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Focused <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which invest in a concentrated portfolio of <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, are gaining traction among investors with the <keyword id="22748135" type="General" weightage="20" keywordseo="asset-base" source="keywords">asset base</keyword> of the category growing to Rs 1.43 lakh crore in three months ended June 2024, marking an increase of 31% from a year ago. Interestingly, some of the focused funds offered by the mutual fund houses such as <keyword id="22748136" type="General" weightage="20" keywordseo="Invesco-India-Focused-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Invesco India Focused Fund" meta.hostid="261" meta.entityid="Invesco India Focused Fund">Invesco India Focused Fund</keyword>, Mahindra Manulife Focused Fund, JM Focused Fund, and <keyword id="19896378" type="General" weightage="20" keywordseo="hdfc" source="keywords">HDFC</keyword> Focused 30 Fund delivered a remarkable return of 40-60% in the past year, industry data showed. Focused funds are a type of mutual fund where the fund manager selects a concentrated portfolio of stocks, typically limited to a maximum of 30 due to regulatory constraints. This requires the fund manager to be highly skilled in stock selection, as they need to identify the best investment opportunities across the market without bias toward any specific market cap or sector. According to data from the <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi), the assets under management (AUM) of the focused funds were at Rs 1.43 lakh crore in the June quarter 2024-25 as compared to Rs 1.09 lakh crore in April-June FY24. This growth highlights the appeal of focused funds as an alternative to portfolio management services (<keyword id="19950020" type="General" weightage="20" keywordseo="pms" source="keywords">PMS</keyword>), especially with recent tax changes that make PMS less attractive due to higher costs and tax implications, Feroze Azeez, Deputy CEO, of Anand Rathi Wealth Ltd, said. "With the increase in taxation on both small-term capital gain tax and long-term capital gain tax, PMS portfolios are expected to see a drop in post-tax returns. For example, a PMS portfolio generating a pre-tax return of 14 % could see post-tax returns drop from 11.73 % to 11.29 %. This shift could lead to fund managers churning portfolios less frequently, which in turn will be affecting returns for investors," he added. Focused funds follow a similar concentrated portfolio strategy where the fund manager picks the top stocks and offers flexibility across market caps. Thus, becoming a more attractive option for investors looking to optimize their returns. Industry experts recommend investing in focused funds through systematic investment plans (SIPs) as a smart strategy in the current market environment of sector rotation and high valuations. Since these funds invest in a small number of stocks, SIPs can help reduce risk by spreading out investments over time. Overall, there are 31 focused schemes offered by different mutual fund houses in the category. These schemes have given returns of 19-60% in the last one year. In terms of returns, smaller funds have performed exceptionally well. The Invesco India Focused Fund delivered a remarkable return of over 60% in the past year, while Mahindra Manulife Focused Fund provided around 50% returns and JM Focused Fund offered a return of 45% during the period. With a corpus of Rs 1,552 crore as of June 2024, Mahindra Manulife Focused Fund has consistently performed well, securing the second rank for 1, 2, and 3-year periods. The fund delivered returns of 50%, 32%, and 26% over these periods, respectively. HDFC Focused 30 Fund achieved the top rank over the 3 years with a return of 28.63 %, while JM Focused Fund secured the third rank with a 25 % return during the same period. "The success of focused funds underscores the importance of skilled fund management and strategic stock selection," an industry expert said. Focused funds opt for a more targeted strategy rather than the broad diversification typical of traditional mutual funds. This approach helps fund managers make investments in a carefully selected group of stocks, reflecting their strongest investment beliefs. The concentrated nature of these portfolios requires careful selection of each stock, as the fund's performance heavily depends on these choices. Although these funds hold a limited number of stocks, they are structured to be sufficiently diversified to effectively manage risk. Overall, the assets of the equity mutual funds rose to Rs 27.6 lakh crore in June 2024 from Rs 17.43 lakh crore in June 2023.

Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year

New York, Oct 10 (IANS) US stocks opened higher on Friday as Wall Street eyed updates concerning additional US coronavirus stimulus. Shortly after the opening bell, the Dow Jones Industrial Average rose 158.03 points, or 0.56 per cent, to 28,583.54. The S&amp;P 500 increased 21.23 points, or 0.62 per cent, to 3,468.06. The Nasdaq Composite Index was up 74.38 points, or 0.65 per cent, to 11,495.36, Xinhua news agency reported. Of the 11 primary S&amp;P 500 sectors, both materials and technology advanced 0.8 per cent in morning trading, outpacing the rest. Energy and real estate, however, struggled. US House Speaker Nancy Pelosi spoke with Treasury Secretary Steven Mnuchin on Thursday afternoon to discuss "whether there is any prospect of an imminent agreement on a comprehensive bill," according to Drew Hammill, spokesman and deputy chief of staff for the House speaker. "The secretary made clear the president's interest in reaching such an agreement," Hammill tweeted. It is not clear whether congressional lawmakers and the Trump administration could bridge their differences and reach an agreement on the relief package before the presidential election on November 3. US Federal Reserve Chairman Jerome Powell on Tuesday urged policymakers to provide more fiscal relief to households and businesses hurt by the pandemic, warning a prolonged slowing economic recovery could trigger typical recessionary dynamics. --IANS int/

US stocks open higher with stimulus talks in focus

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersTraders work on the floor of the NYSE in New York</div></div></div><ul class="summary-list"><li>Stocks jumped at the US open Friday.</li><li>A sell-off had shaved thousands of points from the major US indices last week.</li><li><a href="https://markets.businessinsider.com/?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" target="_blank" rel="noopener">Watch US stocks trade in real time here</a>.</li></ul>Stocks jumped Friday as Wall Street shook off fears about rising rates and the prospect of slowing economic growth around the world. The Dow Jones industrial average jumped 0.6%, or more than 150 points. The Nasdaq composite gained 1%, and the S&amp;P 500 rose 0.7%. Overnight, <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-opening-bell-october-19-2018-2018-10-1027633264">China reported its economy expanded at the slowest pace in a decade</a> during the third quarter. Gross domestic product rose by an annualized 6.5%, a rate not seen since 2009 and compared with expectations for 6.6% growth. Top Chinese policymakers, including Vice Premier Liu He, <a href="https://www.businessinsider.com/chinese-officials-intervene-to-stop-stock-market-fall-2018-10">jumped in to reassure businesses and investors</a> who were already shaken by the steepest fall in Chinese equities in three years. Jason Draho, head of Americas asset allocation at UBS, said talk of stimulus programs offered markets some comfort. "How much and how soon the stimulus will arrive is uncertain, so far to soon to say this is a turning point," he said. "Good news on China's growth and trade are two catalysts the market needs to see to get more positive on equities."Meanwhile, some are worried the Federal Reserve could raise borrowing rates at a pace that may become slightly restrictive. In attempt to keep inflation in check and the economy from overheating, the central bank signaled this week that it was on track to gradually continue tightening.Accendo Markets research analyst Artjom Hatsaturjants said in an email that solid earnings are helping Wall Street brush off wider concerns. <a href="https://markets.businessinsider.com/news/stocks/paypal-earnings-eps-revenue-and-guidance-beat-2018-10-1027631777">Paypal Holdings topped Wall Street expectations</a> and reported a 78% jump in the volume of Venmo payments. <a href="https://markets.businessinsider.com/news/stocks/procter-and-gamble-earnings-beat-reaffirms-forecast-2018-10-1027633759">Procter &amp; Gamble also beat</a>, helped by unexpectedly strong demand for its beauty products."Next week will bring the peak of the US reporting wave … and investors are looking to capture as much of that positive earnings sentiment as possible moving into the weekend," Hatsaturjants said. Later Friday, the National Association of Realtors will report existing home sales. Data out earlier this week showed housing starts and building permits fell more than expected in September. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/game-of-thrones-star-maisie-williams-ambition-for-daisie-2018-9">'Game of Thrones' star Maisie Williams has left Arya Stark behind to help fight nepotism in the arts industries</a></h3> <div> </div> </div>

