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<ul class="summary-list"><li>Indexes slipped Thursday as investors priced in a higher-than-expected inflation reading.</li><li>The data raises the possibility of a "no landing" scenario for the US economy.</li></ul>Stocks fell on Thursday from records reached in the previous session, as traders took in a sticky inflation reading for September. All three benchmark indexes fell, with the Dow Jones Industrial Average down TK points, a 0.40% fall, while the S&amp;P 500 and Nasdaq fell 0.% and 0.%, respectively.The declines follow rises across the board on Wednesday, which saw a fresh record close for both the S&amp;P 500 and the Dow, and comes after inflation proved stickier than expected last month. September consumer price index data released on Thursday showed inflation <a target="_blank" class="" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">rose 2.4% year-over-year</a>, slightly above consensus forecasts of a 2.3% rise.The core CPI reading, which excludes more volatile food and energy costs, was up 3.3% year-over-year and just above forecasts of 3.2%.The reading, coupled with last week's blockbuster jobs report, <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-outlook-retail-sales-no-landing-inflation-jobs-report-2024-10">has sparked talk of a "no landing"</a> scenario for the US economy, a scenario in which strong economic growth fuels inflation and makes it harder for the Federal Reserve to cut rates. A no landing would likely mean rate cuts are fewer or slower than markets had previously forecast. It would also mean borrowers are saddled with higher interest rates on their debt for longer.After the CPI release, investors <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10?_gl=1*24ex3i*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU2NDg1Mi4yNTAuMS4xNzI4NTY1OTMzLjYwLjAuMA..">adjusted their expectations</a> for the Federal Reserve's easing cycle. The September jobs report had killed the odds of another big 50 basis point cut, but the slightly higher-than-expected CPI likely isn't enough to fully pump the brakes on Fed easing."Heading into the report, we thought only a very firm print would lead the Fed to consider pausing in November based on inflation alone. We did not get that," analysts from Bank of America said Thursday."While core PCE will be firmer than recent months, we think it will be enough for the Fed to follow through with a 25bp cut in November," they added.Investors are now pricing in higher odds of a 25 basis point rate cut at the central bank's meeting next month, according to the <a target="_blank" rel=" nofollow" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch Tool</a>.Meanwhile, weekly jobless claims edged up 33,000 to 258,000, according to Labor Department data released Thursday. That number marks its highest level in over a year and outpaced forecasts of 230,000.Here's where US indexes stood shortly after the closing 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>: 5,780.05, down 0.21% </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>: 42,454.12, down 0.14% (-57.88 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>: 18,282.05, down 0.05% </li></ul>Here's what else is going on:<ul><li>Inflation is scrambling Americans' <a target="_blank" class="" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">perceptions of middle-class life</a>, making the economy seem worse than it really is.</li><li>Insurance companies face massive losses, but catastrophe bond investors <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bond-investors-losses-unlikely-hurricane-milton-florida-reinsurance-helene-2024-10?_gl=1*3h318o*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU4NzA5Ny4yNTMuMS4xNzI4NTg5NzI4LjQyLjAuMA..">won't see huge damages</a> in the wake of Hurricane Milton.</li><li>Jamie Dimon says the "Buffett Rule" approach to taxing the wealthy could <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-us-debt-unsustainable-higher-taxes-buffett-rule-millionaires-2024-8">solve America's debt problem</a>.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures rose. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 3.7% to $75.93 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, climbed 3.7% to $79.44 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 0.8% to $2,646.7 an ounce.</li><li>The 10-year Treasury yield was about flat at 4.07%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 2% to $59,654.</li></ul>

Stock market today: Indexes close lower after CPI shows sticky inflation in September

<ul class="summary-list"><li>US stocks jumped to record highs on Wednesday. </li><li>Indexes hit fresh all-time highs ahead of the key inflation report for September due Thursday. </li></ul>US stocks jumped on Wednesday as traders looked ahead to coming inflation data and took in the minutes of the Federal Reserve's last meeting. All three benchmark indexes surged to end the day higher. The Dow Jones Industrial Average jumped more than 400 points to a record close, while the S&amp;P 500 also notched a fresh all-time closing high. Investors pushed past concerns about Google parent Alphabet to take the Nasdaq Composite 0.6% higher. The Department of Justice on Wednesday said it's considering breaking up the tech titan to remedy its status as a monopoly in the search engine space. Bond yields rose, with the 10-year Treasury yield up three basis points to 4.071%.Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<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">S&amp;P 500</a>: 5,792.04, up 0.71% </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">Dow Jones Industrial Average</a>: 42,512.00, up 1.03% (+431 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">Nasdaq composite</a>: 18,291.62, up 0.6% </li></ul>Investors have an eye on Thursday's consumer price index report, an inflation reading that will serve as a key input when the Fed meets to discuss its next rates move. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10">The stakes of the next inflation reading have risen</a> after the big September jobs number, and Wall Street could be in for some volatility in the event of an upside surprise, Bank of America said this week. Economists are expecting consumer prices to have risen 0.1% for the month and 2.3% year-per-year in September, slightly cooler than the increases recorded in August."The Federal Reserve appears to remain comfortable with where inflation is and trending," Josh Hirt, a senior US economist at Vanguard, said in a note. "Although inflation remains elevated, we do not see a material effect on the Fed's trajectory of rate cuts."Markets also gained some confidence over the path of rate cuts after the Fed released the minutes of its September FOMC meeting. Central bankers predicted inflation would fall to 2% by 2026, while risks to economic strength were "tilted to the downside."Some officials, though, said they would have preferred a 25 basis-point cut at the Fed's last meeting, while "a few others indicated they could have supported such a decision," the minutes said."[W]e think that FOMC is still spending too much time looking in the rear-view mirror, taking too much comfort from the recent strength of the economy, and not paying enough attention to leading indicators pointing to weakness ahead, and the likely lagged impact of earlier tightening," Oliver Allen, a senior US economist at Pantheon Macroeconomics, said in a note. "We expect the Fed to be acting for far more urgency to avert a significant slowdown around the turn of this year, as the economic data continue to head in that direction."Markets are largely expecting the Fed to cut rates by 25 basis points at their next two meetings, bringing the Federal funds rate range to 4.25%- 4.5% by the end of the year. According to the CME FedWatch tool, the odds for another jumbo-sized rate cut in 2024 have fallen to zero. Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/catastrophe-bonds-hurricane-milton-helene-florida-damages-insurance-loss-2024-10">Owners of catastrophe bonds are staring down big losses</a> as Hurricane Milton barrels toward Florida.</li><li>One of Wall Street's biggest bears is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/wall-street-biggest-bear-jpmorgan-stock-market-outlook-interest-rates-2024-10">turning upbeat on the stock market for the first time in 2 years</a>.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-robotaxi-day-expectations-elon-musk-ai-fsd-tsla-2024-10?_gl=1*3hd80z*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyODUwMDAwMy40MjguMS4xNzI4NTAyMjcyLjYwLjAuMA..">Tesla is approaching its "most hyped" event in a decade</a> as the carmarker readies to unveil its robotaxi.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bond-king-bill-gross-bull-market-defensive-high-yielding-investments-2024-10">Billionaire "Bond King" Bill Gross recommends four defensive investments</a> for a bull market he sees losing steam.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-moscow-bank-transactions-sanctions-trade-china-singapore-2024-10">Russia has lost another banking partner</a> as more lenders turn their back on Moscow over fear of sanctions.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-anonymous-peter-todd-hbo-documentary-satoshi-nakamoto-crypto-2024-10">A new HBO documentary suggests bitcoin's creator is Canadian programmer Peter Todd</a>.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil traded slightly lower at 73.47 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, fell 0.5% to $76.79 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slumped 0.55% to $2,607.68 an ounce.</li><li>The 10-year Treasury yield edged up three basis points to 4.071%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> declined 2% to $60,91.</li></ul>

