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<ul class="summary-list"><li>Indexes wavered Thursday as traders received wholesale inflation data.</li><li>The producer price index showed prices rising 0.2% last month as expected. </li></ul>Indexes traded mixed on Thursday as traders assessed new inflation data and waited for remarks from Federal Reserve Chair Jerome Powell. The S&amp;P 500 and Dow Jones Industrial Average were nearly flat, while the Nasdaq inched higher. Bond yields dipped as another tame inflation report opened the door further for another rate cut in December. The 10-year Treasury yield dipped three basis points to 4.418%. The producer price index showed whole sale prices rose 0.2% in October, the Bureau of Labor Statistics reported Thursday.The reading was in line with expectations but showed inflation remains somewhat sticky as the yearly increase came in at 2.4%. Core PPI, which excludes more volatile food and energy prices, rose 0.3% in the month and 3.1% year-over-year.Investors will tune into Fed Chair Jerome Powell's remarks at 3 p.m. ET Thursday. His comment will follow the Fed's 25 basis point interest rate cut last week, with traders listening for clues about what the path may look like after this year. Donald Trump's election win has stoked fears that inflation could rise again under his proposed policies, such as sweeping tariffs and a crackdown on immigration, which could shake the Fed from its easing path, economists say.Traders expect the central bank to cut another 25 basis points at its December meeting before pausing in January, according to CME <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch tool</a>.Meanwhile, data on Thursday showed weekly jobless claims dropped to their lowest since May, falling to 217,000 last week, a 4,000 decline from the week prior.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,984.74, down 0.01% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,984.72, up 0.06% (+26.53 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 19,245.86, up 0.08%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-upside-blackwell-rubin-apple-iphone-moment-2024-11">Nvidia stock</a> has 25% upside as it approaches an iPhone moment with its Blackwell chip, analyst says.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/robinhood-crypto-tokens-solana-pepe-trump-coinbase-sec-2024-11">Robinhood</a> adds tokens to its platform as crypto enthusiasm surges following the election.</li><li>Stock exposure hits 11-year high as investors expect US equities to be the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-top-performing-asset-2025-bull-rally-trump-2024-11">top-performing asset</a> in 2025, BofA survey says.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-stagflation-recession-inflation-gdp-growth-ukraine-war-2024-11">Russia's economy</a> is heading toward a fate worse than recession, pro-Kremlin economists say.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures rose. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 1.2% to $69.27 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 1.1% to $73.11 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> fell 0.7% to $2,569.10 an ounce.</li><li>The 10-year Treasury yield dipped three basis points to 4.418%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged up to $91,466.</li></ul>

Stock market today: Indexes mixed as traders digest wholesale inflation and await Powell's remarks

<keyword id="280418" type="General" weightage="100" keywordseo="Wholesale-inflation" source="Orion">Wholesale inflation</keyword> in the country surged to a 16-month high of 3.36% in June on account of rise in prices of <keyword id="21654959" type="General" weightage="20" keywordseo="food-articles" source="keywords">food articles</keyword>, especially <keyword id="19996547" type="General" weightage="20" keywordseo="vegetables" source="keywords">vegetables</keyword> and manufactured items. This was the fourth consecutive month when <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> witnessed an upward journey. The wholesale price index (<keyword id="19936844" type="General" weightage="20" keywordseo="WPI" source="keywords">WPI</keyword>) based inflation was 2.61% in May. It was (-) 4.18% in June 2023. Wholesale inflation had touched a high of 3.85% in February 2023."Positive rate of inflation in June, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum &amp; natural gas, mineral oils, other manufacturing etc," the Ministry of Commerce &amp; Industry said in a statement on Monday. As per the data, inflation in food articles rose 10.87% cent in June, as against 9.82% in May. Inflation in vegetables was 38.76% during June, up from 32.42% in May. Onion inflation was at 93.35%, while potato was 66.37% in the month under review. Pulses inflation rose 21.64% in June. During the month, inflation in other food items like fruits stood at 10.14%, cereals at 9.27%, and milk at 3.37%. The up move in the WPI inflation in June 2024 was broad-based, driven by all the major segments except fuel and power, ICRA Chief Economist Aditi Nayar said. Looking ahead, she said, the headline WPI inflation is expected to dip to about 2% in July 2024, driven by a favourable base, as well as some cooling in global commodity prices. With regard to oil prices, she said, the average price of the Indian basket of crude oil has been quite volatile in July 2024 so far, on the back of supply-demand mismatches, witnessing a month-on-month rise (USD 86.6/bbl up to July 11). Higher crude oil prices might exert an upward pressure to the headline WPI inflation in the ongoing month, she added. In the fuel and power basket, inflation stood at 1.03%, marginally lower than 1.35% in May. However, price rise in crude petroleum &amp; natural gas was in double digit at 12.55%during the month. In manufactured products, inflation was at 1.43% in June, higher than 0.78% in May. The rise in June WPI was in line with the <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> data for the month. Retail inflation rose to a four-month high of 5.1% in June, data released last week showed. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="267" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) mainly takes into account retail inflation while framing the monetary policy.

