Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Are you an avid credit card user? Are you up to speed with all the changes that have come into effect starting today, which is all set to impact your credit card usage, and your pocket. Here's a quick snapshot of all the changes that you should be well aware of: <h2><keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> </h2>Starting today, ICICI bank has done away with fees for many services, which include request for a charge slip, which was earlier chargeable at Rs 100/slip and cash and cheque pick up, which also carried a fee of Rs 100 earlier. Earlier, for outstation cheque processing and duplicate bank statement (for three months), a fee of Rs 100 was payable. Now, all those charges have been waived. However, going ahead, you'll have to dish out Rs 200 instead of Rs 100, if you wish to get your credit card replaced. <h2><keyword id="19952948" type="General" weightage="20" keywordseo="Axis-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Axis Bank" meta.hostid="261" meta.entityid="Axis Bank">Axis Bank</keyword></h2>If you hold a <keyword id="19941660" type="General" weightage="20" keywordseo="Citibank" source="keywords" meta.keywordsubtype="org" meta.entityname="Citibank" meta.hostid="261" meta.entityid="Citibank">Citibank</keyword> credit card, this is for you. The migration of all Citibank <keyword id="19953671" type="General" weightage="100" keywordseo="credit-cards" source="keywords">credit cards</keyword> to Axis bank will be complete by 15th July, 2024. Post that, you will receive new credit cards from Axis bank .However, until then, your existing Citibank cards will continue to work just fine. All your unredeemed points will be converted into EDGE miles. After migration, they will have an expiration period of 3 years. Starting today, RBIs new rules mandate that all credit card transactions in the country be processed through <keyword id="20779381" type="General" weightage="20" keywordseo="Bharat-Bill-Payment-System" source="keywords">Bharat Bill Payment System</keyword> (BBPS). This means that if your bank has not come on board with BBPS, you will not be able to make payment through their credit card on other third-party platforms. Out of 34 banks that can issue credit cards, 12 banks have come onboard the BBPS. These include SBI, <keyword id="19938728" type="General" weightage="20" keywordseo="kotak-mahindra" source="keywords">Kotak Mahindra</keyword>, IndusInd, Federal, HDFC, ICICI and IDFC bank. Indian Overseas bank and <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">YES Bank</keyword> are expected to go live soon. <h2>SBI Bank</h2>Starting July 15th, if you hold one of the 22 specified SBI credit cards, you will no longer accrue any reward points while making certain transactions, particularly if they are related to government services. These include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Etihad Guest SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, Mumbai Metro SBI Card and more. <h2>YES Bank </h2>If you hold a YES Bank credit card, the criteria for you to qualify for complimentary lounge access has changed. Starting today, you will have to spend at least Rs 35,000 from your credit card in the previous quarter, in order to be able to get a complimentary access to domestic airport lounges in the next quarter. Earlier, this threshold was set at Rs 10,000. This will impact YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus cards. <h2>HDFC Bank</h2>Starting August 1st, if you make rent, or education related payments via platforms like Cred and Paytm, you will have to pay a fee of upto 1% of the transaction, which will be a maximum of Rs 3,000. However, if you make the payment directly through your school or college's website, you will be able to save on this charge. Similarly, on all fuel expenses of over Rs 15,000, a 1% fee will be applied, which can be a maximum of Rs 3,000.

What has changed for your credit cards, starting today?

