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<ul class="summary-list"><li><keyword id="19895433" type="General" weightage="100" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>'s falling California sales point to bigger problems for the car company.</li><li>Changes to the EV market are finally catching up to Tesla.</li></ul>Tesla is losing some ground in its former home state of California, signaling more trouble ahead for the world's largest electric car company. As <keyword id="20360560" type="General" weightage="20" keywordseo="electric-car-sales" source="keywords">electric car sales</keyword> rose 2% in California, Tesla's sales in the state fell 3.5%, according to third-quarter <a target="_blank" class="" href="https://www.cncda.org/news/california-new-car-dealers-association-releases-q3-2024-auto-outlook-report/">figures</a> from the California New Car Dealers Association. That's not an anomaly. It's the third straight quarter of Tesla sales declines in the largest EV market in the US. The losses don't upset Tesla's market dominance: the Elon Musk-led company still accounted for more than half of all EV sales in California for the quarter. Through September 30, Tesla's EV market share in California declined from 64% to 55% year-over-year— still nearly five times that of Hyundai (5.6%) and BMW (5%) combined. The trend in California underscores Tesla's challenges as the <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">EV market matures</a> and new competition makes it harder for the company's aging lineup to entice new buyers. In addition to these economic challenges, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-political-beliefs-public-stances-timeline-republican-desantis-2022-6">Musk's political views</a> have shifted further right, with the CEO endorsing and campaigning for Republican presidential candidate Donald Trump in the 2024 election. That can impact sales in a solidly blue state like California. Actor Jason Bateman recently said he isn't driving a Tesla anymore because of Musk's connection to Trump. "I got rid of my Tesla," Bateman told vice presidential candidate Tim Walz on an episode of his podcast <a target="_blank" href="https://www.smartless.com/episodes/episode/288fe449/governor-tim-walz">Smartless</a>, which he hosts with Sean Hayes and Will Arnett. "I feel like I'm driving around a Trump sticker with that car, so it's gone." <h2>The EV market is maturing</h2>EV demand in the US has been slowing for about a year. It took longer for that slowdown to hit <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> than other competitors, but it's clear now that Musk is feeling the pinch as its once-reliable buyer base of wealthy early adopters is replaced by a more practical and frugal green-car shopper. Previous tactics like slashing prices and offering dealership-like incentives to buy Teslas over other EVs aren't working as well as they used to. Following <a target="_blank" class="" href="https://www.businessinsider.com/tesla-production-deliveries-second-quarter-decline-2024-7">two quarters of slipping sales</a>, Tesla's share of the US electric car market dipped below 50% for the first time at the end of the second quarter, according to data from Cox Automotive. The automotive retail firm attributed much of <a target="_blank" class="" href="https://www.businessinsider.com/tesla-loses-market-share-but-elon-musk-still-wins-2024-7">Tesla's waning dominance</a> to an influx of new competition, which offered EV shoppers more choices. This increase in choices is especially threatening for Tesla, which does not regularly update the looks of its electric cars — a strategy industry experts have been warned for years could come back to bite the company. An increase in demand for hybrid-electric vehicles has also been "detrimental" to Tesla and overall EV adoption, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-blames-hybrids-for-lower-sales-2024-4">according to Musk</a>. Many industry experts disagree, arguing that hybrids are a necessary bridge technology for EV adoption among later adopters. <h2>Elon's politics turn off some customers</h2>Musk is no stranger to controversy. The bombastic billionaire's rise over the past decade has been in part due to his willingness to thumb his nose at some social codes and government agencies. But as Musk becomes a more permanent fixture in the US's far-right movement, some owners and potential customers have been having <a target="_blank" class="" href="https://www.businessinsider.com/tesla-owners-consider-selling-cars-shares-cybertruck-elon-musk-post-2023-11">second thoughts about supporting Tesla</a>. As Tesla owners take to social media to express their displeasure with Musk's political involvement, automotive industry experts say there could be real consequences for the CEO's "Dark MAGA" era. <a target="_blank" class="" href="https://www.businessinsider.com/ev-demand-still-strong-despite-slowdown-hybrids-survey-2024-1">Today's electric car shopper</a>, who is often considering an EV for environmental reasons, is less willing to look past Musk's support for Trump and other conservative leaders, experts say. Musk, for his part, has denied that his involvement in politics is impacting sales. "Tesla's sales are actually doing great," he said during a recent X space. "We're hitting all-time highs." Correction — October 31, 2024: An earlier version of this post incorrectly said California was Tesla's home state. The company's headquarters is now in Texas.

