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<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

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

India Inc. stares at an earnings dearth in Q2, FMCG, auto, and consumer durables falter

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/renting-airbnb-not-passive-wont-do-it-again-2024-7">Airbnb</a> reported earnings after the market closed on Thursday.</li><li>CEO Brian Chesky pointed to multiple growth areas for the company.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/category/airbnb">Airbnb</a>'s third-quarter earnings report showed that the company keeps growing — and that 2025 will be the year it breaks into a new business.The short-term rental platform grew revenue and bookings during the quarter that ended September 30, it said after the stock market closed on Thursday. Executives said they're lining up long-term growth with its co-host program and an expansion beyond accommodations.Here are the highlights from the earnings report:<h2 id="06331326-417d-467b-843c-62561752f50c">Airbnb's third-quarter revenue grew despite a slow start</h2>Airbnb's revenue for the quarter rose 10% to $3.73 billion. Analysts surveyed by Reuters expected revenue of $3.72 billion. Earnings per share of $2.13 missed analysts' estimates of $2.14.Nights and experiences booked jumped 8% to 122.8 million from the same period in 2023. Bookings were slow early in the quarter but picked up later, CEO Brian Chesky said on Thursday's earnings call.Shares of Airbnb were 4% lower at $141.55 in after-hours trading on Thursday.<h2 id="8864efa4-c78c-476c-a7cc-e3f4be22aebc">Airbnb wants to get more people to list properties using co-hosts</h2>In October, Airbnb started offering its hosts <a target="_blank" class="" href="https://news.airbnb.com/airbnb-2024-winter-release/">co-hosts</a>, or people who can help manage a property that's listed on Airbnb. The company launched its co-host network with about 10,000 people signed up for the role in 10 countries, Chesky said on the call.The goal, as Chesky said, is to make hosting on Airbnb less of a burden — and attract more hosts and properties to the platform. While many people are interested in listing their properties on Airbnb, many don't want to spend the time managing the property, the CEO said."That's why we asked ourselves, what if we could match people with homes that don't have time with people that have extra time but don't have homes?" Chesky said."Not only would this unlock more supply, I think in the coming years, this can unlock millions of listings," Chesky added.<h2 id="d263d6c5-cd68-4ad1-85bb-a25ad5cbd34c">Airbnb has plans for an AI chat assistant that will be able to cancel and rebook reservations for you</h2>Airbnb is rolling out an AI chat agent that can answer basic questions, Chesky said on Thursday's call. But the company sees opportunities for AI to do a lot more, he said.Chesky said that future versions of the chat agent will offer personalized options based on users' bookings. The result: An AI assistant that can see your upcoming reservation and cancel or rebook it for you.Eventually, the AI assistant could take care of most customer queries instead of traditional customer support agents, Chesky said. "We think, in the future, the vast majority of our chats are going to be intercepted and handled directly by the AI agent," Chesky said.<h2 id="7cf99a7d-08d7-4282-8d44-895e3d03acb0">Airbnb is planning to expand beyond short-term rentals next year</h2>Airbnb said in its press release that it will break into a new business next year, though the company didn't offer many details on Thursday."We'll remain focused on accelerating growth while preparing for Airbnb's next chapter, which will take us beyond accommodations," the press release read. "You'll see more on this next year."On the call, Chesky said that Airbnb's expansion would start "with the nearest adjacencies around travel" before going "far beyond travel" over the next decade. He declined to say exactly what Airbnb's plans are.Chesky compared the expansion to Amazon growing beyond its bookselling business by adding CDs, DVDs, and other consumer products in the late 1990s."What I expect is, every year now for the coming years, we will launch one-to-two new businesses that will generate a billion dollars or more of revenue incrementally a year," he said.Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.

