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<ul class="summary-list"><li>Stocks rose Thursday as investors digested strong retail sales data and more earnings.</li><li>Retail sales data showed US consumer spending remains robust, with monthly spending up 0.4%.</li></ul>US stocks climbed on Thursday as traders saw better-than-expected retail sales data and continued to digest strong corporate earnings reports.The Dow Jones Industrial Average added to record levels achieved at Wednesday's close. Bond yields rose, with the 10-year Treasury up six basis points to 4.075%. September's retail sales report showed consumer spending remains strong, with monthly spending up 0.4% from August, just above a Dow Jones consensus estimate of 0.3%.Retail sales climbed 1.7% compared to a year ago, according to Commerce Department data released Thursday.The strong spending data comes on the heels of a <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">blockbuster September jobs report</a>, and further solidifies assessments that the US economy is strong and that the Federal Reserve may not need to cut rates as steeply or quickly as previously thought. Weekly jobless claims were lower than expected at 241,000, a 19,000 decline from the week before, according to Labor Department data released Thursday. Economists had forecast 260,000 weekly claims. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,873.45, up 0.53% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,279.21, up 0.47% (+201.51 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,523.24, up 0.85% </li></ul>Meanwhile, a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-stock-price-q3-earnings-chip-stocks-asml-nvidia-amd-2024-10">highly anticipated report</a> from chipmaker Taiwan Semiconductor Manufacturing Company came in strong, showing net income surpassed estimates while net revenue for the quarter rose 36% compared to the same last year."We have talked to our customers all the time, including our hyperscaler customers who are building their own chips. And almost every AI innovator is working with TSMC," TSMC chairman and CEO C.C. Wei said.Shares of TSMC rose 7% after the opening bell, pulling other chip stocks higher. Nvidia was up almost 2%, and AMD was up over 1%.TSMC's optimism about demand for AI tech follows a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*1isprkj*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY3OTk1LjM0LjAuMA..">chip sector sell-off</a> earlier this week when chip machine maker ASML slashed its sales guidance on weaker demand from chipmakers.TSMC joins a string of strong earnings reports this week. Morgan Stanley and United Airlines posted strong results on Wednesday. Netflix will report third-quarter results after the close on Thursday. Here's what else is going on Thursday:<ul><li>A number of bank research desks are <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10?_gl=1*njfdt3*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY2MzczLjYwLjAuMA..">boosting their S&amp;P 500 price targets</a> in recent weeks as the bull market charges on.</li><li>China could raise nearly <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-beijing-stimulus-1-trillion-debt-package-fiscal-deficit-2024-10">$1 trillion of fresh debt</a> in the next 3 years to revive its economy, according to a report from Caixin Global.</li><li>The US freight recession is showing <a target="_blank" class="" href="https://www.businessinsider.com/author/filip-de-mott">early signs of recovery</a> as trucking company JB Hunt posted a rare earnings beat on Tuesday.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures fell. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> dipped 0.2% to $70.22 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 0.3% to $74.01 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.33% to $2,700.4 an ounce.</li><li>The 10-year Treasury yield was up six basis points to 4.075%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 1.5% to $66,761.</li></ul>

Stock market today: Indexes gain after strong retail sales data

