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<ul class="summary-list"><li>Markets are moving on early US election results that favor Donald Trump.</li><li>US Treasury yields and the dollar are rising, with futures and cryptocurrencies also gaining.</li></ul>Markets are turning to the Trump trade on election night as betting odds move in favor of Republican candidate and former President Donald Trump.While the election is far too early to call, online betting sites, including <a target="_blank" class="" href="https://www.predictit.org/markets/detail/7456/Who-will-win-the-2024-US-presidential-election">PredictIt</a> and <a target="_blank" class="" href="https://polymarket.com/event/presidential-election-winner-2024">Polymarket,</a> show Trump ahead in the race for the top job.This turn in sentiment supported the so-called <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">Trump trade</a>, which is predicated on corporate tax cuts and significant deficit spending, as well as hawkish trade and foreign policy, Kyle Rodda, a senior market analyst at <a target="_blank" href="http://Capital.com">Capital.com,</a> said in a note on election night."Deeper deficit spending implies stronger US growth, higher corporate profits (juiced by tax cuts), higher levels of debt, greater Treasury issuance, and marginally higher inflation," wrote Rodda."This dynamic draws investors into equities, especially 'old' or 'real' economy companies in the industrials, financials, materials and energy sectors, with the Dollar rising because of higher rates and upward pressure on yields from higher inflationary pressures and debt issuance," he added.US Treasury yields rose across the board on Tuesday night as investors view a second Trump presidential term as <a target="_blank" rel="" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*4j037*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTczMDg1ODYyOS4xNDM0LjEuMTczMDg1OTIxMC42MC4wLjA.">an inflationary event.</a> Trump has pledged to impose <a target="_blank" rel="" href="https://www.businessinsider.com/trump-tariff-trade-tax-proposal-inflation-interest-rates-outlooks-predictions-2024-7?utm_medium=ingest&amp;utm_source=markets">sweeping tariffs on imports</a>, which would stem currency outflow and drive up inflation and interest rates.The benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year Treasury yield</a> climbed about 14 basis points to about 4.4315% as of 10:26 p.m. ET. The <a target="_blank" class="" href="https://markets.businessinsider.com/rates/u-s--rates-2-years">two-year yield</a> gained 7 basis points to 4.2699%.Bets on higher interest rates sent the US dollar higher. The <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/index/us-dollar-index?utm_medium=ingest&amp;utm_source=markets">US Dollar Index,</a> which measures the greenback against a basket of six major currencies, was trading 1.43% higher.The dollar gained 1.5% against the Japanese yen, with the <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-jpy">USD/JPY</a> currency pair at 153.9. Meanwhile, the greenback was 1.5% higher against the <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-eur">euro</a> and 3% higher against the <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-mxn">Mexican peso.</a>Meanwhile, US futures moved higher on increasing prospects of a Trump win. Supporters of Trump's proposed tax and regulatory policies view them as pro-business moves that would boost corporate profits and deal activity.<a target="_blank" class="" href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500 futures</a> were up 1.25% higher, while <a target="_blank" class="" href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones Industrial Average futures</a> were up 1.2%. <a target="_blank" class="" href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100 futures</a> gained 1.2%.Cryptocurrencies are also gaining, with Bitcoin up 6.8%. Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">endorsed digital assets</a> in recent years, and some investors are buying the asset as an inflation hedge.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media and Technology Group</a> shares rallied 10.4% in after-hours trade after reporting third-quarter earnings, which initially sent shares down. The social media company, which trades under Trump's initials, reported an operating loss of $23.7 million and a net loss of $19.2 million. But it has no debt and a balance of cash, cash equivalents, and short-term investments of $673 million as of September 30 — sharply higher than in the second quarter."Markets are very thin and skittish, DJT exceptionally so," Steve Sosnick, the chief strategist at Interactive Brokers, told CNN.Rodda wrote that even though the Trump trade is playing out hours after the polls closed, it's still too early for confident calls."Ultimately, the counting is only just starting and a clear result is some way from being found. While some states have already been called by the media, most swing states have either just closed the polls and have just started tabulating votes, or are still open," he added.

