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<ul class="summary-list"><li>Ford's stock fell 6% in after-hours trading after lowering its profit forecast to $10 billion for 2024.</li><li>The guidance stems from high costs and low volumes of Ford Pro and Ford Blue models.</li></ul>Ford fell 6% in after-hours trading after the company said it was expecting profits at the lower end of its full-year earnings guidance.On Monday, the <a target="_blank" class="" href="https://www.businessinsider.com/meet-the-henry-ford-family-inside-automobile-dynasty-2024-8">US automaker </a>said it was expecting $10 billion in profit this year, a cut from its initial outlook of up to $12 billion. It said the guidance was hurt by costs and low volumes of its most profitable cars, Ford Pro and Ford Blue, due to supplier and hurricane-related disruptions."Clearly, our <a target="_blank" class="" href="https://www.businessinsider.com/western-auto-chiefs-industry-locked-in-darwinian-battle-with-china-2024-10">strategic advantages</a> are not falling to the bottom line the way they should," Ford's CEO Jim Farley said in an earnings call on Monday. "Costs, especially warranty, has held back our earnings power."The company posted third-quarter revenue of $46.2 billion, marking 5.5% year-on-year growth.Farley also emphasized Ford's strategy to compete with Chinese EV makers. He said that finding new designs for components or using new suppliers will be key to reducing EV costs.Companies like the Chinese brand BYD, Farley said, "have an incredible advantage on affordability of batteries.""So, we have to make that up, or our opportunity is on the EV component side, inverters, gearboxes, motors," he continued.Chinese EV makers have been on a roll this year. Despite concerns about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/chinese-ev-companies-hit-with-new-tariffs-in-the-eu-2024-6">tariffs from the US and European Union,</a> sales for companies like BYD, Nio, and Zeekr were <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">boosted</a> by price cuts, the introduction of cheaper models, and Chinese EV <a target="_blank" rel="noopener" href="https://uk.finance.yahoo.com/news/zeekrs-sales-jump-chinese-dominate-070320106.html">demand from Russia</a>. Their performance has raised eyebrows at Tesla, which was <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-newest-rival-in-china-is-teaching-a-tough-lesson-2024-4">once dismissive of Chinese companies</a>.Ford's CEO is a big fan of Chinese EVs, too. In a podcast that aired last week, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/ford-ceo-cfo-left-shocked-after-chinese-ev-test-drive-2024-9">Farley said</a> he doesn't want to give up the Xiaomi Speed Ultra 7 he's been driving for the past half year."We flew one from Shanghai to Chicago, and I've been driving it for six months now, and I don't want to give it up," Farley said about the car.China sales and exports make up over $600 million of the company's profit this year, Farley said on Monday's call.Ford's stock has fallen 6.7% this year.Its competitors in the American auto scene have seen wider changes: General Motors has risen 47% this year. Jeep and <a target="_blank" class="" href="https://www.businessinsider.com/stellantis-jeep-ceo-falling-sales-shrinking-profit-margins-dealers-strike-2024-10">Chrysler maker Stellantis</a> has seen a 41% rout during the same time period. Tesla was down 42% year to date in April and May this year, but has since pared losses. It is up 5.7% year to date after reporting third-quarter earnings last week.

Ford's stock drops 6% in after-hours trading after releasing third-quarter earnings

<ul class="summary-list"><li>Markets are moving on early US election results that favor Donald Trump.</li><li>US Treasury yields and the dollar are rising, with futures and cryptocurrencies also gaining.</li></ul>Markets are turning to the Trump trade on election night as betting odds move in favor of Republican candidate and former President Donald Trump.While the election is far too early to call, online betting sites, including <a target="_blank" class="" href="https://www.predictit.org/markets/detail/7456/Who-will-win-the-2024-US-presidential-election">PredictIt</a> and <a target="_blank" class="" href="https://polymarket.com/event/presidential-election-winner-2024">Polymarket,</a> show Trump ahead in the race for the top job.This turn in sentiment supported the so-called <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">Trump trade</a>, which is predicated on corporate tax cuts and significant deficit spending, as well as hawkish trade and foreign policy, Kyle Rodda, a senior market analyst at <a target="_blank" href="http://Capital.com">Capital.com,</a> said in a note on election night."Deeper deficit spending implies stronger US growth, higher corporate profits (juiced by tax cuts), higher levels of debt, greater Treasury issuance, and marginally higher inflation," wrote Rodda."This dynamic draws investors into equities, especially 'old' or 'real' economy companies in the industrials, financials, materials and energy sectors, with the Dollar rising because of higher rates and upward pressure on yields from higher inflationary pressures and debt issuance," he added.US Treasury yields rose across the board on Tuesday night as investors view a second Trump presidential term as <a target="_blank" rel="" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*4j037*_ga*MTM0MjM1NDU5My4xNjg1MTUzMTcw*_ga_E21CV80ZCZ*MTczMDg1ODYyOS4xNDM0LjEuMTczMDg1OTIxMC42MC4wLjA.">an inflationary event.</a> Trump has pledged to impose <a target="_blank" rel="" href="https://www.businessinsider.com/trump-tariff-trade-tax-proposal-inflation-interest-rates-outlooks-predictions-2024-7?utm_medium=ingest&amp;utm_source=markets">sweeping tariffs on imports</a>, which would stem currency outflow and drive up inflation and interest rates.The benchmark <a target="_blank" class="" href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year Treasury yield</a> climbed about 14 basis points to about 4.4315% as of 10:26 p.m. ET. The <a target="_blank" class="" href="https://markets.businessinsider.com/rates/u-s--rates-2-years">two-year yield</a> gained 7 basis points to 4.2699%.Bets on higher interest rates sent the US dollar higher. The <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/index/us-dollar-index?utm_medium=ingest&amp;utm_source=markets">US Dollar Index,</a> which measures the greenback against a basket of six major currencies, was trading 1.43% higher.The dollar gained 1.5% against the Japanese yen, with the <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-jpy">USD/JPY</a> currency pair at 153.9. Meanwhile, the greenback was 1.5% higher against the <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-eur">euro</a> and 3% higher against the <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/usd-mxn">Mexican peso.</a>Meanwhile, US futures moved higher on increasing prospects of a Trump win. Supporters of Trump's proposed tax and regulatory policies view them as pro-business moves that would boost corporate profits and deal activity.<a target="_blank" class="" href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500 futures</a> were up 1.25% higher, while <a target="_blank" class="" href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones Industrial Average futures</a> were up 1.2%. <a target="_blank" class="" href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100 futures</a> gained 1.2%.Cryptocurrencies are also gaining, with Bitcoin up 6.8%. Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">endorsed digital assets</a> in recent years, and some investors are buying the asset as an inflation hedge.<a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media and Technology Group</a> shares rallied 10.4% in after-hours trade after reporting third-quarter earnings, which initially sent shares down. The social media company, which trades under Trump's initials, reported an operating loss of $23.7 million and a net loss of $19.2 million. But it has no debt and a balance of cash, cash equivalents, and short-term investments of $673 million as of September 30 — sharply higher than in the second quarter."Markets are very thin and skittish, DJT exceptionally so," Steve Sosnick, the chief strategist at Interactive Brokers, told CNN.Rodda wrote that even though the Trump trade is playing out hours after the polls closed, it's still too early for confident calls."Ultimately, the counting is only just starting and a clear result is some way from being found. While some states have already been called by the media, most swing states have either just closed the polls and have just started tabulating votes, or are still open," he added.

