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<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a>

Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

<ul class="summary-list"><li>Tesla stock is down 7% since it reported third-quarter vehicle deliveries on Wednesday. </li><li>JPMorgan sees the stock drifting even lower, by as much as 48% to its $130 price target.</li></ul>JPMorgan raised its price target for Tesla stock — but the bank still sees shares of Elon Musk's electric carmaker falling almost 50% in the coming year. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/TSLA-stock">Tesla</a> stock is down 7% since it reported <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q3-deliveries-preview-wall-street-expects-beat-mojo-returns-2024-9">third-quarter vehicle deliveries</a> on Wednesday, but JPMorgan thinks it can go much lower.In a Thursday note, the bank set its December 2025 Tesla stock price target to $130, representing potential downside of 48% from Wednesday's close.That target is a slight increase from the bank's prior target of $115 a share.According to <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> analyst Ryan Brinkman, Tesla could be on the verge of not growing its full-year unit volumes for the first time ever."The continued softer trend now appears to position Tesla to potentially not grow full year unit volumes for the first time in its history, which we estimate could cause incrementally more investors to reconsider the company's growth stock multiple," Brinkman said.Year-to-date, Tesla has delivered 1.29 million vehicles. To exceed its 2023 vehicle delivery volumes of 1.81 million vehicles, the company would have to deliver more than 520,000 vehicles in the fourth quarter, which is more than what Wall Street analysts expect.Consensus estimates on Wall Street are tracking at about 500,000 vehicle deliveries in the fourth quarter, Wedbush analyst Dan Ives said.Meanwhile, the most vehicles Tesla has ever delivered in a quarter is 484,507, which occurred in the fourth quarter of 2023.Brinkman believes Tesla's potential inability to grow vehicle deliveries this year, which CEO Elon Musk has previously said should grow at an annual rate of 50% for the long term, could cause investors "to pay more attention to the growing gap between fundamentals and valuation."And even with its $130 price target, Brinkman believes that's a generous valuation for the automaker."Despite implying material downside risk, we feel our valuation analysis, nevertheless, generously values Tesla as the world's most valuable automaker, given it is suggestive of a ~$400 market capitalization vs. Toyota $290 bn despite considerably less earnings and cash flow and given the company's stalled automotive growth over the past two years makes it harder to embrace the hyper growth story," Brinkman concluded.Of course, while Brinkman has been a longtime Tesla bear, the bulls view it as less of a traditional automaker and more of a technology company.Tesla is set to host an event on October 10 to showcase its robotaxi plans. Meanwhile, Tesla bull Adam Jonas of Morgan Stanley has speculated that Tesla can grow its valuation by selling its own phone and even drones."Is it just me, or are you seeing more 'breadcrumbs' from Tesla's CEO that could potentially connect Tesla with aviation?" Jonas asked in a note earlier this week.This differing view among analysts — over whether Tesla is an automaker or a tech company — explains the widening gulf between price targets among the bears and the bulls. Jonas has a $310 price target for Tesla stock, more than double Brinkman's $130 target.

JPMorgan just raised its price target for Tesla — but it still expects a 48% crash in the stock