Stocks climb as Wall Street's focus shifts to earnings

Infosys, Jindal Steel, PSU banks and other stocks in focus on June 8

<ul class="summary-list"><li>The <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword> Composite slipped from record-highs Tuesday. </li><li>The <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> was close to a record and the Dow industrials advanced.</li><li>Tesla shares were under pressure and Microsoft was set to report after the bell. </li></ul>Tech <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> pulled back Tuesday as investors prepared for the next round of quarterly earnings reports, leaving the US stock market fighting to stay close to record highs. The Nasdaq Composite was slightly lower after closing at a record high on Monday and the S&amp;P 500 was edged up after also closing at a new record high Monday. Parcel delivery company<a href="https://markets.businessinsider.com/stocks/ups-stock"> UPS</a> was among the those that turned in stronger-than-expected results for its first quarter. But from the tech front, <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_source=markets&amp;utm_medium=ingestgest">Tesla</a> shares dropped following the release of the electric car maker<a href="https://www.businessinsider.com/tesla-q4-earnings-2020-profit-elon-musk-stock-price-2021-1?utm_source=markets&amp;utm_medium=ingestgest"> first-quarter earnings report.</a> The shares came under pressure from the lack of annual vehicle-delivery guidance. Its financial results met expectations. Here's where US indexes stood at 4 p.m. on Tuesday:<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=ingestedium=ingest">S&amp;P 500</a>: 4,186.57, down 0.03%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Dow Jones Industrial Average</a>: 33,982.82, up 0.01% (1.25points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Nasdaq Composite</a>: 14,090.22, down 0.34%</li></ul><a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> and Google's parent<a href="https://markets.businessinsider.com/stocks/goog-stock"> Alphabet</a> will be in focus after the bell Tuesday with quarterly results from the tech heavyweights. Overall for earnings, Wall Street so far is seeing "pretty good growth year over year but that's against an easy base to beat, so to speak," Shawn Cruz, senior market strategist at TD Ameritrade, told Insider."What we're hearing from some of these companies on the guidance front is that they're actually not expecting margin growth, especially gross margin growth, to be very robust this year even though we're expected to have a pretty strong recovery in the economy as a whole and I think that is really causing some concerns for investors," he said.Looking ahead to Wednesday, the Federal Reserve will conclude its meeting with a policy statement.Around the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>,<a href="https://markets.businessinsider.com/stocks/ubs-stock"> UBS</a> took a<a href="https://markets.businessinsider.com/news/stocks/ubs-q1-earnings-archegos-hit-implosion-profit-jumps-2021-4-1030349963"> $744 million hit</a> from the collapse of Archegos in the first quarter. HSBC posted a<a href="https://markets.businessinsider.com/news/stocks/hsbc-q1-results-beats-expectations-profit-jump-credit-losses-2021-4-1030350447"> 79% jump in profit</a> for the first quarter. <a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Gold</a> fell 0.2% to $1,775 per ounce. Long-dated US treasury yields rose, with the 10-year yield at 1.622%. Oil prices rose.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest"> West Texas Intermediate crude</a> rose 2% to $63.22 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?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestce=markets&amp;utm_medium=ingest"> Brent crude</a>, oil's international benchmark, picked up 0.4% to $66.73 per barrel.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose to $54,806.

Tech stocks slide with new earnings reports coming into focus

<ul class="summary-list"><li>US stocks traded mixed as investors looked ahead to the central bank's meeting minutes.</li><li>The release will offer more insight into what the Fed is thinking about monetary policy and inflation.</li></ul>US stocks were mixed early Wednesday as traders looked ahead to the minutes of the Federal Reserve's last policy meeting, which should give further guidance on the path of interest rates for the rest of the year. All three benchmark indexes traded slightly in the red, while bond yields were up slightly. Investors will be parsing through the Fed's latest meeting minutes later on Wednesday, which will give more insight into what central bankers are thinking about the economy and the trajectory of rate cuts this year and beyond. Monetary policy is in focus after an unexpectedly hot job report in September, fueling doubt over whether the Fed will issue another jumbo rate cut this year."The minutes of the last Federal Reserve meeting are due, and should be fascinating," Paul Donovan, the chief economist of UBS Global Wealth Management, said in a note. "The tone of the Fed minutes should not change expectations of further rate cuts—the Fed is still scrambling to catch up with inflation slowing in the US, and started cutting rates late. But expectations about the pace of easing may be set by the minutes."According to Pantheon Macroeconomics, the Fed is more likely to begin cutting rates in 25-basis-point increments rather than issuing another 50-basis-point rate cut."Even so, we still think the FOMC is putting undue emphasis on the current strength of the economy rather than the direction of travel and the lagged impact of earlier tightening still in the pipeline," economists at the research firm said in a note. "We expect a 25bp easing in November but think a soft run of jobs and activity data in Q4 and Q1 will soon have the Fed scrambling to avoid falling behind the curve."Central bankers will assess another jobs report and the September Consumer Price Index, which will be published Thursday morning, before making their next rate move. The inflation report will be a high-stakes data point for the Fed after the big September payroll report, with markets anxious that officials may have to turn their attention back to prices after pivoting to the labor market at their last meeting. Markets are pricing in an 88% chance the Fed will issue a quarter-point cut, while odds of another jumbo-sized cut have been slashed completely, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Google parent Alphabet fell 1% in early trading as the US Department of Justice <a target="_blank" class="" href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.223205/gov.uscourts.dcd.223205.1052.0_1.pdf">indicated it could break up the tech giant</a>. Here's where US indexes stood shortly after 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">S&amp;P 500</a>: 5,752.93, up 0.06% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,194.38, up 0.27% (+114 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,150.47, down 0.18%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-economy-recession-no-landing-borrowing-2024-10?_gl=1*i6n3nu*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyODQ3ODgzNS40MjMuMS4xNzI4NDgwNDc4LjMxLjAuMA..">The economy is facing a "no-landing" scenario</a> that could take away some relief from higher interest rates.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10?_gl=1*i6n3nu*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyODQ3ODgzNS40MjMuMS4xNzI4NDgwNDc4LjMxLjAuMA..">Fed rate cuts were expected to push mortgage rates lower</a>, but the opposite has happened.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stocks-q3-earnings-lower-rates-stocks-returns-outlook-bofa-2024-10">The bar for corporate earnings is low</a>. That's good news for stocks, as long as companies are feeling upbeat about rate cuts, according to Bank of America.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 2% to $72.06 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was fell 2% to $75.63 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 0.39% to $2,612.00 an ounce.</li><li>The 10-year Treasury yield was about flat at 4.041%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged lower 0.8% to trade at $61,930.</li></ul>