The Trump trade is taking off on election night

<ul class="summary-list"><li>Private equity is sharing profits with employees to boost returns.</li><li>Earlier this year, <keyword id="20144468" type="General" weightage="100" keywordseo="blackstone" source="keywords">Blackstone</keyword> rolled out an ownership plan for employees of HVAC company <keyword id="23252568" type="General" weightage="20" keywordseo="copeland" source="keywords">Copeland</keyword>.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/private-equity-investment">private-equity industry</a> is famous for taking control of companies to maximize returns for investors. But when a firm exits a deal, employees are often left with nothing but a new owner. The newest rage in <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-private-equity-woes-debt-stock-market-interest-rates-2023-12">private equity</a> seeks to flip that model on its head by offering employees equity on top of their regular salaries. By giving employees a share of potential profits, the thinking goes, everyone is incentivized to meet the goals required to sell the company or take it public through an IPO, which could lead to a larger return faster. But how do these programs work? Which employees stand to gain? How much money might they make? <a target="_blank" class="" href="https://www.businessinsider.com/how-to-succeed-at-blackstone-schwarzman-gray-career-advice-2024-8">Blackstone</a> discussed these and other questions at a September event at its New York City headquarters, and Business Insider was on hand to take notes. The topic of discussion was an employee-ownership program <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-stock-price-private-equity-steve-schwarzman-kkr-apollo-2024-5">Blackstone recently rolled out at Copeland</a>, one of the largest manufacturers of compressors used in heating and cooling applications like HVAC and refrigeration. Copeland's CEO said that the program, which doled out stock to some 18,000 employees, was one of the largest for any private-equity-owned company and that it had already helpedboost employee engagement. Here's a look at Blackstone's employee-ownership program at Copeland, including how it works and why employee ownership isspreading like wildfire at private-equity-owned companies. <h2>The rollout</h2>Blackstone acquired Copeland in May 2023 in a deal that valued it at $14 billion. Copeland had previously been a unit of publicly traded Emerson Climate Technology but was spun out as part of the sale to Blackstone. In May 2024, Blackstone rolled out an employee-ownership program to Copeland's 18,000 employees — the first of a larger initiative to start offering stock to employees of any new US-based company controls, according to a Blackstone memo to investors obtained by BI. At a careers event at Blackstone's headquarters in September, Copeland's CEO, <keyword id="23618352" type="General" weightage="20" keywordseo="ross-shuster" source="keywords">Ross Shuster</keyword>, said the HVAC company's employee-ownership program's 18,000 employees are spread across 43 countries, creating logistical challenges. "So as we were looking at deploying this, we were stewarding the team, talking to unions and works councils, and making sure we didn't inadvertently trigger a tax consequence for someone with a grant," he said. <div type="image" title="Many employees sitting in a cafeteria, with a sign that says Copeland Cafe, as they are spoken to by a man on the stage." height="432" width="768" msid="114324041" hostid="261"></div><h2>Inside the plan</h2>The biggest challenge, <keyword id="23618349" type="General" weightage="20" keywordseo="shuster" source="keywords">Shuster</keyword> said, was making sure that all 18,000 employees understood the model. To do that, Copeland shut down all of its plants one day so that every employee could watch a roughly half-hour video explaining the program, dubbed in eight languages, followed by additional communications to employees. Copeland's employees learned that they stand to receive a cash bonus payment or stock grant from the company when Blackstone sells the company or brings it public — as long as they're still employed at the firm. The size of any individual employee's stake will depend on several factors, including their rank, their tenure at the company, and most importantly, the overall success of the deal. Success in<a target="_blank" class="" href="https://www.businessinsider.com/more-startups-get-bought-up-by-private-equity-vc-2024-8"> private equity</a> is often evaluated by how much money a deal generates compared to the initial investment. The higher the multiple on invested capital, the higher the payout. The video, Shuster said, explained how to value a company and technical concepts like EBITDA, valuation, and cash flow. It also spoke to employees about how they, personally, might play a role in generating a bigger return. "How do you impact those things if you're in procurement? How do you impact cost and cashflow through contractual terms," Shuster said. "If you're on the production floor, how do you have an impact on customer satisfaction and productivity." Copeland's Chief Human Resources Officer <keyword id="23618351" type="General" weightage="20" keywordseo="stuart-dalgleish" source="keywords">Stuart Dalgleish</keyword> said that after the rollout, 56% of the firm's employees said they understood the program — a number that Shuster said was "as expected for a program of this nature," and that they are focused on increasing it over time. <div type="image" title="Three men in business suits sit on a couch with an audience in the foreground and text in the back that reads Blackstone Career Pathways 2024 Summit" height="5760" width="8640" msid="114324040" hostid="261"></div><h2>Early signs of success</h2>Despite the program's recent launch, Copeland is already seeing results. The company's employee engagement results went from the 25th percentile at the time Copeland was carved out from Emerson Electric to the 90th percentile in the span of a year, which Dalgleish said is "an incredibly rare feat to which this program contributed." Speaking at the Blackstone event in Manhattan, Shuster said that a supervisor told him that the program had completely changed his conversations with direct reports. The supervisor said conversations are now more of "an open discussion." He went on to explain: "These are the great things we're doing in the business to make a better company, and we're all going to win from this. These are the things that aren't going so well, and we've got to improve on." "The discussion is different when you're talking to individuals who don't have a financial stake," Shuster added. Employees are also starting to ask more financial questions, Shuster said. "I got questions at the level that I would expect to get from the board coming from production," Shuster said. "That's the culture you want to build." <h2>Why now?</h2>This wasn't Blackstone's first employee-ownership deal. The firm has implemented employee ownership at <a target="_blank" href="http://Ancestry.com">Ancestry.com</a> and <a target="_blank" class="" href="https://www.businessinsider.com/theme-parks-dynamic-pricing-legoland-madame-tussauds-merlin-entertainments-2024-3">theme-park operator</a> Merlin Entertainment, among others. The 2005 Merlin Entertainment initiative created 2,000 employee-owners when Blackstone took the company public in 2012, a number that's since grown to 5,000. But Joe Baratta, global head of private equity at Blackstone, said the time had come to be much more "intentional and systematic" across the private-equity group's operations. <div type="image" title="Man in suit in front of brown background" height="3510" width="2700" msid="114324038" hostid="261"></div>Across the industry, high interest rates have squeezed returns and exit opportunities. As a result, firms have been searching for novel ways to create more value by <a target="_blank" href="https://www.businessinsider.com/portfolio-operations-jobs-rising-stars-of-private-equity-2024-8">drilling down on company operations</a>. Employee ownership offers yet another way to create value by aligning investors, employees, and the portfolio company. "This is the right thing to do for our 18,000 colleagues, but it is also an investment for business," Copeland's Shuster said. "And with any investment, there is also an expected return on that investment." Blackstone's current initiative, which grew out of a talent development and employee engagement program called<a target="_blank" href="https://www.businessinsider.com/blackstone-career-pathways-training-internships-data-center-talent-portfolio-companies-2024-9"> Career Pathways</a>, comes amid an industry-wide push led by <keyword id="19924483" type="General" weightage="20" keywordseo="kkr" source="keywords">KKR</keyword>. KKR drastically expanded its <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#alissa-song-31-kkr-1">employee-ownership program</a> after seeing outsized returns at garage-door manufacturer CHI Overhead Doors in 2015. The firm has since awarded billions of dollars of equity to over 120,000 nonsenior management employees across more than 55 portfolio companies. KKR's global cohead of private equity, Pete Stavros, also helped found the nonprofit Organizing Works to encourage the adoption of this model across the private equity industry and beyond. A KKR spokesperson said the company's portfolio currently boasts nearly 100,000 employee-owners, and its single-largest program has 20,000 people enrolled. "This has become an industry-wide movement," the spokesperson said. <h2>The payouts</h2>Blackstone didn't specify the size of the stakes granted to Copeland's employees, but payouts have been substantial in some well-publicized deals at other firms. When <a target="_blank" class="" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#alissa-song-31-kkr-1">KKR launched its employee-ownership program</a> at CHI, the firm told employees that if KKR hit its goals, employees could earn about a year's salary, KKR's Stavros recently told NPR's "<keyword id="23618350" type="General" weightage="20" keywordseo="ted-radio-hour" source="keywords">Ted Radio Hour</keyword>." The CHI deal eventually led to a return of 10 times the firm's initial investment, one of KKR's best-performing deals of all time, resulting in average payouts of $175,000 for "frontline" factory workers. The longest-tenured employees ended up with much more, or six and a half times their annual income. "We had factory floor workers make half a million dollars," Stavros said. "Some truck drivers made $800,000." One factory worker, Josh Ryan, told NPR that he was able to start college funds for all four of his children, renovate his family's house, and pay down some of his mortgage. KKR's September sale of GeoStabilization International to Leonard Green &amp; Partners led to a five times return on investment, resulting in a <a target="_blank" class="" href="https://www.businessinsider.com/workers-kkr-company-geostabilization-payouts-private-equity-ownership-works-2024-9">$75 million equity payout</a> being shared among the company's non-management employees. The company's longest-tenured hourly employees will receive at least $325,000 in cash payouts when the deal is finalized. Such payouts may prove the exception, however. The amount any one employee might receive is determined by far more than the size of the return, including how much equity is put aside for workers and the number of employees splitting that money. A KKR spokesperson told BI that payouts across their portfolio so far have averaged about a year's worth of pay, with more tenured employees earning more than that. When setting up an employee-ownership plan, the firm typically aims for payouts equal to nine months' salary with a minimum goal of six-months' worth of pay. Copeland executives are hopeful that its program will have a major impact on the firm's 18,000 employees. "I really want to get to a point where, through the benefits of the program, people can maybe put their kids through school, or they might put a deposit on a house purchase," Dalgleish said. KKR has a stake in Business Insider's parent company, Axel Springer. Correction: October 18, 2024 — An earlier version of this article said Copeland was the largest employee-shareholder program for a private-equity-owned company. It is one of the largest.

