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<ul class="summary-list"><li>Bonds have sold off as traders reassess the path of Fed Reserve rate cuts.</li><li>Strong economic data and the potential for a Trump win have pushed interest rates higher.</li></ul>The bond market is in sell-off mode as traders reassess the path of interest rate cuts from the Federal Reserve.Strong economic data in recent weeks and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">the potential for a Donald Trump victory in November</a> have helped push bond yields higher and prices lower, with traders adjusting their outlooks after pricing in aggressive rate cuts following the Fed's big 50 basis point move last month. The 10-year US Treasury yield jumped to 4.22% on Tuesday, representing its highest level since July and a sharp increase from the 3.62% level it traded at in mid-September when the Fed delivered a jumbo rate cut.The Bloomberg Aggregate Bond Index dropped 3% since mid-September, and long-term treasuries, as measured by the iShares 20+ Year Treasury Bond ETF, are down about 9% over the same time period.<h3 id="7160ed09-f479-4f19-b8bf-61bc929e8b05">Hot data dims rate-cut views</h3>On the economic front, investors have focused on a recent string of hot data, which has whittled the odds of swift, steep cuts from the central bank at upcoming meetings. A strong September jobs report showing a stunning 254,000 jobs added completely erased the odds of another 50 basis point cut. The jobs data, combined with solid retail sales, slightly hotter-than-expected inflation, and the Atlanta Fed's prediction of third-quarter GDP growth of 3.4%, has forced markets to rethink how eager the Fed will be to cut borrowing costs in order to support the economy. Apollo chief economist Torsten Sløk argued in a note over the weekend that officials will "reverse course" and keep interest rates unchanged at next month's meeting of the Federal Open Market Committee. "The US consumer continues to do well, driven by solid job growth, strong wage growth, and high stock prices and home prices," Sløk said.Sløk says the key indicator to watch is the upcoming October jobs report."Look at the next nonfarm payrolls report. If we do get that at 150 or 200,000, we could easily get a scenario where the Fed will basically have to reverse course and begin to stay on hold," Sløk told Bloomberg on Monday.That would be a big surprise to traders, with the market <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">pricing in a 90% chance</a> of a 25-basis point interest rate cut from the Fed next month.Fed officials, for their part, have indicated they're likely to move cautiously, though more rate cuts are still their base case."So far, I haven't seen any information that would suggest we wouldn't continue to reduce the interest rate," San Francisco Fed President Mary Daly said on Monday.Other Fed officials had a similar message.Minneapolis Fed President Neel Kashkari said he expects "modest cuts over the next quarters." Dallas Fed President Lorie Logan said she expects interest rates will fall "gradually," and Kansas City Fed President Jeff Schmid endorsed a "cautious and gradual" approach to cutting interest rates.<h3 id="0e188fe0-eedc-4e3f-8df3-1f35ea8459b5">Markets see Trump win boosting rates</h3>Meanwhile, a potential Trump win next month is seen as being inflationary due to his proposed policy of universal tariffs. Tariffs have been the centerpiece of Trump's economic proposals, which he insists would bring down costs, even though economists warn that taxes on imports will ultimately get passed on to consumers.A resurgence in inflation would lead to a more hawkish Fed, which could pump the brakes on rate cuts or even raise interest rates again to offset rising prices. "Should he re-take the White House in November, the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in a recent note.Experts told Business Insider that a Trump administration pursuing its most extreme campaign proposals would be <a target="_blank" class="" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">a "seismic" shift for the US economy</a>, leading to big impacts on inflation and Fed policy.