Stock market today: US stocks trade mixed with Fed minutes and rate outlook in focus

InterGlobe Aviation, MRF, Bajaj Finance and other stocks in focus on June 7

<ul class="summary-list"><li>Justin Lubell, Citadel's Global Equities head, said shorting has been a big driver of returns.</li><li>There's less competition in the space compared to going long on stocks, he said.</li></ul>While some big bets against specific stocks have blown up in hedge funds' faces in recent years, there's still a focus on shorting at Citadel's longest-running equities unit.Citadel Global Equities, which started in 2001 for Ken Griffin's $64 billion firm, has generally made more in its short book compared to its longs in recent years, according to comments from the unit's head, Justin Lubell. Lubell spoke at last week's Robin Hood Investors Conference in New York, and Business Insider reviewed a summary of his comments from someone in attendance.Lubell appeared on a panel with Atreides Management founder Gavin Baker and Lakewood Capital founder Anthony Bozza. The moderator was billionaire Maverick Capital founder Lee Ainslie.Lubell, who has run Global Equities since 2020 after more than a decade at Steve Cohen's Point72, said there's much less competition on the short side. Plenty of managers focus on good long ideas, he said, but not nearly as many put the same time and resources into the short side of the book.Focusing on the short book and seeking out companies to bet against helps investors on his team weather volatility and lets their idea play out over a longer duration, Lubell said.Some hedge funds have abandoned single-stock shorts, instead hedging their portfolios with bets against an index of the market or a basket of stocks. There was a <a target="_blank" href="https://www.businessinsider.com/d1-dan-sundheim-reddit-gamestop-frenzy-short-strategy-2021-5">reluctance to target</a> specific stocks from some areas of the industry after large bets against video-game retailer GameStop <a target="_blank" href="https://www.businessinsider.com/michael-jordan-business-partners-reddit-short-squeeze-2021-1">led to the implosion of Gabe Plotkin's Melvin Capital.</a>Even investors known for bold short bets have moved away from the practice. For instance, Pershing Square's Bill Ackman "<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bill-ackman-short-selling-activist-investing-pershing-square-herbalife-markets-2022-3">permanently retired" from activist short selling </a>in 2022. At the end of September, he had 13 long positions and no shorts in his portfolio, according to the publicly traded trust that mimics his hedge fund's holdings. For these reasons, Bozza, who founded Lakewood in 2007, said that those who know how to short stocks are becoming a "dying breed," even though it's easier to find a good short idea than a good long idea.Bozza said it's rare to find an undervalued company in the public markets, but an overvalued company does not receive the same scrutiny.