How Blackstone made 18,000 workers owners of their HVAC company 

The one-hour <keyword id="23618998" type="General" weightage="100" keywordseo="Muhurat-trading" source="keywords">muhurat trading</keyword> session, which marks <keyword id="20963892" type="General" weightage="20" keywordseo="Diwali-2024" source="keywords">Diwali 2024</keyword> and the onset of Hindu Samvat 2081 on both NSE and BSE, is set to commence at 6 pm today and will conclude at 7 pm. Generally, investors and traders make symbolic stock buys during this hour-long session, since it is believed that purchases made during this time herald wealth and prosperity for one’s investments for the year to come. If you are looking for <keyword id="19910146" type="General" weightage="20" keywordseo="stock-recommendations" source="keywords">stock recommendations</keyword> to add to your portfolio, here are a few value picks by SAMCO and Kotak Securities you can consider: <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> Ltd Holding period: 1 year Last Traded Price: Rs 1,734.30 Per the firm, “The bank has maintained a robust 10-year profit CAGR of 21.74%, operating with a NIM (net interest margin) of 3.5% and a low net NPA (non-performing assets) of 0.3%. Advances and deposits have shown steady growth. Currently, the stock trades below its 10-year average price-to-book value and at a price-to-earnings ratio of 19, offering a favorable risk-reward profile with a substantial downside buffer”. <keyword id="22086440" type="General" weightage="20" keywordseo="Vindhya-Telelinks" source="keywords" meta.keywordsubtype="org" meta.entityname="Vindhya Telelinks" meta.hostid="261" meta.entityid="Vindhya Telelinks">Vindhya Telelinks</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 1,992.55 SAMCO notes that this key cable manufacturing, which is a joint venture between Universal Cables Limited and Madhya Pradesh State Industrial Development Corporation, has shown robust growth over the last 5 years, nearly doubling revenues with a 14.3% CAGR. The company holds significant investments in Birla Cable Ltd, Birla Corporation Ltd, and Universal Cable Ltd, totaling Rs 3,618 crore—surpassing its market capitalization of Rs 2,545 crore. This solid investment base underscores Vindhya Telelinks’ strong fundamentals and financial potential. <keyword id="23763358" type="General" weightage="20" keywordseo="Ramco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ramco Industries" meta.hostid="261" meta.entityid="Ramco Industries">Ramco Industries</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 244.89 SAMCO observes that over the past decade, sales grew at a 7% CAGR, while the share price rose at a 14% CAGR. Known for its financial stability, Ramco Industries boasts a low debt-equity ratio of 0.07 and has consistently paid dividends since FY17, currently yielding 0.31%. The stock’s attractive price-to-book multiple of 0.5 offers a solid margin of safety, highlighting its investment appeal. <keyword id="22786675" type="General" weightage="20" keywordseo="Gravita-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Gravita India" meta.hostid="261" meta.entityid="Gravita India">Gravita India</keyword> Holding Period: 12 months Last Traded Price: Rs 2,119 Kotak explains that Gravita India is the market leader in India’s emerging recycling industry with a focus on lead recycling. Gravita India is increasing its recycling capacity by a massive 72% to 500 ktpa by FY27E. “We expect the company’s earnings per share to grow by 31.8% in FY25E &amp; 31.6% in FY26E. We also expect an upside of 15% or more on this stock over the next 12 months”, adds Kotak’s note. <keyword id="23763359" type="General" weightage="20" keywordseo="S-H-Kelkar" source="keywords" meta.keywordsubtype="org" meta.entityname="S H Kelkar" meta.hostid="261" meta.entityid="S H Kelkar">S H Kelkar</keyword> and Company (SHKL) Holding Period: 12 months Last Traded Price: Rs 289.90 The company is a flavors &amp; fragrances (F&amp;F) supplier and has started to make inroads into the global market. SHK is well-placed to drive double-digit revenue growth. The company is a small but emerging contender in the vast F&amp;F market, with potential for margin expansion—higher-margin geographies &amp; operating leverage—allowing for over 15% return upside in the next 12 months. Kotak Securities further notes that FY25 will likely see more broad-based growth across sectors. However, the OMCs (oil marketing companies) may likely drag down overall profits. Most sectors and stocks are quite overvalued, with the degree of overvaluation ranging from: (1) low for most large-cap consumers, IT services, and pharmaceuticals (2) medium in the investment space (3) high in the case of several low-quality companies. "As the broader market valuations are rich, opportunities arising from market correction can be used to add quality stocks (with attractive valuations) from a long-term investment perspective," explains the research firm's note. SAMCO further advises adding a little glitter to your portfolio using GoldBees and SilverBees ETFs since there are recessionary fears in the US and geopolitical tensions across the world. Even central bankers like RBI have been adding gold to their vaults like never before. At present, markets are looking to secure their return on capital rather than seeking a return on capital. "Thus all of these make a strong case to add gold and silver to the portfolio. They will give stability to your portfolio this Samvat," adds SAMCO's note.

Muhurat trading 2024: 5 stock picks you can consider this time around

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> recovered from its all-time low level and witnessed a range-bound trade against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early hours on Thursday, as investors remained cautious ahead of the US Fed meeting outcome later this week. Forex traders said RBI interventions will keep the <keyword id="23844589" type="General" weightage="20" keywordseo="USD/INR-pair" source="keywords">USD/INR pair</keyword> between 83.80 and 84.35. Moreover, the US Federal Reserve monetary policy and officials' comments will be in focus to derive further momentum. At the interbank foreign exchange, the rupee opened at 84.26 against the greenback, registering a rise of 5 paise over its previous close. On Wednesday, the rupee depreciated 22 paise to close at an all-time low of 84.31 against the US dollar. "The <keyword id="20045514" type="General" weightage="20" keywordseo="Indian-rupee" source="keywords">Indian rupee</keyword> fell to its lowest (level) on Wednesday and is expected to continue with its fall as the Reserve Bank of India (RBI) allows a weaker rupee with FPIs (<keyword id="20015748" type="General" weightage="20" keywordseo="foreign-portfolio-investors" source="keywords">foreign portfolio investors</keyword>) continuing their selling mode in equities," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP. RBI protected the rupee for some time but left the protection as pressure on buying dollars was immense after a rise in the dollar index and an increase in US yields, Bhansali added. Forex traders said the rupee was trading in a narrow range as persistent foreign fund outflows, a muted trend in domestic equities and the strength of the American currency in the overseas market, dented investor sentiments. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.10 per cent lower at 104.98. Brent crude, the global oil benchmark, rose 0.79 per cent to USD 75.51 per barrel in futures trade. On the domestic equity market front, Sensex declined 429.83 points, or 0.53 per cent, to 79,948.30 points. The Nifty fell 143.25 points, or 0.59 per cent, to 24,340.80 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday, as they offloaded shares worth Rs 4,445.59 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/skoda-kylaq-suv-launched-in-india-starting-at-7-89-lakh/articleshow/115013668.cms" target="_blank">Skoda Kylaq SUV launched in India starting at ₹7.89 lakh</a><a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/swiggy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115004939.cms" target="_blank">Swiggy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms" target="_blank"></a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms" target="_blank">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a>

