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Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

<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>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>A number of bank research desks have raised their S&amp;P 500 price targets in recent weeks.</li><li>The adjustments come as the index continues its bull market run, up 3% in the last month and 23% this year.</li></ul>The bull market hasn't weakened in the fourth quarter, and top bank research desks have been rushing to raise their S&amp;P 500 price targets into year-end. Strategists from Goldman Sachs, UBS, BMO, and Deutsche Bank have raised their year-end price targets on the S&amp;P 500 in recent weeks as the benchmark index continues to hit record highs. On Monday, it notched its 46th all-time high of 2024. UBS strategists Jonathan Golub and Patrick Palfrey upped their 5,600 price target to 5,850 for the end of the year, marking their fourth upgrade since late last year.The target is just slightly above the level the index is trading at on Wednesday, but the analysts forecast a 9% rise in the next 15 months and raised their target for 2025 from 6,000 to 6,400 in a note on Tuesday. Earlier this month, meanwhile, Goldman Sachs raised its target on the index to 6,000 by December, marking the fourth increase since late last year. The call, from the firm's chief equity strategist David Kostin, is the second highest among those tracked by Bloomberg.Kostin said the estimates were driven by a steady macro outlook and greater margin expansion."The primary driver of the upward revision to our 2025 EPS estimate is greater margin expansion," Kostin said, adding, "The macro backdrop remains conducive to modest margin expansion, with prices charged outpacing input cost growth."Kostin's price target is just behind that of BMO's chief equity strategist, Brian Belski, who raised his forecast from 5,600 to 6,100 last month. Belski's new target implies a nearly 5% gain through the rest of this year.Belski said his upgrade was based on strong market gains so far this year, which he says typically leads to stronger-than-normal gains in the fourth quarter."We continue to be surprised by the strength of market gains and decided yet again that something more than an incremental adjustment was warranted," Belski said in a note.He added that Federal Reserve easing and a broadening market rally will only help fuel further gains.Deutsche Bank also raised its year-end target for the S&amp;P 500 last month, up to 5,750 from 5,500. The bank's strategists pointed to strong corporate earnings and inflows, rising stock buybacks, and higher risk sentiment."We see S&amp;P 500 earnings growth continuing to run robustly in the low double digits, in line with typical growth rates outside of recessions," the strategists said in a note.The strategists' target raises come amid a chorus of strategists turning decidedly more upbeat on the market. JPMorgan's chief equity strategist Dubravko Lakos-Bujas <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/wall-street-biggest-bear-jpmorgan-stock-market-outlook-interest-rates-2024-10">recently recommended</a> investors should get less defensive after a strong September jobs report."While it is too soon to assume that this is a turning point, it does suggest that a recession is unlikely in the near term, especially since surprisingly strong job growth and a downtick in the unemployment rate broke a slowing trend in the job market," he said in a note earlier this month.Lakos-Bujas kept his 4,200 price target for the S&amp;P 500 unchanged, though.The more upbeat 2024 forecasts come as the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">bull market charges on</a>, with the S&amp;P 500 up 3.2% in the last month and 22.6% this year. Several risks persist, though, with the upcoming US presidential election in November, an unclear trajectory of monetary policy easing from the Fed as economic data comes in mixed, and as war in the Middle East continues to threaten stability in the region and beyond."Fiscal and monetary policy uncertainty, and potential election outcomes, make 2025 returns far from certain," UBS analysts said.

Top Wall Street analysts are boosting stock market forecasts as the bull market charges on

