U.S. stock futures swung on Thursday after two days of decline on Wednesday. Futures of major benchmark indices were trading mixed in premarket.



After a marathon 22-hour hearing, the <a href="https://www.benzinga.com/25/05/45558613/house-advances-trumps-sweeping-one-big-beautiful-bill-after-key-medicaid-tax-and-border-security-changes">House Rules Committee moved</a> President Donald Trump&#8216;s &#8220;$4.9 trillion legislative package&#8221; forward with an 8-4 vote on the &#8220;One Big Beautiful Bill Act.&#8221; 



This action paves the way for a potential overnight floor vote, as Republicans press ahead despite internal party disagreements.



Meanwhile, the 10-year Treasury bond yielded 4.57% and the two-year bond was at 3.99%. 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 94.7% 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>-0.07%</td></tr><tr><td>S&amp;P 500</td><td>0.06%</td></tr><tr><td>Nasdaq 100</td><td>0.13%</td></tr><tr><td>Russell 2000</td><td>-0.04%</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 Thursday. The SPY was up 0.14% to $583.68, while the QQQ advanced 0.25% to $514.34, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Most S&amp;P 500 sectors closed lower Wednesday, with real estate, healthcare, and financial stocks seeing the largest declines.



However, communication services bucked the trend, finishing higher. Investors remained cautious amid fresh worries about fiscal policy.



Meanwhile, Lowe's Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) reported mixed first-quarter fiscal 2025 results, and Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) posted weaker-than-expected first-quarter figures.



On the economic front, U.S. mortgage application volumes fell 5.1% from the prior week for the period ending May 16.



The Dow Jones index declined 817 points or 1.91% to 41,860.44, whereas the S&amp;P 500 index fell 1.61% to 5,844.61. Nasdaq Composite ended 1.41% lower at 18,872.64, and the small-cap gauge, Russell 2000, dropped 2.80% to 2,046.56.



<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>-1.41%</td><td>18,872.64</td></tr><tr><td>S&amp;P 500</td><td>-1.61%</td><td>5,844.61</td></tr><tr><td>Dow Jones</td><td>-1.91%</td><td>41,860.44</td></tr><tr><td>Russell 2000</td><td>-2.80%</td><td>2,046.56</td></tr></tbody></table></figure>



Insights From Analysts:



The Senior Global Market Strategist at Wells Fargo, Scott Wren, said that &#8220;We do not see the U.S. economy dipping into a recession this year as consumer spending should continue to grow modestly with growth in real incomes.&#8221;



Wren anticipates a modest rebound in GDP next year, rising to 1.8% from their projected 1% for this year, following a continued growth slowdown over the next couple of quarters.



Wells Fargo doesn&#8217;t foresee a U.S. recession this year because consumer spending should continue its modest growth, bolstered by increasing real incomes, even if it&#8217;s weaker than late last year.



While unemployment is expected to tick up due to below-average economic growth, Wells Fargo&#8217;s 5.3% projection for 2026 remains well below recessionary levels.



Furthermore, he added that &#8220;We also still see plenty of up and down in equity prices but ultimately a higher S&amp;P 500 Index by the end of 2026.&#8221;



Meanwhile, Kristian Kerr, head of macro strategy at LPL Financial, said that &#8220;Greater clarity is expected later this summer, as economic data tends to lag, meaning the full impact of tariffs may not be evident until June or July at the earliest.&#8221;



Additionally, he explained that the current policy landscape remains in flux, with broader tariffs largely paused until early July and China exempt from significant tariff increases until August 12.



&#8220;If meaningful economic weakness does materialize — confirmed by hard data mirroring the softness seen in leading indicators — or trade negotiations deteriorate, another bout of market volatility could ensue, potentially aligning with historical seasonal patterns where equities often struggle from late summer into fall.&#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 Thursday:



<ul class="wp-block-list">
<li>Initial jobless claims data for the week ending May 17 will be out by 8:30 a.m. ET.</li>
</ul>



<ul class="wp-block-list">
<li>The S&amp;P flash U.S. services and manufacturing PMI for May will be released by 9:45 a.m. ET.</li>
</ul>



<ul class="wp-block-list">
<li>April&#8217;s existing home sales will be announced by 10:00 a.m. ET.</li>
</ul>



<ul class="wp-block-list">
<li>New York Fed President John Williams will speak at 2:00 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>BJ&#8217;s Wholesale Club Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>) was up 0.51% in premarket on Thursday as analysts expect it to report quarterly earnings of 91 cents per share on revenue of $5.20 billion, before the opening bell.</li>



<li>Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>) advanced 1.16% as Wall Street expects it to report earnings before the opening bell. It is expected to post earnings of $1.70 per share on revenue of $2.51 billion.</li>



<li>Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) was 0.048% higher as analysts expect it to report quarterly earnings of $1.76 per share on revenue of $1.67 billion, before the opening bell.</li>



<li>Advance Auto Parts Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>) rose 1.25% as Wall Street expects it to report earnings before the opening bell. It is expected to post a quarterly loss of 69 per share on revenue of $2.51 billion.</li>



<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) jumped 9.54% after posting better-than-expected earnings and sales results for the first quarter. The company also said it expects second-quarter product revenue in the range of $1.035 billion to $1.04 billion, up approximately 25% year-over-year.</li>



<li>Zoom Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) was 0.17% higher after reporting stronger-than-expected earnings for its first quarter after Wednesday's closing bell.</li>



<li>Urban Outfitters Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/URBN#NASDAQ">URBN</a>) surged 17.50% after posting a better-than-expected first quarter result and highlighting diversification strategies to mitigate tariffs in its earnings call.</li>



<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) was up 0.13% after announcing the acquisition of Johnson Matthey&#8216;s Catalyst Technologies business, expanding its portfolio of leading catalyst and process technologies.</li>



<li>Rio Tinto PLC ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) advanced 0.58% after announcing the start of early works and final studies to increase Amrun mine's bauxite production on Queensland's Cape York Peninsula.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 1.20% to hover around $60.83 per barrel.



Gold Spot US Dollar fell 0.10% to hover around $3,312.13 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.169% at the 99.7170 level.



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



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/general/market-summary/25/05/45541408/cathie-woods-ark-invest-says-nuclear-energy-could-overtake-solar-as-cheapest-power-source-heres-a-list-of-nuclear-energy-linked-etfs-to-consider">Cathie Wood&#8217;s Ark Invest Says Nuclear Energy Could Overtake Solar As Cheapest Power Source: Here&#8217;s A List Of Nuclear Energy Linked ETFs To Consider </a></li>
</ul>



Photo courtesy: Shutterstock

Equities

Market Summary

News

Futures

Pre-Market Outlook

Markets

SNOW

URBN

US Stock Likely To Open On A Mixed Note After 2-Day Fall: 'We Do Not See The US Economy Dipping Into A Recession This Year,' Says Expert

Even as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has hit <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45561695/bitcoin-shatters-110000-xrp-dogecoin-ethereum-surge-bulls-emerge-victorious-trader-conclud">a new all-time high</a> above $111,000, driven by surging institutional demand, tightening supply, and macroeconomic tailwinds, experts caution the rally isn't without structural risks, including the looming threat of quantum computing.



What Happened: Bitcoin surged to a new record of $111,544 on Wednesday, extending its post-halving uptrend and highlighting its growing appeal to institutions amid dovish macro signals.



The cryptocurrency was last trading at $111,000, up roughly 1% for the day.



The broader market also gained, with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), and BNB (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) up 5%, 6%, 3.4%, and 4.6%, respectively.



However, market sentiment at 72 nears extreme greed, making growth susceptible to pullbacks, especially amid a U.S. government bond sell-off.



What Experts Are Saying: Analysts say the rally is being powered by real spot demand and record ETF inflows, not leverage or hype.



Bitget Research's Chief Analyst Ryan Lee said the rally "reflects a regime shift," citing ETF-driven accumulation and a post-halving supply crunch. 



"Institutional adoption is accelerating, and regulatory clarity, particularly progress on the GENIUS Act is reinforcing market confidence," Lee noted, although he warned that "a stronger U.S. dollar or fresh geopolitical tensions could easily knock momentum off course."



The rally has pushed the total crypto market capitalization briefly past $3.5 trillion. 



Still, FxPro's Alex Kuptsikevich cautioned that the absence of FOMO means growth may remain fragile. 



"Sentiment at 72 is near the extreme greed zone. That often precedes corrective pullbacks," he said.



Bitfinex analysts noted the breakout above $109,500 was driven by "clean spot demand, ETF inflows, and a macro backdrop that favors risk-on assets." 



They added that funding rates remain stable and open interest is rising in line with price—hallmarks of a structurally sound rally.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45543096/why-donald-trump-including-cardano-in-the-crypto-reserve-suprised-even-the-founder-nice-to-see-progress">Why Donald Trump Including Cardano In The Crypto Reserve Surprised Even The Founder: &#8216;Nice To See Progress&#8217;</a>



What&#8217;s Next: Yet, not all analysts are focused on short-term price moves.



David Carvalho, CEO of Naoris Protocol, warned that quantum computing is a "credible existential threat" to Bitcoin's long-term integrity. 



"There are over 100 quantum machines operational globally. With Shor's algorithm, they could break Bitcoin's cryptography," he said, referencing the Elliptic Curve Digital Signature Algorithm that secures the majority of BTC. "Roughly 30% of Bitcoin sits in wallets vulnerable to quantum attacks."



Carvalho noted that while major institutions like BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and agencies such as the NSA are preparing for a quantum-secure future, "investors remain overconfident in the current cryptographic defenses." 



He added, "If even one high-profile wallet is compromised, trust in the system could collapse overnight."



Roshan Robert, U.S. CEO of OKX, emphasized the broader context: "Bitcoin's rise isn't just speculative. It reflects how capital preservation is being redefined across institutions and sovereigns."



With price targets between $114,000 and $125,000 being flagged by several analysts as the next resistance zones, the immediate focus remains on ETF flows and macro data, including U.S. labor figures and central bank remarks later this week.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/05/45534496/altcoin-rotation-is-coming-expert-says-will-eth-xrp-dogecoin-benefit">Altcoin Rotation Is Coming, Expert Says: Will ETH, XRP, Dogecoin Benefit?</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BNB

$BTC

$ETH

$SOL

$XRP

Bitcoin Breaks $111,000 As Experts Hail 'Regime Shift'

Markets have come close to returning to February highs after China and the U.S. reduced their tariffs. While markets are still shaky, with a Treasury bond auction on Tuesday sending stocks down, most of the tariff drama seems to be over for now.