Rupee rises 5 paise to 84.26 against US dollar in early trade

Work-life balance is the buzzword these days and ample studies have shown how GenZ prefers a job which is flexible in terms of timings. In January this year, a study conducted by Randstad revealed that workers prioritise work-life balance over salary when evaluating potential job opportunities. According to the study, 57 percent of employees would reject a job offer if it negatively impacted their work-life balance. However, even though employees want greater work-life balance, there have been billionaires who disagree with the concept and promote hustle culture instead. From advocating for longer work hours to dismissing the idea of balance altogether, these tech leaders have taken stances that have often stirred the hornet's nest. <h2><keyword id="20068610" type="General" weightage="100" keywordseo="NR-Narayana-Murthy" source="keywords">NR Narayana Murthy</keyword>: Advocating 70-Hour work weeks</h2><keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> founder NR <keyword id="19920910" type="General" weightage="20" keywordseo="narayana-murthy" source="keywords">Narayana Murthy</keyword> made headlines in October 2023 when he suggested that young people in India should be prepared to work 70 hours a week. Speaking on 3one4 Capital's podcast "The Record," Murthy argued that such an intense work ethic is necessary for India to improve its productivity and compete on the global stage. His remarks sparked a wide-ranging debate online, with some agreeing that increased effort is required to drive progress, while others criticised him for promoting an unsustainable work culture. <h2><keyword id="21042158" type="General" weightage="20" keywordseo="Alexis-Ohanian" source="keywords">Alexis Ohanian</keyword>: Dismissing work-life balance as a farce</h2>Reddit co-founder Alexis Ohanian also shared his views on work-life balance, which he dismisses as an unrealistic ideal. In an August 2023 Twitter thread, Ohanian said that work-life balance is a "farce" and that trying to achieve it is misguided. Instead, he emphasised the importance of knowing when to prioritise work and when to focus on personal life, suggesting that balance is more about shifting priorities rather than achieving a perfect equilibrium. <h2><keyword id="20054707" type="General" weightage="20" keywordseo="Jeff-Bezos" source="keywords">Jeff Bezos</keyword>: Rejecting the trade-off</h2>Amazon founder Jeff Bezos has long been a critic of the term "work-life balance." Speaking at an event in 2018, Bezos explained that he finds the concept debilitating because it implies a trade-off between work and life. He said that he prefers to view it as a "circle" where both aspects are interconnected. In earlier interviews, Bezos had mentioned that his happiness at work positively influences his personal life, and vice versa, suggesting that the two are more intertwined than balanced. <h2> <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>: Sleeping in offices</h2>Elon Musk, known for his demanding work ethic, has also been vocal about his approach to work-life balance—or the lack thereof. During the 29th Annual Baron Investment Conference in 2022, Musk revealed that he used to live in his factories and would sleep on the floor to show his commitment to his work. He believed that demonstrating his dedication in such a visible way would inspire his employees to work harder. Musk has also been critical of what he perceives as a declining work ethic in America, contrasting it with the intense dedication he observes among workers in China. <h2><keyword id="19915280" type="General" weightage="20" keywordseo="Jack-Ma" source="keywords">Jack Ma</keyword>: Endorsing China's "996" work culture</h2>Alibaba co-founder Jack Ma had expressed support for China's controversial "996" work schedule, which involves working from 9 a.m. to 9 p.m., six days a week. In 2019, Ma referred to the "996" culture as a "huge blessing" for young workers, arguing that the opportunity to work such hours is something to be grateful for, especially if one is passionate about their job. He downplayed concerns about overwork, suggesting that those who love their work won't find such hours burdensome.

70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires

<ul class="summary-list"><li>Ken Griffin's market maker, Citadel Securities, is revamping its core trading infrastructure.</li><li>The firm has reassessed its tech stack as it eyes growth.</li></ul>In 2023, Citadel Securities COO of technology, Jeff Maurone, was meeting with senior leaders to discuss technology priorities for the year. But what started as a standard strategy meeting resulted in a yearslong re-evaluation and rebuild across the market maker's entire technology stack.Maurone said the meeting was a rallying cry for simplicity and walked away with an assignment he positioned like this: "Imagine if you were an airline, could you, on one PowerPoint slide, show 10 to 15 systems that fit together simply and together represent the only systems needed to get all the way from selling a ticket to delivering the passenger."Now, founder Ken Griffin's market maker is revamping its core trading infrastructure, which is the collection of systems and technologies that executes one in every four equity trades in the US.Over the past year or two, Maurone and Josh Woods, <a target="_blank" class="" href="https://www.businessinsider.com/citadel-securities-ceo-peng-zhao-olympics-career-advice-interns-2024-8">Citadel Securities</a>' chief technology officer, have been strategizing to consolidate redundancies, mitigate operational complexities, and reduce the cost of trading and entering new businesses. They're looking across the entire lifecycle of a trade as a blueprint for the rebuild.Since its inception in 2002, Citadel Securities has used predictive analytics, <a target="_blank" class="" href="https://www.businessinsider.com/citadel-securities-data-ken-griffin-markets-assets-2023-6">data</a>, and technology to allow buyers and sellers to trade assets by providing market liquidity. It uses algorithms to capture profit from small differences in prices. In the past two decades, the market maker has expanded in the types of clients it works with, the products it trades, and the exchanges where it trades.The goal is to prepare the firm for what lies ahead while delivering more resiliency and capabilities to clients today, Woods said."This is a way to, over time, keep your agility. I almost look at it as the stretching of business," Woods told Business Insider. "If you don't do these things, your technology stack eventually gets more rigid than you'd like, and then when you need to stretch, you're unable to."<h2 id="c49a2ec2-8ae0-4677-96cd-94e7f2168232">Building Citadel Securities' trading infrastructure of the future</h2>In the last few years, Citadel Securities pushed into credit trading, expanded its rates franchise, and introduced an institutional options offering. It has <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#gidan-dan-35-citadel-securities-13">scaled up its operations in Asia Pacific</a> and launched rates trading in EMEA; it is now active in more than 50 markets across 150 venues. As it grew, it developed a vast patchwork of different technology solutions to meet its needs.But as Citadel Securities looks to continue to grow, it needs to position its technology to easily break into new markets, asset classes, and geographies. The firm is aiming to do that by re-architecting key systems in a standard, global way, Maurone said."Part of this is just evolving the technology and being able to take a step back with fresh eyes and say, 'Well, now that we've built out a lot of these offerings across all these different markets with so many different types of counterparties, we just have a much bigger set of requirements that we're looking at,'" Woods said. "And so how do we look at all those and try to find the patterns and the best way of operating?"Take the diversity in exchanges, which vary dramatically in terms of fee structures, operating hours, and clearing requirements. Instead of relying on individual systems that cater to individual exchanges, the firm is aiming to adapt its back-end systems to be flexible enough to accommodate many exchanges and onboard new ones efficiently.Asset types are another area where there's lots of underlying variance, especially in terms of data structures. And differences in trading practices — from systematic to high-touch — will require Citadel Securities to rethink those underlying systems.Through several progressive changes to its tech stack, Maurone said he hopes that in 2025, the firm will be entirely trading in a system that reflects its goal to reduce operational complexity and redundancies."A lot of times, it requires reorienting how we look at the problem. Before, you couldn't really see the pattern because you're only looking at one little slice of the problem, but now that you see it across all these different domains, it becomes clear that there's more we can do," Woods said.<h2 id="9a4344c0-c7a7-4dfd-9e99-50d4262adc9b">How product managers are bridging business and technology</h2>Wall Street firms have long turned to consulting agencies, like McKinsey or Deloitte, to shepherd tech execs and other C-suites through a transformative process such as this. Instead, Citadel Securities has turned to an internal group of product managers and COOs — some of whom spent years working at consulting firms — to oversee the vision and execution of its technology.Building out this internal muscle, Maurone said, has filled a need that an external consultant never really could. "We need to live and breathe and own the strategy," Maurone said, adding that much of the software is created in-house. "You need the battle scars and the issues to shape the people who are building the solution," he said.<div type="image" title="A man smiles at his colleagues inside his New York office" height="2000" width="3000" msid="114467338" hostid="261" sizebytes="307174"></div>Each business or function has a COO backed by a team of product managers who partner closely with their business head. The operation is overseen by firmwide COO Matt Culek, who works closely with CEO Peng Zhao and President Jim Esposito on the firm's most challenging issues.Maurone's team supports Citadel Securities' technology organization, and he manages a team of 15 people. They set metrics, ensure engineers meet their delivery goals, and integrate customer feedback.Maurone, the first person with a product-management hired within the technology organization at Citadel Securities five years ago, has been slowly building out this team of product managers."Quite often, people in Jeff's org are thinking about the fundamental business problem we have," said Woods."They have a lot of impact and have on multiple occasions reshaped what we end up building, which is very different than what you'd get if somebody was just looking at the requirements," and following orders, Woods said.

