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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>Tech giants Meta, Alphabet, Amazon, and Apple all reported earnings this week.</li><li>Companies beat expectations, with some boosted by large cloud growth.</li></ul>Tech giants Meta, Alphabet, Amazon, Apple, and Microsoft all reported earnings this week, with investors laser-focused on the results of AI investments.Kate Leaman, chief market analyst at AvaTrade, told Business Insider that while the tech giants "all delivered solid growth, what really stands out is the clear investment in AI and how it's setting the stage for their future strategies."Here are some of the biggest themes that emerged during earnings week.<h2 id="fdf15bd0-2f86-4c0b-8dc7-43d1890a1cd7">Cloud is king</h2>Microsoft, Alphabet, and Amazon all saw significant growth in their cloud businesses, fueled by increased demand.Revenue from <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-beats-estimates-ramps-up-capex-on-ai-2024-10">Microsoft's Intelligent Cloud segment</a>, including its customer-facing platform Azure, jumped 20% year over year to $24.1 billion. Revenue from Azure itself was up 34% year over year, and the company said that 12 percentage points of that growth stemmed from high demand for AI services.Jeremy Goldman, EMARKETER's senior director of briefings, told BI that Microsoft's cloud business had decelerated from the "breakneck pace" of previous quarters."Demand continues to be higher than our available capacity," Microsoft CFO Amy Hood said in Wednesday's earnings call. She added that the company expects its cloud sector to grow at a slightly slower rate, between 18% and 20%, in the second quarter of next year.Dan Romanoff, senior equity analyst at Morningstar, told BI that capacity limits are raising questions about how much Microsoft, Google, and Amazon are investing in their public cloud offerings."As big as Azure is, they are operating at capacity, so clearly there is a need for more data centers," he said.Google Cloud's revenue was smaller — $11.4 billion — but <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">grew at a rate of 35% year over</a><a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10"> year</a>, which Alphabet said was fueled by "accelerated growth" in its AI segment.While Google reported stronger cloud growth, Microsoft still leads it in cloud market share, with both behind Amazon Web Services.On Thursday's earnings call, Amazon CEO Andy Jassy <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ceo-andy-jassy-even-more-bullish-ai-cloud-opportunity-2024-10">painted a particularly bullish outlook</a> for AI in Amazon Web Services, whose revenue grew 19% year over year to $27.5 billion.Tracy Woo, principal analyst at Forrester, told BI that the increase in cloud revenue speaks to "AWS's continued market dominance.""The company's mainstay offerings in ad revenue and online retail have bolstered and shielded the same fearful perception of over-investment in AI AWS as compared to its closest competitor in Microsoft Azure," she said.<h2 id="dce60525-8311-4452-953f-c97c13833af6">Investment into generative AI is starting to pay off</h2>Big Tech has been pouring billions into generative AI — and it's starting to pay off.Jassy said the company's AI sector, which includes the development tool <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ai-models-bedrock-service-success-2024-9">Bedrock</a> and its shopping assistant <a target="_blank" class="" href="https://www.businessinsider.com/what-amazon-ai-shopping-assistant-rufus-is-like-2024-7">Rufus</a>, is "growing more than three times faster" than AWS when the latter was at a similar stage of its business evolution."We've proven over time that we can drive enough operating income and free cash flow to make this a very successful return on invested capital business," Jassy said on Amazon's earnings call. "And we expect the same thing will happen here with generative AI. It is a really unusually large, maybe once-in-a-lifetime type of opportunity."Google CEO <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/sundar-pichai-google-alphabet-ceo-career-life">Sundar