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<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. 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Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

<ul class="summary-list"><li>Almost half of Nvidia's $30 billion revenue in the second quarter came from four customers.</li><li>A tech analyst told BI that this concentration of revenue is "highly unusual" for a mega-cap company.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-q2-earnings-ai-investors-expectations-2024-8">Nvidia notched $30 billion in revenue</a> for the second quarter, beating many analysts' estimates for the period. Nearly half of that came from four customers, according to an <a target="_blank" class="" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001045810/78501ce3-7816-4c4d-8688-53dd140df456.pdf">SEC filing</a> from the company.That should keep investors on alert for the next year or two, Gil Luria, a tech analyst who covers Nvidia for D.A. Davidson, an investment firm, told Business Insider.According to the company filing, just four customers brought in 46% of Nvidia's total Q2 revenue — about $13.8 billion.The companies are kept anonymous in the filing. There's no disclosure law that requires Nvidia to reveal its clients' names, Luria told BI.But the customers are likely to be <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-gpu-targets-1-8-million-ai-chips-this-year-2024-4">Microsoft</a>, <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-mark-zuckerberg-ai-chips-gpus-meta-2024-2">Meta</a>, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nvidia-aws-ai-chip-dominance-gpu-trainium-inferentia-2024-5">Amazon</a>, and <a target="_blank" class="" href="https://developer.nvidia.com/blog/google-cloud-run-adds-support-for-nvidia-l4-gpus-nvidia-nim-and-serverless-ai-inference-deployments-at-scale/#:~:text=Google%20Cloud%20was%20the%20first,GKE)%2C%20and%20Vertex%20AI.">Google</a>, Luria said. All four companies are known to be ramping up their GPU stockpiles as they aggressively pursue AI initiatives."The only way that they're not the four is if one of their customers is a reseller," Luria said, naming Dell and Supermicro as examples.An Nvidia spokesperson declined to comment, and none of the four purported customers responded to requests for comment.Luria said it's "highly unusual for a company" at Nvidia's scale to lean on a handful of clients for a large chunk of its revenue."None of the other mega caps even have one 10% customer," the tech analyst told BI, referring to large companies with a market capitalization of more than $200 billion. As of Wednesday, <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-3-trillion-club-apple-microsoft-jensen-huang-2024-6">Nvidia's market cap</a> was $2.61 trillion.Luria maintained a Hold rating for Nvidia stock, citing concerns around the sustainability of demand.Jacob Bourne, a tech analyst for Emarketer, told BI that the high concentration of revenue may be unusual within the context of the broader marketplace. But he said it's normal for tech companies that provide a specialized product, like graphics processing units. Emarketer is a subsidiary of Axel Springer, which also owns BI.Nvidia said in a 10-Q filing that it has experienced periods where the company saw a significant amount of revenue from a limited number of customers and that "this trend may continue."In 2004 — when Nvidia was bringing in a fraction of the revenue it's seeing today — the <a target="_blank" class="" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001045810/ac23c11f-a5bf-40d7-be57-051de2280872.pdf">company's 10-Q filing</a> showed that just four unnamed customers brought in 51% of its total revenue in the third quarter. At the time, Nvidia was working with PC manufacturers like Dell and Sony to provide GPUs for computer and gaming systems.Luria told BI that Nvidia has historically maintained the same big four customers — Microsoft, Meta, Amazon, and Google — in its data center segment. But they have typically been balanced by Nvidia's gaming and auto segments, which have different customers."Customer concentration has increased for NVDIA recently because the data center business is now a much bigger proportion of overall revenue," Luria said.He said this customer concentration should be investors' primary concern for the next year or two for three key reasons:<h2 id="19794bc8-2282-4325-ab93-849ca43c06d0">1. Large companies don't rely on a single source</h2>Big companies "don't like being beholden to one vendor for any category," Luria said."Just like Walmart doesn't buy all of its potato chips from one vendor, Microsoft doesn't like buying its computer chips from one company," he said.Microsoft has made that clear before, Luria added, citing how the company gradually moved away from Intel as its sole provider for processors.<h2 id="e614e1af-bc45-45a4-b47a-21a151d95099">2. The Nvidia demand could be temporary</h2>Another reason investors should be concerned is that these large Nvidia customers have indicated that they are buying more GPUs without concern for their immediate return on investment, Luria said.The companies "have communicated that they are 'over-investing,' which means they are buying without regard for a return on investment, usually not something that lasts very long," Luria said.<a target="_blank" class="" href="https://www.businessinsider.com/meta-q1-results-ai-investment-payoff-mark-zuckerberg-2024-4">Meta CEO Mark Zuckerberg</a> told shareholders during an earnings call in April that any upside to his company's AI pursuits will likely "take several years" — so the current feeding frenzy for Nvidia chips from the large clients could be temporary.That doesn't mean Nvidia will lack customers.Bourne, the Emarketer analyst, told BI that Nvidia has a long list of clients, from countries to startups, that want to buy the company's chips."Just because currently there's these handful of companies that are really making up the lion's share of Nvidia's revenue, it doesn't mean that that's always going to be the case," he said. "We might see an influx of new big customers and, of course, nation-states could be among those buying a significant number of these chips."<h2 id="826161f9-8f1d-46a0-8b89-afbb0ad1d4c3">3. Increasing competition</h2>There's also more competition coming for <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-defends-dominance-competition-increases-2024-6">Nvidia</a>.<a target="_blank" class="" href="https://fortune.com/2024/04/11/meta-google-ai-chips-semiconductor-in-house-nvidia-trillion-dollar-question/">Google and Meta</a> announced new in-house chips for AI development earlier this year; Microsoft unveiled its custom AI chips at the end of 2023; and Amazon is developing its own chips to avoid paying for the expensive Nvidia GPUs, BI's Eugene Kim previously reported."All of these companies are in various stages of deploying their own chips for AI," Luria said. "Google and Amazon have been doing so the longest which means their technology is already competitive with Nvidia, and Microsoft and Meta are catching up."