The Trump trade is taking off on election night

<ul class="summary-list"><li>US stocks were mixed on Wednesday after notching their worst losses since the big sell-off in early August. </li><li>Nvidia shares lost another 3% in early trades, weighing on the S&amp;P 500 and the Nasdaq. </li></ul>US struggled to regain momentum on Wednesday after the market saw its worst loss since the early August sell-off in the previous session. The Dow Jones Industrial Average edged up slightly, while the S&amp;P 500 and the Nasdaq Composite were both lower, weighed down by shares of Nvidia. The chip titan shed another 3% after <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-03/nvidia-gets-doj-subpoena-in-escalating-antitrust-investigation">a report from Bloomberg</a> that said the company was being probed by the US Department of Justice over antitrust concerns. The loss adds to Wednesday's decline of about 7% for the artificial intelligence darling. "Have we seen peak-NVIDIA, or is this simply a healthy correction? Much depends on growth in generative AI, along with the ability of other chip makers to offer up some competition," David Morrison, a senior market analyst at Trade Nation, said in a note.Traders, meanwhile, remain nervous about the possibility of a recession. All eyes will be on the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-biggest-risk-this-week-hot-august-jobs-report-2024-9">August jobs report</a> at the end of the week, but investors are already anticipating steep rate cuts from the Fed by year-end, per the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>, a sign that they expect swift policy changes from the central bank to combat a weakening economy.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-biggest-risk-this-week-hot-august-jobs-report-2024-9">Bank of America said this week</a> that a too-hot labor report was the biggest risk to stocks in the coming days, as any surprise strength in the employment picture could recalibrate the odds of deep rate cuts. Manufacturing data on Tuesday was weaker than expected, reigniting concerns that the economy is headed for a slowdown. Bond yields dipped on Wednesday, with the 10-year Treasury falling two basis points to 3.82%. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,517.77, down 0.18% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,057.85, up 0.3% (+120.92 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>: 17,023.66, down 0.66%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-outlook-election-rate-cuts-jobs-tom-lee-2024-9">Stocks could drop as much as 10% over the next 8 weeks</a>, according to one bullish forecaster who's nailed his calls this year.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/ai-oil-prices-productivity-logistics-supply-demand-energy-goldman-sachs-2024-9">AI could weigh down oil prices over the next decade</a>, Goldman Sachs said.</li><li>Here's why one <a target="_blank" class="" href="https://www.businessinsider.com/us-recession-outlook-economic-indicators-unemployment-sahm-rule-david-rosenberg-2024-8?_gl=1*kelejg*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyNTQ1MzAxOC4zMDIuMS4xNzI1NDU2MDAxLjYwLjAuMA..">top economist remains worried about a recession</a> despite a still-growing economy.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures inched lower.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price"> West Texas Intermediate</a> crude oil dipped 0.6% to $69.90 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was down 0.6% to $73.33 a barrel. </li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dipped 0.15% to $2,489.36 an ounce.</li><li>The 10-year Treasury yield slipped two basis points to 3.82%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dropped 4.53% to $56,568.</li></ul>

Stock market today: Indexes trade mixed after worst sell-off since August rout

<ul class="summary-list"><li>Europe's economy could be negatively impacted by Trump's proposed tariffs, economists say.</li><li>They say the EU will need to employ some retaliatory measures but has to be careful not to escalate.</li></ul>The US stock market has cheered the pro-business agenda that Donald Trump has promised in a second term, but policymakers in Europe are bracing for potentially tough four years ahead as the President-elect looks poised to potentially set off <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a new trade war</a>. Trump has championed tariffs as a key protectionist policy to boost his "America first" agenda, proposing sweeping tariffs of 10%-20% on all countries and 60% on goods from China. Europe appears particularly at risk from <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-europe-recession-fears-economy-exports-autos-bank-2024-11">the impact of tariffs</a> amid an already fragile economy, experts said.Germany's central bank president <a target="_blank" href="https://www.zeit.de/2024/48/joachim-nagel-bundesbankchef-wirtschaftskrise-inflation-ampel-aus">Joachim Nagel</a> says the tariffs could cost the country 1% of its GDP, causing it to possibly slip into negative growth next year, while both French President Emmanuel Macron and former Italian Prime Minister Mario Draghi have warned the US and Europe are barreling toward a trade war. Goldman Sachs said recently the <a target="_blank" class="" href="https://www.businessinsider.com/trump-presidency-impact-election-europe-economic-growth-gdp-goldman-sachs-2024-11">tariffs could cost</a> the whole euro area a 0.5% hit to real GDP, with the bulk of the downturn likely to be felt next year.Economists and analysts said that in order to avoid a trade war, policymakers in Europe need to employ a specific playbook to mitigate the economic drag while keeping trade tensions in check.<h2 id="503c71ba-c363-4216-ac76-b4f4d82a312f">Retaliatory tariffs, but at a smaller scale</h2>According to Andrew Kenningham, chief European economist at Capital Economics, the European Union will likely need to retaliate, though not in exactly the same way as the US.Kenningham says the EU will likely hit the US with targeted tariffs on certain industries, rather than an across-the-board action."It would probably impose targeted tariffs on products of symbolic or political importance rather than an across-the-board tariff and probably on a fairly modest scale," he wrote in a recent note.It wouldn't be the first time the EU has employed such measures. Kenningham points to the EU's use of item-specific duties on US imports, like Harley Davidsons and bourbon whiskey, after Trump employed tariffs on steel and aluminum from the EU during his first term in 2018.Those retaliatory tariffs were worth less than half those imposed by the US at the time, but worked to soften the blow without instigating further tensions between the US and Europe, he said.This time around, any retaliation will have to strike a similarly smaller blow than the actions from the US, Kenningham said."They want to de-escalate, rather than escalate any trade conflict," he told Business Insider.<h2 id="4cd91793-34a3-437e-9bac-22a987b5117e">Trade deals to avoid tariffs</h2>Kenningham said EU policymakers could also negotiate a deal to avoid US tariffs. The European Commission could pledge to purchase certain commodities from the US in greater quantities in exchange for an exemption from tariffs, similar to how the commission negotiated over purchases of liquefied natural gas and soybeans in Trump's first term.Kenningham says the commission doesn't have total control over actually implementing these trade deals, though, so it's unlikely Trump would opt to go that route again.Alternatively, the bloc could strike a deal to purchase more defense equipment from the US to continue <a target="_blank" class="" href="https://www.businessinsider.com/eu-lend-ukraine-45-billion-with-without-the-us-russia-2024-9">supporting Ukraine</a> as the US appears likely to <a target="_blank" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">scale back</a>, Kenningham added.<h2 id="71c65274-fbec-4f67-a682-6d1449f58ee3">Match the US's lean away from China</h2>Another option would be for the EU to try and side with the US in its trade war with China, Kenningham says, referring to Trump's proposals for 60% tariffs on good from China. That could mean further barriers to imports of Chinese electric vehicles, as well as more curbs on investment from Chinese firms in Europe, he says.That plan could face pushback from Germany, though, since China is a big market for its stumbling <a target="_blank" class="" href="https://www.businessinsider.com/germany-auto-giants-volkswagen-bmw-mercedes-struggle-sales-china-evs-2024-10">auto industry</a>."The automotive sector is frontline. German car producers are extremely exposed to the Chinese market," the Brookings Institution's Carlo Bastasin said, adding, "The automotive sector is undoubtedly vulnerable. It's already going very, very badly."But the EU may not have a choice, Kenningham said."Admittedly, the EU will not want to drastically cut ties with China," he wrote. "But policymakers may be forced to move more rapidly if faced with strong US pressure."In reality, some version of all of those potential actions will likely come into play, Kenningham added. For now, trade experts say it's still unclear when—and how much—Trump will raise tariffs on the EU.Bastasin doesn't expect tariffs as high as Trump has threatened, and thinks they will fall closer to 5%, which isn't a sizable increase from the 3% tariff average reached under his first presidency. Still, he warned that any drastic actions from the US could pose long-term risks to the relationship between the two powers."There is a possibility that if the strategy toward Europe is very aggressive, Europeans may change attitudes toward the Transatlantic Alliance. I don't mean NATO, but on traditional friendship and cooperation," Bastasin said.