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Saturday! Gen Z is redefining yet another term, and this time, it's "lavender marriage." A phrase once reserved for the LGBTQ+ community is now being used to describe <a target="_blank" href="https://www.businessinsider.com/genz-tired-dating-applications-lavender-marriages-open-tiktok-romance-love-2024-10">young people who are sick of being broke</a> and living alone.On the agenda:<ul><li>Step inside Jackson Hole, Wyoming, <a target="_blank" href="https://businessinsider.com/jackson-hole-wyoming-where-billionaires-live-vacation-2024-10">America's billionaire hub</a>.</li><li>Taylor Swift is entering <a target="_blank" href="https://www.businessinsider.com/taylor-swift-disrupt-publishing-industry-eras-tour-book-2024-10">her book-publishing era</a>.</li><li>Uber's new $18 airport shuttle in New York City is <a target="_blank" href="https://www.businessinsider.com/uber-shuttle-nyc-airport-review-photos-2024-10">a game changer</a>.</li><li>The hottest new longevity treatment? <a target="_blank" href="https://www.businessinsider.com/what-is-plasma-exchange-therapy-why-is-it-longevity-treatment-2024-10">A plasma exchange</a>.</li></ul>But first: Siri, play "Greased Lightnin'."If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" rel="" href="https://www.insider.com/app">here.</a><h3 id="2d2d81c1-e984-4ab1-b11e-26ada0d3da0b">This week's dispatch</h3><h2 id="6f9c5ac5-ec11-4a68-8ad6-75cb4bde030f">On the road</h2><div type="image" title="BYD Yangwang U8" height="1663" width="2500" msid="114375761" hostid="261" sizebytes="447414"></div>Imagine this: You're sitting in traffic, unsure of who or what is holding you up. So you deploy your car's drone to see what's on the road ahead. If this sounds like a scene from a futuristic James Bond-style movie, think again.Business Insider's Tom Carter, a London-based business reporter, got a chance to see Chinese automaker BYD's latest fleet of <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">technologically advanced cars</a> at the Paris Motor Show earlier this week.The seven cars they showed off included the Yangwang U8, a hybrid luxury SUV that comes with a drone and, according to the company, can turn around like a tank and float on water.It's only available in China right now, but made its European debut at the show even as the European Union is set to impose harsh tariffs on electric vehicles from China.European manufacturers are trying to claw back some of the market share of electric vehicles from their Chinese competitors. Aside from tariffs, another way to do that is through partnerships.That's what Stellantis — the parent company of Jeep, Ram, and Fiat — did when it <a target="_blank" href="https://www.businessinsider.com/bmw-stellantis-renault-auto-giants-on-chinese-ev-competition-2024-10">teamed up with Leapmotor</a> to sell EVs outside of China. "For us, the best way to compete immediately with the Chinese was to hop on their train, rather than letting it run us over," Carlos Tavares, who spoke at a nearby automotive summit, said Tuesday.<h2 id="cc30e20d-acf4-4a4e-ad8f-02c3a04a9dbb">Inside a billionaire enclave</h2><div type="image" title="A view out a plane window with the wing on the left and mountains and lakes on the right" height="2560" width="3840" msid="114375752" hostid="261" sizebytes="341218"></div>Nestled at the base of the Teton Range, Jackson Hole, Wyoming, comprises one of the wealthiest counties in the country. With mountain views and lower taxes, the area has lured in millennial DINKs and A-listers alike.It's also the most economically unequal place in the US: According to the Economic Policy Institute, the top 1% of residents in the metro area earn 132 times the income of the bottom 99% of residents. BI's Joey Hadden visited Jackson Hole to see what makes it so coveted.<a target="_blank" href="https://businessinsider.com/jackson-hole-wyoming-where-billionaires-live-vacation-2024-10">Here's what she found</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/kemo-sabe-cowboy-hats-jackson-wyoming-2024-10">Behind the scenes of Kemo Sabe, where celebrities pay up to $900 for custom cowboy hats</a></li><li><a target="_blank" href="https://www.businessinsider.com/inside-luxury-jackson-hole-vacation-home-2024-10">I spent 2 hours in a Jackson Hole vacation home that costs over $10 million. Check out the ultra-luxury details</a>.</li></ul><h2 id="f3efdf5d-fcfc-4813-9e6c-8e3b9040c25d">The Book of Taylor</h2><div type="image" title="A photo illustration showing Taylor Swift, a dollar bill, and a second image of Swift in an open book all against a light background." height="1000" width="1334" msid="114375766" hostid="261" sizebytes="185714"></div>Taylor Swift is publishing "The Eras Tour Book" and releasing it exclusively through Target. She shook off traditional publishers and distributors in favor of self-publishing.In doing so, Swift ensured she'll get a larger share of the revenue earned from sales. It's a tried-and-true strategy that capitalizes on her fans' loyalty — and their wallets.<a target="_blank" href="https://www.businessinsider.com/taylor-swift-disrupt-publishing-industry-eras-tour-book-2024-10">How Taylor Swift could disrupt publishing</a>.<h2 id="4e812ecf-a060-401e-9848-be206a63cddb">A new way to the airport</h2><div type="image" title="Uber shuttle on blue" height="1000" width="1334" msid="114375763" hostid="261" sizebytes="80432"></div>New York City just got another transit option. On October 8, Uber launched an $18 shuttle between three Manhattan locations and LaGuardia airport. That could help ease the high costs or complicated subway transfers that previously came with getting to LGA.Not everyone's happy with the move, though. Some people accused the ridesharing app of rebranding traditional bus service for a markup. But plenty of others — including BI's Priyanka Rajput, who took it for a spin — are thrilled to have a cheaper alternative.<a target="_blank" href="https://www.businessinsider.com/uber-shuttle-nyc-airport-review-photos-2024-10">Uber everywhere</a>.<h2 id="483172dd-9e06-415f-8357-1bdb6f813f7b">There's a new longevity treatment in town</h2><div type="image" title="A container of blood plasma is being extracted from a centrifuge for a medical procedure" height="3744" width="5616" msid="114375759" hostid="261" sizebytes="157208"></div>Plasma exchange therapy is the latest wellness trend among CEOs, aging athletes, and longevity seekers. Typically used for patients with chronic conditions, the procedure involves replacing plasma with another fluid to remove toxins.Former NFL star Troy Aikman, who has received the treatment, likened it to "a human oil change" — but there's limited evidence that it can actually boost longevity or benefit otherwise healthy people.<a target="_blank" href="https://www.businessinsider.com/what-is-plasma-exchange-therapy-why-is-it-longevity-treatment-2024-10">More on the $10K procedure</a>.<h2 id="5fef756b-4b6b-4037-8f33-9635854b9d8b">What we're watching this weekend</h2><div type="image" title="Cate Blanchett in &quot;Disclaimer&quot;" height="1500" width="2000" msid="114375765" hostid="261" sizebytes="400430"></div><ul><li>"Woman of the Hour": <a target="_blank" href="https://www.businessinsider.com/anna-kendrick-movie-roles-twilight-pitch-perfect-a-simple-favor-2024-10">Anna Kendrick</a> makes her directorial debut with this Netflix thriller based on the true story of a woman who crossed paths with a serial killer on "The Dating Game."</li><li>"Shrinking": The acclaimed Apple TV+ series starring Jason Segel and Harrison Ford returned for its second season this week.</li><li>"Anatomy of Lies": Peacock has a new documentary about Elisabeth Finch, the <a target="_blank" href="https://www.businessinsider.com/elisabeth-finch-greys-anatomy-writer-fake-cancer-claims-2022-5">"Grey's Anatomy" writer who faked cancer</a>.</li></ul><a target="_blank" href="https://www.businessinsider.com/best-shows-movies-streaming-netflix-max-apple-october-18-24">See the full list</a><div type="image" title="A red shopping bag surrounded by $100 bills." height="1500" width="2000" msid="114375754" hostid="261" sizebytes="244828"></div><h2 id="a09a70ef-5e7e-4bf4-80b2-3731f70bdc6e">Deals we love</h2><ul><li>Cheap skincare can still be good: Especially when it comes to <a target="_blank" href="https://www.businessinsider.com/guides/beauty/affordable-skin-care-brands-companies">these affordable skincare brands</a>. We're here to help you moisturize, exfoliate, and glow — without breaking the bank.</li><li>Testing viral TikTok cleaning tools: Those satisfying spinning scrub brush videos got to us, too. We've got the low-down on <a target="_blank" href="https://www.businessinsider.com/guides/home/best-electric-spin-scrubber">the best electric spin scrubbers</a> for tackling any mess, from caked-on grease to stained grout.</li><li>Is Patagonia worth it?: The short answer is "yes." The outdoor gear brand has so many iconic styles it's hard to keep track, so <a target="_blank" href="https://www.businessinsider.com/guides/style/patagonia-outdoor-clothing-review">we rounded up our favorites</a>, including jackets, bags, pants, and more.</li></ul><h2 id="3a2e4b99-8063-4f80-8653-d1ec4a2af89a">More of this week's top reads:</h2><ul><li>RTO mandates are on the rise. <a target="_blank" href="https://www.businessinsider.com/upgrade-your-fall-work-wardrobe-brands-embrace-corporate-fashion-trends-2024-10">Here's what to wear to work this fall</a>.</li><li>How Hilary Swank spends her 5 to 9 — <a target="_blank" href="https://www.businessinsider.com/hilary-swanks-daily-routine-how-she-eats-relaxes-works-out-2024-10">from meditating to eating every hour and a half</a>.</li><li>A family of six visited Disney and Universal. <a target="_blank" href="https://www.businessinsider.com/what-family-spends-disneyland-vs-universal-studios-one-day-cheaper-2024-10">The latter was better in some huge ways</a>.</li><li>House-sitting lets this couple <a target="_blank" href="https://www.businessinsider.com/couple-save-housing-costs-housesits-for-strangers-2024-10">travel the world without housing costs</a>.</li><li>How a "micro-retirement" <a target="_blank" href="https://www.businessinsider.com/micro-retirement-improved-quality-of-life-burnout-2024-10">reversed one woman's burnout</a>.</li><li>A man who started doing CrossFit in his 80s <a target="_blank" href="https://www.businessinsider.com/man-started-crossfit-81-does-100-push-ups-daily-2024-10/">now does 100 push-ups a day</a>.</li><li>What people with wildly different incomes <a target="_blank" href="https://www.businessinsider.com/alices-ultra-rich-what-people-across-tax-brackets-discuss-therapy-2024-10">discuss in therapy</a>.</li><li>Retired sisters share what it's like to <a target="_blank" href="https://www.businessinsider.com/how-retirees-live-on-cruises-full-time-sold-houses-2024-10">live on cruise ships full-time</a>.</li><li>Victoria Secret could be the next brand <a target="_blank" href="https://www.businessinsider.com/victorias-secret-using-gen-z-nostalgia-to-become-relevant-2024-10">Gen Z brings back from the dead</a>.</li><li>Hotel companies are getting into <a target="_blank" href="https://www.businessinsider.com/vidantaworld-elegant-luxury-cruise-ship-four-seasons-ritz-carlton-2024-10">the luxury cruise game</a>.</li><li>Bartenders share the drinks <a target="_blank" href="https://www.businessinsider.com/cocktails-you-should-order-more-often-at-the-bar-2024-10">you should order more often</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York City. <a target="_blank" class="" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York. Grace Lett, editor, in Chicago.