Investors should worry that almost half of Nvidia's revenue in the second quarter came from just 4 customers, according to a tech analyst

<ul><li>The second quarter has always been a historically strong quarter, but Q2 FY24 is expected to be soft.</li><li>The demand picture is still weak and for most sectors, the slowdown has not bottomed out.</li><li>Vendor consolidation has led to a few large deal wins by the Big 3, but conversion to revenues will be slow.</li><li>Margin expansion will also be tough with a stable Rupee and cost levers yet to kick in. </li></ul>Little has changed for the Indian <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> in the last three months. The second quarter earnings are expected to be as muted as the quarter before. <keyword id="46964" type="General" weightage="20" keywordseo="it-sector" source="Orion">IT sector</keyword> clients are continuing with their budget squeezes, cuts in discretionary spending that’s bringing in less into the companies’ revenue kitty. Top-tier IT companies are expected to see a 0.8% fall in constant currency revenues to a tad over 1% growth on a quarter-on-quarter basis. At the highest end of the most optimistic expectations is a 1.3% growth. On a year-on-year basis too, most see lower single digit growth or a fall – showing that the fear of recession has taken over the market. Most analysts expect <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> to retain its FY24 revenue growth, guidance of 1-3.5%. <keyword id="141968" type="General" weightage="20" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword> is widely expected to cut its 6-8% growth projections. Most others are expected to veer towards the lower end of the guidance as the first half remains muted. Where is the budget flush? The much awaited budget flush that could have changed the fortunes of the sector is still evasive. “The second quarter of FY24 is likely to be incrementally better than the first quarter. But nowhere close to what most players envisaged at year-beginning. Hopes of finding a bottom in the first half has not materialised, we believe, as project ramp downs/cancellations continue,” says a report by J M Financial. The second quarter has always been a historically strong quarter. And, this theory is all set to change. “Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows,” said HDFC Securities. Across sectors, budget cuts have played out differently. For the key BFSI sector, spend cuts have bottomed out. The recovery however is gradual and may not be visible before FY25, says HSBC. Telecom sector which was one of the worst affected, along with high-tech and retail, could also bottom out in the second quarter. “We think the spending cuts have been unsustainably aggressive. Hi-tech demand has already started to improve from 2Q. Further, verticals like O&amp;G and manufacturing continue to do well,” says HSBC, which believes that Q2 will see a slight positive growth. It however does not see any major budget flush or V-shaped recovery. Expected change in Constant Currency Revenues (QoQ) <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">J M Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TechM </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.5% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Research reports Big deals, slow conversion Budget squeezes led to consolidation, with IT clients going in for mega deals. All the big three made top deal announcements in Q2. <keyword id="6354512" type="General" weightage="20" keywordseo="infosys" source="Orion">Infosys</keyword> bagged a EUR1.5 billion deal from Liberty Global, in addition to a $454 million deal from Danske Bank. <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> bagged a £800 million deal from Jaguar Land Rover. It also won a NEST € 810 million deal from NEST. <keyword id="141968" type="General" weightage="20" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword> also won a $2.1 billion deal from Verizon. “We believe deal flow has steadied after the transition from discretionary spending-powered short-tenured programs to larger programs fueled by cost take-outs, which have longer sales cycles,” said Kotak Institutional Equities. These kinds of deal wins are expected to continue and grow through the financial year, as discretionary spending. “While most IT services firms saw a further moderation in year-on-year revenue growth in the June quarter, deal wins accelerated. Since then, the large and mega deal win momentum has quickened, giving us confidence in strong growth for FY25,” said BNP Paribas. Large deals, however, are spread across five years, and tend to convert slowly into revenues. “Barring re-badging deals, ramp-up and hence revenue conversion of mega deals tend to be long drawn,” says J M Financial. The most watched metric for the IT sector this season would be Total Contract Value-to-revenue conversion pace. The others would be the extent of compression in the existing book of business, and greater-than-normal furloughs, says a report by Nirmal Bang. Rupee, salaries &amp; margins One advantage of a soft macroeconomic environment is Rupee depreciation that adds to the margins of IT companies. Rupee depreciated only by 1% on a quarter-on-quarter basis, adding little to the sectoral margins. “This slowdown is different. Indian Rupee is relatively stable and Covid-19-led cost rationalisation is still unwinding like travel costs and onshore mix,” says HSBC Global Research. Margin management is also expected to be tough going forward as the operating environment has turned hard. Unplanned benching due to sudden ramp-downs, shift in revenue mix towards cost-takeout deals and lower growth will add to the pain on the profitability end. Kotak also expects a marginal decline in the EBIT margin on year-on-year comparison, except TechM where the decline will be sharp. Increase in costs such as travel and back-to-office expenses will hurt. “Cost levers are yet to fully kick in,” the research firm adds. On the other hand, net hiring has been all but flat for most IT sector companies. Moreso, Infosys, HCL Tech and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> have all delayed wage hikes which can help, along with other cost rationalization programmes. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Earnings preview: Q2 to be another washout quarter for IT sector, market to focus on execution

