of $5.77 billion did not meet the anticipated $6.2 billion.



Ark Invest&#8217;s decision to sell shares aligns with its recent trend of reducing exposure to Block, as previously noted in <a href="https://www.benzinga.com/25/05/45307499/cathie-woods-21-5-million-shopify-grab-defies-post-earnings-dip-ark-continues-dumping-palantir-also-chops-jack-dorseys-block">other trades</a>. The value of this particular trade, based on the latest closing price of $57.01, amounts to $517,536.



Other Key Trades:



<ul class="wp-block-list">
<li>ARKF sold 6,024 shares of UiPath Inc. (PATH).</li>



<li>ARKQ sold 569,244 shares of 3D Systems Corp (DDD).</li>



<li>ARKW bought 272,686 shares of Nextdoor Holdings Inc. (KIND).</li>



<li>ARKX bought 16,302 shares of Blade Air Mobility Inc (BLDE).</li>
</ul>



Block has a Momentum in the 20th percentile and Growth in the 85th percentile, according to Benzinga Edge Stock Rankings. Wondering how other cryptocurrency plays like <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Coinbase and Marathon Digital compare</a>? 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="444" height="280" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15230456/Screenshot-2025-05-16-at-12.04.41.png" alt="" class="wp-image-917380" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15230456/Screenshot-2025-05-16-at-12.04.41.png 444w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15230456/Screenshot-2025-05-16-at-12.04.41-300x189.png 300w" sizes="(max-width: 444px) 100vw, 444px" /></a></figure>



Photo Courtesy: ChrisStock82 on Shutterstock.com



Read Next: 



<ul class="wp-block-list">
<li><a href="https://benzinga.com/trading-ideas/movers/25/05/45342167/why-is-this-dogecoin-clone-surging-on-monday-morning" target="_blank" rel="noreferrer noopener">Why Is This Dogecoin Clone Surging On Monday Morning? </a></li>
</ul>



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

Market Summary

ARKW

Cathie Wood's Block Sale: Ark Sells Bitcoin Play — See What She's Buying Instead

As legendary investor Warren Buffett prepares to step down as CEO of Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) by <a href="https://www.benzinga.com/25/05/45184410/warren-buffett-to-step-down-as-berkshire-hathaway-ceo-by-end-of-year-asks-board-to-confirm-greg-abel-as-successor">the end of 2025</a>, a 13F filing released on Thursday reveals how his team reshaped the firm's portfolio in the first quarter.



What Happened: The 13F <a href="https://www.sec.gov/Archives/edgar/data/1067983/000095012325005701/0000950123-25-005701-index.html">filing </a>from Berkshire Hathaway Inc., showing the firm&#8217;s holdings as of March 31, reveals several stocks positioned exited completely, with no new stock purchases in the quarter.



Buffett and team exited positions in financial companies Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) and Nu Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) completely in the quarter.



The exit of Nu Holdings stock in the quarter could be a significant storyline as the investment gave Buffett exposure to digital banks in Latin America and also gave the famous Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) skeptic <a href="https://www.benzinga.com/markets/cryptocurrency/22/05/27208096/warren-buffett-now-owns-bitcoin-heres-how-the-oracle-of-omaha-got-exposure-3" target="_blank" rel="noopener">exposure to Bitcoin.</a> Nu holds the leading cryptocurrency on its balance sheet and has several crypto platforms for investors.