Why Citadel's longest-running equities unit is focused on shorting stocks

<a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> threw his money and influence behind Donald Trump.He gave speeches, <a target="_blank" href="https://www.businessinsider.com/elon-musk-private-jet-hits-swing-states-campaigns-donald-trump-2024-10">hosted rallies</a> in swing states, posted frequently on X, and funneled at least $119 million into a <a target="_blank" href="https://www.businessinsider.com/elon-musk-super-pac-america-continuing-after-election-midterms-2024-11">pro-Trump super PAC</a> called America PAC.When Trump won the election, Tesla's stock soared. Its share price is now up nearly 33% year to date.On Tuesday, President-elect <a target="_blank" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">Trump announced</a> that Musk would take on an advisory role and co-lead the Department of Government Efficiency, or DOGE, alongside the entrepreneur Vivek Ramaswamy.Inside Tesla, the response to Trump's victory, and Musk's role in it, has been mixed. Business Insider spoke with nine current employees in states across the country, including California and Texas. Though they represent a sliver of the automaker's global workforce of more than 100,000 employees, the conversations offer a glimpse into the internal response to the election.Some of the workers said they wish Musk would pay more attention to Tesla. Others said the CEO's involvement with Trump could benefit the company.Most of them were celebrating the company's surging stock price, as Tesla stock makes up a significant share of most workers' <a target="_blank" href="https://www.businessinsider.com/tesla-salary-database-elon-musk-pay-strategy-2024-11">compensation</a>.<h2 id="f2ff1729-e00e-492e-a77e-d3344b215374">Hope, celebration, and conflict</h2>One engineer said that while they hadn't voted for Trump, they felt Musk could "supercharge" the US government. Another employee who did vote for Trump said they were "excited for what this could mean for Tesla and for our country."Another employee said Trump's win and the sudden surge in Tesla's stock price had many at the company feeling more hopeful."Since being hired, the stock has primarily trended sideways, and it was difficult for a lot of employees to see value in the company as many of us are given stock to compensate for lower hourly pay," one employee said. "Now that the stock is moving in a positive direction, there is a sense of renewed hope for the company with employees generally."For others who spoke to Business Insider, the rising share price led to conflicted emotions."On one hand, you want to celebrate the fact that the stock is up an insane amount, but on the other, it's difficult to be truly happy because of Trump and what it means for Tesla's mission," one engineer said. The employee said that Trump's climate-crisis denial could be a roadblock to Tesla's mission of transitioning to sustainable energy.Trump has <a target="_blank" href="https://www.reuters.com/world/us/trump-says-he-would-consider-ending-7500-electric-vehicle-credit-2024-08-19/">said</a> he plans to increase US oil production and may roll back vehicle-emissions standards and incentives designed to promote the production and adoption of electric cars. At an October rally in Detroit, Trump <a target="_blank" href="https://www.factcheck.org/2024/10/the-issues-trumps-proposal-to-lower-prices-by-increasing-energy-production/">said</a> he planned to "frack, frack, frack, and drill, baby, drill." Musk has <a target="_blank" href="https://www.cnbc.com/2024/05/23/tesla-ceo-elon-musk-says-he-favors-no-tariffs-on-chinese-evs.html#:~:text=Tesla%20has%20been%20struggling%20this,Q&amp;A%20session%20was%20being%20livestreamed.">said</a> in the past that he doesn't agree with tax incentives for electric cars.Tesla and Musk did not respond to a request for comment.<h2 id="2854b357-98e7-4ef9-ae66-46c451c3e979">Musk's growing list of commitments</h2>Some Tesla factory workers in Texas and California were given time off to vote on Election Day in compliance with state laws, multiple factory workers in both states said. Separately, Tesla managers were sent a guide on how to address political discussions in the workplace, one worker said.Postelection, three employees said the election hasn't been discussed much at work. "No one is saying anything," said one. "I think everyone is just waiting to see how this all plays out now.""There's this feeling that no one fully knows where anyone else stands," one manager told BI.Some Tesla-connected figures have been more open. Tesla's director of AI, Ashok Elluswamy, posted about Trump's victory on X.Kimbal Musk, Elon Musk's brother and a Tesla board member, also appeared to celebrate the win.The DOGE advisory role will be another time commitment for Musk, who's already involved with five companies. Musk's private jet has flown to and from Palm Beach, Florida, near Trump's estate in Mar-a-Lago, five times since November 5, according to data from the <a target="_blank" href="https://jetspy.com/">jet-tracking company JetSpy</a>. On Wednesday, Musk's jet flew from Palm Beach to an airport near Washington, DC, where he attended Trump's first postelection meeting with House Republicans.Six workers said they felt Musk had taken his focus off Tesla."It feels like a lot of political theater," one worker said. "We sell cars. Anywhere else you'd expect the CEO to be focused on that."Do you work at one of Musk's companies or have a tip? Reach out to the reporter via a non-work email and device at <a target="_blank" href="mailto:gkay@businessinsider.com">gkay@businessinsider.com</a> or 248-894-6012

