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<ul class="summary-list"><li>Buy-now, pay-later firm Klarna has filed draft registration documents for an IPO in the US.</li><li>The Swedish firm has not confirmed the price range and number of shares it will offer. </li></ul>Swedish fintech giant Klarna has filed documents for its highly anticipated initial public offering in the US.Klarna announced Tuesday that it confidentially submitted draft registration documents to the Securities and Exchange Commission.The buy-now, pay-later firm said it expects the IPO to take place once the SEC has completed its review, and the timing would be subject to market conditions. It added that the price range and number of shares it will offer have not yet been determined.Klarna, which offers short-term financing to customers online and in stores at checkout, raised $1 billion in March 2021. Three months later, it raised a further $639 million at a $45.6 billion valuation, making it Europe's most valuable startup at the time.That same year, Klarna looked to capitalize on its <a target="_blank" href="https://www.businessinsider.com/klarna-ceo-sebastian-siemiatkowski-interview-buy-now-pay-later-retail-2020-10">rapid growth in the US</a> as online shopping boomed during the pandemic. It started investing 10 times more in marketing in the US in 2021 compared with the two years prior, <a target="_blank" href="https://www.businessinsider.com/cmo-of-10-billion-startup-klarna-lays-out-marketing-strategy-2021-2">Business Insider previously reported</a>, spending $5.5 million alone on a 30-second Super Bowl advert.But its valuation fell to $6.7 billion in 2022 during a wider market downturn for startups. In February, Bloomberg reported that<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-27/klarna-said-to-sound-out-banks-for-us-ipo-at-20-billion-value"> Klarna was in talks with banks to go public in the US</a> at a $20 billion valuation.Klarna's public listing plans follow a period of muted tech IPO activity. It also continues a trend of IPO "brain drain" from Europe to the US, said Navina Rajan, senior EMEA private capital analyst at PitchBook. "For Klarna more specifically, the choice falls in line with the company's focus on US expansion," Rajan added. "Furthermore, the less scrutiny on profitability for tech companies seen in the US may also help alleviate cost pressures caused by expansion. "That being said, profitability is something that they have been cited to be near to achieving, which falls in line with broader trends we're seeing in the nature of IPOs that are taking place." Klarna also appears to be seeking to expand beyond its core BNPL business. It recently <a target="_blank" href="https://www.businessinsider.com/klarna-stock-trading-robinhood-bnpl-app-ipo-2024-10">advertised four internal jobs to help build a product</a> that lets customers buy and sell stocks through its app.The company posted on an internal Slack channel last month, seen by BI, that it is hiring a team to build a tool resembling Robinhood's trading platform.A spokesperson for Klarna told BI at the time that it "continuously explores new product concepts" and that it "does not mean that such a product will eventually go to market."Do you work for Klarna? Got a tip? Contact the reporter, Jyoti Mann, via the encrypted messaging app Signal at jyotimann.11 or via email at <a target="_blank" href="mailto:jmann@businessinsider.com">jmann@businessinsider.com</a>. Reach out through a nonwork device.

Buy-now, pay-later giant Klarna files for IPO in the US

18 stocks to buy now, including the top tactical options trades to make ahead of earnings, according to Goldman Sachs