Market-making giant Citadel Securities is rebuilding the tech that powers its trades as it eyes growth

<ul class="summary-list"><li>The Polymarket "whale" placing massive bets on a Trump win next month is a French national.</li><li>Polymarket confirmed the trader controls four accounts, betting more than $40 million on a Trump win.</li></ul>The <a target="_blank" rel="" class="" href="https://www.businessinsider.com/trump-election-odds-polymarket-whale-kamala-harris-polls-betting-markets-2024-10">"whale" placing big bets on Polymarket</a> in favor of Donald Trump winning the November election is a French national with extensive trading and financial services experience.Polymarket <a target="_blank" class="" href="https://www.nytimes.com/2024/10/24/business/dealbook/polymarket-trump-trader.html">confirmed to DealBook</a> that speculation about the whale was correct and that a single trader controls the four accounts that have been placing the bets. The accounts on Polymarket — Fredi9999, Theo4, PrincessCaro, and Michie — had $45 million in open positions as of Thursday morning, according to data from the crypto-based betting website.Most of those bets favor Trump winning the Presidential election and the popular vote next month, along with some bets favoring Republican wins in closely contested swing states.Polymarket said it launched an investigation into the four accounts with the help of outside experts and made contact with the trader.The betting site told DealBook that it had found no evidence of attempted market manipulation and said that the trader was "taking a directional position based on personal views of the election."An analysis by BI found that one of the accounts, Theo4, <a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-trump-vs-harris-betting-odds-polls-election-2024-10">had made as many as 71 bets per minute earlier this week,</a> and two accounts, Theo4 and Fredi9999, had made as many as 2,500 bets in a 24-hour period.The flurry of bets ranged from as little as a dollar to tens of thousands of dollars, and given the French national's trading experience, they were likely intended to prevent the price of the betting contracts from rising too much.Polymarket said that the trader had agreed "not to open further accounts without notice," according to DealBook.The betting website also highlighted that its current contract odds for a Trump win in November were pretty close to those of other betting websites.As of Thursday morning, Polymarket's betting odds for Trump winning the Presidential election next month stand at 62% vs. 38% for Harris. Kalshi's betting odds favor Trump at 59% compared to 41% for Harris. Meanwhile, the betting website PredictIt has Trump at 58 cents and Harris at 47 cents.While the odds across the major betting websites favor a Trump win next month, the polls tell a different story.Harris slightly outperformed Trump on Thursday in the latest national polling average compiled by <a target="_blank" rel=" nofollow" class="" href="https://www.realclearpolling.com/polls/president/general/2024/trump-vs-harris">RealClearPolitics</a>, with Harris at 48.7% compared to 48.5% for Trump.

The 'whale' placing huge bets on a Trump win is a French national with extensive trading experience