But, while markets as a whole have recovered and earnings are upbeat, some undervalued companies still have not participated in the rebound.



That&#8217;s a huge buying opportunity.



Today, we'll look at five undervalued stocks in tariff-stricken industries that could see new life in the second half of 2025. Each of these stocks has at least a 90 Benzinga Edge Value score and a technical or fundamental catalyst indicating that a potential uptrend is forming.



<h2 class="wp-block-heading">KB Home Inc.</h2>



Benzinga Edge Value Score: 94.40



KB Home Inc.  (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBH#NYSE">KBH</a>) builds single-family homes, townhomes, and condos across the southern and western parts of the United States. The company has a $3.8 billion market cap and reported sales over $2.85 billion in the last 12 months. Homebuilders have been under siege for two years now in the face of several headwinds: persistently high mortgage rates, increasing materials costs, tariffs on many of those same materials, and immigration crackdowns cutting into the construction labor force. But now that tariffs have been slashed and the Trump administration seems more focused on a tax cut extension, homebuilders like KB Homes could finally see some relief. 



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdnq69l4211aQFv0LYUvVH27eio2kDHWxR3SA3slIy8lV-f1qh0LGnArR4pg_9Ns-WqNVNhUC2RVfMjwh_Egi2Bu3EI8kcawnNm0oxXt_0AN74PdNFalJ2p9v_1VPB7z7V7kI6NpA?key=05JYZ0nbTmdWyX2hLdJTgA" alt=""/></figure>



KBH was the rare homebuilder that survived the 2022 bear market with momentum. The stock shot from $25.51 to a new all-time high above $85 in July 2024, the first time it closed over $85 since before the Great Recession of 2005. But momentum faded last fall, and the stock tumbled from $85 to $50 in just five months. However, this selloff might reveal a very undervalued stock: KBH trades at just 7.2 times forward earnings with a 0.56 Price-to-Sales (P/S) ratio and 0.94 Price-to-Book (P/B) value. The stock also has technical tailwinds thanks to an emerging support level and bullish movement on the MACD, which could indicate the downtrend is shifting upward.



<h2 class="wp-block-heading">Shoe Carnival Inc.&nbsp;</h2>



Benzinga Edge Value Score: 94.37



Apparel is another industry suffering outsized pain from tariffs, especially in the footwear department. Companies like Nike and Foot Locker have suffered sustained drawdowns, many of which started long before the harshest tariffs were implemented earlier this year. Shoe Carnival (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) is a smaller firm than these giants, but they sell Nike, Adidas, Sketchers, Converse, and HEYDUDE-brand shoes at brick-and-mortar family-oriented outlets. 



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcOtXdVF9Ll8R4O1__yssP5fgq_n2v6DlRqxyQWRGvb_gf87zCG8KdcFyiIszt9oq5Pxt_Avksy4bZmZIkqF-1Mir_YRYnVntqs24FFEHarqksTWyGO_8ejyFzaRd9Vwjg29UfkAA?key=05JYZ0nbTmdWyX2hLdJTgA" alt=""/></figure>



Despite tariff pressure, Shoe Carnival has maintained profit margins above 6%. The stock trades at 10 times forward earnings with a 0.46 P/S ratio and 0.84 P/B value and pays a 2.99% dividend yield. Shares are down more than 35% year-to-date (YTD), but the stock has staged a small rally in the last month. SCVL was up 17% the previous month, and the Relative Strength Index (RSI) showed a breakout above a multi-month trading range.



<h2 class="wp-block-heading">Danaos Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAC#NYSE">DAC</a>)</h2>



Benzinga Edge Value Score: 95.33



Danaos Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAC#NYSE">DAC</a>) is an international bulk shipper with nearly 70 container ships, operating primarily in Asia and Europe. The company has a $1.6 billion market cap and posted over $1 billion in sales over the last year. Shipping companies were treading water in the sessions following the reciprocal tariff announcement, but rescinding those import fees has sent the stock careening toward new all-time highs.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcYBQP9UIHRwMYq2zfEQKUWzMOybRoDN_7db7Ov69Imb7vBWXoHoDBioecJhfwq1BZY30uFBxPbE8r9X3R5NzC58qaisx60U_nacS0am5ydpl8W2vO5XC_SuaC6DQ_BYgyEunUeeA?key=05JYZ0nbTmdWyX2hLdJTgA" alt=""/></figure>



Danaos reported earnings on May 13, and while the EPS figure was a miss, the company posted a surprise revenue beat, surpassing analysts' expectations by 4.7%. This report spurred researchers at Jeffries to reiterate the stock as a Buy and bump their price target to $105, indicating an upside potential of nearly 24%. The stock trades at just 3.2 times forward earnings, and its 46% profit margins are among the best numbers in the marine shipping industry. Shares are also riding a new support level above the 14-day exponential moving average (EMA), indicating the breakout may have more upward momentum ahead.



<h2 class="wp-block-heading">G-III Apparel Group Ltd.&nbsp;</h2>



Benzinga Edge Value Score: 95.62



Another apparel company on the verge of a potential breakout is G-III Apparel Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIII#NYSE">GIII</a>), which manufactures licensed brands like DKNY, Tommy Hilfiger, Kenneth Cole, Dockers, and more alongside its own in-house brands and private labels. G-III Apparel has more than $3 billion in annual global sales, and its daily stock chart shows signs of a breakout similar to DAC&#8217;s.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeeiGthQN-5WeqcmH9jyWFcXSqPvQt4vw2BpEGYRjfPTd2v5HjW11imebFIsPTiG1w6dSbJBgPIii-baUKgMIqNqfTNU03BHMpuMzgOk2FCctCZQ6QrX7lusLn42Ef6kIR1eH1oXg?key=05JYZ0nbTmdWyX2hLdJTgA" alt=""/></figure>



The stock's 14-day EMA recently crossed the 21-day EMA, a bullish signal that now sees the 14-day EMA acting as support as shares break out above their pre-Liberation Day high water mark. The RSI also remains under 70, showing the stock has not yet reached overbought levels. GIII expects a net sales boost of more than 6% in the upcoming quarter, and the stock trades at just 6.7 times earnings with a 0.39 P/S ratio and 0.17 debt/equity ratio.



<h2 class="wp-block-heading">ASE Technology Holdings Co.&nbsp;</h2>



Benzinga Edge Value Score: 90.05



Tech is one sector that hasn't been struggling as much as the broader market, but some semiconductor companies are still undervalued, and ASE Technology Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASX#NYSE">ASX</a>) has the signs of a stock ready to break higher. ASE tests and packages semiconductors for U.S., Asian and European firms and provides real estate and lab equipment for plants and warehouses.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdA4ECj1L7-wOQBK8ue731i8fuRgbENlquwqcKkeI9hX8nqKo0cYFQ96drdHc-lMpXBl02H5msRxC1CMxHmqhNGeBM_x_WgfFGY2BRshq_QSDrgFRvcC5CPwVDQ0eMPtC7u2v4P9A?key=05JYZ0nbTmdWyX2hLdJTgA" alt=""/></figure>



ASE shares experienced a 14-day and 21-day EMA cross, which provided bullish momentum and sent the stock above its pre-tariff announcement levels. The stock pulled back recently but is now approaching the 14-day EMA, which has been acting as support over the last few weeks. The stock has a 19.7 P/E ratio but trades at just 11.6 times forward earnings, with annual sales eclipsing $18 billion. The company also expects EPS growth of over 40% this year, which could further fuel this rally.



<h2 class="wp-block-heading">Your Edge To Beat The Market—Now 60% Off For Memorial Day</h2>



Get the tools serious investors use to build real wealth. With Benzinga Edge, you'll unlock weekly hidden-gem stock picks, analyst-backed rankings, and pro-grade screeners all in one dashboard. Join today <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-memorial-day-special/?utm_campaign=mdw-sale&amp;utm_adType=sponsorad&amp;utm_ad=RD052225&amp;el=ResearchDaily&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_medium=newsletter">HERE</a> and Save 60% for Memorial Day.



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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Opinion

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GIII

SCVL

5 Undervalued Stocks To Buy On China Tariff Cuts

Crypto markets are surging on early Thursday, with Bitcoin hitting a new all-time high above $110,000 amid accelerating institutional adoption and robust ETF inflows.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$110,681.06</td><td>+4%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$2,650.22</td><td>+4.3%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$178.1</td><td>+5.3%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.41</td><td>+2.7%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.2395</td><td>+5.6%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001523</td><td>+4.9%</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 22.1% and 36.9%, respectively, while BTC's daily active addresses went up by 7.7% and exchange netflows are up by 332.7%.</li>



<li>Coinglass data shows 125,650 traders were liquidated in the past 24 hours for $505.49 million.</li>



<li>SoSoValue data shows $608.99 million in net inflows into spot Bitcoin ETFs and $587,000 in net inflows into spot Ethereum ETFs.</li>



<li>CoinGlass data <a href="https://x.com/coinglass_com/status/1925449040130711574">shows</a> selling pressure for Bitcoin with nearly $200 million in stacked sell orders between $111,000–$113,200, with ~$8 million per $100 increment totalling around $200 million in cumulative sell pressure.</li>



<li><a href="https://x.com/coinbureau/status/1925463469714817335">According</a> to Coin Bureau, retail investors have yet to fully enter the market as wallets holding less than 1 BTC (&#8220;shrimp&#8221; addresses) remain lower than in May 2024 and January 2021. Once retail floods in, sentiment could turn euphoric.</li>
</ul>



Trader Notes: Glassnode data <a href="https://x.com/glassnode/status/1925484339002745285">reports</a> only $1 billion in profit-taking at Bitcoin's new all-time high, less than half the $2.1 billion seen when Bitcoin first crossed $100,000 in December. This suggests investors are holding tight for more upside.