WPI inflation surges to 16-month high of 3.36% in June on costlier vegetables

<ul class="summary-list"><li>US stocks rose as September's wholesale price data showed cooling inflation.</li><li>The producer price index was flat, and core PPI rose less than expected in September.</li></ul>US stocks edged higher on Friday after Producer Price Index data for September came in lower than expected, signaling a continued cooling of wholesale inflation.The producer price index was flat month-over-month, below economist estimates of a 0.1% rise. Meanwhile, Core PPI rose 0.1% in September, compared to an expected rise of 0.2%.TradeStation strategist David Russell told Business Insider the data supports another interest rate cut from the Federal Reserve."CPI might have seemed hot, but PPI was not. Overall, these numbers are getting less impactful as inflation moderates. The Fed could still be on track for 25 basis points at the next two meetings. Yields have surged lately, but it's not clear they have much more reason for continued upside," Russell said.Investors are also digesting <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">earnings results from JPMorgan,</a> Wells Fargo, and BlackRock. All three stocks moved higher after the results, which beat analyst estimates on most fronts.JPMorgan CEO Jamie Dimon praised his bank's performance in the earnings release, but <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-earnings-q3-jamie-dimon-economy-geopolitics-banking-wall-street-2024-10">warned that geopolitical conditions</a> are "treacherous and getting worse."Apart from earnings results, retail sales data, set to be released on October 17, <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-outlook-retail-sales-no-landing-inflation-jobs-report-2024-10">is the next big data release for investors to watch.</a>Bank of America analysts expect September retail sales data to show a 0.8% surge, while consensus estimates expect just 0.2% growth.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:<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>: 5,785.90, up 1.25% </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>: 42,617.12, up 0.38% (+163 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>: 18,219.70, down 0.34% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">Tesla unveiled its robotaxi in an event Thursday night, but Wall Street isn't impressed.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/chinese-carmaker-chery-russia-sanctions-west-assets-seizure-volkswagen-mercedes-2024-10">A Chinese automaker has taken over Russian plants abandoned by Volkswagen and Mercedes.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russia-economy-moscow-china-yuan-sanctions-bank-transactions-ruble-dollar-2024-10">Russia's ruble hit its lowest level in a year against the dollar and the yuan.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was down 0.69% to $75.33 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 0.69% to $78.85 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was up 0.97% to $2,664.90 an ounce.</li><li>The 10-year Treasury yield was higher by 3 basis points at 4.101%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 1.78% to $61,351.</li></ul>