How Europe can avoid a trade war in a 2nd Trump term

With the first day of Navratri today (October 3), the festive season in India has officially begun. Each year, various platforms offer intriguing offers around this time and this year is no different. Apple also has some special offers in store for its Indian fans and has kick-started its Diwali 2024 sale today. If you have been thinking to buy the new iPhone or wish to get your hands on the latest <keyword id="19900628" type="General" weightage="20" keywordseo="macbook" source="keywords">MacBook</keyword>, now might be the time. There are a lot of options to choose from and you can enjoy savings across Apple's premium product lineup. Among the key highlights is an instant cashback of up to ₹10,000, available on a wide range of Apple products. For those with American Express, Axis Bank, or ICICI Bank cards, this cashback can be availed instantly at checkout. Furthermore, customers can spread their payments with up to 12 months of No Cost EMI, making the purchase of Apple’s high-end devices even more manageable. <h2>iPhone Deals </h2> The iPhone range is one of the sale’s main attractions. Customers opting for the iPhone 16 Pro or iPhone 16 Pro Max can enjoy an instant cashback of ₹5,000. Similarly, those choosing the iPhone 16 or the iPhone 16 Plus will benefit from the same ₹5,000 discount. For individuals looking for a slightly more affordable option, the iPhone 14 and iPhone 14 Plus come with ₹3,000 cashback, while the iPhone SE offers ₹2,000 off. <h2>MacBook and Mac Discounts </h2> Apple’s MacBook line-up also sees attractive discounts. The latest MacBook Air models, featuring the M3 chip in both 13-inch and 15-inch versions, are available with a cashback of ₹10,000. If you’re looking at the earlier MacBook Air (M2 chip), you can save ₹8,000 instantly. Larger purchases such as the MacBook Pro (14-inch and 16-inch), the Mac Studio, and the iMac 24-inch all come with an appealing ₹10,000 cashback. Meanwhile, the Mac mini is available with a ₹4,000 discount. <h2>iPad Offers </h2> For tablet users, Apple’s iPad range also includes some enticing offers. The iPad Pro, available in 11-inch and 13-inch sizes, provides a cashback of ₹6,000. The iPad Air, also available in 11-inch and 13-inch sizes, offers a ₹4,000 instant discount. Buyers of the standard iPad can benefit from ₹2,500 cashback, while the compact iPad mini is on offer with ₹3,000 cashback. <h2>AirPods Promotions </h2> Fans of Apple’s audio products are not left out, as the AirPods range sees notable discounts too. The AirPods Pro are available with ₹2,000 cashback, while the AirPods 4 offer ₹1,500 off. For those opting for the AirPods 4 with Active Noise Cancellation, there’s a ₹1,500 instant discount. Meanwhile, Apple’s premium AirPods Max headphones are being sold with a significant ₹4,000 cashback. <h2>Free Beats Solo Buds </h2> Apart from cashback, Apple is also giving away Beats Solo Buds for free. If you purchase an iPhone 15 from an Apple store, you can get your hands on the buds at no cost. However, this offer is only valid till tomorrow (October 4) so you better hurry. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">More savings with Apple's trade-in programme </h2> Adding to the appeal, Apple’s Trade-In programme allows users to exchange their old devices for a discount on their new purchases. This, coupled with the cashback, makes for a compelling offer for those planning an upgrade. Additionally, with select purchases, Apple is providing three months of Apple Music, Apple TV+, and Apple Arcade subscriptions at no extra cost. With these offers, Apple’s Diwali Sale 2024 provides an excellent chance for customers to grab their desired devices at a lower price point. Whether you're upgrading or looking for gifts, this limited-time sale brings significant value, especially with the combined benefits of cashback, EMI options, and trade-in deals. For more information, you can head to Apple’s official website.