<ul class="summary-list"><li>Several chains have said they're planning reductions in their store numbers for 2025.</li><li>Topping the list are Advance Auto Parts and Walgreens, which will shutter 1,200 stores combined.</li></ul>2025 is still more than a month away, but it's already shaping up to be another rocky year for retail.Several chains have already announced planned reductions in their store fleets for 2025. Analysts at UBS project the total number of US retail closures could reach 45,000 over the next five years.While UBS said that number would be led largely by smaller stores going out of business, some larger companies are also trimming their store footprints in response to changing consumer trends such as e-commerce, remote work, and other financial pressures.The shutdowns follow a tough 2024. A Business Insider tally of disclosures from 13 retail chain brands found that more than 2,000 stores have closed or are set to close across the US this year, and more comprehensive figures from Coresight Research put the number far higher, at 6,189 so far this year.Topping the 2025 list so far is Advance Auto Parts, which said Wednesday that it will close 727 locations by the middle of next year."This action is prudent to support the long-term health of the company," CEO Shane O'Kelly told investors on the company's third-quarter earnings call.Earlier this year, Walgreens made headlines when it said it would shutter about 25% of its 8,700 US locations over the next three years, <a target="_blank" href="https://www.businessinsider.com/walgreens-pharmacy-closing-1200-stores-turnaround-effort-2024-10">starting with 500 in 2025</a>.Other brands include Denny's, with 100 closures in the works (following 50 this year), and Macy's, which has between <a target="_blank" href="https://www.businessinsider.com/macys-stores-closing-locations-list">50 and 100 locations</a> on the chopping block next year.If the past is any indication, these won't be the only ones.For one thing, even healthy retailers like Walmart and Target periodically <a target="_blank" href="https://www.businessinsider.com/walmart-closing-smaller-stores-smart-strategy-2024-2">review and trim their store fleets</a> in the normal course of business. In fact, analysts have previously told BI that companies should.Beyond that, some brands don't survive forever, even if they're beloved today — remember the ubiquity of Blockbuster, K-Mart, or <a target="_blank" href="https://www.businessinsider.com/stores-closing-in-2023-list">Bed Bath &amp; Beyond</a>?Possible new tariffs and trade proposals during Donald Trump's second presidency could also increase the <a target="_blank" href="https://www.businessinsider.com/how-trump-tariffs-will-impact-prices-technology-clothes-appliances-furniture-2024-11">cost of some items, causing</a> trouble for struggling retailers.In any event, the year hasn't even begun, but nearly 1,500 retail closures are slated — already roughly half the amount BI has tracked for full-year totals in recent years.

Next year is already looking rough for retail store closures

<ul class="summary-list"><li>Intel has been driving lots of retail chatter and stock purchases in recent days.</li><li>The chipmaker's stock has tanked this year, and a poorly timed investment has tickled Reddit users.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-roaring-kitty-gme-stock-price-rally-meme-traders-wallstreetbets-2024-6">GameStop</a>. <a target="_blank" class="" href="https://www.businessinsider.com/bed-bath-and-beyond-rise-and-fall-photos-2020-1">Bed Bath &amp; Beyond</a>. Intel?The microchip maker isn't an obvious choice to become the next big meme stock, but it's generating a bunch of buzz on Reddit's WallStreetBets subreddit.Early on Thursday, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/intc-stock">Intel</a> ranked fifth on <a target="_blank" class="" href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">Swaggy Stocks</a>' list of trending stocks on WSB over the past week, and sixth on <a target="_blank" class="" href="https://apewisdom.io/wallstreetbets/">Ape Wisdom</a>'s list for the past 24 hours.Retail investors have also been piling money into the chipmaker. Vanda Research's retail flow tracker shows it was the fifth most popular stock in the five trading days through August 13, attracting $162 million in net retail purchases.Intel only trailed <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-secret-sauce-regulators-gpu-chips-jensen-huang-2024-7">Nvidia</a> ($1.4 billion), AMD ($259 million), Palantir ($189 million), and <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> ($164 million). It outpaced the likes of <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> ($155 million) and Microsoft ($147 million).Vanda analysts noted that overall net retail purchases have surged this month, "far exceeding even our most bullish expectations" as investors capitalized on the "chunkiest dip since April." Demand has cooled since the start of August but purchases continue to hover near a 12-month high of $1.4 billion a day, the analysts added.