<ul class="summary-list"><li>Goldman Sachs last week promoted 95 people to partner — its largest class under CEO David Solomon.</li><li>Partners from Goldman's banking and markets and asset management units shared how they got the news.</li></ul>First came the calls. Then came the Champagne.Wall Street may be known for its long hours — but last week, <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-revealed-see-full-list-names-diversity-women-2024-11">95 of Goldman Sachs' top executives</a> pressed pause (briefly) to revel in a professional milestone: making partner.The role — Goldman's top designation outside the C-suite — <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">represents a zenith</a> at the prestigious Wall Street bank. Goldman Sachs is a leading investment bank for <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-share-investment-banking-oral-histories-2024-7">corporate dealmaking</a> and trading, and its partners represent less than 1% of roughly 46,000 employees. On average, Goldman's newest partners have spent 16 years rising in the ranks, the bank said last week.Business Insider spoke to nine partners from the 2024 class about their big day, including how they celebrated with their families and teams. For some, the day raced by in a blur after getting the call from top bosses <a target="_blank" class="" href="https://www.businessinsider.com/goldman-ceo-david-solomon-memo-trump-presidential-victory-policies-2024-11">CEO David Solomon</a> or President and COO John Waldron. Many described an outpouring of support from inside the halls of Goldman Sachs, including balloons, congratulatory notes, applause from staff, and toasts with fellow members of their partner class.One trader told BI he sat in his office quietly to digest the news and not disturb the work of others, while another executive told BI she shouted across the trading floor, "We did it, team! We did it!" to hugs and applause. "It's like a wedding and birthday wrapped up in one amazing moment that you keep reliving," one new partner said.Here's a glimpse inside the big day of nine of Wall Street's up-and-coming executives, including what they did to mark the occasion. Answers have been edited for length and clarity and are ordered alphabetically by last name.<h2 id="7149a354-e3d3-4f1e-b8a4-c63d3a189018">Rob Barlick, region head for Florida and Latin America private wealth management</h2><div type="image" title="Robert Barlick" height="1125" width="1500" msid="115225868" hostid="261" sizebytes="83670"></div>David called me on my cell at 8:54 a.m. My team sits outside my office so they knew what had happened. They all rushed in to offer their congratulations, and we had a celebratory dinner later in the evening.One of the most remarkable things about being named partner is the flood of emails, texts, and calls you get after the announcement. I received literally hundreds of messages from colleagues, clients, alumni, and friends. It's a joyful rush of congratulations that's deeply moving.<h2 id="e22683da-a145-42f7-aa1e-cae0392d86b9">Lyla Bibi, head of the US healthcare equity-capital-markets group within investment banking</h2><div type="image" title="Lyla Bibi Goldman Sachs partner" height="1125" width="1500" msid="115225871" hostid="261" sizebytes="70364"></div>As someone who spent most of her professional career at GS, getting "the call" from John Waldron was a moment I imagined for decades (and was still woefully underprepared for it!).I called my husband first (and by extension my two youngest kids). My parents were my second call.I'd love to say it was a full day of celebrating, but there was a day job in between the incredible outpouring of congratulatory calls, hugs, visits, texts, and emails.There were some wonderful celebrations and tributes across the healthcare team — various women's groups as well as an intimate dinner hosted by the financing group partners with our spouses and partners. And coming home to flowers, Champagne, and cards — it's like a wedding and birthday wrapped up in one amazing moment that you keep reliving.<h2 id="71b7cc8f-c9bf-4944-b5b9-4ab9705296d1">Bracha Cohen, managing director in engineering within Goldman Sachs Asset Management, global head of client servicing and public portfolio servicing</h2><div type="image" title="Bracha Cohen" height="1501" width="2001" msid="115225878" hostid="261" sizebytes="56022"></div>I first got a call from John Waldron and then received a second call from our chief information officer, Marco Argenti. When my assistant saw who had called, she ran into my office to give me a hug. The first person I called was my husband, who told me he never doubted me for a minute.We had three celebrations at work over cake and Champagne – first for the teams I manage and work most closely with, then with all of the engineering managing directors in New York, and then with all of the existing and new asset-and-wealth-management partners. My husband took me to dinner and I suspect he's scheduling a "surprise" party with our seven children for this weekend.One of the things that made it possible for me to get to this point is the incredible support the firm provides to employees to enable them to grow their families. For example, I felt incredibly supported to be on leave for several months when I had triplets just two years after joining the firm, and on top of that got promoted to vice president in my first year of eligibility.Additionally, as an Orthodox Jew, I've never felt anything other than respect and understanding for my commitment to religion, including being unreachable over the Jewish Sabbath and holidays.<h2 id="a0810c31-5f56-47ac-98d9-402bbead7ef4">Matt Doherty, head of alternative capital markets, Americas</h2><div type="image" title="Matt Doherty Goldman Sachs partner" height="1607" width="2143" msid="115225873" hostid="261" sizebytes="70440"></div>It's interesting that David ended up calling me because I haven't interacted as much with David. That was actually our first conversation, which was nice.My team and I went to drinks with Kristin Olsen, the asset-and-wealth-management partner who leads the group, and a whole bunch of other folks at around 4 o'clock.Marc Nachmann runs our division — he put together an event for the current partners in AWM and the new partners at 200 West. I got to meet all my new partners, which was really fun.I didn't manage to see my kids before they went to bed, but I saw my wife, which was fun. We had a nice dinner together.The next morning, my 3-and-a-half-year-old and 1-and-a-half-year-old had made me breakfast and a card, which was really cute. The card said, "Congrats, Dada."I don't think day to day it will change my role too much, although I think this is a step up at the leadership level, being involved in helping weigh in on broader cultural issues or how we should evolve and change our practices as a firm.