Why Tesla's sales are slipping in California, and what it means for Elon Musk's car company

<ul class="summary-list"><li>Stocks were mostly lower on Wednesday after a fresh batch of economic data points. </li><li>US real GDP increased at an annual rate of 2.8% in the third quarter.</li></ul>US stocks wavered on Wednesday as a combination of data releases left investors with a strong impression of the US economy.Third-quarter <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10">US real GDP increased at an annualized rate of 2.8%</a>. Though slightly below forecasts, the reading still points to a strong economy and isn't likely to ramp up the urgency on the part of the Federal Reserve to rapidly cut interest rates to prop up growth. Meanwhile, the personal consumption expenditures index rose 2.2% year over year last month. The Fed's preferred inflation gauge was slightly higher than expected but still within striking distance of the central bankers' 2% target. "Growth up, inflation down is precisely what you want to see. The Fed doesn't need to be afraid of a stable and growing economy to normalize rates this cycle so long as disinflation persists," Harris Financial Group managing partner Jamie Cox said.Rounding out Wednesday's data were private payrolls for October, which showed hiring rose at the fastest pace in a year, increasing by 233,000, according to ADP. The data, along with the October nonfarm payroll report due on Friday, will inform the Fed's next move at its meeting next week. The odds of a quarter-point interest rate cut stand at 98.2%, according to the CME FedWatch Tool.Meanwhile, investors are monitoring a slew of upcoming earnings from key companies. <a target="_blank" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> shares surged 5% shortly after the opening bell after <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Revenue%20from%20Google%20Cloud%20grew,%25%20in%20after%2Dhours%20trading.&amp;text=Alphabet%20and%20Google%20CEO%20Sundar,investments%20were%20%22paying%20off.%22">exceeding third-quarter earnings expectations</a>.Shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock?utm_medium=ingest&amp;utm_source=markets">Microsoft</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock?utm_medium=ingest&amp;utm_source=markets">Meta</a> are also trading higher as traders anticipate their <a target="_blank" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10?utm_medium=ingest&amp;utm_source=markets">financial results</a> on Wednesday after the closing bell. <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock?utm_medium=ingest&amp;utm_source=markets">Apple</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> are on deck to report after the close on Thursday.Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,832.88, down 0.01%<a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,214.85, down 0.04% (-18.20 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,727.14, up 0.11% </li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-tariffs-china-election-consumer-stocks-earnings-ubs-2024-10?_gl=1*1ehsglt*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDI5MDk5MS43NzYuMS4xNzMwMjkxNzY4LjYwLjAuMA..">UBS lists three consumer stocks that could see earnings plunge </a>under Trump's tariffs.</li><li><a target="_blank" href="https://www.businessinsider.com/author/matthew-fox">Trump's Truth Social has overtaken the valuation of Elon Musk's X.</a></li><li><a target="_blank" href="https://www.businessinsider.com/election-betting-odds-trump-vs-harris-polymarket-kalshi-robinhood-2024-10">The election cycle has led to an explosion in the betting market</a>.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil rose 1.58% to $68.26 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 1.56% at $72.23 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> inched up 0.60% to $2,798 an ounce.</li><li>The 10-year Treasury yield fell three basis points to 4.238%.</li></ul><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> slid 1.48% to $71,741.57.