The 4 most interesting things from Airbnb's earnings

<ul class="summary-list"><li>Alex Karp touted Palantir's blockbuster earnings in a triumphant investor call.</li><li>He said AI models are commodities — it's what you do on top of them that counts.</li></ul>Palantir's stock jumped by more than 23% Tuesday following a blockbuster earnings call where CEO <a target="_blank" class="" href="https://www.businessinsider.com/palantir-ceo-alex-karp-addresses-critics-robust-earnings-report-2024-11">Alex Karp said the company had "absolutely eviscerated</a>" the quarter.Karp attributed <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-election-trump-harris-vote-fed-rate-cut-2024-11">Palantir's better-than-expected performance</a> to a "US-driven AI revolution" but said the company wanted fewer clients.Karp, a wellness enthusiast known for his blunt manner, acknowledged that Palantir's success has increasingly overshadowed his own widely known eccentricities.Here are four other takeaways from Karp's Monday call with investors:<h2 id="bfb7e042-062d-426b-a85f-e594bbeabe8f">1. Other Palantir execs have helped shift the focus away from Karp.</h2><a target="_blank" class="" href="https://www.businessinsider.com/palantir-ceo-alex-karp-bio-life-career-family-education-2020-7">Karp acknowledged he may be seen as eccentric</a> but credited other executives at the company — namely Chief Technology Officer Shyam Sankar and Palantir USG President Akash Jain — for helping other companies come to view Palantir as an ally.Initially, Palantir was seen as winning "too much" and making "all this money," Karp said.But opening up parts of its product and enabling other defense tech startups and larger companies to safely access government data has changed industry perceptions, he said.Rather than viewing him as a "batshit crazy," Karp said, other companies are more eager to collaborate."They're not hating the player. They're playing with us," he said. Karp said having Sankar and Jain aboard was key to this transition.<h2 id="5a1fadd4-bfee-4297-a9bc-6b2f968818b4">2. AI models are commodities — it's what you do on top that counts.</h2>Karp said some industry players are missing the mark on the actual value of nascent AI technology.Karp likened large language models, or LLMs, to commodities, saying the valuable asset is "how you manage the commodity."Chief Revenue Officer Ryan Taylor echoed this point, saying that while much of the investment in the AI industry has focused on improving LLMs, Palantir is focused on leveraging AI that capitalizes "upon the rich context within the enterprise."To this end, Palantir's <a target="_blank" href="https://www.businessinsider.com/palantir-unconventional-boot-camps-driving-sales-ceo-says-2024-4">Artificial Intelligence Platform</a> allows companies to build their own AI apps. For instance, Taylor said at a leading insurance company, the platform slashed underwriting response times from two weeks to three hours by creating 78 AI insurance agents.<h2 id="7b279f90-e787-4337-8eb7-bfa534d95864">3. Palantir wants fewer clients.</h2>Palantir execs were surprised by the company's quarterly earnings."Even we are shocked by the 44% growth in the US off of a $2 billion base," Karp said.But looking ahead, he said the company would prefer fewer clients to focus more deeply on product development.Karp said he'd prefer to cultivate a smaller number of "individual titans that are dominating their industry or the battlefield" rather than 10,000 clients who hate you but can't get rid of your product.<h2 id="f4dc8db7-1504-4a33-bc94-c42e289435dd">4. Palantir wants to give American warfighters "the unfair advantage they deserve."</h2>Karp and other execs discussed the world's current, war-torn landscape — with what he called "brutal, heinous, immoral, and often terroristic enemies."Palantir can help reduce forces by magnitudes on the battlefield, Karp said.Sankar said that from Ukraine to the Middle East, the company was "investing aggressively to expand the perimeter to give our warfighters the unfair advantage they deserve."Sankar specifically called out <a target="_blank" class="" href="https://www.businessinsider.com/palantir-took-over-from-google-on-project-maven-2019-12">Project Maven</a>, which trains AI to analyze drone footage to identify people and objects and which was adopted by the US Army last quarter. Maven can drastically reduce the number of people involved in a targeting and firing operation from 2,000 to 20, he said."There are whole global events now that would be very different without our ability to manage these things in our infrastructure," Karp said. "And that's obviously generating a lot of excitement internally that spills into our earnings."