<ul class="summary-list"><li>Wall Street's bullishness for Nvidia stock endures even as shares trade at record highs. </li><li>Analysts are upbeat about the next-gen Blackwell chip and Nvidia's web of enterprise partnerships.</li></ul>Nvidia stock is trading at record highs, but that's not deterring top Wall Street analysts from being bullish. Bank analysts have been hiking their price targets for the chip titan in recent weeks, predicting more upside even as the stock has seen a <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">meteoric rise</a> over the past year.Shares traded above $142 each on Monday, hitting a fresh record as investors gear up for the company's next earnings report on November 20. The stock is up 193% year-to-date. But Nvidia still has plenty of room to climb, according to forecasters. They point to signs of frenzied demand for the company's AI-enabling GPU chips and a long list of partnerships with enterprise "hyperscalers." Here's what some of Wall Street's top forecasters are saying about their bullish outlook for the stock. <h3 id="724900f4-99db-4302-98bd-dea4cac3d847">Bank of America, $190 price target</h3>BofA strategists <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-upside-growth-ai-chips-demand-bofa-2024-10#:~:text=Bank%20of%20America%20analysts%20raised,helped%20by%20its%20enterprise%20partnerships.">raised their price target</a> for the chipmaker to $190 from $165 per share last week, implying another 35% upside from the stock's current levels.The upside will be driven by Nvidia's competitive advantage over other chipmakers, as well as the "generational opportunity" in the AI market, which is expected to grow to $400 billion, analysts said in a note."Driven by our increased NVDA Data Center Compute outlook, we now see the AI accelerator market growing to $280bn by CY27E (and over time toward $400bn+) from just ~$45bn in CY23. AI models (demand) continue to evolve," the bank added.Strategists pointed to positive signs for Nvidia's future chip demand, including commentary from <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-impact-q1-earnings-season-ai-nvda-stock-price-capex-2024-5">other tech firms</a> and comments from CEO Jensen Huang, who described the demand for Nvidia's upcoming Blackwell chip as "<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">insane</a>."Nvidia, meanwhile, also has a number of "underappreciated" business partnerships with firms like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/acn-stock">Accenture</a> and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-reaction-microsoft-partnership-for-minecraft-graphics-overhaul-2019-8">Microsoft</a>, which should contribute to the upside potential. "We also highlight a growing presence of AI in enterprise, where NVDA is the partner of choice," the bank said. "NVDA's engagements span multiple verticals (e.g., Accenture, ServiceNow, Microsoft), and offerings such as AI Foundry, AI Hubs, NIMs are key levers to its AI leadership, not only on the hardware side but also on systems/ecosystems side."<h3 id="6a528da2-bcac-4a58-87fb-9d0b14415a80">Goldman Sachs, $150 price target</h3>Goldman analysts raised their price target to $150 from $135 a share, implying 6% upside from the stock's current levels.Strategists said they changed their price target after a meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's "competitive moat" is built on the firm's installed base, its innovation, and its "robust and growing" software offerings. "Although we acknowledge that the company's revenue trajectory beyond CY2025 remains uncertain, we expect the stock to perform at least consistent with estimate revisions given relative valuation multiples that remain depressed relative to history ... and the potential for a re-acceleration in fundamentals driven by the upcoming Blackwell product cycle," strategists wrote.Blackwell could also help produce several billion dollars in revenue for Nvidia, the strategists estimated."By integrating seven chips, and each playing a role in delivering higher performance at the data center level, we view the introduction and ramp of Blackwell not only as a near- and medium-term revenue growth driver, but also a dynamic that extends Nvidia's competitive advantage. The ramp of Blackwell-based products remains on track with several billion dollars in revenue expected in the January quarter followed by further growth in April and beyond."<h3 id="7231a134-d8fb-40e0-8065-37b2205636b4">CFRA Research, $160 price target</h3>The research firm CFRA raised its price target to $160 from $139 per share, implying a 13% upside from current levels. According to Angelo Zino, a senior equity analyst at CFRA, that's due to increased confidence that Nvidia will post better-than-expected growth, particularly as customers scramble to get their hands on the new Blackwell chip."The higher multiple and target reflect our higher conviction that NVDA will post results that exceed our/consensus views in CY 25, as Blackwell ramps. As we previously cited, Blackwell will take greater wallet share from hyperscalers (e.g., greater GPU, CPU, networking, and software revenue) amid an AI war in the cloud," Zino wrote.<h3 id="1efd5f91-dce2-45d4-bfa2-1ada5f7366f2">Bernstein, $155 price target</h3>Bernstein raised its price target to $155 a share shortly after the chipmaker reported its second-quarter earnings in August. Similar to other firms' forecasts, Bernstein's upside prediction is based on the success of the Blackwell GPU. "People are getting excited about the story again, especially as we approach earnings, and then year-end into next year is their new platform, Blackwell, really starts to ramp. Look, by all indications, their own commentary, all the supply checks and everything else, demand for this product just looks off the charts," Rasgon said in an interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=SM8AcE18AN0">CNBC</a> in early October. "This cycle, if the checks are any indication, must potentially be massive," he added.

Wall Street keeps raising price targets for sky-high Nvidia stock. Here's why analysts are still so bullish. 

<ul class="summary-list"><li>Goldman Sachs raised its S&amp;P 500 year-end price target to 6,000, implying a 5% gain.</li><li>The increase follows the previous price target raises from 4,700 to 5,200 and then to 5,600.</li></ul>Strategists at <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> raised their <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> year-end price target for the third time this year.In a note on Friday, Goldman's David Kostin said he now expects the S&amp;P 500 to finish the year at 6,000, representing the second-highest target among Wall Street strategists.With the S&amp;P 500 trading at around 5,720, Kostin's target implies a potential return of about 5% with just under three months left in the year. The price target increase comes after Kostin and his team set an initial year-end S&amp;P 500 price target of 4,700 late last year. The team then raised their price target to 5,200 in February and once again to 5,600 in June.Kostin also raised the bank's 12-month S&amp;P 500 price target to 6,300 from 6,000."The primary driver of the upward revision to our 2025 EPS estimate is greater margin expansion," Kostin said. "We expect sales will grow by 5%, roughly in line with nominal GDP growth. However, we now expect 78 bp of net margin expansion in 2025, compared with 24 bp previously."Kostin said his assumptions are based on a relatively "steady" macro economic outlook, with US real GDP growing at an average pace of 2.3% in 2025 and 2.0% in 2026.At the micro level, Kostin highlighted three reasons he expects higher corporate profits in the year ahead.First, Kostin said idiosyncratic charges and write-downs for a handful of S&amp;P 500 companies weighed on corporate profits in 2024 and should moderate in 2025. Those companies include <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/bmy-stock">Bristol-Myers Squibb</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gild-stock">Gilead</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/wbd-stock">Warner Bros. Discovery.</a>Second, Kostin believes a recovery in the semiconductor cycle should boost technology companies' earnings per share in 2025."Shipments of integrated circuits excluding memory chips, a predictor of Semis margins, are roughly 10% below their historical trend. Reversion to trend should lead to margin expansion through 2026," Kostin explained.Finally, mega-cap tech companies should continue to see solid profit growth, in part thanks to AI trends."While the magnitude of beats may moderate, the recent GS Communacopia Conference indicated strong ongoing AI demand that should benefit these stocks," Kostin said.Kostin's price target forecasts assume the S&amp;P 500 continues to trade at a premium valuation of about 22x forward earnings. If that earnings multiple drops, it would threaten Kostin's bullish outlook."If prospects for growth weaken, the S&amp;P 500 could trade at 18x (5400, 6% downside)," Kostin said.