<ul class="summary-list"><li>The investment arm of the Mormon church revealed its stock holdings in a 13F filing last week.</li><li>The church has amassed a portfolio of individual stocks worth $55 billion.</li></ul>The Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks.The portfolio is registered with the Securities and Exchange Commission under the name Ensign Peak Advisors, and its <a target="_blank" href="https://www.businessinsider.com/mormon-church-settlement-allegations-hid-billions-investment-fund-2023-2">ties to the church</a> were largely unknown until just a few years ago.The portfolio wasn't revealed to the public until 2019, when a former Ensign Peak employee filed a whistleblower complaint, alleging that the fund shouldn't have tax-exempt status because it doesn't engage in any charitable activities.In a "60 Minutes" special last year, the whistleblower said the church's investment arm <a target="_blank" href="https://markets.businessinsider.com/news/stocks/mormon-church-hedge-fund-investment-charity-whistleblower-60-minutes-nielsen-2023-5?_gl=1*oj9kna*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4NDE3NzA0Ny4xMzIuMC4xNjg0MTc3MDQ3LjYwLjAuMA..">acted as a "clandestine hedge fund" disguised as a charity</a>.The church, widely known as the Mormon church, reports its stock holdings every quarter, and a recent 13F filing revealed its top holdings as of June 30.During the quarter, the fund added to its mega-cap technology stocks and bought more shares of Broadcom, which is the latest AI stock to enter its top 10 holdings.These are the church's top 10 stock holdings at the end of the second quarter, as well as the changes in each position.10. JPMorgan<div type="image" title="JPMorgan Chase &amp; Co." height="1000" width="2000" msid="112633095" hostid="261" sizebytes="60230"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/jpm-stock">JPM</a> Market Value: $752.7 million Change in Shares: -131,104 (-3%)9. Eli Lilly<div type="image" title="FILE PHOTO: The logo of Lilly on a wall of Lilly France, part of Eli Lilly and Co, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler" height="1750" width="3500" msid="112633100" hostid="261" sizebytes="257018"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/lly-stock">LLY</a> Market Value: $807.5 million Change in Shares: -35,339 (-4%)8. Broadcom<div type="image" title="Broadcom" height="452" width="904" msid="112633094" hostid="261" sizebytes="23382"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/avgo-stock">AVGO</a> Market Value: $842.2 million Change in Shares: +841,960 (+19%)7. UnitedHealth Group<div type="image" title="UnitedHealth Group logo" height="1000" width="2000" msid="112633102" hostid="261" sizebytes="65210"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/unh-stock">UNH</a> Market Value: $858.3 million Change in Shares: +45,481 (+3%)6. Meta Platforms<div type="image" title="Meta sign" height="1000" width="2000" msid="112633106" hostid="261" sizebytes="102450"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock">META</a> Market Value: $1.63 billion Change in Shares: -112,945 (-3%)5. Amazon<div type="image" title="Amazon CEO Andy Jassy" height="1000" width="2000" msid="112633109" hostid="261" sizebytes="135614"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">AMZN</a> Market Value: $1.83 billion Change in Shares: -235,110 (-2%)4. Alphabet<div type="image" title="Google apps such as Gmail, Drive, Play Store, Maps, and Chrome are displayed on a smartphone with the Alphabet and Google logos visible in the background." height="1000" width="2000" msid="112633096" hostid="261" sizebytes="52000"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/googl-stock">GOOGL</a> &amp; <a target="_blank" href="https://markets.businessinsider.com/stocks/goog-stock">GOOG</a> Market Value: $2.23 billion Change in GOOGL and GOOG Shares: -315,797 (-4%) and -377,083 (-10%)3. Apple<div type="image" title="One of the first customers to buy a new iPhone 7 in September 2016." height="1500" width="3000" msid="112633104" hostid="261" sizebytes="86294"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock">AAPL</a> Market Value: $3.06 billion Change in Shares: -778,210 (-5%)2. Nvidia<div type="image" title="Nvidia logo with a shadow of a person on a laptop in front of it" height="2500" width="5000" msid="112633098" hostid="261" sizebytes="125960"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a> Market Value: $3.30 billion Change in Shares: -457,121 (-2%)1. Microsoft<div type="image" title="Microsoft store" height="1000" width="2000" msid="112633108" hostid="261" sizebytes="130406"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a> Market Value: $3.41 billion Change in Shares: -404,472 (-5%)

The top 10 holdings of the Mormon church's $55 billion stock portfolio include a new AI stock

