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Shares of <keyword id="19950203" type="General" weightage="100" keywordseo="TCS" source="keywords">TCS</keyword> on Friday climbed over 3 per cent after the country's largest <keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore. The stock went up by 3.10 per cent to Rs 4,044.35 on the BSE. At the NSE, it rallied 3 per cent to Rs 4,044.90. The company's <keyword id="20097096" type="General" weightage="20" keywordseo="market-valuation" source="keywords">market valuation</keyword> jumped Rs 40,359.77 crore to Rs 14,59,626.96 crore in morning deals. The stock emerged as the biggest gainer among the Sensex pack. "The positive domestic cue is the better-than-expected numbers from TCS and positive management commentary which can lift most IT stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In the equity market, the 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 82.1 points to 24,398.05. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore for the first quarter ended June 2024. Net profit for the year-ago period stood at Rs 11,074 crore. The company - which competes in the IT services market with the likes of Infosys, Wipro and HCLTech - reported 5.4 per cent increase in revenue at Rs 62,613 crore for the quarter just ended. "I am pleased to report a strong start to the new fiscal year with all-round growth across industries and markets," K Krithivasan, Chief Executive Officer and Managing Director of TCS, said in a release. TCS has declared an interim dividend of Rs 10 per equity share of Re 1 each. Meanwhile, other IT stocks -- Infosys, Tech Mahindra, HCL Technologies and Wipro -- were also in demand.

TCS shares climb over 3% after earnings announcement; Market valuation jumps Rs 40,360 crore

<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>Saudi Arabia is committed to boosting oil output in December, the <a target="_blank" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">FT reported</a>.</li><li>The kingdom is resigning itself to a period a lower prices, sources told the FT.</li></ul>A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.According to sources that spoke with the <a target="_blank" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a>, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.Speculation has mounted over what the world's largest oil exporter may do. Even as Saudi Arabia and other OPEC+ members have progressively<a target="_blank" href="https://www.businessinsider.com/surprise-oil-cutbacks-send-prices-soaring-30-year-oil-expert-2023-11"> cut oil output</a> to prop up global pricing, waning demand pushed crude to its lowest level since 2021 earlier this month.Despite this, those familiar with the matter said that Riyadh is prepared to boost output as scheduled on December 1. In essence, the kingdom is giving in to lower prices, FT sources said.Markets spiraled on the news, dropping over 3%. Brent crude, the international benchmark, fell as low as $70.7 as of 11:00 am ET. An even steeper decline hit US West Texas Intermediate, hitting $67 a barrel.The kingdom's decision may seem counterintuitive, as the $100 per barrel threshold <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-demand-collapse-saudi-arabia-production-russia-opec-2023-9">is considered essential</a> to financing the Saudi budget. Yet, sources told FT that Riyadh is no longer comfortable ceding its market share to other producers by limiting production.OPEC's joint efforts to support higher prices have also been made difficult by the fact that some coalition members have partially disregarded the restrictions. One source told FT that, if countries such as Iraq and Kazakhstan do not commit to curbing supply, Riyadh may unwind its own cuts quicker than expected.Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December.Prices have stayed low as China, a key consumer of global oil, has signaled a lackluster appetite for the commodity.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-25/latest-oil-market-news-and-analysis-for-sept-26">Bloomberg</a>, developments in Libya also added to Thursday's oil plunge.The country agreed to appoint a new central bank governor, ending a deadlock between rival administrations. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

