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<ul class="summary-list"><li>US stocks were mostly lower on Monday, pulling back from last week's record highs.</li><li>Investors are turning their attention to third-quarter earnings season, with 21% of S&amp;P 500 companies set to report this week.</li></ul>US stocks traded mostly lower on Monday, retreating from last week's record highs.While the Nasdaq 100 rose slightly, the Dow Jones Industrial Average declined by nearly 350 points. The decline on Monday comes as third-quarter earnings season nears its peak, with more than 100 S&amp;P 500 companies set to report results this week, including <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ko-stock">Coca-Cola</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/TSLA-stock">Tesla</a>, Boeing, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a>.So far, investors should be feeling good about third-quarter results.Of the 21% of S&amp;P 500 companies that have reported so far, about 80% beat profit estimates by 5%, while 60% beat revenue estimates, according to data from Bank of America.Bank of America strategist Savita Subramanian said that company executives are striking an optimistic tone on earnings calls."Processing the natural language of corporate management yields a record level of optimism, and a pick up after four quarters of deceleration," Subramanian said in a note on Monday.She added: "Mentions of weak demand fell, tracking the lowest levels in two years where less / more mentions have been correlated to a rising / falling ISM Manufacturing PMI."Nvidia jumped to record levels during the session to help lift the Nasdaq slightly higher. The stock rose more than 4% to close at $143.71. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-nvda-blackwell-demand-outlook-chips-ai-2024-10">Analysts have been feeling bullish</a> on the stock's prospects for further gains amid big demand for its new Blackwell chips. Bank of America was the latest firm to up its price target for the stock, calling out a "generational opportunity" for the company in a note at the end of last week. It's a quiet week for economic data, though Fedspeak is set to ramp up with speeches from six central bank officials scheduled throughout the week.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>: 5,853.98, down 0.18% </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>: 42,931.60, down 0.80% (-344.31 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>: 18,540.01, down 0.27% </li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/disney-bob-iger-ceo-successor-early-2026-james-gorman-chairman-2024-10">Disney said it will appoint Bob Iger's successor as CEO by early 2026.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">Goldman Sachs said investors should prepare for a decade of muted returns in the stock market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-bull-lost-tokens-cold-wallets-estate-planning-satoshi-nakamoto-2024-10">An under-the-radar bull case for bitcoin has nothing to do with the election or interest rates.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stocks-to-buy-safe-investments-market-bubble-correction-outlook-2024-10">Here's where investors worried about a stock market bubble should invest their money.</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 was up 1.88% to $69.98 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 1.56% to $74.20 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.16% to $2,734.50 an ounce.</li><li>The 10-year Treasury yield jumped 11 basis points to 4.188%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was lower by 1.78% to $67,790.</li></ul>

Stock market today: US stocks pull back from record levels as traders ready for big week of earnings