<ul class="summary-list"><li>Klarna is assembling a team to build a stock-trading tool to compete with Robinhood, according to an internal message seen by BI.</li><li>Klarna said it was at "the very early stages of exploring this concept" and that it might decide not to take it to market.</li></ul>Swedish fintech firm Klarna is hiring a team to build a product that would compete with Robinhood's trading platform by letting customers buy and sell stocks through its app.The company internally advertised four roles to create a team to build the new product, according to an internal Slack message seen by Business Insider.The potential move into trading, which comes as Klarna prepares for a widely anticipated IPO, is a deviation from its core business of providing financial services for consumers to pay for goods in installments, known as buy-now, pay-later services, or BNPL."Our mission is to obliterate the barriers to consumer investing and empower every Klarna user to build their financial future in a single place - the Klarna App," the internal message said. "Think Trade Republic, Robinhood, N26… but with a Klarna-size upgrade."The post, written by Klarna director and domain lead Ludo Lombaard, was shared in the company's "general" Slack channel on October 6.Lombaard said the company is exploring the possibility of "offering customers the opportunity to buy and sell stocks" and exchange-traded funds, or ETFs, in the Klarna app. The message said that Klarna plans to add "the world of consumer investments to our product offering."The company is internally recruiting engineering and trading roles to work on the product, according to the post."We are starting from the ground up. So it is a good time to get involved," the message said, adding that the challenge "is not for everyone.""Expect long days and the exhilarating rush of building something that matters," the post continued.It ended with a quote from the movie "Sister Act 2: Back in the Habit": "If you wanna be somebody, if you wanna go somewhere, you got to wake up and pay attention."A spokesperson for Klarna told BI: "Klarna continuously explores new product concepts to serve our customers. This exploration does not mean that such a product will eventually go to market."The spokesperson added: "We are at the very early stages of exploring this concept and are putting in place a small team to validate our hypotheses. There are no firm plans for the product and it is possible that, after the team's exploration, we decide not to go ahead."<h2 id="7ad06694-e764-4b62-b50d-d858f1af71fe">Klarna gears up for US IPO</h2>Founded in 2005, Klarna offers short-term financing to customers online and in-store at checkout. It has partnered with more than 600,00 merchants, including Apple, Adidas, and Airbnb.The model has been a mainstay for Klarna, which in 2021 was valued at $45.6 billion — making it the most valuable startup in Europe at the time. Its valuation fell to $6.7 billion in 2022 during a wider market downturn for startups.Klarna is in talks with banks to IPO in the US, at a $20 billion valuation, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-02-27/klarna-said-to-sound-out-banks-for-us-ipo-at-20-billion-value">reported</a> in February.This year Klarna has ramped up its activity in the US, including a partnership with Uber and the launch of a cashback card.In August, Klarna said its <a target="_blank" class="" href="https://www.klarna.com/international/regulatory-news/klarna-h1-earnings-compounding-growth-generates-27-revenue-rise-sek-11-billion-profit-improvement-and-over-sek-1-trillion-annualized-gmv/">US gross profits</a> increased by 93% for the first half of 2024 on a year-over-year basis.Do you work for Klarna? Got a tip? Contact the reporter Jyoti Mann via the encrypted messaging app Signal at jyotimann.11 or via email at <a target="_blank" href="mailto:jmann@businessinsider.com">jmann@businessinsider.com</a>. Reach out through a nonwork device.

Klarna, the buy-now, pay-later firm, is looking to make a Robinhood-like product for trading stocks, an internal job ad shows

<ul class="summary-list"><li>US-listed gaming and copper stocks have outperformed since China's stimulus blitz, Trivariate Research says.</li><li>The firm used shares of Freeport-McMoran and Las Vegas Sands as examples.</li></ul>Gaming and copper stocks listed in the US have outperformed since China unleashed a blitz of stimulus, and one research firm is recommending investors consider buying.Trivariate Research's CEO Adam Parker says traders should look to US-listed stocks that have climbed considerably in the last week and that are typically correlated with China-listed shares."I think casinos or copper maybe make the most sense with what I know right now," Parker told CNBC in a Monday interview.In a recent client note, Trivariate highlighted the performance of companies in those sectors since China started implementing new stimulus on September 24, through Monday's close.The firm noted that the material and industrial sectors were the US market's top performers over the period, highlighting Freeport-McMoRan (+10.6%) and Southern Copper (+9.1%) as examples.It also highlighted gaming stocks including Las Vegas Sands (+19.5%), Wynn Resorts (+19.5%), and Melco Resorts &amp; Entertainment (+29.8%). Those casino and resort companies have locations in Macau, a special administrative region of China and the <a target="_blank" href="https://www.businessinsider.com/macau-gambling-beijing-cracks-down-future-in-question-casinos-2021-11">only place in the country where gambling is legal</a>."Given relatively low earnings expectations and sentiment, this is sensible in our view, and we think investors should be looking to add exposure in these names," Parker wrote in a Sunday note.Parker said it makes sense to use the market's initial reaction for a gauge on how to position going forward, since the market is behaving differently than past periods of China stimulus measures."There are so many variables impacting the market during the prior periods that we don't have enormous confidence to play it the same way this time," he wrote.Parker says historically, not all China stimulus measures have impacted US equities, especially when they coincide with other market moving events in the US. On average, though, they haven't been great for US shares, though that's likely due to a confluence of other factors happening at the same time, he says."We looked at the last 11 times that China stimulated and what it meant for US equities, and it averages kinda garbage," Parker said in a CNBC interview.This time around, though, Parker is bullish."Some investors have been waiting for a stimulus announcement for several quarters, so the timing this past week was surprising, and we have concluded the intervention is incrementally bullish for US equities," Parker wrote.So far, the new policies have helped fuel a broad stock market rally, with mainland China's benchmark CSI 300 closing 8.5% higher on Monday in its <a target="_blank" href="https://www.businessinsider.com/china-boost-economy-stock-market-bazooka-stimulus-sentiment-rally-pboc-2024-9?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*qxyjdx*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyNzcwMzU4Mi4yMDIuMS4xNzI3NzAzODQzLjUzLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">biggest daily gain since 2008</a>, and a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chinese-property-stocks-homebuying-restrictions-stimulus-shanghai-gdp-2024-9">surge in Chinese property stocks</a>.Last week's surprise blitz of <a target="_blank" href="https://www.businessinsider.com/china-economy-stock-market-bazooka-liquidity-stimulus-sparks-panic-speculation-2024-9#:~:text=China%20is%20eying%20a%20GDP,will%20be%20difficult%20to%20achieve.?utm_medium=ingest&amp;utm_source=markets">aggressive stimulus measures</a> aims to reinvigorate China's weak economy, which has been plagued by <a target="_blank" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">weak consumer demand</a> and a <a target="_blank" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3">struggling property sector</a>.