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is planning a <keyword id="22964001" type="General" weightage="100" keywordseo="repairability-index" source="keywords">repairability index</keyword> for <keyword id="20016418" type="General" weightage="20" keywordseo="mobile-phones" source="keywords">mobile phones</keyword> and electronic products to address the growing <keyword id="19932462" type="General" weightage="20" keywordseo="e-waste" source="keywords">e-waste</keyword> problem and encourage manufacturers to produce more easily repairable items, officials said on Thursday. The <keyword id="20026051" type="General" weightage="20" keywordseo="Consumer-Affairs-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Consumer Affairs Ministry" meta.hostid="261" meta.entityid="Consumer Affairs Ministry">Consumer Affairs Ministry</keyword> is spearheading the initiative, which will provide a score on key parameters to inform consumers about the ease with which a product can be repaired, the officials said at a national workshop on the issue. Addressing the workshop, <keyword id="20003684" type="General" weightage="20" keywordseo="consumer-affairs" source="keywords">Consumer Affairs</keyword> Secretary Nidhi Khare said: "As India emerges as the third largest economy in the world, we should have a vibrant and tech-savvy repair system." She also added, "India can become a repair hub for the world." The proposed index will be similar to initiatives in other countries, such as France's repairability index. It will rate products on criteria including availability of technical documents, ease of disassembly, spare parts availability and pricing. The workshop was aimed at establishing a consensus among industry stakeholders on "key parameters for accessing and evaluating repairability index" besides promoting longevity in product design, and democratizing repair information to enhance consumer experiences in reusing the mobile and <keyword id="19896834" type="General" weightage="20" keywordseo="electronics" source="keywords">electronics</keyword> products they own. Additional Secretary Bharat Khera emphasized the need for transparent and affordable repair solutions, increased consumer awareness, and support for local repairers. Joint Secretary Anupam Mishra highlighted concerns about the lack of genuine spare parts in local markets, compatibility issues with product components, and the absence of information for consumers to repair their own devices. He also mentioned that the Repairability Index of France rates products on five criteria, while the EU has additional parameters. <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> Founder Ajai Chowdhry called for legislation to drive change. "Today, most products are not repairable. We need to design products which can be repaired.... Unless we create a law, things will not change," he said. The government has already launched a <keyword id="22964002" type="General" weightage="20" keywordseo="Right-to-Repair-Portal" source="keywords">Right to Repair Portal</keyword>, with 63 companies onboard, including 23 from the mobile and electronics sector. India is the third largest electronic waste producer globally after China and the US. The initiative aims to reduce e-waste, promote <keyword id="20128078" type="General" weightage="20" keywordseo="sustainable-practices" source="keywords">sustainable practices</keyword>, and create opportunities for third-party repairers in India's growing electronics market.