<ul class="summary-list"><li>Investors worried about a market correction should adjust their portfolios, David Rosenberg says.</li><li>The top economist has warned stocks are in a bubble and at risk of a major decline.</li></ul>A number of Wall Street forecasters have been warning of a stock bubble as the market climbs to a series of fresh highs in 2024 — and investors worried about such a scenario should be putting their money in a handful of assets to protect themselves from the eventual bursting.That's according to David Rosenberg, a top economist and the founder of Rosenberg Research, who's been warning of a <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-outlook-prediction-strategy-to-invest-david-rosenberg-2024-3">potential craash in stocks</a> for months. In the past, he's warned of a <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-outlook-prediction-strategy-to-invest-david-rosenberg-2024-3">39% correction to stocks</a>, among the more extreme predictions on Wall Street, where most investors are feeling optimistic about a soft landing amid a robust economy and easing interest rates. "Watching the market these days is like watching a clown blowing up a balloon (or Chuck Prince dancing the ballroom), knowing the inevitable," Rosenberg said in a note to clients on Friday. "When this mega-bubble pops, it will be spectacular."Investors need to exercise caution and avoid following the "herd mentality," Rosenberg said, pointing to the fervor for mega-cap tech stocks. Instead, he said, investors should focus on stocks with strong business models, strong growth, and good prices, and add some "insurance" to their portfolios.Below are his top investment ideas for to prepare for the potential bursting of a market bubble. Healthcare and consumer staplesInvestors should gear their investments towards what people will always need in the future. In particular, Rosenberg recommended that investors pay attention to options in the healtcare and consumer staples sectors."Focus on where people are going to focus on what they need, not what they want," Rosenberg wrote. "Anything related to e- commerce, cloud services, and wiring up your home to become your new office has been in a budding secular growth phase."Utilities<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-invest-artificial-intelligence-data-center-energy-companies-2024-6">Utility stocks</a> also look promising. Other forecasters have predicted <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/energy-stocks-to-buy-utility-artificial-intelligence-data-center-bofa-2024-9">huge upside for utility firms</a>, due to the growing need for power and data centers stemming from the AI boom."Utilities, as we have been saying for a long time, are as close to a 'no brainer' as there is, given their yield attributes and their being re-rated for 'defensive growth' owing to enhanced earnings visibility through the strong and secular outlook for US power needs," Rosenberg said.Aerospace, DefenseAerospace and defense stocks could also be a buy, he added, given rising geopolitical tensions around the world."Aerospace/defense has been a long-standing bull call for us for several years, and the best hedge against an increasingly troubled world where military budgets are expanding everywhere — and not at all sensitive to who comes to power on November 5th."Big techWhile some areas of tech are exhibiting bubble characteristics, investors could still seize on opportunities in some large-cap tech names, given the prevalence of work-from-home, cloud services, and remote work, Rosenberg said. Still, investors should wait to scoop up tech names at better prices, he said."I'd prefer to pick these plays up at better prices than we have today because this last melt-up has eaten enough into future expected returns to keep us cautious for now. But we would be an avid buyer on any significant pullback."Safe betsInvestors should look to put a "dose of insurance" in their portfolios. That means gold — the "truest store of value," Rosenberg says, — as well as government bonds."The beautiful thing about gold is that it is not a liability that a central bank can simply have forgiven or a currency that can simply be printed by government fiat," he said of the precious metal. "I also favor the Treasury market because it commands just about the highest yield of any major industrial country – and with the great liquidity attributes."Real estate investment trusts could also be good ways to hedge risk, Rosenberg said. That particularly applies to REITs tied to the industrial and healthcare sectors. "In any event, we all have to become increasingly thematic and thoughtful in our decision-making and more selective than normal because the stock market, and financial assets in general, have become nothing more than a momentum casino," he added.Most forecasters on Wall Street still expect a strong performance from equities into year-end and 2025. Goldman Sachs, UBS, BMO, and Deutsche Bank have <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10">raised their year-end price targets</a> for the S&amp;P 500 in recent weeks, with new forecasts ranging from 5,750 to 6,400.

Here's where investors worried about a stock market bubble should put their money, according to a top economist

