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The Indian cement industry is on track to reach 5.09 billion tonnes by 2028-29, driven by robust government investment in infrastructure. According to an IANS report originally attributed to Infomerics Ratings, this marks a compound annual growth rate (CAGR) of 4.9 per cent between 2024 and 2029. In 2022-23, the industry’s market size stood at 3.82 billion tonnes, with a total installed capacity of 622 million tonnes per annum (MTPA) in FY24 and production at 427 million tonnes. Notably, India contributes over 8 per cent to the world’s total installed cement capacity, highlighting its importance in the global market. Despite this, India’s per capita cement consumption is 260 kg—significantly below the global average of 540 kg—indicating substantial room for growth. Globally, the cement market is projected to grow at a CAGR of 4.3 per cent from 2024 to 2032. The sector’s expansion is fuelled by ambitious government initiatives, including an allocation of ₹11.11 lakh crore for infrastructure in FY25 and housing schemes like Pradhan Mantri Awas Yojana. The construction sector consumes 55 per cent of cement production, while public infrastructure projects account for the remainder. The industry also plays a critical role in employment, providing direct jobs to over one million people and creating downstream opportunities for about 20,000 individuals per million tonnes of cement produced. Private players dominate the sector, controlling 98 per cent of production capacity, while public sector units hold a mere 2 per cent. Domestic production meets almost all demand, with imports accounting for just 0.2 per cent of total production in FY23. However, exports have declined recently due to reduced global demand and rising competition. India currently has 341 cement manufacturing facilities, including 159 integrated large cement plants, 120 grinding units, and 62 mini cement plants. Cement production has seen steady growth, with a 7.1 per cent increase in September 2024 and a cumulative growth of 1.6 per cent between April and September of FY25, according to the Ministry of Commerce and Industry. This growth aligns with India’s overall industrial performance, which saw a 2 per cent rise in core industries in September, led by cement, steel, coal, and fertilisers. As India invests heavily in infrastructure and housing, the cement industry is set to play a pivotal role in supporting the nation’s economic and developmental goals. (with IANS inputs)

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

<ul class="summary-list"><li>US stock indexes soared on Thursday as new jobless claims data raised investors' confidence.</li><li>The Dow rallied 683 points, while the S&amp;P 500 and Nasdaq rose 2.3% and 32.8%, respectively.</li></ul>US stocks rallied on Thursday, clawing back losses from the rout earlier in the week as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-jobless-claims-data-economy-labor-market-recession-2024-8">new jobs data boosted investors' confidence</a> in the labor market and the economy. The S&amp;P 500 jumped 2.3% for its best day since November 2022. The Nasdaq Composite spiked 2.8% and the Dow Jones Industrial Average. The 10-year Treasury yield ticked up two basis points to 3.98%, dipping slightly throughout the day after jumping above 4% earlier in the day. Fueling Thursday's gain was a drop in weekly jobless claims that soothed fears of an imminent recession after last week's surprise jump in the unemployment rate. Jobless claims last week dropped 17,000 to 233,00, marking the biggest fall in almost a year. The encouraging data comes after last week's disappointing nonfarm payroll report for July led to a historic selloff and sparked concerns of a recession.The information technology sector led the S&amp;P 500's rise, up 3.5%, while communication services also notched strong gains.Pharmaceuticals giant Eli Lilly <a target="_blank" href="https://markets.businessinsider.com/news/stocks/eli-lilly-stock-price-weight-loss-drugs-q2-earnings-glp1-2024-8">soared 14% after reporting strong earnings</a> in its most recent quarter, helped by big demand for its GLP-1 weight loss drugs. The company's quarterly revenue of $11.30 billion beat analyst estimates of $9.98 billion, and the company raised its annual revenue outlook."We just see unbelievable demand, and we're not even trying that hard to promote this drug. We're not advertising, we told our sales reps to basically just service customers, don't promote," CEO David Ricks said in an interview with CNBC on Thursday.Next week, investors will be tuned into the latest inflation data, with July's consumer price index scheduled to be released on August 14. The data will be the next big input for bets on Fed policy for the rest of the year. Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,319.30, up 2.3%</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>: 39,446.82, up 1.76% (+683.30 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>: 16,660.02, up 2.87%</li></ul>Here's what else is going on today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-economy-recession-earnings-growth-selloff-unemployment-rate-2024-8">There are two factors that will shape the stock market</a> for the rest of the year. </li><li>The S&amp;P 500 has an <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-presidential-election-prediction-winner-donald-trump-kamala-harris-2024-8">83% accuracy rate in determining the outcome of presidential elections</a>. Here's what to watch. </li><li>Palantir <a target="_blank" href="https://www.businessinsider.com/author/kelly-cloonan?_gl=1*guld39*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyMzE0MDY1Ny4xMDIuMS4xNzIzMTQ1MTYxLjM5LjAuMA..">soared after announcing a deal with Microsoft</a> to sell AI tools to US defense and intelligence agencies.</li><li>The mortgage lock-in effect <a target="_blank" href="https://www.businessinsider.com/housing-market-mortgage-rates-lock-in-effect-economy-interest-rates-2024-8">shaved $20 billion off the US economy last year</a>. </li><li>China's imports last month surged 7.2% year-over-year as the country <a target="_blank" href="https://www.businessinsider.com/china-imports-trade-war-biden-tariffs-chips-demand-economy-2024-8">moves to stockpile tech ahead of trade restrictions</a>, BofA said. </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% to $76.04 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, ticked higher 0.9% to $79.02 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> traded higher at $2,463.30</li><li>The 10-year Treasury yield rose two basis points to 3.98%</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> rose 8% at $59,549.</li></ul>