Four takeaways from Alex Karp's triumphant Palantir earnings call

<ul class="summary-list"><li><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> is set to release its latest quarterly earnings report on Thursday.</li><li>Analysts have their eye on the company's AI initiatives and the upcoming iPhone 16.</li></ul>Investors are <a target="_blank" href="https://www.businessinsider.com/apple-q3-earnings-what-to-look-for-ai-china-services-2024-7">waiting on Apple</a> to report its <a target="_blank" href="https://www.businessinsider.com/apple-earnings">earnings</a> for the third quarter.The results, which will be released after the closing bell on Thursday, will be critical for the <a target="_blank" class="" href="https://www.businessinsider.com/apple">iPhone maker</a>, which has struggled with weak demand and rising competition in China over the past year.Still, analysts at multiple firms are still feeling optimistic for the <a target="_blank" href="https://www.businessinsider.com/apple">company,</a> given a slew of positive catalysts could be underway. In particular, Wall Street has its eye on growth in <a target="_blank" class="" href="https://www.businessinsider.com/apple-intelligence-delay-wont-hurt-new-iphone-sales-analysts-2024-7">Apple Intelligence</a> — the company's coming AI system — which is on the <a target="_blank" class="" href="https://www.businessinsider.com/apple-earnings-service-growth-iphone-drop-antitrust-google-app-store-2024-5">services side</a> of its business, as well as demand for the iPhone 16.Here's what Wall Street strategists say they expect to see from the tech giant for the third quarter.<h2 id="3e17e5e8-8681-4c6a-be80-dcb06008553b">Wedbush: 'Turnaround' story is beginning</h2>iPhone demand is likely stabilizing in China, according to supply-chain checks Wedbush conducted in Asia. That could set up the company to initially ship around 90 million iPhone 16s, higher than the consensus of 80-84 million, analysts said.Growth could also lie in Apple's AI initiatives, particularly with its partnership with OpenAI. Artificial intelligence incorporated into Apple products could add another $30 to $40 each share of Apple stock, Wedbush estimated."We strongly believe June will be the last negative growth quarter for China with a growth turnaround beginning in the September quarter. China remains the linchpin of growth for Apple and now this key region is set to see growth once against starting with iPhone 16 in our view," the firm in a note in July.Wedbush reiterated its "outperform" rating on the stock and issued a price target of $275 a share, implying 24% upside.<h2 id="2c74e229-dc32-4d81-a4d5-f50bf47c330f">Bank of America: AI features to fuel demand for iPhones</h2>Apple looks on track to pull slightly more revenue than initially expected — but investors will "mostly ignore" the earnings results and focus on guidance related to AI-enabled iPhones, revenue growth in China, and revenue growth on the services side of the business, BofA strategists predicted.AI should also drive more Apple users to scoop up new iPhones, the bank predicted in a note."We see pent up demand and a meaningful number of older iPhones in the installed base, and the new AI features should help drive an upgrade cycle," it said.Analysts reiterated their "buy" rating on the stock and raised their price target to $256 a share, implying 15% upside.<h2 id="9c10aab3-071a-4360-b45f-883487736ccf">Needham: Ecosystem 'lock-in' to drive growth</h2>Apple could be fueling valuation growth through its huge <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-record-stock-buyback-bigger-boeing-airbnb-chipotle-market-cap-2024-5">stock buy-backs</a>, as well as the company diversifying its product line and driving 'ecosystem lock-in,' such as by creating services like Apple Pay and Apple Care, Needham analysts said.The company also appears to be "maximizing revenue per AAPL user," they added, pointing to the firm's multiple subscription services, like Fitness + and Apple Music.Still, the company faces risks stemming from geopolitical tensions with China, and potentially weaker consumer demand as the economy continues to slow. iPhone users also aren't replacing their devices as frequently as they were before the pandemic, the firm noted, citing industry checks and conversations with former Apple employees.Needham reiterated its "buy" rating on Apple stock and raised its price target to $260 a share, implying 17% upside.<h2 id="238e69e3-0197-49b3-955b-fc474282224e">Morgan Stanley: Big upgrade cycle coming</h2>Morgan Stanley's research team reiterated Apple as its "top pick", thanks to a large number of Apple users set to upgrade their devices. By the end of this fiscal year, there could be a record 700 million iPhones that are at least three years old, the bank estimated.The promise of Apple Intelligence, meanwhile, could help the firm sell as many as 235 million iPhones over the 2025 fiscal year, followed by 262 million iPhones in the 2026 fiscal year, analysts said."Apple Intelligence is a clear catalyst for a multi-year product upgrade cycle," analysts added in a note. "Never in Apple's 40 year history has the iPhone installed base been so large (1.3b+ devices), replacement cycles been so extended (at 4.8 years), and a new technology been limited to such a small cohort of users (8% of the iPhone/iPad installed base) all at the same time."The bank's research arm reiterated its "overweight" rating on the stock and raised its price target to $273 a share, implying 23% upside.<h2 id="b831c419-8c6d-40f2-970a-9185bb6a9b79">Oppenheimer: 'Dominating force' in AI</h2>Apple is poised to lead tech firms in the consumer AI space, Oppenheimer said."We believe that Apple's introduction of Apple Intelligence will position the company as the leader in the consumer AI experience," strategists said in a note, adding that the company's AI initiatives could result in faster-than-expected revenue and earnings growth. "We believe the excitement over Apple Intelligence can potentially accelerate hardware replacement and enable market share gain for iPhone, iPad and Mac."Analysts reiterated their "outperform" rating on the stock and raised their price target to $250 a share, implying 12% upside.<h2 id="50c2a23d-c41a-4e87-a9b1-d5418f696e0b">Barclays: Stock has room to fall</h2>Apple's financials results will likely look better starting in the September quarter, with the company on track to see 9% revenue growth in 2025, the European bank said. But investors are still waiting for Apple Intelligence to roll out before sentiment improves.Meanwhile, Apple's stock may not have much more room to climb, given how expensive shares are already priced, strategists added."While numbers finally moving higher and hope for the AI iPhone will help sentiment, we see less scope for upside with the stock at a 30x+ p/e multiple," Barclays said, referring to the stock's high price-to-earnings ratio. "We do not think the iPhone16/AI features will be enough to drive a meaningful enough upgrade cycle to justify the valuation."The bank reiterated its "underweight" rating on the stock, but raised its price target to $187 a share, implying 16% downside.