<ul class="summary-list"><li>Goldman Sachs and JPMorgan Asset Management are becoming a bit less bullish.</li><li>Although the US economic outlook is strong, returns may have been pulled forward.</li></ul>A pair of Wall Street juggernauts are getting slightly more skeptical about stocks and bonds, but a compelling investment opportunity may be hiding in plain sight.<div type="image" title="GS 10-year projection" height="1088" width="1508" msid="114505224" hostid="261" sizebytes="75402"></div>Goldman Sachs stole headlines recently by forecasting that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">US equities will only rise 3% a year in the next decade</a>, down from an average annual gain of 13% in the prior 10 years. The firm's rationale is based on a more challenging backdrop characterized by lofty valuations, an unusually high concentration in the market's biggest stocks, increased recession risk, lower profits, and elevated interest rates.<div type="image" title="GS 10-year projection baseline" height="742" width="1010" msid="114505227" hostid="261" sizebytes="35320"></div>Top minds at JPMorgan Asset Management (JPMAM) agree that stocks might not post the returns that investors have come to expect, though they're not nearly as pessimistic.The firm, which manages $3.5 trillion in assets, expects US large-cap equities to appreciate by 6.7% a year in the next 10 to 15 years, according to its yearly long-term capital market assumptions report released on October 21. For reference, JPMAM thinks global stocks will rise between 7.2% and 8.1% a year in that same span.A mid-single-digit annual gain for US large caps is nothing to sneeze at, though it would be down substantially from <a target="_blank" href="https://www.businessinsider.com/how-to-invest-economy-growth-outlook-recession-risk-inflation-jpmorgan-2022-11">7.9% two years ago</a> and <a target="_blank" href="https://www.businessinsider.com/how-to-invest-stocks-bonds-real-estate-outlook-strategy-jpmorgan-2023-10">7% last year</a>.There's a simple explanation for that marginally more tepid outlook: US stocks have been on a tear. And while <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-prediction-2025-how-to-invest-rally-trader-2024-10">some bulls are emboldened</a> by the S&amp;P 500's excellent track record, JPMAM strategists worry that the market has pulled forward future gains."Near the bottom of all these pages, we put a little statement saying, "Past performance is not indicative of future returns.' That's actually not true," said David Kelly, JPMAM's chief global market strategist, at a press conference about the report. "Past great performance is indicative of a more difficult environment going forward."The S&amp;P 500 is on pace to rise by at least 10% <a target="_blank" href="https://www.macrotrends.net/2526/sp-500-historical-annual-returns">for the fifth time since 2018</a> and the 11th time since the financial crisis, including what's been a 22.7% gain in 2024. That strength, combined with already-rich valuations, led JPMAM to cut its long-term projection for US large caps.<div type="image" title="JPMAM valuations" height="926" width="1038" msid="114505230" hostid="261" sizebytes="32120"></div>However, Kelly said the downward shift was gradual since the economic growth outlook is promising. The firm is calling for US real GDP of 2% in the long term, which is the highest mark since the pandemic, along with 2.4% inflation, which is down for the third consecutive year."The very good news is that we think that the foundations for the US economy and the global economy look better than they did a year ago," Kelly said. "We got through some of our more significant worries on inflation; economic growth looks pretty solid."<div type="image" title="JPMAM US GDP forecast" height="828" width="1032" msid="114505215" hostid="261" sizebytes="15222"></div><h2 id="ee7765b8-415d-46ac-862a-90df145c611f">As the 60-40 portfolio loses steam, real estate can take the baton</h2>Lower stock returns are expected to drag down the traditional 60-40 stock-bond portfolio, which JPMAM now says should fetch 6.4% a year for the next decade or so.That forecast is down from 7% last year and 7.2% heading into 2023, though it's higher than the <a target="_blank" href="https://www.businessinsider.com/alternative-investing-strategy-60-40-portfolio-bitcoin-outlook-inflation-jpmorgan-2021-11">4.3% mark in late 2021</a>, where US large caps were only expected to climb 4.1% a year in the long term after an outstanding rebound from the early pandemic lows.Bonds, which make up the second half of that calculus, have a solid but unremarkable outlook.US bonds broadly are expected to return 4.6% in the long term — down from 5.1% last year and the same as two years ago — while the US 10-year Treasury note is projected to fetch 4.2%, versus 4.6% last year and 4% two years ago. Meanwhile, high-yield bonds should deliver a 6.1% gain in the long term, compared to 6.5% last year and 6.8% two years ago.After accounting for inflation, JPMAM expects the standard 60-40 portfolio to return less than 5% in the long term, and the same is true of large-cap stocks and bonds. While such gains may be satisfactory for some, it would take over 16 years for an investor to double their money.Those looking for a more compelling investment opportunity should consider real estate, according to JPMAM. Unlike stocks and bonds, the firm's projected returns for that asset class are steadily rising, from 5.7% two years ago to 7.5% in late 2023 to 8.1% this year.US core real estate is projected to yield close to 6%, up from just over 4% a few years ago and well above the 10-year's yield of 4.2%. Real estate isn't cheap based on <a target="_blank" href="https://www.investopedia.com/terms/c/capitalizationrate.asp">capitalization rates</a>, which measure how much money a property generates relative to its market value, but JPMAM believes the asset class is an exceptional value relative to other yield-generating investments.<div type="image" title="Real estate vs 10-year yield" height="924" width="1032" msid="114505221" hostid="261" sizebytes="34048"></div>"If you were to look at this on a spread basis, the cap-rates spread would tell you that real estate looks a little bit expensive," said David Lebovitz, a global market strategist for JPMAM, at the conference. "But if you look at the all-in yield and think of that as your valuation and your starting point, we're looking at a generational opportunity."Monica Issar, JPMorgan Private Bank's global head of multi-asset and portfolio solutions, echoed that sentiment."This is absolutely the largest generational opportunity to invest in real estate in a long time," Issar said at the conference.Commercial real estate looks especially compelling, Issar said. Unlike residential real estate, which has held up well in recent years — as evidenced by <a target="_blank" href="https://fred.stlouisfed.org/series/MSPUS">remarkably resilient home prices</a> despite <a target="_blank" href="https://www.freddiemac.com/pmms">still-elevated mortgage rates</a> — office buildings have struggled to regain their value since the pandemic ushered in a new era of remote work for millions of Americans.As companies reduced their physical presence or eschewed offices altogether, demand for commercial spaces has taken a massive hit. However, Issar thinks that risk is reflected in prices."All we've been reading about and all we've been seeing is price declines and discussions about empty buildings," Issar said. "This is a time for investors to step in, move into attractive pricing, move into asset classes like non-core real estate."Investors can bet on a commercial real estate rebound by working with <a target="_blank" href="https://am.jpmorgan.com/us/en/asset-management/institutional/investment-strategies/alternatives/real-estate/">JPMAM's team</a>, or on their own through publicly traded real estate investment trusts (REITs). JPMAM didn't outline any specific investments to make, but Issar threw out a few ideas to help investors brainstorm."Think of multifamily housing; think of student housing around campuses; think of cell towers and data centers," Issar said. "That is the modernization of the new direct real estate that is going to be really attractive for investors in the future."