Goldman Sachs bumps its S&P 500 price target for the 3rd time this year as it sees higher corporate profits ahead

<ul class="summary-list"><li>Trump's second term likely means changes are on the way that will impact retailers.</li><li>Experts say tariffs are top-of-mind for many companies and would represent new costs for consumers.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's return</a> to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term.In the lead-up to November 5, companies including TractorTractor Supply Co., Best Buy, and Dick's Sporting Goods said on their earnings calls that the election contributed to a generally more cautious US consumer.However, the unambiguous election result should comfort retailers heading into the critical holiday shopping period."Elections are very distracting for the consumer," Global Data retail analyst Neil Saunders told Business Insider. "It's not massively bad, but it's just not helpful for consumer confidence and the consumer attention.""Retail wants really a clear victory — whichever way," he added. "Then they can understand the policies and how to react, and then the consumer can start focusing on the holidays and opening their wallets."Walmart, which operates thousands of stores in red states and blue states alike, was measured in its outlook in an August earnings call."Good thing about elections is they come along every four years and we get to have a lot of history with seeing the impact of that," Walmart CFO John David Rainey said.With Election Day in the rearview, here are four key areas that retailers will be watching closely during this transition period.<h2 id="c7dc6c7e-c57f-4aeb-a65e-08e99c74d0b6">Tariffs are the biggest question</h2>Top-of-mind for many companies right now is <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">the question of tariffs</a>, experts said.If Trump follows through on his campaign proposals of 10%-20% tariffs on most imports and 60-100% tariffs on goods from China, it would mean significant change to the way retailers do business."It would be a massive upheaval to most of the cost structures for these companies," said Chris Walton, a former Target executive and founder of Omni Talk.Given the expense of reorganizing supply chains, large retailers are still in the research phase rather than committing to a new strategy, Walton said.While retailers may absorb some of the costs associated with tariffs, US households would likely lose up to $78 billion in spending power per year, according to <a target="_blank" class="" href="https://nrf.com/media-center/press-releases/trump-tariff-proposals-could-cost-americans-78-billion-annual-spending">analysis</a> from the National Retail Federation, a lobby group representing the industry."A tariff is a tax paid by the US importer, not a foreign country or the exporter," said NRF's vice president of supply chain and customs policy, Jonathan Gold. "This tax ultimately comes out of consumers' pockets through higher prices."Still, Johns Hopkins business professor Tinglong Dai said the retail industry has handled prior rounds of tariffs without too much disruption to prices or the flow of essential goods."Retailers have become incredibly adept at absorbing these frictions," he said."You can say it's a negotiating strategy and it won't actually come to pass, or you can say will come to pass, maybe in a diluted form and not that severe, but it's causing a lot of nervousness," Saunders said of Trump's proposals.<h2 id="15b0f877-b89f-47c0-9a3c-6c75bf5bf298">Taxes matter, but take time to see results</h2>Trump is expected to extend his 2017 tax cuts, which are scheduled to expire next year. He's also likely to cut corporate taxes further, backed by his supporters in the House and Senate.Saunders said tax cuts will lead to more disposable income for consumers, which could lift spending."The whole of retail is very dependent on the middle class and what you can eke out of their spending levels," he said.Any changes to the tax code are likely to be less disruptive than tariffs since they will take many months to flow through the economy.Plus, retailers routinely manage tax changes at every level of government from local to national, Walton said."What's different," he added, "is this is of a size and scope that the retail industry hasn't seen in 100 years."<h2 id="1c185c04-3458-4dce-a9eb-401d657f36f1">Immigration presents a mix of challenges</h2>Past <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2024/07/22/what-we-know-about-unauthorized-immigrants-living-in-the-us/">studies</a> from the Pew Research Center suggest that relatively few of the retail industry's 15 million employees are living in the US illegally, so a crackdown on illegal immigration wouldn't likely complicate retailers' hiring efforts.Still, a widespread deportation effort could negatively impact people throughout the company, as well as customers and communities."Everyone's gonna feel the brunt of that," Walton said. "If that were to happen, it's a tough thing to prepare for, because the collateral damage from it could be pretty expensive."A more pressing concern, Saunders says, is a tightening of legal immigration, including the H1-B visa program for skilled workers, including the tech talent that giants like Amazon, Walmart, and Target increasingly rely on."That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.Other experts told BI that <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">concern over national security</a> and the availability of workers is far different from eight years ago, which could persuade Trump to soften his position.<h2 id="47fd7844-d2aa-4d9d-bc9c-0df1c9439146">Regulation down, deals up</h2>Federal Trade Commissioner Lina Khan, who has launched investigations into corporate price-gouging, will likely be one of the first to go under a new Trump administration, Saunders said.In place of her aggressive antitrust posture, a more deal-friendly FTC is likely to emerge, he added.Mergers like the one proposed between Kroger and Albertsons could find a more receptive audience in Washington, and other consolidations may soon follow.While a Republican administration is usually considered to be more business-friendly, Walton said it might not always be so straightforward under Trump."It can wax and wane to whatever the flavor of the month is in terms of where his administration wants to focus or who he wants to benefit," he said.