The bond market is selling off after traders got their Fed forecasts wrong

<ul class="summary-list"><li>Coca-Cola reported a decline in revenues in its third-quarter earnings on Wednesday.</li><li>Despite the slide, revenue was higher than analysts' expectations.</li></ul>Coca-Cola posted its first quarterly decline in revenue this year in its third-quarter earnings on Wednesday.Net revenues fell by 1% to $11.9 billion for the three months to September 30. The results beat analysts' predictions, which had forecast revenues of $11.65 billion for the beverage giant.Earnings per share declined 7% to $0.66, lower than the analyst consensus of $0.74.Shares dipped more than 2% in premarket trading, but the stock is up 16% this year.Coca-Cola said its slightly better-than-expected revenue performance had been driven by a 10% jump in price/mix, the amount the company adjusts prices, versus a 2% decline in concentrate sales.The results were boosted by an 11% jump in sales of Coca-Cola Zero Sugar across all markets."Our business continues to demonstrate resilience in the face of a dynamic external environment," said CEO James Quincey."We are encouraged by our year-to-date performance and our system's ability to manage near-term challenges while also remaining focused on long-term growth opportunities."The soda giant also signaled that there was growing potential in the non-carbonated drink market, pointing to its success as an <a target="_blank" class="" href="https://www.businessinsider.com/inside-coca-cola-company-2024-olympics-marketing-strategy-powerade-athletes-2024-7">official sponsor</a> of the 2024 Paris Olympics."During the opening and closing ceremonies in Paris, a special-edition smartwater gold bottle for athletes quickly garnered 42 million impressions and contributed to smartwater gaining both volume and value share during the quarter," the company said.Powerade, Fuze Tea, and Topo Chico were also highlighted as regional leaders in its plans to evolve a "total beverage portfolio."In recent quarters, strong international sales have helped boost Coca-Cola's results, offsetting weaker consumer demand in the US. However, in its third quarter, unit case volume declined in Europe, Middle East &amp; Africa and Asia Pacific, and remained even in Latin America.Investors will look to the soft drink maker's earnings for insight into consumer spending behavior heading into the year-end.US consumers are thought to have spent excess savings from the pandemic and are now grappling with accumulated price increases driven by global inflation.In September, core retail sales in the US grew by 2.4%. However, many <a target="_blank" class="" href="https://www.businessinsider.com/companies-are-doubling-down-on-loyalty-programs-2024-8">retailers have taken creative approaches</a> to incentivizing spending, including loyalty programs and <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">exciting product offerings</a>.Retailers, including Costco, PepsiCo, and Walmart, have been <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-offer-fewer-deals-under-new-ceo-2024-10">cutting prices</a> amid a pattern of more cautious consumer spending this year.The results come after Coca-Cola's rival PepsiCo posted weaker-than-expected sales for the second quarter in a row. PepsiCo lowered its full-year organic sales outlook, saying it now expects a low-single-digit rise, down from the previously forecast 4% growth.PepsiCo executives said the "cumulative effects of inflationary pressures continue to impact budgets and spending patterns."

Coke Zero sales jump, helping Coca-Cola beat forecasts despite revenue dip

<ul class="summary-list"><li>Stocks rose Thursday as investors digested strong retail sales data and more earnings.</li><li>Retail sales data showed US consumer spending remains robust, with monthly spending up 0.4%.</li></ul>US stocks climbed on Thursday as traders saw better-than-expected retail sales data and continued to digest strong corporate earnings reports.The Dow Jones Industrial Average added to record levels achieved at Wednesday's close. Bond yields rose, with the 10-year Treasury up six basis points to 4.075%. September's retail sales report showed consumer spending remains strong, with monthly spending up 0.4% from August, just above a Dow Jones consensus estimate of 0.3%.Retail sales climbed 1.7% compared to a year ago, according to Commerce Department data released Thursday.The strong spending data comes on the heels of a <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">blockbuster September jobs report</a>, and further solidifies assessments that the US economy is strong and that the Federal Reserve may not need to cut rates as steeply or quickly as previously thought. Weekly jobless claims were lower than expected at 241,000, a 19,000 decline from the week before, according to Labor Department data released Thursday. Economists had forecast 260,000 weekly claims. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,873.45, up 0.53% </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&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,279.21, up 0.47% (+201.51 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&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,523.24, up 0.85% </li></ul>Meanwhile, a <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-stock-price-q3-earnings-chip-stocks-asml-nvidia-amd-2024-10">highly anticipated report</a> from chipmaker Taiwan Semiconductor Manufacturing Company came in strong, showing net income surpassed estimates while net revenue for the quarter rose 36% compared to the same last year."We have talked to our customers all the time, including our hyperscaler customers who are building their own chips. And almost every AI innovator is working with TSMC," TSMC chairman and CEO C.C. Wei said.Shares of TSMC rose 7% after the opening bell, pulling other chip stocks higher. Nvidia was up almost 2%, and AMD was up over 1%.TSMC's optimism about demand for AI tech follows a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-tumble-asml-guidance-semiconductor-nvidia-chip-growth-2024-10?_gl=1*1isprkj*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY3OTk1LjM0LjAuMA..">chip sector sell-off</a> earlier this week when chip machine maker ASML slashed its sales guidance on weaker demand from chipmakers.TSMC joins a string of strong earnings reports this week. Morgan Stanley and United Airlines posted strong results on Wednesday. Netflix will report third-quarter results after the close on Thursday. Here's what else is going on Thursday:<ul><li>A number of bank research desks are <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-targets-bull-market-goldman-ubs-bmo-2024-10?_gl=1*njfdt3*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyOTE2NTYwMS4yODIuMS4xNzI5MTY2MzczLjYwLjAuMA..">boosting their S&amp;P 500 price targets</a> in recent weeks as the bull market charges on.</li><li>China could raise nearly <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-beijing-stimulus-1-trillion-debt-package-fiscal-deficit-2024-10">$1 trillion of fresh debt</a> in the next 3 years to revive its economy, according to a report from Caixin Global.</li><li>The US freight recession is showing <a target="_blank" class="" href="https://www.businessinsider.com/author/filip-de-mott">early signs of recovery</a> as trucking company JB Hunt posted a rare earnings beat on Tuesday.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures fell. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> dipped 0.2% to $70.22 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 0.3% to $74.01 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.33% to $2,700.4 an ounce.</li><li>The 10-year Treasury yield was up six basis points to 4.075%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 1.5% to $66,761.</li></ul>