'Generational opportunity': Invest in real estate as stock and bond returns shrink, according to $3.5 trillion JPMorgan Asset Management

<ul class="summary-list"><li>Stocks had a day to remember after Donald Trump won back the White House.</li><li>Market veteran David Kelly believes Wall Street is overlooking a key economic risk.</li></ul>Markets are celebrating <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's election as president</a>, though the leading strategist at JPMorgan's multi-trillion asset management arm is not in the mood to party.US stocks had one of their best days in years and hit new records after Trump's resounding win over Kamala Harris in Tuesday's election. The S&amp;P 500, the growth-heavy Nasdaq Composite, and the small-cap heavy Russell 2000 rocketed between 2.5% and 5.8% higher on Wednesday.That broad-based equity rally didn't include bonds, which got shelled on Wednesday. Yields, which move inversely to bond prices, vaulted higher for US Treasuries across durations.Both of those moves make sense, said David Kelly, the global strategy chief at JPMorgan Asset Management, in an interview on Wednesday."If you have a Republican sweep, then Donald Trump can push through <a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10#big--and-small-business-owners">whatever tax bill he wants to in 2025</a>, pretty much," Kelly said. "There is potential for <a target="_blank" href="https://www.crfb.org/blogs/donald-trumps-proposal-lower-corporate-tax-rate-15">significant tax cuts</a>, and we know that has such a direct impact on corporate earnings — after-tax corporate earnings — that that is, logically, very positive for the stock market."But while Wall Street might cheer those tax breaks, Kelly warned that they could lead to higher inflation, one of Democrats' liabilities in this election cycle.Corporate tax cuts could have consequences, in Kelly's view, as he said they'd cause inflation to rise alongside the US national debt burden. That would be a major headwind for bonds, and stocks might also get dragged down.<h2 id="9ce813f5-aaa4-4439-aa03-ba3a4736747d">Tariffs could be a terrible outcome for stocks</h2>If one of Kelly's highest convictions hunches is correct, this market rally is in trouble anyway.The strategy chief has been adamant that higher tariffs — <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">one of Trump's key proposals</a> — <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">would cripple the US economy</a> and endanger the global economic expansion."Tariffs are not a good idea," Kelly said at a late-October press event hosted by JPMAM. "It's kind of like a nuclear threat — the whole point is, if you actually end up using it, you kind of screwed up somewhere."Most economists condemn tariffs, which are taxes on imports, because they tend to lead to higher prices and lower economic growth. Kelly has said he'd have to <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">increase his inflation target and slash his long-term growth outlook</a> if Trump followed through on his tariff proposals, given that they'd almost certainly prompt counter-tariffs that would hurt US exporters as well."Retaliatory tariffs hurt growth in both countries and push up inflation in both countries," Kelly recently said. "They're actually sort of the magic stagflation elixir. There are very few things that will actually give you a stagflationary impulse, which both slows growth and increases inflation."A global trade war is a frightening possibility that now seems increasingly realistic. Paraphrasing Mahatma Gandhi, Kelly said that "a tariff for a tariff will make the whole world poor."On the campaign trail, <a target="_blank" href="https://www.pbs.org/newshour/economy/trump-favors-huge-new-tariffs-how-do-they-work">Trump teased aggressive tariffs</a>: a 60% tax on Chinese goods and as much as a 20% upcharge on all other imports. When asked whether there was any chance that those proposals could be effective, the strategy chief had a simple answer that he didn't hedge."No," Kelly said. "I'm not trying to be political at all. I thought this was consensus, actually. I thought the biggest people in favor of free trade was the Republican party."Kelly later added: "I challenge anybody to show me a long-term study which shows that tariffs actually do promote stronger economic growth or stronger job growth domestically because I've never seen it."<h2 id="15c4690f-5250-4143-8288-a419b887c658">Why tariffs should be taken with a grain of salt</h2>Although Kelly is far from alone in his antipathy to tariffs, it's worth noting that most of his counterparts are much less concerned about that part of <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">Trump's economic agenda</a>.One exception is Tom Orlik of Bloomberg Economics, who's firmly in Kelly's camp. The economist said at a conference his firm hosted in early October that Trump's tariffs <a target="_blank" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">would cause "seismic shocks to the US economy"</a> by throttling growth and sparking inflation.But Chris Murphy, Susquehanna's cohead of derivatives strategy and a copanelist with Orlik, reasoned that <a target="_blank" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">Trump could always back away from tariffs</a> if the market reacted poorly to his proposals. Besides, Wall Street is far from frightened right now.Sean Gallagher, the global head of Lazard's small-cap equity platform, made a similar point in a recent interview with Business Insider when asked about Trump's tariffs and Kelly's stance."Often with Trump, the rhetoric and reality are not the same," Gallagher said. He added: "I don't know if all this rhetoric is going to match what's going to actually happen."The small-cap maven described himself as a free-market aficionado who's generally opposed to tariffs, including the ones that Trump outlined during his campaign. He said he'd prefer to avoid them, and he ventured that most Americans probably feel the same way.Ultimately, Gallagher thinks there will be some tariffs, though they may be more tempered than what Trump has floated. Inflation is a key reason Trump won, and he shouldn't forget that."We have to think about all the knock-on effects of tariffs, and his economic team will have to think about that as well," Gallagher said. "Trump's going to have to be, rightly, concerned about inflation. He's been talking about it too, how inflation's been a problem."Gallagher concluded: "We don't want to reignite inflation. I don't think anybody's for that."