India plans repairability index for mobile, electronics to tackle e-waste

<ul class="summary-list"><li>Renaissance Technologies pared its Tesla and Nvidia bets and raised its GameStop wager last quarter.</li><li>The quant fund founded by the late Jim Simons cut its Tesla stake by 86% and halved its Nvidia wager.</li></ul>Renaissance Technologies cut its <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> and Nvidia stakes and boosted its <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-plunges-after-weak-2nd-quarter-earnings-results-2024-9">GameStop</a> bet last quarter, it revealed in a portfolio update on Wednesday.RenTech, one of the <a target="_blank" class="" href="https://www.businessinsider.com/renaissance-technologies-hedge-fund-bests-warren-buffett-10-biggest-holdings-2019-11">biggest and best-performing hedge funds</a> in history, pared its Tesla bet from about 2.1 million shares to 284,000 — an 86% reduction. The sales reduced the position's value from $406 million to $74 million even as Tesla stock gained 26% in the period. Elon Musk's automaker also dropped from its 10th-largest holding at the end of June to outside the top 200 at the end of September.The quantitative fund halved its <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ceo-ai-employees-workers-2024-11">Nvidia</a> wager to about 3.5 million shares, paring its value from $867 million to $428 million even as the chipmaker's shares gained 20%. Nvidia fell from its third-largest holding to tenth.Tesla and Nvidia have been two of the world's hottest stocks this year, rising 33% and 195% respectively as traders bet they'll <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-praises-tesla-ai-optimus-robot-remote-control-concerns-2024-10">blaze trails</a> in the artificial intelligence race.The buzz has only grown in recent weeks with Musk's <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">emergence</a> as a key advisor to President-elect Trump, and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">signs of strong demand</a> for Nvidia's new Blackwell chip.<h2 id="7ba0e00b-45bc-49c0-8c6c-fb07a170f3a3">Algorithms</h2>RenTech was founded by Wall Street legend Jim Simons, the former MIT math professor and Cold War codebreaker who <a target="_blank" class="" href="https://www.businessinsider.com/jim-simons-dead-obituary-founder-renaissance-technologies-hedge-fund-2024-5">died in May</a>. The firm relies on algorithms to determine many of its trades, often resulting in sweeping changes to its stock portfolio each quarter.The overall stock portfolio rose in value by 13% to $66.5 billion last quarter. Its largest positions were a $1.4 billion stake in Palantir, the software company cofounded by tech billionaire Peter Thiel, and a $975 million position in Novo Nordisk, the Danish pharmaceuticals giant behind <a target="_blank" class="" href="https://www.businessinsider.com/semaglutide-wegovy-ozempic-weight-loss-healthcare-airlines-economy-productivity-2023-11">Ozempic</a>, the blockbuster weight-loss drug.RenTech ramped up its GameStop bet by more than 40% to 1.9 million shares, worth $44 million at the quarter's close. It <a target="_blank" class="" href="https://www.businessinsider.com/rentech-simons-gamestop-meme-stock-price-nvidia-tesla-amc-portfolio-2024-5">built</a> a stake of 1 million shares in the video game retailer from scratch in the first quarter, meaning it likely benefited from the meme stock's explosive rally earlier this year.It's worth underscoring that quarterly portfolio updates only give a snapshot of a firm's holdings on a particular date and exclude shares sold short, private investments, and overseas wagers.They don't always paint a full picture of the investing strategy behind the picks — especially when algorithms are driving the trades.

An elite hedge fund slashed its Nvidia and Tesla bets last quarter — and boosted its GameStop stake