Buy US-listed casino and copper stocks to capitalize on China stimulus, research firm says

Shares of <keyword id="19956271" type="General" weightage="100" keywordseo="Ola-Electric-Mobility" source="keywords">Ola Electric Mobility</keyword> were in a freefall today, tanking about 4.55% on the NSE and 4.88% on BSE. Today also marked 30 days since the company was listed on the bourses (August 9th), bringing down shutters on the one-month lock-in window anchor investors are mandated to hold stocks for, before deciding to offload 50% of shareholding. Around 18.18 crore shares, or about 4% of company's outstanding shares were eligible for trading in the market post the 30-day lock-in, which hurtled Ola's stock towards Rs 100. While the stock managed to gain some ground later in the day, and was trading at Rs 114.10 when the markets closed today, slightly up from its intraday low of Rs 109. However, it still remained a far cry from its all-time high price of Rs 157.4, which it had hit on August 20th, 2024. Ola Electric, which currently dominates the Indian EV space, debuted on stock exchanges last month, and was looking to raise Rs 6,145.56 crore via fresh issue, along with an OFS (offer for sale) of 8.49 crore equity shares. The IPO was oversubscribed by around 4x. Going ahead, the Bhavish Aggarwal-led startup is also set to face intense competition from fellow EV maker Ather Energy. With its IPO set to hit the markets soo, Ather is looking to raise Rs 3,100 crore via fresh issue, and an OFS of about 2.2 crore equity shares. Per the DRHP (draft red herring prospectus) filed by Ather, its net worth for FY24 stood at Rs 545.9 crore. The remaining 50% of Ola Electric's shares will be eligible for offloading by anchor investors in 60 days from now, or 90 days since the date of allotment. While this event will certainly test Ola's buoyancy in the market, the fact remains that Ola was off to a stellar start days after its listing, when the stock price accelerated to Rs 157.4 on August 20th, 2024. This skyrocketed the company's valuation well beyond that of established Indian 2-wheeler giants like Hero Moto Corp and Bajaj, albeit briefly. In fact, for a small period, Ola Electric Mobility had recorded valuations higher than that of Tesla's. For perspective, Ola's market capitalization, as of today, stood at Rs 50,327.57 crore. Bajaj Auto, which listed on the exchanges in 2008, presently has a market value of Rs 3,02,993.79 crore, while Hero Moto Corp, which was listed in 2003, currently has a market value of Rs 1,14,788.59 crore. However, ever since hitting this peak on August 20th, Ola's prices have only been on a downward journey. However, now that the stock has witnessed a price correction of sorts, the question remains- has Ola corrected enough, or are we still in for further downside? As per SEBI registered Investment Advisor Gaurav Goel, Ola continues to trade in the expensive zone despite recent correction. "The recent mercurial rise in the stock has been more on the promise it holds for the future. It is the largest <keyword id="23099550" type="General" weightage="20" keywordseo="E-Scooter-Manufacturing" source="keywords">E-Scooter Manufacturing</keyword> company in India, with 31% market share in the E2W sector, selling 3,29,618 scooters in FY24. Recently, it also forayed into the motorcycle segment with several new “Roadster” models at an attractive pricing. It is building an Ola Gigafactory for cell production in Tamil Nadu, and a Battery Innovation Centre in Bangalore", Goel explained. "However, we feel that despite attractive future plans, the stock is currently overpriced. Despite rising revenues, we need to see how quickly it is able to translate widening losses into profits", he continued. <h2>Gaping holes, take a long-term approach </h2>It is hard to overlook the wide, year on year losses that the company continues to incur. As of March 2024, the company had racked up an operating loss of Rs 1,266 crore. Per its Q1FY25 financials, the company's losses before taxes during April-June 2024 grew to Rs 347 crore, up from Rs 267 crore in the year-ago period. The company's cash flows from operating activities continued to be in red, rising from Rs 2,520.25 crores in March 2021 to Rs 15,072.71 crore as of March 2023. Generally, if a company is regularly registering negative cash flows from its primary, operational activity, it is a troubling sign, indicating that the company is spending more than what its making. Ola continues to rack up major losses in its cell business, which reported a loss of Rs 5 crore in Q1FY25. The segment's operating expenses, however, doubled from Rs 11 crore in Q1FY24 to Rs 22 crore in Q1FY25. Per Agrawal, the indigenously developed 4680 Bharat Cell, which will be integrated in all Ola vehicles starting Q1FY26, will help in bettering the company's profit margins, given that cells constitute around 30-35% of overall vehicle's cost. Which is why experts suggest not to buy into any short-term euphoria surrounding the stock, and instead, opt for a long-term approach. While there is scope, it is largely unchartered waters, which will have to face the tides of multiple market volatilities and cycles, before it starts to generate sustainable, significant returns. Goel believes that while the new vehicle segment is a good space to enter, the competition here is going to be stiff. Customer actual response in terms of sales is yet uncertain. "We recommend a buy on dips on this stock. An entry level of Rs 100 would be good point for purchase. It should be kept for the long-term, for a period of at least 3-5 years for realization of its potential"