A top mind at JPMorgan Asset Management sounds the alarm about an obvious economic red flag after Trump's resounding win, even as US stocks soar

<ul class="summary-list"><li>Ned Davis Research predicts a stock market boost in 2025 regardless of who wins the November election.</li><li>Both Kamala Harris and Donald Trump have proposed economic plans that would stimulate growth, NDR said.</li></ul>Regardless of who wins the <a target="_blank" class="" href="https://www.businessinsider.com/category/elections">Presidential election in November,</a> it's going to be a win for the stock market according to Ned Davis Research.The research firm said in a note on Wednesday that the <a target="_blank" class="" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">economic proposals</a> of both Democrat nominee Kamala Harris and Republican nominee Donald Trump, would both stimulate the economy."Based on the annual average of these limited assessments, both Harris and Trump will run up the budget deficit to the tune of $220 billion to $650 billion per year, which will stimulate economic growth," NDR's senior US economist Veneta Dimitrova said.That, combined with <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-are-coming-federal-reserve-jackson-hole-powell-2024-8">expected interest rate cuts from the Federal Reserve,</a> should result in a risk-on environment for the stock market in 2025.Some of the major stimulative proposals from the Harris camp include extending the 2017 TCJA tax cuts for households earning less than $400,000 per year, increasing the Child Tax Credit to $3,600 per child and $6,000 per newborn, and eliminating income taxes on tips.For Trump, the stimulative economic proposals include extending the 2017 TCJA tax cuts for all, increasing the Child Tax Credit to $5,000 per child, and eliminating income taxes on social security benefits for seniors.Trump is also advocating for an <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-tax-free-tips-proposal-2024-6">elimination of income taxes on tips.</a>Below is a list of economic proposals from both candidates, and their estimated impact on the federal deficit.<div type="image" title="A table compared the different economic proposals of Trump and Harris" height="837" width="1183" msid="112876680" hostid="261" sizebytes="102100"></div>Potential stimulus measures from Trump or Harris will be in addition to the hundreds of billions of dollars of stimulus that are set to hit the economy thanks to laws already enacted during the Biden administration."Such stimulus will combine with other government spending already in the pipeline from signature Biden laws, including the Infrastructure Investment and Jobs Act, the Inflation Reduction Act, and the CHIPS Act, that are set to deliver an estimated $357 billion of direct government spending through 2031," Dimitrova said.She added: "Regardless of who wins the election, this implies a tailwind to economic growth and equity markets in 2025."A <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/us-dollar-falls-fed-powell-rate-cut-signal-limited-impact-2024-8">falling US dollar is also in the cards next year</a> according to the note, especially if the US deficit grows even more, and a weaker greenback tends to be a tailwind for corporate profits and US stock prices.While the trillions of dollars of potential stimulus could be great for the economy and stock market, it could also spark another surge in inflation.That's especially true if Trump's across-the-board tariff proposals or Harris' price gouging measures are enacted, Dimitrova said.But it's worth noting that these are all proposals, and whether they become law hinges on which party wins Congress."Ultimately, the makeup of Congress, which may also change in this election, will determine the feasibility of these proposals and may act as a check on spending and tax changes," Dimitrova said.

