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<ul class="summary-list"><li>ETF inflows have taken off in the last week or so, as have stocks.</li><li>Strategists, including BlackRock's Gargi Chaudhuri, are optimistic about the economy.</li></ul>Investors have <a target="_blank" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">poured money into the market</a> at an unprecedented pace since <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's victory</a>, though a veteran investment chief believes there's much more than politics at play.Inflows into exchange-traded funds (ETFs) have shattered the record set in 2021 with more than a month and a half to spare, according to asset management titan BlackRock. The world's largest ETF issuer recently noted that $77 billion went into ETFs in the week after the election, which had never happened before. That surge coincided with the S&amp;P 500's best week of 2024.Markets were especially euphoric <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-trump-president-economy-tariffs-trade-war-kelly-2024-11">immediately after election day</a>. An astounding $22.3 billion went into US ETFs last Wednesday, and BlackRock's uber-popular iShares Russell 2000 ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-russell-2000-etf-us4642876555">IWM</a>) had its most active day of trading and inflows since 2007 as small caps soared by 5.8%.However, BlackRock's Gargi Chaudhuri doesn't think President-elect Trump deserves all the credit for this astounding market rally. The chief investment and portfolio strategist, Americas noted in a recent interview that US stocks <a target="_blank" href="https://www.businessinsider.com/stock-market-rally-outlook-trump-win-investing-strategy-2025-page-2024-11">had several strong catalysts</a> before Trump's win."Obviously, there have been some pretty sharp movements over the course of the last week," Chaudhuri told Business Insider. "But even as we look back to the quarter before that or since the beginning of this year, I think there have been some very solid fundamentals that have underpinned this movement."Robust growth for the economy and corporate earnings are some of the most salient market drivers, as are lower interest rates and receding inflation, Chaudhuri said. End-of-year rallies are also very common, <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-history-yearend-rally-election-trump-harris-truist-2024-11">especially in strong years for the market</a>, as Truist recently remarked.Another convincing explanation for this recent market momentum is that investors had reduced risk as uncertainty mounted ahead of the election before quickly changing course when they got clarity on the path forward sooner and more decisively than anticipated."Investors bringing down their portfolio risk going into elections was perhaps one of the reasons that we have seen this pretty strong re-risking in markets, especially after we got the election results," Chaudhuri said.<h2 id="e1cf1135-8543-44c9-9cf9-a679564fb91f">Why softer economic readings are a red herring</h2>As the new year approaches, Chaudhuri is rather confident about the US economy, even though a few recent developments seem to have given the glass-half-empty camp some ammunition.GDP growth and job additions have slipped lately, though neither is a major cause for concern for Chaudhuri. The economy <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10">didn't expand as much as expected in the third quarter</a>, but GDP still rose <a target="_blank" href="https://tradingeconomics.com/united-states/gdp-growth">at a healthy clip of 2.8%</a>. And a <a target="_blank" href="https://www.businessinsider.com/october-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-11">weak October jobs figure</a> appears to be largely due to the severe weather events that disrupted thousands of workers.Besides, more modest growth is a sign that the economy isn't overheating, which is welcome news to the Federal Reserve in its quest to ease financial conditions without reviving inflation. Such moderations aren't giving Chaudhuri pause about the trajectory of the US economy."It would be very normal for us to continue to see a further normalization in the labor market, given how strong the economy has already been, how high rates are," Chaudhuri said.The investment chief added: "We haven't really seen that job destruction taking place quite yet. You're still seeing wages rising; you're not seeing layoffs pick up in a meaningful manner."Corporate earnings growth is arguably the most compelling reason to stick with US stocks following what's been another outstanding performance this year. Profits <a target="_blank" href="https://www.businessinsider.com/stock-market-rally-outlook-trump-win-investing-strategy-2025-page-2024-11">jumped about 7% in the third quarter</a>, which is well above the <a target="_blank" href="https://www.businessinsider.com/how-to-invest-q3-earnings-season-recession-risk-investing-strategy-2024-10">mid-single-digit figure that analysts were banking on</a>."One of the things that the equity market has done over and over again is continue to surprise us in terms of earnings growth," Chaudhuri said. "I think companies have continued to find very innovative ways to manage their expenses. They've found a way, especially given the spend on AI, the type of CapEx that's going into finding ways to make companies have more productivity."