Crypto trader Jelle sees Bitcoin having a target of $180,000 while Trader Tardigrade says Bitcoin broke out of a key battleground between bulls and bears and the bulls are now fully in charge and have emerged victorious.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> was caught in a tug-of-war between Bulls and Bears along the Bull/Bear Battle Line. Ultimately, the Bulls emerged victorious &#x1f525; Bulls now have full control of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> &#x1f680; <a href="https://t.co/g7mF1CntMT">pic.twitter.com/g7mF1CntMT</a>&mdash; Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1925495872613490726?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Dogecoin is breaking out of a bull pennant, with Ali Martinez targeting $0.31.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> appears to be breaking out of a bull pennant, which suggests a target of $0.31! <a href="https://t.co/Hbzuwd7Akk">pic.twitter.com/Hbzuwd7Akk</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1925349892714615046?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Jelle <a href="https://x.com/CryptoJelleNL/status/1925477625474044354">remains </a>confident in his Solana holdings, expecting a strong rally once it clears $250. He expects a surge to $400–$500 once it clears resistance, as &#8220;weak hands&#8221; have already been flushed out.



Ethereum is holding strong, but Jelle <a href="https://x.com/CryptoJelleNL/status/1925482983965802725">believes</a> the real rally begins once it reclaims $3,000, which could trigger a broader market wave.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45541858/germany-sold-50000-bitcoin-below-60000-heres-how-much-it-missed-out-on">Germany Sold 50,000 Bitcoin Below $60,000: Here&#8217;s How Much It Missed Out On</a></li>
</ul>



Image: Shutterstock

$DOGE

$SHIB

Bitcoin Shatters $110,000, XRP, Dogecoin, Ethereum Surge: 'Bulls Emerge Victorious,' Trader Concludes

The Trump administration has made an urgent plea to the Supreme Court to prevent Elon Musk&#8216;s Department of Government Efficiency (DOGE) from disclosing its operational documents&nbsp;to a federal watchdog group.



What Happened: The administration made the appeal on Wednesday, asking the Supreme Court to overturn court orders requiring DOGE to share its operational documents with Citizens for Responsibility and Ethics in Washington (CREW), <a href="https://apnews.com/article/supreme-court-doge-freedom-information-records-trump-14a1773b42ddad1e3367a39750a84bef">reported</a> AP News.



The Justice Department maintains that DOGE, a significant component of President Trump&#8217;s government reform initiatives, is a presidential advisory body and therefore not subject to Freedom of Information Act (FOIA) requests.



In February, CREW initiated a lawsuit claiming that DOGE&nbsp;wields considerable power without any transparency about its activities.&nbsp;In March, U.S. District Judge&nbsp;Christopher Cooper&nbsp;ruled that DOGE&#8217;s role likely goes beyond advisory, noting its role in the closure of USAID and the reduction of billions in government contracts.&nbsp;



Cooper has given the administration a compliance deadline of June 13. Solicitor General D. John Sauer urged the justices to act swiftly, calling Cooper's orders "extraordinarily overbroad and intrusive."



SEE MORE:&nbsp;<a href="https://benzinga.com/markets/25/05/45539686/kevin-oleary-warns-trumps-big-beautiful-bill-could-be-devastating-for-small-businesses-somebodys-got-to-r" target="_blank" rel="noreferrer noopener">Kevin O&#8217;Leary Warns Trump&#8217;s &#8216;Big, Beautiful Bill&#8217; Could Be &#8216;Devastating&#8217; For Small Businesses: &#8216;Somebody&#8217;s Got To Raise The Red Flag&#8217;</a>



Why It Matters:&nbsp;This latest development is part of a series of legal battles surrounding DOGE&#8217;s authority and operations. Earlier this month, the Trump administration&nbsp;sought Supreme Court <a href="https://www.benzinga.com/news/25/05/45189902/trump-administration-pushes-supreme-court-to-greenlight-doge-access-to-americans-social-security-data-despite-lower-courts-fishing-expedition-warning">approval&nbsp;</a>for DOGE to access sensitive Social Security data, despite a lower court&#8217;s ruling against this. This move further escalated the ongoing dispute over data privacy and executive authority.



Elon Musk, the CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), has been at the center of these controversies. Musk&#8217;s DOGE has been&nbsp;<a href="https://www.benzinga.com/25/04/44778750/musks-government-efficiency-push-falls-short-as-treasury-data-shows-spending-up-sharply-under-trumps-second-term-report">aggressively cutting costs</a>, yet federal spending has reportedly increased by $154 billion since Trump&#8217;s second term began. This has raised questions about the effectiveness and impact of DOGE&#8217;s actions.



When CNBC&#8217;s David Faber asked Musk on Tuesday about the <a href="https://www.benzinga.com/media/25/05/45534314/elon-musk-just-got-grilled-on-doge-spending-hits-back-with-were-not-kings-here">concrete results</a> of DOGE&#8217;s cost-cutting measures, pointing out the criticism Musk has received, Musk replied: "We are advisers. We are not—we&#8217;re not kings here." Previously, Musk had accepted that DOGE hadn&#8217;t been <a href="https://www.benzinga.com/markets/25/05/45163408/doge-not-as-effective-as-id-like-says-elon-musk-calls-reform-really-difficult-like-changing-direction-of-a-fleet-of-supertankers">as effective</a> as he&#8217;d like. 



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/25/05/45541866/xi-jinpings-china-wants-trump-to-immediately-drop-the-golden-dome-project-over-strong-offensive-implicati" target="_blank" rel="noreferrer noopener">Xi Jinping&#8217;s China Wants Trump To Immediately Drop The Golden Dome Project Over &#8216;Strong Offensive Implications:&#8217; &#8216;&#8230;Security Of All Countries Should Not Be Compromised&#8217;</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.

TSLA

Trump Admin Urges Supreme Court To Block Watchdog From Accessing Elon Musk's DOGE Records

Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) CEO Marc Benioff credits a pivotal 2010 conversation with Apple Inc. co-founder Steve Jobs for shaping the focused product strategy that helped build his company&#8217;s $270.8 billion market capitalization.



What Happened: Speaking at the 2024 All-In Summit with President Donald Trump&#8216;s White House AI &amp; Crypto Czar David Sacks, Benioff recalled how Jobs summoned him to discuss Apple&#8217;s product philosophy during the iPad&#8217;s development phase.



&#8220;After I started Salesforce, he gave me really key advice,&#8221; Benioff said. &#8220;It was 2010 and he calls me, &#8216;Come down here, I need to talk to you.'&#8221;



During the meeting, Jobs demonstrated two iPad prototypes before explaining his &#8220;one A Team&#8221; philosophy. &#8220;We only have one A Team here. One A Team. So we&#8217;re only focused on one thing at a time,&#8221; Jobs told Benioff, according to the Salesforce CEO&#8217;s account.



Jobs then placed five or six products on his coffee table, telling Benioff: &#8220;We will never have more products than can fit on my coffee table. One focus at a time. Remember that, Marc. That&#8217;s the way you need to run Salesforce.&#8221;



See Also: <a href="https://www.benzinga.com/markets/equities/25/05/45535142/jamie-dimon-who-flagged-trouble-before-2008-lehman-brothers-collapse-now-warns-sp-earnings-could-fall-to-0rougher-time-for-markets-says-dan-niles">Jamie Dimon, Who Flagged Trouble Before 2008 Lehman Brothers Collapse, Now Warns S&amp;P Earnings Could Fall To 0%: &#8216;Rougher Time For Markets,&#8217; Says Dan Niles</a>



Why It Matters: This focused approach has proven successful for Salesforce, which generated an estimated $7.9 billion in Sales Cloud subscription revenue for fiscal 2026. BofA Securities analyst Brad Sills maintains a Buy rating with a $350 price target, citing the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45357365/salesforce-sales-cloud-ai-integration-and-cloud-upsells-drive-analyst-confidence-in-long-term-growth">company&#8217;s core growth businesses and AI integration</a> through its Agentforce platform.



Benioff, who worked as an assembly language programmer at Apple in 1984, has applied Jobs&#8217; philosophy while expanding Salesforce beyond its original CRM software into what he calls &#8220;digital labor&#8221; markets. The company&#8217;s Sales Cloud maintains an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45357365/salesforce-sales-cloud-ai-integration-and-cloud-upsells-drive-analyst-confidence-in-long-term-growth">estimated 25% share of the $39 billion Sales CRM industry</a>, according to Gartner forecasts.



Salesforce Ventures, with $6.8 billion under management, recently scored approximately $600 million when Google acquired cybersecurity firm Wiz. The company&#8217;s $1 billion Generative AI Fund has invested in Anthropic and other AI startups, <a href="https://www.benzinga.com/startups/25/05/45436500/salesforce-ceo-marc-benioff-says-funding-thousands-of-startups-is-how-innovation-happens-youre-going-to-throw-a-lot-against-the-wall">reflecting Benioff&#8217;s belief</a> that &#8220;you must fund the chaos to harvest the miracles.&#8221;



<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="Marc Benioff &#x7C; All-In Summit 2024" width="500" height="281" src="https://www.youtube.com/embed/TtNrCJCwwlc?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>



Image Via Shutterstock 



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

Success Stories

Tech

Steve Jobs Once Invited Marc Benioff To His Office With 2 iPads In 2010: The Lesson That Shaped A $270 Billion Salesforce Empire

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



U.S. stocks settled lower on Wednesday, with the Dow Jones index falling more than 800 points during the session as investors remained cautious amid renewed concerns over fiscal policy.



Lowe&#8217;s Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) reported mixed results for the first quarter of fiscal 2025. Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) reported weaker-than-expected first-quarter results.



On the economic data front, U.S. mortgage application volumes declined by 5.1% from the previous week in the week ending May 16.



Most sectors on the S&amp;P 500 closed on a negative note, with real estate, health care, and financial stocks recording the biggest losses on Wednesday. However, communication services stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by around 817 points to 41,860.44 on Wednesday. The S&amp;P 500 fell 1.61% to 5,844.61, while the Nasdaq Composite declined 1.41% to 18,872.64 during Wednesday's session.



Investors are awaiting earnings results from BJ&#8217;s Wholesale Club Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), Analog Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>), and Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 66.2, the index remained in the &#8220;Greed&#8221; zone on Wednesday, versus a prior reading of 68.7.



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



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</ul>



Photo courtesy: Shutterstock

Earnings

Dow Tumbles Over 800 Points Amid Weak Results, Fiscal Policy Concerns: Investor Sentiment Declines, Fear Index Remains In 'Greed' Zone

Two Israeli Embassy staff members died Wednesday evening in a targeted shooting near the Capital Jewish Museum in downtown Washington, D.C. Homeland Security Secretary Kristi Noem confirmed the fatalities, calling for justice against the &#8220;depraved perpetrator.&#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">Two Israeli Embassy staff were senselessly killed tonight near the Jewish Museum in Washington DC. We are actively investigating and working to get more information to share. Please pray for the families of the victims. We will bring this depraved perpetrator to justice.&mdash; Secretary Kristi Noem (@Sec_Noem) <a href="https://twitter.com/Sec_Noem/status/1925390666441314737?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Israeli Embassy spokeswoman Tal Naim Cohen said staff were shot at &#8220;close range&#8221; outside a diplomatic reception. 