<h2 id="6147f58a-e5b6-4b95-915b-ddb73c3e2d40">Why Intel?</h2>Intel stock has plunged by about 60% this year to about $20, its lowest level in over a decade. On August 2, it <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/intel-stock-price-layoffs-weak-guidance-missed-analyst-estimates-semiconductors-2024-8">tanked as much as 30%</a> — its steepest one-day decline in over 30 years — after Intel's second-quarter earnings revealed plans to lay off some 15,000 staff, or 15% of its total workforce, and guided toward lower revenues than Wall Street expected.The company's net assets were valued at $115 billion at the end of June, about $30 billion higher than its current market capitalization.Meme-stock investors are known for finding beaten-down stocks to purchase en masse, but they also love to buy into funny stories and back colorful characters like GameStop guru <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-investor-deepfuckingvalue-roaring-kitty-reddit-stocks-wall-street-2021-1-1030022004">Keith "Roaring Kitty" Gill</a>.In Intel's case, some of the excitement seems to have been sparked by a WSB post from the user u/Sad_Nefariousness10. In a <a target="_blank" class="" href="https://www.reddit.com/r/wallstreetbets/comments/1ehjuzj/i_bought_700k_worth_of_intel_stock_today/">post</a> on August 1, the user claimed they'd received an $800,000 inheritance from their grandmother, had invested $700,000 of it in Intel that day, and planned to hold the chip stock for at least 10 years.It appears to have been a dismally timed purchase, given Intel crashed by over a quarter after the market closed that day. The user <a target="_blank" class="" href="https://www.reddit.com/r/wallstreetbets/comments/1eiktnw/ok_i_definitely_picked_the_wrong_day_to_buy_intel/">posted</a> an update the next day showing their investment had shrunk by $204,000 on paper to below $500,000, but they still planned to hold the stock for the next decade. BI was unable to confirm the posts' veracity.The user's ill fortune sent the forum into fits of laughter, but appears to have spurred others to get in on the joke by investing large sums in Intel stock.BI spoke to four Reddit users who've claimed in recent posts on WSB to have invested in Intel stock. BI has not verified their claims so they should be treated with skepticism. Here are their comments on Intel, lightly edited for length and clarity:<h2 id="47a56c4f-589b-4a63-b3f8-fa0b49fef9a7">1. u/Smallmem</h2>"I'm investing big into Intel primarily because it's a cheap stock basically trading at book value, and investing into it is a bet against international trade; if the US decides to not be completely reliant on <a target="_blank" class="" href="https://www.businessinsider.com/chip-tsmc-taiwan-semiconductor-trillion-market-cap-nvidia-ai-asml-2024-7">Taiwan Semiconductor</a>, which I believe it must, Intel stock will rise quickly."The Intel Grandma post was an incredible post because of the incredible timing. You have someone invest $700k of their inheritance into stocks, not even options, and it plummets down $200k by the end of the day; it's hilarious. And the framing of it being his grandma's inheritance has proven even funnier."WallStreetBets has always been about people gambling stupid large sums of money into dumb investments, and it's even funnier when it's in a currently failing company like Intel. I personally posted myself buying Intel because I felt for the kid; he made a gigantic play as his first investment and lost a bunch of money immediately."While most of WallStreetBets (including me) throw money in the trash playing options hoping to score millions and make a funny post on Reddit when we lose, he was planning to set and forget INTC for 10 years! It was terribly unfortunate timing that did him in. He's still holding INTC though, which shows his commitment! I wish him the best."u/Smallmem told BI he's 22, studying for a master's in computer science, and owns around $20,000 of Intel stock. He said Intel is unlikely to take off like other meme stocks as its market value is too high, and there are fewer casual investors who are bored and stuck at home than during the pandemic. But he suggested the buzz around the stock could lead professional investors to buy in, pushing up its price.