What Trump's win means for retail giants like Walmart, Target, and Costco

<ul class="summary-list"><li>US stocks ended Monday mostly higher, led by a surge in Tesla on the potential for easing autonomous vehicle rules.</li><li>The Nasdaq 100 rebounded after a more than 3% drop last week, which was partly influenced by the Fed's interest-rate outlook.</li></ul>US stocks traded mostly higher on Monday, partly driven by a surge in <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla.</a>Tesla stock jumped as much as 9% after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">a report said</a> the incoming Trump administration was planning to ease regulations on autonomous vehicles.The <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> led the market higher, ending a five-day losing streak, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> gained slightly and the <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a> edged lower.The gains in the Nasdaq on Monday come after last week's more-than-3% decline, which was exacerbated by comments from Fed Chairman Jerome Powell.Powell said in a Thursday speech that the Fed can take its time in lowering interest rates.Investors are now pricing in a 59% chance of a 25-basis-point rate cut at December's Fed meeting, down from 80% before Powell's comments, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Investors' top concerns this week include Nvidia's third-quarter earnings report, which is due after the market closes on Wednesday.For economic data, traders will be paying attention to housing starts and building permits, which are due out Tuesday morning. That will be followed by existing home sales and initial jobless claims, which are set to be released Thursday morning.Here's where US indexes stood at the 4 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,893.62, up 0.4%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,389.60, down 0.1% (55 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>: 18,791.81, up 0.6%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">The stock market's Trump honeymoon is starting to turn sour</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/read-spirit-airlines-open-letter-customers-bankruptcy-keep-flying-booking-2024-11">Spirit Airlines filed for Chapter 11 bankruptcy protection on Monday.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-blackwell-chip-ai-overheating-delay-share-price-2024-11">Nvidia's next-gen Blackwell GPU chip has reportedly hit an overheating snag.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/inflation-fed-rate-cuts-outlook-economy-trump-tariffs-tax-cuts-2024-11">Watch these 4 signs of re-inflation ahead of Trump's second administration.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-morgan-stanley-mike-wilson-bullish-11-upside-2024-11">Morgan Stanley strategist Mike Wilson turned bullish on stocks, issuing a 2025 year-end price target of 6,500 for the S&amp;P 500.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">Uber shares fell 5% following concerns that a Tesla autonomous vehicle network could impact its business negatively.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil rose 3.32% to $69.14 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 3.18% to $73.30 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> increased 1.66% to $2,612.70 an ounce.</li><li>The 10-year Treasury yield dropped 2 basis points to 4.422%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 1.58% to $91,300.</li></ul>

Stock market today: Tesla powers tech rally as Nasdaq snaps 5-day skid

<ul class="summary-list"><li>US stocks traded mixed on Tuesday, with the tech sector rallying ahead of key earnings reports.</li><li>The S&amp;P 500 and Nasdaq ended the day in the green, with the tech-heavy Nasdaq hitting a fresh record.</li></ul>US stocks traded mixed on Tuesday, with the Nasdaq Composite rising to a fresh record as traders looked ahead to high-profile earnings reports. The tech-heavy index and the S&amp;P 500 finished the day in the green, while bond yields wobbled.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a> rose 1%, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices </a>popped 3% as investors awaited earnings after the closing bell.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> also rose 1%, while <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> shares climbed 2% as traders anticipated their <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10">financials</a> on Wednesday. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, which held mostly steady, is on deck to report on Thursday.Corporate profits have come in strong so far for the quarter. The S&amp;P 500 is on track to post a net profit margin of at least 12% for the reporting period, which would mark the second straight quarter it's done so, according to a <a target="_blank" class="" href="https://insight.factset.com/sp-500-reporting-net-profit-margin-of-at-least-12-for-the-2nd-straight-quarter">FactSet</a> analysis.Traders are looking to a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">big few weeks</a> for markets, with third-quarter GDP set to be published Wednesday and the October jobs report due out Friday. The Fed is due to make its next rates decision next week, a day after the presidential election. Some doubts linger over whether the Fed will take interest rates as low as some investors initially hoped. Markets are pricing in a 53% chance rates will stay within 50 basis-points of their current target range at the Fed's January meeting, up from 0% odds priced in a month ago, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,832.92, up 0.16% <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>: 42,233.05, down 0.36% (-154.52 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>: 18,712.75, up 0.78% </li></ul>Here's what else is going on:<ul><li>A hint in <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-earnings-outlook-q3-bottom-demand-manufacturing-election-bofa-2024-10?_gl=1*gr9ay9*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIyMjUxNS40OTYuMS4xNzMwMjIzMTMxLjguMC4w">S&amp;P 500 earnings calls</a> suggests that corporate profits are about to boom, Bank of America says.</li><li>Here's what Wall Street is expecting for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10?_gl=1*i0lfm3*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIyMjUxNS40OTYuMS4xNzMwMjIzMTEyLjI3LjAuMA..">Meta's third-quarter earnings report</a>.</li><li>The Fed is likely to disappoint markets with <a target="_blank" class="" href="https://www.businessinsider.com/fed-cut-rates-inflation-powell-blackrock-ceo-larry-fink-2024-10">just one more rate cut this year</a>, according to BlackRock's Larry Fink.</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 0.22% to $67.23 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, held steady at $70.74 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> rose 1.13% to $2,772.63 an ounce.</li><li>The 10-year Treasury yield traded mostly event at 4.274%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> popped 5.84% to $73,279.</li></ul>