'A growth turnaround beginning': Here's what Wall Street expects from Apple's 3rd-quarter earnings

<ul class="summary-list"><li>JPMorgan and Wells Fargo kick off bank earnings on Friday.</li><li>Expect lots of questions about how lower rates will impact business going forward.</li></ul>When Wall Street's biggest banks report earnings this week, led by JPMorgan Chase, investors will be listening closely for clues about how a changing interest-rate environment could impact business in 2025.The Federal Reserve in September cut the so-called federal funds rate by 50 basis points — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/fed-interest-rate-cut-ai-stocks-nvidia-broadcom-asml-tech-2024-9?_gl=1*1ax8rwf*_ga*MzQwMzI0MDQ1LjE3MjEzMDM4ODI.*_ga_E21CV80ZCZ*MTcyODQ5MTE5OC4yOTAuMS4xNzI4NDkxMjEwLjQ4LjAuMA..">the central bank's first cut</a> in more than four years. The September 18 move took place too late to impact third-quarter results, but stock research analysts are expected to pepper executives this earnings season about what a lower interest-rate environment might mean for business going forward.Lower rates can be a mixed blessing for banks. On the one hand, the Fed's campaign to increase the cost of borrowing has contributed to an era of sky-high returns for traditional lenders like JPMorgan, which have been making more money on loans than they have been paying for deposits. But that party was never going to last forever. (Indeed, top JPMorgan exec <a target="_blank" href="https://www.ft.com/content/c11b59f6-4827-4c4e-9f24-2f075b85f665">Daniel Pinto warned last month</a> that stock analysts' so-called NII expectations were too high.)Plus, lower rates could help unleash <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">the dealmaking backlog</a> that investment bankers have been talking about since the pandemic-era M&amp;A boom started to slow in 2022. Their bonuses are counting on it.Speaking of bonuses, third-quarter results will also be closely watched on Wall Street as an indication of how well investment bankers may get paid this year.JPMorgan and Wells Fargo will kick off earnings on Friday, followed by Goldman Sachs, Citi, and Bank of America on Tuesday. Morgan Stanley will report its earnings on Wednesday. Here are the top four things to look for this bank earnings season:<h2 id="629d7158-9393-4502-a5a4-b8a898b107c5">Investment banking</h2>Investment bankers have been predicting dealmaking will return since it started slowing in 2022. But this year, there are strong signs that companies are ready to start going public and merging again.<a target="_blank" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">Preliminary data compiled by LSEG</a> shows 425 mergers globally so far this year valued at more than $1 billion. That's up 24% from the same period in 2023. What's more, deals valued at greater than $10 billion were recently up 39% compared with the same period last year.The number of companies going public is also soaring. 106 US companies have gone public through the third quarter, raising a total of $24.7 billion, according to IPO tracker Renaissance Capital. That's up from 71 in 2022 and 108 in 2023 and on track to beat the $27 billion raised in those two years.Third-quarter results — and commentary about 4Q dealmaking so far — will be closely watched for further signs of progress in M&amp;A, equity underwriting, and debt underwriting.<h2 id="bf745d80-abee-4488-881c-e8551a17811c">Trading</h2>At the Barclays Financial Services conference in September, big bank executives warned that trading revenues may be muted compared to 2023.Goldman Sachs CEO David Solomon described a "more challenging macro environment, particularly in the month of August," and warned that the bank's trading business "is trending down close to 10%." Solomon cited the bank's revenues for FICC, or fixed-income, currencies and commodities, saying that results were "very, very strong" in the third quarter of 2023.At the same conference, JPMorgan's president and chief operating officer, Daniel Pinto, predicted that trading revenues would be "flat to slightly up 2%." "It was a bit more challenging environment to monetize client flows, particularly in rates," he said.<h2 id="723af9a4-99cc-49fd-b909-2fc736985cbb">Lending</h2>Stock analysts will be watching what banks say about net interest income, which is how much banks earn off the difference between what they pay on deposits and what they earn on loans. When the Fed started raising rates, banks were making out like bandits because they were able to charge more for loans more quickly than they were raising rates on savings accounts.But banks have been warning that this dichotomy wouldn't last forever, and loan growth has indeed been slowing as the economy slows. Lower rates could boost lending yet again, but that could take time. In the meantime, JPMorgan's Pinto in September warned that Wall Street stock analysts' 2025 predictions for NII of between $91.5 billion and $90 billion were too high, sending the bank's stock down."I think that that number will be lower," Pinto said at the Barclays Financial Services conference. "We are not going to guide on that now, but the $90 billion is a bit too high."<h2 id="b126e3af-7e38-4ed0-b6d7-4e67905737f9">Bonuses</h2>Banks tend not to talk about bonuses on earnings calls, but how bankers will be paid will be reflected in C-Suite comments about dealing and trading generally — as well as their predictions for the rest of 2024 and into next year.In good news, compensation expert Johnson Associates sees bonuses up this year across the board, an analysis that's reflective in part of <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/10/dinapoli-wall-streets-2024-first-half-profits-232b-were-793-higher-last-year">Wall Street's earnings results</a> so far this year. See here for the compensation expert's views on bonuses for debt underwriting, equity underwriting, sales and trading, and more.<div type="image" title="Wall Street bonus predictions" height="630" width="1950" msid="114096916" hostid="261" sizebytes="88820"></div>