Stock market today: S&P 500 has its best day since 2022 as stocks rally after encouraging labor market data

In early August, Goldman Sachs rolled out a fresh look.The Wall Street bank updated its website to reflect a new color palette, replacing its iconic blue-and-white color scheme with more neutrals, blacks, and whites. It also <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-new-logo-and-website-before-and-after-2024-7">unveiled a new logo</a> with a softer, rounder typeface and — in perhaps the biggest change — connected the G in Goldman with the S in Sachs.The redesign was subtle. Outside Wall Street, it barely registered. Inside the halls of Goldman Sachs, however, some people were perplexed.In 2020, Goldman made a show of disconnecting the G and S in its logo to modernize its look. Why, bank insiders were asking, had the firm just spent millions of dollars over several years to revert back to a logo it had ceremoniously ditched just four years earlier?<div type="image" title="Side-by-side images of Goldman's logo" height="1080" width="1920" msid="115309583" hostid="261" sizebytes="18594"></div>The rebranding effort has spotlighted the executive who spearheaded it: Fiona Carter, the chief marketing officer. Since Carter joined Goldman in 2020 from AT&amp;T as the bank's first CMO, her team's work and its spending have become a topic of conversation inside the 150-year-old bank.Carter expanded the marketing team to more than 100 employees at its peak, up from about 15 to 25, and upped spending on glitzy sponsorships, according to current and former Goldman employees.Despite going public in 1999, <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">Goldman is still run as a partnership</a>, which can lead senior leaders to feel empowered — in some cases duty-bound — to seek to influence the company's spending and strategic direction. Several high-ranking officials told Business Insider that they questioned the cost and efficacy of the bank's marketing efforts under Carter.BI spoke with 18 current and former Goldman employees, including some supporters, about Carter and her team's role at the bank. Some of these people were granted anonymity since they were not authorized to discuss company matters.Carter did not respond to a request for comment. However, she addressed the skepticism she's faced in an interview with Forbes earlier this year, saying that some of her Goldman colleagues have been reluctant to embrace marketing.The complaints echo earlier tumult around CEO David Solomon's <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8">ill-fated push into consumer banking</a>, which led to criticisms, including from <a target="_blank" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">powerful partners</a>, that the bank was spending at the expense of core businesses like investment banking and trading. Speculation over Solomon's own future died down in 2023 after it became clear that shareholders — and the board — backed him.In recent months, talk has swirled inside the firm that Carter's team could be thinned through head-count reductions.Top Goldman officials denied any plans to cut Carter's department and said she had upgraded Goldman's marketing capabilities. What's more, they say, the division she has built is vital to growing the company's asset-management and private-wealth businesses, which have become an increasingly important source of revenue in light of the consumer-banking retreat.Goldman's assets under supervision have increased more than 50% since Carter joined the firm in 2020, rising from about $2 trillion to over $3 trillion at the end of the third quarter. And despite the consumer-banking setback, Goldman's stock is up more than 160% since Solomon took over in 2018, compared to a gain of 104% in the S&amp;P 500 index."It sounds like a few people have a quaint understanding of marketing at Goldman Sachs," a Goldman spokesman, Tony Fratto, said. "Our head count and spending are a small fraction of our peers. It's not remotely close. The culture of Goldman Sachs is to be lean, effective, and commercial, and marketing meets that test."Goldman never had a chief marketing officer before Carter. Talk to any longtime Goldman dealmaker, and nine out of 10 will speak with pride about how Goldman grew to be a powerhouse investment bank by virtue of its service to clients — not splashy sports sponsorships.In 2020, however, Solomon aspired to <a target="_blank" class="" href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5">make Goldman a household name</a>. To do that, he and his deputy, the chief operating officer and president John Waldron, planned to upgrade Goldman's marketing game significantly.The men discussed building a marketing operation worthy of a tech giant like Google or Apple, multiple people familiar with their vision said. They turned to the consulting giant McKinsey, which recommended Goldman increase its marketing budget and hire a chief marketing officer, these people said.As AT&amp;T's chief brand officer, Carter handled sports sponsorships, advertising, and diversity messaging in a division headed by the telecom giant's global marketing officer, Lori Lee.With her refined British accent and commanding presence, Carter evoked a level of glamour that some said reflected Solomon's own leadership style, though he pulled back on his celebrity DJing in 2023 amid a backlash. She was praised in on-camera interviews and in the press for initiatives to advance women's equity in advertising. She was photographed at AT&amp;T-sponsored events with Hollywood stars like Robert De Niro and Katie Holmes.Carter joined the firm in September 2020 as a member of the bank's vaunted partnership. Her team was housed in Goldman's executive office, a group of public-facing units that support Goldman's C-suite, including media relations, investor relations, and marketing.In a break from tradition, she did not report to the head of that division, John Rogers. She reported instead to his boss, Waldron, the COO. The shake-up of the traditional hierarchy didn't sit well with Rogers, said executives who spoke to him about the new reporting line."He didn't like it," said a former executive in the department who worked with Rogers. "He lost something, and that had never happened in any significant way."Fratto said that Rogers "was the one who recommended that marketing report to John Waldron. He supported that structure and still does."