Here are the top decreased <a href="https://13f.info/manager/0001067983-berkshire-hathaway-inc">stakes </a>by Berkshire Hathaway in the first quarter by percentage:



<ul class="wp-block-list">
<li>Citigroup: -100%</li>



<li>Nu Holdings: -100%</li>



<li>Formula One (NASDA:FWONK): -48%</li>



<li>T-Mobile US (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>): -11%</li>



<li>Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>): -7%</li>



<li>Capital One Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): -4%</li>



<li>DaVita Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVA#NYSE">DVA</a>): -3%</li>



<li>Charter Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>): declined by less than 1%</li>
</ul>



Read Also:<a href="https://www.benzinga.com/general/education/25/05/45208955/warren-buffetts-giant-berkshire-portfolio-top-10-includes-banks-oil-and-apple"> Warren Buffett&#8217;s Giant Berkshire Portfolio: Top 10 Includes Banks, Oil, And Apple</a>



Top Additions: While Berkshire Hathaway did not make new stock purchases in the quarter, the conglomerate added to several existing positions,<a href="https://www.benzinga.com/markets/equities/24/11/41993666/warren-buffetts-berkshire-hathaway-slashes-apple-bofa-holdings-adds-dominos-pizza-in-q3"> including recent holdings</a> like Pool Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POOL#NASDAQ">POOL</a>) and Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>).



Here are the top additions in the first quarter by percentage:



<ul class="wp-block-list">
<li>Pool Corporation: +145%</li>



<li>Constellation Brands: +114%</li>



<li>Heico Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HEI#NYSE">HEI</a>): +11%</li>



<li>Domino's Pizza (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NASDAQ">DPZ</a>): +10%</li>



<li>Sirius XM Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIRI#NASDAQ">SIRI</a>): +2%</li>



<li>Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>): increased by less than 1%</li>



<li>VeriSign Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>): increase by less than 1%</li>
</ul>



Berkshire's top five holdings remain the same in Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), American Express (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), Coca-Cola Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), Bank of America and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>). Of the five, only Bank of America was changed in the quarter with the decrease.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45232692/if-you-invested-1000-in-berkshire-hathaway-stock-when-warren-buffett-did-heres-how-much-youd-have-now">If You Invested $1,000 In Berkshire Hathaway Stock When Warren Buffett Did, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

CHTR

FWONK

POOL

SIRI

TMUS

VRSN

Warren Buffett Ditches Bitcoin-Linked Nu Holdings, Adds To Constellation Brands, Domino's Pizza, Pool Corp Stakes

Editor&#8217;s Note: This article has been updated to reflect that Pershing Square converted its Nike stock into call options, maintaining exposure



Bill Ackman could have a new love for the automotive sector with a new investment made in the first quarter and an added position to a stake from the fourth quarter of 2024 that was <a href="https://www.benzinga.com/25/04/44878275/billionare-investor-bill-ackman-posts-hertz-investment-thesis-proposes-av-fleet-partnership-with-uber">revealed in April.</a>



Here's a look at Ackman's investment holdings in Pershing Square as of March 31.



First Quarter Changes: Ackman and Pershing Square unveiled a new stake in Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) in the first quarter with a position of more than 30 million shares. The stake is now the largest holding the Pershing Square portfolio and comes with the investor making several recent moves to his investment strategy.



Ackman increased his stake in Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) in the first quarter with the <a href="https://www.sec.gov/Archives/edgar/data/1336528/000117266125002315/0001172661-25-002315-index.html">filing </a>showing an 18% increase.



Ackman's stake in Hertz was unveiled via a tweet and an updated SEC filing in April. A 12.7 million share purchase was originally kept from the fourth-quarter holdings document due to a request for confidentiality.



Here were the other increased stakes in the quarter:



<ul class="wp-block-list">
<li>Brookfield Corporation: +18%</li>



<li>Alphabet Inc Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>): +11%</li>
</ul>



Pershing Square lowered its investments in the following stocks in the first quarter:



<ul class="wp-block-list">
<li>Hilton Worldwide Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>): -45%</li>



<li>Google Class C (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>): -16%</li>



<li>Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>): -13%</li>



<li>Canadian Pacific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>): decreased by less than 1%</li>
</ul>



One notable move in the quarter was Pershing Square&#8217;s conversion of its 18.8 million Nike shares into over-the-counter call options, maintaining a similar economic exposure.