<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">&#x2A;Spokesperson at the Israeli embassy in Washington Tal Naim Cohen&#x2A;: Two staff members of the Israeli embassy were shot this evening at close range while attending a Jewish event at the Capital Jewish Museum in Washington DC. We have full faith in law enforcement authorities on…&mdash; Tal Naim (@TalNaim_) <a href="https://twitter.com/TalNaim_/status/1925394890952745329?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Israel&#8217;s UN Ambassador Danny Danon characterized the attack as &#8220;anti-Semitic terrorism,&#8221; stating, &#8220;harming diplomats crosses a red line.&#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">The fatal shooting that took place outside the event that took place at the Jewish Museum in Washington, D.C. is a depraved act of anti-Semitic terrorism. Harming the Jewish community is crossing a red line. We are confident that the US authorities will take strong action against… <a href="https://t.co/mVyXHjGyxU">pic.twitter.com/mVyXHjGyxU</a>&mdash; Danny Danon &#x1f1ee;&#x1f1f1; דני דנון (@dannydanon) <a href="https://twitter.com/dannydanon/status/1925388251864379433?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The incident highlights escalating security threats against Jewish institutions nationwide. The museum recently received federal security grants due to rising antisemitism concerns. 



Attorney General Pam Bondi responded to the scene while Federal Bureau of Investigation Director Kash Patel confirmed federal assistance. Officials report no ongoing public safety threat.



<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">I am on the scene of the horrible shooting outside the Washington, DC Capital Jewish Museum with <a href="https://twitter.com/USAttyPirro?ref_src=twsrc%5Etfw">@USAttyPirro</a>. Praying for the victims of this violence as we work to learn more.&mdash; Attorney General Pamela Bondi (@AGPamBondi) <a href="https://twitter.com/AGPamBondi/status/1925386917366911042?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<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">My team and I have been briefed on the shooting tonight in downtown DC outside the Capital Jewish Museum and near our Washington Field Office. While we're working with MPD to respond and learn more, in the immediate, please pray for the victims and their families. We will keep…&mdash; FBI Director Kash Patel (@FBIDirectorKash) <a href="https://twitter.com/FBIDirectorKash/status/1925395640835604530?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/FBIWFO?src=hash&amp;ref_src=twsrc%5Etfw">#FBIWFO</a> has responded with our <a href="https://twitter.com/DCPoliceDept?ref_src=twsrc%5Etfw">@DCPoliceDept</a> partners to a shooting that occurred tonight on 3rd and F Streets NW. There is no ongoing threat to public safety. <a href="https://t.co/BPzoH9JFbH">pic.twitter.com/BPzoH9JFbH</a>&mdash; FBI Washington Field (@FBIWFO) <a href="https://twitter.com/FBIWFO/status/1925389573665767743?ref_src=twsrc%5Etfw">May 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Image Via Shutterstock



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<li><a href="https://www.benzinga.com/25/05/45557202/nvidia-founder-jensen-huang-surpassed-by-satoshi-nakamoto-in-personal-wealth-as-bitcoin-tops-111000">Bitcoin&#8217;s $111,000 Move Puts Satoshi Nakamoto Above Nvidia&#8217;s Jensen Huang In Personal Wealth &#8211; Where Would The Mysterious Crypto Founder Rank Among Global Billionaires?</a></li>
</ul>



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

General

Two Israeli Embassy Staff Killed In Shooting Near DC Museum

Major cryptocurrencies rode the wave of Bitcoin's fresh all-time highs on Wednesday, gaining momentum alongside the top coin by market capitalization.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+2.55%</td><td>$109,618.48</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.58%</td><td>$2,572.12</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+4.97%</td><td>$0.2375</td></tr></tbody></table></figure>



What Happened: The leading cryptocurrency broke $110,000 overnight, hours after officially bettering its previous high of $109,241 set on President Donald Trump's inauguration day. Bitcoin's trading volume spiked 136% over the last 24 hours.



The rally rubbed off on Ethereum as the second-largest cryptocurrency reentered the $2,600 region, with volumes surging by 51%.



Ethereum's dominance increased to 9%, while Bitcoin's market share narrowed marginally to 63.2%



Over $232 million in bearish shorts were erased in the last 24 hours, out of the total liquidations worth nearly $403 million.



Moreover, about $713 million in Bitcoin shorts were at further risk of liquidation if the leading cryptocurrency advanced to $112,000.



Bitcoin&#8217;s Open Interest soared 16.73% in the last 24 hours to a new record of $78.89 billion, suggesting heightened speculative interest. Over 50% of derivatives traders with open BTC positions bet in favor of BTC as of this writing.



The market retained the "Greed" sentiment, according to the Crypto Fear and Greed Index, indicating high buying interest.



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 8:45 p.m. ET)</td></tr><tr><td>dogwifhat (WIF)</td><td>+12.19%</td><td>$1.11</td></tr><tr><td>Monero (XMR)</td><td>+11.64%</td><td>$391.35</td></tr><tr><td>Core (CORE)</td><td>+11.42%</td><td>$0.8544</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.41 trillion, following an increase of 1.93% in the last 24 hours.



Stocks sank further on Wednesday. The Dow Jones Industrial Average fell 816.80 points, or 1.91%, to end at 41,860.44. The S&amp;P 500 slid 1.61% to close at 5,844.61, while the tech-focused Nasdaq Composite dipped 1.41% to end at 18,872.64.



The sell-offs came after long-dated U.S. Treasuries <a href="https://www.benzinga.com/government/regulations/25/05/45550324/us-bond-market-flashing-red-30-year-yield-tops-5-prices-tank-to-october-2023-lows">tumbled to their lowest levels</a> since October 2023, fueled by a weaker-than-expected bond auction and increasing deficit fears tied to Trump's proposed tax-cut plan.&nbsp;



The 30-year Treasury yield jumped above 5.08%, while the benchmark 10-year yield hit 4.61%.



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



Analyst Notes: Seasoned trader Peter Brandt described Bitcoin making a new high as &#8220;wonderful&#8221; and stated he was long.



"Bull markets make ATHs all the time. It is the definition of a bull market. On track maybe for top of $125,000 to $150,000 by end of August," Brandt speculated.



<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">I think it is wonderful Bitcoin is making ATHs. I am long. I actually think ATHs is not technically significant Bull markets make ATHs all the time. It is the definition of a bull market On track maybe for top of $125,000 to $150,000 by end of August???? (Hey trolls, note the… <a href="https://t.co/8PDatXYGP2">pic.twitter.com/8PDatXYGP2</a>&mdash; Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1925207233492869218?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Cryptocurrency analyst and trader Ali Martinez said BTC was entering a price discovery phase, with $116,000, $126,000, $136,000 and $148,000 being the "next key levels" to watch out.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is trading at new all-time highs, entering price discovery. The next key levels to watch are $116,000, $126,000, $136,000, and $148,000! <a href="https://t.co/yh3ShJ5X59">pic.twitter.com/yh3ShJ5X59</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1925316673911083149?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: alfernec on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45541858/germany-sold-50000-bitcoin-below-60000-heres-how-much-it-missed-out-on">Germany Sold 50,000 Bitcoin Below $60,000: Here&#8217;s How Much It Missed Out On</a></li>
</ul>

Movers

Bitcoin Clocks $110,000, Ethereum, Dogecoin Extend Gains: Well-Known Trader Peter Brandt Says BTC Could Gain Another 37% As Soon As August

President Donald Trump announced Wednesday he is giving &#8220;very serious consideration&#8221; to taking mortgage finance giants Fannie Mae and Freddie Mac&nbsp;public, signaling potential privatization of the government-sponsored enterprises.



What Happened: In a Truth Social post, Trump said he will consult with Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Federal Housing Finance Agency Director William Pulte before making a decision. &#8220;Fannie Mae and Freddie Mac are doing very well, throwing off a lot of CASH, and the time would seem to be right,&#8221; Trump stated.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/kJK33mcTh3">pic.twitter.com/kJK33mcTh3</a>&mdash; U.S. Federal Housing (FHFA) (@FHFA) <a href="https://twitter.com/FHFA/status/1925335513386324136?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The mortgage giants, which underpin approximately half of the U.S. residential mortgage market, have generated substantial cash flows since their 2008 conservatorship, according to Reuters. Both companies operate as for-profit corporations with private shareholders, purchasing home loans from private lenders and repackaging them as mortgage-backed securities.



See Also: <a href="https://www.benzinga.com/news/earnings/25/05/45553121/snowflake-q1-earnings-revenue-eps-beat-estimates-ai-data-cloud-company-sees-25-growth-ahead-shares-climb">Snowflake Q1 Earnings: Revenue, EPS Beat Estimates, AI Data Cloud Company Sees 25% Growth Ahead, Shares Climb</a>



Why It Matters: Fannie Mae and Freddie Mac were placed under Federal Housing Finance Agency conservatorship during the 2008 financial crisis after suffering overwhelming losses from the housing market collapse. The government intervention prevented catastrophic economic effects but maintained federal control over the entities.



FHFA Director Bill Pulte recently fired Freddie Mac CEO Diana Reid and placed senior FHFA officials on administrative leave. Pulte also dismissed 14 board members from both companies and <a href="https://www.benzinga.com/politics/25/03/44436692/fannie-mae-freddie-mac-in-upheaval-as-trump-administration-considers-privatizing-mortgage-giants">appointed himself chairman of both entities</a>.



Billionaire investor Bill Ackman of Pershing Square Capital Management has <a href="https://www.benzinga.com/general/social-media/24/12/42734220/bill-ackman-sends-fannie-mae-freddie-mac-stocks-soaring-trump-likes-big-deals">recommended both companies as investments</a>, stating in December that he expects them to exit conservatorship under the Trump administration. &#8220;Trump likes big deals and this would be the biggest deal in history,&#8221; Ackman wrote.