<h2 id="1bb5d4ad-c973-49dc-9ddc-4fb0e9f732a3">Where to invest in a rosy 2025</h2>Two sectors with abnormally strong earnings prospects are financials and industrials, Chaudhuri said. These economically sensitive groups enjoyed some of the larger post-election pops as <a target="_blank" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">Wall Street puts its chips on sectors that should benefit from a hot economy</a>.And although <a target="_blank" href="https://www.businessinsider.com/cheap-stocks-to-buy-strong-growth-market-outlook-garp-bmo-2024-10">smaller stocks have been on a heater</a>, Chaudhuri believes that large, undervalued companies are the better place to be, given their superior earnings setup."For a longer period of time, large cap is where we think the earnings growth is going to continue to be higher and better," Chaudhuri said.While earnings may not be under the microscope like they were when interest rates were at their peak, they're still top of mind for Chaudhuri. Larger stocks often have better earnings than their smaller peers, and the investment chief thinks that the cream will eventually rise to the top."This catch-up trade that's happening in small caps right now has a little bit of legs," Chaudhuri said. "I think that can continue, maybe 'til the end of this month or even the end of next month."Chaudhuri continued: "But for us to believe in sustained rallies in small caps, we would need to see earnings growth, and over 50% of the small-cap index still is not very profitable."

BlackRock's Gargi Chaudhuri shares how to invest as ETF inflows soar to records ahead of a promising 2025

<ul class="summary-list"><li>The Dow closed above 44,000 and the S&amp;P 500 closed above 6,000 for the first time on Monday.</li><li>Bitcoin soared 8% to hit a record high as crypto's post-election rally continued. </li></ul>US stocks were higher on Monday, with the <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a> jumping about 300 points while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> edged slightly higher.The Dow closed above the 44,000 level for the first time ever, while the S&amp;P 500 hit a record intra-day high and closed above the 6,000 level for the first time.The Trump trade was largely extended on Monday, with shares of Tesla, bitcoin, the US dollar, and shares of US banks all surging.Bitcoin jumped 8% to hit a record high of $87,478. Crypto investors continued to celebrate Trump's win, which the <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-industry-donald-trump-election-reserve-regulation-sec-2024-11">market expects to be a positive</a> catalyst amid the President-Elect's promises of policies aimed at boosting the sector. Meanwhile, tech shares mostly slumped, with shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, the world's three largest companies, all down about 1%.Investors' top concern this week is inflation data, with consumer price index data for the month of October set to be released Wednesday morning.Economists expect a 2.5% year-over-year jump in CPI, compared to a rise of 2.4% in the prior month."While economic fundamentals suggest inflation should continue to moderate, policy changes pose an upside risk to the outlook. Nevertheless, we think the October CPI report will be good enough for the Fed to follow through with a 25bp cut in December," Bank of America said on Monday.In addition to inflation data, corporate earnings remain on investors' radars, though they are starting to wind down.So far, 91% of S&amp;P 500 companies have reported third-quarter results. Of those companies, 77% beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%, according to data from Fundstrat.Nvidia is the last big company that will report earnings. The chip giant is scheduled to report its third-quarter results after the market close on November 20.Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 6,001.35, up 0.10%</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>: 44,293.13, up 0.69% (+304.14 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 19,298.76, up 0.06% </li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-short-sellers-losss-donald-trump-election-tsla-elon-musk-2024-11">Tesla short-sellers have lost $8 billion since Donald Trump's election win, according to S3 Partners.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-policies-tax-cuts-inflation-government-debt-deficit-jeremy-siegel-2024-11">President-elect Trump could dial back some of his proposed policies in a bid to not upset the stock market, Jeremy Siegel said.