Shares of Ola Electric have tapered down from their record-highs. Is this a good time to buy in?

<ul class="summary-list"><li>Earnings-revision breadth, cited as a bullish market driver, has deteriorated, Morgan Stanley says.</li><li>But industrial stocks are still uniquely positioned to outperform, the firm says.</li></ul>A key driver of stock-market bullishness is deteriorating, although there are still opportunities available, Morgan Stanley wrote in new research.The firm is referring to earnings-revision breadth, which enjoyed an increase that coincided with a rally in small-cap stocks in recent weeks.The chart below shows a deceleration in earnings-revision breadth for S&amp;P 500 companies in recent months:<div type="image" title="morgan stanley chart earnings revision breadth" height="412" width="726" msid="112142471" hostid="261" sizebytes="23350"></div>"This does not offer support for a broad cyclical rotation," Morgan Stanley analysts wrote. "Instead, we recommend being more targeted within cyclicals."The firm highlights industrial stocks in particular for two reasons: the relative attractiveness of their current valuations, and macro data that's shown signs of stabilizing.Upcoming quarterly earnings reports could be a catalyst for these stocks, given the outsized impact beats have had on share prices."Stocks are being rewarded for delivering," the analysts said.The analysts, led by CIO and chief US equity strategist Mike Wilson, say earnings revision breadth is trending lower because areas like autos, materials and consumer services have cyclical seasons, and are entering their downturn period.Industrials, meanwhile, have more stability and are thus a safer bet as earnings revision breadth dips.

Why investors should buy industrial stocks now as a valuable market driver deteriorates, Morgan Stanley says