Insider Today: America's billionaire hub

Ever since Donald Trump won the 2024 US presidential elections, bitcoin has been surging, going up over 40% in the last two weeks. Recently, the cryptocurrency soared past $97,000, having risen 8.32% in just the last 7 days, and is currently trading at $96,906.09. The overall crypto market is also buoyant, with the crypto volume jumping 10.06% over the past 24 hours to touch $198.83 billion. The markets are enthused about Bitcoin's prospects going ahead, given that Trump has hinted towards establishing a dedicated role in the White House for deliberating crypto policies. Trump has been vocally pro-crypto and had promised, during his presidential campaign, to scale back <keyword id="24085738" type="General" weightage="20" keywordseo="crypto-regulations" source="keywords">crypto regulations</keyword> and fire SEC chair Gary Gensler, who had initiated a crackdown on digital assets in the US. The crypto lobby in the US has been advocating for crypto-friendly SECs and access to banks. In a bid to do so, crypto companies have pumped in over $119 million to support pro-crypto candidates. Says Edul Patel, co-founder and CEO of Mudrex, "Market sentiment grew stronger from Bloomberg's report of Trump’s plan to establish a dedicated White House role for crypto policy. The anticipation of faster regulatory clarity coupled with BlackRock’s Bitcoin ETF options projecting a $176k price target by 2026 has driven BTC’s price to the $95K milestone and beyond." The ongoing rally is not restricted to just bitcoin but also extended to Solana and XRP, which gained 10.85% and 59.02%, respectively, over the last 7 days. But does this mean that good times are coming for <keyword id="19991358" type="General" weightage="20" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> as well? Apurva Sheth, Head of Market Perspectives &amp; Research, SAMCO Securities, notes that bitcoin is a proxy for risk-taking in the markets. Bitcoin moving up means the risk appetite of investors is rising. Conversely, if it falls, then investors prefer safety." Both Nifty and Sensex have lost over 5% each over the last month. FIIs (<keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword>) have also been scrambling out of Indian markets, having withdrawn Rs 1,14,445.89 crores during October 2024 and offloading Rs 34,348.30 crore so far in November. During trade today, Nifty and Sensex remained in red, with Nifty down by 0.74% and Sensex down by 0.6%. DIIs (domestic institutional investors) have been trying to keep the market afloat in both October and November, pumping in Rs 31,636.77 crore in Indian markets in November so far. Last month, DIIs infused Rs 1,07,254.68 crore in the Indian markets. According to an NSE report, by the end of the previous quarter, FPIs holding in NSE-listed companies stood at 36.3%, despite the seventh consecutive quarterly decline. Previously, FIIs holding in listed companies had hit a record high of 39.9% in December 2021. In contrast, DIIs are increasingly making headway into the Indian markets. Active Domestic Mutual Funds (DMFs) have been increasing their investments in the NSE-listed companies. Their ownership in these companies has risen from 12.4% in December 2021 to 15.7% as of September 30, 2024. Banks and insurance companies have also expanded their market share. Their ownership in NSE-listed companies has grown from 8.8% three years ago to 11% as of pr quarter.