Image Via Shutterstock



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</ul>



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

Financing

FMCC

FNMA

Trump Considers Taking Fannie Mae, Freddie Mac Public, Calls Mortgage Giants 'Very Profitable,' Says Timing Seems Right

Snowflake Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) reported first-quarter financial results after the market close on Wednesday. Here&#8217;s a look at the key metrics <a href="https://www.benzinga.com/pressreleases/25/05/b45552044/snowflake-reports-financial-results-for-the-first-quarter-of-fiscal-2026">from the quarter</a>.



Q1 Earnings: Snowflake reported first-quarter revenue of $1.04 billion, beating analyst <a href="http://benzinga.com/quote/SNOW/earnings">estimates</a> of $1.01 billion.&nbsp;The AI data cloud company reported adjusted earnings of 24 cents&nbsp;per share, beating analyst estimates of 21 cents&nbsp;per share, according to <a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 26% year-over-year. Product revenue came in at $996.8 million, also up 26% year-over-year. Net revenue retention rate was 124% in the quarter.&nbsp;



Remaining performance obligations totaled $6.7 billion, up 34% year-over-year. Snowflake said it ended the quarter with 606 customers with trailing 12-month product revenue greater than $1 million. The company also had approximately $2.24 billion in cash and cash equivalents at quarter&#8217;s end.



&#8220;Snowflake&#8217;s mission is to empower every enterprise to achieve its full potential through data and AI,&#8221; said&nbsp;Sridhar Ramaswamy,&nbsp;CEO of Snowflake.



&#8220;Our focus on making the Snowflake platform easy to use, to enable fluid access to data wherever it sits, and trusted for enterprise-grade performance, is what makes us differentiated and beloved by more than 11,000 customers. We see an enormous opportunity ahead as we extend this value throughout the full data lifecycle.&#8221;



Guidance:&nbsp;Snowflake&nbsp;expects second-quarter product revenue in the range of $1.035 billion to $1.04 billion,&nbsp;up approximately 25% year-over-year. The company anticipates full-year product revenue of $4.33 billion, representing 25% year-over-year growth.



Snowflake executives will further discuss the quarter on a conference call with investors and analysts at 5 p.m. ET.



SNOW Price Action: <a href="http://benzinga.com/quote/SNOW">Snowflake shares</a> were up approximately 17% year-to-date heading into the print. The stock was up 7.41% in after-hours, trading at $192 at the time of publication on Wednesday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45550679/treasury-yields-top-5-these-20-stocks-tanked-in-just-one-hour">Treasury Yields Top 5%: These 20 Stocks Tanked In Just One Hour</a></li>
</ul>



Photo: Shutterstock.

Guidance

Snowflake Q1 Earnings: Revenue, EPS Beat Estimates, AI Data Cloud Company Sees 25% Growth Ahead, Shares Climb

A sharp jump in Treasury yields following Wednesday's weak 20-year bond auction triggered a swift market reaction, with several high-growth and tech names plunging between 1:05 p.m. and 2:05 p.m. ET—the exact window 30-year <a href="https://www.benzinga.com/news/treasuries">yields spiked above 5.08%.</a>



Tempus AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) led the decline, falling 6.9%, followed by Hims &amp; Hers Health Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>), which dropped 5%, data from <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> platform shows. 



AI infrastructure firm CoreWeave Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) slid 4.4%, while Bitcoin-linked Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) tumbled 4.3%. 



Trading platform Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) lost 3.7%.



The selloff came as investors repriced risk across equities amid fears of persistently higher rates, sparked by soft demand at the 20-year Treasury auction. 



The bid-to-cover ratio of 2.46 landed near the bottom quartile of the past 50 auctions, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), sliding to a 19-month low.



Notable losers among the 20 movers with at least $10 billion market cap also included Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), with declines of 3.1%, 2.9% and 2.7%, respectively. 



Semiconductor names also came under pressure, as ON Semiconductor Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>) fell 2.8%, while Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) lost 3% during the hour-long selloff. Other high-beta tech stocks such as Credo Technology Group Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRDO#NASDAQ">CRDO</a>) and Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) each dropped over 3%, reflecting broad-based risk aversion triggered by the Treasury market spike. 



The weakness extended into biotech and aerospace sectors as well, with Summit Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMT#NASDAQ">SMMT</a>) and Rocket Lab USA Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) down 2.7% and 3.5%, respectively.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><thead><tr><th>Name</th><th>Price</th><th>% Change</th></tr></thead><tbody><tr><td>Tempus AI</td><td>$60.39</td><td>-6.91%</td></tr><tr><td>Hims &amp; Hers Health</td><td>$58.27</td><td>-5.00%</td></tr><tr><td>CoreWeave</td><td>$104.33</td><td>-4.44%</td></tr><tr><td>Strategy</td><td>$399.58</td><td>-4.15%</td></tr><tr><td>Robinhood Markets</td><td>$64.11</td><td>-3.73%</td></tr><tr><td>Aurora Innovation</td><td>$6.17</td><td>-3.60%</td></tr><tr><td>Rocket Lab USA</td><td>$25.48</td><td>-3.51%</td></tr><tr><td>Credo Technology Group</td><td>$60.98</td><td>-3.24%</td></tr><tr><td>Mobileye Global</td><td>$15.88</td><td>-3.23%</td></tr><tr><td>Astera Labs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>)</td><td>$92.15</td><td>-3.21%</td></tr><tr><td>ServiceTitan Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTAN#NASDAQ">TTAN</a>)</td><td>$123.13</td><td>-3.07%</td></tr><tr><td>Palantir Technologies</td><td>$122.40</td><td>-3.05%</td></tr><tr><td>Super Micro Computer</td><td>$42.16</td><td>-3.04%</td></tr><tr><td>Estee Lauder Cos Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>)</td><td>$64.11</td><td>-2.96%</td></tr><tr><td>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>)</td><td>$260.26</td><td>-2.92%</td></tr><tr><td>Toll Brothers Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>)</td><td>$103.95</td><td>-2.89%</td></tr><tr><td>ON Semiconductor</td><td>$44.03</td><td>-2.82%</td></tr><tr><td>Summit Therapeutics</td><td>$25.59</td><td>-2.69%</td></tr><tr><td>Nvidia Corp. </td><td>$133.27</td><td>-2.69%</td></tr><tr><td>Kinsale Capital Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNSL#NYSE">KNSL</a>)</td><td>$460.03</td><td>-2.64%</td></tr></tbody></table><figcaption class="wp-element-caption">Benzinga Pro</figcaption></figure>



<h3 class="wp-block-heading">Wall Street Extend Lows</h3>



The S&amp;P 500 Index, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), deepened losses, falling 1.3% by 2:17 p.m. ET, while small caps were hit harder, with the Russell 2000 plunging 2.4%. 



All S&amp;P 500 sectors traded in negative territory, led by real estate, which dropped 2.7% under pressure from rising yields.



Gold miners, tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), were the only industry group holding gains, supported by a rise in bullion prices as investors sought safety amid Treasury volatility. 



The clean energy industry was the day's worst performer, with the Invesco WilderHill Clean Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBW#NYSE">PBW</a>) sliding 3.4%.



Read now: 



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45548192/tesla-enters-its-most-bullish-window-this-seasonal-trade-delivered-24-average-gain-over-10-years">Tesla Enters Its Most Bullish Window: This Seasonal Trade Delivered 24% Average Gain Over 10 Years </a></li>
</ul>



Photo: Shutterstock

Analyst Color

Large Cap

Mid Cap

Bonds

Broad U.S. Equity ETFs

Small Cap

Treasuries

Analyst Ratings

ETFs

ALAB

COIN

CRDO

CRWV

HIMS

HOOD

KNSL

MBLY

MSTR

NVDA

PLTR

RKLB

SMCI

SMMT

TTAN

Treasury Yields Top 5%: These 20 Stocks Tanked In Just One Hour

Analysts break down the potential impact of new products and features from 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>) on the stock following the company's<a href="https://www.benzinga.com/markets/25/05/45537306/google-unveils-total-reimagining-of-search-with-chatbot-style-feature-to-compete-with-openai"> I/O developer conference</a>.



The Alphabet Analysts: Citizens analyst Andrew Boone maintained a Market Perform rating on Alphabet with no price target.



JPMorgan analyst Doug Anmuth reiterated an Overweight rating with a $195 price target.



Goldman Sachs analyst Eric Sheridan reiterated a Buy rating with a $200 price target.



Read Also: <a href="https://www.benzinga.com/25/04/44995955/alphabet-q1-earnings-highlights-google-search-youtube-cloud-show-robust-momentum">Alphabet Q1 Earnings Highlights: Google Search, YouTube, Cloud Show &#8216;Robust Momentum&#8217;</a>



Citizens on GOOGL: The I/O conference showed that artificial intelligence is improving every part of Google and the company's digital consumer experience, Boone said in a new investor note.



"I/O offers a glimpse into the future of AI-powered digital user experiences as AI advancements are driving more synthesization of information, agentic actions that are automating more of the consumer purchase journey," Boone said.



The analyst said new experiences like real-time translation and media creation could help Alphabet in its AI journey.



"We view AI as a tailwind for all forms of digital consumptions including media, commerce and services."



Boone said the concern is that competition for search is increasing and the U.S. search anti-trust trial is an overhang on Alphabet. The analyst said ChatGPT could be taking market share away.



"We believe commercial queries remain with Google, but the habituation of users to a different search experience should worry Google."



The analyst said Google is quickly rolling out its AI Mode, but its search business and revenue still face headwinds over the next few years.



"We believe shares are fairly valued at current levels."



JPMorgan on GOOGL: The Google I/O conference has Anmuth feeling "incrementally positive" about Alphabet.



"We believe Google is leading in many areas of AI with Gemini at the top of foundational model leaderboards," Anmuth said.



The analyst said Google's product innovation is "accelerating" and new products and experiences are being launched faster than ever.



"We believe Google's ‘total reimagining of search' is taking shape as AI Mode integrates what have been somewhat disparate AI products."



Anmuth said the road ahead is competitive, but Google shows confidence it can "navigate the shift to AI Search."



The analyst said AI Overviews, which were announced at I/O in 2024, have scaled to more than 1.5 billion monthly users and are driving improved satisfaction and engagement. Anmuth said AI Mode could have a similar impact on Google's search business.



"We believe Alphabet's fundamentals are solid and the company will remain both a driver of and primary beneficiary of an increasingly digital economy &amp; advances in Generative AI."



Goldman Sachs on GOOGL: The company's I/O keynote showed acceleration in AI innovation, Sheridan said in a new investor note.



