Business
Largecaps look better as smallcaps price in strong growth: Franklin Templeton’s Arihant Jain
While mid- and small-cap stocks are factoring in 20% to 30% earnings growth, large-caps are being valued against more modest 10% to 12% expectations. That leaves greater room for earnings upgrades and a valuation re-rating in large-caps, Jain said. Edited excerpts from a chat:
The Sapphire Equity Long-Short SIF can hold 75–100% in long positions and short up to 25%. What is the current long-short positioning, and what specific signals would make you deploy the full shorting limit?
Our asset-allocation model determines our long and short exposure. Leverage is not allowed in India. Globally, long-short strategies often operate on a 150-50 model—150% long and 50% short, resulting in net equity exposure of 100%. In India, we decide how much to be long and short without leverage.
We use a macroeconomic and technical model to assess whether the market is bullish, bearish or volatile. If the market is on a positive trajectory, we may be 100% long. If we see stress or an opportunity in a particular sector, we may take technical short positions. Our net equity exposure can range from 60% to 100%.
Our multi-factor model selects stocks using four factors: quality, valuation, price momentum and earnings momentum. We have developed our own factor definitions on the Mosaic platform, calculate a score for each company and use a portfolio-construction tool to determine sector and market-cap allocation.
Quality is subjective. Our definition differs from the factor indices of NSE, BSE or MSCI because we want to control and continuously upgrade it. One of our quality factors is innovation: we assess spending on research and development and branding because such companies may eventually deliver stronger sales growth.For valuation, we focus more on enterprise value than market capitalisation because enterprise value also captures debt. For momentum, we assess price as well as earnings. Price is historical, while earnings momentum provides information about the future. We look at EPS-revision growth to identify surprises. If a company is growing at 40%, that may already be priced in. But a change from 40% to 42% or 38% is new information, which we try to capture.
The short book uses the same framework to identify the weakest companies.
We were 100% long in July because domestic macroeconomic signals were bullish. Credit growth was above 15% to 20%, and earnings growth was between 10% and 30% across large-, mid- and small-cap companies. We were not seeing negative macro signals. Technically, the market was neutral, so we consciously chose to be 100% long.
Since launching the fund, have you taken any short positions?
Very small ones. Over a five- to seven-year horizon, short positions may not always add value. In a bull market, a stock that merely underperforms the benchmark may not generate a short-side return. The stock needs to deliver an absolute negative return
The universe available for shorting is also relatively small. Futures and options are available in around 200 stocks, although these represent roughly 80% to 85% of the market by capitalisation. Having all 500 stocks available for shorting would help, but that is not the current situation.
The strategy is not designed to maintain short positions at all times. In a stressed or bearish market, or during periods of high volatility, we can increase short exposure to protect the downside. The upside will primarily come from equity exposure.
The market has been broadly range-bound for two years. While domestic flows have protected the downside and new supply has restricted the upside. With foreign investors returning and a large IPO pipeline absorbing capital, is it becoming harder to generate alpha?
Arihant Jain: It depends on where a fund is positioned. The market was broadly flat in 2018-19, but that did not prevent every fund manager from generating alpha. Over a five- to seven-year period, there may be two or three flat years. That does not mean the market will remain flat going forward.
We are positive on earnings growth. We expect the second quarter to be strong, with analysts projecting 20% to 30% growth in mid- and small-caps. If earnings growth remains strong, market capitalisation will eventually move in the same direction. Ultimately, the market is driven by earnings growth.
What is your market outlook? Will the market return to record highs, or will small- and mid-caps continue to lead?
Arihant Jain: It depends on earnings growth and the multiples available for that growth. Mid- and small-caps are already pricing in 20% to 30% earnings growth. Unless there is a positive surprise, much of that expectation is reflected in prices.
In large-caps, investors are expecting nominal earnings growth of around 10% to 12%. That leaves room for earnings estimates to be revised upwards and for valuation multiples to expand. I am not saying small- and mid-caps will necessarily de-rate, but on a risk-adjusted basis, large-caps may look better going forward.