Stock market today: US stocks edge up after wholesale inflation comes in cool

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

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

The Reserve Bank is unlikely to ease the benchmark policy rate from 6.5% during 2024, given the persisting uncertainty over <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword>, State Bank of India (<keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword>) chairman C S Setty has recently said. The US Federal Reserve's first cut in <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword>s in more than four years happened today, triggering central banks in other economies to follow suit. The Fed trimmed the interest rates by 50 basis point trim to its target interest rate range to 4.75-5%. "On the rate front, a lot of central banks are taking independent calls. While Fed rate cut would influence everyone, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> would be mindful of the food inflation before taking a call on interest rate cut," Setty, who recently took over the reins of the bank, was noted as saying. "Our view is also that the rate cut during the current calendar year may not happen. Probably, we may have to wait for Q4 (January-March 2025) unless there is a good improvement in terms of food inflation," he added. Notably, RBIs <keyword id="19913109" type="General" weightage="100" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC), headed by RBI Governor Shaktikanta Das is scheduled to meet next month, between October 7-9 and take a call on interest rate. The committee will largely take <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword>, which inched to 3.65% in August, up from 3.54% in July, into account for making rate-related decisions On the other hand, India's wholesale price index (WPI) eased to 1.31% on an annual basis, which is also a 4-month low, down from 2.04% in July. The data, released recently by the government, also highlighted the stickiness of food price inflation, which stood largely undeterred at 3.11% in August, as compared to 3.45% in July. Although WPI rates do not directly impact RBIs decision making, it does affect the retail inflation rates, although it takes time to reflect the same. Says Rahul Agrawal, Senior Economist at ICRA Ltd, “The <keyword id="20198768" type="General" weightage="20" keywordseo="WPI-inflation" source="keywords">WPI inflation</keyword> eased to a four-month low in August 2024, with the fuel and power, core (non-food manufacturing), and crude petroleum and natural gas sub-groups together pulling down the headline WPI print by as much as 70 bps in the month vis-à-vis July 2024. The core WPI inflation dipped to 0.7% in August 2024 from 1.2% in July 2024, amidst a continued softening in global commodity prices. "While prices of most food items have eased further on a month-on-month basis in September 2024, an adverse base would push up the YoY inflation prints for the primary food articles category significantly in the ongoing month, exerting upward pressure to the headline WPI inflation print for September 2024", said Agrawal. The price of the Indian basket of crude oil has averaged 6.0% lower in September 2024 on a sequential basis, touching the lowest levels in 33 months, which would also help contain the uptick in the headline WPI inflation print in the month. We anticipate WPI to touch the 2.0% in September 2024 from 1.3% in August 2024", he continued. Amongst the food articles whose prices dipped during the month were cereals (8.44%), paddy (9.12%), pulses (18.57%) and onions (65.75%), it did little to tame inflation, which continued to stay put in double digits. On the other hand, prices of potato (77.96%) and fruits (16.7%) inched up. The dip in WPI was largely led by slowdown in prices of manufactured food products (3.61%), beverages (1.9%), pharmaceuticals (1.97%) and petrol (4.23%). "While there may not be a one-to-one correspondence between the WPI and the CPI data because of the items, size, number, and relative weights assigned, the CPI data will also down-trend in sync with the RBI’s medium-term target of 4 % for the second time in nearly five years. However high food prices will induce the RBI to be wary", notes Manoranjan Sharma, Chief Economist, Infomerics Ratings.

RBI unlikely to cut interest rate in 2024, food inflation to be deciding factor, says SBI chief Setty