"Building off its AI progress over the past several years, Google's I/O Keynote showcased a number of new products, services and features across its suite of products," Sheridan said.



The analyst said the new AI progress in shown across many business lines and could point to the company's long-term vision of having Gemini AI capabilities into many user experiences across consumer and enterprise services.



Sheridan said Google's event and the launch of AI Mode comes with investors having more fear about the potential disruption of traditional search from the rise of AI.



"These innovations showcase how the company is well-positioned across a wide array of form factors &amp; user interfaces that cover how AI-powered search may evolve over time."



The analyst said Alphabet is a leader in the AI and machine learning space.



"We came away from the keynote presentation increasingly constructive on Alphabet's long-term strategic positioning across many end-markets."



GOOGL Price Action: Alphabet stock is up 4.61% to $171.50 on Wednesday versus a 52-week trading range of $140.53 to $207.05. Alphabet stock is down 9.3% year-to-date and down around 3% over the last year.



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Photo: Shutterstock

Price Target

Reiteration

GOOG

GOOGL

Alphabet 'Well Positioned' For Google Search Dominance: Analyst Says Can 'Navigate The Shift To AI Search'

After a sharp 23% rebound in the S&amp;P 500 since April, hedge funds are now stacking record levels of bearish bets against stocks as investors question the staying power of <a href="https://www.benzinga.com/topic/tariffs">the tariff-relief rally.</a>



Hedge funds have added $25 billion in short equity futures exposure over the last three Commitments of Traders (COT) reports—marking the largest three-week increase in at least a decade. 



This surge underscores deepening skepticism about the market's resilience following its V-shaped recovery after the tariff selloff.



<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">Hedge Funds have added $25 Billion of short equity futures exposure over the last 3 COT reports, the largest increase AT LEAST the last decade &#x1f6a8;&#x1f6a8; <a href="https://t.co/WxiEjHlmDS">pic.twitter.com/WxiEjHlmDS</a>&mdash; Barchart (@Barchart) <a href="https://twitter.com/Barchart/status/1925047520272502901?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Gross leverage, which includes both long and short exposures, has climbed to an all-time high, according to Goldman Sachs analyst Ben Snider. 



Although net leverage—longs minus shorts—remains below February levels, the acceleration in short interest has changed the landscape.



&#8220;As growth and inflation begin to reaccelerate, hedge funds and CTAs continue to fight the cycle—doubling down on long bonds and short risk. The macro bears aren't giving up without a fight,&#8221; said Oskar Vårdal, analyst at Steno Research. 



<h3 class="wp-block-heading">Where Are Hedge Funds Targeting Shorts?</h3>



Funds are targeting both exchange-traded funds (ETFs) and single-name stocks. 



According to data from Goldman Sachs, ETF short interest hit $218 billion in the second quarter, while single-stock short interest reached $948 billion. In over a decade, April alone saw the most significant jump in U.S. ETF short selling.



Among U.S.-listed ETFs, SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) saw its short interest soar by 50 percentage points since mid-February, now totaling 96% of float. SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) rose 27 points to 111%, while iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) climbed to 33%.



ETFs with the most historically elevated short interest include VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) at 12% of float (100th percentile vs. history, First Trust NASDAQ-100 Tech ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qtec#NASDAQ">QTEC</a>) at 4% (98th percentile), and iShares Core S&amp;P Mid-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJH#NYSE">IJH</a>) with $1 billion shorted (98th percentile).



<h3 class="wp-block-heading">Defensive Sectors Are Under Pressure</h3>



The rise in short interest has been especially acute in defensive sectors. Short interest in consumer staples, utilities, and healthcare sectors now ranks in the top quintile compared to historical norms. The median S&amp;P 500 stock now has a 2.3% short interest relative to market cap, ranking in the 61st percentile over the last 30 years.



Only the financials and information technology sectors show short interest below their long-term averages.



<h3 class="wp-block-heading">Which Stocks Are Being Targeted By The Heaviest Bearish Bets?</h3>



Large-cap stocks that have seen the biggest spikes in short interest since the February peak include:



<ul class="wp-block-list">
<li>Somnigroup International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGI#NYSE">SGI</a>): 13% of float, up 10 percentage points.</li>



<li>Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>): 30% of float, up 8pp. </li>



<li>Amer Sports Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AS#NYSE">AS</a>): 12% of float, up 8pp.</li>



<li>Medpace Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDP#NASDAQ">MEDP</a>): 11% of float, up 6pp. </li>



<li>Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>): 18% of float, up 6pp.</li>



<li>First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>): 11% of float, up 5pp. </li>
</ul>



Now Read:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45530460/trumps-6-trillion-investment-deals-face-reality-check-only-a-fraction-may-reach-the-real-economy">Trump&#8217;s $6 Trillion Investment Deals Face Reality Check: Only A Fraction May Reach The Real Economy </a></li>
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Image: Shutterstock

Sector ETFs

Hedge Funds

Econ #s

FSLR

LCID

MEDP

MRNA

QTEC

Hedge Funds Are Building A Towering Wall Of Bets Against Stocks

U.S. equities trading was mixed on Wednesday, with major indices showing limited movement by midday as investors remained cautious amid renewed concerns over fiscal policy, which pressured Treasury <a href="https://www.benzinga.com/government/regulations/25/05/45540541/5-treasury-yields-are-back-and-so-are-painful-mortgage-rates">bonds and the dollar.</a>



The S&amp;P 500 hovered near 5,930, little changed on the day, while the Dow Jones Industrial Average slipped 0.7% amid weakness in blue-chip stocks. In contrast, the Nasdaq 100 advanced 0.5%, led by a 4.6% rally in 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>), which extended gains following its annual I/O developer conference.



Google unveiled a series of AI initiatives, highlighting that its Gemini assistant now boasts over 400 million monthly active users and delivers AI Overviews to more than 1.5 billion people. The company also touted Gemini 2.5 Pro's <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45548615/alphabet-well-positioned-for-google-search-dominance-analyst-says-can-navigate-the-shift-to-ai-search">performance leadership in industry benchmark</a>s.



Bond markets faced renewed selling pressure, with the 30-year Treasury yield surging to 5.02% — the highest in nearly two months — as traders digested the potential fiscal implications of President Donald Trump&#8216;s proposed "One Big Beautiful Bill," which economists say could further worsen the U.S. deficit outlook.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) stole the spotlight, surging past its previous record to hit an intraday high of $109,500, buoyed by news that JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) will allow clients to buy Bitcoin, though without offering custody services.



In commodities, oil prices eased 0.6% to $61.50 per barrel after an overnight spike triggered by unconfirmed reports of an Israeli strike on Iranian nuclear facilities. Gold rose 0.5% to $3,310 per ounce, marking its highest level since May 11.



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



<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>Nasdaq 100</td><td>21,474.58</td><td>0.5%</td></tr><tr><td>S&amp;P 500</td><td>5,936.07</td><td>-0.1%</td></tr><tr><td>Dow Jones</td><td>42,379.01</td><td>-0.7%</td></tr><tr><td>Russell 2000</td><td>2,084.27</td><td>-1.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:40 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 0.2% down to $591.96.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 0.7% to $423.84.</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 0.4% to $522.58.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) sunk 1% to $207.08.</li>



<li>The&nbsp;Communication Services&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 0.6%; the&nbsp;Health Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.2%.</li>
</ul>



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



<ul class="wp-block-list">
<li>Keysight Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>) rose 3.3% in reaction to earnings. </li>



<li>Other stocks reacting to earnings included TJX Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>), down 2.33; Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>), down 1.23%; Medtronic plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDT#NYSE">MDT</a>), down 0.93%; Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), down 4.12%; VF Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>), down 12.04%, FLEX LNG Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLNG#NYSE">FLNG</a>), down 7.27%.</li>



<li>Stocks slated to report earnings after the close include Urban Outfitters, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/URBN#NASDAQ">URBN</a>), Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>), Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) and Domo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOMO#NASDAQ">DOMO</a>).</li>
</ul>



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45548192/tesla-enters-its-most-bullish-window-this-seasonal-trade-delivered-24-average-gain-over-10-years">Tesla Enters Its Most Bullish Window: This Seasonal Trade Delivered 24% Average Gain Over 10 Years</a> Photo Courtesy: Antonio Gravante via Shutterstock </li>
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Macro Economic Events

Economics

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Wall Street Stalls As Yields Rise, Bitcoin Breaks Records Above $109,000: What's Driving Markets Wednesday?

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) soared to a new all-time high on Wednesday, crossing $109,000 amid rising investor confidence and renewed momentum in <a href="https://www.benzinga.com/money/bitcoin-price-prediction#:~:text=By%202025%2C%20Bitcoin%20is%20projected,projecting%20prices%20upwards%20of%20%24180%2C000.">the digital asset market</a>.



What Happened: Bitcoin&#8217;s new high of $109,500 on Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), surpasses the previous record set in January, underlining Bitcoin's resilience and growing role in macro portfolios.



The world's largest cryptocurrency has staged a sharp recovery from its April 8 low of $76,320, a day that coincided with a broader downturn in equities driven by fears of a renewed U.S. trade conflict. 



Since then, Bitcoin has rebounded over 40%, bolstered by both technical momentum and a favorable macroeconomic environment.



More than $50 million in short positions were liquidated within a single hour as the rally gathered steam, signaling a wave of forced buying and renewed bullish sentiment. 



The surge in price is accompanied by fundamental strength: over 33,000 BTC were added to short-term holder supply in just the past week, while long-term holders have quietly accumulated nearly half a million BTC since March.



What experts Are Saying: Bitcoin's rise comes at a time when digital assets are increasingly diverging from traditional risk markets.



"This isn&#8217;t just noise—it's conviction," Iliya Kalchev, analyst at Nexo Dispatch told Benzinga. "We're seeing a reshuffling of the supply landscape that supports durable upside rather than a speculative spike."



As global investors reassess their exposure to U.S. equities amid trade tensions and inflation uncertainty, assets like Bitcoin have drawn inflows as potential hedges and alternative stores of value. 



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45543096/why-donald-trump-including-cardano-in-the-crypto-reserve-suprised-even-the-founder-nice-to-see-progress">Why Donald Trump Including Cardano In The Crypto Reserve Suprised Even The Founder: &#8216;Nice To See Progress&#8217;</a>



Standard Chartered had previously forecast <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45034209/bitcoin-could-hit-120000-in-q2-says-standard-chartereds-geoff-kendrick">a fresh high in Q2</a>, citing increased asset reallocation among institutional players.