<h2 id="1dc7ac34-5ef3-4e02-9611-ecbfe9818ac0">2. u/randomGov</h2>"I can buy a 1) nationally strategically important company, 2) with a huge moat (only a few can spend 100+ billion to compete), 3) for less than its TANGIBLE book value, 4) that has spent more than its current market cap on capex into fabs (good chance of future significant returns), 5) making stuff (chips) the future (AI, EVs, and other tech) is built on, 6) with a good chance of being a tech leader."u/randomGOV <a target="_blank" class="" href="https://www.reddit.com/r/wallstreetbets/comments/1ere2ri/the_halfregarded_grandson/">posted</a> an unconfirmed screenshot of his portfolio showing a $227,000 investment in Intel.<div type="image" title="Laptops with Intel chips on display at CES 2024 in Las Vegas." height="683" width="1024" msid="112566306" hostid="261" sizebytes="72748"></div><h2 id="a324d94e-299a-4ffe-b4af-cf781652477a">3. u/wedge754</h2>"I think it has the potential to become a meme stock, it's not there yet. I think it's oversold and people are forgetting how broad Intel's market actually is. Intel is the US largest chip manufacturer, I don't see them going down without a fight. Most importantly, I'm thinking a new CEO is on the horizon. Intel has a ton of upside potential if they can just get their act together."I've been watching Intel since the COVID/AI boom and how Intel basically stagnated. The recent big drop seemed like the time to jump in — I'm hoping the negative attention puts pressure on them to restructure. The meme posts are just icing on the cake."u/wedge754 told BI he's invested about $25,000 into Intel.<h2 id="9f2bce18-f869-47a7-8817-a1dcfb4a6d98">4. dc_chilling17</h2>"I'm betting big because the outlook for the company is super bright. The market is putting too much weight on margin pressure, which is a direct result of their capex buildout for their foundry business. When the market realizes that Intel is going to be the Fedex to <a target="_blank" class="" href="https://www.businessinsider.com/chip-tsmc-taiwan-semiconductor-trillion-market-cap-nvidia-ai-asml-2024-7">TSMC</a>'s UPS, and that the margins are being squeezed due to a perfect storm of events vs a flaw in the business itself, things will turn around."They will IPO Altera for north of $30 billion. Mobileye is probably worth $15-20 billion a year from now. Back those out, you're telling me that one of the largest chip companies in the world by revenue, with a monopoly on manufacturing with respect to the West, is worth $30-40 billion?"Meanwhile <a target="_blank" class="" href="https://www.businessinsider.com/lisa-su-amd-billionaire-jensen-huang-nvidia-cousin-2024-4">AMD</a>, their little brother with a fraction of the market share and no fabs is worth $220 billion? It's just a market dislocation. I bought Exxon at $39, <a target="_blank" href="https://www.businessinsider.com/meta">Meta</a> at $89, and now Intel at $19. The play is obvious. The market will wake up to it."dc_chilling17 told BI he has a $1.1 million position in Intel.

Intel is having a meme-stock moment. 4 retail investors explain why they're betting on the chipmaker. 

<ul class="summary-list"><li>The world's richest people saw huge wealth gains as stocks rallied after the election on Wednesday.</li><li>The biggest gainers include Elon Musk, Larry Ellison, and Warren Buffett. </li></ul>The world's richest people saw huge gains in their net worth on Wednesday as markets cheered the outcome of the 2024 election. Elon Musk, Larry Ellison, Warren Buffett, Jeff Bezos, and Jensen Huang saw their wealth soar on Wednesday, propelled by huge stock gains after former President Donald Trump sailed to victory in the presidential election.Together, the billionaires gained over $55 billion by the time the market closed on Wednesday. Their gains were <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">driven by euphoric stock investors</a>, who see a coming era of less regulation and lower taxes driving higher corporate profits. These were the top net-worth gainers on Wednesday, according to <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Forbes' real-time billionaires list</a>. <h2 id="c3a32e82-837e-4695-818a-c29a082da794">1. Elon Musk</h2>Daily wealth gain: $20.9 billionNet worth: $285.6 billionElon Musk, the CEO of Tesla, saw his wealth surge by $20.9 billion on Wednesday, further solidifying his spot as the highest net-worth individual on the planet with nearly $286 billion.The billionaire's wealth is tied to his stake in his many companies, primarily Tesla and SpaceX. His gain on Wednesday came as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11?