Stock market today: Indexes gain after strong retail sales data

A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

<ul class="summary-list"><li>China's stock investors and watchers are actively discussing the markets before they reopen.</li><li>China released a stimulus blitz a week before the National Day break, sending downtrodden markets on a tear.</li></ul>China's investors are looking forward to some stock market action after the country's weeklong National Day break.On Monday — a day ahead of the mainland's markets reopening — China's Weibo microblog was abuzz with talking about what the markets may hold after a hot run following Beijing's stimulus blitz on September 24.China's domestic stock markets are dominated by retail traders, who number over 200 million and account for about <a target="_blank" class="" href="https://www.troweprice.com/financial-intermediary/sg/en/thinking/articles/2024/q2/chinas-economy-enters-a-new-cycle-unveiling-fresh-opportunities-apac.html">70% of trading volume.</a>China's stimulus measures include interest rate cuts and 800 billion yuan, or about $114 billion, to support the domestic stock markets. The country's top leadership has also <a target="_blank" class="" href="https://www.businessinsider.com/china-stimulus-fix-economy-xi-jinping-stock-market-2024-10">pledged more stimulus</a> is on the way. The world's second-largest economy is facing multiple challenges including a property crisis, deflation, and high youth unemployment. Mainland China's benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/index/csi-300">CSI 300 Index</a> closed 17% higher year-to-date on September 31 before the weeklong break — a stark contrast to its <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/china-stock-market-meltdown-brutal-year-explainer-whats-happening-2024-1">meltdown</a> and lackluster performance for much of the year.Hong Kong's Hang Seng Index closed 1.6% higher on Monday. It's up about 35% year-to-date.Trending topics on Weibo included <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E6%B8%AF%E8%82%A1%23&amp;t=31">#Hong Kong stocks,</a> <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E6%9C%AC%E8%BD%AE%E7%89%9B%E5%B8%82%E8%83%BD%E6%8C%81%E7%BB%AD%E5%A4%9A%E4%B9%85%23&amp;t=31">#How long this bull market can run,</a> and <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E8%8A%82%E5%90%8EA%E8%82%A1%E5%BC%80%E5%B8%82%E5%B0%86%E6%80%8E%E4%B9%88%E8%B5%B0%23&amp;t=31">#How A-shares will perform after the holiday.</a> A-shares are stocks of Chinese companies listed on the Shanghai and Shenzhen stock exchanges."I hope the rally can hold for a bit longer, so that I can at least get my initial investment back," wrote one <a target="_blank" class="" href="https://weibo.com/1988800805/OAq5ncUko">Weibo user.</a> The CSI 300 index was down 45% from a 2021 peak until the pivotal announcement in late September.There was also a trending hashtag discussing <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E8%82%A1%E6%B0%91%E6%8B%85%E5%BF%A7A%E8%82%A1%E5%BC%80%E7%9B%98%E7%AC%AC%E4%B8%80%E5%A4%A9%E4%B9%B0%E4%B8%8D%E5%88%B0%23&amp;t=31">those who fear</a> they will not be able to buy A-shares on Tuesday. Before the weeklong break, some brokers and traders reported <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-economy-stimulus-liqudity-overwhelm-system-2024-9?">delays on the Shanghai Stock Exchange</a> as systems were so overwhelmed by enthusiastic investors and market watchers.Despite the market rally, skeptics about China's economic outlook and markets abound — and Weibo, too, isn't short of naysayers."I don't feel reassured now that the topic is trending," said a Weibo user in a <a target="_blank" class="" href="https://s.weibo.com/weibo?q=%23%E6%9C%AC%E8%BD%AE%E7%89%9B%E5%B8%82%E8%83%BD%E6%8C%81%E7%BB%AD%E5%A4%9A%E4%B9%85%23&amp;t=31">thread</a> discussing the likely duration of the bull market that garnered nearly 700 likes in half an hour."An expert said this is not a bull market, but bullshit," wrote a second user."What is the current economic situation in China? Are you all blind? Can't you see it?" asked a third user commenting on <a target="_blank" class="" href="https://weibo.com/1646051850/OAqbWwUIg">another post</a> discussing the market rally.However, given the extent to which China's stocks have sold down before Beijing's stimulus announcement, there may be more upside to come.Goldman Sachs, for one, has upgraded China's stocks to overweight and is forecasting another 15% to 20% upside to Chinese shares.Beijing's "coordinated forceful policy announcements" amid "an oversold, undervalued, and under-positioned market backdrop" are key factors in their reasoning, wrote the bank's analysts wrote in a note published on Saturday.There could also be earnings growth potential for companies should the economy respond positively to Beijing's coordinated stimulus, they wrote."Together, these announcements constitute a more substantial quantum of policy stimulus that contrasts with the sporadic and modest easing measures over the past few years," they wrote, even as they warned that China's macroeconomic challenges remain serious.