Pichai also</a> said the company's AI investments were already "paying off," crediting AI as a key driver in Google's quarterly growth. In a note, BofA Securities called Google's Cloud growth, which grew at <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">a rate of 35% year over year</a>, a "positive surprise" that suggested the "AI growth cycle has arrived."Pichai also said the company's AI Overviews are "performing well" and now reach over 1 billion users on a monthly basis. The company said it plans to extend the AI-search feature to over 100 countries.The company has also been leveraging AI to boost its internal efficiency. Pichai said that more than a quarter of new code at Google is <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/google-earnings-q3-2024-new-code-created-by-ai-2024-10">made by AI</a> and then checked by employees.On Meta's earnings call, CEO Mark Zuckerberg said more than one million advertisers had used the company's generative AI tools to create more than 15 million ads in the last month. He said the company estimated that businesses using Meta's image generation were seeing a 7% increase in conversions.The need for more data centers and other AI infrastructure is pushing up <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-google-cloud-ai-earnings-2024-10">capital expenditures</a> across the industry.Microsoft's capital expansion totaled $20 billion in the quarter ending September 30, up from $19 billion in the previous quarter and nearly double the $11.2 billion it spent in the same quarter last year.Hood said the company expects this to "increase on a sequential basis" but is monitoring demand.Jassy, on the other hand, said Amazon expects its capital expenditure to hit $75 billion this year and plans to spend even more in 2025, mostly for its AWS cloud unit.Michael Field, equity strategist at Morningstar, told BI that AI's potential excited investors but they were "less excited about how much money the Big Tech names are dropping on developing AI.""With Microsoft and Meta, their results were solid, but it was these concerns that drove share prices lower. Expect this theme to continue in the coming quarters," he added.<h2 id="f207b36e-1e26-4661-891f-5cd5263f289b">AI chips are hot — but not all chipmakers are riding the wave</h2><a target="_blank" class="" href="https://www.businessinsider.com/samsung-executives-six-day-work-week-report-2024-4">Samsung's</a> chip business has not been able to ride the AI wave as well as other companies like <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-chips-huawei-export-controls-supply-chain-2024-10">TSMC</a>. The South Korean conglomerate has struggled to get its chips certified by Nvidia, causing it to cede ground to its local rival, SK Hynix.Jaejune Kim, the executive vice president of Samsung's memory business, said in an earnings call Thursday that the company has made "meaningful" progress in Nvidia certification and expected higher sales in the fourth quarter. Samsung's shares are down 28% year to date.But Samsung isn't alone in having trouble with chips.On Wednesday, AMD's stock price dipped by as much as 10% even though the company's CEO, Lisa Su, said AMD had "<a target="_blank" href="https://www.businessinsider.com/amd-earnings-q3-2024-ceo-lisa-su-nvidia-ai-chips-2024-10">closed a good part of</a>" its gap with Nvidia, which controls 80% of the market for GPUs, or graphic process units, which can process large datasets required for training AI models. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/amazon-ceo-andy-jassy-secret-weapon-ai-aws-2024-10">Jassy</a> said Thursday that Amazon Web Services is investing in its own <a target="_blank" href="https://www.businessinsider.com/amazon-nvidia-aws-ai-chip-dominance-gpu-trainium-inferentia-2024-5">Trainium and Inferentia</a> AI chips."While we have a deep partnership with Nvidia, we've also heard from customers that they want better price performance on their AI workloads," Jassy told analysts."We're seeing significant interest in these chips, and we've gone back to our manufacturing partners multiple times to produce much more than we'd originally planned," he added.