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">Economists say Trump could give Americans the very thing they voted against.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-reaches-80000-for-first-time-trump-election-crypto-2024-11">Bitcoin surged past the $80,000 price level over the weekend and hit a high of $82,500.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/retirement-saving-inflation-cost-of-living-crisis-investing-401k-pensions-2024-11">Americans' cost-of-living anxiety is creating a population of oversavers.</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 declined 3.13% to $68.18 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 2.59% to $71.96 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dropped 2.41% to $2,629.90 an ounce.</li><li>The 10-year Treasury yield was unchanged as the bond market was closed in observance of Veterans Day.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> surged 8.37% to $87,160.69.</li></ul>

Stock market today: Dow closes above 44,000, tech shares stumble as traders eye inflation data

<ul class="summary-list"><li>US stocks raced to record highs after the 2024 presidential election concluded.</li><li>Investors seem certain that President-elect Donald Trump's policies are best for stocks.</li></ul>Wall Street is in love with Donald Trump, as if there was ever any doubt.A robust, multi-year bull market rally for US stocks reached another gear after the businessman-turned-politician <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">won the presidential election</a>. The S&amp;P 500 just topped 6,000 for the first time ever, and the tech-focused Nasdaq Composite is also in uncharted territory.Traders are convinced that the bulk of <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">Trump's economic policies</a>, which include tax cuts and fewer government regulations, will create a business-friendly backdrop that drives stocks higher."Investor sentiment is pro-growth, pro-deregulation, and pro-markets," said David Bahnsen, the chief investment officer at The Bahnsen Group, in recent commentary sent to Business Insider.<h2 id="3e5bdf8a-fc97-4e3d-a950-f23703f0015e">'Animal spirits' have been unleashed</h2>While some are skeptical of the consensus view, <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-trump-president-economy-tariffs-trade-war-kelly-2024-11">including those who are terrified about tariffs</a>, it looks as if investors broadly are scrambling to add exposure to equities. A staggering $22 billion flowed into exchange-traded funds on Wednesday, which was more than four times higher than the previous record for the day after the US election, according to State Street Global Advisors.Markets may hate uncertainty even more than tax hikes, so it's possible that a Kamala Harris win also could have sparked a relief rally.But that might dismiss how ecstatic big-money investors are about another Trump term, given that the S&amp;P 500 rose over 50% from his victory in 2016 until shortly before the pandemic."Business animal spirits could be rekindled once again from Trump's pro-business approach, which could lead to a more robust capital expenditures and investment environment," said Jeff Schulze, the head of economic and market strategy at ClearBridge Investments, in commentary.That term, "<a target="_blank" href="https://www.investopedia.com/terms/a/animal-spirits.asp">animal spirits,</a>" was coined in the 1930s by famed economist John Maynard Keynes, who remarked that investors' decisions are often driven by intense emotions like greed and fear.Anthony Saglimbene, Ameriprise's chief market strategist, borrowed Keynes' famous phrase to make the same point as Schulze: investors may be euphoric for the foreseeable future."Animal spirits through year-end could push major averages higher as the overhang of the election is removed and investors look to put excess cash to work in stocks," Saglimbene said in commentary.<h2 id="648d2368-71e0-40ed-9ed5-95b7faf9578c">How to invest after Trump's win</h2>Although the US economy <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">looks healthy by most measures</a>, many market strategists are counting on an even bigger boom under Trump that <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-election-investing-strategy-2016-comparison-morgan-stanley-2024-11">would benefit economically sensitive stocks</a>."This broad 'risk-on' mood for the U.S. stock market is cutting across all sectors, but particularly favoring more cyclically sensitive sectors that would benefit from a re-strengthening of the economy and tailwinds to corporate profitability," said Jim Baird, the chief investment officer at Plante Moran Financial Advisors, in written commentary sent to BI.Sectors that are heavily reliant on economic growth, like energy and financials, will stay hot, said Sébastien Page, the head of global multi-asset at T. Rowe Price, in a recent interview."I don't think it's over the top," Page said of the postelection market rally.Several of the