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

<ul class="summary-list"><li>US stocks slumped as traders eyed Nvidia's second-quarter financials.</li><li>Wall Street is expecting the chipmaker to report over $28 billion in revenue.</li></ul>US stocks closed lower on Wednesday as traders waited eagerly for Nvidia's latest quarterly earnings results.All three benchmark indexes ended with a loss, while bond yields inched higher.Investors are laser-focused on Nvidia, which will report its earnings for the second quarter after the closing bell. (<a target="_blank" class="" href="https://www.businessinsider.com/nvidia-earnings-call-live-updates-nvda-stock-2024-8">Follow along for live updates here</a>.)Wall Street expects the firm to have generated over $28 billion in revenue last quarter, but given Nvidia's massive valuation and endless hype around artificial intelligence, even a slight miss could fuel a big swing in the stock."The company…is expected to double its sales compared with last year. It is difficult to beat such expectations, but giving an optimistic revenue forecast for future quarters and years without disappointing investors is even harder," Alex Kuptsikevich, a senior market analyst at FXPro, said in a note on Wednesday.Analysts have also struck a cautious tone around delays of Nvidia's key next-gen Blackwell chip, which could spark further volatility in the share price, they say.However, if the chip giant can beat estimates yet again, and also point to the ways in which its customers are making money from its AI hardware, Wall Street will likely fuel a fresh rally in the stock. Goldman Sachs this week said that options pricing ahead of the earnings were pointing to a potential $298 billion swing in the stock after the results.Traders are also eyeing more guidance from central bankers on Fed rate cuts this year, with Atlanta Fed President Raphael Bostic set to speak this evening. That could impact the market's ambitious rate cut expectations, given that investors are <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">pricing in 100 to 125 basis points worth of cuts</a> by the end of the year.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>: 5,592.21, down 0.6%</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>: 41,091.42, down 0.39% (-33.59 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>: 17,556.03, down 1.12%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-price-presidential-election-forecast-kamala-harris-2024-8">Trump Media shares fell below $20</a> for the first time since going public in March.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-selloff-recovery-economy-recession-volatility-jobs-sp500-dow-2024-8">The swift rebound in stocks</a> after this month's huge sell-off is a cause for concern, a Goldman strategist said.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-trump-harris-bullish-equities-deficit-dollar-strength-2024-8">The election is a win for stocks</a> no matter who comes out on top, NDR said.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/super-micro-computer-stock-plunges-delays-annual-10k-financial-filing-2024-8">Super Micro Computer plunged</a> after it delayed a key financial filing a day after a short-seller issued a scathing report on the company.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were down.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price"> West Texas Intermediate</a> crude oil dropped 1% to $74.74 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, fell 0.9% to $78.83.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dipped 0.67% to $2,507.97 an ounce.</li><li>The 10-year Treasury yield ticked higher one basis point to 3.844%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dropped 4.51% to $59,346.</li></ul>

Stock market today: Indexes slip before Nvidia reports highly anticipated earnings     

<ul class="summary-list"><li>US stocks traded mostly flat as investors looked toward Nvidia's earnings report due after the close.</li><li>Markets are eyeing another earnings beat, but there's also caution around chip delays. </li></ul>US stocks inched lower on Wednesday as traders awaited the upcoming <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-earnings-preview-stock-price-artificial-intelligence-ai-investing-blackwell-2024-8#:~:text=It%20models%20%2428.5%20billion%20in,billion%20upside%20to%20consensus%20outlooks.&amp;text=However%2C%20Citi%20noted%20that%20Nvidia's,weigh%20on%20the%20firm's%20performance.">Nvidia earnings report</a>. All three benchmark indexes dipped slightly in the red, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> shares traded 1% higher.Expectations are high for the chipmaker, with investors looking for another earnings beat and solid clues about how the massive investment in AI is working out for Nvidia's customers. The firm's results have the potential to fuel a major swing in the market, with Goldman Sachs noting on Tuesday that the report could spark a $300 billion swing for Nvidia's stock based on options pricing this week. The stock is already trading close to record highs, adding to the risk that a small miss on expectations could spur a big move down. "For equities, all attention is now on Nvidia's earnings release tonight, which has helped to drive significant moves recent quarters," Deutsche Bank strategists said in a note Wednesday morning. "Bear in mind that Nvidia's share price is already up +159% on a YTD basis, making it the top performer in the entire S&amp;P 500, and it has risen by more than +1000% since its low in October 2022."Traders are also waiting on comments from Atlanta Fed President Raphael Bostic, who's scheduled to speak after the closing bell. His remarks could provide more guidance on the path of Fed rate cuts this year, with investors pricing in as many as 150 basis points worth of cuts by year-end, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Here's where US indexes stood shortly after the opening bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,623.67, down 0.04%</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>: 41,252.06, down 0.01% (-1.56 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>: 17,748.91, down 0.07%</li></ul>Here's what else is going on today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-300-billion-market-value-swing-q2-earnings-options-2024-8">Nvidia's earnings report could spark a $300 billion swing in the stock</a>, Goldman Sachs said.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-millionaires-crypto-rally-cryptocurrency-etf-billionaires-sec-ethereum-wealth-2024-8">The number of bitcoin millionaires has soared 111% over the last year</a>.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil slipped 1.02% to $74.75 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, dipped 0.92% to $77.93 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> moved lower 0.9% to $2,502.25 an ounce.</li><li>The 10-year Treasury yield was flat at 3.825%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dropped 4% to $59,827.</li></ul>