Your multi-factor fund has around 80% exposure to large-caps. Is that a deliberate choice?
Arihant Jain: It is also a result of portfolio construction. The fund’s benchmark is the BSE 200, which is predominantly represented by large- and mid-cap stocks. We are generally comfortable holding 70 to 90 stocks; the fund currently has around 80.
What makes a multi-factor fund different from single-factor value or momentum funds?
Arihant Jain: Single-factor strategies carry higher drawdown risk. If a factor goes out of favour, the underperformance can be significant. We have seen a single factor underperform the benchmark by as much as 70 percentage points over four years—for example, while the Nifty 200 rose 72%, a single-factor strategy gained only 1%.
We use multi-factor investing as a core allocation. We assess a company from a 360-degree perspective, looking at its quality, valuation and momentum. We assign strategic weights to the factors and maintain exposure to all of them. We may take small tactical positions, but it is almost impossible to time when a factor will perform or crash.
Our approach is “and”, not “or”. We look for a company with good quality, reasonable valuation and momentum. Selecting the top companies separately on quality, valuation and momentum and then combining them may create a portfolio that appears diversified but is actually a combination of three correlated factor portfolios.
Which sectors look attractive to you at this stage?
Arihant Jain: Private banks could be an opportunity given their valuations and the credit environment. Metals may also be interesting, depending on how the current cycle develops.
How is a quantitative model different from an AI-driven model?
Arihant Jain: A quantitative model is algorithm-based. The efficiency of the algorithm and the experience of the team are important. Our team has been running quantitative strategies globally for more than 20 years, so we understand the risks, how to control them and how to upgrade the model.
You can broadly compare it with AI because both involve machine learning. However, we control both the inputs and the underlying algorithm. With a third-party AI system, you may control the inputs but not the algorithm.
If we have a sector view, we generally let the model drive 80% to 90% of the portfolio and take an active call on the remaining 10% to 20%. For example, if a corporate governance issue may take time for the model to capture, our experience can help us react earlier. This makes the strategy something between a passive fund and a pure active fund.
The model is continuously upgraded. Stock selection is important, but position sizing can sometimes be even more important. We focus on both.
Help us understand how your quant model works and how many factors you consider?
Arihant Jain: Globally, the team has more than 100 people. We also have a dedicated 15-member technology team maintaining the Mosaic platform. The models are refreshed daily, although the portfolio is generally rebalanced monthly.
In the multi-factor fund, we use more than 35 sub-factors. Quality, for example, contains more than 12 sub-factors, which are combined into a single quality score. The same applies to valuation, price momentum and earnings momentum.
We use macroeconomic data to help determine long and short exposure. I am evaluating alternative, higher-frequency data such as short-interest data and the put-call ratio, although nothing concrete has been added in the last year.
What is the typical churn ratio?
Arihant Jain: It is typically around 70% to 90% for our quantitative funds. Since we use a core approach based on quality, value and sentiment, a stock tends to remain unless something materially changes. The multi-factor approach generally results in more stable positions than a single-factor strategy.
How do you see the SIF category developing?
Arihant Jain: There is a structural gap between what regulations allow and the tools available to fund managers. Mutual funds can take positive positions, but they have limited tools when they are neutral or negative. An SIF provides another potential source of alpha and drawdown protection, thereby adding diversification.
The ability to take active short positions is a key differentiator. Mutual funds cannot undertake naked shorting. If we are negative about a theme or stock, we may hedge or avoid it, but we cannot take an active short position at scale. An SIF provides that additional tool and a potentially different source of returns.
Taxation is another advantage because it is similar to mutual-fund taxation. Derivatives have traditionally been treated as business income, which can attract a much higher tax rate.
Business
Nvidia: 70% Growth Guidance Makes This A Strong Buy (NASDAQ:NVDA)
Dhierin-Perkash Bechai is an aerospace, defense and airline analyst.