_gl=1*1nvwem2*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDkyMzg4My4zNzMuMS4xNzMwOTI0OTcxLjYwLjAuMA..">Tesla stock rose almost 15%</a>, even as other EV stocks sold off amid fears Trump will pull back on Biden-era rebates and tax incentives. Traders are betting both Musk and his company will benefit from close ties to Trump as the former president retakes office."In our view, TSLA and CEO Elon Musk are perhaps the biggest winners from the election result," CFRA Research senior analyst Garrett Nelson said in a Wednesday note.<h2 id="4570c782-d339-42a6-bf95-c9a58879f17b">2. Larry Ellison</h2>Daily wealth gain: $11.7 billionNet worth: $220.8 billionLarry Ellison, the founder and chief technology officer of Oracle, gained $11.2 billion as Oracle shares rallied with the broader tech sector. The stock ended the day 5.5% higher. That gain brings Ellison's total net worth to over $220 billion, putting him third on the list of the richest people in the world. <h2 id="e1c823e7-38bc-489b-ab61-69729fbea3f9">3. Warren Buffett</h2>Daily wealth gain: $7.6 billionNet worth: $147.4 billionFamed investor Warren Buffett also saw $7.2 billion added to his net worth on Wednesday, bringing his total wealth to $147 billion.The famed investor is the is the chairman and CEO of conglomerate Berkshire Hathaway, which saw its shares soar 5.55% in the session. <h2 id="a3df8438-ae7f-4210-aaa8-743d0c25aa87">4. Jeff Bezos</h2>Daily wealth gain: $7 billionNet worth: $223.5 billionJeff Bezos added $5.5 billion to his net-worth, bringing the total to $222 billion. That amount puts him second only to Musk on the list of the world's wealthiest individuals. Bezo's retail powerhouse Amazon saw notable moves on Wednesday, up almost 4% to trade at an all-time high of $207 per share.<h2 id="50d93be9-206d-45c9-97a9-d37f99559cff">5. Jensen Huang</h2>Daily wealth gain: $4.9 billionNet worth: $126.9 billionJensen Huang, CEO of Nvidia, gained about $5.3 billion to bring his total wealth to $127.4 billion on Wednesday as shares of his chip giant rose to a record high. Nvidia stock gained 4% on Wednesday amid a wide-rangin tech rally that pushed the Nasdaq up 3%. The gain further solidified the chip maker's position as the most valuable company in the world after it overtook Apple on Tuesday. The sector's gains come even as Trump has said he could curtail the Chips Act, which pledges to funnel billions into supporting US chip production.Trump has also said, however, that he prefers a "hands-off" approach to AI, which would be in line with his campaign's promises of less regulation for corporations.

These 5 billionaires were the biggest net-worth winners today as stocks surged

<ul class="summary-list"><li>Trump's second term likely means changes are on the way that will impact retailers.</li><li>Experts say tariffs are top-of-mind for many companies and would represent new costs for consumers.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's return</a> to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term.In the lead-up to November 5, companies including TractorTractor Supply Co., Best Buy, and Dick's Sporting Goods said on their earnings calls that the election contributed to a generally more cautious US consumer.However, the unambiguous election result should comfort retailers heading into the critical holiday shopping period."Elections are very distracting for the consumer," Global Data retail analyst Neil Saunders told Business Insider. "It's not massively bad, but it's just not helpful for consumer confidence and the consumer attention.""Retail wants really a clear victory — whichever way," he added. "Then they can understand the policies and how to react, and then the consumer can start focusing on the holidays and opening their wallets."Walmart, which operates thousands of stores in red states and blue states alike, was measured in its outlook in an August earnings call."Good thing about elections is they come along every four years and we get to have a lot of history with seeing the impact of that," Walmart CFO John David Rainey said.With Election Day in the rearview, here are four key areas that retailers will be watching closely during this transition period.