Stock market today: US stocks slip as traders count down to Nvidia earnings

<ul class="summary-list"><li>US stocks dipped lower as investors appear to be on hold ahead of Nvidia's earnings report.</li><li>The chip stalwart's performance will determine the strength of the AI rally.</li></ul>US stocks fell Tuesday as shares in tech continued to decline ahead of <a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia's</a> highly anticipated earnings report.Although the Dow Jones Industrial Average scored a fresh record in Monday's session, each index slipped Tuesday morning. With Nvidia's earnings now just a day away, investors appear to be on hold.The market is bracing for the semiconductor firm to potentially move the market, with Wedbush Securities analyst Dan Ives previously citing this as 2024's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-this-week-most-important-week-year-nvidia-earnings-2024-8?utm_medium=ingest&amp;utm_source=markets">"most important week."</a>Nvidia, which will report earnings after Wednesday's closing bell, has become the symbol of the artificial intelligence trade. Given how essential its chips are to developing AI technology, any earnings weakness could dent this year's major tech rally.The bulls are still resolute that if Nvidia continues to perform as well as it did in the past, its success will lift the broader market. Market-moving data will follow later in the week, with jobless claims and PCE Index data coming in on Thursday and Friday, respectively.Both data points could influence the Federal Reserve's interest rate decision in September, and although policy loosening appears guaranteed at next month's policy meeting, investors continue to debate how deep rate cuts may be. Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,595.64, down 0.38% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,183.28, down 0.4% (-22.40 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,596.24, down 0.72%</li></ul>Here's what else happened today:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/russia-economy-sanctions-cryptocurrency-crypto-payments-china-outlook-digital-assets-2024-8">Russia is embracing crypto as sanctions create payment problems</a>, report says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-demand-peak-exxon-gas-energy-carbon-emissions-renewable-energy-2024-8">Exxon expects oil and gas to be the dominant energy source in 2050</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-usd-yuan-china-russia-currency-sanctions-2024-8">4 forces will challenge the dollar's reign</a>, think tank researchers say.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/cheap-stocks-deep-value-valuations-tech-stock-market-outlook-grantham-2024-8">Investors should load up on the market's cheapest stocks</a>, Jeremy Grantham's GMO says.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" 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">West Texas Intermediate</a> crude oil slumped 0.94% to $76.69 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 2.1% to $81.01 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> inched down by 0.34% to $2,509.5 an ounce.</li><li>The 10-year Treasury yield gained four basis points to 3.86%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> slid 0.76% to $62,433.</li></ul>

Stock market today: Indexes slip after Dow closes at record as investor look to Nvidia earnings