The cloud rises and AI pays off — 3 takeaways from tech's big earnings week

<ul class="summary-list"><li>The latest bump in the AI road was a downbeat earnings report from ASML that sent its shares tumbling.</li><li>But ASML's biggest customer, Taiwanese chipmaker TSMC, posted blockbuster results Thursday.</li></ul>Two days is a long time in the chip world. On Tuesday, the semiconductor market was downbeat following disappointing earnings from ASML, the Dutch company making the machines that make chips. By Thursday, Taiwan Semiconductor Manufacturing Company, the world's largest chip maker, had painted a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">different picture with its earnings</a>: the AI-driven chip boom is far from over. The roller coaster earnings can be explained by several factors. Chief among them is TSMC and ASML's respective customers. ASML sells large lithography machines — which print circuit patterns onto silicon wafers — to chip manufacturers, including TSMC, Samsung, and Intel. The latter two companies have faced struggles of their own that are impacting the wider chip market. Intel, once the world's biggest chipmaker, <a target="_blank" class="" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9">has mounted a bid to turn the business around,</a> including 15,000 layoffs. And in early October, Samsung issued an apology for its poor financial performance."Intel and Samsung are falling behind TSMC from a technological point of view," Javier Correonero, equity analyst at Morningstar, told Business Insider. "This is just customer-specific problems as Intel and Samsung cannot ramp up new nodes properly, but this has nothing to do with demand."Meanwhile, TSMC is a competitor to Intel and Samsung. Its customers include Nvidia, the GPU designer spearheading the AI chip boom, along with AMD and Qualcomm. This makes TSMC a good bellwether for AI chip demand.TSMC reported a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">54% rise in third-quarter net profit</a> to a record 325.3 billion New Taiwan Dollars, or $10.1 billion. The forecast-beating results were driven by strong demand for AI despite lingering questions over the <a target="_blank" href="https://www.businessinsider.com/ai-return-investment-disappointing-goldman-sachs-report-2024-6">technology's return on investment</a>.By contrast, ASML, Europe's most valuable tech company, slashed guidance for next year, sending its stock plunging by 16% in its biggest single-day drop since 1998. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10">Other chip stocks followed</a>, with Nvidia dipping almost 5%, AMD falling 5.3%, and Broadcom tumbling 3.5% around midday Tuesday. Their shares steadied on Wednesday. Another factor at play is that chipmakers increased their manufacturing capacity to meet rising demand during the pandemic. Now, chipmakers such as Intel, Samsung, and TSMC have pulled back on ASML orders because they realize they have plenty of capacity, Dan Hutcheson, vice chair at analyst firm TechInsights, told Reuters. It's also key to distinguish that not all chips are for AI — and weaker demand for other areas like PCs can drag growth. "It is important to notice that semis have many subsegments, and while some subsegments can be in a bottom (like PCs), others can be on a top (AI), so it's difficult to predict where overall demand will be in 18 months," Correonero said.<h2 id="4de96bdb-cb04-4a05-9ac5-6a389f3025a7">Demand for AI remains high </h2>In a conference call on Thursday, TSMC's chief executive, CC Wei, reassured investors that the company's growth was real and rejected that AI was in a bubble."This is a tangible ROI benefit," he said in response to a question from JPMorgan analyst Gokul Hariharan. "We cannot be the only one company that have benefited from this AI application. So, I believe a lot of companies right now are using AI and further on improving productivity, efficiency, and everything."For now, investors seem to favor faster-growing companies like TSMC."It looks like TSMC seems to be in the better place for the time being, bolstered by its faster growth rate," Correonero said."TSMC seems more aligned with Nvidia and others, where demand has held up much better in recent months, and indeed shows signs of recovering after a mixed summer," he added.While a slowdown at ASML might suggest some caution, the bigger picture still points to a continued surge in AI demand."In the short to medium term, AI applications, data centers, and advanced chips are still driving strong demand," said Kate Leaman, chief market analyst at <a target="_blank" href="http://avatrade.co.uk/">AvaTrade</a>. "So, while ASML might be experiencing a temporary slowdown, companies like TSMC could continue delivering strong results thanks to these high-growth areas."As other chip firms such as Qualcomm and Intel publish earnings in the coming weeks, a clearer picture of the market will emerge. "For now, the AI boom seems to be sustaining solid growth for chipmakers," Leaman added.

What the roller coaster earnings at ASML and TSMC tell us about demand for AI chips