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Mondays are probably the best day to start eating healthier. (Can't start a diet on a Friday.) And whatever your goals are, protein will play a key role. A nutrition coach breaks down <a target="_blank" href="https://www.businessinsider.com/easy-calculate-how-much-protein-coach-olympians-2024-9">how to figure out how much you need</a>.In today's big story, the stock market has officially enjoyed a bull rally for over two years. <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">So now what</a>?What's on deck:<ul><li>Markets: Jamie Dimon's retirement <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-political-ambitions-retirement-plans-jpmorgan-3q-earnings-2024-10">doesn't mean his exit from JPMorgan</a>.</li><li>Tech: Roblox investors are <a target="_blank" href="https://www.businessinsider.com/roblox-stock-recovers-after-short-seller-hinderberg-report-2024-10">shrugging off a short-seller's report</a>.</li><li>Business: It's the first day of work for Nike's new CEO. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nike-ceo-elliott-hill-takes-over-faces-challenges-2024-10">Here's what's at stake</a>.</li></ul>But first, time flies when you're making money.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Bullish on the bull market</h2><div type="image" title="Wall Street bull statue" height="4024" width="6048" msid="114217361" hostid="261" sizebytes="1697474"></div>Happy belated birthday to the stock market's bull rally!In case you missed it, Saturday marked two years since stocks bottomed out before going on a run. The Nasdaq 100 (88%), S&amp;P 500 (62%), and the Dow Jones Industrial Average (46%) have posted strong returns in the two years since.But don't worry about missing the celebration, because the party might be going on for a while. Stock market experts who spoke with Business Insider's Matthew Fox <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">don't see things slowing down anytime soon</a>.In fact, the average bull market lasts longer than five years, so we might not even be halfway to the finish line. There's no consensus on exactly how the next few years will shape up, but the experts agree they don't see a market downturn in the near future.Earnings season, which is in full swing this week, will provide more color on where things are headed. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">Expectations are high</a>, and for good reason. The S&amp;P 500 has enjoyed year-over-year earnings growth for four consecutive quarters.<div type="image" title="inflation dollar hovers over groceries" height="893" width="1786" msid="114217363" hostid="261" sizebytes="43390"></div>So, what's the case for the bull rally to continue?Past performance does not guarantee future results, so bull runs' history of sticking around doesn't mean this one will.But the first thing to consider is this bull market's resiliency.The past two years have seen multiple banks fail, a bond-market meltdown, and the unwinding of a trade tied to the Japanese yen that sent stocks tumbling. Interest rates also remained elevated as the economy battled high inflation.Beyond the financial markets, things haven't been much calmer. The war in Ukraine rages on, and there's arguably more violence in the Middle East than there has been in decades.Meanwhile, the run-up to the presidential election has been unprecedented. The sitting president shockingly ended his reelection campaign, and another candidate faced multiple assassination attempts.So yes, we've been through a lot, and stocks keep going up and to the right.While I can't guarantee things will calm down, there are some bright spots. There might not be more rate cuts this year, but the job market is strong and inflation is (mostly) under control. Whether we're in a soft landing or a "no landing," both situations are better than a recession, <a target="_blank" href="https://www.businessinsider.com/inflation-recession-outlook-prediction-labor-market-job-additions-interest-rates-2024-10">which seems unlikely at this point</a>.The actual stock market is healthier, too, as it's no longer reliant on the Magnificent Seven's performance. Instead, it's enjoying growth across different sectors, which gives it more immunity from industry-specific shocks.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>SpaceX's Starship <a target="_blank" href="https://www.businessinsider.com/spacex-starship-fifth-flight-test-how-to-watch-2024-10">completes historic 5th flight test</a>.</li><li>'Let chaos reign': <a target="_blank" href="https://www.businessinsider.com/new-players-startups-ai-inference-driving-prices-down-cheap-workload-2024-10">AI computing costs are about to plummet</a>.</li><li>The professor made porn. <a target="_blank" href="https://www.businessinsider.com/professor-porn-fired-salacious-free-speech-academic-freedom-2024-10">His firing may shape the future of free speech</a>.</li><li>Elon Musk says <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-spacex-launches-california-coastal-commission-2024-10">he will take legal action</a> after California officials cited his politics when rejecting SpaceX launches.</li><li>How Saudi Arabia could create <a target="_blank" href="https://www.businessinsider.com/russia-economy-saudi-arabia-oil-price-war-supply-opec-cuts-2024-10">a crisis for Russia's economy</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of Jamie Dimon" height="500" width="1000" msid="114217365" hostid="261" sizebytes="20910"></div><ol><li>You can't get rid of Jamie Dimon that easily. The JPMorgan CEO has hinted at plans to step down in the not-so-distant future. But during the bank's earnings call, he also said there is an "almost nil" chance of him joining the next presidential administration as he plans to stay at JPMorgan "for a long period." <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-political-ambitions-retirement-plans-jpmorgan-3q-earnings-2024-10">Here's how both things can be true</a>.</li><li>Ken Griffin knows who he's voting for, and he's not happy about it. The billionaire hedge fund manager and Republican megadonor hasn't supported either presidential candidate. The Citadel CEO said he knows who he is voting for, but "<a target="_blank" href="https://www.businessinsider.com/citadel-ken-griffin-election-taxes-florida-2024-10">it's not with a smile on my face</a>."</li><li>BlackRock wants to make alt investments not so alternative. The $11.5 trillion asset manager <a target="_blank" href="https://www.businessinsider.com/blackrocks-next-big-bet-private-markets-2024-10">hopes to grow its private markets business</a>, which includes less liquid, more expensive investments with the potential for higher returns. It comes after securing $221 billion in net inflows last quarter, a company record.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Augustus Doricko sits in a desk with a huge American flag on the back wall." height="3739" width="4985" msid="114217359" hostid="261" sizebytes="612242"></div><ol><li>The 24-year-old wunderkind trying to make water out of thin air. With his new company, cloud-seeding startup Rainmaker, <a target="_blank" href="http://businessinsider.com/rainmaker-augustus-doricko-cloud-seeding-el-segundo-2024-10">Augustus Doricko has launched a God-fearing, cigarette-loving tech hub</a> in El Segundo, California. "Respect to Zuck, but I certainly hope the next cohort of people that build great things do it in the real world," Doricko told BI.</li><li>Roblox took an L and bounced back. The gaming platform's stock tumbled after a prominent short-seller accused it of inflating user numbers and failing to protect children from predators. Investors appear undeterred; after the drop, <a target="_blank" href="https://www.businessinsider.com/roblox-stock-recovers-after-short-seller-hinderberg-report-2024-10">Roblox's stock rebounded</a>, with Wall Street focused on its growth potential.</li><li>Twelve AI coding startups to watch. AI coding startups are having a moment as VCs look to invest in tools that automate the boring parts of coding and let developers focus on more creative tasks. <a target="_blank" href="https://www.businessinsider.com/ai-code-startups-that-have-raised-the-most-vcs-a16z-2024-10">These 12 startups have attracted funding</a> from VCs like a16z and Menlo Ventures.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo illustration of expensive Erewhon groceries, receipt, shopping cart, and payment system" height="1000" width="2000" msid="114217368" hostid="261" sizebytes="117578"></div><ol><li>I've been a very brave Gen Zer. I'd like a treat. Inflation's got nothing on Gen Z's love of bougie snacks: Young people splurge on expensive groceries more than any other generation. The reason? <a target="_blank" href="https://www.businessinsider.com/gen-z-loves-expensive-groceries-snacks-erewhon-whole-foods-2024-10">Consuming health-conscious food is a show of economic power</a> — and everything else is too expensive.</li><li>Office vacancy may deliver some housing relief. The office sector will experience a wave of distress in coming years, real estate experts told BI. That might be good news for housing supply <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-office-outlook-fire-sales-apartment-conversions-housing-2024-10">as former offices get converted to apartments</a>.</li><li>It's Elliott Hill's first day as Nike's CEO. Can he just do it? Nike released its first-quarter fiscal 2025 earnings report on October 1, and revenue declined 10% from the previous year to $11.6 billion. Now, it's up to Hill <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nike-ceo-elliott-hill-takes-over-faces-challenges-2024-10">to lead a full-scale comeback for the brand</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>How rich Americans can save on taxes by <a target="_blank" href="https://www.businessinsider.com/upstream-planning-transfers-capital-gains-tax-stock-real-estate-2024-10">giving stock and real estate to their parents</a>.</li><li>Tesla investors don't seem to trust Elon Musk like they used to. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-tesla-twitter-wall-street-disappointment-self-driving-taxi-2024-10">Is that because of Twitter</a>?</li><li>Here's how natural disasters are shaping the buy-versus-rent decision <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-natural-disasters-buy-rent-florida-climate-change-risks-2024-10">in vulnerable states like Florida</a>.</li><li>Warren Buffett's company website looks like a relic from the 1990s — <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-website-homepage-culture-values-billionaires-links-2024-10">but that's on purpose</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>It's Columbus Day in the US. In some states, like New York, it's a day to celebrate Italian American culture and history.</li><li>It's also Indigenous People's Day, which some states recognize instead of, or in addition to, Columbus Day. Thirty-five states and the District of Columbia mark this holiday.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