While altcoins like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>), and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) also posted modest gains of 1–3%, the spotlight remained firmly on Bitcoin. 



Meanwhile, the U.S. Securities and Exchange Commission has postponed decisions on several new exchange-traded fund proposals tied to major altcoins, including XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), DOGE and SOL, delaying the potential next wave of ETF-driven market expansion.



Gadi Chait, Investment Manager at Xapo Bank, emphasized that Bitcoin's current momentum is underpinned by spot market participation. 



"Funding rates on Binance remained negative through early May, and neutral funding yields have compressed sharply," he told Benzinga. "That indicates fresh capital entering without overleveraged froth."



Chait also pointed to a rare convergence of supportive macro and policy factors. "We've got a temporary cooling of U.S.–China tariff escalation, softer inflation prints, and the first real bipartisan tailwind in Washington with the FIT21 bill. 



At the same time, the UK's regulatory framework is nearing final form. All of this creates room for allocators to reenter the market."



What&#8217;s Next: Institutional participation is no longer marginal.



BlackRock's spot Bitcoin ETF IBIT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), recently exceeded $62 billion in assets under management, reinforcing Bitcoin's evolving status as a mainstream investment instrument.



Traders are closely watching the $108,000 support level for confirmation of continued bullish momentum. 



A decisive break higher could propel Bitcoin toward $110,000 in the coming days. 



Macro watchers are also awaiting speeches from Federal Reserve officials and key U.S. economic data later this week for clues on future monetary policy.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/25/05/45534496/altcoin-rotation-is-coming-expert-says-will-eth-xrp-dogecoin-benefit">Altcoin Rotation Is Coming, Expert Says: Will ETH, XRP, Dogecoin Benefit?</a></li>
</ul>



Image: Shutterstock

$ADA

IBIT

Bitcoin Hits All-Time High Of $109,500: What's Next?

Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) on Wednesday reported mixed results for the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/n45537284/lowes-reports-first-quarter-2025-sales-and-earnings-results" rel="noreferrer noopener">first quarter of fiscal 2025</a>.



The company posted adjusted earnings of $2.92 per share, which beat the <a href="https://www.benzinga.com/earnings">analyst consensus estimate of $2.89</a>.



Revenue for the quarter was down 2% year over year at $20.93 billion, which missed the analyst consensus estimate of $20.94 billion.



Comparable sales fell 1.7%, with early-quarter weather headwinds partially offset by mid-single-digit growth in Pro and online sales.



Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45233025/lowes-lowdown-analyst-sees-weaker-sales-than-consensus-cites-weather-woes" rel="noreferrer noopener">Lowe&#8217;s Lowdown? Analyst Sees Weaker Sales Than Consensus, Cites Weather Woes</a>



Gross margin expanded 19 basis points to 33.4% while operating income declined to $2.49 billion from $2.65 billion last year. Operating margin narrowed by 50 basis points to 11.9%.



As of May 2, 2025, Lowe&#8217;s operated 1,750 stores, totaling approximately 195.3 million square feet of retail selling space.



&#8220;Despite near-term uncertainty and housing market headwinds, our team&#8217;s unwavering focus on exceptional customer service has elevated satisfaction scores and earned Lowe&#8217;s the No. 1 ranking in Customer Satisfaction among Home Improvement Retailers by J.D. Power,&#8221; said Marvin R. Ellison, Lowe&#8217;s chairman, president, and CEO.



&#8220;Strategic investments in technology, inviting store environments, and our dedicated associates continue to solidify our commitment to serving our customers and communities,&#8221; Ellison added.



The company reported operating cash flow of $3.38 billion for the quarter, down from $4.26 billion a year earlier.



The company reiterated its focus on disciplined capital allocation, highlighted by a $645 million dividend paid this quarter.



Lowe&#8217;s acknowledged tariffs as a potential risk factor but did not provide specific guidance on their impact.



Lowe&#8217;s forecasts 2025 EPS of $12.15–$12.40 versus the $12.23 consensus estimate. Total sales are projected between $83.5 billion and $84.5 billion, compared with analysts&#8217; expectations of $84.31 billion.



Lowe&#8217;s expects an operating margin of 12.3% to 12.4% and plans to spend approximately $2.5 billion on capital expenditures.



Price Action: LOW shares are trading lower by 0.37% to $230.41 at last check Wednesday.



Read Next:



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<li><a href="https://www.benzinga.com/news/earnings/25/05/45518559/home-depot-flags-tariff-and-supply-chain-risks-in-risk-statement-but-does-not-revise-outlook" target="_blank" rel="noreferrer noopener">Home Depot Flags Tariff And Supply Chain Risks In Risk Statement But Does Not Revise Outlook</a></li>
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Image via Shutterstock

Lowe's CEO Calls Out Near-Term Housing Market Challenges But Holds The Line On Outlook

I got into the investment business on a steady diet of Graham and Whitman. But that was the 1980s and early 1990s – the golden age of dealmakers and junk bonds, leveraged buyouts and greenmail. 



Long before the players became gentlemanly private equity titans and activist investors, they were raiders, vultures, and even, in one famous book about the RJR deal, barbarians.



Legendary fortunes were made, reputations created and shattered.



All of these high-return, high-flying strategies shared a common thread. Leveraged buyouts, distressed investing and risk arb were all just variations on the value investing theme.



The private equity giants of today are still doing this. Thanks to their quarterly filings, you can copy their investment approach—a strategy that has beaten the markets 4-to-1 since 2001.



Even the creation of the junk bond market was based on Michael Milken&#8217;s studies on the returns from buying undervalued lower-rated bonds, a strategy founded on basic value investing principles.



The big winners in all these strategies took value investing and added debt.



It was like adding nitro to the tank of a stock car. If you could control the vehicle at high speed through the corners, there was no race you couldn&#8217;t win.



Although the golden age of risk arb and the smaller investors&#8217; ability to compete in distressed debt are all behind us, we can still use the combination of debt and value investing to beat the index by a wide margin.



When the 13F filings come out every quarter, most of the short-attention-spans in the market today head for the same filings at the same time.



Warren, Cathie, Stanley, Tepper and Seth still get all the attention.



I may get around to those at some point, but one of the first places I turn is to the leading private equity firms.



Firms like Apollo Global Management (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), Blackstone (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) and KKR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) still use basic principles of value investing along with a healthy dose of debt to drive massive returns for themselves and their investors.



What most people do not realize is that these firms also have large public securities portfolios, and stealing their ideas has created some massive market-beating opportunities.



If you had bought shares of Mr. Cooper (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COOP#NASDAQ">COOP</a>) when it first appeared in KKR&#8217;s public portfolio in 2018, you could have made almost ten times your money.



Buying shares of AppLovin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) when KKR first revealed its position would have resulted in gains of almost seven times your initial cost.



DoorDash (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>) would have delivered gains of 3x in just a few years.



Owning the firm&#8217;s top ten holdings since 2001 would have beaten the market by a 4-to-1 margin.



I do not care what the media darling investors bought last quarter. Tell me what the profit pirates at KKR own, and I can create an opportunity to score massive gains.



The current top ten holdings for KKR are:



BrightSpring Health Services (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTSG#NASDAQ">BTSG</a>) provides home and community-based health services to complex patients, positioning itself in a niche with long-term demographic tailwinds. The company is newly public and pursuing scale through both organic growth and targeted acquisitions in behavioral and specialty pharmacy segments.



Henry Schein (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSIC#NASDAQ">HSIC</a>) is a global distributor of dental and medical supplies primarily serving small- and mid-sized practices. The company generates stable cash flow and has a long history of disciplined capital deployment, though growth is modest and sensitive to procedure volume trends.



BrightView (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BV#NYSE">BV</a>) is the largest commercial landscaping services provider in the U.S., with recurring maintenance revenue making up the majority of its business. Under new leadership, the firm is undergoing a restructuring push to improve margins and reduce debt after years of underperformance.



KKR Real Estate Finance Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KREF#NYSE">KREF</a>) is a commercial mortgage REIT focused on senior loans backed by institutional-grade real estate, primarily in urban markets. It offers a high dividend yield but remains exposed to office market weakness and refinancing risk in a higher-rate environment.



Madison Square Garden Sports (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGS#NYSE">MSGS</a>) owns marquee sports franchises, including the New York Knicks and Rangers, offering investors a rare asset-backed play on professional sports. Valuation is driven more by franchise appreciation than earnings power, making it a long-duration, event-driven asset.



Norwegian Cruise Line (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) is a leading cruise operator with a strong focus on premium and upscale offerings across its brand portfolio. The company is rebounding from pandemic-era disruptions, though it still carries significant leverage and remains sensitive to fuel and labor costs.



Bausch Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHC#NYSE">BHC</a>) is a diversified specialty pharmaceutical company with exposure to eye health, dermatology, and branded generics. However, the company is still burdened by high legacy debt. While it&#8217;s pursuing a turnaround strategy and asset divestitures, legal overhangs and weak cash flow remain headwinds.



FS KKR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSK#NYSE">FSK</a>) is one of the largest business development companies, focused on senior secured lending to middle-market companies with an emphasis on downside protection. It offers a double-digit yield and strong sponsor backing, though credit quality and NAV stability require close monitoring.



Crescent Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSGY#NYSE">CSGY</a>) is a cash-generating E&amp;P company with a private equity-backed structure and a focus on acquiring and optimizing mature, low-decline assets. The firm maintains a disciplined capital return framework and hedging strategy, making it a defensive upstream play with yield upside.



BridgeBio Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBIO#NASDAQ">BBIO</a>) is a commercial-stage biopharmaceutical company developing treatments for genetic diseases and cancers with clear genetic drivers. Its lead drug, Attruby (acoramidis), approved in late 2024 for transthyretin amyloid cardiomyopathy, significantly outperformed sales expectations in its first full quarter, positioning the company as a strong competitor in the cardiomyopathy treatment market.



<h2 class="wp-block-heading">Turn Market Mayhem Into Profit Signals This Memorial Day</h2>



Get real-time portfolio alerts, daily stock ideas, and a suite of pro-grade tools — all in one elite membership. For a limited time, you can access Benzinga Edge at 60% off. Secure Your 60% Memorial Day Discount <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-memorial-day-special/?utm_campaign=mdw-sale&amp;utm_adType=sponsorad&amp;utm_ad=RD052025/?el=ResearchDaily&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_medium=newsletter">HERE</a>.