Why oil prices have plunged 3% today

<ul class="summary-list"><li>Stocks were mostly higher Tuesday morning after closing lower in Monday's session. </li><li>Oil prices slid, while investors shrugged off sluggishness in China stocks. </li></ul>Stock markets opened higher on Tuesday as oil prices dipped, helping investors recover slightly after Monday's losing session. International crude prices fell 3%, with Brent down to $78.50 a barrel. US oil prices were also down 3% to $74.77 a barrel. Traders also appeared to shrug off the sluggishness in Chinese stocks. Though the country's soaring equities have recently stolen the spotlight, the <a target="_blank" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">rally stumbled</a> on Tuesday after Beijing failed to announce fresh stimulus as many observers had been expecting. Instead, Wall Street is largely focused on earnings and upcoming inflation data, scheduled for release on Thursday. September's consumer price index has regained the spotlight as a factor that could determine whether the Federal Reserve can continue to cut interest rates this year after last month's jobs report was <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*qs0pxj*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODM5MTI5Mi43MDAuMS4xNzI4Mzk0MTk5LjUyLjAuMA..">much stronger than expected</a>.Economists project consumer inflation for September to come in at 2.3% year-over-year, down from 2.5% in August.However, any upside surprise could trigger stock volatility this week, as it could indicate the Fed may have to keep <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10?utm_medium=ingest&amp;utm_source=markets">interest rates higher for longer</a>, says Bank of America.Meanwhile, Tuesday marked the of the earnings season, kicking with PepsiCo. Shares in the beverage firm fell as the company cut its full-year guidance. Major US financial firms including JPMorgan, Wells Fargo, and BlackRock report on Friday. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,716.40, up 0.36% </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>: 41,915.00, down 0.1% (-42.74 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>: 18,016.89, up 0.51% </li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-outlook-bullish-drivers-stimulus-goldman-sachs-2024-10?_gl=1*j3t12y*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODM5MTI5Mi43MDAuMS4xNzI4MzkyNzQxLjQyLjAuMA..">Goldman Sachs is betting that the Chinese equity rally could run up another 20%</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-fed-outlook-recession-economy-stocks-ed-yardeni-2024-10">The Fed won't cut any more this year as the 'phantom recession' is finally dead</a>, Ed Yardeni says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-trader-lost-306-million-according-to-lawsuit-rbc-2024-10?_gl=1*8qe2uw*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODM5MTI5Mi43MDAuMS4xNzI4MzkyODQyLjYuMC4w">A Tesla trader turned $65,000 into $306 million before losing it all, according to a lawsuit.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude slid 3% to $74.77 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, fell 3% to $78.50 a barrel</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> was essentially flat at $2,665.5 an ounce.</li><li>The 10-year Treasury yield rose by two basis points at 4.053%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> fell 1.44% to $62,384.53.</li></ul>

Stock market today: Indexes edge up as oil prices ease and traders look to key inflation data

<ul class="summary-list"><li>US stocks fell Monday as bond yields and oil prices moved higher.</li><li>The rise in oil prices and solid September jobs report has revived inflation concerns.</li></ul>US stocks retreated from near-record highs on Monday, with all three major moving averages declining by about 1%.A number of risk factors pushed stocks lower on Monday, including a jump in interest rates and oil prices, the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">growing intensity of Hurricane Milton</a>, and negative news flow for a couple of mega-cap technology stocks.The 10-year US Treasury yield jumped back above 4% on Monday, representing its highest level in about two months. Friday's release of the September jobs report sparked the move higher in yields.The stronger-than-expected nonfarm payroll report showed <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">employers added 254,000 jobs</a> last month, crushing estimates of about 150,000. The unemployment rate also declined slightly to 4.1%.Meanwhile, oil prices continued to surge on Monday, rising by about 4% as tensions in the Middle East continued to simmer on the first anniversary of the Hamas-led attack against Israel.The rise in oil prices and the stronger jobs report are fanning fears of a potential rebound in inflation, which would mean fewer rate cuts from the Federal Reserve."After Friday's strong employment report, the consensus might pivot to 'no rush to ease further' during the fall. We can't rule out 'higher for longer' making a comeback this winter. We are in the none-and-done camp for the rest of this year," Yardeni Research said in a note on Monday.Finally, a Wells Fargo analyst downgrade of Amazon sent that stock lower by about 3%, while Alphabet shares dropped 2% after a judge ordered <a target="_blank" class="" href="https://www.reuters.com/legal/us-judge-orders-google-open-up-app-store-competition-2024-10-07/">the company to open its app store to more competition,</a> handing a victory to Epic Games.Investors will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">turn their attention to earnings season, which kicks off this week</a> with results from PepsiCo on Tuesday, followed by the first of the major banks on Friday.Finally, the September CPI report is also due out this Thursday. Economists expect the CPI index to rise 2.3% year-over-year in September, down from 2.5% in August. Bank of America analysts note that an upside surprise in last month's inflation reading has the potential <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10">to send stocks on a roller coaster this week</a>. Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,695.94, down 0.96% </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>: 41,954.24, down 0.94% (-398.51 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>: 17,923.90, down 1.18% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-nvda-smci-super-micro-100000-gpu-chips-2024-10">Nvidia stock jumped 4% on Monday after Super Micro Computer said it was shipping more than 100,000 GPUs per quarter.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-september-jobs-report-growth-value-david-kelly-2024-10">JPMorgan's chief strategist told Business Insider why he is feeling "increasingly queasy" about the market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-trader-lost-306-million-according-to-lawsuit-rbc-2024-10">A Tesla trader turned $65,000 into $306 million before losing it all, according to a lawsuit.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">Falling home prices and fed-up residents show the Texas housing boom is slowing down.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/inflation-outlook-fed-interest-rate-cuts-jobs-report-us-economy-2024-10">Consumer prices are still in focus for investors despite the Fed's recent pivot to the labor market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-goldman-sachs-boosts-sp500-price-target-again-2024-10">Goldman Sachs increased its year-end S&amp;P 500 price target for the third time this year to 6,000.</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 jumped 3.93% to $77.30 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 3.89% to $81.09 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.18% to $2,663.00 an ounce.</li><li>The 10-year Treasury yield was higher by 7 basis points at 4.032%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 0.82% to $63,335.</li></ul>