The stock market has officially enjoyed a bull rally for over two years. So now what?

<ul class="summary-list"><li>Investors should snap up value stocks in three specific sectors, Bank of America said.</li><li>The firm says they're poised to outperform as the Fed cuts rates while corporate profits are still accelerating.</li></ul>The Federal Reserve doesn't usually cut rates while corporate profits are still growing. But that's the situation we're seeing now, which Bank of America sees creating a unique opportunity for investors.Savita Subramanian, BofA's head of US equity and strategy, described the situation as a "rare double whammy of stimulus." And in an <a target="_blank" class="" href="https://www.youtube.com/watch?v=n-vbFcslt8Q">appearance on CNBC</a>, she suggested a few portfolio tweaks, recommending that investors key in on certain types of value stocks.Value stocks — or those trading below where fundamentals say they should be — outperform when profits rise and rates fall, as investors become less worried about hedging and embrace higher-upside names that have fallen out of favor. This is happening now, BofA said, meaning that money flows will favor value.In this context, real estate, financials, and energy are three sectors worth pursuing, she said. These value industries offer quality and income.The large-cap real estate sector benefits from Wall Street's massive investment in data centers, a necessary infrastructure component of the artificial intelligence buildout. Meanwhile, real estate's exposure to the troubled office space is not worth fretting about, Subramanian noted.Meanwhile, financials have become a higher quality sector than they were in 2008, and currently are "starved" of capital. The same can be said for energy, she said."These companies have basically righted themselves since, you know, the last decade, and are now throwing off free cash flow, focused on cash return. I think these are some of the areas of the market that you really want to press," Subramanian told CNBC.In similar fashion, Citi's US equity strategist Scott Chronert also highlighted financials and energy in a <a target="_blank" href="https://x.com/i/status/1840765733023662263">Bloomberg interview</a>, calling the latter a "contrarian opportunity."In Subramanian's view, part of the appeal of value sectors is the high dividends they offer.As the Fed's cutting cycle pulls down short-term yields, money market investors will search for new sources of income. Dividend-yielding stocks will benefit from this transition, Subramanian said."I think about where these assets sitting in retiree accounts and money market funds are going; I think they're going into safe, stable income. That's more value than growth," she said.She <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-tech-large-cap-dip-quality-bofa-2024-9">previously noted</a> that dividend yields are especially alluring in real estate. Since 2008, real estate dividends has doubled the proportion of high-quality market cap.According to BofA's latest note, neither retail nor institutional investors appear adjusted to the value trend so far, with portfolios skewed more toward long-term growth stocks and defensive exposure.Hedge funds also seem skeptical about the recent blowout rally in China, which was jumpstarted last week after Beijing pushed out new stimulus.Subramanian expects this to be the start of a longer-term story, and suggested that investors monitor the materials sector.