Stock market today: US stocks close at all-time highs ahead of key inflation update 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! CEOs love talking about their wins, but what about their losses? The head of a failed supersonic plane startup detailed what went wrong, <a target="_blank" href="https://www.businessinsider.com/exosonic-ceo-explains-why-his-strategy-supersonic-airliner-failed-2024-11">and how other companies might find success</a>.In today's big story, President-elect Donald Trump is nominating the people <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">who will play a key role in his administration</a> and impact the business world.What's on deck:<ul><li>Markets: Elon Musk wants to gamify "dumb" government spending, and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">experts say it's a savvy marketing strategy</a>.</li><li>Tech: A healthcare startup raised $100 million on a bet it could build an AI doc-in-a-box. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">Now it's shutting down</a>.</li><li>Business: Internal documents viewed by BI show plans for Amazon's AI chatbot <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">launching in an unlikely spot</a>.</li></ul>But first, the nominations are rolling in.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Trump's new team</h2><div type="image" title="Trump pointing" height="667" width="1000" msid="115302524" hostid="261" sizebytes="47760"></div>President-elect Donald Trump is quickly fleshing out his cabinet, giving a sense of what his second administration will look like.Trump's slew of picks announced in recent days share a common theme: <a target="_blank" href="https://www.businessinsider.com/trump-cabinet-picks-so-far-loyalty-resumes-11">loyalty</a>. (You can find the running list of Trump administration staffers <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">here</a>)With <a target="_blank" href="https://www.businessinsider.com/republicans-house-representatives-election-win-majority-2024-11">Republicans maintaining control of the House</a> and winning the Senate, the president-elect will enter the White House this January with incredible power to shape the country to his vision.Let's break down some of Trump's recent appointments and the impact they could have on the business world:<a target="_blank" href="https://www.businessinsider.com/trump-nominates-matt-gaetz-attorney-general-2024-11">US Attorney General — Matt Gaetz</a>: A surprising pick, to say the least, the representative from Florida caused havoc within his own party when he led the push to oust Kevin McCarthy from the speakership last year.Gaetz was also the subject of sex-trafficking allegations that led to an investigation by the very agency he's being nominated to lead. (The Department of Justice declined to pursue charges, but he'd been facing a probe from the House Ethics Committee.) House Speaker Mike Johnson told reporters on Wednesday that Gaetz had resigned from Congress.He's also <a target="_blank" rel="noopener" href="https://www.businessinsider.com/matt-gaetz-criticism-big-tech-trump-attorney-general-antitrust-2024-11">clashed with the tech industry</a>, suggesting Americans have an "obligation to use" their Second Amendment right when it comes to <a target="_blank" href="https://www.businessinsider.com/matt-gaetz-says-american-obligation-take-up-arms-big-tech-2021-5">Silicon Valley companies censoring conservatives</a>. Gaetz's appointment requires confirmation from the Senate, which is far from a shoo-in.<a target="_blank" href="https://www.businessinsider.com/what-trumps-secretary-state-pick-marco-rubio-means-for-china-2024-11">Secretary of State — Marco Rubio:</a> The Florida senator is an outspoken critic of China and a supporter of Taiwan. In fact, China sanctioned him twice, and his ability to travel to the country is somewhat in question.The appointment adds another wrinkle to the heightening tension between the US and China. Trump has said he wants aggressive tariffs against Chinese imports, and Rubio has raised the alarm on what he views as China's plan to harm the US economy.<div type="image" title="Fox News host Pete Hegseth at a network event in 2019" height="2555" width="3600" msid="115302517" hostid="261" sizebytes="483180"></div><a target="_blank" href="https://www.businessinsider.com/trump-pentagon-chief-pete-hegseth-world-views-ukraine-china-2024-11">Secretary of Defense — Pete Hegseth:</a> The Army veteran and Fox News host has been outspoken about the US involvement in geopolitical conflicts. Hegseth is among the growing number of Republicans questioning the US support of Ukraine. He also said he <a target="_blank" href="https://www.businessinsider.com/trump-pentagon-pick-pete-hegseth-criticized-us-involvement-ukraine-aid-2024-11">doubted Russia would invade Poland</a> if it successfully took over Ukraine.When it comes to Israel, Hegseth has been a staunch supporter. He's also pushed back against calls for a cease-fire and criticized pro-Palestinian protesters.Hegseth's takes aren't limited to international affairs. He's been critical of women serving in combat roles and diversity and equity policies in the US military.Treasury secretary — TBD: Trump's pick for his top economic advisor is being closely watched considering the key role the economy played in the election. The two front runners appear to be Scott Bessent, a hedge fund executive, and Howard Lutnick, <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">the co-chair of Trump's transition</a> team and the CEO of Cantor Fitzgerald.Bessent was initially viewed as the favorite, but Lutnick is <a target="_blank" href="https://www.wsj.com/politics/policy/trump-transition-co-chair-makes-late-play-for-treasury-secretary-f1b50c60">reportedly making a last-ditch effort</a> to be considered for the job.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Silicon Valley investors Marc Andreessen and Ben Horowitz <a target="_blank" rel="noopener" href="https://www.businessinsider.com/marc-andreessen-ben-horowitz-react-trump-win-crypto-founders-2024-11">celebrate Trump's win as 'a boot off the throat</a>.'</li><li>Why SoftBank bet $500 million on OpenAI. SoftBank's Vision Funds CFO <a target="_blank" href="https://www.businessinsider.com/softbank-openai-investment-explained-vision-fund-cfo-2024-11">told BI why it went all-in on the startup</a>.</li><li>Amazon is shuttering Freevee and some insiders fear <a target="_blank" href="https://www.businessinsider.com/amazon-shuttering-freevee-some-insiders-speculate-potential-entertainment-layoffs-2024-11">layoffs could be coming in the tech giant's entertainment arm</a>.</li><li>Mark Zuckerberg just released his own NSFW version of <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-t-pain-get-low-rap-song-2024-11">'Get Low' in a tribute to his wife</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A photo illustration comprising a black-and-white photo of Elon Musk's profile over a leaderboard with dollar signs that decrease down the board." height="1500" width="2000" msid="115302527" hostid="261" sizebytes="121084"></div><ol><li>Loving the leaderboard: Elon Musk wants to gamify "dumb" government spending. Donald Trump tapped Musk and Vivek Ramaswamy to co-lead the Department of Government Efficiency, a commission aimed at slimming government waste. Musk has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">teased a public leaderboard to track government spending</a>, which, if implemented, could keep the public engaged. <a target="_blank" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">BI took a look at what the US actually spends money on</a>.</li><li>Inflation stays in line with expectations. October's consumer price index <a target="_blank" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">rose 2.6% compared to the same time last year</a>, representing a slight uptick from September's 2.4% report. Despite inflation heating up, the probability of the Fed making a 25-basis-point cut next month increased to about 80% after the report's release.</li><li>Polymarket's CEO was the subject of an FBI raid. Shayne Coplan, the 26-year-old boss of the betting market platform that successfully predicted Trump's win, reportedly had his phone and electronic devices <a target="_blank" href="https://www.businessinsider.com/fbi-raid-polymarket-ceo-shayne-coplan-nyc-2024-election-2024-11">confiscated by federal agents Wednesday morning</a>. Bloomberg reported the raid was tied to an investigation into the company accepting trades from users in the US, which is not permitted. A Polymarket spokesperson said it was an act of "political retribution" by the Biden administration.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Forwards CEO Adrian Aoun with the Carepod" height="1500" width="2000" msid="115302521" hostid="261" sizebytes="394842"></div><ol><li>Inside Forward's failed attempt to revolutionize the doctor's office. The healthcare startup Forward went all-in on its AI doc-in-a-box: "If Elon has the self-driving car, well, this is the autonomous doctor's office," its CEO said in 2023. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">But after raising $650 million in funding, it's going dark</a>.</li><li>What some Tesla employees think about Musk's new government job. Some are celebrating stock gains, with the company's share price soaring nearly 33% year to date, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-trump-stock-gains-internal-reaction-2024-11">while others worry Musk will lose focus</a>. "There's this feeling that no one fully knows where anyone else stands," one manager told BI.</li><li>A new stage in the US-China tech cold war. The focus of the AI race is moving from chip dominance to rare earths, the raw materials they're made of. Right now, China has the upper hand; <a target="_blank" href="https://www.businessinsider.com/rare-earths-tech-war-explainer-chips-ai-china-us-2024-11">here's how it's tried to outmaneuver the US</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="The O's of the Hollywood sign walking away with film equipment" height="1457" width="1943" msid="115302520" hostid="261" sizebytes="350770"></div><ol><li>Hollywood's leaving. The film industry is ditching Los Angeles for up-and-coming entertainment hubs like Atlanta and smaller cities alike. Some have been preparing for an LA exodus for years, but the pandemic ushering in remote work <a target="_blank" href="https://www.businessinsider.com/hollywood-leaving-los-angeles-remote-work-tv-movies-money-streaming-2024-11">helped provide the final push</a>.</li><li>Too many videos, not enough mentors. Nobody knows how to do their jobs anymore because their companies aren't teaching them. Training is an easy place for companies to cut costs, but it comes back to hurt them in the long run. <a target="_blank" href="https://www.businessinsider.com/job-training-broken-gen-z-mentorship-companies-employees-managers-2024-11">Those who do invest often put their money toward the wrong fixes</a>.</li><li>Exclusive: Amazon's chatbot Q enters enemy territory. Internal documents obtained by BI show the cloud giant is looking to launch a Q add-in for a rival suite: Microsoft Office 365. Amazon hopes the integration could expand Q's user base by <a target="_blank" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">piggybacking on Office's popularity</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Disney, Brookfield and other companies report earnings.</li><li>EU reveals Q3 GDP growth figures.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Some of Trump's key cabinet picks provide clues to how his administration will approach the business world