<ul class="summary-list"><li>The rules are always a little different for Elon Musk.</li><li>The Tesla CEO keeps it cool and keeps investors on his side.</li></ul>Once again, <a target="_blank" href="https://www.businessinsider.com/tesla-earnings-wall-street-ev-elon-musk-disappointing-hybrids-robotaxis-2024-4">Elon Musk</a> managed to buck expectations this week when the company's stock soared despite dismal earnings results.Tesla quelled weeks of investor angst with Musk's word on two important future products: a long-awaited <a target="_blank" href="https://www.businessinsider.com/tesla-investors-cheaper-cars-soon-musk-said-earnings-stock-up-2024-4">affordable model</a> and the eventual activation of a <a target="_blank" href="https://www.businessinsider.com/tesla-reveals-uber-competitor-ride-hailing-app-photos-2024-4">self-driving ride-hailing</a> fleet.Musk did not give a timeline for when either of these things would happen (we <a target="_blank" href="https://www.businessinsider.com/tesla-to-reveal-robotaxi-this-year-elon-musk-2024-4">might see one in August</a>). Even if he did, the billionaire is famous for <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-elon-musk-twitter-driver-assistance-system-giga-texas-2023-7">missing his own deadlines.</a>Still, <a target="_blank" href="https://www.businessinsider.com/teslas-future-is-riding-on-elon-musk-believers-2024-4">Tesla</a>'s stock, which had been in a free-fall heading into Tuesday's earnings, has soared 16% in the days after. (It's still about 35% off recent highs, though). Facebook owner Meta, on the other hand, reported relatively strong earnings for the first quarter — only to see its stock price plummet as investors worried over the cost of CEO Mark Zuckerberg's future AI ambitions.While Musk talked cost-cutting, Zuckerberg had to warn investors the bets wouldn't pay off immediately. Meta stock plunged in trading Thursday following the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/facebook-meta-stock-price-today-mark-zuckerberg-ai-spending-push-2024-4?_gl=1*mopya7*_ga*MTgyODgzNDc1MC4xNjg0MzMxMjE0*_ga_E21CV80ZCZ*MTcxNDA2NzY0OC4zMjguMS4xNzE0MDcwOTkyLjE0LjAuMA..">Wednesday report</a> and is set to close down nearly 11% despite a healthy run of 27% since the start of the year. From a bird's-eye view, the contrasting results are confusing. How can one company <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-quarterly-earnings-call-report-live-updates-2024-4">be rewarded by Wall Street</a> for a sizable earnings miss, while the other is punished <a target="_blank" href="https://www.businessinsider.com/meta-stock-facebook-quarterly-earnings-call-report-live-updates-2024-4">despite beating expectations</a> for the quarter?The answer is simple, but no less maddening: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-elon-musk-affordable-electric-cars-earnings-2024-4?_gl=1*1y9c4x9*_ga*MTgyODgzNDc1MC4xNjg0MzMxMjE0*_ga_E21CV80ZCZ*MTcxNDA2NzY0OC4zMjguMS4xNzE0MDc0NTcxLjYwLjAuMA..">Elon Musk</a>.Over and over again, Musk has been able to <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-investors-twitter-anxieties-calmed-with-ceo-normalcy-2023-1">quell investor worries</a> simply by appearing calm and collected on the quarterly earnings call. For a <a target="_blank" href="https://www.businessinsider.com/elon-musk-cybertruck-delivery-event-complaints-recovery-2023-12">bombastic and unpredictable</a> executive, simply showing up as "the adult in the room" is often enough to get anxious investors back on his side.Tuesday night was no different. Musk was cool heading into the quarterly earnings call, assuring investors that Tesla still had plans for an affordable model (without <a target="_blank" href="https://www.businessinsider.com/tesla-scrapping-25k-car-report-elon-musk-denies-2024-4">citing the reports</a> that originally spooked investors) and painted a rosy picture of Tesla's future self-driving robotaxi business.Sure, some of the blind trust in Musk's promises may be sycophantic. The list of things Musk unfulfilled promises for Tesla runs a mile long.But Tesla's biggest believers often remind me that the list of things Musk has pulled off against serious odds is also impressive.Industry experts and executives have told me several times over the years that Musk keeps investors' trust by consistently defying expectations, like making a once doomed car — <a target="_blank" href="https://www.businessinsider.com/bought-used-tesla-model-3-high-mileage-happy-2024-3">the Model 3</a> — one of the best-selling cars in the world.These moments are enough to keep the believers going, and Tesla's stock afloat, for now."The bears so far in 2024 have won this battle and been very right," Wedbush analyst and noted Tesla bull Dan Ives wrote in a Wednesday morning note to clients."But we believe the next wave of the Tesla growth story and autonomous vision is now forming and that is what we are focused on for our bullish investment thesis looking ahead."

The stark contrast between Meta and Tesla earnings reactions reveals the uncanny power of Musk's promises