4 trends to watch this bank earnings season

<ul class="summary-list"><li><a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> stock has surged since the company reported earnings on Wednesday.</li><li>Wall Street analysts broke down the factors they believe are fueling the rally.</li></ul>Tesla's stock price has been on a tear in the two days since the carmaker reported quarterly earnings that exceeded expectations.The stock regained the ground it lost following Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">"We, Robot"</a> event on October 10, during which Elon Musk showed off the Cybercab. He was lighter on launch specifics than some on Wall Street wanted, and the stock fell 9% the following day.Two weeks later, Tesla closed the week with a share price of $269.19 on Friday — its highest since September 2023. The stock is now up 8.33% since the start of the year.AvaTrade's chief market analyst, Kate Leaman, told BI that Tesla's earnings were a "surprise beat, which always gives the stock a push."Tesla announced better-than-expected profit and gross margin, a closely watched number. It also announced the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">Cybertruck hit profitability</a> and said it was on track to start production for more affordable EVs in the first half of 2025.Jacob Bourne, an analyst at Emarketer, a sister company to Business Insider, said Tesla's strong results were not expected and "the biggest factor" behind the stock surge is "the surprise element." Ahead of the earnings report, analysts had concerns about waning EV demand and the impact of Tesla's price cuts on its profitability.RBC Capital Markets analyst Tom Narayan said: "Low and behold this company is able to still be profitable even with price cutting."Dan Ives, a Tesla bull and an analyst at Wedbush Securities, called Tesla's earnings figures a "Goldilocks quarter."Emarketer's Bourne said questions about Tesla's Cybercab robotaxi were a factor that contributed to uncertainty ahead of its earnings report. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-america-super-pac-trump-turn-out-voters-2024-10">Musk's political activism was another,</a> Bourne said.Global Equities analyst Trip Chowdhry told BI that there had been questions about whether some people would stop buying Teslas because of Musk's support for former President Donald Trump."The negative narrative was proven to be 100% wrong," Chowdhry said.Narayan said while Tesla didn't unveil a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-halts-gigacasting-blow-to-cheaper-evs-report-2024-5">lower-price vehicle</a> in the earnings report or announce regulatory approval for fully autonomous rides, the company did provide some concrete answers to lingering questions from the Cybercab event.Musk said he expected the company's robotaxi service would gain regulatory approval in Texas and California next year and that Tesla employees in the Bay Area already were testing the ride-hailing service with the development app.For Musk, the stock rally boosted his net worth to over a quarter trillion dollars.The Tesla CEO's net worth was $277 billion at market close on Friday, <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/elon-r-musk/">according</a> to Bloomberg's Billionaires Index.

Tesla ends the week on a high fueled by earnings 'surprise'

<ul class="summary-list"><li>Duolingo's Wednesday earnings call started with an AI chatbot demonstration.</li><li>The chatbot, Lily, summarized the company's performance this quarter.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/duolingo-ceo-explains-rto-mandate-how-he-avoided-backlash-2024-10">Duolingo</a> kicked off its latest investor call on Wednesday with a new voice: Lily, an artificial intelligence-driven chatbot based on a longtime app character.The purple-haired chatbot, which sounded like a bored, sarcastic teenager, replaced CEO Luis von Ahn at the beginning of the video call. Von Ahn later took questions from analysts."Over time, she's going to do more and more of my job, and I can just retire," the CEO said.Speaking in English for less than two minutes, the chatbot summarized the quarter's performance, including key metrics like daily active users, which grew 54% year over year to 37.2 million. Lily attributed Duolingo's strong growth to social media marketing and investments in generative AI."Our new Duolingo Max feature video call lets learners chat with me," the chatbot said. "Don't worry, I won't judge — much. Maybe just an eye roll here and there."Lily's earnings call appearance is another instance of Duolingo's <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-favorite-language-app-on-a-streak-duolingo-2024-8">marketing strategy that </a>positions the brand as a person, not as a business.The chatbot highlighted the company's <a target="_blank" class="" href="https://www.businessinsider.com/duolingo-luis-von-ahn-ai-power-list-2024">efforts to double down on AI.</a> Duolingo uses OpenAI's GPT-4 for two-way interactions and, earlier this year, <a target="_blank" href="https://www.businessinsider.com/duolingo-lays-off-workers-ai-tools-2024-1">cut 10% of its contractors</a> as AI, not people, creates lessons.Several analysts attending the call acknowledged Lily's appearance. Piper Sandler's Arvind Ramnani said on the call that it was "probably one of the most enjoyable earnings calls that I had in several quarters."While Lily was largely a gimmick for the earnings call, the impact of AI has been a persistent theme in earnings this year. Key discussions this quarter include AI's creative use and infrastructure spending for <a target="_blank" href="https://www.businessinsider.com/tech-earnings-takeaway-q3-ai-cloud-chips-amazon-meta-apple-2024-11">tech giants</a> like Meta and Microsoft.<h2 id="6ca5e64d-00d5-4e25-8fb4-59cee75195ec">Another strong Duolingo quarter</h2>Duolingo reported $192.6 million in revenue, which beat analyst expectations of $189.2 million and was a 40% year-on-year improvement. Duolingo also raised full-year 2024 revenue guidance from up to $738 million to as much as $744 million.However, the company missed Wall Street's expectations on one key metric. It reported 8.6 million paid subscribers, while analysts predicted 8.66 million. Duolingo fell nearly 5% in after-hours trading following the earnings report.Its stock is up over 40% year-to-date, following six straight profitable quarters.The app, a hit with Gen Z, is most famous for its gamified approach to language learning, where users try to maintain a daily usage streak. In September, the company launched a feature where users can video call Lily and practice speaking with the bot, part of its most expensive pricing tier.The company didn't immediately respond to a request for comment for this story, sent outside business hours.