Read Also: <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43799342/bill-ackman-following-warren-buffett-hedge-funder-promises-modern-day-berkshire-hathaway-with-latest-transaction">Bill Ackman Follows Warren Buffett: Hedge Funder Promises &#8216;Modern Day Berkshire Hathaway&#8217; With Latest Transaction</a>



Ackman's Top Holdings: The newest 13F filing shows 11 stocks owned by Ackman and Pershing Square. Here are the current holdings and their percentage of the investment fund:



<ul class="wp-block-list">
<li>Uber: 19%</li>



<li>Brookfield: 18%</li>



<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>): 13%</li>



<li>Howard Hughes Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>): 12%</li>



<li>Chipotle: 9.1%</li>



<li>Canadian Pacific: 8.7%</li>



<li>Alphabet Class C: 8.3%</li>



<li>Alphabet Class A: 5.8%</li>



<li>Hilton: 5.7%</li>



<li>Seaport Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEG#NYSE">SEG</a>): 0.9%</li>



<li>Hertz: 0.5%</li>
</ul>



The latest 13F filing comes as Ackman is trying to <a href="https://www.benzinga.com/25/05/45401638/howard-hughes-rises-nearly-3-in-pre-market-as-bill-ackman-exits-from-universal-music-groups-board-to-prioritize-new-investments">buy control of </a>Howard Hughes and turn it into a diversified holding company to copy the conglomerate style of legendary investor Warren Buffett.



The Pershing Square 13F could look significantly different next quarter.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/03/44330386/bill-ackman-sells-portion-of-universal-music-stake-one-of-the-best-businesses-we-have-ever-owned">Bill Ackman Sells Portion Of Universal Music Stake: &#8216;One Of The Best Businesses We Have Ever Owned&#8217;</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

UBER

Bill Ackman Loads Up On Uber In Major Q1 Portfolio Rebalance (CORRECTED)

Video game company Take-Two Interactive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>) reported fourth-quarter financial results after <a href="https://www.benzinga.com/earnings">market close Thursday.</a>



Here are the key highlights.



What Happened: Take-Two announced fourth-quarter net bookings of $1.58 billion, up 17% year-over-year. The total beat a Street consensus estimate of $1.55 billion according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0515"> from Benzinga Pro.</a>



The company reported adjusted earnings pre share or $1.08 for the quarter, missing a Street consensus estimate of $1.10 per share.



Net bookings from recurrent consumer spending were up 14% year-over-year in the quarter and made up 77% of total net bookings.



The company said the largest contributors to net bookings were "NBA 2K25," "Grand Theft Auto Online, "Grand Theft Auto V," "Civilization VII," "Toon Blast," "Match Factory!," "Empires &amp; Puzzles," "Red Dead Redemption 2" and "Red Dead Online."



Total net bookings for the fiscal year were $5.65 billion, up 6% year over year. Net bookings from recurrent consumer spending were up 7% year over year for the full fiscal year and made up 70% of total net bookings.



"We achieved outstanding results in our 2025 Fiscal Year, with each of our labels contributing meaningfully to our performance," Take-Two CEO Strauss Zelnick said.



Read Also: <a href="https://www.benzinga.com/quote/TTWO/analyst-ratings">Analyst Ratings On Take-Two Interactive </a>



What's Next: Take-Two is guiding for first quarter net bookings to be in a range of $1.25 billion to $1.30 billion.



The company guides for full fiscal-year net bookings to be in a range of $5.90 billion to $6.00 billion.



"Our Fiscal 2026&nbsp;outlook&nbsp;reflects continuing positive momentum, with Net Bookings&nbsp;guidance&nbsp;of&nbsp;$5.9&nbsp;to&nbsp;$6.0 billion. As we bring our exciting lineup to market, including&nbsp;Grand Theft Auto VI&nbsp;in Fiscal 2027, we expect to achieve record levels of Net Bookings that will establish a new baseline for our business and set us on a path of enhanced profitability," Zelnick said.