<ul class="summary-list"><li>Gold prices hit a fresh record high — above $2,500 an ounce — on Friday.</li><li>Gold prices have risen about 20% this year thanks to central bank buying and geopolitical and economic uncertainties.</li></ul>Gold prices have been on a tear, hitting a <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/spot-gold-record-price-fed-interest-rate-cuts-safe-haven-2024-8">record high on Friday</a> — and they could gain further.The yellow metal has been boosted by a combination of factors, including active <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-usd-strong-china-pboc-central-banks-buy-gold-inflation-2024-5">central bank buying,</a> and has surged about 20% this year.Prices have, in fact, been in an "uninterrupted rally" from a low of $1,810 an ounce in October, wrote Ole Hansen, the head of commodity strategy at Denmark's <a target="_blank" href="https://www.home.saxo/content/articles/commodities/resilient-gold-bulls-drive-price-to-fresh-record-above-usd-2500-19082024">Saxo Bank,</a> in a Monday note.This means that a <a target="_blank" class="" href="https://www.lbma.org.uk/publications/good-delivery-rules/technical-specificationshttps://www.lbma.org.uk/publications/the-otc-guide/london-good-delivery-gold-and-silver">standard-size gold bar</a> of about 400 troy ounces — like those featured in gold heist movies — now cost over $1 million each.The <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">spot gold price</a> is just shy of $2,500 an ounce now, up about 21% so far this year.One big factor driving the market's expectation for higher gold prices is a potential Federal Reserve interest rate cut, following slower-than-expected <a target="_blank" class="" href="https://www.businessinsider.com/inflation-consumer-price-index-in-july-fed-interest-rates-2024-8">July inflation </a>data and higher <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">unemployment</a> figures.Investors will be scrutinizing Fed Chair Jerome Powell's keynote at the central bank's annual symposium at <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cute-powell-jackson-hole-signal-us-economy-2024-8">Jackson Hole, Wyoming,</a> on Friday, for cues on what the central bank might do next.Now, "the question now is how big will the rate cut be?" wrote Daniela Sabin Hathorn, a senior market analyst at Capital.com, in a Monday note.If Powell does signal a larger rate cut — for example, a 50 basis point, or 0.5% percentage point, cut — it could feed into higher gold prices.A fall in US interest rates typically depresses bond yields and the greenback, in turn driving investment into gold, which is internationally denominated in the dollar.Furthermore, a larger rate cut would "allude to greater concerns about economic recession by the central bank," wrote Hathorn.A key reason central banks cut rates is because they want to stimulate lending and in turn, economic activity.As a time-tested store of value, gold prices would likely rise on fears of recession.<h2 id="c66e64bc-e8b0-4be2-8a1c-f43d2f29c7e7">Geopolitical risks boost appetite for gold</h2>Other than monetary policy, heightened geopolitical risks are also boosting the appeal of gold, a traditional safe haven.Risks include the wars in Ukraine, the Middle East, and the November US presidential election, wrote Saxo Bank's Hansen.The US presidential election is a cause for concern because both candidates are "prepared to spend money they haven't got, thereby lifting the US debt levels further," Hansen added.<a target="_blank" class="" href="https://www.businessinsider.com/gold-price-china-consumers-central-bank-pboc-economy-concerns-dedollarization-2024-4">In China,</a> consumers are also snapping up gold to preserve value amid a depressed economic environment, an epic property crisis, and a weak currency."Continued central bank demand amid geopolitical uncertainty and <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-usd-strong-china-pboc-central-banks-buy-gold-inflation-2024-5">de-dollarization,</a> and not least gold's ability to offer a level of security and stability that other assets may not provide" would give support to the yellow metal, wrote Hansen.

Here's why gold prices could climb even higher from current record levels     

<ul class="summary-list"><li>The job market is flashing signs the US is still headed for a hard-landing, Danielle DiMartino Booth says.</li><li>The forecaster pointed to workers rolling off unemployment benefits, while part-time jobs have soared.</li></ul>Developments in the labor market show that the US economy isn't on solid footing, according to Danielle DiMartino Booth.The veteran forecaster and QI Research founder pointed to continued signs of weakness in the US job market, zooming in on a few key areas that are flashing signs of trouble. Booth said that more workers who once qualified for unemployment insurance are now rolling off of their benefits. Workers in most states have 26 weeks of paid unemployment benefits, but according to the Bureau of Labor Statistics, 21% of workers are now taking more than 27 weeks to find a new job, up 3% from last year.The average unemployment duration in the US climbed to 21 weeks in September, government data shows.The second factor is the number of part-time workers in the US, which has climbed to an all-time high and suggests that the hiring picture isn't as strong as may appear. The number of employees that <a target="_blank" href="https://fred.stlouisfed.org/series/LNS12600000">usually work part-time climbed to 28.2 million</a> in August, the highest number since the government began recording the data in the 1960s, BLS data shows."We're not seeing these people pour into the unemployment claims pool," Booth said in a recent interview with <a target="_blank" class="" href="https://www.cnbc.com/video/2024/09/23/the-market-is-in-for-a-rude-awakening-about-the-u-s-gdp-print-danielle-dimartino-booth.html">CNBC</a>, attributing many of the part-time jobs to the <a target="_blank" class="" href="https://www.businessinsider.com/how-make-money-gig-worker-uber-lyft-doordash-delivery-driver-2023-12">gig economy</a>, as <a target="_blank" class="" href="https://www.businessinsider.com/gig-economy-overemployment-quit-job-increase-income-earnings-side-hustle-2024-3">out-of-work Americans</a> may turn to platforms like Uber or other services in order to keep money coming in. "Much different economy than we saw in 2007, 2008, because the gig economy has exploded in that period," she added.Weakness in the job market could later translate into consumer weakness, one of the economy's chief concerns, Booth predicted. Fed economists already have their eye on weaker consumer spending, with consumption falling or remaining flat in most Fed Districts, according to the central bank's latest <a target="_blank" class="" href="https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20240904.pdf">Beige Book</a>.Lower consumption already appears to be having an effect on key industries. The manufacturing sector contracted for 21 out of the last 22 months, according to the Institute of Supply Management, while inventory grew. The housing market, where activity has been suppressed over the last two years, also saw existing home sales drop another 2.5% in August, per the National Association of Realtors.Investors could see more signs of economic weakening with next quarter's GDP figures, Booth said, which are set to roll out at the end of the week.The economy is expected to have grown nearly 3% last quarter, matching the pace in the second quarter of 2024, according to the latest <a target="_blank" class="" href="https://www.atlantafed.org/cqer/research/gdpnow">Atlanta Fed GDPNow</a> reading. But GDP figures could be later revised down, Booth noted, pointing to a recent revision that showed the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/economy-added-818000-fewer-jobs-ed-yardeni-says-dont-worry-2024-8">economy added nearly a million fewer jobs</a> than expected in the year leading up to March 2024.Booth has been warning of a recession for months despite most of Wall Street warming up to the prospect of a soft landing. Previously, she made the case that the <a target="_blank" class="" href="https://www.businessinsider.com/us-recession-outlook-job-market-cuts-labor-unemployment-hard-landing-2024-5">US economy was already in a recession</a> despite continuing to grow in 2023 and 2024, pointing to continued weakness in the job market.