strategists and investment chiefs that Business Insider leaned on for this story also cited small caps as a top idea, provided that the economy stays strong and taxes fall."Enough people had been worried about, 'Could we have a credit cycle? Could we have an economic slowdown into next year? What would increases in taxes and regulation do?'" said Sean Gallagher, the global head of Lazard's small-cap equity platform, in an interview.He continued: "Now that's off the table. I think it just increases small-business optimism. I think it'll increase <a target="_blank" href="https://www.investopedia.com/terms/c/capitalexpenditure.asp">CapEx</a>, which has been kind of held back."Smaller companies performed admirably early on in Trump's first tenure, though <a target="_blank" href="https://www.businessinsider.com/cheap-stocks-to-buy-strong-growth-market-outlook-garp-bmo-2024-10">they've lagged large caps for years</a>. Gallagher is highly optimistic about the group again, both because of the economic environment and their valuations, which are <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-small-mid-caps-market-rotation-outlook-bmo-2024-10">startlingly cheap relative to their peers</a>.Schulze from ClearBridge is also aboard the cyclical and small caps train. The strategist is fired up about what Trump's penchant for lower taxes and limited regulations means for industrials, consumer discretionary stocks, and financials.Saglimbene from Ameriprise concurred again that "the backdrop for financials could improve, as less regulation and the potential for merger/acquisition and capital market activity accelerate."Add the technology sector to the list of winners from less governmental oversight, Bahnsen said. Tech companies seem like a clearer beneficiary since the Federal Trade Commission (FTC) should be less hostile to their interests.For all the optimism in markets, some strategists are branching out from stocks.Jim Thorne, who's the chief market strategist at Canada-based wealth management firm Wellington-Altus, said in commentary that he's most interested in gold and bitcoin, which some have referred to as the yellow metal's digital doppelgänger.The world is awash with cash, making scarce assets like gold and bitcoin more valuable, and Thorne also noted that global economic growth is slowing. That suggests that the path forward for risk assets may not be smooth — even if Trump is successful in his second term."Investors should brace for volatility and shifts in market leadership as we transition to a peacetime economy, shaped by Trump's policies," Thorne said in written commentary.

'Animal spirits': 7 market strategists share how to ride the red wave as US stocks surge to new records

<ul class="summary-list"><li>Interest rates and stock returns are expected to decline, impacting investment strategies.</li><li>Historically, stocks and bonds have alternated in performance, affecting portfolio decisions.</li></ul>A diversified investing strategy means a split between stocks and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-a-bond">bonds</a>, at minimum. But for the better part of the last two decades, interest rates were near zero, and real returns in bonds were lacking.Still, investors added them to their portfolios because history has shown us that asset classes can zig and zag, with long <a target="_blank" class="" href="https://www.businessinsider.com/stock-and-bond-market-correlation-normal-2014-2">periods of stock market outperformance</a> relative to bonds and intervals where that dynamic flipped.The last two years were great for both asset classes. Elevated rates put the bond market back on investors' minds, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> had a solid 26% total return. But depending on who you ask, the future may not be as bright.Yields will be less attractive as the <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11#:~:text=The%20Fed%20cut%20interest%20rates,country%20recovered%20from%20the%20pandemic.">Fed begins its rate cuts</a> for this cycle. Meanwhile, Goldman Sachs expects stock-market returns to be muted for the coming decade. The S&amp;P 500 is predicted to see a mere 3% annualized return over the next 10 years, which could lag the 10-year Treasury at an expected 4% yield, according to a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-beat-stock-market-returns-next-decade-goldman-sachs-2024-10">recent note</a> by the investment bank's chief US equity strategist David Kostin.If the bears are right, investors may be forced to take on more risk for returns. Sounds gloomy, but for bond traders like Mark Rieder, who has over two decades of experience in the sector, it could be an opportunity to dig for bargains in corporate credit.Generating alpha for a credit trader could mean beating a peer, a Bloomberg fixed income index that matches the category of bonds traded, or simply remaining in positive territory in terms of total returns when the market is down, Rieder told Business Insider."Over the past 