<h2 id="c7dc6c7e-c57f-4aeb-a65e-08e99c74d0b6">Tariffs are the biggest question</h2>Top-of-mind for many companies right now is <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">the question of tariffs</a>, experts said.If Trump follows through on his campaign proposals of 10%-20% tariffs on most imports and 60-100% tariffs on goods from China, it would mean significant change to the way retailers do business."It would be a massive upheaval to most of the cost structures for these companies," said Chris Walton, a former Target executive and founder of Omni Talk.Given the expense of reorganizing supply chains, large retailers are still in the research phase rather than committing to a new strategy, Walton said.While retailers may absorb some of the costs associated with tariffs, US households would likely lose up to $78 billion in spending power per year, according to <a target="_blank" class="" href="https://nrf.com/media-center/press-releases/trump-tariff-proposals-could-cost-americans-78-billion-annual-spending">analysis</a> from the National Retail Federation, a lobby group representing the industry."A tariff is a tax paid by the US importer, not a foreign country or the exporter," said NRF's vice president of supply chain and customs policy, Jonathan Gold. "This tax ultimately comes out of consumers' pockets through higher prices."Still, Johns Hopkins business professor Tinglong Dai said the retail industry has handled prior rounds of tariffs without too much disruption to prices or the flow of essential goods."Retailers have become incredibly adept at absorbing these frictions," he said."You can say it's a negotiating strategy and it won't actually come to pass, or you can say will come to pass, maybe in a diluted form and not that severe, but it's causing a lot of nervousness," Saunders said of Trump's proposals.<h2 id="15b0f877-b89f-47c0-9a3c-6c75bf5bf298">Taxes matter, but take time to see results</h2>Trump is expected to extend his 2017 tax cuts, which are scheduled to expire next year. He's also likely to cut corporate taxes further, backed by his supporters in the House and Senate.Saunders said tax cuts will lead to more disposable income for consumers, which could lift spending."The whole of retail is very dependent on the middle class and what you can eke out of their spending levels," he said.Any changes to the tax code are likely to be less disruptive than tariffs since they will take many months to flow through the economy.Plus, retailers routinely manage tax changes at every level of government from local to national, Walton said."What's different," he added, "is this is of a size and scope that the retail industry hasn't seen in 100 years."<h2 id="1c185c04-3458-4dce-a9eb-401d657f36f1">Immigration presents a mix of challenges</h2>Past <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2024/07/22/what-we-know-about-unauthorized-immigrants-living-in-the-us/">studies</a> from the Pew Research Center suggest that relatively few of the retail industry's 15 million employees are living in the US illegally, so a crackdown on illegal immigration wouldn't likely complicate retailers' hiring efforts.Still, a widespread deportation effort could negatively impact people throughout the company, as well as customers and communities."Everyone's gonna feel the brunt of that," Walton said. "If that were to happen, it's a tough thing to prepare for, because the collateral damage from it could be pretty expensive."A more pressing concern, Saunders says, is a tightening of legal immigration, including the H1-B visa program for skilled workers, including the tech talent that giants like Amazon, Walmart, and Target increasingly rely on."That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.Other experts told BI that <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">concern over national security</a> and the availability of workers is far different from eight years ago, which could persuade Trump to soften his position.<h2 id="47fd7844-d2aa-4d9d-bc9c-0df1c9439146">Regulation down, deals up</h2>Federal Trade Commissioner Lina Khan, who has launched investigations into corporate price-gouging, will likely be one of the first to go under a new Trump administration, Saunders said.In place of her aggressive antitrust posture, a more deal-friendly FTC is likely to emerge, he added.Mergers like the one proposed between Kroger and Albertsons could find a more receptive audience in Washington, and other consolidations may soon follow.While a Republican administration is usually considered to be more business-friendly, Walton said it might not always be so straightforward under Trump."It can wax and wane to whatever the flavor of the month is in terms of where his administration wants to focus or who he wants to benefit," he said.