Duolingo put its sarcastic teen chatbot to work on its earnings call

Commercial vehicle maker <keyword id="6357085" type="General" weightage="100" keywordseo="ashok-leyland" source="Orion">Ashok Leyland</keyword> on Thursday said its profit after tax nearly tripled to Rs 561 crore in September quarter 2023-24. In the year-ago period, the PAT was Rs 199.31 crore. Revenues during the quarter under review rose to Rs 9,638 crore from Rs 8,266 crore in the second quarter of FY23, the company said in a statement. It said EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the quarter was Rs 1,080 crore as against Rs 537 crore in the corresponding quarter of FY23. Net debt stood at Rs 1,139 crore at the end of the second quarter, it said. The domestic medium and heavy commercial vehicles (MHCV) sales stood at 29,947 units, up 18% from the second quarter of the previous fiscal, which is in line with industry growth. Light commercial vehicle (LCV) volume was at 16,998 units compared to 17,040 LCVs sold in the same period last year, Ashok Leyland said. Export volumes for the quarter (MHCV &amp; LCV) were 4% higher at 2,901 units from the year-ago period despite multiple socio-political challenges across the globe. The company said while its overall MHCV MS is moving in the right direction, it significantly increased its bus market share, making it the top bus manufacturer in the country. "We have grown and grown profitability. The second half of the year appears to have the twin tailwinds of demand growth and softer commodity prices which should improve the profitability of the industry," Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, said. This is the third consecutive quarter of double-digit EBITDA, he said, adding that there is tremendous focus on margin enhancement, network expansion, operational efficiency, cost optimisation and deployment of digital as an enabler for growth and productivity. There is an enhanced thrust to grow all non-MHCV businesses as well and "we expect to see the benefits of all of this in the coming quarters," he added. Further, the company said that its all other businesses posted good growth in the current quarter and added that it expanded its MHCV range by launching new products in tipper, tractor and MAV categories. The focus on expansion of the distribution network continued with further addition of 47 touch points in the quarter, especially in the northern and eastern parts of the country, it said. "We continue to see strong demand in all segments of trucks and passenger vehicles. The industry continues to post strong growth, on the back of strong macroeconomic factors and we are confident that FY24 will see further growth in the second half as well," <keyword id="454707" type="General" weightage="50" keywordseo="dheeraj-hinduja" source="Orion">Dheeraj Hinduja</keyword>, Executive Chairman of Ashok Leyland, said. While International business globally is challenged owing to the conflicts across the globe, "we are intensifying our expansion strategy in our focus markets of the Middle East, Africa and Asia," he said. The company continues to build its capabilities in alternative energy and shall be soon coming up with some exciting products and solutions, Hinduja added.