10 years, when interest rates were very low, it was not an exciting time to be a credit analyst and a portfolio manager," Rieder said. "But it's much more interesting today, and I'm really excited about that."However, active debt investing takes a good level of skill and consistent effort to make the right credit selection, according to his new book, "Reminiscences of a Bond Operator." Like the stock-picking process, following the crowd or consensus won't result in alpha. A credit trader must conduct the same level of fundamental analysis and dig into a company's balance sheet, earnings calls, 10Qs, and 10Ks, among other things, to determine valuation."I've always believed that a good credit analyst is also a really good equity analyst because you really need to understand the capital structure of the companies that you're evaluating and all of their different needs," Rieder said. "Most companies want to have their stock price go up, and so as a credit analyst, you need to understand that so that you can understand what their motivations are."It's especially important now, as the credit space faces its own set of challenges. Like the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/are-we-in-a-recession">business cycle</a>, credit has its booms and busts based on macro conditions and supply and demand. In a strong economic environment, corporate cash flows rise, and companies increase borrowing with favorable lending terms. But when times are tight, companies deleverage until their debt is less than their cash flow. Once that equilibrium is satisfied, more borrowing ensues, according to his book.Rieder said credit is in the boom part of the cycle. This might sound surprising, considering debt has been expensive for the better part of the last two years. But most companies were locked into low yields before rates rose, he noted. As debt turnover increases, investors need to be cautious."There's a lag impact on the increase in rates. Most companies borrow for long periods of time, five years, 10 years," Rieder said. "A lot of companies issued debt when interest rates were very low. They're now only starting to refinance that low-coupon debt. That, in turn, is what causes an impact."He doesn't expect that the Fed's cutting cycle will mitigate the crunch. The central bank can impact front-end yields, but the back end is driven by additional considerations, he noted. The 10-year rose to 4.3% shortly after the first rate cut of September, a signal that <a target="_blank" class="" href="https://www.businessinsider.com/us-election-forecast-most-accurate-economist-predicts-outcome-economic-impact-2024-10">investors were looking ahead</a> at other economic risk factors, including concerns over the government's ballooning deficit, he added. Additionally, economic conditions such as elevated credit card debt pose concerns for future corporate profits.<h2 id="101d0bc7-10c7-46f9-a758-eea160588283">Trading credit</h2>Right now, investment-grade credit spreads are tight. The yields in corporate bonds aren't much higher than in government bonds, meaning less compensation for more risk. But if we move from the boom to the bust phase, credit spreads could widen, and that could create opportunities in the credit space, he said.While spreads are tight, he prefers front-end yield or pairing trades with cheap optionality. The cost of shorting a credit index like the CDX Investment Grade 5-Year Index, a credit-default-swap index that tracks the credit risk of large US investment-grade companies, is low. And since spreads are trading at historically tight levels, it's less likely to get much lower, which could limit potential losses, he said. This position can then be paired with a trade expected to perform positively.An example he provides of a market-neutral pair trade could look like buying a corporate bond in a sector with structural tailwinds, such as a natural gas producer set to benefit from increased demand and rising energy prices, or airplane lessors who benefit from higher lease rates due to a tight aircraft supply — a situation that's unlikely to ease in the near term because of production challenges faced by manufacturers. Then, take a short position in an interest-rate future to hedge against the bond's interest-rate risk."This trade works if natural gas prices remain stable or rise, leading the energy bond to outperform the overall corporate bond market," Rieder said. "It's an excellent opportunity to capitalize on the current tight credit spread conditions and complacency in the overall credit market."Having liquidity can also give you an upper hand. As spreads widen, investors may be forced into selling higher-quality credit because they can't offload the lower-quality ones, he said."There are huge opportunities in credit if you remain liquid during dislocations," Rieder said. "Other investors are going to be looking for liquidity. They can't sell what they want to, so they sell what they can, and that can lead to opportunities to buy cheap assets."