Apple Diwali sale in India goes live: iPhones, Macbooks and Airpods get discounts

<ul class="summary-list"><li>Some shoppers and businesses are stockpiling goods to avoid potential price hikes from tariffs.</li><li>President-elect Donald Trump has proposed sweeping tariffs on imported goods.</li></ul>Kristen Hull bought a new car last weekend.The 38-year-old accountant had been planning to do it in six months. But following Donald Trump's <a target="_blank" href="https://www.businessinsider.com/how-trump-won-election-high-prices-cost-of-living-unemployment-2024-11">presidential election victory</a>, Hull heard that car costs could surge if his <a target="_blank" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">tariff plans</a> are enacted."I was just thinking, if not now, maybe in six months it might be way out of my price range," Hull told Business Insider. She's also looking into buying a new laptop and stocking up on winter clothing."I'm really concerned about the cost of things, and so I just went ahead and took the jump."On the campaign trail, Trump proposed a 60% tariff on imports from China and 10% to 20% on goods from other countries. It's still unclear how and when he will <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">enact the tariffs</a> and how big he will go."Companies have made clear in many cases that they will pass the higher prices on to consumers," said Indi Dutta-Gupta, a fellow at both Georgetown University and the Roosevelt Institute, a left-leaning think tank.Firms, including AutoZone and Columbia Sportswear, <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">have already indicated</a> they will raise prices if tariffs are enacted.Some shoppers and small businesses told BI they are also preparing. <a target="_blank" class="" href="https://www.tiktok.com/@antiplasticlady/video/7435678703147076910?amp%3Bt=1731358479116&amp;q=tariffs%20under%20trump">TikTok videos</a> recommending viewers stock up on certain goods like hair, makeup, and clothing products are racking up thousands of views, and panicked comments.Karoline Leavitt, a Trump-Vance transition spokeswoman, told BI, "Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation."Considering the larger scale of Trump's proposals this time around, trade experts have identified goods, including car parts, apparel, and electronics, as <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-tariffs-will-impact-prices-technology-clothes-appliances-furniture-2024-11">products at risk of getting more expensive</a> under Trump's tariff proposals."It's going to be a big shift if that does come to fruition," Hull said. "We pay tariffs on some things anyway, but the talk of the massive increase is a little bit alarming to me."<h2 id="55855a54-34f3-4348-894e-b4b4454ea037">Adopting "prepper" methods and stocking up on groceries</h2>One 42-year-old mother of three in Southern Indiana, whose identity is known to BI but withheld over privacy concerns, is leaning back into her prepper roots. Before the pandemic and Trump's second run, she tried to forget the "craziness" of her old-school <a target="_blank" class="" href="https://www.businessinsider.com/what-are-doomsday-preppers-why-are-they-right-wing-2019-8">doomsday prepper</a> background. She was raised by "one of the original conspiracy theorist guys who had serious distrust of the government," she said.But she's leaned back into it. She estimates that her family has spent upwards of $2,800 to $3,000 slowly preparing and stockpiling goods, including everything from buying meats from a local butcher and deep-freezing them to dehydrating food for a longer shelf life. She got started early: As soon as she had a "gut feeling" Trump was running again, her family began their slow stockpile."We aren't like the ones you used to see on Discovery Channel with bunkers and huge stashes of stuff, but we have enough to get through 3-5 years at least of hard times," she said.Dutta-Gupta said it's reasonable for families to want to stock up on imported goods, as trade wars and tax changes could reduce incomes and raise the cost of living.Marissa Garcia, 38, said she didn't pay much attention to tariffs prior to the election.After Trump's victory, she said, "I started making a list of the potential items that could be affected, and then narrowing them down to the actual things that would affect my family, the things that I would be sad about if we couldn't afford next year."She said that the week after the election, she "went to the store and made my first of hopefully many shopping trips to start stocking up on them."Items on Garcia's list include frozen fruits and vegetables, garlic, coffee, tea, and bread, all of which would be subject to tariffs. She also said she's planning to stock up on hygiene supplies like sanitizer and masks. These purchases are costing around an additional $50 on her grocery trips, and although money is tight — she got laid off last year and is freelancing as she looks for a permanent role — she said she anticipates an even greater financial strain under Trump's proposed policies.An <a target="_blank" class="" href="https://www.americanprogressaction.org/article/trumps-tariff-would-cost-the-typical-american-household-roughly-1500-each-year/">analysis</a> from the left-leaning Center for American Progress found that Trump's tariff plans would cost the average household an extra $1,500 a year, and the nonpartisan Peterson Insitute <a target="_blank" class="" href="https://www.piie.com/sites/default/files/2024-09/wp24-20.pdf">estimated</a> that Trump's proposed 60% tariff on Chinese goods would boost inflation by 0.4 percentage points in 2025.Garcia said that learning of those estimates alarmed her. "My family cannot afford that. This year was rough enough, and that was really surprising and also just a scary feeling," she said.<h2 id="d8a08791-1bb1-4d36-b97a-e72031c68494">Small business owners are trying to stock up, too</h2>Worries about potential tariffs are already taking a financial toll on Beatrice Barba, 39, who owns a small business that produces plastic-free cups.Barba said she imports most of the materials she needs to produce her cups from China. She's considering purchasing a year's worth of inventory now, which she estimates would cost up to $200,000 plus the price of additional warehouse space.She said taking that risk is worth it because she wants to do everything she can to ensure she does not have to raise the price of her goods down the road.As a longer-term solution, she's working with a developer to build a health advice app — a business she plans to prioritize because an app would not be subject to tariffs.Lisa Evans, a 43-year-old salon owner in Jacksonville, Florida, is examining where her products are sourced. Even hair color dyes manufactured in the US might contain ingredients from abroad, and their prices could surge.Much of the hair in already-costly extensions is sourced from China, and she worries how much more expensive that will get. At this point, she's focusing on padding inventory going into the next year."It's like hope for the best, but prepare for the worst," she said.Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation, told BI that even though it's still unclear what exactly Trump will implement, it's not a bad idea for both companies and consumers to prepare for any impacts."We're in a very different economy now than when we were back in 2018 when the initial China tariffs were put in place, and the scale and scope of what is being proposed is going to impact everything," Gold said. "Unfortunately, companies aren't able to absorb all of that, so they're going to have to pass on some of those costs to consumers."Javon Ford, a 30-year-old chemist in Los Angeles, said that tariffs can create a "roadblock" to procuring raw materials. Ford is considering stocking up on color pigments for cosmetics and is gearing up to contact suppliers and order materials before January 2025. But it's impossible to stock up on everything or know what might be in demand over the next four years — so tariffs could still mean adjusting prices to keep profit margins consistent.With so much uncertainty regarding Trump's tariff proposals, it's difficult to plan. For Hull, the recent car buyer, all she said she can do is budget and hope she's prepared for if and when higher tariffs come."It's mostly just waiting to see what happens," she said, "and just trying to get my savings account back up a little bit."Are you stocking up on goods or changing your spending habits because of potential tariffs? Contact these reporters at <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a> and <a target="_blank" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a>.