<ul class="summary-list"><li>The producer price index came in higher than estimates, gaining 0.5% in April.</li><li>Major indexes were slightly higher after the data as investors assessed the impact on rate cut outlooks. </li></ul>US indexes edged slightly higher Tuesday morning as traders assessed fresh inflation data. April's producer price index data beat estimates, gaining 0.5% for the month against 0.3% consensus estimates. But inflation concern was partially mitigated by a revised 0.1% decline in March.The PPI data comes a day before Wednesday's consumer price index and will give investors a broader frame of reference. If CPI data is equally hot, the stuttering stock rally could face even more negative consequences."Today's PPI is a bad omen for tomorrow's CPI number – despite the relationship between the two being somewhat complicated – and if the market is spooked by today's higher-than-expected PPI number, then it will be even more disturbed by a higher-than-expected CPI number tomorrow," said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.Ahead of the report, investors anticipate core CPI to rise 0.3% in April, below the 0.4% gain in March.Meanwhile, Federal Reserve Chairman Jerome Powell will speak later on Tuesday, potentially offering hints about when the central bank could cut rates. Elsewhere in markets, meme stocks are back as GameStop and AMC post huge two-day gains on the back of <a href="https://twitter.com/DeepFuckingVlu/status/1789998891149979916" target="_blank" rel="noopener">a cryptic tweet</a> from retail trading icon Keith Gill.The 10-year Treasury briefly topped 4.5% after the PPI data before slipping by about one basis point to 4.465. Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,221.29, up 0.01%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,442.78, up 0.03% (+11.27 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,408.86, up 0.14%</li></ul>Here's what else is going on today:<ul><li>Gamestop's <a href="https://markets.businessinsider.com/news/stocks/gamestop-meme-stocks-roaring-kitty-wall-street-bets-jim-chanos-2024-5?_gl=1*t3kpob*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNTY5MDE3Mi4zOTUuMS4xNzE1NjkwOTM5LjYwLjAuMA..">sharp rally continues for a second day</a>, but to one market guru, it's all a 'speculation orgy.'</li><li>Why today's economic strength means a <a href="https://www.businessinsider.com/recession-outlook-hard-landing-us-economy-government-debt-real-estate-2024-5">harder landing in 2025</a>, according to Apollo's Torsten Slok.</li><li>3 reasons <a href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5?_gl=1*1p64i9y*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNTY5MDE3Mi4zOTUuMS4xNzE1NjkxMjc4LjYwLjAuMA..">the dollar won't lose its top spot</a> in global trade and finance, according to Morgan Stanley.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil fell 0.48% to $78.85 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, dropped 0.44% to $83.09 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> climbed 0.54% to $2,344.14 per ounce. </li><li>The 10-year Treasury yield edged down to 4.465%. </li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> slid 1% to $61,963. </li></ul>

Stock market today: Indexes edge up as traders digest wholesale inflation data

<ul class="summary-list"><li>A new <a target="_blank" href="https://ir.citi.com/gps/9j79xHIa-vfPi785TYiSciffO0j4I0D52fI9LrahsLZEo6MpT4aM7SpwSFagAL9CIukqn2fwiJ_GNvDsLy4b6XEjftdK1abu">Citi report</a> says finance will be "at the forefront" of changes due to artificial intelligence.</li><li>Banking jobs are most at risk of AI-driven displacement, the report says.</li></ul>AI has already been thought to have the potential to change jobs in every industry profoundly. But, according to a <a target="_blank" href="https://ir.citi.com/gps/9j79xHIa-vfPi785TYiSciffO0j4I0D52fI9LrahsLZEo6MpT4aM7SpwSFagAL9CIukqn2fwiJ_GNvDsLy4b6XEjftdK1abu">new report</a> from Citigroup researchers, "finance will be at the forefront of the changes." "What a bank or financial firm looks like in the mid-2020s, be it retail or wholesale finance, looks very different to the mid-1980s, or the mid-1940s," the report said. "AI will repeat this cycle, possibly speeding it up."While general-purpose technologies, or GPTs, create new opportunities for innovation and can improve quality of life, "they also destroy existing ways of doing things," the report added. "And as such, they also create losers, especially in the short term."With data pulled from Accenture Research and the World Economic Forum, Citi's researchers said that about 67% of banking jobs have "higher potential" to be automated or augmented by AI. That means "banking jobs" (which the report didn't narrowly define) have the highest potential for AI-led job displacement.However, according to Citi, a decline in head count may be partially or completely offset by an increase in AI-related compliance managers and ethics and governance staff.One upside Citi pointed out, however, is that they estimate the profit pool for the 2023 global banking sector "could increase 9% or $170 billion from the adoption of AI, rising from just over $1.7 trillion to close to $2 trillion."<div type="image" title="Citi chart on AI's impact on finance jobs" height="404" width="809" msid="111121475" hostid="261" sizebytes="47826"></div><h2 id="55206a59-8c97-4ea0-9092-6016a29b5a8f">AI adoption in finance will be slow</h2>The Citi researchers believe the "pace of implementing modern AI tools in financial services, in particular, GenAI, will be relatively slow when compared to other sectors," they said in the report, in part because of the "highly regulated nature of the sector and lack of 'ready to go globally aligned rules.'""A regulatory landscape is evolving in some jurisdictions, but it is a challenging road ahead for financial services firms when it comes to implementation because countries are moving to different speeds, taking different approaches towards regulation and in some cases changing their position on whether to regulate," it said. In an interview featured in the report, Shameek Kundu, the head of financial services and chief strategy officer at TruEra, weighed in on the same point."I would describe traditional AI adoption in financial services as: widespread, shallow, and inconsequential," said Kundu.Kundu explains that there are "a large number of enterprises experimenting with AI across different use cases," yet "limited scale of AI adoption across use cases" and a "limited perceived impact of AI system failures on critical business operations."He cited a 2022 Bank of England survey, which found that "72% of firms reported using or developing machine learning applications," yet the "median number of ML applications for mainstream UK financial institutions to be just 20-30" and "less than 20% of the already few AI use cases were critical to business."