Dhierin runs the investing group The Aerospace Forum, whose goal is to discover investment opportunities in the aerospace, defense and airline industry. With a background in aerospace engineering, he provides analysis of a complex industry with significant growth prospects, and offers context to developments as they occur, describing how they might affect investment theses. His investing ideas are driven by data informed analysis. The investing group also provides direct access to data analytics monitors.
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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
AI-Generated Food Images Spoil Appetites As Restaurants Turn To ChatGPT For Menu Photos
Consumers across the country are increasingly encountering artificial intelligence-generated images of food on restaurant menus and marketing materials, and many say the results are unappetizing, misleading and sparking a wave of online backlash against the growing trend.
The controversy gained fresh attention after Jill Sennett, a 37-year-old nurse in Denver, shared AI-generated menu images from a Jamaican barbecue pop-up restaurant with her 26,000 followers on X, showing meats that appeared to resemble leather belts covered in tiny beetles. The post was reshared by more than 500 people, many of whom expressed similar disgust at the images.
Sennett said the trend feels like a troubling shift in how restaurants present food to customers.
“Such an essential human experience,” Sennett said of eating, adding that she views the shift toward AI-generated food imagery as “a bad cultural thing that restaurants are converting to these horrific, uncanny food images that are unappetizing.”
Despite her reaction to the images, Sennett said she still ordered chicken and macaroni and cheese from the restaurant, noting it was one of her only lunch options at the time and that she had eaten there previously.
The manager of Jamaican Jerk and Barbecue Restaurant, the Denver establishment that hosted the pop-up at Sennett’s hospital, confirmed he had used ChatGPT to generate the menu images rather than paying a graphic designer, a service he does use for the restaurant’s permanent, bricks-and-mortar location.
“We decided we would design something that was eye-catching,” the manager said, declining to give his name for publication. “Restaurant people are trying to be cost-effective.”
According to a 2026 report from the National Restaurant Association, 26% of restaurant operators now use AI in some capacity to assist with marketing, inventory management, employee scheduling, menu optimization or order taking, reflecting the technology’s growing footprint across the industry even as consumer reactions to specific applications, particularly AI-generated food imagery, have proven mixed at best.
Backlash to the trend has been particularly sharp in the San Francisco Bay Area, a hub for AI development. When San Francisco cafe Grind & Unwind put up signage depicting menu items that locals quickly identified as AI-generated, vandals graffitied the storefront with a message cafe owner Lyndsey Lozano interpreted as reading “seriously.” A Reddit post titled “Yum, slop” drew commenters comparing the AI-generated bread images to textures resembling reptile skin and a loofah.
Lozano told SFGate in July that the reaction was “not what we were expecting,” noting the signage had only been intended as a temporary measure. She and her husband subsequently removed the AI-generated signage and spent an estimated $700 painting over the resulting graffiti, according to SFGate.
Sennett said she finds some amusement in AI’s continued struggles to convincingly render food.
“It can do uncanny videos of celebrities, but it can’t depict a hamburger,” Sennett said. “I hope it stays that way, honestly, and we can shame restaurants into stopping.”
Industry professionals say the technology’s growing use reflects genuine cost pressures facing restaurants, even as its application to customer-facing imagery specifically remains contentious. Hunter Lewis, editor in chief of Food and Wine magazine, said he has observed restaurants increasingly automating parts of their back-end operations, but cautioned that AI’s use should generally remain invisible to diners.
“The American dining public is smart,” Lewis said. “They know what they want, and they know what is real.”
Some restaurants have leaned into rejecting the technology entirely as a marketing strategy of its own. When Wyoming restaurant Chugwater Soda Fountain publicly pledged, on a piece of cardboard, that it would never use AI and would instead continue posting hand-drawn images of its burgers, the Instagram post drew more than 200,000 likes, with some commenters celebrating the homespun approach while others noted the irony of posting the pledge on an AI-powered social media platform.
