Happy Friday Zingernation! Well, it looks like I’ll be able to avoid the draft for now. Overnight it looked like WWIII was imminent with Israel responding to Iran’s attack and the market selling off. But, it looks like things might not be escalating as quickly as some traders last night feared, and the market bounced back to right around flat territory.

One draft I won’t be able to avoid? The NFL Draft, which has taken over downtown Detroit ahead of the first round next Thursday. The draft will take place right next door to Benzinga’s office. If you want to get involved or check out our event which will feature sports business titans, professional athletes and more, check out the site here.

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And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.

MARKET SNAPSHOT

Yesterday: Was another chop fest, with the S&P 500 trading up more than .6% at one point before selling off late in the afternoon and closing in the red.

On Our Radar: Chicago President Austan Goolsbee will speak at 10:30 am ET, but outside of that nothing much is on the calendar for today. Let’s see if the Fed Speak continues to be somewhat hawkish. My guess is that he’ll say the Fed will be cautious with interest rate cuts, reiterating what we’ve heard from other Fed officials throughout the last couple of weeks.

TOP STORY

Wall Street On Track For 6th Day Of Losses? Netflix, Geopolitical Tensions Drag Futures Down: Analyst Tells Why Next 2 Weeks Are Pivotal

Briefly: CaU.S. stocks appear headed for another losing day, potentially marking a sixth consecutive session in the red for Wall Street. While index futures on Friday clawed back some earlier losses, sentiment remains fragile following Israel’s missile strikes on Iran in response to drone attacks and as explosions were reported in Syria and Iraq.

Back To It: Netflix, the first major tech company to report earnings, disappointed investors with comments about ending membership guidance. Investors may also turn their attention to upcoming regional bank earnings reports. With commodities retreating from their initial spikes and bond yields falling, a potential reversal in sentiment remains in play despite the extended decline.

Expiration Date: The session will also likely see volatility as options contracts tied to about $3 trillion in stocks, equity indexes, and exchange-traded funds expire on Friday.

Yesterday: Jobless claims came in below expectations, and Philadelphia’s regional manufacturing activity saw significant expansion, although the Conference Board’s leading economic index fell more than anticipated.

The Analyst Take: Fund manager Louis Navellier said the next two weeks are pivotal to the earnings season, “These names have been driving earnings growth and their strength is necessary to mount further index growth due to their heavy weight in the indexes,” he said.

Click here for the full scoop.

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FIVE ZINGERS

Flight To Safety: Lots of uncertainty has been good news for gold, which continued its recent rally and hit a new all-time high.

Slash Bash: It was a slash party for analysts, who collectively cut their forecasts for Blackstone following the investment bank’s earnings.

Private Party: Nordstrom has become the latest retail company to weigh the idea of going private. Here are the details.

Put It On The Card: More consumers are charging goods and services to their credit cards, helping boost profits for American Express.

May The Best Man Win: Virtually every big tech company is now entering the AI race. Here’s why Zuck is bullish on Meta’s new product.  

ONE FOR THE ROAD

Tesla Recalls Over 3,800 Cybertrucks, Cites Unintended Acceleration Risk

What Happened: EV giant Tesla Inc is recalling 3,878 Cybertruck vehicles over concerns of unintentional acceleration.

What Happened: The company said in a filing with the U.S. auto safety regulator National Highway Traffic Safety Administration that the accelerator pedal pad on the affected vehicles may dislodge and become trapped by the interior trim above the pedal, thereby causing it to accelerate without the driver intending to.

Basically: However, the vehicle will stop once the brake pedal is applied, the company explained. As for a solution, the company said it would replace or repair the accelerator pedal assembly, free of charge to the customer.

The Details: Tesla said that it is not aware of any collisions or injuries relating to the pedal issue identified. The company is now equipping Cybertrucks in production with new accelerator pedals. Those vehicles in the process of delivery but yet to reach the customer will receive the remedy before it is handed over, it added.

Click here to read more.

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