<ul class="summary-list"><li>Bank of America raised its Microsoft earnings estimate by 1% above their $60.5 billion Q3 revenue forecast, expecting a 16.6% stock upside.</li><li>The bank expects the tech giant's solid 11% year-over-year growth, fueled by Azure and M365 strength.</li></ul>Wall Street is eagerly awaiting Big Tech earnings to show signs the artificial intelligence revolution is well underway, and Microsoft's first-quarter results next week may show that playing out. According to Bank of America, the tech giant's April 25 earnings release should be upbeat, with the bank upping its earnings estimate by 1%, primarily on the back of strength in the Azure and Microsoft 365 segments. The bank maintained its $480 price target, representing potential upside of nearly 17% from levels on Thursday. The bank sees 11% year-over-year growth "stemming from <a href="https://www.businessinsider.com/sc/how-microsoft-azure-arc-brings-cloud-solutions-to-hybrid-environments">sustained Azure</a> and <a href="https://www.businessinsider.com/microsoft-rolls-out-365-copilot-to-internal-teams-leaked-message-2024-2">M365</a> strength," BofA strategists Brad Sills and Adam Bergere said in a note on Thursday. The bank also predicts Microsoft's next growth surge will likely hinge on major advancements in AI-related products, such as a surge in M365 Copilot users or a boost in Commercial Office ASP."[W]e believe the next catalyst for Microsoft shares will be evidence that key AI-related product cycles are gaining traction via incremental growth metrics such as M365 Copilot users or via accelerating Commercial Office ASP (from the current 6% to 7% level)," the analysts wrote.Breaking it down, BofA sees the segment growing 11.5% year-over-year, with revenue surging to $19.5 billion thanks to better Commercial Office growth. Despite trading at 37 times projected 2025 free cash flow, the bank foresees Microsoft's valuation holding steady, propelled by the burgeoning AI market, which the analysts expect to grow to $944 billion by 2027.Shares of Microsoft traded at $407.10 at 1:20 p.m. ET on Thursday, down by about 1% on the day.

Microsoft has 17% upside potential and upcoming earnings will show strong AI-driven growth, Bank of America says

<ul><li>US stocks dropped on Tuesday as the AI trade cooled down ahead of Nvidia's earnings report.</li><li>Shares of Nvidia and Super Micro Computer both fell by about 5% in Tuesday trades.</li><li>Solid earnings results from Walmart and Home Depot painted a solid picture of the US consumer.</li></ul>US stocks dropped on Tuesday with the AI trade cooling down ahead of Nvidia's fourth-quarter earnings results.Nvidia and Super Micro Computer stock both declined by about 5% on Tuesday as investors take profits ahead of <a href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-preview-what-wall-street-expects-nvda-ai-2024-2">what could be a market-moving event when Nvidia CEO Jensen Huang</a> kicks off his company's earnings call after the market close on Wednesday.Nvidia has been largely responsible for spurring a rally in tech stock over the past year thanks to excitement towards artificial intelligence. Now, investors want to see how much financial strength is behind the AI hype.Meanwhile, retailers <a href="https://markets.businessinsider.com/stocks/wmt-stock?miRedirects=1">Walmart</a> and <a href="https://markets.businessinsider.com/stocks/hd-stock">Home Depot</a> reported earnings on Tuesday, with both companies beating revenue and profit projections. Walmart stock jumped 3% after it announced a 9% dividend hike and prepares for a 3-for-1 stock split later this month, while Home Depot stock traded about flat.Of the 79% of <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> companies that have reported earnings results so far, 80% beat profit estimates by a median of 7% and 64% are beating revenue estimates by a median of 3%, according to Fundstrat.Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: <ul><li><a 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>: 4,975.51, down 0.6%</li><li><a 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>: 38,563.80, down 0.17% (-64.19 points)</li><li><a 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>: 15,630.78, down 0.92%</li></ul>Here's what else happened today: <ul><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-2024-outlook-goldman-sachs-hikes-sp500-price-target-2024-2">Goldman Sachs increased its S&amp;P 500 price target for the second time since November</a> to 5,200, representing potential upside of about 4% from current levels. The bank said strong earnings were behind the change.</li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-preview-what-to-watch-tech-stocks-ai-hype-2024-2">Here's what investors should watch for when Nvidia reports its earnings results</a> on Wednesday, according to Wedbush analyst Dan Ives.</li><li><a href="https://markets.businessinsider.com/news/commodities/lab-grown-diamond-prices-engagement-rings-carat-value-outlook-jewelry-2024-2">A glut of supply of lab-made diamonds are likely to result in a price decline,</a> according to analysts.</li><li><a href="https://markets.businessinsider.com/news/stocks/nintendo-switch-2-console-2025-delay-report-ntdoy-stock-price-2024-2">Nintendo stock fell 5% on Tuesday after a report said it would delay its Switch 2 console</a> launch until early 2025.</li><li><a href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-preview-what-wall-street-expects-nvda-ai-2024-2">Here's what Wall Street expects to hear from Nvidia</a> when it reports its fourth-quarter results on Wednesday.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil fell 1.66% to $77.16 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, dropped 1.32% to $82.46 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> climbed 0.57% to $2,035.60 per ounce. </li><li>The 10-year Treasury yield was flat at 4.27%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> climbed 0.79% to $52,188. </li></ul>