<ul class="summary-list"><li>The S&amp;P 500 has enjoyed a bull market since October 2022, rising nearly 70%.</li><li>LPL Financial's Quincy Crosby expects the rally to continue into 2025.</li></ul>The stock market has been experiencing a bull market for the last two years.The S&amp;P 500 bottomed in October 2022 and has gained nearly 70% since then.It's safe to say that the economy is on much better footing than it was two years ago. Although there are still concerns about rising prices, headline inflation has markedly improved from the 8.2% level that consumers were experiencing back then.<div type="image" title="Strong S&amp;P500 appreciation over the last two years" height="377" width="676" msid="114397005" hostid="261" sizebytes="14026"></div>Now, as election and geopolitical tensions cause volatility, the question is whether this winning streak will continue for a third year and into 2025.Quincy Crosby, LPL Financial's chief global strategist, believes it will."There's no compelling reason that this bull should surrender to the always lurking bear, especially with an accommodative Federal Reserve, solid economic underpinning, and an earnings outlook poised for stable growth," Crosby wrote in a note.<h2 id="97136535-3e84-4462-b401-6e41cd366c5e">3 reasons for a third year</h2>Bull markets don't die of old age, according to Crosby. External factors such as a recession, increasing interest rates, poor performance from corporate America, and geopolitical shocks are what usually halt a stock market runup.Luckily, Crosby doesn't see room for those concerns.As companies begin to report their third-quarter results, it's clear that the earnings of the market's biggest companies are strong. And it seems like the earnings season is off to a good start: the big banks such as JPMorgan Chase, Goldman Sachs, and Wells Fargo all beat consensus earnings estimates.The Magnificent Seven drove much of the returns for the S&amp;P 500 this year, contributing 34% of the index's total return. Now, the market is slowly broadening and bringing even more companies into the fold.According to Morningstar category data, investors are increasingly pulling money out of the technology sector and investing in areas like real estate, consumer defensive, and utilities.Analysts expect S&amp;P 500 companies to report 4.2% profit growth for Q3. Crosby expects corporate earnings to rise throughout 2025, boosted by robust operating margins and increased consumer spending.Earnings for non-tech companies are catching up, too. According to Jack Ablin, the chief investment officer at Cresset Capital Management, the other 493 are projected to grow profits by double digits in the first quarter of 2025.Crosby is also optimistic that the Federal Reserve will successfully engineer a soft landing, bolstering the economy and encouraging consumer confidence. Goldman Sachs and prominent economists have reduced the probability of a recession within the next year to just 15%, the average likelihood of a downturn in any given year. And if the labor market shows signs of weakness in the coming months, Crosby has faith that the Fed will cut rates more aggressively to stimulate the economy.The September retail sales report revealed an increase of 0.4% last month, beating the consensus prediction of 0.3%, and providing yet another indicator of a solid economy.Fed Chairman Jerome Powell has caveated that the path to lower inflation could be "bumpy," but Crosby believes the economy is trending in the right direction.Lastly, historical precedent is on the bull market's side. Ever since World War II, bull markets that have lasted two years continue onwards for a third.Concerns about the election impacting the market are also overblown, according to Crosby."There's a focus on election year 'uncertainty' rather than the 'certainty' the market historicallyenjoys once the election is over, and the market concludes the year during the most hospitable period in terms of seasonality," Crosby wrote.While stocks do tend to be more volatile in the three months leading up to Election Day, Buchbinder points out that the S&amp;P 500 Index ends the year higher 83% of the time. Markets also often exhibit a fourth-quarter rally after the election results bring increased stability, meaning that these seasonality trends support a continuation of the bull market.

3 signs that investors should expect the bull market to continue for a third year in 2025 

<ul class="summary-list"><li>US stocks ended Monday mostly higher, led by a surge in Tesla on the potential for easing autonomous vehicle rules.</li><li>The Nasdaq 100 rebounded after a more than 3% drop last week, which was partly influenced by the Fed's interest-rate outlook.</li></ul>US stocks traded mostly higher on Monday, partly driven by a surge in <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla.</a>Tesla stock jumped as much as 9% after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">a report said</a> the incoming Trump administration was planning to ease regulations on autonomous vehicles.The <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> led the market higher, ending a five-day losing streak, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> gained slightly and the <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a> edged lower.The gains in the Nasdaq on Monday come after last week's more-than-3% decline, which was exacerbated by comments from Fed Chairman Jerome Powell.Powell said in a Thursday speech that the Fed can take its time in lowering interest rates.Investors are now pricing in a 59% chance of a 25-basis-point rate cut at December's Fed meeting, down from 80% before Powell's comments, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Investors' top concerns this week include Nvidia's third-quarter earnings report, which is due after the market closes on Wednesday.For economic data, traders will be paying attention to housing starts and building permits, which are due out Tuesday morning. That will be followed by existing home sales and initial jobless claims, which are set to be released Thursday morning.Here's where US indexes stood at the 4 p.m. closing bell on Monday:<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>: 5,893.62, up 0.4%</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>: 43,389.60, down 0.1% (55 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>: 18,791.81, up 0.6%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">The stock market's Trump honeymoon is starting to turn sour</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/read-spirit-airlines-open-letter-customers-bankruptcy-keep-flying-booking-2024-11">Spirit Airlines filed for Chapter 11 bankruptcy protection on Monday.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-blackwell-chip-ai-overheating-delay-share-price-2024-11">Nvidia's next-gen Blackwell GPU chip has reportedly hit an overheating snag.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/inflation-fed-rate-cuts-outlook-economy-trump-tariffs-tax-cuts-2024-11">Watch these 4 signs of re-inflation ahead of Trump's second administration.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-morgan-stanley-mike-wilson-bullish-11-upside-2024-11">Morgan Stanley strategist Mike Wilson turned bullish on stocks, issuing a 2025 year-end price target of 6,500 for the S&amp;P 500.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">Uber shares fell 5% following concerns that a Tesla autonomous vehicle network could impact its business negatively.</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 rose 3.32% to $69.14 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 3.18% to $73.30 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> increased 1.66% to $2,612.70 an ounce.</li><li>The 10-year Treasury yield dropped 2 basis points to 4.422%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 1.58% to $91,300.</li></ul>