<ul class="summary-list"><li>ETF inflows have taken off in the last week or so, as have stocks.</li><li>Strategists, including BlackRock's Gargi Chaudhuri, are optimistic about the economy.</li></ul>Investors have <a target="_blank" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">poured money into the market</a> at an unprecedented pace since <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's victory</a>, though a veteran investment chief believes there's much more than politics at play.Inflows into exchange-traded funds (ETFs) have shattered the record set in 2021 with more than a month and a half to spare, according to asset management titan BlackRock. The world's largest ETF issuer recently noted that $77 billion went into ETFs in the week after the election, which had never happened before. That surge coincided with the S&amp;P 500's best week of 2024.Markets were especially euphoric <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-trump-president-economy-tariffs-trade-war-kelly-2024-11">immediately after election day</a>. An astounding $22.3 billion went into US ETFs last Wednesday, and BlackRock's uber-popular iShares Russell 2000 ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-russell-2000-etf-us4642876555">IWM</a>) had its most active day of trading and inflows since 2007 as small caps soared by 5.8%.However, BlackRock's Gargi Chaudhuri doesn't think President-elect Trump deserves all the credit for this astounding market rally. The chief investment and portfolio strategist, Americas noted in a recent interview that US stocks <a target="_blank" href="https://www.businessinsider.com/stock-market-rally-outlook-trump-win-investing-strategy-2025-page-2024-11">had several strong catalysts</a> before Trump's win."Obviously, there have been some pretty sharp movements over the course of the last week," Chaudhuri told Business Insider. "But even as we look back to the quarter before that or since the beginning of this year, I think there have been some very solid fundamentals that have underpinned this movement."Robust growth for the economy and corporate earnings are some of the most salient market drivers, as are lower interest rates and receding inflation, Chaudhuri said. End-of-year rallies are also very common, <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-history-yearend-rally-election-trump-harris-truist-2024-11">especially in strong years for the market</a>, as Truist recently remarked.Another convincing explanation for this recent market momentum is that investors had reduced risk as uncertainty mounted ahead of the election before quickly changing course when they got clarity on the path forward sooner and more decisively than anticipated."Investors bringing down their portfolio risk going into elections was perhaps one of the reasons that we have seen this pretty strong re-risking in markets, especially after we got the election results," Chaudhuri said.<h2 id="e1cf1135-8543-44c9-9cf9-a679564fb91f">Why softer economic readings are a red herring</h2>As the new year approaches, Chaudhuri is rather confident about the US economy, even though a few recent developments seem to have given the glass-half-empty camp some ammunition.GDP growth and job additions have slipped lately, though neither is a major cause for concern for Chaudhuri. The economy <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10">didn't expand as much as expected in the third quarter</a>, but GDP still rose <a target="_blank" href="https://tradingeconomics.com/united-states/gdp-growth">at a healthy clip of 2.8%</a>. And a <a target="_blank" href="https://www.businessinsider.com/october-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-11">weak October jobs figure</a> appears to be largely due to the severe weather events that disrupted thousands of workers.Besides, more modest growth is a sign that the economy isn't overheating, which is welcome news to the Federal Reserve in its quest to ease financial conditions without reviving inflation. Such moderations aren't giving Chaudhuri pause about the trajectory of the US economy."It would be very normal for us to continue to see a further normalization in the labor market, given how strong the economy has already been, how high rates are," Chaudhuri said.The investment chief added: "We haven't really seen that job destruction taking place quite yet. You're still seeing wages rising; you're not seeing layoffs pick up in a meaningful manner."Corporate earnings growth is arguably the most compelling reason to stick with US stocks following what's been another outstanding performance this year. Profits <a target="_blank" href="https://www.businessinsider.com/stock-market-rally-outlook-trump-win-investing-strategy-2025-page-2024-11">jumped about 7% in the third quarter</a>, which is well above the <a target="_blank" href="https://www.businessinsider.com/how-to-invest-q3-earnings-season-recession-risk-investing-strategy-2024-10">mid-single-digit figure that analysts were banking on</a>."One of the things that the equity market has done over and over again is continue to surprise us in terms of earnings growth," Chaudhuri said. "I think companies have continued to find very innovative ways to manage their expenses. They've found a way, especially given the spend on AI, the type of CapEx that's going into finding ways to make companies have more productivity."<h2 id="1bb5d4ad-c973-49dc-9ddc-4fb0e9f732a3">Where to invest in a rosy 2025</h2>Two sectors with abnormally strong earnings prospects are financials and industrials, Chaudhuri said. These economically sensitive groups enjoyed some of the larger post-election pops as <a target="_blank" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">Wall Street puts its chips on sectors that should benefit from a hot economy</a>.And although <a target="_blank" href="https://www.businessinsider.com/cheap-stocks-to-buy-strong-growth-market-outlook-garp-bmo-2024-10">smaller stocks have been on a heater</a>, Chaudhuri believes that large, undervalued companies are the better place to be, given their superior earnings setup."For a longer period of time, large cap is where we think the earnings growth is going to continue to be higher and better," Chaudhuri said.While earnings may not be under the microscope like they were when interest rates were at their peak, they're still top of mind for Chaudhuri. Larger stocks often have better earnings than their smaller peers, and the investment chief thinks that the cream will eventually rise to the top."This catch-up trade that's happening in small caps right now has a little bit of legs," Chaudhuri said. "I think that can continue, maybe 'til the end of this month or even the end of next month."Chaudhuri continued: "But for us to believe in sustained rallies in small caps, we would need to see earnings growth, and over 50% of the small-cap index still is not very profitable."