Stock market today: Indexes drop and yields, oil prices spike ahead of earnings and fresh economic data

<ul class="summary-list"><li>Professional trader John Salama has ridden the market rally for the last year.</li><li>US stocks will remain hot for at least the next six months, even if there's a pullback.</li></ul>Swing trader John Salama has been hyper-bullish — almost to the point of hyperbole.Just over a year ago, Salama predicted that the S&amp;P 500 <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-market-rally-outlook-prediction-analysis-investing-strategy-2023-9">would rebound and rally into year-end</a>. He then <a target="_blank" href="https://www.businessinsider.com/how-to-invest-now-stock-market-rally-outlook-prediction-salama-2024-1">called for continued strength</a> in early 2024 and said a few months later that the S&amp;P 500 would climb <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-prediction-sp500-rally-year-end-salama-2024-3">to 6,000 before 2025</a>, before <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-market-outlook-prediction-investing-strategy-ai-tech-2024-7">doubling down on that forecast over the summer</a>.Though those calls may have seemed unrealistic then, they've mostly come true so far.The S&amp;P 500 is up 22.7% to 5,850 in 2024, which has shattered <a target="_blank" href="https://www.businessinsider.com/2024-outlook-stock-market-economy-recession-investing-forecast-wall-street-2023-12#1-bmo-capital-markets-1">even Wall Street strategists' most optimistic predictions</a>. Before the year, the highest price target for the index from major investment firms was 5,100, hit in early March.Salama has ridden what's been a nearly nonstop rally, as have those who listened to him.With 2025 near, the trader recently told Business Insider about his latest head-turning call: the S&amp;P 500 will breach the 6,500 milestone by May 1, which would be an 11% jump in six months.Such a projection may seem ambitious, given that the index has already had a mammoth run. It's set to score a <a target="_blank" href="https://www.macrotrends.net/2526/sp-500-historical-annual-returns">double-digit gain for the fifth time in six years</a> and the 11th time since 2009.While those past gains can't guarantee future success, they also don't suggest that US stocks are now set up for failure. In fact, that historical precedent is a great comfort to Salama."I don't want to stand in the way of the market going higher because people think it's gone up too much," Salama said. "That's silly. Go look at an <a target="_blank" href="https://novelinvestor.com/sector-performance/">S&amp;P return quilt</a> of the past 50 years — how much is red, how much is green, and how much down it is. And the market still has room to go."<h2 id="b559f6fb-a743-40c5-bb20-e3bae83f64b6">Watch for a buying opportunity soon</h2>Stocks <a target="_blank" href="https://yardeni.com/charts/sp-500-historical-monthly-annual-returns/">often struggle in the autumn</a>, especially in election years.But <a target="_blank" href="https://www.businessinsider.com/how-to-invest-election-strategy-trump-harris-stock-market-outlook-2024-10">the opposite has taken place in 2024</a>, as the S&amp;P 500 has broken through to new levels thanks to compelling catalysts like strong earnings and <a target="_blank" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">falling interest rates</a>."These were supposed to be the bad seasonality, bad moments of the market — and yet we crank higher to new all-time closing highs," Salama said.With that said, Salama said he can't rule out a hiccup in the coming weeks. The trader was cautious about the dozen or so trading sessions before the pivotal early-November election, saying that the market could take a quick breather until afterwards."It's possible you get a bit of a perverse reversal, as it were, going into the election," Salama said. "Markets hate uncertainty. Right now, it's kind of a toss-up between the two candidates. You're going to get a vol crush, I'm pretty sure — barring some unforeseen circumstance."The market's near-term risk-reward setup isn't too enticing, Salama acknowledged. Although he's confident in stocks, he said the S&amp;P 500 may slip to the 5,700 mark or just under 5,600 in what would be a small but sharp pullback.However, Salama would likely put money to work if the index gets there, as he doesn't think holding money in cash is a sound long-term strategy."If you're in cash on the sidelines, collecting your couple of percent, you missed the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">two-year bull market</a> where it's done about 24% a year," Salama said. "So I'm not going to be holding that back."