A veteran bond operator shares an alpha-generating strategy for dropping yields and muted stock-market returns

<ul class="summary-list"><li>Indexes fell for a second day on Thursday as a huge week for tech earnings shows mixed results.</li><li>Meta and Microsoft slid after slight earnings beats, and Amazon and Apple are set to report after market close.</li></ul>Indexes slid on Thursday, heading for a second day of declines as big tech earnings fail to impress investors so far.The S&amp;P 500 and Nasdaq both slid, and the Dow Jones Industrial Average lost over 200 points shortly after the opening bell.The drop comes amid a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10?_gl=1*lobd5h*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDMxNTM4MS4zMzguMS4xNzMwMzE5NTU1LjYwLjAuMA..">packed week for earnings</a>, with several of the biggest tech stocks reporting third-quarter results.Microsoft and Meta reported earnings that beat estimates after the closing bell on Wednesday, but the shares of both tech giants slid on forward guidance. Microsoft declined more than 4% after it shared expectations for slower growth in its cloud business, while Meta shares lost over 2% after forecasting "significant" capital expenditures growth next year.Earlier in the week, <a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Google's%20parent%20company%2C%20Alphabet%2C%20released,AI%20products%2C%20the%20company%20said.">Alphabet's earnings</a> beat generated more enthusiasm among investors as CEO Sundar Pichai said the company's AI investments are "paying off."Investors are bracing for earnings from Apple and Amazon after market close today. They will be paying particularly close attention for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-q4-earnings-preview-wall-street-ai-fuels-iphone-demand-2024-10">signs that AI is driving iPhone demand for Apple</a>, especially after the company rolled out its iOS 18.1 update earlier this week, and they expect a <a target="_blank" class="" href="https://www.businessinsider.com/amazon-earnings-preview-aws-consumer-spending-retail-ai-project-kuiper-2024-10">strong beat from Amazon</a>.Meanwhile, the personal-consumption expenditures index, the Fed's preferred inflation gauge, cooled to 2.1% year over year in September from 2.2% in August. That marks progress toward the Fed's 2% inflation target, but the core index—which excludes food and energy prices—came in hotter than expected at 2.7%.Jobless claims from last week fell by more than expected to 216,000, a 12,000 drop from the week prior. Economists had expected claims to come in at 230,000.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,764.93, down 0.84% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,943.67, down 0.47% (-198.87 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,372.58, down 1.25% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">Arizona is the epicenter of the debate</a> about how mass deportations under Trump would hit the US economy. </li><li>Bringing manufacturing back to the US is a <a target="_blank" class="" href="https://www.businessinsider.com/us-manufacturing-production-boom-economy-made-in-america-trade-war-2024-10">$10 trillion opportunity</a> for the economy, Morgan Stanley says.</li><li>Stocks are gripped by <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-election-impact-trump-harris-economy-ai-citi-2024-10?_gl=1*1sq6l9x*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNjUyLjM3LjAuMA..">"near-euphoric sentiment"</a> and the election may offer a chance to pull back, Citi says.</li><li>Nvidia stock is undervalued because AI companies <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-undervalued-9-trillion-ai-spend-masayoshi-son-softbank-2024-10?_gl=1*l4g43y*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNzQwLjU5LjAuMA..">need to spend another $9 trillion</a> to achieve superintelligence, Softbank CEO says.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose almost 1% to $69.27 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.8% to $73.13 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose slipped almost 1% to $2,776.80 an ounce.</li><li>The 10-year Treasury yield rose two basis points to 4.292%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged up to $71,869.</li></ul>

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