US stocks drop as AI trade takes a breather ahead of Nvidia earnings

<ul><li>The SGX Nifty was trading 0.24% lower at 7:32 am, indicating a subdued start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Despite positive cues from the western markets, the Indian equities may open on a cautious note on Friday. The SGX Nifty was trading 0.24% lower at 7:32 am, indicating a subdued start for Nifty50. The US stock markets soared on Thursday, led by a rally in tech and healthcare stocks, as the <a href="https://www.businessinsider.in/stock-market/news/dow-climbs-370-points-as-likely-divided-government-extends-healthcare-and-tech-rallies/articleshow/79065261.cms">dwindling prospects of a Democratic sweep</a> lifted sectors prone to regulation. The Dow Jones Industrial Average closed 542 points higher, and the S&amp;P 500 gained 1.9%. These are the stocks to watch out for during the trading session on November 6: Reliance Industries Limited (RIL) Mukesh Ambani-owned Reliance Industries (RIL) garnered over ₹9,555 crore from <a href="https://www.businessinsider.in/business/news/mukesh-ambani-cashes-in-yet-another-cheque-from-pif-saudi-arabia-sovereign-fund-to-invest-1-3-billion-in-reliance-retail/articleshow/79061345.cms">Saudi Arabia Public Investment Fund</a> for a 2.04% stake in Reliance Retail Ventures. The shares of RIL ended 2.28% higher on Thursday. <keyword id="45417" type="COMPANY" weightage="20" keywordseo="Adani-Power">Adani Power</keyword> Adani Power posted a good quarter. Its consolidated net profit surged manifold to ₹2,228.05 crore in the quarter ended September 30, mainly on account of improved income. The company had clocked a net profit of Rs 3.88 crore in the year-ago period. The shares of Adani Power ended 0.41% higher on Thursday. <keyword id="2834858" type="COMPANY" weightage="20" keywordseo="Minda-Corp">Minda Corp</keyword> Minda Corp will allot 1.19 crore shares on a preferential basis to PHI Capital Trust. The shares will be allotted at a price of ₹70 a piece, aggregating up to ₹83 crore. The shares of Minda Corp ended 6% higher on Thursday. <keyword id="105311" type="COMPANY" weightage="20" keywordseo="INOX-Leisure">Inox Leisure</keyword> The board of cinema hall giant Inox Leisure approved raising up to ₹250 crore via equity or other securities. The shares of Inox Leisure ended 4.5% higher on Thursday. Dalmia Bharat Cement maker Dalmia Bharat reported an over six-fold increase in its consolidated net profit at ₹232 crore for the second quarter ended September 2020, helped by higher sales volume. Its revenue from operations was up 7.78% at ₹2,410 crore during the quarter under review. The shares of Dalmia Bharat ended 6% higher on Thursday. <keyword id="82073" type="COMPANY" weightage="20" keywordseo="Berger-Paints">Berger Paints</keyword> Berger Paints India reported an increase of 13.55% in its consolidated net profit to ₹221.05 crore for the second quarter ended September 2020. Its revenue from operations was up 9% at ₹1,742.55 crore during the quarter under review. The shares of Berger Paints ended 2% higher on Thursday. Birla Corporation Birla Corporation reported an increase of 87% in its profit at ₹166.62 crore in the second quarter ended September 30. The company said that good performance had been due to cost rationalisation and recovery in demand in key markets. The shares of Birla Corporation ended 0.73% higher on Thursday. <keyword id="6357073" type="UNKNOWN" weightage="20" keywordseo="ITC">ITC</keyword>, <keyword id="6357157" type="UNKNOWN" weightage="20" keywordseo="cipla">Cipla</keyword>, Ashok Leyland, BHEL, Tata Consumer and Aditya Birla Fashion ITC, Cipla, Ashok Leyland, BHEL, Tata Consumer and Aditya Birla Fashion are slated to report their quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/heres-when-you-can-expect-more-data-from-each-state-in-the-next-few-hours/articleshow/79065787.cms" data-type="tilCustomLink">Here's when you can expect more data from each state in the next few hours</a> <a href="https://www.businessinsider.in/india/news/china-bans-entry-of-foreign-nationals-from-india-citing-spike-in-covid-19-cases/articleshow/79062691.cms" data-type="tilCustomLink">China bans entry of foreign nationals from India citing spike in COVID-19 cases</a>

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