Stocks surged higher on Thursday, with the S&P 500 index aiming to snap a four-day losing streak as investors assess the latest wave of corporate earnings. During midday trading in New York, all major indices were in the green. Notably, small caps, as tracked by the iShares Russell 2000 ETF (NYSE:IWM), outperformed, posting a 1% increase. Industry-wise, airline stocks continued their upward momentum, with the U.S. Global Jets ETF (NYSE:JETS) climbing 2.7%, building on Wednesday’s 3.9% surge. Tesla Inc. (NASDAQ:TSLA) had another lackluster session, declining over 3% and on track for its lowest close since January 2023. This decline followed Deutsche Bank’s downgrade of the EV-maker from Buy to Hold, citing concerns over the strategic pivot to autonomous vehicles. On the data front, the Philadelphia Fed Manufacturing Index posted ...Full story available on Benzinga.com

Wall Street can breathe a sigh of relief following the tense events on Saturday night, when Iran launched airstrikes against Israel. For now, the specter of escalation towards a larger conflict seems to have been mitigated, as both U.S. and U.K. allies have sternly cautioned Israeli Prime Minister Benjamin Netanyahu against any retaliatory actions towards Tehran. Major U.S. indices moved sideways in midday trading on Monday in New York, halting the significant losses recorded last Friday and the risks of a further extension following last Saturday’s heightened geopolitical tensions. The market sentiment was further bolstered by a retail sales report that significantly exceeded expectations, showing a 0.7% increase last month. However, this robust data slightly tempered ...Full story available on Benzinga.com

By Jupiter Zheng For many years, observers have wondered when the behemoths of traditional finance, like BlackRock (NYSE: BLK) and JPMorgan (NYSE: JPM), would finally enter the blockchain arena in a big way. The expectation that these bellwethers of global finance would, in a sense, “see the light” by acknowledging the technological advantages of web3 was perhaps a little naive. But it was not unfounded: traditional investors have been making incremental shifts in this direction for some time, whether by investing in spot cryptocurrency, launching custody services, settling digital bonds on public ledgers, or creating their own product offerings for retail and institutional clients. The argument that blockchain and cryptocurrencies must be embraced by traditional powerhouses in order to flourish is a sound one. But the heavy focus on legacy financial institutions overlooks something important: the rise of crypto-native institutions. Rather than having to be convinced of the merits of distributed ledgers, these forward-looking innovators and investors grew up with decentralized tech at the heart of their operations and vision. And make no mistake, they will be the ones to drive the industry – and maybe finance as a whole – forward. We Were Always Here: The Vitality of Crypto-Native Institutions As the crypto industry has matured, a new breed of institution has emerged. These are not your traditional Wall Street firms belatedly flirting with blockchain tech; they are entities that fundamentally understand and appreciate the ethos of decentralization. They get the tech, and the reasons for its development, at an instinctive level. They have been an integral part of Web3 since the technology’s inception, and have evolved together with it. From the beginning, these institutions have been key drivers in the industry’s advancement through major milestones, from the rise ...Full story available on Benzinga.com

Renowned author, Robert Kiyosaki, has expressed his disinterest in Bitcoin (CRYPTO: BTC) ETFs, favoring direct ownership of assets over Wall Street’s financial products. What Happened: On Thursday, Kiyosaki, the author of “Rich Dad Poor Dad,” took to Twitter to answer a question about his interest in the Bitcoin ETF. He stated, “No. Just as I own gold and silver coin and mines and own apartment houses I do not own gold or silver ETFs or REITS, real estate ETFS.” Q: Will you buy the Bitcoin ETF?A: No. Just as I own gold and silver coin and mines and own apartment houses I do not own gold or silver ETFs or REITS, real estate ETFS. ETFs are best for most people and institutions. Personally I am an entrepreneur and prefer to stay as far… — Robert Kiyosaki (@theRealKiyosaki) April 12, 2024 See Also: ‘Dogecoin Killer’ Shiba Inu’s Daily Transactions Spike 1,082%: ‘Still Very Bullish On SHIB,’ Says Crypto He ...Full story available on Benzinga.com

Investors can breathe a sigh of relief on Thursday as last month’s Producer Price Index (PPI) inflation turned out slightly lower than expected, albeit with some caveats across different measures within the basket. Stocks rebounded by noon trading in New York, yet the surge fell short of recovering Wednesday’s losses, indicating lingering nervousness regarding the rate-path outlook. Traders have significantly adjusted their expectations for the Fed’s future actions in the past 24 hours, pushing the potential first-rate cut from June to September, with less than two cuts priced in by year-end. The tech-heavy Nasdaq 100 outperformed the broader market, up 1.2%, driven by a rally in the semiconductor industry, with Nvidia Corp. (NASDAQ:NVDA) surging 3.1% following a 2% increase the previous day. Treasury yields stayed flat in the short-end, while inching higher in the long-end of the curve, triggering further declines in long-dated Treasury bonds. The iShares 20+ Year Treasury Bond ETF ...Full story available on Benzinga.com