China's retail investors are eyeing the stock market reopening after a weeklong break

Amid the ongoing geopolitical tension, the <keyword id="19904988" type="General" weightage="20" keywordseo="energy-sector" source="keywords">energy sector</keyword> will continue to face challenge while the <keyword id="20468174" type="General" weightage="20" keywordseo="consumer-goods" source="keywords">consumer goods</keyword>, automotive, healthcare is set to expand in 2025, highlighted a report 'Industry Outlook 2025' by <keyword id="20618515" type="General" weightage="100" keywordseo="Economist-Intelligence-Unit" source="keywords" meta.keywordsubtype="org" meta.entityname="Economist Intelligence Unit" meta.hostid="261" meta.entityid="Economist Intelligence Unit">Economist Intelligence Unit</keyword>. The report noted that the Fossil fuel markets will continue to face risks from geopolitical conflicts, particularly in the Middle East and Ukraine. However, investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> will remain strong, especially in China, as the world pushes toward cleaner and more sustainable energy sources. The report said "Fossil-fuel markets will continue to face <keyword id="20064250" type="General" weightage="20" keywordseo="geopolitical-risks" source="keywords">geopolitical risks</keyword> amid conflicts in the Middle East and Ukraine, but investment into renewables will remain strong, particularly in China." It also added that the financial sector faces a mixed outlook with falling interest rates anticipated to narrow bank profit margins, potentially leading to smaller dividend payouts for shareholders. Yet, regulatory easing could provide relief, with the Basel III endgame likely seeing further delays, softening the impact on banking institutions amid a challenging economic landscape. For the consumer goods and retailing the report added that the Global retail volumes are forecast to grow by 2.2 per cent in 2025, thanks to easing inflation. However, stricter regulations on online retailing will target high-volume, low-price retailers, to ensure fair competition and consumer protection. It said "Global retail volumes will expand by 2.2 per cent, helped by disinflation, but regulations around online retailing will tighten further" As per report, the <keyword id="20359760" type="General" weightage="20" keywordseo="automotive-sector" source="keywords">automotive sector</keyword> is set for a record year, it said "After a difficult few years, annual new-vehicle sales will reach a record 97.2m units in 2025. This includes a 2 per cent rise in new car sales, a 4 per cent increase in commercial vehicle sales, and a significant 16 per cent growth in <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword>, reflecting the sector's recovery and the shift toward cleaner mobility. In technology the report added more countries will adopt satellite internet, although the primary users will be enterprise clients, including military and maritime sectors. Amazon's Project Kuiper will challenge the existing market dominance of Starlink and EutelSat OneWeb, offering more competition and potential growth in satellite connectivity. The resulting tensions will continue to affect investment into production and market entry, with companies taking advantage of government incentives to build out more flexible supply chains. <keyword id="23684177" type="General" weightage="20" keywordseo="investment-in-technology" source="keywords">Investment in technology</keyword>, particularly artificial intelligence (AI), will also be strong as projects gather pace. However, technology companies will face pressure from several directions as regulations tighten (particularly in Europe), investors become more impatient for profits and their energy usage comes under more scrutiny.

Consumer goods, auto and healthcare sector to expand but energy may face challenge in 2025: Report

Mumbai: The Reserve Bank is unlikely to cut the benchmark <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> in its forthcoming bi-monthly monetary policy review later in the week as <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