<h2 id="d4f15b1d-cf58-44b6-bfd1-d76fe9bb2e8d">5 industries to target — and a bonus idea</h2>As for which parts of the market look enticing, Salama shared five industries that he's fired up about — even though he noted that stock valuations are unusually rich.While <a target="_blank" href="https://www.lpl.com/research/blog/valuations-arent-great-timing-tools.html">valuations are correlated with long-term returns</a>, the trader said paying undue attention to the S&amp;P 500's earnings multiple can backfire spectacularly."If you use valuation as a timing/trading mechanism, you would've missed out on a two-year bull market," Salama said. "And when people are going back and forth on, 'there's going to be a soft landing or a hard landing,' you miss the whole takeoff. So I can't get consumed with valuation."Salama added: "In terms of valuations, the drift is higher. So I don't want you be betting on a collapsed valuation."This market is healthy because investors are drifting away from technology stocks and toward less-flashy industries and sectors like banks, real estate, and homebuilding, Salama said. Such rotations are "the lifeblood of a bull market," the trader remarked."These are trends that you cannot ignore," Salama said. "You got that rotation into other parts of the area. We're not talking about '<a target="_blank" href="https://www.businessinsider.com/ceo-pay-apple-nvidia-microsoft-alphabet-meta-amazon-tesla-2024-5">Mag Seven</a>' only anymore."Each of those economically sensitive areas has gained major momentum in recent months as mortgage rates fall, though they've slipped recently during a few forgettable market sessions. Salama believes those trades still have plenty of life, including homebuilders, which he said were the "new girl at the ball" as lower borrowing costs <a target="_blank" href="https://www.businessinsider.com/real-estate-mortgage-rates-outlook-prediction-top-cities-homebuyers-owners-2024-10">bring buyers off the sidelines</a>."Homebuilders, the whole real-estate story is really into focus here as the Fed is cutting into 2026," Salama said.Salama said he has exposure to those groups through options on exchange-traded funds like the SPDR S&amp;P Bank ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-sp-bank-etf-us78464a7972">KBE</a>), the iShares US Real Estate ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-us-real-estate-etf-jp5841380008">IYR</a>), the iShares US Home Construction ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-us-home-construction-etf-us4642887529">ITB</a>), and the SPDR S&amp;P Homebuilders ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-sp-homebuilders-etf-us78464a8889">XHB</a>).Although semiconductors are no longer all the rage in markets after losing some steam, Salama said they're worth sticking with since their uptrend remains intact.Gold miners are also a compelling option as the yellow metal hits record highs on the back of geopolitical uncertainty and continued government spending. The VanEck Gold Miners ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/vaneck-gold-miners-etf-us92189f1066">GDX</a>) has been a strong option and should continue to be into 2025, in Salama's view.Lastly, Salama said investors should have at least some exposure to digital gold — better known as bitcoin — through products like the Grayscale Bitcoin Trust (<a target="_blank" href="https://markets.businessinsider.com/stocks/gbtc-stock">GBTC</a>)."Once it breaks out, it's going to break out," Salama said of bitcoin. "The highs are $73,000; we're at $67,000. We all know it can do that very quickly. And MicroStrategy (<a target="_blank" href="https://markets.businessinsider.com/stocks/mstr-stock">MSTR</a>) tends to lead the bitcoin move, and MicroStrategy is doing wonderfully — up 500% in the past year. So that shows no signs of letting up."

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