<div type="image" title="Actor Robert De Niro with Fiona Carter on the red carpet" height="3896" width="4979" msid="115309581" hostid="261" sizebytes="1225586"></div>Carter quickly set out to reorganize and grow Goldman's marketing operation.She assumed control of the 15 to 20 marketing executives who had been reporting to Goldman's global head of communications, Jake Siewert. This marketing team, which was housed in the executive office, focused on companywide initiatives like arranging social-media posts, managing the website, and Goldman's weekly podcast.Goldman also had marketers stationed within the firm's individual business lines who were responsible for division-specific products and services. Prior to Carter, these business-line marketers operated their own fiefs, reporting up to the heads of their units. One byproduct of this was a lack of cohesiveness in branding materials, including web pages for specific business lines that looked different from the rest of the website, a former senior marketing executive recalled. Carter set out to eliminate these issues and streamline Goldman's look and messaging.Carter hired aggressively, and Goldman's marketing operation soon swelled. People who worked in the executive office at that time said an oft-repeated mantra was that marketing was building an "army" — so much so that employees of the media-relations team had to be shifted to a different area of the 29th floor of Goldman's New York City office tower to make room."They're like: 'Our budget is never-ending. We just added another team. We added another 20 people in a night,'" one former executive-office staffer said. "It was crazy."One hire that riled some Goldman insiders was that of Maria dal Pan, a communications industry veteran who was tapped in part to write speeches and talking points for the CMO. Goldman insiders told BI it was unusual for executives other than the CEO to have such a staffer.Fratto told BI that "everyone who heads a function has that kind of support available to them," but the executives who spoke with BI said speechwriting was typically handled by subordinates on an ad hoc basis. Dal Pan, who left Goldman in 2023 after little more than a year, declined to comment.Carter erected new teams, including an internal ad-buying team. She ramped up the use of outside agencies to focus on branded content and website development and championed sports sponsorships such as the one it announced in 2022 with the carmaker McLaren's Formula 1 racing team.Carter used clichés that puzzled some colleagues, according to a former senior-level marketing executive. This person recalled Carter saying, for example, that marketing would be "the rocket fuel" that would vault the Goldman brand "to the stars."In meetings, she often name-dropped Waldron when discussing her game plan, two senior executives said. The goal, these people added, was to send the incontrovertible message that her vision had been blessed straight from the top.Goldman also came close to rolling out a dramatic logo and brand upgrade in 2022, according to two people familiar with the effort. The redesign, known internally as "Project Richmond," would have added orange to Goldman's brand colors, one of these people said.The project was scrapped as performance slumped amid a tenuous dealmaking environment that was <a target="_blank" href="https://www.businessinsider.com/who-got-laid-off-at-goldman-employees-speak-out-2023-1">followed by layoffs</a>.<div type="image" title="A man in a suit speaks" height="4530" width="6730" msid="115309573" hostid="261" sizebytes="3210186"></div>Since Goldman's consumer-banking retreat in 2022, the marketing team housed within the executive office has shrunk to about 85 staffers, according to multiple people with knowledge of the division.Carter, meanwhile, has shifted focus to the marketing needs of the asset-and-wealth-management division, which manages money for wealthy people, pension funds, and other large investors.Matt Gibson, Goldman's global head of client business for asset and wealth management, told BI that marketing had become so important to his division that it planned to double the number of marketers it employs over the next two years."I would like to significantly grow our marketing resources over the next few years, and that's because I think it's so valuable," he told BI. "We all live with scarce resources, so I can't do all of that overnight. But if you were to ask me what my top three longer-term priorities are to help grow the business, this would be one of them."Waldron pointed to Goldman's sponsorship of McLaren's F1 racing team as an example of the CMO's vision benefiting the bank.Waldron told BI that he was initially skeptical of the sponsorship, which Carter spearheaded and which has led to the bank's logo being emblazoned on the team's vehicles at competitions. It has proved successful among clients, he said, because Carter structured it so they could get up close and personal with McLaren's technology versus sitting in the stands watching cars zoom around a track."What she's been able to put together with her team is something that's much more personal," he said.Waldron called her "one of the best marketing executives out there" and said the bank heard this sentiment from clients as well. "She has upgraded our capabilities monumentally," he added. "Our events and branding are materially better under her leadership. We made the right decision by bringing her into the firm, and we are lucky to have her."<div type="image" title="A crowd gathers at a Formula 1 race" height="5504" width="8256" msid="115309567" hostid="261" sizebytes="833856"></div>In recent weeks, Goldman's marketing team has suffered more departures.Jason Hill, the chief operating officer of the global marketing division who became one of Carter's most important lieutenants, left Goldman in October after snagging a CMO job at the law firm White &amp; Case. Goldman plans to replace him, a person familiar with the matter said.The bank's New York City office, meanwhile, recently lost roughly half a dozen members of its social-media team, multiple people said.There's been no shortage of internal speculation that the marketing team could be pared down further.Some people traced the chatter back to comments made by Russell Horwitz, Goldman's chief of staff and head of the executive office. In meetings, Horwitz has said the executive office operates better when head count is leaner, which some people took to refer to the marketing team because of its size.Horwitz told BI there was currently "no plan to reduce marketing" in the executive office. He added: "Generally speaking, we're in the right place." Horwitz said his comments about head count were not about any specific team.In the interview with <a target="_blank" href="https://www.forbes.com/sites/sethmatlins/2024/04/15/the-2024-forbes-entrepreneurial-cmo-50/">Forbes</a> earlier this year, Carter said her job involved convincing an "often skeptical audience" of the merits of marketing. "The race goes to those who persevere," she said, adding that her Goldman colleagues were "beginning to acknowledge marketing can be a revenue generator."Emmalyse Brownstein contributed reporting.Are you a Goldman Sachs or Wall Street insider? Get in touch with this reporter. Reed Alexander can be reached via email at <a target="_blank" href="mailto:ralexander@businessinsider.com">ralexander@businessinsider.com</a> or via the encrypted messaging app Signal at 561-247-5758.