The Bitcoin rally does not seem to be stopping anytime soon! Does this spell good news for Indian markets?

<ul class="summary-list"><li>Investors need to be wary as sticky inflation remains a risk, Deutsche Bank says.</li><li>The firm detailed five reasons why consumer prices could stay persistently elevated.</li></ul>It's tempting to think the Federal Reserve's fight against inflation is over, given the central bank's recent rate cuts and sharpened <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cut-explained-inflation-labor-market-conditions-outlook-recession-2024-9">focus on the labor market</a>. But it's not yet time for investors to relax, Deutsche Bank wrote on Monday.Though inflation now hovers close to the Federal Reserve's 2% target rate, it's not yet time to declare victory: prices continue to <a target="_blank" class="" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">run hotter than expected</a>, and that's happening alongside monetary easing."If inflation does return, this could have very important implications for markets," Deutsche Bank strategists said. "We saw in 2022 how there was a massive selloff across both bonds and equities."The firm detailed five reasons why inflation risks must still be monitored:First, initial interest-rate cuts have been more broader and deeper than expected on a global basis. In the US, the Federal Reserve cut the Fed funds rate by 50 basis points, citing lower headline inflation to justify its aggressive policy flip.While that much is true, history shows that easing cycles are precisely the time to be cautious over inflation, Deutsche said."If inflation does prove sticky above target today, then that could force central banks to keep monetary policy in restrictive territory for longer," the note said.Second, stimulus momentum in China and worsening geopolitics in the Middle East have triggered a notable pickup in commodity prices.Oil prices have jumped this month as investors adjust to escalating tensions between Israel and Iran. After an Iranian missile attack on Israel triggered promises of retaliation, the market has braced for a possible disruption to the region's crude output.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent</a> crude gained sharply in early October, peaking at $80 per barrel. Deutsche noted this as a considerable high, noting that the international benchmark traded below $70 a barrel just one month prior.If Israel's response decimated Iran's oil installations, analysts expect prices to hit as much as $200 per barrel.Meanwhile, industrial metals such as <a target="_blank" href="https://markets.businessinsider.com/commodities/copper-price">copper</a> have also taken flight, after China announced a series of stimulus measures to reenergize its fleeting economy. The metal is a key component in <a target="_blank" href="https://www.reuters.com/markets/commodities/china-copper-iron-ore-stay-stimulus-believers-others-sceptical-russell-2024-10-14/">construction and manufacturing</a>, and can stand to benefit if the world's second-largest economy recovers.Third, odds of a US recession are ebbing as the economy shows signs of resilience that could keep inflation elevated."Much as the stronger news on growth is welcome, it also means that economic demand and inflation is likely to be stronger than it would otherwise have been," analysts wrote.Fourth, September's consumer price index report surprised investors last week.Not only was the inflation reading higher than estimated, core CPI ran at its fastest pace in six months, gaining 0.31%. Core CPI's three-month annualized rate moved up to 3.1%, compared to August's 2.1% print."Although that's only one report, it served as a reminder of how inflation could prove more persistent, and it were the stickier categories in the basket that were holding inflation up," Deutsche wrote. For instance, the Atlanta Fed's "sticky CPI" measure stood at its strongest in five months.Fifth, money supply growth is still accelerating.According to the bank, an increase in this measure can be read as an advance warning that inflation could stay persistently high. This was the case in the post-pandemic period, Deutsche said — though it is admittedly moving up from a low base.The firm cited the fact that in August, US M2 money supply rose 2.0% year-over-year, the highest growth rate since September 2022.

5 reasons why inflation will be stickier than expected going forward, Deutsche Bank says