Why the November election is a win for the stock market no matter who comes out on top

<ul class="summary-list"><li>Bill Smead warns of a stock market bubble made worse by the market's recent surge.</li><li>Smead compares current market conditions to past bubbles, citing high equity ownership.</li></ul>When Bill Smead took his first job as a broker at Drexel Burnham Lambert in 1980, his dad asked him to place a trade that would benefit from a Ronald Reagan win later that year.So he did, and after Reagan won, the investment jumped the day the results were announced — a continuation of the 29% rally that had endured since March of that year.Unfortunately for his father, however, that was as good as the returns were for the next 18 months.From November 1980 to July 1982, stocks entered a bear market, dragging the S&amp;P 500 down 27% as a recession gripped the US economy. That was despite the market's trailing 12-month price-to-earnings ratio sitting at a cheap 7.5 in 1980 versus a more expensive 24 today.While no two market environments are the same, Smead — the founder of Smead Capital Management — cites the example as a cautionary tale to investors who have eagerly jumped into stocks following the election of Donald Trump to a second term earlier this week.Just like Reagan, Trump touts a regulation-slashing, tax-cutting agenda that should boost the market in theory. But other factors are at play.Smead warns market conditions are setting the market up for dismal returns going forward, and that stocks are in a bubble only made more extreme by the so-called 'Trump bump' this week, which saw the Dow jump 3.5% in a day."You've got an expensive market that just exacerbated itself," Smead told Business Insider."It's a disaster waiting to happen," he continued. "We have put the icing on the financial euphoria cake and lit the candle on top."There is plenty of evidence that the market is historically expensive.For instance, <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-why-sp500-decade-weak-returns-goldman-jpmorgan-2024-11">Goldman Sachs said last month</a> that current levels of the Shiller cyclically adjusted price-to-earnings ratio (the dark blue line in the chart below) — rivaling prior bubbles — lead them to believe that the S&amp;P 500 will deliver 3% annualized returns over the next 10 years. That's less than the risk-free return that 10-year Treasury notes offer.<div type="image" title="cape ratio and forward returns" height="613" width="882" msid="115114980" hostid="261" sizebytes="46444"></div>Beyond valuations, however, Smead points to signs of historically high investor enthusiasm, like the level of household equity ownership. Stocks make up around 42% of all household assets at the moment, the highest level in history.Some of the most elevated levels of equity ownership came at the height of the dot-com bubble, the stock market top of 2007 before the Great Recession, and in 2021 before the market fell 25%.<div type="image" title="household equity ownership" height="450" width="1320" msid="115114974" hostid="261" sizebytes="23442"></div>Equity ownership levels also show that a lot of cash has come off of the sidelines, Smead said, a sign that dry powder may not be enough to help stave off a market decline. And much of the remaining funds in cash equivalents are held by Baby Boomers, who need the income and have too low of a risk profile to get back into stocks, he said.In recent months, Smead has said that investing icon <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-warren-buffett-dot-com-bubble-apple-smead-2024-9">Warren Buffett's behavior — significantly trimming his stock positions</a> and building a cash pile — resembles his approach leading up to the dot-com bust. Smead himself compared to the dot-com bubble earlier this week in a note, noting that chip giant Intel was added to the Dow Jones Industrial Average just four months before the peak in 2000. Dow Jones announced earlier this week that Nvidia would be added to the blue-chip index.<div type="image" title="intel stock" height="460" width="751" msid="115114977" hostid="261" sizebytes="13110"></div>In Smead's opinion, today's bubble is worse than the dot-com era because of how far-reaching it is."Back then, it was mainly tech that was egregious. This time, it's tech and almost anything growthy," he said. "I promise you, Costco wasn't trading at 53x earnings at the end of '99."He added: "Anybody that's been able to perpetuate their success trades at 30x-60x earnings."Goldman Sachs' Chief US Equity Strategist <a target="_blank" class="" href="https://www.businessinsider.com/sp500-outlook-next-decade-forecast-david-kostin-goldman-stocks-strategist-2024-11">David Kostin told Business Insider</a> in late October that the level of concentration in the largest stocks and the gap between their PE ratios and the rest of the market's were last seen to this degree during the dot-com bubble. Both measures are shown below.<div type="image" title="Goldman Sachs US equity market concentration" height="642" width="689" msid="115114988" hostid="261" sizebytes="44834"></div><div type="image" title="Goldman Sachs chart showing 10 largest stocks trading at 31x P/E compared to 19x for the rest of the market." height="730" width="882" msid="115114982" hostid="261" sizebytes="38416"></div>It's debatable whether or not stocks are in a bubble. Many bears, including Jeremy Grantham, have warned of significant downside over the last couple of years while the market has catapulted to all-time-highs on a strong economy, falling inflation, and optimism about AI.A fully Republican Congress next year may also provide enough fiscal stimulus through tax cuts to keep the rally going.But like Smead, Dave Sekera, a senior US market strategist at Morningstar, said on Wednesday that <a target="_blank" class="" href="https://www.businessinsider.com/trump-trade-election-investing-stock-market-strategy-sp500-valuations-morningstar-2024-11">investors should avoid making rash decisions amid the post-election rally</a> and that current valuations are still likely to impact returns. Morningstar's valuation model has the S&amp;P 500 more expensive right now than it has been during 80% of the time since 2010, Sekera said.In the short term, that might not matter. But over the next 10 years or so, as Goldman Sachs warned recently, valuations are likely to be a drag on returns, Smead said. And Smead's long-term track record is nothing to scoff at. Over the last 15 years, his Smead Value Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/funds/smead-value-fund-investor-class-us83178c8819?miRedirects=1">SMVLX</a>) has beaten 97% of similar funds, according to <a target="_blank" href="https://affiliate.insider.com?h=f3d8d9acb3650494a8a05384eb83d68d8095d6aaddf214a8457abddb36fdffb7&amp;postID=672d01b7d057d3e5c5c92cf1&amp;postSlug=stock-market-crash-trump-trade-dot-com-bubble-sp500-smead-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Ffunds%2Fxnas%2Fsmvlx%2Fperformance">Morningstar data</a>."You will not get rich from investing in the fourth huge financial euphoria episode in the last 100 years, in the S&amp;P 500," he said. "You will get poor, you will not get rich."