<h2 id="22771a02-3a57-4753-864e-273d29d226d7">Shane Lee, natural gas trader</h2><div type="image" title="Shane Lee, Goldman Sachs trader" height="1125" width="1500" msid="115225876" hostid="261" sizebytes="88144"></div>I got the call from John Waldron around 7 a.m. local time. Though it was a very exciting call, more than anything, I felt overwhelmingly humbled — almost embarrassed. I kept myself locked in my office away from the trading floor for a couple hours out of respect for the fact many others in the process were nervously awaiting their own news, and my teammates were at their busy peak of the day. I told my wife of 23 years and my parents, and then contemplated how I would break the news to the office without interrupting their days too much.We kept things tame at the office — brought in some lunch at work, and then I took the team out for a couple of drinks. I wanted to make sure I could get in some family time before the end of the night, and take the time to individually thank everyone who had reached out.My wife and I agreed we would celebrate by taking some nice formal family pictures soon. We haven't done that for many years. I know that sounds super boring, but the little family things are important to me. These days it's not easy to get my kids to spend time with me, so this will be a good excuse!I think I made it to partner because my teammates propelled me there. They need to want to work for you, and that's what I spend time on. I try and operate every day with empathy and humility and a healthy dose of fear of the market.<h2 id="d8943d85-886f-4f13-b464-fa1548ae9a39">Vishaal Rana, cross markets consumer retail investment banker</h2><div type="image" title="Vishaal Rana" height="1125" width="1500" msid="115225875" hostid="261" sizebytes="70632"></div>David Solomon called me. The call was short but one of the most consequential I've had over the years. It was surreal and, honestly, still has not completely sunk in.The first person I told was my wife, who was standing right next to me. She was so happy for me, and I could not have done this without her support over the years.I celebrated in a low-key way at home with my family. We had dinner and my wife and I enjoyed a toast. I even still did the dishes. I think that we will probably do a bigger celebration at some point in the future with family and friends, but I don't have one currently planned. This may be superstitious, but it felt like bad karma to plan a celebration too early.Joining the partnership represents the culmination of long-term persistence, being nimble throughout my career, always looking at opportunities and challenges through the lens of what's best for the firm, and the flexibility to work with founders at high-growth companies to boards of large-cap companies.<h2 id="b4b1dea0-ba6c-424e-bd97-84df4e42e837">Aaron Siegel, global head of entertainment investment banking</h2><div type="image" title="Aaron Siegel Goldman Sachs partner" height="1122" width="1497" msid="115225867" hostid="261" sizebytes="66452"></div>I joined GS over 20 years ago, just days after meeting my wife, Hayley, while moving to New York City. John Waldron was the first person I met at 85 Broad Street — it was a meaningful, full-circle moment to get the partnership call from him. I called Hayley right after to share the moment – and to reflect on how many colleagues, mentors, and clients have become like family.I happened to be stepping into a meeting with the Arthur Miller Foundation — an amazing nonprofit that supports theater teachers in schools across NYC and beyond — just as John called. I spent the rest of the day appreciating the transformative impact of great teachers and mentors and had the opportunity to thank many of mine throughout the day.I did celebrate with my wife and two sons – making sure my youngest stayed up well past his bedtime for us to all be together.<h2 id="fccc57f3-4c42-4681-af99-b91faf3bd4c0">Craig Smart, healthcare banker covering healthcare services and technology companies</h2><div type="image" title="Craig Smart Goldman Sachs partner" height="1125" width="1500" msid="115225877" hostid="261" sizebytes="75166"></div>I was on my way to the office after walking my daughter to school. My phone rang while I was on the subway. I quickly decided to get off the train and answer the call, having a feeling for what it might be about. There was a nervousness at the beginning of the call as John began speaking, which transformed into pure bliss and excitement once he delivered the news.I took the rest of my commute to process the magnitude of the moment. As soon as I got above ground, I called my wife, Kristin. It was the pinnacle of my professional career to date and a moment I'll never forget.The excitement and energy at the office was palpable. All day was filled with heartfelt congratulatory remarks from several members of the partnership and colleagues from across the firm. Marshall Smith, global head of healthcare, gathered the entire healthcare team and hosted a celebration for us on the 42nd floor, where he spoke about each of the newly promoted partners from our group individually and toasted the seven of us who are part of the 2024 class.After work, I went to an early dinner with Kristin and our three girls. It was a school night and my children are young, so we were home early, but we plan to find some time to celebrate properly with family and friends over the holiday season — specific plans still TBD.<h2 id="e3d88e7b-bfc7-42e4-b964-4175cd08db11">Sylvia Yeh, cohead of Goldman Sachs Asset Management's municipal fixed-income business</h2><div type="image" title="Sylvia Yeh Goldman Sachs partner" height="1125" width="1500" msid="115225870" hostid="261" sizebytes="139210"></div>I sit with my team on an open trading floor and we're known to be a bit of a fun and outspoken bunch. Not on Thursday, however – you could hear a pin drop even after people hit the desk. We were all just waiting, hoping, for that call to come in.Around 9:40 a.m., our turrets lit up – John Waldron was calling! I felt my heart just stop. And a montage of the last 25 years I've spent at the firm quickly flashed. I took a moment to just shake it off (literally) in my chair before picking up the line. All eyes were on me.John said, "Good morning." We exchanged "how are you's," and then I asked if he was calling because he wanted to open up a Muni Account. We laughed and he said that he was calling to welcome me to the partnership.When our call ended, I did another quick little happy dance, this time swung my chair around, and shouted, "We did it, team! We did it!" knowing that I could not have gotten here without the strong bench I have on my team. The rest is a bit of a blur — applause, cheers, confetti, streamers, balloons, and hugs.It felt like we celebrated all day. Asset-and-wealth divisional management hosted a new partner reception. It was such a wonderful opportunity to connect with current partners and raise a glass to my classmates — an extraordinary group of individuals. And, unbeknownst to me, my husband reserved a location for us to celebrate later that evening and coordinated with my team to make sure that all of my people were there.The only way to celebrate this achievement was to do it with the people who helped make it happen — my team.Are you a Goldman Sachs or Wall Street insider? Get in touch with these reporters with your story. Reed Alexander can be reached via email at ralexander@businessinsider.com or via the encrypted messaging app Signal 561-247-5758 , and Emmalyse Brownstein can be reached at ebrownstein@businessinsider.com or or via the encrypted messaging app Signal 305-857-5516.

