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<ul class="summary-list"><li>Trump has said he plans to bring down gas prices by boosting US oil production.</li><li>ExxonMobil CEO Darren Woods doesn't see a US oil boom in the near future.</li></ul>President-elect Donald Trump's promise to unleash a <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">big oil boom</a> in the US and lower gas prices is running up against a market reality: The world is already awash in fossil fuels. ExxonMobil CEO Darren Woods told <a target="_blank" class="" href="https://www.semafor.com/article/11/12/2024/exxon-ceo-darren-woods-donald-trump-shouldnt-scrap-methane-regulations">Semafor</a> on November 12 that while he wants to maintain US oil production at its current highs, the market is already well supplied. "I don't think today that production in the US is constrained," he said. "I don't know that there's an opportunity to unleash a lot of production in the near term." During the presidential campaign, Trump said that he planned to lower energy prices — including the <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">cost of gas</a> — by increasing US oil production. "We will frack, frack, frack and drill, baby, drill," Trump <a target="_blank" class="" href="https://www.factcheck.org/2024/10/the-issues-trumps-proposal-to-lower-prices-by-increasing-energy-production/">said</a> in October. "I will cut your energy prices in half within 12 months." In September, Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">said</a> he would reduce gas prices to below $2 a gallon. Energy analysts told Business Insider that big oil companies are more focused on returning money to shareholders than investing in projects that boost production, especially because China isn't importing as much oil due to its economic downturn. Their comments underscore how little control a US president has over the oil and gas market, including prices at the pump. "It's a global market," Ben Cahill, director of energy markets and policy at the University of Texas at Austin, told BI. "There's very little any president can do to change the direction of oil or gasoline prices." Cahill added that he expects the US to increase oil production, but it will happen gradually. The US is already producing record amounts of oil, at <a target="_blank" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">12.9 million barrels of crude a day in 2023</a> compared with about 11 million barrels per day in 2020, when Trump was in office. Last year, the US also became the world's biggest exporter of natural gas. In October, the US Energy Information Administration <a target="_blank" href="https://www.enerdata.net/publications/daily-energy-news/us-eia-expects-domestic-crude-oil-production-reach-135-mbd-2025.html#:~:text=At%20a%20global%20scale%2C%20the,13.5%20mb%2Fd%20in%202025.">projected</a> that the US would produce 13.5million barrels a day in 2025, hitting another record. And there is room for the industry to expand. Woods <a target="_blank" href="https://www.cnbc.com/2024/11/01/exxon-ceo-says-us-election-wont-affect-oil-production.html">told</a> CNBC earlier this month that there are areas in the Gulf of Mexico — where federal leasing hasn't allowed companies to drill — that could be a source of additional oil production in the long term. Patrick De Haan, head of petroleum analysis at GasBuddy, told BI that Trump could take some steps to try to boost US oil production, including easing regulations to open up additional places for companies to drill and working with OPEC. However, he said boosting oil production while keeping prices at a desired level is a "delicate balance" for the industry. "If oil prices drop, you're likely to see a natural decline in US oil production over the long run," he said, adding, "Oil companies have shareholders to be accountable to." In recent years, the US has increased oil production even as President Joe Biden imposed stricter limits on greenhouse gas emissions from power plants, oil and gas infrastructure, and gas-powered vehicles to help slow the climate crisis. In a separate interview with <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/exxon-says-trump-should-keep-u-s-in-paris-climate-pact-3d8de471">The Wall Street Journal</a>, Woods added that the US shouldn't drop out of the Paris Agreement as Trump did in his first term and has promised to do again. The nearly 200 countries signed onto that agreement <a target="_blank" class="" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">struck a deal last year at the UN climate summit </a>to move away from fossil fuels this decade and the triple renewable energy by 2030. Woods told Semafor that he supports Biden's limits on methane emissions from the oil and gas sector. Exxon and other US oil majors have goals to reduce emissions, but climate scientists warn<a target="_blank" class="" href="https://www.businessinsider.com/exxon-chevron-investors-reject-climate-change-proposals-2023-6">they aren't aggressive enough</a> to avert catastrophic levels of global warming.

Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast.

After a prolonged selloff and logging a one-year low last week, Indian stock indices showed a promising rebound on Monday, driven by <keyword id="20262950" type="General" weightage="20" keywordseo="value-buying" source="keywords">value buying</keyword> from investors. The <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> closed at 80,081.30 points, gaining 679 points, while the <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> surged by 186.55 points to close at 24,367.35. All Nifty sectoral indices moved into positive territory, with the PSU bank index leading the rally at a 3.8% gain. Last week saw significant dips in Indian equities, with the Nifty 50 and Sensex shedding 2.7% and 2.2%, respectively. Additionally, the Nifty corrected by approximately 8.3% from its recent high, while mid-cap and small-cap indices faced steeper corrections of 9-10%. <keyword id="20015748" type="General" weightage="20" keywordseo="foreign-portfolio-investors" source="keywords">Foreign portfolio investors</keyword> (FPIs) have also been net sellers throughout October, pulling out a substantial ₹85,790 crore, following four months of consistent inflows that previously supported the market’s bullish phase. Market experts, however, indicate that <keyword id="21807786" type="General" weightage="20" keywordseo="geopolitical-factors" source="keywords">geopolitical factors</keyword> and macroeconomic uncertainties will continue to influence Indian equities in the near term. “The imminent U.S. presidential elections and associated uncertainty will continue to weigh on markets,” noted V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Nonetheless, positive developments, including strong quarterly results from banks and a decline in <keyword id="21259231" type="General" weightage="20" keywordseo="global-oil-prices" source="keywords">global oil prices</keyword> due to anticipated ease in Middle East retaliations, have boosted investor sentiment. “The <keyword id="21953705" type="General" weightage="20" keywordseo="market-rebound" source="keywords">market rebound</keyword> this week was supported by positive <keyword id="22342488" type="General" weightage="20" keywordseo="banking-results" source="keywords">banking results</keyword> and declining oil prices,” commented Vinod Nair, Head of Research at Geojit Financial Services. He added that the broader market’s stability would depend on stronger <keyword id="20052796" type="General" weightage="20" keywordseo="corporate-earnings" source="keywords">corporate earnings</keyword> and companies with low leverage and solid growth prospects, which are expected to outperform when the market stabilises. While global markets have remained steady in October, the MSCI India Index dropped around 8% from its late-September peak, signalling ongoing caution among investors, as observed by Jitendra Gohil, Chief Investment Strategist at Kotak Alternate Asset Managers.

Stock market rebounds after one-year low; Sensex and Nifty regain ground amid value buying