Status-quo on interest rate likely, say experts ahead of RBI's policy review

<ul class="summary-list"><li>Luxury consumption in China might be low, but Gen Z does have its favorite luxury items.</li><li>A consumer expert told BI these are the top five luxury goods popular among China's Gen Z right now.</li></ul>Luxury brands may be having trouble making further inroads into China, but there are still some top items that Chinese Gen Zers are into.Antonello Germano, a Chinese consumer insights manager at Daxue Consulting, gave BI his list of the top products China's Gen Z is currently into.Here are his top picks.<h2 id="8cefd292-68b6-4cd4-a9c3-8968fbcee658">Gucci GG Marmont</h2><div type="image" title="A Gucci Marmont bag." height="683" width="1024" msid="112377728" hostid="261" sizebytes="65572"></div>Germano picked out the hottest items by analyzing sales figures on the Chinese e-commerce site Tmall, trends on the Chinese social media platform Xiaohongshu, and online retailer Dewu.He focused on the handbag category because it "always accounts for a big chunk of luxury sales in China," and shoes because it is a "rising segment."He said there is a shift toward "discreet luxury," a growing distaste of flashy logos, and a liking for secondhand luxury items.The <a target="_blank" href="https://www.gucci.com/us/en/ca/women/handbags-c-women-handbags?filter=%3ANewest%3Aline%3AGG+Marmont">Gucci GG Marmont</a> bag collection, released in 2016, features small-to-medium-sized handbags priced from $980 to $3,980.The line puts Gucci's distinct "GG" emblem front and center, making it instantly recognizable. Germano said Chinese Gen Zers are interested in "brand values, culture, history, and unique design.""They favor trendy or 'hot' brands, are more likely to opt for niche brands, and show interest in vintage or secondhand luxury items," Germano said.<h2 id="df6e4991-3b25-44e7-8c98-b4a7070e97a5">Gucci Horsebit 1955</h2><div type="image" title="A Gucci Horsebit 1955 bag." height="683" width="1024" msid="112377722" hostid="261" sizebytes="21242"></div>The <a target="_blank" class="" href="https://www.gucci.com/us/en/ca/whats-new/gucci-horsebit-1955-c-gucci-horsebit-1955">Gucci Horsebit 1955</a> line, which ranges from about $1,200 to $4,300, doesn't have the "GG" emblem and is more subtle design-wise.That makes sense because, per Germano, Gen Z Chinese buyers are less logo-orientated than their parents' generations."They go beyond the physical attributes of luxury items, seeking recognition from their peers, staying on-trend, and expressing their values," Germano said.He added that, in contrast, "millennials and Gen X prioritize the tangible features of luxury goods, such as brand name, heritage, and product quality."These older Chinese consumers gravitate to "recognizable major brands," he added.Germano said the Horsebit 1955 and GG Marmont collections are "some of Gucci's most iconic lines.""I am not surprised they are so popular in China, especially now that consumers favor timeless and value-retaining luxury goods," he said.<h2 id="86ccb942-9fb6-4943-a060-69efb272b819">Saint Laurent Niki Medium</h2><div type="image" title="The YSL Niki Medium bag." height="3260" width="2000" msid="112377718" hostid="261" sizebytes="92786"></div>Germano's third pick was the Saint Laurent <a target="_blank" class="" href="https://www.ysl.com/en-us/pr/niki-medium-in-vintage-leather-6331580EN041000.html">Niki Medium</a> bag, which retails for $3,150. The simple, sleek bag with metal chains is from the French luxury house Saint Laurent.Germano said that while Chinese brands are on the rise, international brands like Saint Laurent still have a chokehold on the luxury market in China.Saint Laurent and Gucci's bags are "considered safe options" for Chinese consumers, per Germano."Local brands do not enjoy the same perceived quality and prestige as their Western counterparts," he said.<h2 id="3b5c3882-719e-4daa-b1d4-539aefde853f">Saint Laurent Le 5 à 7 Hobo</h2><div type="image" title="The YSL Le 5 a 7 handbag." height="3084" width="2460" msid="112377729" hostid="261" sizebytes="85654"></div>The Saint Laurent <a target="_blank" class="" href="https://www.ysl.com/en-us/ca/le-5-a-7-women?gad_source=1&amp;gclid=CjwKCAjwk8e1BhALEiwAc8MHiAd5xKvvE7XKJ3moZK7dSsTiG8qOmaAjG451uUqydj5JgwKY8xytPRoCz6UQAvD_BwE&amp;gclsrc=aw.ds&amp;sort=price_asc">Le 5 à 7 Hobo</a> handbag, which retails from $1,750 to $5,100, is another one of Germano's picks.The structure of the bags in this line ranges from a more rectangular style to a slouchy and tote-like form in its "supple" variation.The bags all feature a simple Saint Laurent logo and single shoulder straps, evoking the quiet luxury trend that has been popular in China for at least a year.The "<a target="_blank" class="" href="https://www.businessinsider.com/chinese-rich-go-for-quiet-luxury-stealth-wealth-2023-8">laoqianfeng</a>" trend is the Chinese equivalent of the old-money aesthetic in the West. It is characterized by simple, high-quality clothing and accessories while avoiding logo mania.Germano said that the shift toward quiet luxury was largely due to the economic downturn in China, which has reduced the number of aspirational middle-class luxury consumers who gravitate toward bold, obvious logos."As Gen Z resumes spending on luxury items and the middle class in non-tier-1 cities grows, there may be a resurgence of bolder logos."However, it is unlikely that that will happen anytime soon, with China's economy <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-second-quarter-gdp-growth-weak-demand-consumption-exports-2024-7">only growing by 4.7%</a> in the second quarter of 2024 and missing analysts' 5.1% growth forecast.Weak consumption is the main cause of the slowdown, with retail sales expanding just 2% in June from a year ago, according to <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-15/china-growth-weakens-more-than-expected-as-outlook-darkens?embedded-checkout=true">Bloomberg</a>.International luxury names like Burberry, Hugo Boss, and Swatch have <a target="_blank" class="" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">reported low sales</a> in the latest quarter.Burberry's sales in mainland China fell 21% year-over-year in the most recent quarter. At the same time, Hugo Boss said in its <a target="_blank" class="" href="https://group.hugoboss.com/en/investors/publications/financial-releases/publication/hugo-boss-announces-preliminary-second-quarter-results-and-updates-its-full-year-2024-outlook">preliminary Q2 financial reports</a> on July 15 that key markets like China and the UK were "particularly challenging."And Bernard Arnault's LVMH, the parent company of Louis Vuitton, Dior, and Givenchy, saw its second-quarter sales <a target="_blank" href="https://www.cnbc.com/2024/07/24/worlds-largest-luxury-group-lvmh-slumps-5percent-after-reporting-revenue-miss.html">drop by 14%</a> year over year, excluding Japan.<h2 id="11b9aa34-4b99-4638-9dee-9a27aa3ba4e2">Maison Margiela Replica sneakers</h2><div type="image" title="A Maison Margiela storefront in Miami, Florida." height="683" width="1024" msid="112377965" hostid="261" sizebytes="28548"></div><a target="_blank" class="" href="https://www.maisonmargiela.com/en-us/maison-margiela/men/shoes/replica/">Maison Margiela's Replica sneakers</a> are trendy among Chinese Gen Z-ers, Germano said. They retail from $670 to $750."In the luxury shoe category, which is particularly popular among younger consumers, Balenciaga 3XL shoes have lost momentum over the past two to three months, while Margiela Replica sneakers are gaining the top position," he said. Like the understated Saint Laurent Le 5 à 7 Hobo, Maison Margiela's Replica sneakers are simple and discreet enough for everyday use."Maison Margiela Replica sneakers became a hit mainly because celebrities and influencers love them," he said.They are also popular because they "align with popular Chinese fashion trends like clean fit, minimalism, and the old money style," he added.