How 9 newly minted Goldman Sachs partners celebrated their big day, from shouting across the trading floor to popping Champagne in the office

<ul class="summary-list"><li>Markets surged after Trump's election win, with the S&amp;P 500 and Dow rising sharply.</li><li>Traders were excited by the end of election uncertainty, fueling a relief rally.</li></ul>For <a target="_blank" class="" href="https://www.businessinsider.com/stock-trader-wall-street-nyse-einstein-trading-secrets-peter-tuchman-2024">Peter Tuchman</a>, a senior floor trader who's spent over four decades at the New York Stock Exchange, the excitement the day after the elections was euphoric."Look, the bottom line is, on the floor, a majority of them are big Trumpers," said Tuchman, whose expressive appearances in wire photos have made him a trading-floor icon. "They were super excited about the results for the market," he added.Markets reacted strongly to former President Donald Trump's victory over Vice President Kamala Harris in Tuesday's election. The <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> hit all-time highs and saw its largest post-election-day gainand the <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a> by over 3.5%.Tuchman told Business Insider that regardless of how he felt about the results, by the time the opening bell went off, the excitement and energy from the floor brought back a bustling NYSE as brokers, the press, and photographers filled the room again."It was old school Wall Street," Tuchman said. "Brokers were really running around. When you've got markets that are gapping up in a big way, where stocks closed at 50 yesterday and are opening at 60, you're going to see a lot of people trying to get an idea of what the pricing is for the market."Markets can handle anything except unknowns and anticipation, he said. The election has been festering for over a year. So another part of it was a relief rally as markets reacted to <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">the big unknown being over</a>, allowing everyone to go on with their lives — at least for now.Volatile markets excite traders because they create opportunities to exploit the moves. However, the response from major indexes exceeded his expectations. Even after stocks closed at record highs on Tuesday, they continued to rip upward on Wednesday. At first, Tuchman didn't expect the rally to last more than an hour. He then realized that the strong trend could be held up by more than just election results. On Thursday, the Fed is likely to bring in another rate cut, which could keep the momentum going for longer, he said."We're going to carry into the Fed meeting, which is a big deal. When that's done, we're going to carry into Thanksgiving. When that's done, we're going to carry into Santa Claus at the end of the year," Tuchman said. "So I would say the next seven weeks, for one reason or another, is going to be an incredibly bullish, solid, exciting time."eTo investors, he says, there's no bad time to get into the market. Yesterday's highs could be today's lows. But those with a lot of profits in some stocks may want to shave a little off the top, he said.As for traders, take advantage of this time while wonderful stocks are on fire, he said. There is enough trend and volatility to create opportunities, with some of those stocks having extraordinarily expensive valuations like Tesla, AMD, Nvidia, and Palantir, he noted.However, there are a few things to keep in mind. For one, volatility tends to be a function of one or two components; this time, it's a function of multiple components that include elections, the Fed, inflation, unemployment, the tech sector, and tariffs, among other things. Traders will need to remain aware of all of them.Therefore, as always, following a strict set of rules is key because, on one end, you could make a lot of money in this market and then blow up your trading account in five minutes, he noted."You've got markets that are going to trade up, up, up, up, and then out of nowhere, they're going to sell off when somebody decides they want out," Tuchman said. "So the market is not very forgiving."That said, brace for a potential pullback that could be around the corner."There is a little historic bit of data that says eight of the last eight election cycles, the week after the election, the market sold off and pulled back a little bit until November 21, and then the market rallied for the next six weeks into New Year's in a really strong fashion," Tuchman said.He added that there is enough historical probability to assume it can happen again. However, expect a slowdown due to some profit-taking over the next week or two before the second leg of the rally continues after Black Friday into the new year, he said.

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