Inside the Goldman Sachs marketing push that has some execs perplexed

<ul class="summary-list"><li>This is an excerpt from the Insider Today newsletter.</li></ul>The future of the White House has been decided. So what does that mean for the rest of us?A pillar of President-elect Donald Trump's campaign was the economy and the work he would do to "fix it." He even adopted the slogan in the final days of election season.We have a few more months until he gets to work, but there are already indications of who will and won't <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">benefit financially from those plans</a>. Let's break it down:WinnersStock investors: The three major US indexes — S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial — surged to record highs as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-election-trump-stock-rally-rise-sp500-outlook-regulation-mergers-2024-11">Trump's return is considered a boon for the market</a>. The president-elect's plan to cut corporate taxes is probably the biggest catalyst for the rally. But the potential for deregulation, helped by a GOP-majority Senate and potentially House, is more wind for stocks' sails.Tesla shareholders: The EV giant took off with news of Trump's win, finishing the day up almost 15%. CEO Elon Musk's big bet on the former president has paid off, with one analyst describing <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-tesla-shares-elon-musk-ev-president-2024-11">Trump's victory as a "home run" for Tesla</a>. Another said the regulatory hurdles Tesla faces with its autonomous driving technology could be expedited with Trump in office.Bitcoin believers: Trump was largely viewed as the more favorable option for digital currencies, and that's already playing out with <a target="_blank" href="https://markets.businessinsider.com/news/stocks/bitcoin-price-btc-record-high-donald-trump-victory-presidential-election-2024-11">bitcoin reaching record highs and eclipsing the $75,000 mark</a> on Wednesday. The self-appointed "crypto president" has also helped the sector's stocks like Coinbase, which finished the day up more than 31%.LosersPeople hoping inflation stays low: Trump has hammered the current administration for the high inflation that plagued the country throughout 2022 and 2023. But most economists believe the president-elect's plan for a minimum <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">10% blanket tariff on most imported goods</a> will flare inflation back up. The tax meant to generate money for the US government is seen ultimately getting passed down to the US consumer, <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">leading to higher prices</a>.Potential homebuyers: Inflation concerns could result in a tighter monetary policy, <a target="_blank" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">which means mortgage rates will stay high</a>. Bond yields are already soaring, indicating the market expects the cost of borrowing to keep rising. The 10-year US Treasury yield, which mortgage rates closely track, spiked to 4.477%, its highest level since early July.Investors in Europe: <a target="_blank" href="https://www.businessinsider.com/trump-presidency-impact-election-europe-economic-growth-gdp-goldman-sachs-2024-11">European growth stands to take a hit</a> from Trump's proposed tariffs, according to Goldman Sachs. The bank's analysts downgraded their growth forecasts across the region to 0.8% from 1.1% for next year, citing policy uncertainty arising from tariffs as a major cause. At least one European is happy, though. The French national Polymarket "whale" <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-banked-48-million-profits-trump-president-election-win-2024-11">banked $48 million in profits</a> from their Trump election bet.The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