3 cheap areas of the stock market to buy as the Fed unveils a 'rare double whammy' of stimulus, BofA says

<ul class="summary-list"><li>More than half of the stock market's post-Trump-election rally has been erased.</li><li>The turning point came Thursday, when Fed Chair Powell said the central bank will take its time cutting rates.</li></ul>And just like that, half of the stock market's euphoric post-Trump-election gain is gone.Major US indexes sold off sharply on Friday, with the tech-heavy Nasdaq leading the way, as investors came to terms with the fact that they may not get a December rate cut as previously expected.The turning point came on Thursday, when Federal Reserve Chair Jerome Powell said he and the central bank are in <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-federal-reserve-inflation-jerome-powell-interest-rates-2024-10">no hurry to cut rates</a>, given the positive signals being sent by the economy.Stocks turned lower in afternoon trading, and that pressure continued through Friday. The <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> fell as much as 1.6%, and has now given back more than half of its torrid 4% post-election gain. The <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_composite">Nasdaq Composite</a> dropped 2.7% at intraday lows.The S&amp;P 500 fell 2.2% this week, while the Dow Jones industrial average lost 1.2% and the Nasdaq slid 3.2%.The losses have come as the odds for a 25-basis-point rate cut in December have fallen. Investors are now pricing in a 58% probability of one at the next meeting, down from around 80% before Powell's address, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch Tool</a>.The comments from the central-bank head come amid a promising streak of US economic data. On Friday, retail-sales data showed signs of strength, and on Thursday, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-trump-jerome-powell-federal-reserve-inflation-data-2024-11">jobless-claims figures</a> came in surprisingly light.Stock investors have been grappling with what Trump will ultimately mean for the market now that the dust is settling on a buy-everything rush. Concerns have been raised around whether Trump's protectionist trade policies will drive inflation higher, possibly necessitating eventual rate hikes.Until now, investors had seemed content to focus on Trump plan to cut taxes and deregulate. But it now seems that Jerome Powell has given them something else to think — and worry — about.Here's where US indexes stood at the 4 p.m. closing bell on Friday:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a>: 5,870.62, down 1.3%</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a>: 43,444.99, down 0.7% (306 points)</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_composite">Nasdaq composite</a>: 18,680.12, down 2.2%</li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://www.businessinsider.com/trump-trade-election-stock-market-impact-chart-analysis-bonds-crypto-2024-11">5 charts</a> that show Trump's immense post-election market impact, from BofA.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/health-stocks-trump-appointment-vaccines-rfk-moderna-2024-11">Health stocks slid</a> after Trump appoints vaccine-skeptic RFK Jr.</li><li>UBS says Trump's plan to <a target="_blank" class="" href="https://www.businessinsider.com/trump-housing-plan-federal-lands-tax-incentives-mortgage-rates-ubs-2024-11">build homes on federal land</a> could push housing prices higher.</li><li>The oil market faces a <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-outlook-supply-crude-prices-us-production-china-opec-2024-11">deep surplus next year</a> amid weak Chinese and demand record US production, IEA 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">West Texas Intermediate crude</a> slid 2.5% to $67.01 a barrel</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, fell 2% to $71.11 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> slid 0.2% to $2,567.60 an ounce.</li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/rates/u-s--rates-10-years?miRedirects=1">10-year Treasury yield</a> rose less than one basis point to 4.44%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> rose 3.5% to $91,271.20.</li></ul>