Meet the Americans stocking up on cars, skincare, and toilet paper ahead of Trump's potential trade restrictions

<ul class="summary-list"><li>Reddit shares surged 25% after it reported a revenue beat and turned a profit for the first time.</li><li>The company saw a 68% revenue increase and a 47% rise in daily active visitors in Q3.</li></ul>Reddit is reaping the rewards of artificial intelligence.The social network's shares surged 25% in after-hours trade after the company reported a profit for the first time and revenue that beat expectations.Reddit's third-quarter revenue soared 68% to $348.4 million from a year ago, comfortably beating analysts' expectations of $312.8 million.The company reported a profit of 16 cents per share for the third quarter, reversing a loss of 13 cents a year earlier. Analysts had expected a loss of 7 cents per share on average, according to LSEG.Its daily active unique visitors jumped 47% to 97.2 million in the third quarter ending September 30. Global average revenue per user rose 14% to $3.58.In the company's earnings call on Tuesday, Reddit CEO Steve Huffman said Reddit's influence has continued to grow, with people seeking out the platform "for answers, advice or community."Huffman said the company has been using AI to simplify its language translations — first trialing it with French, then Spanish, Portuguese, Italian, and German."This quarter, machine translation drove four times more users than last quarter, and based on the success we've seen so far, we plan to expand machine translation to over 30 countries through 2025," Huffman added.He said Reddit also revamped its popular "Ask Me Anything" product, which increased traffic."We refreshed the Ask Me Anything or AMA product, which led to a fivefold increase in the number of AMAs created in the new format," Huffman said.<h2 id="18393c14-a144-42f0-afec-cede0dce4d09">Reddit's star keeps rising</h2>Reddit, which went public in March, has had a couple of <a target="_blank" href="https://www.businessinsider.com/reddit-stock-price-first-earnings-report-revenue-daily-users-2024-5">blockbuster quarters on the markets.</a>In its first quarter as a publicly traded company, it reported revenue of $243 million, up 48% from the same period last year.And in its second quarter, it recorded $281 million in revenue, a 54% year-over-year increase.This positive net increase was consistent with its second-quarter results, during which the platform saw a <a target="_blank" href="https://www.businessinsider.com/reddit-user-growth-usa-q2-earnings-results-social-media-2024-8">51% increase in daily active users globally</a>.Reddit's growth has outpaced other social media platforms. Elon Musk's X reported 1.6% growth in daily active users in 2024's second quarter, per the <a target="_blank" href="https://www.ft.com/content/1829abb6-d8d0-4d67-9b1b-628f583b3291">FT</a>.The daily active users on all of Meta's platforms combined, which include Facebook, Instagram, and Threads, increased by 7%, according to its second-quarter earnings <a target="_blank" href="https://investor.fb.com/investor-news/press-release-details/2024/Meta-Reports-Second-Quarter-2024-Results/default.aspx#:~:text=Family%20daily%20active%20people%20(DAP,%25%20year%2Dover%2Dyear.">report</a>.Reddit expects fourth-quarter revenue to be between $385 million and $400 million. Per LSEG, analysts are expecting an average revenue of $357.9 million.Reddit's advertising revenue growth underscores a "nascent monetization opportunity," wrote analysts at the research firm Jefferies, which reiterated its Buy rating on Reddit."We think RDDT has multiple avenues to drive impressions and pricing higher over time, which contributes to an impressive growth profile for advertising revenue," they wrote on Tuesday.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/rddt-stock">Reddit's share price</a> closed 2.6% higher at $81.74 a piece on Tuesday and extended gains by 25% to $102 in after-hours trade.The stock's IPO was priced at $34 a share and opened at $47 on the New York Stock Exchange on March 21.