These are the 5 luxury items China's Gen Z is going nuts for, a retail expert says

<ul class="summary-list"><li>The US just experienced the warmest "meteorological winter" on record, NOAA said last week.</li><li>Higher temps contributed to several unusual weather events across the country.</li></ul>From December of last year to this February, the US experienced the warmest "meteorological winter" on record, the National Oceanographic and Atmospheric Administration <a target="_blank" href="https://www.noaa.gov/news/us-had-its-warmest-winter-on-record">said</a> last week.February alone saw everything from drought, to a wildfire, to a tornado, to a shocking lack of ice covering Midwestern lakes. The season was also the third-warmest February in NOAA's 130-year history.High temps also contributed to one of the wettest winters ever, with <a target="_blank" href="https://www.businessinsider.com/extreme-weather-events-nyc-whiplash-big-blizzard-snow-storm-2024-2">heavier-than-normal rain and snowfall</a> in parts of the US, NOAA said.But this is a business story.The unseasonable weather further complicated what is already a somewhat unpredictable period in the retail sales calendar."Q4 is the most weather-dependent," Dick's Sporting Goods CEO Lauren Hobart told investors in November. "We like cold, so I'm hoping for a snowy Thanksgiving and Christmas."For Dick's, warmer weather means that sales skew toward lightweight fleeces rather than pricier down parkas, she said.Hobart's hopes didn't really pan out.In fact, the warm winter was yet another weird season in what Tractor Supply Co. CEO Hal Lawton called "one of the worst setups, every month and every quarter of last year" in terms of favorable weather.In other words, the weather has been so unpredictable over the past year, Lawton isn't bothering with so much weather-related financial guidance this year."I think we played too much weather forecaster last year and are going to get out of that business," he said last week at the Raymond James Institutional Investors Conference.Lowe's saw a lift from the milder conditions as DIY customers stocked up for home projects, but CEO Marvin Ellison said sales fell off in January when the mercury dropped below normal levels and kept shoppers from stores for a period.Now the home improvement retailer is welcoming "early signs of spring," head of merchandising Bill Boltz said, when customers load up on lawn and garden supplies.Meanwhile, 2024 notched its first "billion-dollar disaster" in January due to an East Coast storm and southern tornado outbreak that affected over a dozen states.In the upper Midwest, where the highest differences were recorded, Wisconsin's governor <a target="_blank" href="https://content.govdelivery.com/accounts/WIGOV/bulletins/38bd672">issued</a> an emergency declaration for small businesses in the northern part of the state that have lost tourism and other revenue due to the lack of snow and ice this year.Ski areas across the US also faced <a target="_blank" href="https://www.businessinsider.com/ski-season-resorts-struggle-open-global-warming-climate-crisis-2024-1">low amounts of fresh snow</a>, undoubtedly crimping sales at pro shops and related businesses. A retailer in South Dakota surveyed by the Federal Reserve <a target="_blank" href="https://www.federalreserve.gov/publications/files/BeigeBook_20240117.pdf">said</a> that even though the warmer weather led to higher foot traffic, sales of winter gear and equipment fell.From major complications to minor inconveniences, it's looking like <a target="_blank" href="https://www.businessinsider.com/death-of-snow-america-midwest-warm-winter-skiing-climate-change-2024-2">this winter could be a preview of what's to come</a> thanks to the climate crisis.More than half of the world's population "experienced at least one day of temperatures that would be virtually impossible without the influence of carbon pollution," according to a <a target="_blank" href="https://assets.ctfassets.net/cxgxgstp8r5d/1MIMyO7isC5mLwnx5jvGil/51784bf8aff2c6b18ba166d395fa59ae/Climate_Central_Seasonal_Attribution_Report__Dec_2023_-_Feb_2024_.pdf">report</a> from Climate Central, a policy-neutral organization.Businesses generally aim for predictability wherever they can get it, but <a target="_blank" href="https://www.businessinsider.com/extreme-weather-biggest-concern-business-leaders-politicians-world-economic-forum-2024-1">a warming planet is likely to give them continued challenges</a>.