Americans running out of unemployment benefits and part-time jobs at record levels point to a recession coming, economist says

<ul class="summary-list"><li>Chinese cars are selling at record levels in Russia.</li><li>Competition from European, Korean, and Japanese carmakers has vanished since Western sanctions were imposed on Russia.</li></ul>Chinese cars are selling at record levels in Russia, according to data from Russian analytics agency Autostat, reported by <a target="_blank" class="" href="https://www.ft.com/content/d228a85c-248a-430d-afe5-2b93bbc9ba06">The Financial Times</a>.The country has turned to Chinese autos from brands such as Chery, Geely, and Great Wall Motor after sanctions forced Western brands to stop doing business with Moscow.European, Korean, and Japanese carmakers had dominated the Russian market with a 69% share, per Autostat. However, since <a target="_blank" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-west-sanctions-inflation-gdp-2024-10">Western sanctions</a> were imposed against Russia following its invasion of Ukraine in February 2022, Autostat's data showed a steep decline in sales.The three regions now hold just 8.5% of the market, while Chinese carmakers such as have jumped from 9% to 57% over the same period.Ilya Frolov, a car blogger based in Moscow, told the FT that Russian drivers had been left with little choice: "If you're buying a car, your choice is either a [Russian-made] Lada or an extremely expensive European car brought in as a grey import, or a very well-equipped and relatively cheap Chinese one."In the first nine months of 2024, Russia imported 849,951 vehicles from China, the FT reported, citing China Passenger Car Association data. China sold less than half that number to its second-largest market, Mexico.The CPCA didn't immediately respond to a request for comment form Business Insider.The sales boom in Russia comes as Chinese automakers face rising obstacles in other regions.In October, the EU voted to <a target="_blank" class="" href="https://www.businessinsider.com/chinese-electric-vehicles-european-tariffs-retaliation-vw-bmw-mercedes-tesla-2024-10">impose sweeping tariffs</a> on Chinese EVs. BYD will face a levy of 17%, with other automakers facing tariffs as high as 35% on top of an existing 10% tax.The US introduced trade restrictions against Chinese EVs earlier this year.China's cheaper high-tech premium vehicles, particularly its EVs, have been expanding rapidly in developing markets like Brazil, Mexico, and Southeast Asia, <a target="_blank" class="" href="https://www.businessinsider.com/toyota-nissan-honda-japanese-iconic-carmakers-struggle-china-ev-rivals-2024-11">disrupting legacy automakers</a> in countries like Japan and Germany.

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Stock market today: US stocks pull back from record levels as traders ready for big week of earnings

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Here's why gold prices could climb even higher from current record levels

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Americans running out of unemployment benefits and part-time jobs at record levels point to a recession coming, economist says

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China is selling record numbers of cars in Russia

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