The market is already indicating the early winners and losers from Trump's win

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

"Every once in a while, a revolutionary product comes along that changes everything," Steve Jobs said when he unveiled the iPhone in 2007. He was right; the world was never the same. But the <a target="_blank" href="https://www.businessinsider.com/guides/tech/iphone-16-review">iPhone 16</a>? Meh.The newest model, which hit stores in September, is off to a straggling start. Apple analyst Ming-Chi Kuo estimated that first-weekend <a target="_blank" href="https://www.businessinsider.com/guides/tech/iphone-16">preorder sales</a> were down by nearly 13% compared with first-weekend sales for last year's iPhone 15. The iPhone 15 also had an underwhelming start to the year: from January to March, Apple reported a 10% year-over-year drop in phone revenue. In the 17 years since the original came out, the release of a new iPhone has gone from the marquee tech event of the year to little more than a software update wrapped in cellophane.Replacing that hype is a new kind of hype: for old iPhones. The global market for refurbished smartphones grew by 5% year over year from 2021 to 2022, according to Counterpoint Research. <a target="_blank" href="https://www.businessinsider.com/companies-requiring-return-to-office-rto-mandate">Apple</a> made up half of the resold-phone marketplace in 2022. It accounted for about a quarter of new smartphones shipped globally in late 2023, according to market intelligence firm International Data Corporation. (The company also sells its own refurbished products.) In Europe, some 43% of people have already owned a refurbished phone, according to a 2023 survey conducted by Vodafone and Recommerce Group, a tech buyback company. Zion Market Research estimates that in the US, the market for used phones could grow by about 13% a year through 2032.Glen Cardoza, a senior research analyst at Counterpoint, says a few things are driving the used-phone revolution. People are more aware of refurbished phones, thanks to ad campaigns and word of mouth. Learning that your friend has an iPhone 12 and still manages to be the most active member of your group chat may make you more likely to get a used phone yourself. The quality of repairs and guarantees from refurbished-phone sellers have improved, making the phones less risky to buy. Some shoppers care about <a target="_blank" href="https://www.businessinsider.com/florida-man-refused-leave-hurricane-proof-home-basically-unharmed-milton-2024-10">environmental impact</a>, but high prices are the chief concern. "With incremental improvements between new smartphone versions, a growing share of consumers feel that refurbished options are better," Cardoza tells me in an email. "They do not mind using a cheaper refurbished model that has most of the recent features."Refurbished-tech sellers think this is their moment to seize. <a target="_blank" href="https://www.businessinsider.com/back-market-raises-510-million-as-valuation-soars-57-billion-2022-1">Back Market</a>, a secondhand-tech marketplace based in France, has raised more than $1 billion and is on track to become profitable in Europe for the first time this year, says CEO Thibaud Hug de Larauze. During a recent press conference, he revealed the company had served 15 million customers and sold 30 million items, indicating that Back Market has had a good number of repeat buyers during the past 10 years. Phones are the majority of Back Market's sales, but the company also sells, among other items, smart watches, headphones, laptops, and video-game consoles. Refurbished tech is now among the five most popular secondhand categories purchased on eBay.Hug de Larauze is extremely bullish on the future of secondhand tech: He predicts that within 10 years, 90% of adults could be buying refurbished products or opting to repair their devices rather than buying new ones. "People start to actually realize there is not that much innovation in the next product," he tells me. Consumers are also uncertain about <a target="_blank" href="https://www.businessinsider.com/iphone-16-apple-intelligence-ai-does-not-matter-to-customers-2024-9">all the AI</a> that companies, Apple included, are baking into their latest devices. "What does it do?" he says. "What does it change in your life?" Hug de Larauze likens the used-phone revolution to the shifts in car sales. Cars are expensive and lose value, and innovation from one model to the next has become negligible. The idea of buying a used car and fixing it as parts break down is normalized. If phones are just as poor of an investment, why not get something more affordable that gets the job done — even if it means sacrificing horsepower and the latest add-ons?Refurbished-phone dealers are also finding creative waves to counter years of marketing that capitalizes on "newphoria," the feeling of elation people get when unboxing a shiny new tech toy. Back Market satirized the idea in an ad last year, showing people eager to grab the new product but mocking the slight changes to buttons and charging ports. The company also recently ran a mystery-phone promotion. For $249 or 299 euros, customers could buy a refurbished iPhone or Android without knowing the model they'd get. The phones sold out in two hours in France and just days in the US, Hug de Larauze says. Back Market didn't provide the total number of phones sold during the promotion, but Hug de Larauze said the sales exceeded the company's expectations. It showed that there are shoppers who care far more about the phone's price than its model.Anmol Aroz, a 23-year-old who works in IT sales in England, says he bought a refurbished iPhone 13 Pro two years ago and saved about £500. He's been impressed with the phone and less impressed by the new features on more-recent models. He feels like he can do enough with ChatGPT on his phone and doesn't need Apple Intelligence yet. Aroz says sustainability was also on his mind, adding that he's not so wooed by new clothes or new tech, both of which lose value quickly. "The second you touch the wrapper, it's £200 down the drain," he says. "I'm pretty much set on sticking to the refurbished route." Amy Marty Conrad, a 34-year-old who lives in the Washington, DC, area says she and her husband have each bought refurbished phones. She's on her second, a Samsung Galaxy S21, which she bought two years ago. She recently replaced the battery, giving it even more life. "I mostly use my phone for calls, email, work, and a camera," she says. "A lot of the other software innovations aren't doing a lot for me." She's also conscious about waste, and she buys clothing and other household items secondhand, too.But perhaps the biggest thing blocking people from buying more secondhand phones is the manufacturers themselves. Through a practice called "parts pairing," in which a replacement part can work only if a company's software recognizes and approves it, tech companies have made it difficult to repair your own phone or to get third-party shops to do so: Replace your cracked iPhone screen at a local repair shop, and your Face ID may never work again. That's changing, albeit slowly. In April, Apple announced it would begin making changes that would allow for some used genuine Apple parts to be put into other iPhones. Apple did not respond to an email asking about updates on the rollout of the change, but the company has long maintained that parts pairing bolsters a phone's security.In March, shortly before Apple's announcement, Oregon passed a law banning parts pairing, becoming the first US state to do so. And while it applies only to devices made after January 1, 2025, it's a major shift for how manufacturers make their future tech fixable. More lawmakers are tackling repair impediments, and the European Union this year adopted laws designed to make it easier for people to get their products fixed by manufacturers or third-party repairers rather than being pushed to replace them.Tim Cook certainly doesn't see the rise of refurbished phones as an existential threat. Even underwhelming sales are underwhelming by Apple's standards. It has already sold an estimated tens of millions of iPhone 16s, and that's before the typical holiday boost and the release of Apple Intelligence. But with consumers' growing AI skepticism and interest in secondhand phones, the company would need to summon the kind of dazzle unseen since Steve Jobs' presentation in 2007 to reverse the trend of dwindling excitement with the iPhones 17, 18, 19, and 20.Two years ago, I bought a refurbished iPhone 11 from Back Market after the display on my iPhone XR suddenly became unusable. It didn't have the upgraded camera or 5G — but the phone let me text, doomscroll on social media, and take decent photos, and it had good battery life. In an age of constant tech changes, sometimes all you need is for a phone to be a phone.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/author/amanda-hoover">Amanda Hoover</a> is a senior correspondent at Business Insider covering the tech industry. She writes about the biggest tech companies and trends.