Insider Today: The unstoppable Sam Altman

<div type="image" title="Are Indians depositing less money in banks, or more in mutual funds? Turns out, it&amp;#39;s neither of those." msid="113663806" hostid="261" sizebytes="1121785"></div> Over the past few months, there’s been a lot of brouhaha about the lagging pace of <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> in India. Simply put, the rate at which Indians are depositing their hard-earned money in banks has been falling constantly, and some blame the increasing financialisation of <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> in the country or the rising preference of Indians towards <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> and shares. So, the hypothesis is that people are choosing to invest more in mutual funds and the Indian <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword> through direct investments, IPOs, or NFOs, the money flowing into Indian banks in the form of deposits is slowing down. But is that really the case? <h2>A crisis or a phase?</h2><keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> data suggested that for the quarter ended June 2024, bank deposits grew at 11.7%. On the other hand, credit growth has outpaced this at 15%. This means that the outflow from banks as loans is far greater than the inflow into them in the form of deposits in Q1 of FY 2024-25. The situation largely saw cut-copy-paste in the first week of September as well, with loans registering a 13.3% YoY growth during the period, while deposits rose only 11.1%. This gap has only been widening for the last 3 years. Since deposits are how banks gather assets to further lend and earn interest income as a consequence, even a slight dip could set the alarm bells ringing for banks, and rightfully so. And truth be told, mutual funds are indeed taking on bank deposits in a big way. Per a report by Franklin Templeton, in August 2024, the AUM (assets under management) of Indian mutual funds, or the total funds managed by them, stood at 31.3% of total bank deposits in the country, up from 24.20% during the year-ago period. As of August 2024, the AUM of mutual funds stood at Rs 66.17 lakh crore, an all-time high. But all said and done, is this really the reason why the rate of bank deposits is falling behind? SBI has dismissed this to be a “statistical myth”, and experts point out that since equity and fund houses also keep the cash in their respective bank accounts, there’s no cause for concern. So, is financialization really to be blamed for the trailing tempo of deposits? Or is something else happening behind the scenes? We take a closer look: <h2>First, are household deposits really slowing down? And is that a cause of concern?</h2>Data from Motilal Oswal suggests the contrary. Deposits grew by around 10.4% between March 2020 and August 2024. Data from RBI also highlights that as of August 9, 2024, bank deposits witnessed a YoY growth of 10.8%. The loan-to-deposit ratio for the retail segment, which indicates what percentage of its total deposits the banks lend out as loans, has stayed at 77.5%, above the 77% mark for the tenth straight month. <div type="image" title="Yes, household deposits (as % of total deposits) have dipped, but the drop is far from significant" msid="113663882" hostid="261" sizebytes="306706"></div> Also, we can’t forego the fact that the share of Indian households in bank deposits has indeed slowed down. However, data from Axis AMC shows that the dip is marginal—from 63% in 2022 to 62% in 2023 and 61% in 2024. What has slowed down even more considerably is the share of government deposits in the aggregate bank deposits, which has dipped from 14% in 2018 to 9% in 2024. So, it's not just household deposits, you see. Moreover, as of March 2024, the collective CASA ratio (current and <keyword id="114757" type="General" weightage="20" keywordseo="savings-account" source="Orion">savings account</keyword> deposits) of all commercial banks in India stood at 41.00%, down from 43.1% in March 2023 and 45.2% in March 2022, marking a nearly 5% point decline over the past year, while still staying over the 10-year average of 39.2%. This implies that Indian banks are relying more on higher-cost funds (savings accounts), which can limit their profitability. <h2>What is this financialisation of savings we are talking about?</h2>Then again, there is no doubt about the growing affinity of Indians towards mutual funds and stock markets. Recent data from CBDT (Central Board of Direct Taxes) highlights that India’s net direct tax collection surged by around 22%, driven exclusively by the significant uptick in the collection of Securities Transaction Tax (STT), which doubled to Rs 26,154 crore, from Rs 13,352 crore in the year-ago period. Why does this matter? STT is levied when you buy or sell equity shares on stock exchanges, sell <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword>, and trade in futures and options in the equity segment. Such taxes, including the multiple other taxes in equity market investments, are considered as leakages as the money moves out of the economy into government coffers. Data from a ValueQuest report explains that over the last 20 years, the markets have handsomely rewarded the investors, generating over $900 billion in incremental value for them. This is the major driver behind the dramatic rise in investment flowing towards the equity markets. There’s further proof of this budding romance, if you check the demat pudding. The number of demat accounts, which are a primary requisite for participating in the stock markets, also burgeoned by 42.3 lakh in August 2024, taking India’s total tally of demat accounts beyond 17 crore. To put this in perspective, this is almost equivalent to the population of just 8 nations in the world, including China, the US, Brazil and more. Vivek Iyer, Partner, Grant Thornton Bharat thinks it's rather important, as well. “Financialisation of household savings in India is an indication of deepening capital markets in the market, especially from a retail investor standpoint. Bank deposits with a modest rate of return are no longer the only option for savings for investors. Investors today have more avenues for wealth creation in the form of public capital markets, which have democratized wealth creation and provided equality of opportunity to retail investors”, he says. Yes, Indians are investing more and more in the markets, and in mutual funds. But is it a sin to look out for inflation-beating returns, which the stock markets offer, and vanilla bank deposits don't? After all, the allure of 12-13% annual returns offered by <keyword id="45369" type="General" weightage="20" keywordseo="equities" source="Orion">equities</keyword> can certainly pale the stability offered by good old deposits, which generally do not go beyond 9% when it comes to annual returns. But all of this is not what is behind the slowdown. India is still a toddler in the school of savings financialization, with less than 10% of the population holding a demat account, and less than 5% of us saving in equities. That's a drop in the ocean of deposits, far inadequate to trigger a tsunami. <h2>Tell me why lagging deposits have nothing to do with Indians investing more in mutual funds!</h2>Says Shweta Rajani, Head - Mutual Funds, Anand Rathi Wealth Limited, “Households' equity holdings composition grew from 11.1% in FY 23 to 14.7% in FY 24. This trend reflects a growing awareness of investment options, empowering individuals to take control of their financial futures. Despite this transition towards equities, banks still hold a significant share of household financial savings—33.5% in FY24 compared to 34.9% in FY23”. Also, household savings and their subsequent financialization do not have much to do with deposit creation, which is entirely made by banks. What actually drives increased deposits is credit growth or increased lending. When interest rates are eased, people tend to borrow more and spend more, which circulates more money in the economy. For the past 4 years, RBI has been tightening the screws on interest rates, which raises the cost of borrowings, and makes it more expensive to take loans, putting a dampener on credit growth, but effectively curbing inflationary pressures. The last time RBI cut the repo rate by 40 basis points was back in May 2020, 4 years ago. The lag in <keyword id="19998084" type="General" weightage="100" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> we’re witnessing is almost 3 years old. Coincidence much, or just good old economics at work? But with the Fed recently setting a rate cut precedent by slashing 50 bps off its interest rate, RBI is expected to follow suit in the next MPC (Monetary Policy Committee) meeting, scheduled for November 2024. A rate cut would ease the aforementioned high cost of borrowing, and increase loan-taking for corporates and institutional investors, thereby stoking consumption in the economy. And then, deposit creation in banks is likely to return to its former glory. If not, then that would be a curious case to unravel! But that worry is for another day. Do you have insights or personal experience to share on your personal finances or money? Contact us at <a target="_blank" class="c-link" href="mailto:businessinsider@timesinternet.in">businessinsider@timesinternet.in</a>.