BlackRock's Gargi Chaudhuri shares how to invest as ETF inflows soar to records ahead of a promising 2025

<ul class="summary-list"><li>Indexes fell for a second day on Thursday as a huge week for tech earnings shows mixed results.</li><li>Meta and Microsoft slid after slight earnings beats, and Amazon and Apple are set to report after market close.</li></ul>Indexes slid on Thursday, heading for a second day of declines as big tech earnings fail to impress investors so far.The S&amp;P 500 and Nasdaq both slid, and the Dow Jones Industrial Average lost over 200 points shortly after the opening bell.The drop comes amid a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10?_gl=1*lobd5h*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDMxNTM4MS4zMzguMS4xNzMwMzE5NTU1LjYwLjAuMA..">packed week for earnings</a>, with several of the biggest tech stocks reporting third-quarter results.Microsoft and Meta reported earnings that beat estimates after the closing bell on Wednesday, but the shares of both tech giants slid on forward guidance. Microsoft declined more than 4% after it shared expectations for slower growth in its cloud business, while Meta shares lost over 2% after forecasting "significant" capital expenditures growth next year.Earlier in the week, <a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Google's%20parent%20company%2C%20Alphabet%2C%20released,AI%20products%2C%20the%20company%20said.">Alphabet's earnings</a> beat generated more enthusiasm among investors as CEO Sundar Pichai said the company's AI investments are "paying off."Investors are bracing for earnings from Apple and Amazon after market close today. They will be paying particularly close attention for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-q4-earnings-preview-wall-street-ai-fuels-iphone-demand-2024-10">signs that AI is driving iPhone demand for Apple</a>, especially after the company rolled out its iOS 18.1 update earlier this week, and they expect a <a target="_blank" class="" href="https://www.businessinsider.com/amazon-earnings-preview-aws-consumer-spending-retail-ai-project-kuiper-2024-10">strong beat from Amazon</a>.Meanwhile, the personal-consumption expenditures index, the Fed's preferred inflation gauge, cooled to 2.1% year over year in September from 2.2% in August. That marks progress toward the Fed's 2% inflation target, but the core index—which excludes food and energy prices—came in hotter than expected at 2.7%.Jobless claims from last week fell by more than expected to 216,000, a 12,000 drop from the week prior. Economists had expected claims to come in at 230,000.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>: 5,764.93, down 0.84% </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>: 41,943.67, down 0.47% (-198.87 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>: 18,372.58, down 1.25% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">Arizona is the epicenter of the debate</a> about how mass deportations under Trump would hit the US economy. </li><li>Bringing manufacturing back to the US is a <a target="_blank" class="" href="https://www.businessinsider.com/us-manufacturing-production-boom-economy-made-in-america-trade-war-2024-10">$10 trillion opportunity</a> for the economy, Morgan Stanley says.</li><li>Stocks are gripped by <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-election-impact-trump-harris-economy-ai-citi-2024-10?_gl=1*1sq6l9x*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNjUyLjM3LjAuMA..">"near-euphoric sentiment"</a> and the election may offer a chance to pull back, Citi says.</li><li>Nvidia stock is undervalued because AI companies <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-undervalued-9-trillion-ai-spend-masayoshi-son-softbank-2024-10?_gl=1*l4g43y*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNzQwLjU5LjAuMA..">need to spend another $9 trillion</a> to achieve superintelligence, Softbank CEO says.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose almost 1% to $69.27 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.8% to $73.13 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 slipped almost 1% to $2,776.80 an ounce.</li><li>The 10-year Treasury yield rose two basis points to 4.292%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged up to $71,869.</li></ul>

Stock market today: Indexes drop as tech shares slide before Apple, Amazon earnings