<ul class="summary-list"><li>Trump's presidency may pressure Russia's oil and gas industry.</li><li>The EU is thinking about replacing Russian LNG with US shipments, potentially affecting trade dynamics.</li></ul>Russia's lucrative oil and gas industry could come under greater pressure when US President-elect Donald Trump takes office.Domestically, Trump is championing the US oil and gas industry and encouraging production — which is likely to underscore America's position as an oil and gas giant.Meanwhile, the European Union said it could consider buying more US liquefied natural gas in a deal with Trump that would address a trade deficit. The EU doesn't have to burn bridges to negotiate with Trump, because the bloc still imports LNG from Russia."We still get a lot of LNG from Russia, and why not replace it with American LNG, which is cheaper for us and brings down our energy prices," European Commission President Ursula von der Leyen told reporters on Friday."It's something where we can get into a discussion," she said, referring to US's trade deficit with the eurozone, which reached <a target="_blank" class="" href="https://ustr.gov/countries-regions/europe-middle-east/europe/european-union">$131.3 billion in 2022.</a>To be sure, it's ultimately up to EU importers to decide where to import energy supplies based on market conditions.However, at least one EU country — <a target="_blank" class="" href="https://www.ft.com/content/d23591fc-0463-4346-865c-0e851a256ed2">Belgium</a> — is calling on the bloc to ban Russian LNG imports to further squeeze Moscow's war chest.The EU — which previously relied on Russian energy — banned seaborne Russian crude imports and refined petroleum products following the full-scale invasion of Ukraine in February 2022.The EU has also cut most of its piped natural gas imports from Russia, replacing much of it with LNG from the US — which is now a top exporter of the fuel to Europe, accounting for <a target="_blank" class="" href="https://energy.ec.europa.eu/topics/carbon-management-and-fossil-fuels/liquefied-natural-gas_en">46% of the bloc's supply in 2023.</a>Russia accounts for 8% of the EU's LNG imports. Other major LNG exporters to the EU include Qatar and Algeria."It would be in the interest of the US that Europe continues to shun Russian fossil fuels, given the US oil and gas industry has been one of the key beneficiaries of this move," wrote Warren Patterson, the head of commodities strategy at <a target="_blank" class="" href="https://think.ing.com/articles/what-a-trump-presidency-means-for-oil-and-gas-markets/">ING,</a> on Friday.<h2 id="e98e057f-427c-49fe-80b4-6b3536753369">'Drill, baby, drill'</h2>Trump's victory could shake up the highly politicized energy industry as he has made it clear that he supports oil production."I make this pledge to the great people of America: I will end the devastating inflation crisis immediately, bring down interest rates, and lower the cost of energy," Trump said in his Republican National Convention speech in July."We will drill, baby, drill," Trump said.While Trump's pledges to loosen energy regulations in the US are seen as a boost to the industry, it could increase oil supplies — a negative for prices.For consumers, lower energy prices translate to lower pump prices and electricity bills.However, it would also pressure energy company profits and, in turn, discourage more production — which is at record levels in the US.But there could also be other moving parts in Trump's second term, including potential sanctions on oil supplies from Iran, Venezuela, and Russia — all of which could tighten global supplies and support prices.Even before Trump's second election, there are so many uncertainties surrounding the geopolitical economy of energy that <a target="_blank" class="" href="https://www.businessinsider.com/major-oil-producers-saudi-arabia-russia-diversify-economies-opec-shale-2024-10">Saudi Arabia and Russia,</a> two of the largest oil producers, are trying to diversify their economies.In the meantime, the broad energy market is taking a wait-and-see stance."Initial market reactions have been muted to Trump's election victory, but in the medium term, he is expected to reinforce the US' role as a leading oil and LNG exporter," wrote Kaushal Ramesh, the head of gas and LNG analytics at Rystad Energy research firm on Monday.

Russia's lucrative oil and oil industry is an easy target for Europe after Trump's election victory