This winter was weirdly warm — and rough for retailers

<ul class="summary-list"><li>New data out Friday showed the US started 2024 with 353,000 nonfarm payrolls added in January.</li><li>That far surpasses the forecasted job growth.</li></ul>January was a solid month for job growth in the US.According to a <a target="_blank" href="https://www.bls.gov/news.release/empsit.nr0.htm">news release</a> from the Bureau of Labor Statistics on Friday, there were 353,000 nonfarm payrolls added that month. That far exceeds the 187,000 job gain <a target="_blank" href="https://www.investing.com/economic-calendar/nonfarm-payrolls-227">expected</a>.<a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-labor-market-wages-december-economic-outlook-2024-1">December's growth</a> was revised from 216,000 to 333,000.Nick Bunker, economic research director for North America at the Indeed Hiring Lab, told Business Insider the year "is really off to a fast and furious start.""Not only did we get for the most part very good data about how 2024 started, but the pretty remarkable trends that we saw in 2023 held up after revisions as well," Bunker said. "Overall story is a labor market that's very resilient."Leisure and hospitality saw job growth of 11,000 in January, retail trade saw job growth of around 45,000, and professional and business services saw a gain of 74,000. The news release on Friday noted that the increase by 74,000, was "considerably higher than the average monthly increase of 14,000 jobs in 2023.""The fact that we had such broad-based jobs growth in January is a really positive sign," Daniel Zhao, lead economist for jobs search platform Glassdoor, said. "In 2023, much of the jobs growth was concentrated in healthcare, education, and government. Whereas, in the first report for 2024, we're seeing more diversity in which industries are adding jobs. So I think overall that's a healthy sign."The mining and logging industry saw a decline in employment of 6,000 at the start of 2024."Employment in the mining, quarrying, and oil and gas extraction industry declined by 5,000 in January, following little net change in 2023," Friday's news release from BLS stated.The unemployment rate was 3.7% in January after ending 2023 with a rate of 3.7% for both November and December. The expected rate for January was 3.8%.The overall labor force participation rate, which includes not only those working but "<a target="_blank" href="https://www.bls.gov/cps/definitions.htm">actively looking for work</a>," remained at 62.5%.Wage growth was fairly strong in January. Average hourly earnings rose by 4.5% year over year in January, which surpasses the last few 4.3% year-over-year increases. These earnings also increased by 0.6% from December to January — or from $34.36 to $34.55.An earlier data release from the Bureau of Labor Statistics on Tuesday showed the <a target="_blank" href="https://www.businessinsider.com/economy-layoffs-why-keep-hearing-about-tech-media-job-cuts-2024-1">layoffs</a> and discharges rate was 1.0% in December. That same news release showed there were 9.0 million job openings that month. That's slightly higher than the level for November, but it's not at the level seen during 2022 or even the monthly level seen in the first half of 2023.It's still early in the year, but job seekers and unemployed workers hoping to get a job may be finding it difficult to have a successful job search."The labor market is likely to be cooler in 2024, which means it probably will be harder to find a job this year than last year," Zhao <a target="_blank" href="https://www.businessinsider.com/how-get-job-this-year-network-resume-skills-certificates-unemployment-2024-1">previously told BI</a>."What you can see in the data is that layoffs are low, hiring is still strong, unemployment is low," Bunker said, adding that while job seekers "might not be able to get a new job as easily or quickly" as before, it's still a labor market with work opportunities.While Friday's new release showed how average hourly earnings data looked, another news release this week showed how <a target="_blank" href="https://www.bls.gov/news.release/eci.nr0.htm">compensation costs</a> for workers fared."Employment Cost Index data suggests that employers are feeling less pressure to raise pay to attract and retain workers as wage growth slowed further in the fourth quarter," Cory Stahle, an economist at the Indeed Hiring Lab, said. "Despite 2023 being a year of gradual moderation in wage growth, rates still remain above pre-pandemic standards as a result of continued demand for workers and low unemployment."The Federal Reserve will be <a target="_blank" href="https://www.businessinsider.com/interest-rates-when-will-federal-reserve-cut-inflation-recession-outlook-2024-1">watching labor markets closely</a>. This week, the Fed <a target="_blank" href="https://www.businessinsider.com/did-federal-reserve-cut-interest-rates-continue-pause-inflation-recession-2024-1">held rates steady</a> for the fourth meeting in a row. While rate hikes have been paused, people do expect cuts later on this year."The Fed is certainly pushing back on the notion of a March interest rate cut, dashing investors' hopes again, but keeping options open and remaining non-committal as a central bank does," Greg McBride, the chief financial analyst for Bankrate, said.Still, the hot job market may mean the Fed waits a bit longer before cutting rates.With solid year-over-year wage growth of 4.5% in January, ZipRecruiter's chief economist Julia Pollak said it's "a number that would confirm the Fed's concerns that the labor market and the economy could still be too hot and are still better than in 2019 for workers, that number would suggest that perhaps inflation will stabilize at a pace higher than the fed's 2% target."Additionally, with a solid US labor market per data in Friday's report, Bunker said "hopefully this isn't just a sprint out of the gate, but the labor market has the endurance to go the distance and we can continue to see strong gains, maybe not as strong as today, but some strong gains for the rest of the year."