Stock market today: Tesla powers tech rally as Nasdaq snaps 5-day skid

<ul class="summary-list"><li>US stocks dropped on Wednesday, dragged by a continued rise in Treasury yields. </li><li>Tech shares sold off, with the Nasdaq losing almost 2%.</li></ul>US stocks notched their worst losses in over a month, driven by rising bond yields that dragged tech shares lower. Major averages tumbled, with the Dow Jones Industrial Average losing over 400 points and the Nasdaq Composite losing 1.6%. The session marks the third losing day in a row for the S&amp;P 500 and the Dow, which both traded at all-time highs at the end of last week. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-tumbles-analyst-says-iphone-16-orders-slashed-2024-10">Apple led a decline</a> in tech stocks after a prominent supply chain analyst said the company was seeing waning demand for its new iPhone 16. The stock dropped as much as 3% Wednesday afternoon, and closing lower by more than 2% to mark its worst day since early August. Nvidia, Amazon, Microsoft, and other large-cap tech stocks also moved lower in Wednesday trades. Tesla shares slid 2% as traders headed into the carmaker's third-quarter <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10#wedbush-analyst-dan-ives-sticks-with-bullish-view-on-tesla-despite-recent-volatility">earnings results,</a> which will be published after the closing bell. Wall Street expects the company to report $25.43 billion in revenue, with analysts keeping a close eye on profit margins for the last quarter.Bond yields continued to rise on Wednesday, with prices extending the week's decline as traders dialed back expectations for coming Fed rate cuts amid hot economic data and cautious comments from officials this week. Odds for 75 basis points of cuts through January of next year dropped to 44%, down from 66% last week, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.The yield on the 10-year US Treasury briefly rose above 4.25% and hovered around its highest level since July. "Treasury yields continue to move higher this week, which is causing the stock market to settle down," Louis Navellier, the chief investment officer of Navellier &amp; Associates, said in a note. "The stock market is going to need some earnings surprises from more flagship stocks to get its "mojo" back. Fortunately, next week will be the biggest week for earnings announcements." MacDonald's stock ended 5% lower as traders reacted to the news of an E.Coli outbreak linked to the chain's Quarter-Pounder, which the Centers for Disease Control and Prevention said had caused one death and numerous hospitalizations. 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>: 5,797.42, down 0.92%</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>: 42,514.95, down 0.96% (-409.94 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>: 18,276.65, down 1.6%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-election-odds-polymarket-bets-polls-kamala-harris-2024-10">Here are a few theories about the "whale"</a> betting big on a Trump win in November. </li><li><a target="_blank" class="" href="https://www.businessinsider.com/existing-home-sales-2010-housing-market-outlook-mortgage-rates-fed-2024-10">Existing home sales hit a 14-month low in September. </a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-warning-signs-investor-exposure-sp500-nasdaq-citi-2024-10">The stock market is flashing a signal</a> that preceded a 10% slump in the past, according to Citi.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/europe-trump-win-outlook-trade-war-tariff-crypto-djt-election-2024-10">One global market is already pricing in a Trump victory</a>.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-commodities-geopolitical-tensions-middle-east-chinese-stimulus-2024-10">Energy markets are "schizophrenic"</a> amid rising geopolitical tensions and China's stimulus, according to one energy expert.</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 was down 1.37% to $70.76 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark held steady around $74.99 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 1.2% to $2,715.75 an ounce.</li><li>The 10-year Treasury yield climbed three basis points to 4.24%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 1.7% to $66,294.</li></ul>