The market for used phones is growing. Apple should be scared.

<ul class="summary-list"><li>US stocks hit record highs as investors cheered Trump's election victory and market gains.</li><li>The Fed cut interest rates, Nvidia replaced Intel in the Dow, and the S&amp;P 500 briefly crossed 6,000.</li></ul>US stocks jumped on Friday to record highs, capping off a monumental week for markets as investors cheered Donald Trump's election victory.It was a big week for the market, and the momentum kept up even after the Dow Jones Industrial Average gained 1,500 points on Wednesday. The S&amp;P 500 briefly cross 6,000 for the first time, while the Dow topped 44,000 during the day, also a first as <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia replaced Intel</a> in the index. On Thursday, traders had more to cheer with the Federal Reserve cutting interest rates again by 25 basis points. Chair Jerome Powell said the central bank was feeling good about the economy, with more easing on the table, even as <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">bond markets repriced</a> this week in anticipation of higher borrowing costs under Trump's second term. At Friday's closing bell, stocks ended with their best weekly gain of 2024, with the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> jumping about 5%.Bitcoin, meanwhile, was continuing a record-setting run on Friday in the wake of Trump's win, with the token climbing past $76,500. "The Trump rally isn't over with stocks reaching fresh all-time highs as investors look ahead to tax cuts, deregulation. and Made in America policies to power future gains. Market participants are also catching a tailwind from a dovish Federal Reserve," said José Torres, senior economist at Interactive Brokers.Also helping push stocks to record this week were solid earnings, with third-quarter results starting to wrap up.So far, 90% of S&amp;P 500 companies have reported earnings results. According to Fundstrat data, 77% of those companies beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%.Investors will turn their attention to inflation data next week, with the October consumer price index set to be released on Wednesday and the October producer price index set to be released on Thursday.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<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>: 5,995.54, up 0.38% </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>: 43,988.99, up 0.59% (+259.65 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>: 19,286.78, up 0.09%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11">Tesla stock surged 7% to hit a $1 trillion market cap on Friday for the first time since April 2022.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/clean-energy-stocks-short-sellers-trump-us-election-renewables-evs-2024-11">Traders betting against clean-energy stocks have made $1.3 billion since Trump's election win.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/big-tech-winners-losers-trump-election-win-according-to-market-2024-11">Here are mega-cap tech's winners and losers from Trump's election win, according to the stock market.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">CEOs worldwide are already talking about the potential impact of tariffs on their businesses.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-85-million-profit-trump-president-election-win-2024-11">The Polymarket 'whale' actually made $85 million on his Trump election bet, nearly double than originally thought.</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 2.52% to $70.54 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 2.09% to $74.05 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dropped 0.40% to $2,695.10 an ounce.</li><li>The 10-year Treasury yield declined 3 basis points to 4.313%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 0.94% to $76,636.</li></ul>

Stock market today: Indexes end the week at records as investors cheer Trump's victory

The state of the job market has been worrisome for people across the country ever since companies started carrying out large scale layoffs. In 2022, Twitter (now called X) laid off thousands of employees and eventually, companies like Meta, Google, Amazon, Microsoft and so on also began handing the pink slip to employees. Thousands of people took to social media platforms to share their ordeals. While some have successfully moved on to new roles now, many are still searching for opportunities, elevating competition in the job market. However, the situation isn't so grim everywhere. <keyword id="78512" type="General" weightage="100" keywordseo="iim-calcutta" source="Orion">IIM Calcutta</keyword> students bagged offers worth nearly 2 lakh per month for their summer internship programme. Curious? Read on to know more. The 61st batch of IIM Calcutta's flagship MBA programme saw all 475 students secure internships during the recent placement season. The numbers also speak volumes: a staggering median stipend of ₹2 lakh per month, a record-breaking achievement, and an average of ₹1.89 lakh that closely follows. And it doesn’t stop there—the highest domestic offer came in at ₹3.67 lakh, while international placements soared with top offers of ₹6.75 lakh per month. For many, this success story from IIM Calcutta is a reminder that when it comes to premium talent, there’s always a demand, even when the world feels uncertain. Professor Ritu Mehta, Chairperson of Placement Activities at IIM Calcutta, said as per a report in ET, "The outcome of the <keyword id="23806452" type="General" weightage="20" keywordseo="summer-internship-offers" source="keywords">summer internship offers</keyword> has yet again demonstrated the future readiness of our students in a highly competitive landscape. Globally, there is an ongoing recalibration of managerial jobs and pullback of job postings, hence we are very grateful to our recruiters to repose their trust in our students and our academic processes." Meanwhile, IIM Calcutta said, "The cluster-cohort placement process that involved various policies such as ‘dream offer’ enabled recruiters to find a better student-recruiter fit, making the overall process a win-win for both recruiters and students." For the unversed, IIM Calcutta, established in 1961 as the first Indian Institute of Management, is one of the most prestigious business schools in India and is globally renowned for its academic excellence. Known for its rigorous MBA programme, it has built a reputation for producing leaders equipped with strong analytical and strategic thinking skills. The institute has consistently attracted top-tier recruiters across various industries, and people across the industry keep a close eye during its placement season.