Job growth surged past forecasts in January

<ul class="summary-list"><li>US stocks dipped Tuesday amid weak consumer data and a rush of earnings reports.</li><li>Retail sales rose by 0.2% in June from May, below views and slower than the prior month's increase.</li></ul>US stocks slipped on Tuesday amid weak consumer data while the second-quarter reporting season ramped up with more results from banks.Retail sales rose by 0.2% in June from May, below views for a 0.5% bump and slower than the prior month's increase of 0.3%.Meanwhile, Wall Street giants <a href="https://markets.businessinsider.com/stocks/bac-stock">Bank of America</a> and Morgan Stanley beat earnings expectations, after rival <a href="https://markets.businessinsider.com/stocks/jpm-stock?miRedirects=1">JPMorgan</a> also reported strong results last week.Investors will be on the lookout for further earnings reports this week, with <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> and <a href="https://markets.businessinsider.com/stocks/nflx-stock">Netflix</a> among notable tech names to prepare for on Wednesday. Here's where US indexes stood at the 9:30 p.m. ET opening bell on Tuesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,517.75, down 0.11%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 34,560.00, down 0.07% (25.35 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 14,203.89, down 0.29%</li></ul>Here's what else has happened today:<ul><li>Warren Buffett bet that <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-microsoft-activision-stock-portfolio-arbitrage-merger-regulation-2023-7">Microsoft would acquire Activision Blizzard</a> and cashed in his stake last quarter.</li><li>One anonymous trader is going big on Meta, buying<a href="https://markets.businessinsider.com/news/stocks/meta-facebook-stock-share-price-options-call-markets-mark-zuckerberg-2023-7"> $40 million worth of option trades</a>.</li><li><a href="https://markets.businessinsider.com/news/stocks/inflation-recession-stock-market-outlook-aswath-damodaran-fed-rates-economy-2023-7">Stocks may disappoint in the second half</a>, "Dean of Valuations" Aswath Damodaran warned.</li><li>Larry McDonald called <a href="https://markets.businessinsider.com/news/stocks/citi-clown-show-boosts-nvidia-price-target-larry-mcdonald-2023-7">Citi's sell-side research a "clown show,"</a> after the group lifted its price target on Nvidia. </li><li>Wall Street kept recession fears alive — here are <a href="https://markets.businessinsider.com/news/stocks/10-reasons-recession-wall-street-predicted-to-death-never-happened-2023-7">10 reasons it never happened</a>.</li></ul>In commodities, bonds and crypto:<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate crude</a> edged up 0.28% to $74.33 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&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">Brent crude</a>, oil's international benchmark, climbed 0.37% to $78.76.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.317% to $1,965.32 per ounce.</li><li>The yield on the <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=referral&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=yahoo.com&amp;utm_medium=ingest&amp;utm_source=markets">10-year Treasury</a> dropped 4.7 basis points to 3.75%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_medium=referral&amp;utm_source=markets&amp;utm_source=markets&amp;utm_source=yahoo.com&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> dipped 0.13% to $29,916.</li></ul>

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