Ashok Leyland PAT nearly triples to Rs 561 cr in September quarter

<ul class="summary-list"><li>BYD has just notched another big victory in its fight to overtake Elon Musk.</li><li>The Chinese EV maker's quarterly revenues outstripped Tesla's for the first time.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/byd-founder-wang-chuanfu-biggest-chinese-global-ev-automaker-2024-1">BYD</a> has just scored another victory in its battle to overtake <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a>.The Chinese EV giant said in its third-quarter earnings on Wednesday it had surpassed Tesla's revenues from EV sales for the first time.BYD recorded revenues of 201.1 billion yuan ($28.2 billion) in the three months to September 30, up 24% from the same quarter last year. <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Tesla posted sales of $25.2 billion</a> over the same period.It's another marker for the industry juggernaut, which has ridden China's EV boom to become one of the country's largest automakers.BYD briefly <a target="_blank" class="" href="https://www.businessinsider.com/ken-griffin-on-chinas-byd-ev-outperforming-elon-musks-tesla-2024-1">overtook Tesla as the world's biggest EV producer</a> at the end of last year, and after a record quarter, is aiming to put <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>'s company under further pressure.Here are five reasons BYD is booming:<h2 id="d2ed0127-4943-4c97-9993-210cd5715665">1. Affordable EVs</h2>BYD is known for its cheap electric vehicles, and has spent this year making them cheaper.The automaker launched a <a target="_blank" class="" href="https://www.businessinsider.com/byd-china-ev-price-war-yuan-plus-tesla-elon-musk-2024-3">wave of price cuts earlier this year</a>, which included lowering the price of the <a target="_blank" class="" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">ultra-cheap Seagull hatchback</a> to under $10,000.Those price cuts gave BYD an advantage over Tesla, whose cheapest vehicle in China is the 231,900 yuan ($32,600) Model 3, and appear to have spurred sales.BYD announced record monthly deliveries on Friday, with the company selling half a million passenger vehicles in October.<h2 id="e64c7ec7-70d2-498e-9c45-48cb9cbdfad2">2. Luxury vehicles</h2>As well as making their cheapest cars cheaper, BYD has expanded into luxury vehicles.<div type="image" title="Yangwang U9" height="2667" width="4000" msid="114857774" hostid="261" sizebytes="618384"></div>The automaker launched <a target="_blank" class="" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">the Yangwang U8</a>, a $150,000 premium SUV that comes with an onboard drone last year.BYD also <a target="_blank" class="" href="https://www.businessinsider.com/byd-electric-supercar-u9-cost-ferrari-vibes-2024-2">unveiled its first supercar</a>, the 1.68 million yuan ($235,000) Yangwang U9, in February.The expansion of local automakers into China's premium market has put <a target="_blank" href="https://www.businessinsider.com/luxury-european-carmakers-china-sales-competition-electric-vehicles-bmw-mercedes-2024-10">pressure on European giants like Mercedes and BMW</a>. Experts told BI that this would enable firms like BYD to target less price-sensitive customers and grow beyond China's brutally competitive mass market.<h2 id="abc6d5cc-26e9-4f5e-97a0-116de874ee95">3. Global expansion</h2>BYD has embarked on an ambitious expansion drive this year to boost sales outside China. Executives have said they want half of BYD's sales to come from abroad in the future.Though US and European tariffs on Chinese EVs make selling in these regions problematic, BYD is <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">rapidly setting up factories worldwide</a> to cut costs and avoid trade barriers. It's also focusing on emerging markets such as Mexico and Brazil.<h2 id="95ef07ab-209d-40a4-8311-9fa326be69ed">4. Hybrids</h2>A key part of BYD's success is its hybrid range. Unlike its rival, Tesla, BYD also offers a selection of hybrid vehicles, which are popular in China.Some 311,000 of the 500,000 passenger vehicles BYD sold in October were hybrids, with hybrid sales rising by 62% year-on-year.<div type="image" title="BYD Seal" height="4024" width="6048" msid="114857772" hostid="261" sizebytes="511534"></div>BYD has sold nearly two million hybrid vehicles this year. The automaker says its latest hybrids can go up to <a target="_blank" class="" href="https://www.businessinsider.com/byd-new-hybrid-cars-1250-miles-nonstop-gas-charging-2024-5">1,250 miles without stopping for gas or charging</a>.Dylan Khoo, an analyst at technology intelligence firm ABI Research, told BI the core of BYD's success this quarter stemmed from plug-in hybrid electric vehicle (PHEV) sales in China."Newly launched models based on BYD's fifth generation DM-i PHEV technology have been huge sales successes," he said.<h2 id="f1637504-ae75-4bb3-8d4a-af997966f543">5. Vertically integrated supply chains</h2>The core of BYD's success — and part of the reason it can produce EVs so cheaply — is that it tries to make almost every component in-house.BYD produces its own batteries and computer chips. BYD executive VP Stella Li recently told MotorTrend that BYD manufactures every component of its Dolphin electric hatchback, apart from the tires and windows.<div type="image" title="BYD executive vice president Stella Li" height="2668" width="4000" msid="114857770" hostid="261" sizebytes="387636"></div>"BYD's high degree of vertical integration — making rather than buying many key strategic components — means it can control production of batteries and chips and can do so at very low cost," said David Bailey, professor of business economics at the University of Birmingham.BYD did not respond to a request for comment from BI.

5 reasons BYD is surging ahead after eclipsing Tesla's quarterly sales for the first time