<ul class="summary-list"><li>OpenAI has gotten some heat for not being as "open" as its name may suggest.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">CEO Sam Altman</a> explained the company's shift to closed AI models in a Reddit AMA on Thursday.</li></ul>Why doesn't OpenAI <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-is-open-source-software">open-source</a> the AI models behind ChatGPT if the company is called OpenAI?It boils down to what OpenAI is "good at" and the pathway to hitting the company's safety thresholds for its AI models, CEO Sam Altman said in a Reddit <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-answer-reddit-ama-questions-openai-2024-10">Ask Me Anything session</a> Thursday."OpenAI has shifted from a more open-source approach to a more closed model in recent years," a Reddit user <a target="_blank" class="" href="https://www.reddit.com/r/ChatGPT/comments/1ggixzy/comment/luq0o7g/?utm_source=share&amp;utm_medium=web3x&amp;utm_name=web3xcss&amp;utm_term=1&amp;utm_content=share_button">said</a>. "Can you elaborate on the reasoning behind this change, and how you weigh the trade-offs between openness and the potential risks associated with widely accessible advanced AI technologies?"Altman responded that open source "plays an important role in the ecosystem and there are great open source models in the world.""We also think there's an important role in the world for powerful and easy-to-use APIs and services, and given what we are good at, we see an easier way to hit the safety threshold we want to hit this way," he said. "We are pretty proud of how much value people get out of our services."Altman added that he "would like us to open source more stuff in the future."The comments from Altman follow a year in which OpenAI has received criticism for no longer open-sourcing its AI models. The company previously released the code for its <a target="_blank" class="" href="https://openai.com/index/gpt-2-1-5b-release/">GPT-2 AI model in November 2019</a>. However, it did not release the code for its future models, including its most recent GPT-4o and o1-preview models.Elon Musk, who <a target="_blank" class="" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">cofounded OpenAI in 2015</a> alongside Altman and others before leaving the company's board, has been one of the most vocal critics of its new approach.In December 2022, a month after ChatGPT came out, he tweeted, "OpenAI was started as open-source &amp; non-profit. Neither are still true." OpenAI became <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-mission-drift-for-profit-nonprofit-structure-investment-2024-9">"capped profit,"</a> a hybrid of nonprofit and for-profit structures, in 2019.Musk filed a lawsuit against Altman and OpenAI in March, claiming a breach of contract and that the company has abandoned its original mission. OpenAI published a blog post responding to his claims shortly after.One email exchange published in the blog post showed Ilya Sutskever, one of OpenAI's cofounders and its former chief scientist, writing to Musk, "As we get closer to building AI, it will make sense to start being less open. The Open in openAI means that everyone should benefit from the fruits of AI after its built, but it's totally OK to not share the science (even though sharing everything is definitely the right strategy in the short and possibly medium term for recruitment purposes)."The screenshot OpenAI published showed Musk responding simply, "Yup."<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-drops-lawsuit-against-sam-altman-and-openai-2024-6">Musk dropped the lawsuit in June</a> before <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-openai-sam-altman-again-why-2024-8">filing a new lawsuit in August</a> alleging he was "deceived" into cofounding the AI firm.Whether to be open- or closed-source is a hot topic in the AI industry right now. One of OpenAI's competitors that touts its open-source efforts is <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-open-source-ai-platforms-future-competition-apple-llama-2024-9">Meta</a>, whose latest offering in the space, the Llama 3.2 models, came out in September. CEO Mark Zuckerberg has said he believes open-source is "safer than the alternatives" and "necessary for a positive AI future."It's worth noting the company requires firms with a user base of 700 million active users a month or more <a target="_blank" class="" href="https://www.businessinsider.com/meta-llama-2-ai-model-not-open-source-2023-7">to request use of Llama</a>, and Meta can decide whether to grant access or not.The nonprofit Open Source Initiative has previously said this license "would not be qualified as an open-source license because it contains restrictions on commercial needs." The OSI also recently <a target="_blank" class="" href="https://www.emarketer.com/content/new-industry-definition-of-open-source-ai-challenges-meta-s-llama-model">said</a> Meta's Llama doesn't satisfy its definition of open-source AI.A Meta spokesperson said the company disagrees with OSI's definition."There is no single open source AI definition, and defining it is a challenge because previous open source definitions do not encompass the complexities of today's rapidly advancing AI models," the spokesperson said."We make Llama free and openly available, and our license and Acceptable Use Policy help keep people safe by having some restrictions in place," they added. "We will continue working with OSI and other industry groups to make AI more accessible and free responsibly, regardless of technical definitions."Elsewhere in the Reddit AMA, Altman said <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-chatgpt-answer-reddit-ama-questions-openai-2024-10">OpenAI's GPT-5 model is likely not launching this year</a> and that he was using ChatGPT to respond to some of the online questions.