'A disaster waiting to happen': A top 3% investor warns the 'Trump bump' is the icing on the cake of a euphoric stock market bubble that's worse than the dot-com peak

<ul class="summary-list"><li>Stocks rose on Wednesday after traders took in a handful of strong corporate earnings reports.</li><li>Morgan Stanley and United Airlines beat estimates, sending shares up 7% and 14% respectively.</li></ul>US stocks rose on Wednesday as traders took in strong earnings results to bounce back from a sell-off in the chip sector in the previous session. Major averages ended with a gain, and the Dow Jones Industrial Average climbed more than 300 points to close at a record high. Morgan Stanley beat estimates for the third quarter, sending shares up almost 7%. United Airlines also surpassed estimates for the last reporting period, causing shares to pop over 12% by the end of the day.Chip stocks traded mixed, struggling to fully recover after a sell-off in the sector on Tuesday. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10">ASML cut its sales guidance for 2025</a>, sparking worries about the demand outlook for AI-enabling chips. TSMC and Advanced Micro Devices traded slightly lower. Investors have their eye on TSMC in particular, which is s<a target="_blank" class="" href="https://www.businessinsider.com/tsmc-stock-price-q3-earnings-chip-stocks-asml-nvidia-amd-2024-10">et to report earnings early Thursday</a>."The focus will remain on chipmakers after the sector was hit on the back of a profit warning from Dutch chip equipment maker ASML and reports the US was capping sales of advanced AI chips from American companies such as Nvidia on a country-specific basis," Fawad Razaqzada, an analyst at Forex.com, said in a statement. "Traders will be wondering whether Tuesday marked a change in the trend. Is it time to start shorting the markets, or will the dip buyers once again come to the rescue?"Stocks, though, are on par for another strong quarter of earnings results. The S&amp;P 500 is on track to report <a target="_blank" class="" href="https://insight.factset.com/sp-500-will-likely-report-earnings-growth-above-7-for-q3">7% year-per-year earnings growth</a> for the third quarter, according to estimates from FactSet.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>: 5,842.46, up 0.47% </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>: 43,077.70 up 0.79% (+337.28 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>: 18,367.08, up 0.28% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-sp500-prediction-bubble-overvalued-stifel-outlook-2024-10?_gl=1*1mejb5z*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyOTA4OTkyMS40NTUuMS4xNzI5MDk1MjA3LjE2LjAuMA..">The stock market is in a "mania" that could set the stage for a 26% drop</a> in 2025, Stifel says.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/david-einhorn-warren-stock-stock-market-valuation-tech-cash-sales-2024-10">Billionaire David Einhorn says Warren Buffett's recent stock sales show just how overvalued</a> the market is.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sell-signal-triggers-froth-investor-sentiment-soars-2024-10">The stock market has flashed a sell signal not seen since February 2021</a>, according to Bank of America.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10">Top Wall Street analysts are boosting their forecasts</a> for the stock market as the bull market continues.</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 edged lower to $70.50 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was slightly higher at $74.32 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rose 0.5% to $2,691 an ounce.</li><li>The 10-year Treasury yield slipped two basis points to 4.014%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was up 1.13% to $67,702.</li></ul>

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