More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says

<ul class="summary-list"><li>US stocks edged higher on Friday after a rough prior session as traders digested new data and earnings. </li><li>The producer price index rose slightly more than expected in June, with wholesale prices up 0.2%. </li></ul>US stocks were slightly higher on Friday as new inflation data dropped and big US banks kicked off second-quarter earnings season.The producer price index, which measures wholesale inflation, rose 0.2% last month versus estimates of 0.1%. That comes a day after a soft June consumer inflation report, which showed inflation declining 0.1% month-to-month.Commentators said the slightly hotter PPI print doesn't alter the calculus for the Federal Reserve to start cutting rates in September, and pricing pressure is definitively easing despite the hotter June producer figures."While Friday's strong PPI comes after Thursday's weak CPI print, the Federal Reserve is data dependent and will be examining each inflation data point before deciding whether or not to cut interest rates. Even with Friday's strong PPI, we still believe a September rate cut is in play," Clark Bellin, president and CIO of Bellwether Wealth, said.Meanwhile, big US banks opened up the second-quarter earnings season. JPMorgan reported record profit, but still saw shares fall after missing on net interest income. Wells Fargo saw deeper declines after saying its cost-cutting efforts are lagging forecasts.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,601.28, up 0.3%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,840.80, up 0.2% (87 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,361.76, up 0.5%</li></ul>Here's what else is happening:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-trump-could-pop-bubble-wins-president-election-2024-7">Trump's promise of tariffs and mass deportations</a> would pop the stock-market bubble, Capital Economics says.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/home-prices-montana-retired-boomer-homeowners-losing-houses-insurance-taxes-2024-7">Montana's housing crisis is a warning for older homeowners.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/china-economy-draft-regulation-solar-cell-panel-industrial-overcapacity-production-2024-7">China nodded to concerns over oversupply</a> in the solar panel market.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were higher.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets"> West Texas Intermediate</a> crude rose 1% to $82.48 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, increased 0.7% to $86.02 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> fell 0.6% to $2,406 per ounce.</li><li>The 10-year Treasury yield inched up to 4.209%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> fell 1.6% to $57,684</li></ul>

You Searched For "wholesale bank" and got 9 results

Stock market today: Indexes mixed as traders digest wholesale inflation and await Powell's remarks

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WPI inflation surges to 16-month high of 3.36% in June on costlier vegetables

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Stock market today: US stocks edge up after wholesale inflation comes in cool

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

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RBI unlikely to cut interest rate in 2024, food inflation to be deciding factor, says SBI chief Setty

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Stock market today: Indexes edge up as traders digest wholesale inflation data

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More than half of banking jobs could be automated by AI — but banks will be slow to adopt, Citi report says

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Stock market today: Indexes edge higher as traders digest fresh inflation data and bank earnings

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