Sam Altman explains OpenAI's shift from open to closed AI models

<ul class="summary-list"><li>Francine Katsoudas, Cisco's people, policy, and purpose chief, is on BI's <a target="_blank" href="https://www.businessinsider.com/workforce-innovation-board-tackles-topics-such-as-c-suite-innovation-ai-worker-wellness-2024-8">Workforce Innovation board</a>.</li><li>Katsoudas says AI adoption should start on the day-to-day level and be focused on skills training.</li></ul>Francine Katsoudas, Cisco's chief people, policy, and purpose officer and one of its executive vice presidents, is no stranger to leading organizations through large-scale transformations. During her 27 years at the company, her remit has spanned social impact, government affairs and policy, and digital acceleration.As leaders across industries grapple with how to stay ahead of technological change, Katsoudas says her strategy for keeping a pulse on artificial intelligence and its effect on the workforce is staying engaged with her peers and listening to people in her organization whose roles could be affected most.In April, Cisco — along with other leading organizations, including Google, Intel, and Microsoft — launched a <a target="_blank" class="" href="https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2024/m04/leading-companies-launch-consortium-to-address-ai-impact-on-the-technology-workforce.html">workforce consortium</a> to focus on reskilling and upskilling roles most likely to be influenced by AI."I think we have to be so much more engaged with our peers, which is why having roundtables where we're learning is important," Katsoudas said."The AI-consortium work would have never happened two years ago," she added. "There's no way we would have come together and shared our views on roles and tasks and skills. But what we recognize now is that some of this is moving so quickly that you have to do the work together."The following interview has been edited for length and clarity.What AI transformations are taking place at Cisco and among your workforce?We have been talking about AI for years now. The biggest shift over the last maybe nine to 12 months is there's a lot more clarity around real use cases that can be leveraged across an enterprise — at Cisco but also so many of our peers.The other thing I'm seeing more broadly is an understanding around the significant impact on people. Initially, we talked about it from a "jobs are going away, sky is falling" perspective. What we feel now is AI will change jobs, and there's a little bit of architecture that we have to create to help our people navigate that.There's an accountability that we have, and the speed is not going to work in our favor. It's going to force us to kind of move quickly into concepts like skill jumping.From a technology perspective, at Cisco there have always been three different motions that are going on. The first motion is how we help other companies build out the infrastructure to manage the workloads that come from AI.The second area is the intersection of AI with the existing portfolio that we have. I think that'll be the case for every company. But in particular, because we are a security company, this recognition of security for AI is top of mind.The third element is, how does the technology intersect all of the different functions within the company.We initially saw a top-down approach to AI. But what seems to be emerging at some organizations is the importance of power users — people who are showing use cases on the day-to-day level and showing others how AI makes their jobs easier. Are you seeing something similar?Completely. We did a body of work, I think it was last November, where we reached out to organizations around the world about AI readiness. Of those, 98% of CEOs, CIOs, and IT professionals said they feel tremendous pressure, but only 14% had a plan.To me, that reinforces the top-down element. So what we have done — because we've always felt like an element of our culture that is unique is that we believe strongly in the bottoms up. You need to have that to innovate and to be inclusive.To give you an example, we asked people to participate in a pilot where we would provide them with training on how to leverage gen AI. In fact, they got Green Belt certification, and then we asked them to take those learnings and apply them to their day job and capture ways that their job could evolve based on leveraging technology.I was hoping to get 300 people. And in the end, we had close to 800. What came out of that was like 282 ideas, and then a before and after on efficiency and productivity. Confidence and comfort in the technology and the willingness to think about how to apply it went up pretty dramatically. It's a beautiful example of bottoms up.I think the way to ensure that you do this right is to let the people that are closest to the work guide how it is leveraged moving forward.The only caveat is you have to make sure that you have a responsible AI framework so that people know what's appropriate and how to leverage data.What do C-suite leaders need to do, and also leave behind, in order to drive innovation?One of the hardest things that needs to happen to the C-suite is we need to pivot away from "roles" in jobs to "skills."Within Cisco, but also more broadly, the skills conversation never took off the way we hoped it would have. And now you're going to be forced to play here, because it's going to drive the level of agility that you need as a company.Leaders also have to be comfortable allowing their teams to tell them how the technology should be used. All of us need to be thinking about, with the level of productivity and change we expect to see, what issues from an overall workforce perspective are we trying to solve?Training will be on a much faster cadence than it is today. It should be bite-sized so that we can continue to make it part of our weekly to-do list.As leaders, we're going to have a level of workforce planning insights that we've never had before because AI is going to help us with this. We need to set expectations with people that were never done from a learning and change perspective.How do you see talent acquisition changing in the next 12 months?There were really positive shifts that we've been trying to achieve for years, and technology can make some of those shifts a little bit lighter for us. From a talent-acquisition perspective, I think we can use AI to reduce the bias in the system, and I think that's something we have to work hard on.As an example, many years ago, we experimented with blind hiring, so we remove the names off of resumes, even the universities, and really focus on the skills.In technology roles, it was kind of easy because you could just send out a quick coding exercise and understand who had the capabilities. The beautiful thing about that was you found people that didn't have college degrees. You found people that were doing roles that we would have thought were out of scope.We need to leverage the technology to help us distill capability, and in doing so, we'll have a more inclusive approach and more diverse talent.