<ul class="summary-list"><li>Stocks slumped Tuesday morning as investors gear up for the latest jobs market data.</li><li>Fed Chairman Jerome Powell is speaking at 9:30 a.m. ET at a central bank forum.</li></ul>US stocks slid Tuesday morning as investors repositioned ahead of upcoming jobs data and commentary from central bank officials.Major indexes dipped and Treasury yields fell, with the 10-year bond yield down five basis points to 4.425%.At 9:30 a.m. ET, Fed Chairman Jerome Powell is scheduled to speak at the European Central Bank forum and will discuss monetary policy with ECB's Christine Lagarde and Roberto Campus Neto, Brazil's central bank president.But the biggest spotlight this week will fall on the jobs market. The latest job openigs data will be released later Tuesday morning, just a few days before the key nonfarm payroll report for June comes out on Friday.Moderate softening in both these reports would be well received by markets and raise hopes that the Fed can cut interest rates this year.Currently, futures markets <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">expect</a> a policy pivot to start in November.The stock market is coming off a positive session on Monday, which indexes jump starting the year's second half in the green. While gains so far in 2024 have been impressive, fear around overconcentration are mounting.Tesla shares rose on stronger-than-expected deliveries and the outlook for better days ahead from Wall Street analysts. The carmaker reported 442,956 vehicle deliveries in the second quarter, an annual slump of 4.8% but higher than the 439,000 expected by analysts.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&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,465.72, down 0.17%</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>: 39,153.22, down 0.04 (-16.30 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,849.11 down 0.14%</li></ul>Here's what else is going on today:<ul><li><a target="_blank" href="https://www.businessinsider.com/stagflation-recession-trump-policy-tariff-immigration-deportation-economy-outlook-jpmorgan-2024-7">Trump's trade and immigration plans are an 'elixir for stagflation,'</a> JPMorgan chief strategist says.</li><li><a target="_blank" href="https://www.businessinsider.com/blackrock-larry-fink-preqin-mark-ohare-deals-financial-data-investing-2024-7">How BlackRock's latest deal will make Preqin's founder richer than Larry Fink</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/universal-basic-income-ubi-dave-ramsey-show-karl-marx-playbook-2024-7">Financial guru David Ramsey criticizes universal basic income: "straight out of the Karl Marx playbook."</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" 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</a> crude oil rose by 1.14% to $84.18 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 0.7% to $87.27 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> dipped 0.22% to $2,327 per ounce.</li><li>The 10-year Treasury yield soared five basis points to 4.425%.</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> was flat at $62,789.</li></ul>

Stock market today: Indexes slip ahead of Powell comments and as traders look to jobs data 

<ul class="summary-list"><li>Stocks soared Monday as as bond yields slipped and Microsoft stock surged to a new high.</li><li>The 10-year Treasury yield eased two basis points to 4.42%.</li></ul>US stocks rose on Monday, led higher by falling bond yields and a surge in Microsoft shares, which <a href="https://markets.businessinsider.com/news/stocks/sam-altman-openai-fired-joins-microsoft-stock-price-satya-nadella-2023-11#:~:text=Microsoft's%20stock%20price%20hit,gain%20around%2010%3A30%20a.m.">touched a new all-time-high in the session</a>.All three major indexes ended the trading session higher, and the yield on the 10-year US Treasury slipped by two basis-points to around 4.42%.Microsoft stock jumped over 2% in the session after the tech giant announced the hire of Sam Altman, the OpenAI founder that was booted from the artificial intelligence firm by its board over the weekend. The jump in the shares amounted to a $54 billion in market value, with the stock touching a new all-time high in the session, up nearly 60% from levels at the start of the year. "The embarrassing circus show over the weekend at OpenAI was finally taken over by the adults in the room at Microsoft as Nadella &amp; Co. now have added the linchpins of AI Sam Altman and Greg Brockman to join Microsoft to lead advanced AI research team," Wedbush analysts said in a note on Monday, reiterating their outperform rating and $425 price target for the stock. "We view Microsoft now even in a STRONGER position from an AI perspective with Altman and Brockman at MSFT running AI."Microsoft wasn't the only tech titan to gain. Nvidia stock closed at an all-time high of $504.20 ahead of its third-quarter earnings report slated for Tuesday. The Dow Jones Industrial Average and the S&amp;P 500 have rallied hard in November, up 6% and 8% respectively. That puts both indexes on track for their best monthly performance since October 2022.Here's where US indexes stood at the 4:00 p.m. ET close on Monday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 4,547.38, up 0.74% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 35,151.04, up 0.58% (+203.76 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 14,284.53, up 1.13%</li></ul>Here's what else happened today:<ul><li><a href="https://markets.businessinsider.com/news/stocks/sam-altman-openai-chatgpt-microsoft-investor-analyst-reactions-board-ai-2023-11">Here's how investors, analysts, and insiders are reacting to the drama between Sam Altman and OpenAI.</a></li><li><a href="https://markets.businessinsider.com/news/stocks/recession-outlook-wall-street-downturn-companies-earnings-inflation-finance-markets-2023-11">CHART OF THE DAY</a>: Recession fears have cooled off among US companies.</li><li><a href="https://markets.businessinsider.com/news/currencies/dedollarization-china-yuan-dollar-currency-swap-renminbi-saudi-arabia-oil-2023-11">China and Saudi Arabia just signed a $7 billion currency swap agreement</a>, adding to the de-dollarization push.</li><li><a href="https://markets.businessinsider.com/news/stocks/russia-economy-collapse-putin-moscow-gdp-outlook-ukraine-war-sanctions-2023-11">Russia admitted it was on the verge of economic collapse</a> last year after getting hit with western sanctions, a rare admission of weakness from the nation.</li><li><a href="https://markets.businessinsider.com/news/bonds/market-volatility-us-debt-crisis-interest-rates-economy-outlook-blackrock-2023-11">Brace for constant volatility</a> as high rates amplify the US's debt problem, BlackRock warned.</li></ul>In commodities, bonds and crypto:<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil rose 2.12% to $77.50 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, rose 1.8% to $82.05.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> ticked lower 0.25% to $1,978.80 per ounce.</li><li>The yield on the 10-year Treasury fell two basis points to 4.418%.</li><li>Bitcoin rose 1.5% to $37,473.</li></ul>