At Tesla, some are celebrating stock gains — others worry Elon will lose focus

<ul class="summary-list"><li>China will open a <keyword id="12012636" type="UNKNOWN" weightage="60" keywordseo="stock-exchange" source="Orion">stock exchange</keyword> in Beijing to foster development of small- and medium-sized businesses. </li><li>Xi's announcement did not include when the new exchange based in the capital city will open. </li><li>The exchange will support innovation-oriented companies, Xi said in an address to a trade fair. </li></ul>China will set up a new stock exchange in the capital city of Beijing to support the development of private companies, China's <keyword id="12012639" type="UNKNOWN" weightage="60" keywordseo="president-xi-jinping" source="Orion">President Xi Jinping</keyword> said Thursday.The exchange in Beijing will focus on small- and medium-sized enterprises that are innovation-oriented, Xi said Thursday in addressing the China International Fair for Trade in Services taking place in the capital. Xi did not say when the exchange will open. Mainland China is already home to two major stock exchanges, with one located in the financial hub of Shanghai and the other in the city of Shenzhen which borders Hong Kong.In <a href="https://www.youtube.com/watch?v=1A257cOmZQU">a video posted by state-owned broadcaster CGTN</a>, Xi said the Communist Party will work with other parties to share opportunities in the growth of the services trade and promote global economic recovery and expansion. Xi said support for SMEs will also come from reforms at National Equities Exchange and Quotations. Also known as the New Third Board, the NEEQ exchange for small companies is based in Beijing. A number of large, private Chinese companies have raised billions of dollars by going public on overseas stock exchanges, including in the US. The Chinese government in recent months has ramped up scrutiny of US-listed Chinese companies, among others, citing efforts to tackle issues ranging from anti-competitive behavior, pay inequality, and potential security risks in Chinese firms listing in the US.

Beijing will establish a stock exchange focused on smaller businesses, says China's President Xi

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Scott Olson/Getty</div></div></div><ul class="summary-list"><li>US futures and European stocks are up in anticipation of the Federal Reserve cutting its forecast for interest-rate hikes this year.</li><li>However, the Fed is likely to reduce its economic growth forecasts.</li></ul>Traders drove US futures and European stocks higher on Tuesday as they anticipated the Federal Reserve would commit to just one or even zero interest-rate hikes this year.Weak inflation, signs of a global economic slowdown, and stock market volatility at the tail end of 2018 could prompt the Fed to cut its forecast of two planned rate increases this year."Owing to a weaker run of economic data, the Fed are expected to rein in the number of expected interest rate rises, which currently sits at two across the year," said Jasper Lawler, head of research at London Capital Group. "Close attention will also be paid to any plans to run down the balance sheet and the Fed's economic forecasts.""The prospect of low rates for longer is music to the ears of equities, as firms benefit from lower borrowing costs," he said.The prospect of low rates for longer is music to the ears of equities, as firms benefit from lower borrowing costs.The Federal Open Market Committee adopted a "patient" stance towards future rate hikes at the end of January, after lifting rates four times last year.Economists also expect the Fed to lower its economic growth projections, <a href="https://www.ft.com/content/73cb5456-4991-11e9-8b7f-d49067e0f50d">according to the Financial Times</a>. The gloomier outlook comes amid rallies in stock markets. The FOMC monetary policy announcement is due on Wednesday at 4.00 Washington time. Here's the market roundup as of 9.02 a.m. (5.02 a.m. ET):<ul><li>US stocks are set to open higher, with the futures underlying the Dow, S&amp;P 500 and Nasdaq all up by about 0.2%.</li><li>European stocks are in the green, with the FTSE 100, Germany's DAX, and the Euro Stoxx 50 all up by about 0.4%. It's a resilient showing after <a href="https://www.businessinsider.com/theresa-may-cannot-hold-third-vote-on-her-brexit-deal-says-john-bercow-2019-3?r=US&amp;IR=T">Parliament rejected Theresa May's attempts to put her Brexit deal up for another vote</a>. The standoff raises the prospect of a delay to Brexit of 9 to 12 months, and continued uncertainty for pound traders, UK stock investors, and others.</li><li>Most Asian stock indices closed in the red, with the Shanghai Composite Index down about 0.1%, and the China A50 down 0.7%. Hong Kong's Hang Seng was up 0.12%.</li><li>Oil prices have reached their highest level this year after OPEC+ recommitted to cutting output and shoring up crude prices. </li><li>Gold inched higher to $1,305 - a substantial increase from below $1,200 in August 2018 - as skittish investors shifted some of their cash to safe havens.</li></ul>Get the latest Gold price<a href="http://markets.businessinsider.com/commodities/gold-price"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/2019-market-outlook-john-rogers-ariel-investments-on-fund-performance-whats-ahead-2019-3">The founder and CIO of $12 billion Ariel Investments breaks down how his top-ranked flagship fund has crushed its peers over the past 10 years</a></h3> <div> </div> </div>