A bottom-up approach to AI adoption can drive innovation and inclusion, a Cisco EVP says

<ul class="summary-list"><li>NASA conducted a new tabletop simulation of <a target="_blank" href="https://www.businessinsider.com/potentially-hazardous-asteroids-fly-by-earth-this-week-watch-live-2024-6">discovering a large asteroid headed for Earth</a>.</li><li>Experts feared Congress wouldn't fund a mission to an asteroid with a 72% chance of impacting Earth.</li></ul>NASA recently brought together about 100 experts to <a target="_blank" href="https://www.businessinsider.com/nasa-simulated-asteroid-couldnt-stop-impact-europe-2021-5">pretend that an asteroid was heading for Earth</a>.The tabletop <a target="_blank" href="https://www.businessinsider.com/nasa-asteroid-impact-simulations-difficult-to-stop-2021-5">simulation presented a hypothetical scenario</a> in which cities like Dallas, Washington, DC, and Madrid were at risk of a large asteroid impact."A <a target="_blank" href="https://www.businessinsider.com/adam-driver-asks-nasa-save-earth-from-world-ending-asteroids-2023-3">large asteroid impact</a> is potentially the only natural disaster humanity has the technology to predict years in advance and take action to prevent," Lindley Johnson, a NASA planetary defense officer emeritus, said in a press release.But it wasn't clear that they could prevent such a catastrophe — even with 14 years to figure it out.The simulation revealed that <a target="_blank" href="https://www.businessinsider.com/moon-missions-why-astronauts-have-not-returned-2018-7">technology wasn't the problem</a> that could ultimately doom a city, region, or entire country. It was politics.<div type="image" title="Senate Minority Leader Mitch McConnell and Senate Majority Leader Chuck Schumer at the Capitol on December 12, 2023." height="1500" width="2000" msid="111347083" hostid="261"></div>"I know what I would prefer [to do], but Congress will tell us to wait," one participant said of their asteroid-response plan, in a selection of anonymized comments in NASA's summary of the exercise, published on June 20."The most important item of the morning was the discussion involving the political nature of the decision-making," another participant said.<h2 id="fff0e374-634e-421c-bed3-007449857a08">Congress may not move fast enough</h2>NASA has conducted nearly a dozen tabletop simulations since 2013. This one happened in May and included participants from the US State Department, FEMA, and the space agencies of Europe, the UK, Japan, and Canada.<div type="image" title="large conference room with long desks full of people in suits sitting at laptops and looking at a large presentation screen with a person at a podium presenting" height="900" width="1634" msid="111347084" hostid="261"></div>Past exercises showed that, in order to save the world, NASA would need at least <a target="_blank" href="https://www.businessinsider.com/nasa-asteroid-simulation-reveals-need-years-of-warning-2021-5">five years' notice that an asteroid was headed toward us</a>, maybe even 10 years.This time the simulators learned that, even when they had plenty of time, they might not be able to launch their preferred anti-asteroid offensive.That's because they didn't think Congress would approve funding for a critical space mission to study the asteroid "unless impact became certain," NASA's summary said.A major part of the simulation was figuring out how to impress the "seriousness" of the situation upon Congress and other leadership, Johnson said.What's more, the 14-year timeline spanned multiple budget cycles and presidential elections. At any of those junctures, the president, Congress, or NASA's own leadership could change priorities and disrupt the asteroid plan.<h2 id="16c29872-b78b-4870-bb8a-e51b843db37f">The most likely incoming asteroid scenario</h2>Here are the hypothetical conditions the participants were given in this year's exercise: Scientists have determined a 72% chance of this asteroid impacting Earth in 14 years. It could strike anywhere across a swath of North America, Europe, Africa, and the Middle East.The asteroid's size was unclear. It could be anywhere from 60 to 800 meters (half a mile) wide — possibly big enough to devastate an entire country.All that uncertainty made this "a very realistic scenario," Richard Binzel, a planetary scientist at MIT who specializes in potentially hazardous asteroids, but did not participate in the simulation, told Business Insider."In fact, it's the most likely type of scenario we will face, where an asteroid is discovered and we have limited information," Binzel said.Options for preventing an asteroid impact include shooting the asteroid with lasers, launching a nuclear bomb at it, or simply smacking a space probe into it to nudge it away from Earth.NASA has tested one of those options in a <a target="_blank" href="https://www.businessinsider.com/nasa-crashes-dart-spacecraft-into-asteroid-to-test-planetary-defense-2022-9">mission that punched an asteroid</a> and dramatically changed its path in 2022, just to prove the technique could work.<div type="image" title="sequence of images showing asteroid from a distance then close up then video cutting out" height="1000" width="2000" msid="111347087" hostid="261"></div>In the simulation, experts wanted more information to understand their anti-asteroid options.Unfortunately, the fictional space rock was about to <a target="_blank" href="https://www.businessinsider.com/comet-neowise-surprise-appearance-earth-unprepared-for-asteroids-2020-7">pass behind the sun and disappear</a> from view for seven months. To avoid wasting precious time, scientists would have to send a spacecraft to the asteroid to learn more about it.That's where they feared politics would get in the way. Participants weren't sure Congress would fund the mission unless the asteroid was a certain threat — not a 72% chance of threat.So far, NASA has not discovered any large asteroids on track to impact Earth.But scientists have identified fewer than 11,000 near-Earth asteroids that are at least 140 meters (460 feet) wide — big enough to crush a city. They believe there are 15,000 of them in our vicinity, meaning more than a quarter of city killers remain undiscovered.<h2 id="8dbc0625-4426-4bc0-ba2d-99b4f3dc63a5">NASA could plan a mission just in case</h2>Binzel says NASA could get political and bureaucratic barriers out of the way now, before any asteroid threats are identified, by developing a reconnaissance mission to have on standby."It's an adult thing to do that can protect us from becoming surprised," he said.The National Academies of Sciences, Engineering, and Medicine made a similar recommendation in its last decadal survey of planetary science priorities.In that 2022 <a target="_blank" href="https://nap.nationalacademies.org/resource/26522/interactive/">report</a>, the Academies said that NASA should "develop an approach for a rapid-response, flyby" spacecraft to closely study newly-discovered threats. That way, it could launch a reconnaissance mission in less than three years if it became necessary. The Academies also recommended a demonstration to practice reconnaissance on a real asteroid.So why isn't NASA working on that right now?"It's not in the budget," Binzel said.First NASA has to make a proposal for such a mission, with a thumbs up from the White House, and then Congress would have to authorize and fund it."If there's an asteroid out there with our name on it, it's already there," Binzel said. "Fortunately, the chance in the next century or so is incredibly small. But it's not zero."

NASA simulated an incoming asteroid impact, and the biggest roadblock to action was penny pinching