To gain an edge, this is what you need to know today. Raise Cash It is time to increase cash by 4%. Hedges were recently raised. Please see the protection band section below. The bull market is intact, but the probability of a pullback has gone up. As full disclosure, the tentative plan for The Arora Report is to buy the pullback.   Hotter Inflation  Please click here for an enlarged version of the chart of SPDR S&P 500 ETF Trust (ARCA:SPY) which represents the benchmark stock market index S&P 500 (SPX). Note the following: The chart shows that the stock market has broken the upward sloping trendline that has defined the rally. The chart shows the Arora call to raise hedges prior to the drop. The chart shows the support zone from which the breakout occurred. The tentative plan is to buy if the stock market pulls back to the support zone. However, this will need to be adjusted – read the next point. The probability of the stock market pulling back to the support zone is less than 50%. The reason is that the buy the dip crowd is already aggressively buying the dip and is prepared to aggressively buy more.   The new data shows that inflation is hotter than expected. Here are the details: Headline CPI came at 0.4% vs. 0.3% consensus. Core CPI came at 0.4% vs. 0.3% consensus. As a reference, the new data equates to inflation at an annualized rate of 4.8%. The Fed’s target is 2%. In The Arora Report analysis, this time, the momo gurus are going to have difficulty persuading their followers to buy stocks. One reason is that momo gurus have been wrong at every step of the way this year.  Having said that, do not underestimate the cleverness of momo gurus to come up with a new narrative to persuade investors to buy stocks.  At the same time, do not underestimate the power of greed in the momo crowd. The momo crowd is very easy to influence because at best, the ...Full story available on Benzinga.com

JPMorgan analyst Reginald L. Smith highlights the investment cases for Riot Platforms Inc (NASDAQ:RIOT) and Iris Energy Ltd. (NASDAQ:IREN), emphasizing their potential for growth and profitability. Riot Riot Blockchain stands out as a key player in the bitcoin mining landscape, boasting operational scale and strategic advantages. With its massive Rockdale facility and upcoming Corsicana data center, Riot is well-positioned for significant hashrate expansion and sustained profitability, Smith says. Investment Outlook for Riot Platforms: Smith rates Riot stock as Overweight, setting a bullish price target of $15.50 for December 2024. With the stock trading at around $10, Smith sees 55% upside potential associated with an investment in RIOT stock. Despite recent market fluctuations, Riot Platform’s strategic assets and operational efficiency present compelling value for investors seeking exposure to the crypto mining sector. “RIOT is the rare bitcoin miner with installed scale, a clear ...Full story available on Benzinga.com

Rosenblatt analyst Andrew Bond initiated coverage on Bitdeer Technologies Group (NASDAQ:BTDR) with a Buy rating and a price target of $10.5. The analyst continues to be highly bullish on the Bitcoin ecosystem, of which mining will always be the backbone.  BTDR began formulating its data center strategy more than ten years ago and has since built more than 30 globally.  It operates six sites in three countries, with nearly 900MW capacity and 21 EH/s. Bond noted that its blended energy costs will be among the lowest in the space this year, with the option to move even lower.  Meanwhile, BTDR's ambitious growth strategy is supported by its container-style model and the ability ...Full story available on Benzinga.com

Stocks edged lower during midday trading on Tuesday as traders maintained a cautious stance in anticipation of the highly awaited Consumer Price Index (CPI) report scheduled for Wednesday, which could offer crucial insights into the potential course of actions by the Fed. The consensus expectation among Wall Street analysts is that the annual CPI rate to edge slightly higher from 3.2% to 3.4% in March, mainly due to rising gasoline prices. Core inflation, which excludes food and energy items, is anticipated to inch lower, from 3.8% to 3.7%. The S&P 500 index declined by 0.2%, dragged down by financials, industrials, and energy stocks, while the tech sector remained flat. The Dow lost 0.4%, while small caps managed to inch 0.1% higher. Treasury yields moved slightly lower amid rising demand for bonds, with the iShares 20+ ...Full story available on Benzinga.com

Tesla Inc. (NASDAQ:TSLA) shares surged on Monday, propelling the electric vehicle maker back to the top holding in Cathie Wood‘s flagship  Ark Innovation ETF (NYSE:ARKK). This shift was also aided by Ark’s ongoing sell-off of Coinbase Global (NASDAQ:COIN) shares, which previously held the leading position. Tesla Now Holds The Lead: As of Tuesday, ARKK’s holdings in Tesla totaled $714.36 million, according to the firm’s website. Notably, Ark did not trade Tesla shares on Monday itself. Coinbase, now in second place, represents $714.63 million of the fund’s value. Weighting and Share Count: Interestingly, both Tesla and Coinbase hold a weighting of 9.75% in ARKK. However, Tesla’s higher share count (4,129,696 vs. 2,780,772 for Coinbase) likely explains ...Full story available on Benzinga.com