Stock market today: Nasdaq closes at a record ahead of key tech earnings

<ul class="summary-list"><li>Wall Street analysts have high hopes for Meta's third-quarter earnings report on Wednesday. </li><li>Investors are keeping an eye on growth opportunities from AI. </li></ul>Wall Street analysts are upbeat ahead of Meta's third-quarter earnings report on Wednesday after the closing bell. Analysts generally expect positive revenue and earnings figures, thanks to the Facebook parent's AI ad optimization and the firm's <a target="_blank" class="" href="https://www.businessinsider.com/meta-reorganized-major-businesses-eliminated-roles-whatsapp-instagram-reality-labs-2024-10#:~:text=Meta%20has%20gone%20through%20several,%22efficiency%22%20would%20be%20permanent.&amp;text=As%20of%20March%2C%20Meta%20had,of%202022%2C%20BI%20previously%20reported.">sweeping cost cuts</a>, which included several rounds of layoffs in recent years and saw the firm backing away from some of its <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-cuts-spending-reality-labs-meta-report-2024-7">virtual reality projects</a>. Investors will be keeping a close eye on signs Meta can continue that growth, with the company <a target="_blank" href="https://affiliate.insider.com?h=4d0247c89eeec6faa3e72d5dee88e7c60fa1cc284a9699c5902f9e7a696dc773&amp;postID=6720fbaf3a35c2732d44c2bb&amp;postSlug=meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fmeta-develops-ai-search-engine-to-lessen-reliance-on-google-microsoft">reportedly</a> working on a new search tool that will surf the web for its AI chatbot. Wall Street is also looking for strong guidance for the current quarter, though analysts see potential for costs to come in higher than expected.Here's what analysts are saying ahead of the tech giant's earnings report. <h2 id="a8b0515c-9d85-4b4d-b1cf-6fce44552568">"Long-term story is as strong as ever": Bernstein</h2>Meta's long-run growth trajectory looks solid, according to Bernstein senior analyst Mark Shmulik. The stock is up 70% this year and is up 550% since bottoming in 2022."Near term risk and reward feels balanced," Shmulik wrote in a note, adding that the firm had a "perma-bull position on all things Meta.""But the long-term story is as strong as ever. As we look ahead we're constructive on the core business with an expected launch of ads on Threads, continued Reels ramp, more AI/Advantage+ ad tools offer investors top-line upside with a potential TikTok ban not currently priced in," he later added.The firm issued an "Outperform" rating on the stock and a $675 price target, implying 15% upside from current levels.<h2 id="dc7c6a08-8f5f-4c79-812c-4fa35a463037">"Uniquely well positioned to monetize search": JMP</h2>Meta's reported search engine could be a huge positive for the company, JMP analysts said in a note."Meta is uniquely well positioned to monetize search given its 200M+ active SMBs and 12M+ active advertisers," the firm wrote. "To that end, we believe Meta could offer a compelling commercial experience for search given its existing advertiser and SMB relationships while also using search intent signal to power its core advertising product on Facebook and Instagram."The search tool, though, could raise capital expenditures and costs, analysts said, possibly by more than investors are expecting. The firm issued an "Outperform" rating on the stock and a $635 price target, implying an 8% increase from current levels.<h2 id="3ae15c9a-d200-4592-ae15-3f19e716186b">"Top AI pick": Bank of America</h2>BofA analysts expect a "modest" earnings beat from the tech giant on Wednesday. They forecast the firm to report as much as $47.5 billion in revenue, which would represent an 18% year-over-year increase.Meta is a "top AI pick," the analysts added, pointing to a handful of tailwinds, like strong growth in Meta's AI-powered ads business, continued growth among younger users, and more AI growth opportunities in general."Our checks suggest Meta could see strength from: 1) new AI tools and new CRM integration driving higher ROI and incremental ad spend, 2) ramping messaging and Reels monetization, and 3) modest (100-200bps) political ad spend benefit," analysts wrote.The bank reiterated its "Buy" rating and $630 price target on the stock, implying 7% upside from current levels.<h2 id="2fdf202a-5a5b-4d15-a99d-48ed4f86b7d1">"Clear leader in social media": Morningstar</h2>Meta is a "<a target="_blank" href="https://affiliate.insider.com?h=8e3a91b023e95d600e3f54d96021a46339a33c3d1cf4d2a1d57384a4edc6bc4a&amp;postID=6720fbaf3a35c2732d44c2bb&amp;postSlug=meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Fstocks%2Fraising-fair-value-meta-stock-ai-ad-leadership">clear leader</a>" on an "unmatched scale" in the social meaning space, Morningstar said in a recent note, pointing to the firm's 4 billion monthly active users across its applications.Investors though, are keeping hawkish eye over signs Meta can sustain its growth, according to Dave Sekera, Morningstar's chief US market strategist."The market is going to be listening for any update on capex spending, specifically on generative AI. I'd really like to hear from them more specifically about how and when they will be able to monetize that spending. That's the big question for Meta," Sekara said. "Other than that, I'll be listening for an update on growth and digital ads; they had a big benefit from ad spending in Temu and Shein over the past couple quarters, so the question is whether that growth will continue or will it start to slow."The firm previously issued a 3-star rating for the stock and a fair value of $560, implying 5% downside from current levels.<h2 id="b7a7a27b-67d4-4195-b1a2-3e4d05b93099">"A tough bar to surpass": CFRA Research</h2>Meta could face challenges ahead due to the risk that growth decelerated in the last quarter, CFRA Research said."META has a tough bar to surpass in upcoming Q4 2024 and Q1 2025. We estimate Q3 growth decelerated to 18% from 22% in Q2 and see further deceleration to 15% in Q4 2024 and 13% in Q1 2025," CFRA senior equity analyst Angelo Zino wrote. He added that the challenge in the coming quarters will be to keep up with strong growth compared to the year-ago quarters. "We think year-over-year deceleration is due to lapping strong growth from China-based advertisers as well as strong Reels impression growth from a year ago. Still, we think digital ad trends remain healthy, with broad-based health across most regions and verticals," Angelo Zino, a senior equity analyst at CFRA, wrote.CFRA raised its price target on the stock to $650 a share, implying 11% upside.