US stocks jump as bond yields slip and Microsoft shares surge

<ul class="summary-list"><li>US stocks traded lower as investors waited for Nvidia's first-quarter earnings report after the close. </li><li>Investors also took in comments from Fed officials, which suggested rate cuts weren't imminent.</li></ul>US stocks slid lower on Wednesday as traders took looked ahead to Nvidia's highly anticipated first-quarter earnings report and took in the latest commentary from Federal Reserve speakers.All three benchmark indexes traded lower, while bond yields ticked higher. The 10-year Treasury yield rose three basis points to 4.451%. <a href="https://markets.businessinsider.com/news/stocks/nvidia-q1-earnings-preview-wall-street-expects-continued-ai-momentum-2024-5">Nvidia is on deck to report financial results</a> after the closing bell. Wall Street is expecting another blowout quarter from the chipmaker, with analysts expecting the firm to have pulled in $24.6 billion in revenue in the first three months of the year, according to Bloomberg data. <a href="https://markets.businessinsider.com/news/stocks/nvidia-q1-earnings-preview-wall-street-expects-continued-ai-momentum-2024-5">Wall Street is looking for earnings per share of $5.34</a>, with expectations for the report to show demand for the firm's AI-enabling chips on the rise. The stock is up more than 90% so far in 2024.Investors are also taking in comments from several Fed officials this week, who have reiterated that rate cuts probably won't be coming until there's more progress on inflation. "I think the data has been very mixed," Boston Fed President Susan Collins said on inflation Tuesday evening. "It's going to take a lot longer than I had previously thought."Cleveland Fed President Loretta Mester added that she preferred to see "a few more months" of cooling inflation data before the Fed began cutting interest rates.Markets have been dialing back their expectations for Fed rate cuts all year. Investors see a near-100% chance the Fed keeps rates level at its June policy meeting, according to the <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>, while investors predict one or two cuts by the end of this year. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,317.20, down 0.08%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,821.15, down 0.18% (-73.67 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,845.42, up 0.07%</li></ul>Here's what else happened today:<ul><li><a href="https://www.businessinsider.com/jamie-dimon-gen-z-millennials-jpmorgan-wealth-inequality-ai-billionaires-2024-5">Don't feel bad for Gen Z and millennials</a> because they'll work less and live longer, JPMorgan boss Jamie Dimon says.</li><li><a href="https://www.businessinsider.com/who-is-highest-paid-ceo-broadcom-hock-tan-steve-schwarzman-2024-5">America's highest-earning CEO</a> earned $162 million last year - but there's a catch.</li><li><a href="https://markets.businessinsider.com/news/bonds/china-dollar-dominance-dollarization-treasury-bond-yields-gold-buying-spree-2024-5">China has dumped a record amount of US Treasury bonds</a>, ramping up de-dollarization efforts. </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">West Texas Intermediate</a> crude oil dropped 1.14% to $77.76 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, dropped 1.13% to $81.94 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> slipped 0.52% to $2,409.48 per ounce. </li><li>The 10-year Treasury yield ticked higher three basis points to 4.451%. </li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> dropped 1.88% to $69,784.</li></ul>

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