<ul class="summary-list"><li>Microsoft's Q1 profits beat analysts' estimates as cloud computing continued to grow.</li><li>Q1 capital spending reached $20 billion, up from $19 billion in Q4.</li></ul><a target="_blank" href="https://www.businessinsider.com/category/microsoft">Microsoft</a> reported better-than-expected first-quarter results after the closing bell on Wednesday, and continued to ramp up its capital spending as it invests in AI capabilities.Capex totaled $20 billion, compared with $19 billion in its fiscal fourth quarter and $14 billion in the quarter before that.Much of the company's spending has been going toward data centers, graphics processing units, and other AI projects. By year end, Microsoft intends to <a target="_blank" href="https://www.businessinsider.com/microsoft-gpu-targets-1-8-million-ai-chips-this-year-2024-4">amass 1.8 million GPUs</a>. By July 2025, the Redmond, Washington, company plans to <a target="_blank" href="https://www.businessinsider.com/microsoft-plan-double-triple-data-center-capacity-2024-4">triple its data-center capacity</a>. The company is trying to figure out how it will recoup this massive investment.Also in the first quarter, Microsoft Cloud revenue rose 22% from a year earlier to $38.9 billion. Analysts, on average, had expected revenue for the business would total $38.11 billion, per Bloomberg.Shares rose more than 1% in late trading.Some analysts have been critical of the company's <a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10">spending on artificial intelligence</a>, as Business Insider previously reported."We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage," the company's chairman and CEO, Satya Nadella, said in the earnings announcement.The report follows Microsoft's <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/789019/000119312524204403/d846847d8k.htm">August announcement</a> that it would reconfigure how it reported results from its business units. The Productivity and Business Processes segment includes results from Microsoft 365 Commercial products and cloud services.Here are several key metrics for the quarter that ended September 30 and how they compared with analysts' consensus expectations as reported by Bloomberg.<ul><li>Earnings per share: $3.30 vs. $3.11 expected</li><li>Revenue: $65.59 billion vs. $64.51 billion expected</li><li>Operating income: $30.6 billion vs. the $29.21 billion expected</li><li>Microsoft Cloud revenue: $38.9 billion vs. the $38.11 billion expected</li></ul>Investors have been tracking spending on AI at many of the so-called Magnificant 7 stocks, of which Microsoft is one — along with fellow tech giants including Apple, Amazon, Google parent Alphabet, and Nvidia. One concern is that returns on <a target="_blank" href="https://www.businessinsider.com/ai-impact-overblown-investment-tech-stocks-billions-daron-acemoglu-mit-2024-10">companies' AI investments</a> could fall short of expectations. That's a worry at Microsoft partly because feedback on the company's<a target="_blank" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10"> Copilot AI</a> has been mixed.

Microsoft reports stronger-than-expected earnings as it ramps up capital spending

<ul class="summary-list"><li>US stocks were down Wednesday morning before the week's high-profile earnings kicked off. </li><li> Snap, Advanced Micro Devices, and Alphabet report third-quarter results after the bell.</li></ul>US stocks dipped on Tuesday as traders waited for a slew of <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10">corporate earnings</a> <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">reports and economic data</a> releases. Major indexes edged lower and bond yields rose. The 10-year Treasury yield was up four basis points to 4.326%. Earnings season on Wall Street continues to gain steam, with <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a>, and Google parent <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> among the major tech firms set to report earnings after the bell. The earnings deluge continues on Wednesday with <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> after the closing bell. Apple and Amazon will report on Thursday. Third-quarter earnings have been strong so far. Of the 37% of S&amp;P 500 companies that have released financials, 75% have beat earnings estimates, on par with the 10-year average, according to a <a target="_blank" class="" href="https://insight.factset.com/sp-500-earnings-season-update-october-25-2024">FactSet</a> analysis.This week's economic data, meanwhile, has the potential to reset the market's expectations for Fed rate cuts. Investors will digest GDP data for the third quarter on Wednesday, with estimates of 3.2% growth in the July through September period.On Friday, the October jobs report will be published. Economists expect 110,000 jobs were added last month, well below September's reading of 254,000. The Federal Reserve's November policy meeting will kick off a day after the presidential election. According to the CME Fedwatch tool, traders see a 96% chance central bankers will cut rates another 25 basis points, though recent hot data has also suggested the Fed may pause rate cuts at an upcoming meeting. "As we enter 2025, the case for skipping or pausing is likely to build. The Fed will be closer to estimates of neutral, a repeat of residual seasonality could lift inflation early next year, and the election outcome could add to hawkish risks for the Fed," Deutsche Bank analysts said in a note on Wednesday.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>: 5,802.94, down 0.35%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,184.05, down 0.48% (-203.52 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>: 18,523.71, down 0.23%</li></ul>Here's what else is going on:<ul><li>Here's how a <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10?_gl=1*1qvmmw6*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIwNTI2My40OTMuMS4xNzMwMjA4NDgwLjQuMC4w">Trump or Harris presidency</a> could impact your investments.</li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/election-betting-odds-trump-vs-harris-polymarket-kalshi-robinhood-2024-10">election-betting market</a> has exploded this presidential cycle.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-truth-social-election-madison-square-garden-rally-2024-10">Trump Media and Technology stock embarked on a meme-like rally</a> after Trump's Madison Square Garden event. The stock was halted for volatility on Tuesday morning. </li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-outlook-job-market-economy-fomc-jeremy-siegel-2024-10">Fed could pause rates at its next meeting</a>, if the October jobs report comes in strong, according to Wharton professor Jeremy Siegel.</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 ticked higher 0.67% to $67.83 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, edged up 0.61% to $71.42 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.47% to $2,754.48 an ounce.</li><li>The 10-year Treasury yield climbed five basis points to 4.333%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 3.25% to $71,152.</li></ul>

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