The stock market's Trump honeymoon is turning sour

<ul class="summary-list"><li>Nvidia stock has tumbled since it reported earnings last week.</li><li>Bank of America says the slide opens up an attractive buying opportunity.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> bulls may feel paralyzed by the sudden onslaught of headwinds blowing against the company, but to Bank of America, the move down in the stock price in the last week offers an attractive buying opportunity.On Tuesday, shares of the semiconductor kingpin <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-drops-ai-return-on-investment-chips-gpus-2024-9">tanked</a>, wrenching down its market value by $279 billion for the <a target="_blank" href="https://www.businessinsider.com/nvidia-records-biggest-ever-single-day-market-value-loss-2024-9">largest one-day decline</a> in US corporate history.The pullback came after the firm's recent earnings report failed to <a target="_blank" href="https://www.businessinsider.com/nvidia-q2-earnings-ai-investors-expectations-2024-8">meet the market's most bullish expectations</a>, adding to fears that the artificial intelligence rally may be losing steam. The stock briefly continued its retreat on Wednesday, following a report that the firm <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-market-cap-decline-subpoena-antitrust-probe-ai-2024-9">received a subpoena</a> from the Department of Justice. In all, the stock has fallen by as much as 15% since Nvidia released its second-quarter earnings in late August.To Bank of America, the post-earnings skid marks a buying opportunity. In a note released Thursday, the bank said that Nvidia is now hovering around its cheapest valuation in the past five years."While market forces could enhance near-term stock volatility, we continue to find NVDA valuation compelling at 27x CY25/FY26E consensus PE (or only ~20x PE at high-end of $5+ CY25 eps estimate)," analyst Vivek Arya wrote.Compared to this, Nvidia price-to-earnings have ranged between the mid-20s to mid-60s over the past half-decade.Investors who buy the stock now could be facing 54% upside, according to BofA's price target of $165 per share.This looks achievable, as Nvidia will remain a key beneficiary of AI investing and won't always be pressured down by headwinds, the bank said. For instance, weak supply-side fundamentals should subside in the near term, the analysts noted. While investors are disappointed by delays in the firm's next-gen Blackwell chip, shipments should be confirmed over the next several weeks, BofA estimates.In any case, the bank doesn't anticipate demand for prior-gen Hopper chips to disappear, given how strong AI demand is.Concerning regulatory headwinds, Nvidia has since <a target="_blank" href="https://www.businessinsider.com/doj-subpoena-nvidia-antitrust-investigation-heats-up-report-2024-9">denied receiving a subpoena from the DOJ.</a>Bloomberg — which first reported on the subpoena — later <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-04/nvidia-says-it-has-not-been-subpoenaed-by-justice-department?srnd=homepage-americas&amp;sref=yaJhKSOh">reported</a> that the DOJ sent a civil investigative demand, citing a source close to the matter.Though BofA assumes no impact from these developments, it noted that government cases are not uncommon against large US tech companies.Finally, skepticism about AI's potential remains a non-issue, the bank said, at least until 2026. Those concerned that the AI spending wave has yet to show results must simply be patient, the analysts wrote. "The tech industry will give itself at least another 1-2 years of intense buildout of NVDA Blackwell chip with its 4x lift in AI training and 25x+ lift in inference. Efforts thus far with the first wave of large language models (LLM), using NVDA Hopper was just the teaser," BofA wrote, anticipating that real AI capabilities will be unlocked by upcoming LLMs.

Nvidia's 15% stock slide has created a compelling buying opportunity, BofA says

<ul class="summary-list"><li>Bank of America strategist Michael Hartnett advises buying gold amid record-high prices.</li><li>Hartnett said potential Fed rate cuts could stoke fresh inflation, which would be bullish for gold.</li></ul>Investors should buy gold even as the metal hovers around record-high prices, according to <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bac-stock?miRedirects=1">Bank of America</a> investment strategist Michael Hartnett.In a note on Thursday, Hartnett said investors should "do what central banks are doing… buy gold."That's because <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-investors-await-jerome-powells-jackson-hole-speech-2024-8">interest rate cuts from the Federal Reserve</a> in the coming months pose a risk to stoking a rebound in inflation next year, Hartnett said, and real assets, like gold, have <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/ray-dalio-portfolio-gold-price-debt-inflation-us-economy-outlook-2024-4">historically performed well during bouts of inflation.</a>Hartnett's comments come amid a record rally in the precious metal, with gold prices surging about 20% year-to-date, outpacing the gains of the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> by a few percentage points, and outperforming technology stocks.Hartnett noted that gold is the only asset that's outperforming US tech shares. The perplexing factor behind gold's rally is that investors haven't been chasing it.Instead, gold has experienced a net $2.5 billion in outflows so far this year, which means investors have been taking profits amid the precious metal's record rally.That also means that the buying in gold has come from another cohort of the market.The juxtaposition of record-high gold prices and negative outflows is "explained only by unprecedented central bank buying," Hartnett said, adding <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-outlook-china-central-bank-buying-spree-fed-easing-2024-4">China's central bank was the largest buyer of gold</a> in 2023."Gold is now the 2nd largest reserve asset (16.1% vs. 15.6% Euro) and has one of the lowest correlations to stocks across asset classes," Hartnett said.Potential gold ETFs to consider are <a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-gold-trust-micro-us46436f1030?miRedirects=1">IAUM</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/etfs/spdr-gold-minishares-us98149e3036?miRedirects=1">GLDM</a>, which Hartnett called "top-rated."An ounce of gold traded up 1.23% on Friday to $2,547.60, just $23 below its record intraday-high reached on Tuesday. Prices are so high that <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-new-record-interest-rate-cut-recession-fears-2024-8">a standard gold bar now costs $1 million.</a>

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