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

<ul><li><keyword id="19899647" type="General" weightage="100" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> can be delivered to your doorstep in under 10 minutes</li><li>The phone is available on Blinkit, <keyword id="19939136" type="General" weightage="20" keywordseo="BigBasket" source="keywords" meta.keywordsubtype="org" meta.entityname="BigBasket" meta.hostid="261" meta.entityid="BigBasket">BigBasket</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword></li><li>The iPhone 16 was made available for sale in India today</li></ul> Earlier this morning, <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> stores in Mumbai and Delhi witnessed huge lines of iPhone buyers, ready to get their hands on the next-gen models. Apple’s iPhone 16 series went for sale in India today and the excitement around the new phones is palpable. However, what if we tell you that you can order an iPhone within the comfort of your home? Blinkit is selling the iPhone 16 promising to deliver it to your doorstep in a few minutes. The phone is also being sold at BigBasket. However, it is to be noted that Blinkit and Big Basket are not selling the pro variants of the iPhone 16. If you are looking for the higher-end variants, you will have to either buy from a store or order it online. In India, the iPhone 16 is priced at ₹79,900, while the iPhone 16 Plus is available for ₹89,900. The <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> starts at ₹1,19,900, and the iPhone 16 Pro Max is priced at ₹1,44,900. <div type="Article" hostid="261" msid="113214171" title="iPhone 16 Pro with A18 Pro chip launched: Should you upgrade if you own an iPhone 15 Pro?" mstype="2" mssubtype="0"></div> Let us take a look at where you can buy all variants of the iPhone 16 and what are the bank offers available. <h2>iPhone 16 available in under 10 minutes</h2>Blinkit is currently selling the iPhone 16 and iPhone 16 Plus models, though only the 128GB variant is available for purchase. The higher storage options are currently unavailable on Blinkit, and BigBasket. It's still unclear if the Pro models will be added to their listings in the coming week. In addition to Blinkit and Big Basket, the iPhone 16 is also available at Zepto. Blinkit and BigBasket, meanwhile, promise to deliver the phone in under 10 minutes. On the other hand, Zepto is promising to deliver the device in about 30 minutes. <h2>Customer orders iPhone 16 via BigBasket</h2> In a press release, BigBasket shared that a customer from Koramangala, Bengaluru had ordered an iPhone 16 at 8:00 AM and received the product in just seven minutes, at 8:07 am. The customer, upon receiving the product, said as per the press release, “I’ve always trusted bigbasket for my daily needs and groceries. However, I was pleasantly surprised to see that they are also delivering the new iPhone 16. What topped the excitement was getting the iPhone 16 within minutes of ordering! It’s a game-changer in quick delivery.” <h2>Bank offers on the iPhone 16</h2>Shoppers can enjoy savings of up to ₹5000 when purchasing an iPhone 16 using eligible credit cards from Kotak Mahindra, SBI, and ICICI Bank credit cards on Amazon. To make the purchase even more convenient, no-cost EMI options are available for 3 to 6 months through most major banks. Meanwhile, Vijay Sales is offering various deals to select card holders of ICICI bank, SBI, HDFC bank, Kotak Mahindra bank, YES Bank, IDFC FIRST Bank and Federal Bank. EMI options are also available on the website. <div type="Article" hostid="261" msid="113448967" title="You can get free Apple Airpods 4 and Apple Pencil with this limited-time deal in India, details here" mstype="2" mssubtype="0"></div> In addition to this, Apple is also offering its popular Trade-In program, which allows buyers to exchange their old devices for a discount. Depending on the condition and model of the device being traded in, customers can receive anywhere from ₹4000 to ₹67,500 off their new iPhone. In addition to these savings, those purchasing an iPhone 16 will receive a complimentary three-month subscription to Apple Music, Apple TV+, and Apple Arcade, adding even more value to their purchase. <h2>About the iPhone 16 lineup </h2> Apple has introduced some new features in the new iPhone 16 series, aiming to make both the standard and Pro models more advanced and user-friendly. The iPhone 16 and iPhone 16 Plus now boast a new Camera Control button, giving users quicker access to key functions. Both phones are powered by the upgraded Apple A18 chip and come with an improved dual-camera system that includes a new spatial capture feature for enhanced photography. Running on iOS 18 right out of the box, these models are set to receive further smart updates with upcoming software enhancements. The vanilla iPhone 16 features a 6.1-inch display, while the iPhone 16 Plus offers a larger 6.7-inch screen. Both displays are protected by Ceramic Shield technology and reach a peak brightness of 2,000 nits, though they continue to use 60Hz OLED panels. On the camera front, these models come with a 48MP main sensor capable of 2x zoom and a 12MP ultrawide camera that can now take macro shots. For selfies, a 12MP TrueDepth camera is included on both models. The iPhone 16 Pro and iPhone 16 Pro Max take things a step further, with bigger screens and narrower bezels. The Pro comes with a 6.3-inch display, while the Pro Max offers a 6.9-inch one. Both feature Retina XDR OLED screens with a smooth 120Hz refresh rate and up to 2,000 nits of brightness. Both phones are powered by the advanced A18 Pro chip and run on iOS 18. For photography enthusiasts, the Pro models pack a triple-lens setup, including a 48MP main camera, a new 48MP ultrawide lens, and a 12MP periscope camera offering 5x optical zoom. The front-facing camera remains a 12MP TrueDepth unit, and both Pro models now support 4K video recording at 120fps. Like the standard versions, they also come equipped with the new Camera Control button, making it easier than ever to snap photos and capture moments.