Reddit's bet on AI is starting to pay off

<ul class="summary-list"><li>US stocks traded mixed on Wednesday as traders took inflation data and the outlook for rates.</li><li>Inflation rose 0.2% for the month and 2.6% on a yearly basis, in-line with expectations.</li></ul>The latest inflation data dented some of the momentum of the post-election stock rally, with traders focusing on the latest consumer price index reading at its implications for rate cuts. The Dow Jones Industrial Average was up slightly, while the S&amp;P 500 ended the day nearly flat. Bond yields were little changed, with the 10-year Treasury yield up one basis point to 4.449%. <a target="_blank" class="" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">Inflation was slightly higher</a> year-over-year in October compared to the prior month, but was on par with economists' expectations. Consumer prices rose 0.2% for the month and 2.6% on an annual basis, higher than last month's 2.4% increase.Investors solidified bets on another rate cut at the Federal Reserve's December policy meeting. Markets see an 82% chance that the central bank will trim interest rates another quarter-point next month, up from 59% on Tuesday, according to the CME FedWatch tool.Traders are less certain about another rate cut in January. The odds of another 25 basis point cut at the Fed's January meeting have dropped to 29%, down from 69% a month ago."Inflation data mostly support another rate cut at the Fed's December decision," Bill Adams, the chief economist at Comerica Bank, said in a note. "The Fed will wait until they have more clarity about the timing and scope of policy changes from the next President and Congress before reacting to them.""The Fed wants to avoid the mistakes of the past by prematurely easing and risking a second wave of inflation, so we'd expect the FOMC to take this risk seriously," Jason Pride, the chief of investment strategy &amp; research at Glenmede, said in a note. "This doesn't take a rate cut off the table for December, but it's certainly not a slam dunk."The rally fueled by Trump's election began to stumble, with the tech-heavy Nasdaq Composite edging slightly into the red.Crypto markets, though, continued to get a boost after Elon Musk, a close ally of Trump, was appointed as co-head of the <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/dogecoin-price-elon-musk-doge-department-trump-crypto-president-election-2024-11?_gl=1*j5rjww*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMTUyNDI1NS41NTYuMS4xNzMxNTI0MjY2LjQ5LjAuMA..">Department of Government Efficiency</a>, or "DOGE." <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a> spiked another 15% on the news, while <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> rose as much as 6% before paring its gains, surpassing the $90,000 threshold for the first time ever before dipping back below to about $88,000 later in the day. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,985.38, up 0.02%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,958.19, up 0.11% (+47.21 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>: 19,230.74, down 0.26%</li></ul>Here's what else is going on:<ul><li>Here's what people are betting in <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/kalshi-polymarket-prediction-markets-jake-paul-mike-tyson-bitcoin-trump-2024-11?_gl=1*4l4ww*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMTUxNTY1NS41NTUuMS4xNzMxNTE4NTU0LjU2LjAuMA..">prediction markets</a> now that the election is over.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-upside-blackwell-rubin-apple-iphone-moment-2024-11">Nvidia is approaching its iPhone moment</a> with its Blackwell chip, and the stock could soar another 25%, an analyst said. </li><li>Trump could push <a target="_blank" class="" href="https://www.businessinsider.com/trump-us-debt-levels-government-borrowing-treasury-blackrock-rick-rieder-2024-11">US debt to levels</a> that can't be ignored within his first year in office, according to BlackRock's Rick Rieder.</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 dipped 0.09% to $68.08 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 0.46% to $71.95 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 0.87% to $2,575.98 an ounce.</li><li>The 10-year Treasury yield was up one basis point to 4.449%</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slipped to $88,615.</li></ul>

Stock market today: Indexes trade mixed as investors assess rate outlook after new inflation data

<ul class="summary-list"><li>US indexes climbed as Nvidia reversed a three-day sell-off</li><li>Nvidia's stock fell nearly 17%, offering long investors opportunity to buy in.</li></ul>US indexes moved mostly higher Tuesday morning, with investors looking to reverse the <a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>-led drop. The leading semiconductor firm shed $430 billion in the course of three days, after its briefly became the world's biggest company last week. During the sell-off that followed, the stock fell into correction territory.With little fundamental news pushing the stock lower, analysts on Wall Street have said they see the rout from record highs as a profit-taking move by investors. Sentiment has remained largely bullish on the AI stalwart, and some have said that the drop is a buy-the-dip moment ahead of Nvidia's next earnings report. "[T]here's since been a turnaround with some investors jumping in to boost long side exposure, taking advantage of the 17% sell-off between Thursday's high and this morning's low," Trade Nation senior market analyst David Morrison said.This week, investors are also keeping track of Federal Reserve commentary from a roster of officials scheduled to speak, as well as the personal consumption expenditures data scheduled for Friday.On Tuesday, Fed Governor Michelle Bowman highlighted that risks remain of an inflation rebound, and that interest rate cuts are not guaranteed this year."I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall or even reverse," she said.Here's where US indexes stood at 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>: 5,454.86, up 0.15% </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>: 39,362.37, down 0.12% (-48.84 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>: 17,576.18, up 0.42% </li></ul>Here's what else happened today:<ul><li><a target="_blank" href="https://www.businessinsider.com/stock-market-crash-john-hussman-overvalued-warning-sp500-outlook-selloff-2024-6">A surge of market warning signals indicate the S&amp;P 500 is about to tip into a steep correction</a>, permabear John Hussman wrote.</li><li><a target="_blank" href="https://www.businessinsider.com/oil-supply-outlook-shortage-crude-demand-production-opec-prices-brent-2024-6">With peak oil demand still 10 years away, current pullbacks in investment by producers risk driving a shortage</a>, Goldman Sachs says.</li><li><a target="_blank" href="https://www.businessinsider.com/rent-prices-increase-renting-vs-buying-real-estate-nyc-miami-2024-6">Under 40% of renters can afford the average US apartment</a>, Redfin says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-upside-200-per-share-target-ai-2024-6?_gl=1*1dd9rzv*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxOTMxNzI2MC4zNTguMS4xNzE5MzIwMTA2LjM3LjAuMA..">There are seven reasons Nvidia will soar another 65% through the next couple years</a>, according to one research firm.</li><li><a target="_blank" href="https://www.businessinsider.com/us-housing-market-buying-a-home-prices-affordability-mortgage-rates-2024-6">The housing-affordability crisis will keep getting worse through at least 2026</a>, Bank of America says.</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 oil slipped 0.39% to $80.93 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, was lower by 0.36% to $86.08 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> decreased by 0.42% to $2,323.60 per ounce.</li><li>The 10-year Treasury yield inched up to 4.25%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> was about flat at $61,105.</li></ul>