Take-Two's upcoming game lineup for 2025 includes "Mafia: The Old Country," "Borderlands 4" and "WWE 2K Mobile."



Future games include "NBA 2K26," "WWE 2K26" and "Grand Theft Auto VI," which <a href="https://www.benzinga.com/news/25/05/45166208/rockstar-games-delays-highly-anticipated-grand-theft-auto-vi-release">was recently delayed</a> to a new release date of May 26, 2026.



TTWO Price Action: Take-Two stock is down 1.7% to $228.33 in after-hours trading Thursday versus a 52-week trading range of $135.24 to $238.00.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/large-cap/25/05/45205780/sp-500-stocks-that-defy-sell-in-may-myth-5-companies-with-strong-historical-gains">S&amp;P 500 Stocks That Defy &#8216;Sell In May&#8217; Myth: 5 Companies With Strong Historical Gains</a></li>
</ul>



Image created using photos from Shutterstock.

Earnings

Gaming

GTA VI Delay Looms Over Take-Two Earnings: Sales Beat, EPS Miss, Outlook Updated

Five weeks ago, markets and businesses were bracing for the worst. Donald Trump's sweeping April 2 tariff announcement sparked panic across equities and credit markets, igniting fears of <a href="https://www.benzinga.com/topic/tariffs">a trade-driven recession. </a>



But fast forward to mid-May, and the last traces of that economic pessimism have been wiped out. From credit spreads to the traditional Wall Street&#8217;s stress indicator, the message is clear: Investors are no longer pricing in a U.S. recession.



<h3 class="wp-block-heading">Tariff-Driven Credit Risk? Gone</h3>



High-yield bond spreads — one of the market&#8217;s most reliable gauges of economic stress — have returned to pre-tariffs levels.



The spread between U.S. high yield corporate bonds and Treasurys has dropped from 4.7 percentage points in early April to just 3.1 percentage points, now below the three-year average of 3.86. This signals investor confidence in even the riskiest borrowers' ability to meet debt obligations.



&#8220;During a huge risk-on advance, US High yield spreads have tightened 152 bps since April 7. With spreads now at 309 bps above Treasuries, credit market investors are back to pricing in a very optimistic outlook with no recession and few defaults,&#8221; Charlie Bilello, chief market strategist at Creative Planning, wrote in a <a href="https://x.com/charliebilello/status/1922746726307311890">post on X.com</a>.



Even in the riskiest corners of the market, sentiment has flipped. 



CCC-rated bonds, which sit just above default status, now trade at an 8.74-point spread, down from an April 7 peak of 11.4, and well below their 3-year average of 9.66.



The BondBloxx CCC-rated USD High Yield Corporate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XCCC#NYSE">XCCC</a>) has rallied 13% since April 7, marking the best 26-day rise since the fund&#8217;s inception in 2022. 



This reset in credit risk pricing reflects not only a shift in sentiment but also the market's perception that tariff-induced recession risks have been neutralized. 



<h3 class="wp-block-heading">Chart: Junk Bonds Are Breathing Easy Again After Tariff Shock</h3>



<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/2025/05/15121610/image-185-1024x529.png" alt="" class="wp-image-916861" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15121610/image-185-1024x529.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15121610/image-185-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15121610/image-185-768x397.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15121610/image-185-1536x793.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/15121610/image-185-2048x1058.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Volatility Vanishes As Wall Street Gets Its Calm Back</h3>



The CBOE Volatility Index (VIX) — Wall Street's fear gauge — had spiked to 60 on April 7, a level not seen since the pandemic crash. 



But with the White House&#8217;s 90-day pause on tariffs and tangible diplomatic progress — including a May 12 U.S.-China trade truce and a May 7 U.S.-UK trade agreement — clarity returned, and with it, calm.



On May 15, the VIX hovered around 18 levels, marking a 70% drop from last month&#8217;s peak. 