₹1.89 lakh per month for summer internship! Freshers at this institute bag bumper monthly stipend

<ul class="summary-list"><li>US stocks gained as investors adjust their portfolios to a second Trump presidency.</li><li>Investors will turn their attention to inflation this week, with October CPI set to be released on Wednesday.</li></ul>US stocks gained on Monday, extending the postelection rally as investors adjust their portfolios to prepare for a second Donald Trump presidency.Everything from bitcoin to Tesla to the US dollar rallied Monday morning. The world's largest cryptocurrency hit an all-time high above $82,000 as 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 for crypto. Tesla stock rose over 8% to about $348.50. The stock reclaimed a $1 trillion market cap at the end of last week for the first time since April 2022. Tech analyst Dan Ives said in a note Monday morning that the Trump win was a "game changer," and raised his price target to $400 a share. 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.Investors will get more inflation data on Thursday when the producer price index is released. Economists expect it to rise 0.2% month over month compared to a flat reading in September.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 shortly after the 9:30 a.m. opening 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>: 6,015.56, up 0.33%</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>: 44,384.62, up 0.90% (+395.63 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>: 19,339.95, up 0.28%</li></ul>Here's what else is going on:<ul><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 2.76% to $68.44 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 2.52% to $72.01 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dropped 2.07% to $2,639.00 an ounce.</li><li>The 10-year Treasury yield was flat at 4.310%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 1.80% to $81,875.</li></ul>

Stock market today: Indexes jump as post-election rally continues ahead of inflation data

<ul class="summary-list"><li>US stocks dropped Wednesday, with the Nasdaq seeing its steepest single-day loss since 2022.</li><li>Tesla and Alphabet earnings reports disappointed investors and dragged tech lower. </li></ul>US stocks dropped on Wednesday, led by a steep sell-off in the tech sector after the first batch of mega-cap earnings disappointed investors. The major indexes all ended the day lower, with the Nasdaq Composite falling more than 3% to notch its worst trading day in since 2022. The S&amp;P 500 dropped more than 2% and the Dow Jones Industrial Average lost more than 500 points. Investors were shaken after Tesla and Alphabet reported financials for the second quarter. <a target="_blank" class="" href="https://www.businessinsider.com/tesla-elon-musk-tough-q2-earnings-report-robotaxi-fsd-2024-7">Tesla shares dropped 12%</a> after the carmaker missed earnings estimates and logged a big drop in auto revenue. <a target="_blank" class="" href="https://www.businessinsider.com/alphabets-investors-want-data-ai-returns-no-one-has-answers-2024-7">Alphabet</a> shares, meanwhile, fell 5% after the Google parent beat on earnings but reported weaker ad revenue from YouTube and rising capital expenditures during the quarter. Other mega-cap tech stocks also tumbled in Wednesday's session as investor sentiment soured. Nvidia shares fell almost 7%, while Meta shares ended the trading session 5.6% lower."So is the Tech-led bull market over? Is the AI bubble bursting? Or are investors rotating out of Tech into all the laggards? Or is the bull market simply broadening?" Yardeni Research wrote in a note. "For now, we believe that the stock market was overbought and is experiencing a minor selloff."Investors are waiting on more mega-cap tech earnings, with Meta, Apple, and Amazon set to report their financials next week.In the meantime, traders are eyeing fresh economic data releases. Second-quarter GDP estimates are due on Thursday, and the personal consumption expenditures price index, the Fed's preferred measure of inflation, is due on Friday. Markets are expecting PCE inflation to slow to 2.5% on an annual basis, while GDP is expected to show the economy grew 2.1% last quarter.The readings will help inform rate-cut bets as the central bank heads into its two-day policy meeting next week. 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>: 5,427.12, down 2.31% </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>: 39,853.87, down 1.25% (-504.22 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>: 17,342.41, down 3.64%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/housing-market-outlook-home-prices-supply-shortage-inventory-mortgage-rates-2024-7">The housing market is poised to loosen up</a> as more inventory hits the market and home prices cool, according to Fannie Mae.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-wartime-boom-outlook-western-us-sanctions-soviet-union-2024-7">Russia's war-driven economy is a mirage</a>, and more sanctions are needed to keep the pressure on, European finance ministers said.</li><li>Tesla's earnings were tough, but here's why the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-price-earnings-ai-robotaxi-self-driving-dan-ives-2024-7">carmaker could be getting its mojo back</a>, according to Wedbush's Dan Ives.</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 ticked 0.77% higher to $77.55 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, dipped 0.12% to $80.72 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> edged lower by 0.12% to $2,406 per ounce.</li><li>The 10-year Treasury yield rose nearly five basis points to 4.287%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 0.25% to $65,883.</li></ul>

Stock market today: Nasdaq suffers worst day since 2022 as weak earnings spark steep sell-off     