You can get the iPhone 16 in under 10 minutes while sitting at home, here is how

<ul class="summary-list"><li>US stocks traded mixed on Wednesday as traders took inflation data and the outlook for rates.</li><li>Inflation rose 0.2% for the month and 2.6% on a yearly basis, in-line with expectations.</li></ul>The latest inflation data dented some of the momentum of the post-election stock rally, with traders focusing on the latest consumer price index reading at its implications for rate cuts. The Dow Jones Industrial Average was up slightly, while the S&amp;P 500 ended the day nearly flat. Bond yields were little changed, with the 10-year Treasury yield up one basis point to 4.449%. <a target="_blank" class="" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">Inflation was slightly higher</a> year-over-year in October compared to the prior month, but was on par with economists' expectations. Consumer prices rose 0.2% for the month and 2.6% on an annual basis, higher than last month's 2.4% increase.Investors solidified bets on another rate cut at the Federal Reserve's December policy meeting. Markets see an 82% chance that the central bank will trim interest rates another quarter-point next month, up from 59% on Tuesday, according to the CME FedWatch tool.Traders are less certain about another rate cut in January. The odds of another 25 basis point cut at the Fed's January meeting have dropped to 29%, down from 69% a month ago."Inflation data mostly support another rate cut at the Fed's December decision," Bill Adams, the chief economist at Comerica Bank, said in a note. "The Fed will wait until they have more clarity about the timing and scope of policy changes from the next President and Congress before reacting to them.""The Fed wants to avoid the mistakes of the past by prematurely easing and risking a second wave of inflation, so we'd expect the FOMC to take this risk seriously," Jason Pride, the chief of investment strategy &amp; research at Glenmede, said in a note. "This doesn't take a rate cut off the table for December, but it's certainly not a slam dunk."The rally fueled by Trump's election began to stumble, with the tech-heavy Nasdaq Composite edging slightly into the red.Crypto markets, though, continued to get a boost after Elon Musk, a close ally of Trump, was appointed as co-head of the <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/dogecoin-price-elon-musk-doge-department-trump-crypto-president-election-2024-11?_gl=1*j5rjww*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMTUyNDI1NS41NTYuMS4xNzMxNTI0MjY2LjQ5LjAuMA..">Department of Government Efficiency</a>, or "DOGE." <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/doge-usd">Dogecoin</a> spiked another 15% on the news, while <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> rose as much as 6% before paring its gains, surpassing the $90,000 threshold for the first time ever before dipping back below to about $88,000 later in the day. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<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>: 5,985.38, up 0.02%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,958.19, up 0.11% (+47.21 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>: 19,230.74, down 0.26%</li></ul>Here's what else is going on:<ul><li>Here's what people are betting in <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/kalshi-polymarket-prediction-markets-jake-paul-mike-tyson-bitcoin-trump-2024-11?_gl=1*4l4ww*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMTUxNTY1NS41NTUuMS4xNzMxNTE4NTU0LjU2LjAuMA..">prediction markets</a> now that the election is over.</li><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 is approaching its iPhone moment</a> with its Blackwell chip, and the stock could soar another 25%, an analyst said. </li><li>Trump could push <a target="_blank" class="" href="https://www.businessinsider.com/trump-us-debt-levels-government-borrowing-treasury-blackrock-rick-rieder-2024-11">US debt to levels</a> that can't be ignored within his first year in office, according to BlackRock's Rick Rieder.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 0.09% to $68.08 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 0.46% to $71.95 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slipped 0.87% to $2,575.98 an ounce.</li><li>The 10-year Treasury yield was up one basis point to 4.449%</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slipped to $88,615.</li></ul>

Stock market today: Indexes trade mixed as investors assess rate outlook after new inflation data

<ul class="summary-list"><li>Saudi Arabia is committed to boosting oil output in December, the <a target="_blank" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">FT reported</a>.</li><li>The kingdom is resigning itself to a period a lower prices, sources told the FT.</li></ul>A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.According to sources that spoke with the <a target="_blank" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a>, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.Speculation has mounted over what the world's largest oil exporter may do. Even as Saudi Arabia and other OPEC+ members have progressively<a target="_blank" href="https://www.businessinsider.com/surprise-oil-cutbacks-send-prices-soaring-30-year-oil-expert-2023-11"> cut oil output</a> to prop up global pricing, waning demand pushed crude to its lowest level since 2021 earlier this month.Despite this, those familiar with the matter said that Riyadh is prepared to boost output as scheduled on December 1. In essence, the kingdom is giving in to lower prices, FT sources said.Markets spiraled on the news, dropping over 3%. Brent crude, the international benchmark, fell as low as $70.7 as of 11:00 am ET. An even steeper decline hit US West Texas Intermediate, hitting $67 a barrel.The kingdom's decision may seem counterintuitive, as the $100 per barrel threshold <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-demand-collapse-saudi-arabia-production-russia-opec-2023-9">is considered essential</a> to financing the Saudi budget. Yet, sources told FT that Riyadh is no longer comfortable ceding its market share to other producers by limiting production.OPEC's joint efforts to support higher prices have also been made difficult by the fact that some coalition members have partially disregarded the restrictions. One source told FT that, if countries such as Iraq and Kazakhstan do not commit to curbing supply, Riyadh may unwind its own cuts quicker than expected.Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December.Prices have stayed low as China, a key consumer of global oil, has signaled a lackluster appetite for the commodity.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-25/latest-oil-market-news-and-analysis-for-sept-26">Bloomberg</a>, developments in Libya also added to Thursday's oil plunge.The country agreed to appoint a new central bank governor, ending a deadlock between rival administrations. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