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.



Photo: Shutterstock

BBIO

BTSG

COOP

DASH

HSIC

KREF

MSGS

NCLH

CSGY

The Smart Money Is Buying These 10 Stocks

TJX Companies Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) shares&nbsp;are trading lower premarket on Wednesday&nbsp;after the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45538836/the-tjx-companies-inc-reports-q1-fy26-results-comp-sales-growth-of-3-pretax-profit-margin-of-10-3-" rel="noreferrer noopener">first-quarter&nbsp;FY26 earnings result</a>.



Sales rose 5% year-over-year (Y/Y)&nbsp;to&nbsp;$13.1 billion, beating the analyst consensus estimate of&nbsp;$13.0 billion.



Overall&nbsp;comp store sales increased&nbsp;3% (Y/Y), at the high end of the company's plan, and were driven by an increase in customer transactions.



Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45524193/tjx-companies-q1-preview-report-could-reflect-durable-earnings-growth" target="_blank" rel="noreferrer noopener">TJX Companies Q1 Preview: Report Could Reflect Durable Earnings Growth</a>



Gross&nbsp;profit margin was&nbsp;29.5%, a 0.5&nbsp;percentage point decrease versus the prior year, due to negative mark-to-market adjustments on inventory hedges.



Ernie Herrman, president and CEO said, &#8221;All divisions, both in the U.S. and internationally, drove increases in comp sales and customer transactions, which underscores the strength of our value proposition.&#8221;



Adjusted EPS of&nbsp;92 cents beat the <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">consensus&nbsp;estimate of&nbsp;90 cents</a>.



The&nbsp;company held&nbsp;$4.3 billion&nbsp;in cash and equivalents&nbsp;as of May 3 and generated&nbsp;$394&nbsp;billion&nbsp;of operating cash flow in the quarter.



As of May 3, total inventories stood at $7.1 billion, compared to&nbsp;$6.2&nbsp;billion&nbsp;last year.



During the first quarter, the company returned a total of $1.0 billion to shareholders, including the repurchase of shares worth $613 million.



The company continues to expect share repurchases of approximately $2.0 billion to $2.5 billion in fiscal 2026.



Outlook: TJX&nbsp;reaffirmed guidance for FY26 comparable sales growth of&nbsp;2%&nbsp;–&nbsp;3% and EPS of&nbsp;$4.34-$4.43&nbsp;<a href="https://www.benzinga.com//node/43976995" target="_blank" rel="noreferrer noopener">against a&nbsp;$4.49&nbsp;estimate</a>.



The company sees&nbsp;second quarter comparable sales growth of&nbsp;2%&nbsp;–&nbsp;3%&nbsp;and&nbsp;EPS of&nbsp;$0.97-$1.00&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">with an estimate of&nbsp;$1.03</a>.



TJX&#8217;s second-quarter and FY26 guidance assumes current U.S. import tariffs from China and other nations, as of Wednesday, will persist.



Furthermore, for the full-year FY26, the company expects to fully offset the significant and ongoing tariff-related financial pressures.



Investors can gain exposure to the stock via&nbsp;VanEck Retail ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTH#NASDAQ">RTH</a>) and iShares U.S. Consumer Focused ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEDI#BATS">IEDI</a>).



Price Action:&nbsp;TJX shares are down 1.88% at $132.39 premarket at the last check on Wednesday.



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<li><a href="https://www.benzinga.com/general/market-summary/25/05/45537307/us-stocks-likely-to-open-lower-expert-says-tariffs-remain-a-headwind-but-tax-cut-and-easing-of-tensions-in-middle-east-could-propel-equities-closer-to-all-time-highs" target="_blank" rel="noreferrer noopener">US Stocks Likely To Open Lower, Expert Says &#8216;Tariffs Remain A Headwind,&#8217; But &#8216;Tax Cut&#8217; And &#8216;Easing Of Tensions&#8217; In Middle East &#8216;Could Propel Equities Closer To All-Time Highs&#8217;</a></li>
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Photo: Shutterstock

IEDI

TJX Boosts Q1 Sales With More Shoppers, Says Tariffs Won't Hurt 2026 Outlook

Editor's Note: This article has been updated to reflect the accurate yields for the 2-year and 10-year Treasury bonds.



U.S. stock futures dipped on Wednesday after ending lower on Tuesday. Futures of major benchmark indices were trading lower in premarket.



The S&amp;P 500 index snapped its six-day winning streak on Tuesday, which was followed by the U.S.-China 90-day tariff truce.



Donald Trump&#8216;s &#8216;<a href="https://www.benzinga.com/markets/equities/25/05/45536595/big-beautiful-bill-will-explode-the-deficit-and-make-the-rich-richer-congressional-budget-office-estimates-4-income-fall-for-lowest-decile-of-americans-by-2033">One Big, Beautiful Bill</a>&#8216; was the center of discussion among experts as the Congressional Budget Office released its estimates for the distributional effects of the Act.



It estimated a 4% drop in the household incomes of the lower decile of Americans by 2033 and a 2% rise in the income of the highest decile.



Meanwhile, the 10-year Treasury bond yielded 4.53% and the two-year bond was at 3.9%. 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 94.6% 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>-0.65%</td></tr><tr><td>S&amp;P 500</td><td>-0.60%</td></tr><tr><td>Nasdaq 100</td><td>-0.61%</td></tr><tr><td>Russell 2000</td><td>-0.86%</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, fell in premarket on Wednesday. The SPY was down 0.58% to $589.40, while the QQQ declined 0.65% to $516.91, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



On Tuesday, most S&amp;P 500 sectors closed lower, with energy, consumer discretionary, and communication services stocks seeing the steepest declines.



In contrast, utilities and healthcare stocks moved higher, defying the broader market trend.



Meanwhile, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock edged up after CEO Elon Musk reaffirmed his five-year commitment to the company. Home Depot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) reported better-than-expected first-quarter sales but missed EPS estimates. Amer Sports Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AS#NYSE">AS</a>) also posted strong first-quarter results.



Economically, the U.S. Redbook Index increased 5.4% year-over-year for the week ending May 17.



<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>-0.38%</td><td>19,142.72</td></tr><tr><td>S&amp;P 500</td><td>-0.39%</td><td>5,940.46</td></tr><tr><td>Dow Jones</td><td>-0.27%</td><td>42,677.24</td></tr><tr><td>Russell 2000</td><td>0.054%</td><td>2,105.58</td></tr></tbody></table></figure>



Insights From Analysts:



Senior economist at WisdomTree, Jeremy Siegel, said that he was &#8220;clear-eyed&#8221; about the tariff impact.



&#8220;These tariffs aren't good for the market. Stocks would be higher without them, but the market's current pricing suggests it can absorb the expected hit at current rates.&#8221;



While there was criticism around the One Big, Beautiful Bill on proposed tax cuts, Siegel said, &#8220;While tariffs remain a headwind, the tax cut and a potential easing of tensions in the Middle East could propel equities closer to all-time highs.&#8221;



Meanwhile, quoting the <a href="https://www.benzinga.com/markets/equities/25/05/45536595/big-beautiful-bill-will-explode-the-deficit-and-make-the-rich-richer-congressional-budget-office">CBO estimates</a>, Craig Shapiro of the Bear Traps Report, said, the new Bill will &#8220;explode the deficit while enriching the highest decile of Americans at the expense of the lowest decile.&#8221; 



&#8220;Another opportunity squandered and further proof that the Republican Party continues to cater to the wealthiest Americans time and time again,&#8221; he 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">Nice job by the Admin and House Republicans getting ready to try to pass a &quot;Big Beautiful Bill&quot; that will explode the deficit while enriching the highest decile of Americans at the expense of the lowest decile. Another opportunity squandered and further proof that the… <a href="https://t.co/66cJwNwE8m">https://t.co/66cJwNwE8m</a>&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1925005561180942458?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Economist Peter Schiff was also not enamoured by the Bill as he stated that the tax cuts just boost GDP at the "expense of larger budget and trade deficits and higher inflation, and long-term interest rates."



<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">Tax cuts that boost spending on consumer goods rather than promote higher savings, capital investment, and increased productivity, do not grow the economy. They merely boost GDP at the expense of larger budget and trade deficits and higher inflation and long-term interest rates.&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1924968734491373978?ref_src=twsrc%5Etfw">May 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



Upcoming Economic Data



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



<ul class="wp-block-list">
<li>Richmond Fed President Tom Barkin and Fed Governor Michelle Bowman will take part in the &#8216;Fed Listens&#8217; event at 12:15 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) was 0.37% lower in premarket on Wednesday as analysts expect it to report quarterly earnings of $1.65 per share on revenue of $24.32 billion, before the opening bell.</li>



<li>Lowe&#8217;s Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) declined 0.28% as Wall Street expects it to report earnings before the opening bell. It is expected to post earnings of $2.88 per share on revenue of $20.96 billion.</li>



<li>TJX Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) fell 0.69% as analysts expect it to report quarterly earnings of 90 cents per share on revenue of $12.99 billion, before the opening bell.</li>



<li>VF Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) was up 0.14% as Wall Street expects it to report earnings before the opening bell. It is expected to post a quarterly earnings loss of 14 cents per share on revenue of $2.17 billion.</li>



<li>Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) dropped 3.85% despite posting better-than-expected earnings for its third quarter and raising its full-year 2025 guidance on Tuesday.</li>



<li>Toll Brothers Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) jumped 5.88% after posting stronger-than-expected earnings and sales results for the second quarter.</li>



<li>CFSB Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFSB#NASDAQ">CFSB</a>) surged 67.89% as it announced that Hometown Financial Group will acquire the company for a total transaction value of approximately $44 million.</li>



<li>Accenture PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) was up 0.41% after collaborating with Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to accelerate enterprise AI transformation with AI refinery.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 1.72% to hover around $63.10 per barrel.



Gold Spot US Dollar rose 0.55% to hover around $3,308.30 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.39% at the 99.7300 level.



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



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/05/45536595/big-beautiful-bill-will-explode-the-deficit-and-make-the-rich-richer-congressional-budget-office-estimates-4-income-fall-for-lowest-decile-of-americans-by-2033">Big Beautiful Bill Will &#8216;Explode The Deficit,&#8217; And Make The Rich Richer: Congressional Budget Office Estimates 4% Income Fall For Lowest Decile Of Americans By 2033 </a></li>
</ul>



Photo courtesy: Shutterstock

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