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<ul class="summary-list"><li>Stocks were mostly lower on Wednesday after a fresh batch of economic data points. </li><li>US real GDP increased at an annual rate of 2.8% in the third quarter.</li></ul>US stocks wavered on Wednesday as a combination of data releases left investors with a strong impression of the US economy.Third-quarter <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10">US real GDP increased at an annualized rate of 2.8%</a>. Though slightly below forecasts, the reading still points to a strong economy and isn't likely to ramp up the urgency on the part of the Federal Reserve to rapidly cut interest rates to prop up growth. Meanwhile, the personal consumption expenditures index rose 2.2% year over year last month. The Fed's preferred inflation gauge was slightly higher than expected but still within striking distance of the central bankers' 2% target. "Growth up, inflation down is precisely what you want to see. The Fed doesn't need to be afraid of a stable and growing economy to normalize rates this cycle so long as disinflation persists," Harris Financial Group managing partner Jamie Cox said.Rounding out Wednesday's data were private payrolls for October, which showed hiring rose at the fastest pace in a year, increasing by 233,000, according to ADP. The data, along with the October nonfarm payroll report due on Friday, will inform the Fed's next move at its meeting next week. The odds of a quarter-point interest rate cut stand at 98.2%, according to the CME FedWatch Tool.Meanwhile, investors are monitoring a slew of upcoming earnings from key companies. <a target="_blank" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> shares surged 5% shortly after the opening bell after <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Revenue%20from%20Google%20Cloud%20grew,%25%20in%20after%2Dhours%20trading.&amp;text=Alphabet%20and%20Google%20CEO%20Sundar,investments%20were%20%22paying%20off.%22">exceeding third-quarter earnings expectations</a>.Shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock?utm_medium=ingest&amp;utm_source=markets">Microsoft</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock?utm_medium=ingest&amp;utm_source=markets">Meta</a> are also trading higher as traders anticipate their <a target="_blank" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10?utm_medium=ingest&amp;utm_source=markets">financial results</a> on Wednesday after the closing bell. <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock?utm_medium=ingest&amp;utm_source=markets">Apple</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> are on deck to report after the close on Thursday.Here's where US indexes stood at 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&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,832.88, down 0.01%<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>: 42,214.85, down 0.04% (-18.20 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>: 18,727.14, up 0.11% </li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-tariffs-china-election-consumer-stocks-earnings-ubs-2024-10?_gl=1*1ehsglt*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDI5MDk5MS43NzYuMS4xNzMwMjkxNzY4LjYwLjAuMA..">UBS lists three consumer stocks that could see earnings plunge </a>under Trump's tariffs.</li><li><a target="_blank" href="https://www.businessinsider.com/author/matthew-fox">Trump's Truth Social has overtaken the valuation of Elon Musk's X.</a></li><li><a target="_blank" href="https://www.businessinsider.com/election-betting-odds-trump-vs-harris-polymarket-kalshi-robinhood-2024-10">The election cycle has led to an explosion in the betting market</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 oil rose 1.58% to $68.26 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 1.56% at $72.23 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> inched up 0.60% to $2,798 an ounce.</li><li>The 10-year Treasury yield fell three basis points to 4.238%.</li></ul><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> slid 1.48% to $71,741.57.

Stock market today: Indexes slip as traders digest GDP and inflation data ahead of more big earnings

<ul class="summary-list"><li>Chinese stocks could climb as much as 15% on the nation's expected fiscal stimulus package, SocGen said.</li><li>The package could be announced in October, potentially reaching 3 trillion yuan, the bank estimated.</li></ul>Chinese stocks could soon surge 15%, with another expected round of stimulus spurring a fresh economic growth spurt for the world's second-largest economy, according to Société Générale.Strategists at the bank pointed to China's recent <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">monetary stimulus package</a>, which included measures like interest rate cuts, lowering reserve requirements for banks, and a $114 billion liquidity injection into China's economy.Those measures boosted investors' optimism, with Chinese stocks notching their <a target="_blank" class="" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9">best week</a> since the Great Financial Crisis after the measures were announced. And there's likely more upside on the way, given that Beijing is likely to supplement the monetary support measures with increased fiscal spending next year, SocGen said. For stocks, that means a 15% jump from current levels in the near term, the bank said. Strategists estimated that the stimulus package could be announced as soon as October, potentially at the next Standing Committee of the National People's Conference at the end of the month. The package could amount to as much as 3 trillion yuan, or $427 billion, and include an "open-ended commitment" for a bigger stimulus package the following year.Those measures could push GDP growth to 5% next year, the strategists said, up from the bank's original estimates of 4.5% growth."The undervaluation of China equities is something that we observe across different benchmark indices and sectors. Most markets are trading well below or within their 10-year history," the bank said, adding that they also expected the policy to boost corporate earnings growth to as much as 15%."The exact magnitude of the boost will be subject to the size and details of the fiscal package … the sustainability of housing stabilization and household wealth recovery."Other experts have noted that China's monetary stimulus measures are <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-monetary-stimulus-package-xi-jinping-beijing-interest-rates-2024-10#:~:text=The%20direct%20effects%20of%20China's,lags%20in%20the%20legislative%20process.">unlikely to be effective</a> without <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-stimulus-stock-market-consumer-deflation-outlook-real-estate-2024-9">fiscal stimulus</a> to go <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-outlook-stimulus-fiscal-consumer-support-deflation-stephen-roach-2024-10">along with it.</a> That could mean the latest stimulus package won't have any direct effect on Beijing's economy until 2025, the soonest funds will be made available and deployed, one researcher said this week.