&#8220;Clarity often breeds comfort, and the removal of worst-case trade war scenarios meant the market could move on from peak fear,&#8221; said in an email Adam Turnquist, chief technical strategist for LPL Financial.



Dominic Wilson, analyst at Goldman Sachs, said the reduction in China-U.S. tariffs has led the bank to raise its U.S. growth forecast and lower recession odds. 



"We see some scope for near-term relief to continue," Wilson said, although he warned about renewed pressure on long-term interest rates and called for downside protection ahead of labor data.



CFTC-regulated betting platform Kalshi now assigns a 40% probability of a U.S. recession this year, down from 70% a month ago — suggesting it's now more likely the economy avoids a downturn.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/RECSSNBER-25/markets/RECSSNBER-25?color_scheme=dark&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



<h3 class="wp-block-heading">Markets Enter Phase 2: Communication Services, Tech Lead</h3>



Markets are now transitioning into what Jeff Buchbinder, LPL Financial's chief equity strategist, calls "phase two" — a low-tariff, trade-clarity regime. 



During this period, sectors exposed to global supply chains and discretionary spending are expected to outperform, according to the expert.



Buchbinder said communication services, consumer discretionary, industrials, and technology top his list, with the former seen as the standout.



The communication services sector has the highest percentage of cost of goods sold sourced outside the U.S. among S&amp;P 500 sectors, as LPL noted citing Bloomberg data, making it a prime beneficiary of easing trade tensions. 



The sector also boasts the lowest price-to-earnings ratio, biggest first-quarter earnings upside surprise, and second-best earnings growth among all 11 S&amp;P sectors.



From collapsing volatility to tightening credit spreads and a bullish sector rotation, markets are sending a clear signal: recession fears are in the rearview mirror, at least for now.



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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45420871/gold-miners-slammed-by-us-china-trade-truce-is-it-time-to-take-profit">Gold Miners Slammed By US-China Trade Truce: Is It Time To Take Profit? </a></li>
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Photo: Shutterstock

Bonds

Specialty ETFs

XCCC

What Recession? Markets Have Erased Every Last Bit Of Economic Pessimism

Federal Reserve Chair Jerome Powell said Thursday that the central bank is rethinking its approach to inflation and employment, signaling possible changes to the Fed's policy strategy as part of a major <a href="https://www.benzinga.com/news/econ-s">review underway in 2025.</a>



&#8220;Participants have indicated that they thought it would be appropriate to reconsider the language around [labor market] shortfalls,&#8221; Powell said, referring to how the Fed talks about employment in its official strategy. 



Powell also highlighted that &#8220;at our meeting last week, we had a similar take on average inflation targeting,&#8221; hinting that the policy introduced in 2020 may be revised or dropped.



<h3 class="wp-block-heading">What's Changing And Why?</h3>



In 2020, the Fed adopted a strategy to let inflation run slightly above 2% after years of staying too low. That policy, known as average inflation targeting, was meant to boost job growth and better support the economy in downturns.



But just months later, inflation surged far beyond the Fed's expectations, hitting a peak of 7.2% in 2022. The Fed had to respond aggressively, raising interest rates by 5.25 percentage points in just 16 months. Now, Powell says the economic landscape has changed and the old approach may no longer fit.



In April 2025, inflation measured by the Fed's preferred gauge—the personal consumption expenditures index—was down to 2.2%.



 That's close to the Fed's goal and, Powell noted, "without the sharp increase in unemployment" that often comes with rate hikes. This success may be pushing the Fed to rethink whether it still needs the average inflation policy.



<h3 class="wp-block-heading">Better Communication In Focus</h3>



Powell also acknowledged that the Fed needs to do a better job explaining its outlook and the risks it sees. He said the central bank is looking at ways to improve how it communicates uncertainty around economic forecasts.