Stocks are up as traders shift focus to see just how 'patient' the Fed will be

<ul class="summary-list"><li>The <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> and the Dow slipped from record highs Wednesday before the Federal Reserve's policy statement. </li><li>The Fed is expected to declare its widely telegraphed intention to start tapering asset purchases. </li></ul><keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">Stocks</keyword> edged back from record highs on Wednesday before the Federal Reserve issued a monetary policy statement that's widely expected to include the central bank deciding to begin winding down stimulus measures put in place when the COVID-19 pandemic was unfolding last year. All three major indexes slipped, with each not far off from the record highs set in the previous session. Equities barely budged following the private payrolls report from ADP which showed the <a href="https://www.businessinsider.com/adp-report-october-hiring-recovery-labor-market-jobs-creation-data-2021-11">addition of 571,000 in October</a>, the strongest one-month gain since June. That figure outstripped the estimate of 400,000 from a Bloomberg survey of economists surveyed by Bloomberg. Here's where US indexes stood at 9:30 a.m. on Wednesday: <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=ingestedium=ingest">S&amp;P 500</a>: 4,626.79, down 0.08% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Dow Jones Industrial Average</a>: 36,005.72, down 0.13% (46.91 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=ingestm=ingest">Nasdaq Composite</a>: 15,628.91, down 0.13% </li></ul>Members of the Federal Open Market Committee are expected Wednesday afternoon to say the central bank will start tapering monthly purchases of $120 billion a month in Treasurys and mortgage-backed securities, a move it's been telegraphing to the <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> for months. "Tapering may not be enough to counter runaway inflation that we've been seeing over the past few months and the Federal Reserve may need to raise interest rates sooner-than-expected in an effort to calm rising consumer prices," said Danielle DiMartino Booth, chief strategist at Quill Intelligence, in a note Wednesday."The market expects the Fed to start raising interest rates in July 2022, but the Federal Reserve may need to announce its first rate hike earlier in 2022 in order to help slow the rapid pace of inflation," said DiMartino Booth, who has served as an advisor to former Dallas Fed President Richard Fisher. Around the markets,<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest"> gold</a> shed 0.1% at $1,785 per ounce. The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years"> 10-year yield</a> fell to 1.533%. Oil prices dropped.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest"> West Texas Intermediate crude</a> fell 2.1% at $82.12 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent</a>, oil's international benchmark, lost 2% to $83.02.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slipped 04% to $62,944.13.