Wall Street is bullish on Meta earnings as analysts eye an AI boost for the tech titan

<ul class="summary-list"><li>Indexes fell for a second day on Thursday as a huge week for tech earnings shows mixed results.</li><li>Meta and Microsoft slid after slight earnings beats, and Amazon and Apple are set to report after market close.</li></ul>Indexes slid on Thursday, heading for a second day of declines as big tech earnings fail to impress investors so far.The S&amp;P 500 and Nasdaq both slid, and the Dow Jones Industrial Average lost over 200 points shortly after the opening bell.The drop comes amid a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10?_gl=1*lobd5h*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDMxNTM4MS4zMzguMS4xNzMwMzE5NTU1LjYwLjAuMA..">packed week for earnings</a>, with several of the biggest tech stocks reporting third-quarter results.Microsoft and Meta reported earnings that beat estimates after the closing bell on Wednesday, but the shares of both tech giants slid on forward guidance. Microsoft declined more than 4% after it shared expectations for slower growth in its cloud business, while Meta shares lost over 2% after forecasting "significant" capital expenditures growth next year.Earlier in the week, <a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Google's%20parent%20company%2C%20Alphabet%2C%20released,AI%20products%2C%20the%20company%20said.">Alphabet's earnings</a> beat generated more enthusiasm among investors as CEO Sundar Pichai said the company's AI investments are "paying off."Investors are bracing for earnings from Apple and Amazon after market close today. They will be paying particularly close attention for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-q4-earnings-preview-wall-street-ai-fuels-iphone-demand-2024-10">signs that AI is driving iPhone demand for Apple</a>, especially after the company rolled out its iOS 18.1 update earlier this week, and they expect a <a target="_blank" class="" href="https://www.businessinsider.com/amazon-earnings-preview-aws-consumer-spending-retail-ai-project-kuiper-2024-10">strong beat from Amazon</a>.Meanwhile, the personal-consumption expenditures index, the Fed's preferred inflation gauge, cooled to 2.1% year over year in September from 2.2% in August. That marks progress toward the Fed's 2% inflation target, but the core index—which excludes food and energy prices—came in hotter than expected at 2.7%.Jobless claims from last week fell by more than expected to 216,000, a 12,000 drop from the week prior. Economists had expected claims to come in at 230,000.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,764.93, down 0.84% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,943.67, down 0.47% (-198.87 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,372.58, down 1.25% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-immigration-jobs-arizona-economy-mass-deportation-employment-wages-2024-10">Arizona is the epicenter of the debate</a> about how mass deportations under Trump would hit the US economy. </li><li>Bringing manufacturing back to the US is a <a target="_blank" class="" href="https://www.businessinsider.com/us-manufacturing-production-boom-economy-made-in-america-trade-war-2024-10">$10 trillion opportunity</a> for the economy, Morgan Stanley says.</li><li>Stocks are gripped by <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-election-impact-trump-harris-economy-ai-citi-2024-10?_gl=1*1sq6l9x*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNjUyLjM3LjAuMA..">"near-euphoric sentiment"</a> and the election may offer a chance to pull back, Citi says.</li><li>Nvidia stock is undervalued because AI companies <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-undervalued-9-trillion-ai-spend-masayoshi-son-softbank-2024-10?_gl=1*l4g43y*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDM4MDA3NS4zMzkuMS4xNzMwMzgwNzQwLjU5LjAuMA..">need to spend another $9 trillion</a> to achieve superintelligence, Softbank CEO says.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose almost 1% to $69.27 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.8% to $73.13 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose slipped almost 1% to $2,776.80 an ounce.</li><li>The 10-year Treasury yield rose two basis points to 4.292%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged up to $71,869.</li></ul>