"Clear communication is an issue even in relatively placid times," he said. He added that in today's more volatile world—where shocks happen more often—it&#8217;s even more important to help the public understand that forecasts can change.



<h3 class="wp-block-heading">What Happens Next?</h3>



Powell said the Fed will finish its policy review in the coming months. The updated strategy will replace the one adopted in 2020 and is expected to shape how the Fed responds to future economic challenges.



While some core elements will stay—like the 2% inflation target—others, like the language around employment and inflation overshooting, may be rewritten.



For now, Powell made it clear that anchoring inflation expectations—keeping public confidence that prices will remain stable—is still the Fed's top priority. "We remain fully committed to the 2 percent target today," he said.



<h3 class="wp-block-heading">Market Reactions: Dollar Rebounds, Yields Hover Near 5% After Powell Speech</h3>



Markets showed a mixed response to Powell's comments, with the U.S. dollar bouncing back while Treasury yields remained elevated and tech stocks took a breather.



The U.S. Dollar Index, 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>), rose to 100.8, trimming earlier losses triggered by weaker-than-expected retail and producer price data <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45435725/tariffs-slow-retail-spending-as-producer-prices-post-sharpest-drop-since-2020">released earlier in the day.</a>



Meanwhile, 30-year Treasury yields briefly touched the 5% threshold, reflecting market expectations that interest rates will remain elevated. Yields later eased slightly to 4.98% as investors digested Powell's remarks on the Fed's evolving policy stance.



Nasdaq 100 futures were flat, stabilizing after a three-day winning streak, as traders weighed the potential implications of a policy framework revision and a slower-than-expected inflation path.



Traders currently assign just an 8% probability of a 25-basis-point rate cut at the June FOMC meeting, according to CME FedWatch Tool data. The likelihood of easing increases further out, with markets fully pricing in a rate cut by September 2025.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Fed Chair Powell &#x7C; Thomas Laubach Research Conference &#x7C; May 15, 2025" width="500" height="281" src="https://www.youtube.com/embed/O9tcyZq4aGU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45435725/tariffs-slow-retail-spending-as-producer-prices-post-sharpest-drop-since-2020">Tariffs Slow Retail Spending As Producer Prices Post Sharpest Drop Since 2020</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Powell Signals Fed May Shift Inflation Strategy After 5 Years Of Economic Upheaval

April retail sales data showed that the <a href="https://www.benzinga.com/topic/tariffs">round of tariffs</a> announced by President Donald Trump on &#8220;Liberation Day&#8221; started to produce their effects by reducing household consumption.



However, while households reined in spending, inflationary pressures at the producer level unexpectedly contracted in April, notching the biggest decline since April 2020 and highlighting the disinflationary impact of tariffs on input costs across industries.



U.S. retail sales grew only by 0.1% in April from the previous month, a report from the Census Bureau showed Thursday. The outcome marks a sharp reversal from March's upwardly revised 1.7% gain, yet slightly topped economist expectations of no change.



A relevant drag came from motor vehicles and parts which contracted by 0.1%. In March, auto-related sales jumped 5.5% as consumers rushed to buy before tariffs took effect. 



Stripping out autos, retail sales also rose 0.1%, a slowdown from March's 0.8% increase and below the 0.3% consensus. 



When excluding both gasoline and autos, the figure improves slightly to a 0.2% rise, though it still marks a deceleration from March's 1.1% growth.



On an annual basis, April retail sales were up 5.2% from a year earlier, unchanged from March.



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



The Producer Price Index fell 0.5% month over month, marking the sharpest decline since April 2020. This was a steep reversal from March's flat reading and missed economists&#8217; expectations for a 0.2% increase.



On a year-over-year basis, producer inflation cooled to 2.4%, down from 3.1% in March and undercutting forecasts of 2.5%.



&#8220;The April decline in the index for final demand is attributable to prices for final demand services, which decreased 0.7%,&#8221; the Bureau of Labor Statistics said.