Chinese stocks could rally 15% as more stimulus spurs a GDP growth spurt next year, SocGen says

India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

<ul class="summary-list"><li>Stocks were mostly flat on Thursday after a deep rout on Wednesday.</li><li>The Nasdaq and the S&amp;P 500 are coming off their worst single-day drops since 2022.</li></ul>US stocks were little changed on Thursday, looking to erase some of the deep losses incurred in Wednesday's session. Traders were assessing tech weakness and hotter-than-expected GDP data for the second quarter.The Nasdaq and S&amp;P 500 are looking to recover from their worst single days since 2022, which saw them slip 3.6% and 2.3%, respectively.Investors' top concern is slowing tech earnings growth after Tesla and Alphabet both reported disappointing results on Tuesday. Following a period of stellar growth and stock gains, markets are assessing whether the latest sell-off is full-on correction or merely a soft reset."There are a cocktail of reasons affecting different parts of the market ranging from cost and profitability of AI investments, weakening consumer outlook, trade tariffs and sanctions on sales to China and the anticipation of a new rate cutting cycle from the Federal Reserve," Mike Owens, senior sales trader at Saxo, said Thursday."Some of the equity sell off feels completely logical, investors can crystallize tech stock profits and still lock in over 4% yield on government bonds rather than risk losing 5-6% a day on some of the favoured equity names."Tech bulls see the sell-off as a short-lived blip, arguing that the market is still in the earliest stages of an AI capex boom that will continue to drive fresh gains."Patience will be required on the AI spending payback as we have discussed on Microsoft, Google, Meta, Tesla, Amazon, Apple and many other tech names," Wedbush Securities' Dan Ives wrote Thursday.Here's where US indexes stood shortly after the opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,424.92, down less than 0.1%</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>: 39,973.61, up 0.3% (120 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>: 17,278.95, down 0.4%</li></ul>Meanwhile, investors are digesting second-quarter GDP data, which showed the US economy grew by 2.8%. That's much higher than estimates of 2.1% and higher than the first quarter's revised reading of 1.4%."The US economy is much stronger than people realize and to the extent that markets were worried about a growth slowdown, they should breathe a sigh of relief after this morning's GDP number," Chris Zaccarelli, CIO of Independent Advisor Alliance, said."The 2.8% growth in the economy above and beyond inflation is very impressive, and the recent pullback in stocks will likely prove to be a buying opportunity."The data could reset rate-cut bets as the Fed deals with a hotter economy and less wiggle room to slash interest rates multiple times in the last few months of the year.Markets still see an 85% chance the Fed cuts rates at the September meeting, and strong odds of cuts at the November and December meetings, according to the CME FedWatch Tool.Next up on Friday, traders will be assessing the Fed's favorite inflation gauge. Personal consumption expenditures are expected to show inflation rose 2.5% last month.Here's what else is going on today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-signals-flash-outlook-healthy-bull-rally-more-upside-2024-7">There are four bullish signals</a> pointing to more gains ahead for the stock market, Bank of America said.</li><li>There's a <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-the-big-rotation-trade-is-from-cash-to-stocks-2024-7">big rotation from cash to stocks</a> — and it could help push the S&amp;P 500 up 17% by the end of the year, according to UBS.</li><li>The stock market is approaching <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-q2-gdp-pce-earnings-drive-stocks-higher-2024-7">two catalysts that could help spark the next leg of the bull run</a>.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cut-outlook-inflation-housing-job-market-unemployment-economy-2024-7">The Fed is going to cut rates only once in 2024</a> as shelter inflation is too high and the job market remains too hot, Vanguard said.</li></ul>In commodities, bonds, and crypto:Oil futures were down. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 0.7% to $77.06 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was down 0.9% to $81 a barrel.<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dropped 2% to $2,363.90 an ounce.</li><li>The 10-year Treasury yield dropped six basis points to 4.219%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin </a>fell 4% to $64,303.</li></ul>

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Stock market today: Indexes slip as traders digest GDP and inflation data ahead of more big earnings

Filip De Mott

Chinese stocks could rally 15% as more stimulus spurs a GDP growth spurt next year, SocGen says

Jennifer Sor

India likely to grow at 7.2% in FY25, says RBI deputy governor

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Stock market today: Stocks waffle after sell-off as traders mull tech weakness and GDP data

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