Stock market today: Indexes trade mixed as traders try to recover from Nvidia-fueled sell-off

<ul class="summary-list"><li>Investors face diminishing returns from cash alternatives as interest rates decline.</li><li>Money market funds offered low-risk yields, but missed gains in the S&amp;P 500.</li></ul>Just a year ago, if the stock market got bumpy or felt risky, investors could shave a bit off their positions and park in cash-like <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-a-money-market-account">money market funds</a> yielding slightly over 5%.Today, cash alternatives are yielding slightly less. Still, they remain near or above 4.5%, which is a tempting return in exchange for no risk. But as we head deeper into an <a target="_blank" class="" href="https://www.businessinsider.com/fed-cut-rates-inflation-powell-blackrock-ceo-larry-fink-2024-10#:~:text=The%20Federal%20Reserve%20will%20disappoint,a%20rise%20in%20global%20inflation.">interest-rate-cutting cycle</a>, the benefits of sitting on the sidelines will diminish, and investors will need to rethink their strategy.While the perk of a low-risk asset with a decent yield seems like a sweet deal, it actually did some investors a disservice, says Mark Malek, the CIO at Siebert. Specifically, those who didn't have liquidity needs but chose to sit in cash anyway missed out on a strong year for the S&amp;P 500."I'm going to say something controversial, which is that we weren't having as many of these conversations when money markets were almost zero," Malek said. "Clients had no other alternatives, so they were putting their money to work in the equity markets or in the best bonds they could find. Many people should have probably invested in equities and would've probably gotten great returns."The main advantage money markets give investors is quick access to their cash, followed by lower risk and then a decent yield. The former is harder to match. But the latter two can be found in <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/treasury-bonds">Treasuries, notes, and bonds</a>, Malek said. By sticking to shorter-term Treasuries, investors can still meet their liquidity needs."That's where the whole conversation changes because now you're saying, 'OK, we can get you into a three-month bill, but then you would want to hold that,'" Malek said, adding that he would never advise a client who needs liquidity to go further out and buy a two-year note. And anyway, the yield curve is inverted, meaning there's no term premium, with the best yields coming from the one-month out to the six-month Treasury.It's about gauging liquidity needs and then sticking to bills or looking for older notes that are months away from maturity, Malek said. The main challenge with going shorter term is the rollover risk, which happens when you're faced with less favorable yields once the current Treasury matures. For investors who don't have immediate cash needs, Malek advises a six-month bill at a 4.5% yield since he expects rates to be 75 basis points lower by then. If liquidity needs arise, investors may be able to sell for a profit if the Fed's cutting cycle is steeper than expected, he added.Investors with a bit more of a risk appetite who want to maintain a yield just over 5% should consider investment-grade corporate bonds, which are AAA to BB-rated, Malek said.<h2 id="ac89e755-a442-47d7-b00d-34e1f8eb6a94">Dollar alternatives</h2>While interest-rate cuts are part of the move away from cash, there are other factors that make the dollar, in general, a crummy place to be right now, says David Miller, the CIO at Catalyst Funds.Inflation remains present even if it's not as high as it was. The Federal deficit continues to balloon. And, the weaponization of the dollar against countries like Russia has made it less attractive globally, Miller noted.Based on these additional concerns, Miller says the closest alternative would then be <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-became-etf-interest-rates-trump-costco-2024-10">gold</a>, and big money is vying for it. Central bank demand for gold reached its highest in a decade in 2022 and 2023. Although it slowed in 2024, it was still up by 6% from a year ago in the second quarter, according to the World Gold Council.Investors may feel queasy about the asset as it hits peak prices near $2,800 per ounce. But you have to consider the value of the dollar against that backdrop, Miller noted. Simply put, the M2 money supply, which includes cash and cash alternatives, has skyrocketed since 2020 by over 36%, debasing the dollar.For investors looking for that gold alternative, Millers says they can <a target="_blank" class="" href="https://www.businessinsider.com/how-to-invest-in-gold-price-record-highs-safe-haven-2024-10">buy coins, bars, and even gold ETFs</a>.<a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/buy-bitcoin">Bitcoin</a> is another alternative that more risk-prone investors look to. As of Tuesday, it surpassed $71,000, hitting near its all-time highs as hedging demand grows. While it has similar liquidity to cash, it's much more speculative, Miller noted.

Cash is no longer king. Here are 3 alternatives investors are trading it for, according to chief money managers.