Why oil prices have plunged 3% today

<ul class="summary-list"><li>Indexes slipped on Wednesday led by a sell-off in chip stocks.</li><li>Alphabet rose after delivering a big earnings beat.</li></ul>US stock ended lower on Wednesday as encouraging tech earnings were eclipsed by a sell-off among semiconductor shares. <a target="_blank" href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet's</a> <a target="_blank" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10#:~:text=Revenue%20from%20Google%20Cloud%20grew,%25%20in%20after%2Dhours%20trading.&amp;text=Alphabet%20and%20Google%20CEO%20Sundar,investments%20were%20%22paying%20off.%22">big earnings beat</a> helped send its stock up almost 3% in the session, but major indexes fell as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chipmakers-amd-smci-super-micro-stock-auditor-earnings-report-guidance-2024-10?_gl=1*1ys7uu1*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDMxNDE2OC43NzkuMS4xNzMwMzE4MDQ4LjYwLjAuMA..">chipmakers suffered losses.</a>AMD and Super Micro Computer led the rout. The former fell on weak fourth-quarter guidance, while Super Micro plummeted on news that its auditor resigned due to company concerns. AMD dropped almost 11%, while SMCI plunged 33%. However, investors have more big tech earnings to look forward to.Shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Microsoft</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Meta</a> traded higher as traders anticipated their <a target="_blank" href="https://markets.businessinsider.com/news/stocks/meta-q3-earnings-preview-meta-stock-price-ai-growth-guidance-2024-10?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">financial results</a> on after the closing bell. <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Apple</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock?utm_medium=ingest&amp;utm_source=markets">Amazon</a> are on deck to report after the close on Thursday.Macroeconomic data released on Wednesday highlighted ongoing strength in the US economy, diluting concern that interest rates might need to drop quickly to propel growth.Third-quarter US real GDP came in <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-third-quarter-economy-2024-10?utm_medium=ingest&amp;utm_source=markets">at an annualized rate of 2.8%</a>, driven by a strong consumer. PCE, the Federal Reserve's preferred inflation gauge, reached 2.2% — close to the central bank's target rate of 2%."This is excellent on the GDP, particularly when you look at the consumer spending," economist Claudia Sahm told <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-10-30/gdp-report-not-one-to-be-afraid-of-economist-claudia-sahm">Bloomberg TV</a>. "It's not just one quarter: we have now put together four quarters that are about three percent growth in consumer spending, inflation-adjusted. "The labor market also appears strong, as ADP hiring rose by its fastest rate in over a year. The data potentially sets the stage for another big nonfarm payrolls report on Friday, which will help inform the Fed's next move at its November 6-7 policy meeting. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:<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&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,813.67, down 0.33% <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&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,141.54, down 0.22% (-91.51 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&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,607.93, down 0.56% </li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-us-vs-canada-david-rosenberg-bull-rally-2024-10?_gl=1*w92gmg*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDMxNDE2OC43NzkuMS4xNzMwMzE1OTIyLjU5LjAuMA..">Top economist David Rosenberg says Canadian stocks look poised to outperform the S&amp;P 500.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-undervalued-9-trillion-ai-spend-masayoshi-son-softbank-2024-10?_gl=1*15nw6jj*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTczMDMxNDE2OC43NzkuMS4xNzMwMzE2MDk0LjQ0LjAuMA..">Nvidia is undervalued as $9 trillion is still needed for superintelligent AI,</a> SoftBank's CEO said.</li><li><a target="_blank" href="https://www.businessinsider.com/us-manufacturing-production-boom-economy-made-in-america-trade-war-2024-10">US industrial re-shoring could be a $10 trillion economic opportunity,</a> according to Morgan Stanley.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil jumped 2.38% to $68.81 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 2.31% at $72.76 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> inched up 0.59% to $2,797.6 an ounce.</li><li>The 10-year Treasury yield stayed essentially flat at 4.282%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> eased by 1.43% to $71,786.57</li></ul>

You Searched For "yes bank news today" and got 10 results

What has changed for your credit cards, starting today?

Ira Alok Puranik

Insider Today: America's billionaire hub

Joi-Marie McKenzie

The Bitcoin rally does not seem to be stopping anytime soon! Does this spell good news for Indian markets?

BI India Bureau

5 reasons why inflation will be stickier than expected going forward, Deutsche Bank says

Filip De Mott

Insider Today: The unstoppable Sam Altman

Dan DeFrancesco

Simply Put: A Deposit Dilemma — What's the fuss about a crisis in Indian bank deposits? Are mutual fund investments to blame?

Ira Alok Puranik

You can get the iPhone 16 in under 10 minutes while sitting at home, here is how

Divyanshi Sharma

Stock market today: Indexes trade mixed as investors assess rate outlook after new inflation data

Jennifer Sor

Why oil prices have plunged 3% today

Filip De Mott

Stock market today: Indexes slide as chipmaker rout drags tech ahead of key earnings

Filip De Mott

Popular Keywords

Buying Guides