<ul class="summary-list"><li>US stocks rise as key earnings and economic data are anticipated this week.</li><li>Major tech firms, including Amazon, Microsoft, Alphabet, and Apple, are set to report earnings.</li></ul>US stocks jumped on Monday ahead of what's shaping up to be a pivotal week for earnings and economic data.More than 90 <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> companies are set to report results this week, and investors will be keenly focused on third-quarter updates from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>.Combined, these five mega-cap tech giants are worth about $12 trillion.So far, 37% of S&amp;P 500 companies have reported earnings results. Of those companies, 78% beat profit estimates by a median of 6%, while 58% beat revenues estimates by a median of 2%, according to data from Fundstrat.In the oil market, crude prices plunged more than 6%, representing the biggest one-day decline since September 2022 after Israel's attack against Iran over the weekend avoided oil facilities.It's a big week for economic data as well, with third-quarter GDP set to be released Wednesday morning. The Atlanta Fed's GDPNow Tracker suggests growth of 3.3% in the quarter, while economists expect growth of 3.2%.Investors will also get a look into inflation with the release of the PCE index on Thursday, which is the Federal Reserve's preferred inflation gauge.According to economist estimates, the year-over-year PCE Index is expected to be 2.1%, a slight decrease from last month's reading of 2.2%.Finally, investors will turn their attention to the October jobs report on Friday. Economists expect 110,000 jobs added to the economy last month, a big decline from the September employment report, which came in hot with 245,000 new jobs.Here's where US indexes stood shortly after the 9:30 a.m. opening 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>: 5,834.93, up 0.46% </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>: 42,414.07, up 0.71% (+299.67 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>: 18,634.68, up 0.59% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Here's what is at stake for your investments in next week's Presidential election.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-became-etf-interest-rates-trump-costco-2024-10">Gold has become one of the world's hottest investments as it outperforms the S&amp;P 500. Here's why.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-deportation-immigration-policy-election-housing-home-prices-construction-costs-2024-10">Donald Trump's proposed immigration crackdown could make housing more expensive by depleting the construction workforce.</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 plunged 6.39% to $67.19 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 6.05% to $71.45 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was lower by 0.21% to $2,748.80 an ounce.</li><li>The 10-year Treasury yield was flat at 4.240%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> increased 1.46% to $68,936.</li></ul>

Stock market today: US stocks jump ahead of crucial week of earnings and data

<ul class="summary-list"><li>Carvana's stock has surged over 7,000% since December 2022, reaching a $52 billion valuation.</li><li>The company was near bankruptcy in 2022 amid financial struggles and high interest rates.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Carvana</a> investors have been on a roller coaster ride over the past couple of years, and for those who could hang on, it's paid off big time.The used-car dealer, famous for its car tower vending machines, was <a target="_blank" class="" href="https://www.businessinsider.com/used-vehicle-retailer-carvana-bankruptcy-car-buyers-inventory-2022-12">on the verge of bankruptcy</a> in December 2022, and its stock price crashed 98% to a valuation of about $400 million.The stock has since soared more than 7,000% to a $52 billion valuation, and its latest earnings release shows that the company is hitting new records. In its third-quarter earnings report, Carvana reported record adjusted EBITDA of $429 million on about $3.7 billion in revenue, far surpassing Wall Street estimates.Meanwhile, total cars sold surged 34% to 108,651 units in the quarter. Shares of Carvana surged about 22% on Thursday following the results, trading at $248.82 as the market headed into the close. "Carvana's exceptional results underscore our position as the fastest-growing and most profitable automotive retailer," Carvana CEO Ernie Garcia said.It's a remarkable turnaround for a company that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/carvana-stock-price-used-cars-interest-rates-dollar-morgan-stanley-2022-11">was virtually left for dead by investors two years ago</a> when it experienced a credit crunch due to an overextended balance sheet and a weakening consumer outlook. It didn't help that funding options dried up as the Federal Reserve aggressively hiked interest rates in 2022 and 2023.Carvana successfully <a target="_blank" class="" href="https://www.ft.com/content/6bdbd28e-2586-46a9-b082-04f5dbeeb637">fended off creditors,</a> including Apollo Global Management, and convinced them to take a $1.3 billion haircut on their underwater bonds as the company raced to slash costs and right-size its business.The massive bet, led by CEO and founder Ernie Garcia, paid off, and it appears Wall Street is starting to play catch-up on the Carvana story.More than 10 Wall Street firms raised their price targets on Thursday following the company's solid earnings results. According to Bloomberg data, the average Carvana price target is around $200, still below the $255 per share price at which the stock traded Thursday afternoon, leaving room for more potential upgrades in the future.JPMorgan raised its price target for the stock to $300 per share and reiterated its "Overweight" rating in a note on Thursday."3Q24 results should be seen as a clearing event that is likely to diminish any lingering concerns/skepticism around CVNA's recent progress on unit economics with focus shifting to the unique benefits of the operating model and widening moat vs peers, reinforced by the recent foray into commercial - retail marketplace that unlocks a significant profit opportunity with infrastructure and resources to scale," JPMorgan said.Despite the strong rally over the past 22 months, Carvana stock is still 32% below its record high of $376.83 reached in August 2021. Here's a look at the company's stock price since going public in 2017.<div type="image" title="Carvana stock price" height="887" width="1737" msid="114826413" hostid="261" sizebytes="34346"></div>

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