<ul class="summary-list"><li>US stocks kicked the first trading day of June off with mixed trades on Monday.</li><li>Weaker-than-expected manufacturing data pushed stocks lower throughout the day.</li></ul>US stocks kicked June off with mixed trades on Monday as investors digested a new set of manufacturing data.The ISM Manufacturing index came in at 48.7%, which was below estimates of 49.6% and below last month's reading of 49.2%. Meanwhile, construction spending was down 0.1% in April, below economist expectations for a gain of 0.2%.Finally, the S&amp;P Flash US Manufacturing PMI came in at 51.3 in May, slightly ahead of the median forecast of 50.7.The mixed data led to a mixed stock market in Monday's trading session, with the Nasdaq 100 printing gains, the S&amp;P 500 about flat, and the Dow Jones Industrial Average moving slightly lower. Investors will turn their focus to the state of the US job market later this week, with job openings data to be released on Tuesday, initial jobless claims set to be published on Thursday, and the May jobs report scheduled for Friday. Economists expect 178,000 jobs to have been added to the US economy in May, about in line with the April jobs report.The sweet spot would be between 125,000 and 175,000 jobs added last month, <a href="https://markets.businessinsider.com/news/stocks/stock-market-this-week-may-jobs-report-playbook-175000-goldilocks-2024-6">according to Bank of America,</a> as it would leave the door open for interest rate cuts from the Federal Reserve without scaring investors about a potential recession. Here's where US indexes stood at the 4:00 p.m. closing bell on Monday: <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>: 5,283.40, up 0.11%</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>: 38,571.03, down 0.3% (-115.29 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>: 115.29, up 0.56%</li></ul>Here's what else happened today:<ul><li><a href="https://markets.businessinsider.com/news/stocks/berkshire-hathaway-stock-down-99-stock-market-glitch-nyse-error-2024-6">A stock market glitch at the New York Stock Exchange briefly led to big stock price discrepancy errors,</a> with Berkshire Hathaway Class A shares being incorrectly down 99.97%.</li><li><a href="https://www.businessinsider.com/car-prices-falling-forecast-outlook-new-used-electric-vehicle-market-2024-6">Car prices are finally falling for both used and new vehicles, but sales have appeared to flatline,</a> according to Bank of America.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-6500-bond-yields-rate-cuts-ai-2024-6">The S&amp;P 500 could soar 23% next year as long as Treasury yields fall and the AI momentum stays strong,</a> according to Capital Economics.</li><li><a href="https://markets.businessinsider.com/news/stocks/cathie-wood-nvidia-ark-invest-potential-gain-ai-rally-arkk-2024-5">Cathie Wood's Ark Invest missed out on a $1 billion return by selling more than 1 million shares of Nvidia</a> at prices significantly below its current level.</li><li><a href="https://markets.businessinsider.com/news/stocks/how-to-invest-2h24-stock-bond-market-playbook-rate-cut-2024-5">Bank of America says its second half of the year trading playbook for investors should include buying the dips in bonds.</a></li><li><a href="https://www.businessinsider.com/gamestop-stock-price-roaring-kitty-keith-gill-investing-markets-outlook-2024-6">GameStop stock soared after Keith Gill's Reddit account posted a screenshot</a> that suggests he owns more than $100 million worth of the video game retailer.</li><li><a href="https://markets.businessinsider.com/news/currencies/russia-frozen-assets-ukraine-war-funding-western-companies-retaliation-consequences-2024-6">Global powers are helping Ukraine by giving it money frozen from Russia.</a> That spells bad news for companies still doing business there.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dropped 3.87% to $74.01 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 3.67% to $78.13 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> edged higher by 0.89% to $2.366/70 per ounce. </li><li>The 10-year Treasury yield dropped nine basis points to 4.40%. </li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> jumped 2.00% to $69,094. </li></ul>

Stock market today: Stocks trade mixed to kick off June after weak manufacturing data

<ul class="summary-list"><li>A tip from the SEC led federal prosecutors to set up a fake company to bust crypto market manipulators.</li><li>The firms are charged with "wash trading," artificially increasing trade volume to boost token prices.</li></ul>Federal prosecutors are getting creative in order to catch bad actors in the cryptocurrency market. After receiving a tip from the Securities and Exchange Commission, federal prosecutors set up a fake crypto company to investigate a firm based in Boston.The sting operation that ensued busted four firms, seized over $25 million in crypto, and deactivated about 60 different cryptocurrencies, prosecutors in Boston said in a press release on Thursday.The firms and more than a dozen individuals were charged with market manipulation to boost token values, as well as fraud and conspiracy to commit fraud. The charges are the first in the crypto industry related to "wash trading."The practice involves moving assets back and forth between accounts controlled by the same firm, giving the appearance of higher trading volume and artificially boosting the value of the asset.The sting came after the SEC tipped off the FBI to potential market manipulation by a Boston-based crypto firm called Saitama, which at one point had boasted a multi-billion market value, the press release said. The tip prompted prosecutors to launch a fake crypto firm called NexFundAI and create a fake token. Over the monthslong operation, the FBI witnessed three market makers wash trade tokens for crypto clients, offering to manipulate the price of NexFundAI's token via video calls and Telegram chats.The sting charged ZM Quant, CLS Global, and MyTrade with wash trading related to their communications with NexFundAI. A fourth firm, Gotbit, was not involved with NexFundAI but was charged in a similar scheme. The sting also charged 15 individuals, including six people associated with Saitama.The firms' trading scheme "allegedly bilked honest investors out of millions of dollars," Jodi Cohen, Special Agent in Charge of the FBI's Boston Division, said in a statement.The prosecutors say those charges mark the first of their kind in the crypto industry, even as the practice of wash trading has been outlawed and strictly enforced in other financial markets. "Cryptocurrency is no exception. These are cases where an innovative technology – cryptocurrency – met a century old scheme – the pump and dump. The message today is, if you make false statements to trick investors, that's fraud. Period," Acting United States Attorney Joshua Levy said in a statement released Wednesday.The charges come as crypto-related scams are on the rise. The FBI's 2023 <a target="_blank" href="https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf">internet crime report</a> shows crypto fraud cost investors almost $4 billion last year. One kind of scam, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-scam-kansas-bank-pig-butchering-jail-prison-embezzlement-fraud-2024-8?_gl=1*uimjl9*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU3MjAwOS4yNTEuMS4xNzI4NTcyMDQ5LjIwLjAuMA..">"pig butchering,"</a> has <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-crime-pig-butchering-scam-bitcoing-trafficking-fraud-cryptocurrency-2024-2?_gl=1*1iwjahf*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyODU3MjAwOS4yNTEuMS4xNzI4NTcyNjc3LjU2LjAuMA..">stolen at least $75.3 billion</a> in crypto in recent years, according to one study.

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