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition, a roundup of some of our top stories. Before we get into it, some weekend inspiration: This guy was a CEO with $1 million in his bank account before turning 40. Then he packed it all in to run <a target="_blank" href="https://www.businessinsider.com/left-ceo-job-pursue-passion-career-change-2024-9">a medieval Renaissance fair</a>.On the agenda today:<ul><li>We've been doing promotions in <a target="_blank" href="https://www.businessinsider.com/truth-promotions-companies-picking-managers-wrong-new-study-2024-9">the worst possible way</a>.</li><li>The biggest mistakes people make <a target="_blank" href="https://www.businessinsider.com/retirement-saving-why-half-retirees-could-run-out-of-money-2024-9">when preparing for retirement</a>.</li><li>Inside the island fortress of <a target="_blank" href="https://www.businessinsider.com/billionaire-bunker-miami-bezos-tom-brady-ivanka-trump-security-2024-9">America's mega-billionaires</a>.</li><li>Meta is winning <a target="_blank" href="https://www.businessinsider.com/meta-new-ray-ban-smart-glasses-apple-vision-pro-2024-9">the glasses wars</a>.</li></ul>But first: IsMrBeast the ultimate "founder mode" leader?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><h3 id="58506b3b-b008-4ead-9e90-71439c9e98dd">This week's dispatch</h3><div type="image" title="MrBeast" height="975" width="1300" msid="113787189" hostid="261" sizebytes="35876"></div><h2 id="2a7b4701-4b9e-48dd-b7c6-5bd656268197">MrBeast mode</h2>MrBeast is YouTube's biggest star, a <a target="_blank" href="https://www.businessinsider.com/new-mrbeast-trademark-filing-philanthropy-charity-project-team-water-2024-9">philanthropist</a>, and a <a target="_blank" href="https://www.businessinsider.com/youtube-star-mrbeast-expects-700-million-revenue-this-year-2024-6">snack entrepreneur</a>. You can now add Silicon Valley thought leader to the list.The social media star, real name Jimmy Donaldson, put together a handbook breaking down his <a target="_blank" href="https://www.businessinsider.com/leaked-mrbeast-guide-reveals-youtube-secret-weapons-for-success-2024-9">secrets to success</a>. The 36-page guide, intended for staffers at MrBeast Production, says Donaldson wants a team of obsessives who are coachable, don't make excuses, and "are the best in the goddamn world at their job."The guide includes lines such as "take ownership and don't give your project a chance to fail," and "own shit so we can address how to fix it and then move on."When the document leaked, fans and wannabe employees poured through the pages. But so did Silicon Valley, where techies likened Donaldson's approach to the hardcore "<a target="_blank" href="https://www.businessinsider.com/founder-mode-manager-dividing-silicon-valley-2024-9">founder mode</a>" style of leadership."I think this is resonating because it's so counter to the current trends in work culture today, which seem soft by comparison," one marketing advisor <a target="_blank" href="http://businessinsider.com/tech-world-captivated-with-mrbeast-training-document-founder-mode-2024-9">told Business Insider</a>.<div type="image" title="An employee in a spotlight that also acts as a megaphone" height="1500" width="2000" msid="113787188" hostid="261" sizebytes="39338"></div><h2 id="3fd3d286-9128-4fdf-98a7-cb928cbf9001">The truth about promotions</h2>We might be doing promotions all wrong. In a new study, researchers found that in some cases, the practices businesses use to hire managers are so bad that they'd actually be better off picking names out of a hat.Those practices, like hiring top performers or people who really want to be promoted, don't translate to effective managers. Instead, researchers found, selecting managers based on intelligence and decision-making skills can result in stronger leaders.<a target="_blank" href="https://www.businessinsider.com/truth-promotions-companies-picking-managers-wrong-new-study-2024-9">How to hire a manager</a>.<h2 id="fa1eb3c8-10a8-42fd-b4f7-5b00f5a61a5b">Retirement savings no-no's</h2>About 45% of Americans will run out of money in retirement — even those who invested and diversified. In particular, single women face a 55% chance of depleting funds, even higher than single men and couples.If you're aiming to retire at the standard age of 65, avoid these mistakes so you can keep your golden years golden.<a target="_blank" href="https://www.businessinsider.com/retirement-saving-why-half-retirees-could-run-out-of-money-2024-9?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_Insider%20Today%20-%20Thu,%20Sep%2026,%202024&amp;Utm_content=LimitedPromo">The four biggest retirement mistakes</a>.<div type="image" title="Cameras and boats surrounding a residential island" height="1000" width="2000" msid="113787194" hostid="261" sizebytes="176844"></div><h2 id="2a39b74f-b08c-4bc8-9a21-ed6c87a6f9e0">Welcome to Billionaire Bunker</h2>Indian Creek Village is more than just a private island city in Florida. It's home to the elite of elites: Tom Brady and Jeff Bezos both have mansions there.But approach at your own peril. A large chunk of Indian Creek's budget goes to its police department, which patrols the island's sole entrance and perimeter 24/7. Through federal funding, the town has amassed an abundance of other security measures, making it the most gated community in a country of gates.<a target="_blank" href="https://www.businessinsider.com/billionaire-bunker-miami-bezos-tom-brady-ivanka-trump-security-2024-9">Inside America's wealthiest town</a>.<div type="image" title="a brain wearing Meta's smart glasses" height="1500" width="2000" msid="113787192" hostid="261" sizebytes="288714"></div><h2 id="83973c79-472c-4429-97bb-4d74e0dda2ff">Glasses rule, phones drool</h2>Meta CEO Mark Zuckerberg announced Orion, a prototype pair of augmented-reality glasses this week. The specs reportedly cost about $10,000 a pair to make, but aren't currently for sale.The glasses mark the latest attempt by a Big Tech company to break into a hard-to-crack industry: AR and VR wearables. And with Meta's smart Ray-Ban glasses doing better than expected, the company appears to be winning the glasses wars.<a target="_blank" href="https://www.businessinsider.com/meta-new-ray-ban-smart-glasses-apple-vision-pro-2024-9">What Meta got right</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/orion-meta-ar-smart-glasses-review-2024-9">I tried out Meta's Orion AR glasses. I'd buy them in a heartbeat — if they were actually for sale</a>.</li></ul>This week's quote:"We are not a normal company."— Sam Altman in a note to OpenAI staff <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">announcing executive exits</a>.More of this week's top reads:<ul><li>The turmoil at OpenAI is a bad look <a target="_blank" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">for its huge funding round, VCs say</a>.</li><li>Jamie Dimon isn't a fan of junior bankers with <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-junior-bankers-private-equity-jobs-unethical-2024-9">hush-hush private-equity jobs</a>.</li><li>Nvidia's days of absolute dominance in <a target="_blank" href="https://www.businessinsider.com/nvidia-competition-sambanova-groq-cerebras-show-faster-inference-speed-2024-9">AI could be numbered</a>.</li><li>Salesforce is going to <a target="_blank" href="https://www.businessinsider.com/salesforce-closing-hillsboro-oregon-office-amid-rto-push-2024-9">close its Portland office</a>.</li><li>South Korea is going big on American manufacturing. <a target="_blank" href="https://businessinsider.com/south-korea-companies-jobs-manufacturing-evs-chips-batteries-2024-9?sd">The Battery Belt could benefit the most</a>.</li><li>America's business giants are <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-recession-economy-american-companies-profits-trade-war-2024-9">starting to lose faith in China</a>.</li><li>Leaked email shows Twitch is <a target="_blank" href="https://www.businessinsider.com/twitch-not-following-amazon-rto-policy-2024-9">not following Amazon's new RTO policy</a>.</li><li>The Olivia Nuzzi-RFK Jr. story is still spinning out. <a target="_blank" href="https://www.businessinsider.com/olivia-nuzzi-rfk-jr-reaction-vox-media-new-york-magazine-2024-9">New York magazine staffers still have questions</a>.</li><li>Microsoft just punted on a big AI decision. <a target="_blank" href="https://www.businessinsider.com/microsoft-punts-365-ai-bundle-pilot-tests-copilot-2024-9">It could be a bad sign</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" class="" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. Grace Lett, editor, in Chicago. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York.</li></ul>