What Trump's win means for retail giants like Walmart, Target, and Costco

<ul class="summary-list"><li>GameStop stock is still the fascination of day traders, even after many saw big losses in 2021.</li><li>The allure of striking it rich on the meme stock is too great to ignore, traders told BI.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> stock has seen a resurgence this year, and traders who lost big time in the first round of <a target="_blank" href="https://www.businessinsider.com/gamestop-meme-sales-3-billion-explained-2024-6">meme-stock mania</a> say they're still tempted by the possibility of striking it rich betting on the ailing video game retailer.The stock is up about 43% year-to-date but was up as much as 178% in May when the 2024 rally kicked off.Interest in the stock was revived overnight after the trader <a target="_blank" href="https://www.businessinsider.com/gamestop-stock-price-roaring-kitty-keith-gill-investing-markets-outlook-2024-6">Keith Gill</a> — known on social media as "Roaring Kitty" — began <a target="_blank" href="https://x.com/TheRoaringKitty/status/1789807772542067105">posting about it on X </a>in early May and then later on Reddit, where he shared screenshots of his brokerage statement showing a $116 million stake.Based on data at the end of March, Gill's 9 million shares of GameStop made him <a target="_blank" href="https://markets.businessinsider.com/news/stocks/roaring-kitty-nearly-doubles-gamestop-position-to-9-million-shares-2024-6">the fourth-largest holder of the stock</a>.His posts broke a years-long silence and reinvigorated the meme-stock faithful on Reddit and other forums.Business Insider spoke with retail traders, who asked to use only their first name for privacy, about how past losses are impacting their decision to go long GameStop again.<h2 id="93ef0214-d7a9-49c4-8f8d-2f4f53d6b8ed">'I drank the Kool-Aid'</h2>Dan, a 29-year-old retail investor who jumped into the meme-stock world in 2021, estimates he put around $40,000 into GameStop during the pandemic after seeing several promising threads on the stock on the subreddit r/WallStreetBets.His stake multiplied to around $200,000 in value before the stock tumbled again. He ultimately sold his shares for a loss, according to brokerage statements viewed by Business Insider."I found a lot of Reddit users, particularly on the Wall Street Bets community, come up with all this sort of diligence and research about GameStop. Then I kind of went down that rabbit hole," he said of his first foray into GameStop. "Then the initial dump happened, so to speak, from the $300 range back down to the $100 range, and I was needless to say very distraught. It was just a crushing blow to my spirit and everything."Never did it occur to Dan to sell his shares when GameStop peaked. The prospect that the stock would soar even higher was too intoxicating, he says."I drank the Kool-Aid, so to speak, of the Reddit community and the GameStop zealots," he said. "The FOMO or the fear of missing out was so high that at the time there was no part of me that even considered selling. So obviously in retrospect, it would have been a good call."Dan ended up speaking to therapists to help him come to terms with his losses. Still, he couldn't help himself from scooping up more GameStop shares when the stock rocketed higher this year."I dabbled a little bit with this current uptrend, certainly nowhere near the levels I was putting in before. I made a little bit on it, then I lost a little bit on it, so it's just been kind of a wash," he said, adding that he was mostly drawn to the latest rally out of "amusement."<h2 id="12608954-744d-4fce-9d43-461833335e4a">Seeking financial freedom</h2>Brian, another retail trader who invested in GameStop in 2020, says he was also drawn back in amid this year's RoaringKitty-fueled rally."When he posted, I kind of dabbled into it," he told BI. "You see all the hype around it, and then you see the price just shoot up. It's hard not to want to just jump in."The allure of GameStop stock has been the potential for a big, quick payday, Brian added, and plowing cash into a meme stock is like buying a lotto ticket for a chance at financial independence."[They] could essentially just make you financially free. You never have to work," he said. "I live in the Bay area of California, so it's very hard out here if you don't have a very well-paid job or if you don't have a dual income … So I was looking for something that could gain me the freedom to not have to work and grind it out every day."Others echoed that sentiment, noting that the chance to hit it big is too enticing to sit it out as the stock starts going parabolic."I've been unemployed since November and I've been struggling to find work," said Zaine, another retail trader.He never traded meme stocks but has bet against risky assets during the pandemic. His portfolio ballooned to as much as $75,000 before plunging to near zero, screenshots of his brokerage account show."You go to these outlets thinking, I can just make a little bit of money on the side to kind of just survive," he said. "And it ends up being this snowball effect that, if you don't look at yourself in the mirror, you can really end up losing everything."

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