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

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Boo! Did I scare you? If not, maybe this will surprise you: Microsoft disclosed an equity investment in OpenAI for the first time, SEC filings show. It could <a target="_blank" href="https://www.businessinsider.com/microsoft-hints-big-change-to-openai-investments-sec-filing-2024-10">hint at an evolution in their relationship</a>, as the tech giant previously described their deal as "a long-term partnership" in filings.In today's big story, Big Tech is pulling back on <a target="_blank" href="https://www.businessinsider.com/big-tech-workers-pushed-limits-of-perks-benefits-pampering-over-2024-10">the freebies for its employees</a>.What's on deck:<ul><li>Markets: Reddit's stock had a monster day <a target="_blank" href="https://markets.businessinsider.com/news/stocks/reddit-stock-skyrockets-earnings-beat-ai-growth-revenue-huffman-2024-10">thanks to a strong earnings report</a>.</li><li>Tech: Tesla's test drivers talk about <a target="_blank" href="https://businessinsider.com/tesla-self-driving-software-test-drivers-project-rodeo-experiences-2024-10">pushing the limits of self-driving software</a>.</li><li>Business: We outlined what Trump and Harris' policies <a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">mean for your tax bill</a>.</li></ul>But first, is this free?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">No free lunches in tech</h2><div type="image" title="A vice grip holding a wrapped gift" height="1500" width="2000" msid="114819672" hostid="261" sizebytes="896688"></div>Use it. Don't abuse it.That's the hard lesson tech workers <a target="_blank" href="https://www.businessinsider.com/big-tech-workers-pushed-limits-of-perks-benefits-pampering-over-2024-10">are learning about their jobs' free perks</a>, Business Insider's Lara O'Reilly, Rob Price, Hugh Langley, and Sydney Bradley write.After years of upping the ante with everything from exercise classes to laundry services, tech companies are clamping down on the freebies. It's part of a broader push to cut costs across the industry.Those efforts took center stage recently when Meta fired employees <a target="_blank" href="https://www.businessinsider.com/meta-employees-react-grubhub-meal-credit-firings-2024-10">for misusing Grubhub credits</a>. Instead of buying food, people used the perk for things like laundry detergent and wine glasses.Employees everywhere have been known to bend the rules with work benefits. A Citibank employee was fired after expensing business trip meals he eventually admitted <a target="_blank" href="https://www.businessinsider.com/banker-fired-over-sandwich-and-pasta-for-two-expenses-claims-2023-10">were for his partner</a>.The difference for tech might be how widespread the perks are. Tech companies have gone out of their way to fully subsidize almost everything for their employees.It's not charity. The perks help recruit and retain talent and keep employees working at the office. (Free lunch at the office means more time spent working there.)<div type="image" title="Amazon Web Services' CEO Matt Garman." height="2984" width="4800" msid="114819677" hostid="261" sizebytes="603362"></div>A tech giant's pullback on one work perk is causing an uproar.Amazon's new return-to-office mandate, which requires employees in the office five days a week, continues to face pushback from its workforce.More than 500 employees signed a letter sent to Amazon Web Services' CEO Matt Garman <a target="_blank" href="https://www.businessinsider.com/amazon-employees-open-letter-aws-ceo-office-return-rto-2024-10">criticizing his support of the policy</a>, BI's Jyoti Mann and Ashley Stewart write.While speaking at an all-hands earlier this month, Garman said nine out of 10 Amazonians he spoke to were "<a target="_blank" href="https://www.businessinsider.com/amazon-office-policy-aws-ceo-employees-rto-five-days-2024-10">actually quite excited about this change</a>." Remote work made it harder to innovate and collaborate, he added.Some Amazon employees aren't buying it. In the letter to Garman, they said the lack of hard numbers backing up the decision "fail to achieve our standard of decision making for critical issues."The true benefits and downsides of remote work are hard to nail down. Some studies have shown workers are more productive when working from home. Another conducted last year found <a target="_blank" href="https://www.businessinsider.com/remote-work-innovation-collaboration-return-to-office-work-from-home-2023-12">remote work can stifle innovation</a>.It's not all bad news for Amazon employees, though. When contacted by BI about the letter, a company spokesperson said in some cases Amazon would offer resources to employees like elder care and pet sitters.In other words, perks.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>A new study shows that Americans agree on <a target="_blank" rel="noopener" href="https://www.businessinsider.com/democrats-republicans-harris-trump-voters-secret-opinions-polarization-2024-10">more than they're willing to admit</a>.</li><li>Two big Fidelity funds own more than $100 million in OpenAI stock, <a target="_blank" href="https://www.businessinsider.com/fidelity-openai-stock-valuation-filing-2024-10">filings show</a>.</li><li>Why Tesla's sales are slipping in California, and <a target="_blank" href="https://www.businessinsider.com/tesla-falling-california-sales-are-bad-for-elon-musk-2024-10">what it means for Elon Musk's car company</a>.</li><li>Dropbox lays off 20% of employees and joins Big Tech's flattening trend. <a target="_blank" href="https://www.businessinsider.com/dropbox-layoffs-drew-houston-memo-managers-flatter-structure-2024-10">Read CEO Drew Houston's memo</a>.</li><li>Starbucks CEO's plan to fix the chain includes <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starbucks-ceo-to-lay-out-strategy-to-fix-coffee-chain-2024-10">coffee in 4 minutes and comfy chairs</a>.</li><li>Gaming giant Take-Two is in talks to <a target="_blank" href="https://www.businessinsider.com/take-two-in-talks-sell-chartboost-adtech-division-2024-10">sell its Chartboost adtech division</a>.</li><li>Polymarket's pro-Trump election predictions aren't so surprising <a target="_blank" href="https://www.businessinsider.com/polymarket-election-predictions-trump-harris-pop-culture-bets-2024-10">when you look at the rest of the site</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Steve Huffman" height="4000" width="6000" msid="114819675" hostid="261" sizebytes="2457300"></div><ol><li>Reddit stock skyrockets to record high. The platform's stock <a target="_blank" href="https://markets.businessinsider.com/news/stocks/reddit-stock-skyrockets-earnings-beat-ai-growth-revenue-huffman-2024-10">surged 42% Wednesday</a> after a strong earnings beat fueled enthusiasm. Its revenue jumped 68% from a year ago, partly thanks to AI licensing deals with Google and OpenAI.</li><li>Semiconductor stocks struggle. An index tracking the sector <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-amd-smci-super-micro-stock-auditor-earnings-report-guidance-2024-10">dropped 3% Wednesday</a>. Super Micro Computer was in a free fall after its auditor resigned from working with it, saying it could "no longer be able to rely on management's and the Audit Committee's representations."</li><li>The US consumer won't back down. Bad news: US real GDP <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10">fell short of expectations</a>, growing at an annualized rate of 2.8% last quarter compared to a 3% forecast. Good news: The strength of the US consumer continues, as personal consumption expenditures grew at a 3.7% annualized rate.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Tesla with crosswalk sign" height="1500" width="2000" msid="114819681" hostid="261" sizebytes="254166"></div><ol><li>Inside Tesla's autonomous-driving testing program. In preparation for its future of autonomous vehicles, Tesla has been leaning on a specialized group of test drivers, part of <a target="_blank" href="https://businessinsider.com/tesla-self-driving-software-test-drivers-project-rodeo-experiences-2024-10">what's known internally as "Project Rodeo."</a> BI spoke with nine test drivers, who described sometimes perilous scenarios and near-crashes while testing unreleased software.</li><li>Meta and Microsoft reported earnings. While Meta missed expectations for user growth (notching 3.29 billion daily active users instead of the expected 3.31 billion), <a target="_blank" href="https://www.businessinsider.com/meta-stock-earnings-report-call-live-updates-2024-10">its $40.59 billion in revenue</a> beat estimates. Microsoft similarly <a target="_blank" href="https://www.businessinsider.com/microsoft-beats-estimates-ramps-up-capex-on-ai-2024-10">surpassed analysts' expectations</a> as it continues to invest heavily in AI.</li><li>Intel's no good, very bad year. In 2023, some Intel employees received pay cuts to reduce costs and avoid layoffs. In August 2024, the company announced it would shed 15,000 employees via voluntary separation agreements and layoffs. BI spoke with eight current and former employees <a target="_blank" href="https://www.businessinsider.com/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10">about Intel's year of "setbacks."</a></li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Trump and Harris." height="1600" width="2400" msid="114819679" hostid="261" sizebytes="286328"></div><ol><li>What a Harris or Trump victory means for your taxes. Regardless of who wins next week, <a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">you'll probably see a change to your tax bill in 2025</a> — Trump's tax plans could mean increases for lower earners; Harris' proposals would target higher earners. Meanwhile, both have proposed some version of nixing taxes on tips.</li><li>Some Amazon employees support Jeff Bezos' controversial WaPo decision. <a target="_blank" href="https://www.businessinsider.com/amazon-employees-react-jeff-bezos-washington-post-decision-leaked-messages-2024-10">Internal messages viewed by BI</a> reveal employee division over his decision to stop presidential endorsements by the Washington Post. While some commended the move, others questioned Bezos' motives and timing.</li><li>Inside the battle for control of America's home listings. Open up Zillow, Redfin, or any of their competitors, and you'll have a near-complete picture of all the homes for sale in the country. Real estate's power players want to change that. They're fighting each other for control, but <a target="_blank" href="https://www.businessinsider.com/real-estate-fight-clear-cooperation-realtors-zillow-pocket-listings-homes-2024-10">it's consumers who stand to lose</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Apple, Amazon, Intel, and other companies report earnings.</li><li>Happy Halloween!</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.