Insider Today: Retirement savings mistakes

<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>Indexes slipped Thursday as traders focused on remarks from Fed Chair Jerome Powell.</li><li>Powell said the Fed is in no hurry to cut rates, and reiterated the strength of the US economy.</li></ul>Indexes ended lower on Thursday, with the election rally fizzling out as traders digested remarks from Federal Reserve Chair Jerome Powell and assessed the latest inflation data. The S&amp;P 500 and Nasdaq fell more than 0.5%, while the Dow Jones Industrial Average lost over 200 points. The 10-year Treasury yield, meanwhile, remained nearly flat at 4.447%, hovering close to its highest level since July.Here's where US indexes stood at the 4:00 p.m. closing 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>: 5,949.17, down 0.6% </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>: 43,750.86, down 0.47% (-207.33 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>: 19,107.65, down 0.64%</li></ul>The slide comes after Powell signaled the Fed is in no rush to cut interest rates while the US economy remains on solid footing. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said during prepared remarks at an event in Dallas. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully."Powell added the US has had the best domestic growth of any major economy, and emphasized the strength of the labor market. He said the October jobs report's slowing job growth was largely due to storm-related damage.Powell's comments come as investors seek hints of the Fed's intended easing path after a 25 basis point cut last week. Trump's election win has sparked worries that inflation could rise again under his proposals for broad tariffs and mass deportations, which could cause the Fed to pause rate hikes, economists say.Traders expect the central bank to cut another 25 basis points at its December meeting before pausing in January, according to the CME <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch tool</a>.Powell's comments also follow the latest inflation reading which shows wholesale prices rose 0.2% in October, according to data from the Bureau of Labor Statistics.The data was in line with expectations but showed inflation remains somewhat sticky, with a year-over-year increase of 2.4%.The core producer price index, which excludes food and energy prices, rose 0.3% in the month and 3.1% year-over-year.Meanwhile, jobless claims data on Thursday, showed weekly claims dropped to their lowest since May, falling to 217,000 last week. That marks a 4,000 decline from the week prior.Here's what else is going on:<ul><li>Investors are underestimating how deep <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-2025-trump-tariff-inflation-growth-2024-11">rate cuts will be in 2025</a>, Goldman Sachs says.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/electric-vehicle-stocks-trump-end-ev-tax-credit-tesla-rivian-2024-11?_gl=1*1794use*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTYxNjYwOS40MTAuMS4xNzMxNjE3NjM3LjIyLjAuMA..">EV makers slid</a> on report Trump wants to scrap the EV tax credit.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/disney-stock-price-3q-earnings-streaming-profit-guidance-cruise-parks-2024-11?_gl=1*6r1dtf*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTYxNjYwOS40MTAuMS4xNzMxNjE3NjUxLjguMC4w">Disney stock surged</a> as rare three-year forecast sees strong profit growth ahead.</li><li>China's weak economy and record US production will lead to a <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-outlook-supply-crude-prices-us-production-china-opec-2024-11?_gl=1*1he4945*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTYxNjYwOS40MTAuMS4xNzMxNjE3NjcwLjYwLjAuMA..">surplus</a> of one million barrels of oil a day next year, IEA says.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 0.3% to $68.63 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, climbed 0.3% to $72.48 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 fell 0.5% to $2,572 an ounce.</li><li>The 10-year Treasury was nearly flat at 4.447%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was down 1.4% to $87,531. </li></ul>

Stock market today: Indexes fall as Powell says the Fed is in no hurry to cut interest rates

<ul class="summary-list"><li>Indexes edged up on Tuesday as markets eyed incoming inflation data this week. </li><li>The rally slowed, but stocks added to records notched in Monday's session. </li></ul>US stocks added to records on Tuesday, with the blistering rally since last week slowing slightly as traders prepared to take in new inflation data this week. A five-day rally helped the Dow Jones Industrial Average and S&amp;P 500 notch <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-11/stock-market-today-dow-s-p-live-updates?srnd=phx-markets">fresh closing highs on Monday</a>, with many assets lumped into the Trump trade seeing a continued boost from the President-Elect's victory. Among them, <a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">bitcoin</a> came close to hitting the $90,000 mark for the first time in early trading on Tuesday. The crypto industry <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-industry-donald-trump-election-reserve-regulation-sec-2024-11">expects to benefit</a> from Trump's friendly stance toward digital assets, with markets hoping for less regulation of the space. The rally slowed as markets approached the October consumer inflation report. The consumer price index will be published on Wednesday, and Wall Street will be monitoring for any material shifts in inflation.Economists expect a 2.5% year-over-year jump in CPI, compared to a rise of 2.4% in the prior month. Any meaningful surprise could upend expectations over the Federal Reserve interest rate cuts next months.Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:<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>: 6,008.06, up 0.11%</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>: 44,341.72, up 0.11% (+48.59 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>: 19,328.04, up 0.16% </li></ul>Here's what else happened today:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/treasury-bond-yields-selloff-risk-trump-trade-tariff-immigration-tax-2024-11?_gl=1*m3ciw*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMTQxNDkxMy44MjAuMS4xNzMxNDE5NjMzLjYwLjAuMA..">The stock market's Trump bump could end once Treasury yields reach 5%</a>, JPMorgan says.</li><li><a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-recession-fears-jump-trump-trade-war-tariffs-2024-11">Trump's proposed trade war boosts chances of a US recession to 75%</a>, according to BCA Research.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-tax-cuts-tariffs-stock-market-sp500-inflation-china-trade-war-2024-11?_gl=1*1ipv5dl*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMTQxNDkxMy44MjAuMS4xNzMxNDE5ODg5LjU2LjAuMA..">Trump's tax cuts could boost S&amp;P 500 earnings by 20% over the next 2 years</a>, Goldman Sachs says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-merger-crude-producer-rosneft-gazprom-lukoil-wsj-2024-11?_gl=1*qhoxcu*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMTQxNDkxMy44MjAuMS4xNzMxNDIwMjgxLjU3LjAuMA..">A report says Russia is considering merging three oil firms into the world's second-largest producer</a>.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil rose 1.3% to $68.92 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, rose by 1% to $72.62 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> was about flat at $2,618 an ounce.</li><li>The 10-year Treasury yield climbed five basis points to 4.367%</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> rose 4% to $86,262. </li></ul>

Stock market today: Trump rally slows with stocks at record highs ahead of new economic data