Tech sell-off drags stocks to worst day in 6 weeks 

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

<ul class="summary-list"><li>US stocks were down Wednesday morning before the week's high-profile earnings kicked off. </li><li> Snap, Advanced Micro Devices, and Alphabet report third-quarter results after the bell.</li></ul>US stocks dipped on Tuesday as traders waited for a slew of <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10">corporate earnings</a> <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">reports and economic data</a> releases. Major indexes edged lower and bond yields rose. The 10-year Treasury yield was up four basis points to 4.326%. Earnings season on Wall Street continues to gain steam, with <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a>, and Google parent <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> among the major tech firms set to report earnings after the bell. The earnings deluge continues on Wednesday with <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> after the closing bell. Apple and Amazon will report on Thursday. Third-quarter earnings have been strong so far. Of the 37% of S&amp;P 500 companies that have released financials, 75% have beat earnings estimates, on par with the 10-year average, according to a <a target="_blank" class="" href="https://insight.factset.com/sp-500-earnings-season-update-october-25-2024">FactSet</a> analysis.This week's economic data, meanwhile, has the potential to reset the market's expectations for Fed rate cuts. Investors will digest GDP data for the third quarter on Wednesday, with estimates of 3.2% growth in the July through September period.On Friday, the October jobs report will be published. Economists expect 110,000 jobs were added last month, well below September's reading of 254,000. The Federal Reserve's November policy meeting will kick off a day after the presidential election. According to the CME Fedwatch tool, traders see a 96% chance central bankers will cut rates another 25 basis points, though recent hot data has also suggested the Fed may pause rate cuts at an upcoming meeting. "As we enter 2025, the case for skipping or pausing is likely to build. The Fed will be closer to estimates of neutral, a repeat of residual seasonality could lift inflation early next year, and the election outcome could add to hawkish risks for the Fed," Deutsche Bank analysts said in a note on Wednesday.Here's where US indexes stood shortly after 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">S&amp;P 500</a>: 5,802.94, down 0.35%</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>: 42,184.05, down 0.48% (-203.52 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>: 18,523.71, down 0.23%</li></ul>Here's what else is going on:<ul><li>Here's how a <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10?_gl=1*1qvmmw6*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIwNTI2My40OTMuMS4xNzMwMjA4NDgwLjQuMC4w">Trump or Harris presidency</a> could impact your investments.</li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/election-betting-odds-trump-vs-harris-polymarket-kalshi-robinhood-2024-10">election-betting market</a> has exploded this presidential cycle.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-truth-social-election-madison-square-garden-rally-2024-10">Trump Media and Technology stock embarked on a meme-like rally</a> after Trump's Madison Square Garden event. The stock was halted for volatility on Tuesday morning. </li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-outlook-job-market-economy-fomc-jeremy-siegel-2024-10">Fed could pause rates at its next meeting</a>, if the October jobs report comes in strong, according to Wharton professor Jeremy Siegel.</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 ticked higher 0.67% to $67.83 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, edged up 0.61% to $71.42 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.47% to $2,754.48 an ounce.</li><li>The 10-year Treasury yield climbed five basis points to 4.333%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 3.25% to $71,152.</li></ul>