More than 40% of April's drop in the final demand services index stemmed from a 6.1% decline in margins for machinery and vehicle wholesaling. Additional declines were recorded in portfolio management, food and alcohol wholesaling, system software publishing, traveler accommodations, and airline passenger services.



Core producer prices, which exclude food and energy, dropped 0.4% on the month, wiping out the previous month's 0.4% gain and coming in well below the 0.3% estimate. 



On an annual basis, core PPI rose 3.1%, easing from 4% in March but in line with consensus.



<h3 class="wp-block-heading">Market Reaction: Yields Rise, Stocks Slip</h3>



U.S. stock futures pulled back after a three-day rally. By 8:40 a.m. ET, futures on the S&amp;P 500 were down 0.3%, while Nasdaq 100 futures fell 0.4%.



Meanwhile, 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>) – fell to 100.7 levels. 



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Image created using artificial intelligence via Midjourney.

Tariffs Slow Retail Spending As Producer Prices Post Sharpest Drop Since 2020

U.S. stocks traded mixed Thursday, with major indices posting timid midday gains as investors digested fresh economic data revealing signs of consumer strain and disinflationary pressure stemming <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45435725/tariffs-slow-retail-spending-as-producer-prices-post-sharpest-drop-since-2020">from April's tariff escalation.</a>



Retail sales rose just 0.1% in April, slightly above flat expectations, but core retail sales—a category tied more closely to GDP—fell 0.3%, signaling weakening underlying consumption.



Producer prices contracted by 0.5% month-over-month, defying forecasts for an increase and marking the steepest drop since April 2020. 



Defensive sectors outperformed, with consumer staples and utilities leading gains, reflecting a cautious market tone.



In tech, semiconductor stocks—tracked by the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>)—edged down 0.4%, pulling back after a three-day rally sparked by the U.S.-China trade truce.



Oil prices slid 2.2%, with WTI light crude falling to $61 per barrel. Gold climbed 1.4% to above $3,200 per ounce, paring weekly losses amid renewed demand for inflation hedges.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was little changed, hovering around $103,436, continuing to trade in a narrow range since last Friday.



<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %Chg</td></tr><tr><td>S&amp;P 500</td><td>5,914.04</td><td>+0.3%</td></tr><tr><td>Dow Jones</td><td>42,202.33</td><td>+0.3%</td></tr><tr><td>Nasdaq 100</td><td>21,392.27</td><td>+0.3%</td></tr><tr><td>Russell 2000</td><td>2,088.09</td><td>+0.2%</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 class="wp-block-list">
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.3% up to $589.95.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.4% to $422.17.</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;rose 0.5% to $471.29.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.3% to $207.50.</li>



<li>The&nbsp;Utilities&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 1.5%; the&nbsp;Energy&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.5%.</li>
</ul>



<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>



<ul class="wp-block-list">
<li>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) plunged more than 15% following reports that the Justice Department is conducting a criminal investigation into possible Medicare fraud involving the company. The company&#8217;s shares slump since April 15 has now extended to 56%, marking the worst 21-session drop in the company&#8217;s history.</li>



<li>Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) eased 0.5%, despite beating quarterly earnings estimates as the retail giant warned about higher prices later this month due to tariffs.</li>



<li>Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) soared nearly 6% after smashing earnings estimates in Q1. </li>



<li>Dicks Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>) sunk 15% after announcing the acquisition of Foot Locker Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) for an equity value of $2.4 billion. Shares of Foot Locker Inc. skyrocketed 85%, recording their biggest one-day rise since the company went public in 1968. </li>



<li>Companies slated to report earnings after the close are Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) and Take Two Interactive Software Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTWO#NASDAQ">TTWO</a>)</li>
</ul>



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Broad U.S. Equity ETFs

CSCO

SOXX

Wall Street Wavers As UNH Tumbles, Foot Locker Soars: What's Driving Markets Thursday?

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