<ul class="summary-list"><li>US stocks traded mixed on Wednesday as traders took inflation data and the outlook for rates.</li><li>Inflation rose 0.2% for the month and 2.6% on a yearly basis, in-line with expectations.</li></ul>The latest inflation data dented some of the momentum of the post-election stock rally, with traders focusing on the latest consumer price index reading at its implications for rate cuts. The Dow Jones Industrial Average was up slightly, while the S&amp;P 500 ended the day nearly flat. Bond yields were little changed, with the 10-year Treasury yield up one basis point to 4.449%. <a target="_blank" class="" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">Inflation was slightly higher</a> year-over-year in October compared to the prior month, but was on par with economists' expectations. Consumer prices rose 0.2% for the month and 2.6% on an annual basis, higher than last month's 2.4% increase.Investors solidified bets on another rate cut at the Federal Reserve's December policy meeting. Markets see an 82% chance that the central bank will trim interest rates another quarter-point next month, up from 59% on Tuesday, according to the CME FedWatch tool.Traders are less certain about another rate cut in January. The odds of another 25 basis point cut at the Fed's January meeting have dropped to 29%, down from 69% a month ago."Inflation data mostly support another rate cut at the Fed's December decision," Bill Adams, the chief economist at Comerica Bank, said in a note. "The Fed will wait until they have more clarity about the timing and scope of policy changes from the next President and Congress before reacting to them.""The Fed wants to avoid the mistakes of the past by prematurely easing and risking a second wave of inflation, so we'd expect the FOMC to take this risk seriously," Jason Pride, the chief of investment strategy &amp; research at Glenmede, said in a note. "This doesn't take a rate cut off the table for December, but it's certainly not a slam dunk."The rally fueled by Trump's election began to stumble, with the tech-heavy Nasdaq Composite edging slightly into the red.Crypto markets, though, continued to get a boost after Elon Musk, a close ally of Trump, was appointed as co-head of the <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/dogecoin-price-elon-musk-doge-department-trump-crypto-president-election-2024-11?_gl=1*j5rjww*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMTUyNDI1NS41NTYuMS4xNzMxNTI0MjY2LjQ5LjAuMA..">Department of Government Efficiency</a>, or "DOGE." <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a> spiked another 15% on the news, while <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> rose as much as 6% before paring its gains, surpassing the $90,000 threshold for the first time ever before dipping back below to about $88,000 later in the day. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<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">S&amp;P 500</a>: 5,985.38, up 0.02%</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">Dow Jones Industrial Average</a>: 43,958.19, up 0.11% (+47.21 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">Nasdaq composite</a>: 19,230.74, down 0.26%</li></ul>Here's what else is going on:<ul><li>Here's what people are betting in <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/kalshi-polymarket-prediction-markets-jake-paul-mike-tyson-bitcoin-trump-2024-11?_gl=1*4l4ww*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMTUxNTY1NS41NTUuMS4xNzMxNTE4NTU0LjU2LjAuMA..">prediction markets</a> now that the election is over.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-upside-blackwell-rubin-apple-iphone-moment-2024-11">Nvidia is approaching its iPhone moment</a> with its Blackwell chip, and the stock could soar another 25%, an analyst said. </li><li>Trump could push <a target="_blank" class="" href="https://www.businessinsider.com/trump-us-debt-levels-government-borrowing-treasury-blackrock-rick-rieder-2024-11">US debt to levels</a> that can't be ignored within his first year in office, according to BlackRock's Rick Rieder.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 0.09% to $68.08 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 0.46% to $71.95 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 0.87% to $2,575.98 an ounce.</li><li>The 10-year Treasury yield was up one basis point to 4.449%</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slipped to $88,615.</li></ul>

Stock market today: Indexes trade mixed as investors assess rate outlook after new inflation data

<ul class="summary-list"><li>A giant "city killer" asteroid will safely shoot past Earth today traveling at 41,000 mph.</li><li>Its closest approach to Earth will be 1.77 million miles, over seven times the distance to the moon.</li></ul>NASA's Jet Propulsion Laboratory has spotted a giant <a target="_blank" href="https://www.businessinsider.com/nasa-predicts-exact-date-asteroid-hit-earth-atomic-bomb-bennu-2023-9">"city killer" asteroid</a> flying toward Earth. And this afternoon, it will reach its closest approach to our planet, about 1.77 million miles away.For reference, <a target="_blank" href="https://www.businessinsider.com/mind-boggling-nasa-photo-shows-moon-distance-from-earth-2022-10">the moon</a> is about 239,000 miles from Earth, so this asteroid will be 7.4 times as far from Earth as the moon is. The speedy space rock is expected to be zipping along at about 41,000 mph and measures roughly 890 feet across, or roughly the size of a US football stadium, according to <a target="_blank" href="https://www.jpl.nasa.gov/asteroid-watch/next-five-approaches">NASA</a>.<div type="image" title="View of a football stadium from above." height="2051" width="1461" msid="107369399" hostid="261" sizebytes="513156"></div>Experts sometimes call asteroids this size "city killers" because they're capable of <a target="_blank" href="https://www.businessinsider.com/nasa-dart-mission-cant-protect-earth-without-surveilling-asteroids-2022-9">destroying an entire city</a> if they collide with an inhabited part of Earth.Still, this asteroid will be too small and far away to see without a telescope. It will be about 10,000 times fainter than the <a target="_blank" href="https://www.businessinsider.com/type-be-vampire-stars-secret-helper-2023-11">faintest stars</a> visible to the naked eye, Gianluca Masi, an astrophysicist and the scientific director of the Virtual Telescope Project, told Business Insider over email.But if you want to catch a glimpse of the asteroid as it whizzes by, you're in luck!Masi and his colleagues will be recording the event live starting at 1 p.m. ET today. You can watch the livestream on <a target="_blank" href="https://www.youtube.com/watch?v=3CtdiyL86JE&amp;ab_channel=TheVirtualTelescopeProject">YouTube</a> or in the video below.The livestream will track Asteroid 2008 OS7 as it flies by Earth. Viewers will be able to distinguish it as a tiny dot moving past other fixed tiny dots, aka stars, in the background. The livestream will last about 45 minutes, Masi said.VTP has recorded other flybys like this, and it's "something always very fascinating to see," Masi told BI.<h2>About Asteroid 2008 OS7</h2>Asteroid 2008 OS7 orbits the sun every 962 days. After passing by Earth, it will continue along its oval-shaped path through our solar system.Its oblong-shaped orbit means that each time the asteroid approaches Earth, its distance from our planet varies significantly.For example, the website <a target="_blank" href="https://www.spacereference.org/asteroid/2008-os7">Space Reference</a> estimates that upon its next close approach, in July 2037, it will be about 9.7 million miles from Earth.<h2>Potentially hazardous asteroids</h2>Asteroid 2008 OS7 is what <a target="_blank" href="https://cneos.jpl.nasa.gov/about/neo_groups.html">NASA calls</a> a "potentially hazardous" asteroid because of its size and how close it flies past Earth.An asteroid is considered potentially hazardous if it is at least 460 feet in diameter and orbits Earth within a distance of about 4.65 million miles.Scientists have identified more than <a target="_blank" href="https://cneos.jpl.nasa.gov/stats/totals.html">34,000 near-Earth objects</a>. Just over 2,300 have been designated <a target="_blank" href="https://www.space.com/ai-finds-first-potentially-dangerous-asteroid">potentially hazardous</a>.But NASA suspects there are many more out there that haven't been discovered. If a giant asteroid were on course to hit Earth, we'd need <a target="_blank" href="https://www.businessinsider.com/nasa-asteroid-simulation-reveals-need-years-of-warning-2021-5#:~:text=NASA%20is%20developing%20a%20space%20telescope%20to%20track%20asteroids&amp;text=NASA%20is%20planning%20a%20mission,into%20Earth's%20orbit%20in%202026.">five to 10 years of warning</a> to destroy or deflect it.NASA's Jet Propulsion Laboratory is working on the <a target="_blank" href="https://www.jpl.nasa.gov/missions/near-earth-object-surveyor">Near-Earth Object Surveyor mission</a>, set to launch in September 2027. It would send an infrared space telescope into Earth's orbit to expand NASA's search for near-Earth objects that could threaten our planet.

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Stock market today: Indexes close lower after CPI shows sticky inflation in September

Kelly Cloonan

Stock market today: US stocks close at all-time highs ahead of key inflation update

Jennifer Sor

Some of Trump's key cabinet picks provide clues to how his administration will approach the business world

Dan DeFrancesco

Sam Altman explains OpenAI's shift from open to closed AI models

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