Stock market today: Indexes dip ahead of mega-cap tech earnings

<ul class="summary-list"><li>This is an excerpt from the Insider Today newsletter.</li></ul>We might be a week away from Election Day, but there's plenty to chew on in the meantime.This week is a big one for financial markets. The personal consumption expenditures index, the Fed's preferred inflation gauge, is due Thursday. The October jobs report follows on Friday. We'll also get a third-quarter GDP report.That data will be the last bit of info the central bank gets before <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">making a decision next week about rate cuts</a>, writes Business Insider's Kelly Cloonan. Traders are expecting the Fed to make a standard quarter-point cut.We're also getting financial check-ins from some of the biggest companies in the world. Big Tech earnings start today, with roughly $12 trillion in market cap reporting over three days.Here's what to look out for:TuesdayAlphabet: Last time, analysts wanted details on whether Google's AI bets were paying off. Executives can point to the slew of updates to Google Search <a target="_blank" href="https://www.businessinsider.com/google-search-lens-ai-gemini-overviews-new-features-2024-10">unveiled earlier this month</a>. But the company has bigger concerns than justifying tech spend. An August antitrust ruling against Google <a target="_blank" href="https://www.businessinsider.com/google-doj-battle-best-worst-scenarios-2024-10">threatens to upend the entire organization</a>.WednesdayMeta: Wall Street wants to know how much capex Meta will churn through in 2025, so we might get a forecast. Mark Zuckerberg hasn't shied away from saying his company will keep spending big on AI, and the market hasn't minded. Meta's shares are up almost 67% this year, trailing only Nvidia among its Magnificent 7 peers. Judging by Meta Connect 2024 and its <a target="_blank" href="https://www.businessinsider.com/meta-reality-labs-weaable-ai-product-development-process-andrew-bosworth-2024-10">CTO's comments</a>, the tech giant wants to own the market for AI-powered wearables.Microsoft: Things haven't been as optimistic at Microsoft, where analysts hammered the company's AI spend. It doesn't help that reviews for Copilot AI are mixed. Microsoft's big early bet on OpenAI is also evolving. The startup is trying to shed its non-profit tag, but the relationship shows signs of strain.ThursdayAmazon: The e-commerce giant offers a valuable look at the strength of the US consumer. <a target="_blank" href="https://www.businessinsider.com/amazon-ai-sales-machine-aws-google-microsoft-pressure-pay-speed-2024-9">AWS' strategy in our new AI-driven world</a> is also an area of focus. But Amazon's <a target="_blank" href="https://www.businessinsider.com/amazon-big-tech-cash-king-wall-street-wants-a-piece-2024-10">ballooning pile of cash and short-term investments</a> — set to hit $127.4 billion by year-end — might be what Wall Street cares about most.Apple: iPhone revenue has been a sore spot for Apple, partly due to diminishing sales in China. A new iPhone coupled with Apple Intelligence hopes to address that lull. And questions are swirling about the future of Apple's other big 2024 release: the Vision Pro.The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Big Tech earnings drop this week. Here's what Wall Street is watching.

<ul class="summary-list"><li>US stocks jumped on Monday as investors anticipate key earnings and economic data this week.</li><li>Major tech firms like Meta, Microsoft, and Apple will report third-quarter earnings.</li></ul>US stocks moved higher on Monday to kick off <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">a pivotal week of earnings and economic data.</a>More than 90 <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> companies are set to report results this week, and investors will be keenly focused on third-quarter updates from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>.Combined, these five mega-cap tech giants are worth about $12 trillion."The busiest week is ahead of us, with a shift from cyclicals to AI / mega-cap Tech. AI monetization is in focus and has been spotty at best. But Tech CEOs have told us that the biggest risk is underinvesting thus AI capex could drive sales for Tech but also for the broader market," Bank of America's Savita Subramanian said in a Monday note.So far, 37% of S&amp;P 500 companies have reported earnings results. Of those companies, 78% beat profit estimates by a median of 6%, while 58% beat revenues estimates by a median of 2%, according to data from Fundstrat.It's a big week for economic data as well, with third-quarter GDP to be released Wednesday morning. The Atlanta Fed's GDPNow Tracker suggests growth of 3.3% in the quarter, while economists expect growth of 3.2%.Investors will also get a look into inflation with the release of the PCE index on Thursday, which is the Federal Reserve's preferred inflation gauge.According to economist estimates, the year-over-year PCE Index is expected to be 2.1%, a slight decrease from last month's reading of 2.2%.Finally, investors will turn their attention to the October jobs report on Friday. Economists expect 110,000 jobs added to the economy last month, a big decline from the September employment report, which came in hot with 245,000 new jobs.From there, investors will be hyper-focused on the Presidential election next week, which will be followed by the Fed' next policy meeting on November 6-7. Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:<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>: 5,823.56, up 0.27% </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>: 42,387.57, up 0.65% (+273.17 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>: 18,567.19, up 0.26% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-truth-social-election-madison-square-garden-rally-2024-10">Trump Media stock soared on Monday following former President Donald Trump's rally at Madison Square Garden.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-today-israel-strike-iran-production-brent-wti-crude-2024-10">Oil prices plunged more than 6% after Israel's attack against Iran over the weekend avoided oil facilities.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-prediction-sp500-outlook-future-returns-goldman-sachs-forecast-2024-10">4 charts back up Goldman Sachs' prediction of a decade of low returns in the stock market.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Here's what is at stake for your investments in next week's Presidential election.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-became-etf-interest-rates-trump-costco-2024-10">Gold has become one of the world's hottest investments as it outperforms the S&amp;P 500. Here's why.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-deportation-immigration-policy-election-housing-home-prices-construction-costs-2024-10">Donald Trump's proposed immigration crackdown could make housing more expensive by depleting the construction workforce.</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 plunged 5.54% to $67.80 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 5.50% to $71.87 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was flat at $2,754.50 an ounce.</li><li>The 10-year Treasury yield rose 3 basis points to 4.274%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> increased 2.49% to $69,638.</li></ul>

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