The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

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

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

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

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

<ul class="summary-list"><li>Stocks jumped on Tuesday, led by tech as Palantir stock helped the Nasdaq climb 1.4%. </li><li>Traders are eyeing the result of the US presidential election. </li></ul>US indexes surged Tuesday as a jump in tech stocks pulled indexes higher as traders headed toward the end of the US presidential election. A record earnings report from <a target="_blank" href="https://markets.businessinsider.com/stocks/pltr-stock">Palantir</a> helped push tech higher, with the stock soaring 23.5% to close at $51.15. The data software company delivered a record profit while showcasing high demand for its artificial intelligence products. Other tech leaders also ended higher, with Nvidia jumping almost 3% such as Nvidia and Tesla closing 3.5% higher.Nvidia's rally on Tuesday helped the chip titan surpass Apple as the world's most valuable company by market cap, at $3.42 trillion versus Apple's valuation of $3.38 trillion. The S&amp;P 500 and tech-heavy Nasdaq climbed 1.2% and 1.4%, respectively in the session. The Dow Jones Industrial Average rose by almost 430 points.Here's where US indexes stood at the 4:00 p.m. closing 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&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,782.76, up 1.23%</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&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,221.88, up 1.02% (+427.28 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&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,439.17, up 1.43%</li></ul>As voters flocked to the polls, Wall Street is on edge for the possibility of an uncertain election outcome following the conclusion of the vote.Some popular Trump trades rose throughout the day, with bitcoin and shares of Trump Media rising in anticipation of a potential Republican win. Treasurys yields edged slightly lower, with the 10-year bond dipping two basis points to 4.289%.On Wednesday, Wall Street's focus will quickly shift from the presidential race to the Federal Reserve's two-day policy meeting.<a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html"> Futures markets</a> indicate a 98.2% chance the central bank cuts interest rates by 25 basis points at the conclusion of its meeting on Thursday.Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/super-micro-computer-stock-delisting-risk-this-month-november-smci-2024-11?_gl=1*567hsv*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM4MDQzLjU5LjAuMA..">Super Micro Computer faces delisting from the Nasdaq as it comes up against a compliance deadline. </a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-election-stock-market-outlook-best-case-scenario-congress-gridlock-2024-11?_gl=1*11y3l5j*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM3OTIxLjYwLjAuMA..">A divided Congress would be the best-case outcome for stocks, JPMorgan says.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/election-bear-market-us-economy-stock-market-outlook-goldman-sachs-2024-11?_gl=1*1rj5c60*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM3OTgxLjYwLjAuMA..">There's an 18% chance that stocks are heading toward a post-election bear market,</a> Goldman Sachs says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stocks-to-buy-recession-investing-strategy-defensive-economy-outlook-money-2024-11?_gl=1*1936m0t*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM4MTM0LjYwLjAuMA..">A warning signal in the economy is telling investors to load up on defensive stocks, research firm says.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-gas-ukraine-war-budget-moscow-crude-prices-2024-11?_gl=1*1yvzx3u*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDgzNzI1MS44MDEuMS4xNzMwODM4MzA1LjYwLjAuMA..">Volatile crude prices send Russian oil revenue down 28% in October.</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&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil rose 0.99% to $72.18 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.81% to $75.69 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> increased by 0.18% to $2,751.2 an ounce.</li><li>The 10-year Treasury yield dipped two basis points to 4.289%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> jumped 2.82% to $69,401.</li></ul>

Stock market today: Tech leads indexes higher as markets head toward the result of the US election

New Delhi: India's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) market witnessed a resurgence in 2024, with a total of 272 companies going public compared to 164 during the previous fiscal year, highlights a report by <keyword id="19901201" type="General" weightage="100" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>. The market regulator SEBI stated that upbeat secondary markets, enthusiasm from retail investors, and strong institutional flows set the stage for a flurry of new listings. "After a relative moderation during 2022-23, the equity segment witnessed a resurgence in fundraising activity during the current fiscal. The <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> had been vibrant with a total of 272 companies going public as compared to 164 during the last fiscal year," said SEBI. The report also noted that India received the highest <keyword id="20018891" type="General" weightage="20" keywordseo="foreign-investment" source="keywords">foreign investment</keyword> in the year 2023-24, as the investment surged to a new high of Rs 3.4 lakh crore. It also added that the investment in the year 2023-24 is the highest since the year 1992-93. "Compared to net outflows of Rs 40,936 crore in 2022-23, FPIs invested Rs 3.4 lakh crore in India during 2023-24, which was the highest since 1992-93," said SEBI. SEBI highlighted that Foreign Portfolio Investment and foreign venture capital investment are crucial for emerging economies like India. FY 2023-24 was an exceptional year for India in terms of foreign portfolio investment flows. It added that India's continuing growth resilience, financial stability, reining in of inflation, fiscal consolidation coupled with the persistence of inflation in advanced economies, uncertain geopolitical scenarios, etc., attracted a record level of foreign flows to India. The report noted that in the midst of a subdued global economic scenario with recession risks and monetary tightening, India's economic prospects were bright among emerging markets, driven by a fillip in manufacturing and service sector activities, easing inflation, fiscal consolidation, financial stability, and buoyant <keyword id="20977711" type="General" weightage="20" keywordseo="market-performance" source="keywords">market performance</keyword>. According to the sector-wise breakup on FPI investment, the report stated that out of the consolidated Rs 64.2 lakh crore equity assets held by FPIs, Rs 18.6 lakh crore were invested in financial services, followed by oil, gas, and consumable fuels (Rs 6.0 lakh crore), information technology (Rs 5.9 lakh crore), and automobile and auto components with Rs 4.8 lakh crore invested.