Big Tech's vanishing perks have left employees to face a stark new reality

<ul class="summary-list"><li>Fresh signs of deflation in China are stoking demand for national stimulus to revive the economy.</li><li>Consumer prices rose by 0.4% in September, while producer prices fell by 2.8%.</li></ul>Chinese officials are under mounting pressure to stimulate the economy after official price data released Sunday stoked fresh deflation fears.The consumer price index (CPI) rose 0.4% year-on-year in September, as bad weather pushed up food prices ahead of the Golden Week holiday. That was below the consensus estimate of 0.6%, which would have matched the rate of price growth in August.The producer price index (PPI) fell 2.8% compared to September last year — the sharpest drop in six months and up from 1.8% in August.Prices have stagnated due to a slew of economic headwinds that are weighing on domestic demand:<ul><li>Slowing economic growth threatens to stall wage growth and spark layoffs, when youth unemployment is already at a historic high and a regulatory crackdown on Big Tech has narrowed an attractive career avenue.</li><li>Exporters are worried about countries like the US imposing even higher tariffs on their goods and cutting off manufacturers' access to critical technologies such as advanced microchips.</li><li>People are concerned about their home values as China's massive property bubble has burst, sending shockwaves through the economy that have squeezed local government budgets and affected industries such as construction.</li></ul>Even with those drags, Goldman Sachs has raised its GDP growth forecast for China from 4.7% to 4.9% this year — just shy of the government's 5% target — and from 4.3% to 4.7% next year, Bloomberg reported. The investment bank's analysts cited the government's planned stimulus package, which has somewhat revitalized Chinese stock markets despite officials offering limited details.China's leader, Xi Jinping, may be wary of overstimulating the economy as aggressive government support was a key contributor to the property bubble."China didn't pull out the fiscal bazooka" at a press conference on Saturday, Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said in a morning note."Xi doesn't like market euphoria and investors don't like the fact that the ample monetary stimulus may not be channeled toward the right places in the absence of an efficient and comprehensive fiscal package. But both agree that China needs stimulus to overcome the deepening property crisis and fight deflation."

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