US stocks slip as focus turns to Fed decision on tapering asset purchases

<ul class="summary-list"><li>US stocks slipped as Fed officials kicked off their highly-watched policy meeting on Tuesday.</li><li>All three benchmark indexes moved slightly lower in early-day trading.</li></ul>US stocks dropped on Tuesday as investors turned their attention to the start of the Federal Reserve's two-day policy meeting.Traders are pricing in a 99% chance the Fed will choose to keep interest rates level this month, per the <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">CME FedWatch tool</a>, up from 92% odds last week. Investors are also expecting a significant chance of another rate hike before year-end. Markets have priced in a 29% chance that Fed officials could hike rates 25 basis-points in November, and a 40% chance that the Fed's benchmark rate will end the year above the current range of 5.25%-5.50%"In recent weeks, the market narrative has shifted from optimism that inflation ahs been dealt with, to fears of an inflation reacceleration driven by robust consumer data and recovering oil prices," Jupiter Asset Management head of fixed income Matthew Morgan said in a statement on Tuesday. "Consumer resilience has been surprising, and this period of volatility and uncertainty could be with us for some time." <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-inflation-cpi-august-us-economy-fed-2023-9?_gl=1*smz72r*_ga*MjMxMzA1Mzg2LjE2NTY0NDQxNTU.*_ga_E21CV80ZCZ*MTY5NDYyNjQ1NC42MjUuMS4xNjk0NjMyMzU2LjUuMC4w">Prices reaccelerated 3.7% in August, slightly above the expected rate of 3.6%</a>. The Fed will announce its next rate move at the conclusion of the Federal Open Markets Committee meeting on Wednesday at 2 p.m. Traders are also nervously eyeing the price of oil, which continues to rise toward $100 a barrel. International oil prices pushed past $95 a barrel on Tuesday, with fears growing that further increases could disrupt the economic soft landing that many observers say has become more likely. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday: <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">S&amp;P 500</a>: 4,444.72, down 0.22%</li></ul><ul><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">Dow Jones Industrial Average</a>: 34,567.65, down 0.19% (-64.10 points)</li></ul><ul><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">Nasdaq Composite</a>: 13,661.99, down 0.32%</li></ul>Here's what else is going on today: <ul><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-us-dollar-recession-gundlach-economy-dedollarization-fed-2023-9">"Bond King" Jeffrey Gundlach says there are "demons on the horizon" for stocks</a>.</li><li><a href="https://markets.businessinsider.com/news/bonds/recession-indicator-isnt-signalling-recession-yield-curve-goldman-2023-9">The inverted yield curve isn't signaling a recession this time</a>, according to Goldman Sachs.</li><li><a href="https://markets.businessinsider.com/news/stocks/instacart-ipo-stock-market-debut-nasdaq-cart-arm-public-listing-2023-9">Instacart is about to make its stock market debut</a> after pricing its IPO at $30 a share. </li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil traded 1.5% higher to $92.87 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark rose 1% to $95.35 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rose 0.12% to $1,955.80 per ounce. </li><li>The yield on the 10-year Treasury bond rose two basis points to 4.341%. </li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> fell 0.43% to $27,189. </li></ul>

US stocks fall with rates in focus as Fed kicks off policy meeting

<ul class="summary-list"><li>US <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> declined for a second straight session Tuesday but closed off session lows. </li><li>The S&amp;P 500 pulled back further from a record high as the Fed began its two-day policy meeting. </li></ul>US stocks dropped Tuesday as investors prepared for what the Federal Reserve may say about monetary policy with inflation running hot and the global spread of the Omicron coronavirus strain picking up. The Nasdaq Composite, home to the market's largest technology companies, slumped amid worries the Fed could signal that a faster pace of interest rate hikes is needed to tamp down on inflation. The S&amp;P 500 fell further away from Friday's record-high finish, with the tech sector leading the slide.Here's where US indexes stood at 4:00 p.m. on Tuesday: <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>: 4,634.09, down 0.75%</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>: 35,544.18, down 0.30%</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>: 15,237.64, down 1.14%</li></ul>The Fed started its two-day policy meeting Tuesday with government data showing producer price inflation hitting a record high of 9.6% in November from a year ago. That joined <a href="https://www.businessinsider.com/inflation-cpi-november-prices-index-economic-recovery-supply-chain-crisis-2021-12">consumer price inflation</a> last week shooting up to a 39-year high of 6.8%. Central bank policymakers will conclude their meeting Wednesday and release a statement at 2 p.m. ET, followed by a briefing from Fed Chair Jerome Powell."The market is worried that the Fed will tighten [policy] too much, but also that inflation rises, or stays too high for too long. Nothing else is nearly as worrying," Kit Juckes, chief FX strategist at Societe Generale, wrote in a note Tuesday. Meanwhile, worries about the Omicron variant returned to the fore. China reported its first case of the strain, and the UK's more than 59,000 daily coronavirus case rate marked the highest amount since January. UK lawmakers on Tuesday voted to require people to show COVID passes at nightclubs and other large venues. Around the <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>,<a href="https://markets.businessinsider.com/currencies/doge-usd?utm_medium=ingest&amp;utm_source=markets"> dogecoin</a> soared after Elon Musk said<a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_medium=ingest&amp;utm_source=markets"> Tesla</a> will let people purchase<a href="https://markets.businessinsider.com/news/currencies/elon-musk-tesla-crypto-dogecoin-merchandise-payment-meme-doge-tsla-2021-12"> some of its merchandise with the meme cryptocurrency</a>.Oil prices dropped.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest"> West Texas Intermediate crude</a> slumped 1.1% to $70.53 per barrel.<a href="https://markets.businessinsider.com/commodities/oil-price"> Brent crude,</a> the international benchmark, lost 0.3% at $73.46, narrowing losses. <a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Gold</a> dropped by 0.9% to $1,773 per ounce. The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years"> 10-year yield</a> climbed 3 basis points to 1.443%. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose by 0.5%, at $47,120.

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