In FY24, 272 companies went public as compared to 164 in FY23: SEBI

<ul class="summary-list"><li>Markets celebrated Donald Trump's election victory on Wednesday.</li><li>The Dow soared by more than 1,400 points. Bank stocks, tech shares and bitcoin rallied in the session.</li></ul>US stocks embarked on a major rally on Wednesday as traders took in <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's election win</a>.Major indexes soared to fresh records, with the Dow Jones Industrial Average climbing more than 1,500 points during the session.<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 yields surged</a> as investors eyed the potential for inflation and interest rates to rise again in another Trump term. The yield on the 10-year US Treasury spiked 14 basis points to 4.431%.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>: 5,929.05, up 2.53%</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>: 43,729.93, up 3.57% (+ 1,508.05 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>: 18,983.46, up 2.95%</li></ul>Traders piled into assets they see <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">benefitting under a Trump presidency</a>, with markets eyeing an agenda of deregulation and lower taxes benefiting US corporations.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bank-stocks-donald-trump-victory-reelection-wall-street-outlook-regulation-2024-11">Bank stocks</a> soared during the day, with Bank of America and Citigroup more than 8%, JPMorgan up 11%, and shares of Wells Fargo and Goldman Sachs each up 13%.Tesla <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11">climbed almost 15%</a> to trade at its highest level in over two years. Investors see Elon Musk and his companies among the election winners after the CEO strongly backed Trump during his campaign.<a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-soars-crypto-president-donald-trumps-election-betting-odds-2024-10">Bitcoin jumped to a fresh record high</a>, climbing above $75,000 for the first time ever. Investors see Trump as the first "crypt president"," hoping that his term will boost digital assets after he courted the market during his campaign.Wall Street will focus on the Fed's policy meeting on Thursday. Central bankers are expected to <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">cut rates another 25 basis points</a> on Thursday, followed by another quarter-point cut in December. However, rate cut expectations are starting to ease as investors consider potentially higher inflation under another Trump term."As a result, the Fed rate cut on Thursday may be the last cut, since the Fed does not like to fight market rates," Louis Navellier, the chief investment officer of Navellier &amp; Associates, said in a note on Wednesday, pointing to higher Treasury yields."As we move into 2025, we believe it's possible that we only see two or three cuts for the year depending on the mix of policy and growth that plays out," Yung-Yu Ma, the CIO of BMO Wealth Management, added.Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-soars-record-valuation-overtakes-apple-nvda-ai-2024-11">Nvidia stock hit a record high</a>, solidifying its position as the world's most valuable company.</li><li>The <a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-48-million-profits-trump-president-election-win-2024-11">polymarket whale that bet big on Donald Trump's victory</a> banked $48 million on Wednesday.</li><li>There are <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/us-election-trump-stock-rally-rise-sp500-outlook-regulation-mergers-2024-11?_gl=1*1culf3a*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDkxNjYxMC41MjguMS4xNzMwOTE5MTMyLjM0LjAuMA..">three post-election reasons why stocks are bound to rise</a> through the end of the year, according to Goldman Sachs.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/ukraine-bonds-trump-wins-us-election-russia-war-zelenskyy-2024-11">Ukraine bonds jumped after Trump's win</a> amid his vows to help end the war in Ukraine.</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 slightly to $71.89 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, edged lower by 0.5% to $75.14 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slumped 2.85% to $2,665.64 an ounce.</li><li>The 10-year Treasury yield climbed 13 basis points to 4.426%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 9.31% to $75,742.</li></ul>

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