Jamie Soja, a professional photographer in the Bay Area who has shot images for restaurant marketing and food-delivery services, said AI-generated images most often fail to accurately capture a dish’s texture.
“The color and texture and the ingredients look kind of off in the way that they’re arranged,” Soja said, adding that lighting in AI-generated food images frequently appears unnatural as well.
Major technology platforms are increasingly embedding AI tools directly into their systems, further complicating the debate. Food-delivery app DoorDash offers AI photo tools designed “to improve the presentation of an existing image of a dish,” adjusting lighting, color or background, the company said in a statement. DoorDash said its policies prohibit restaurants from creating or altering misleading images of menu items, and that the company reviews menu images for compliance, automatically applying an “AI-enhanced” label to images edited using its tool. Even so, distinguishing AI-generated images from simply heavily edited photography can prove difficult even for trained professionals like Soja.
Researchers have begun studying how AI-generated food imagery affects consumer perception and appetite. In a 2024 study, Charles Spence, a University of Oxford professor of experimental psychology, found that consumers generally preferred AI-generated food images when they did not know the images had been created by a machine, but rated the same images as less appealing once that fact was disclosed to them. Spence’s research also found that AI tools tend to alter food images in predictable ways, often adding visual cues of fat, such as butter on mashed potatoes, when prompted to make an image appear more appealing, raising concerns that such imagery could subtly nudge both diners and chefs toward larger portions with higher fat content over time.
The backlash has extended even to professionals who work with AI regularly. Brandon Hill, chief executive of a design and marketing agency in San Francisco, said he was sufficiently put off by AI-generated menu images at a downtown cafe that he photographed and shared them with his more than 86,000 followers on X, noting that even in a city known for AI development, the resulting images “don’t look all that appetizing.” Hill said the images also left him “skeptical of what the actual meals will look like.”
Not every restaurant owner has faced the same backlash. Nila Norero Salvatore, owner of Bella Cafe, the San Francisco cafe referenced in Hill’s post, said she has not personally received complaints about the ChatGPT-designed signage advertising her breakfast menu. Norero Salvatore, 65, described herself and her husband as “old-fashioned,” adding that experimenting with AI has felt “fun” and “new for us.” She said she also uses ChatGPT to help write employee reference letters and draft the cafe’s staff handbook.
Beyond the cost savings on graphic design, Norero Salvatore said she genuinely likes how the AI-generated images look.
“I think it’s a great way of advertising our products, even though sometimes people say AI isn’t effective or it’s not natural,” she said.
As restaurants continue navigating the still-developing norms around AI-generated imagery in customer-facing marketing, the sharply divided reactions from diners, industry professionals and restaurant owners alike suggest the debate over the technology’s place on menus is likely to persist even as more establishments experiment with the cost-saving tools.
Business
SmartCentres: A 6.75% Dividend Yield With Walmart As Anchor Tenant (OTCMKTS:CWYUF)
The Investment Doctor is a financial writer, highlighting European small-caps with a 5-7 year investment horizon. He strongly believes a portfolio should consist of a mixture of dividend and growth stocks.
He is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on high-quality ideas in the small-cap space, with emphasis on capital gains and dividend income for continuous cash flow. Features include: two model portfolios – the European Small Cap Ideas portfolio and the European REIT Portfolio, weekly updates, educational content to learn more about the European investing opportunities, and an active chat room to discuss the latest developments of the portfolio holdings. Learn more.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
Google Down? Users Report Login And Content Loading Issues Across Search, YouTube And Play In The US
Google users across the United States began reporting widespread access problems Sunday, with complaints spanning multiple services including Google Search, YouTube, Google Play and account login pages, according to outage-tracking reports.
According to monitoring data compiled Sunday, 42% of reported problems involved content failing to load, 29% involved difficulties logging into accounts, and 18% involved general website access issues, indicating that the disruption is affecting users across a range of different Google products rather than being confined to a single feature or service.
Independent status-tracking service StatusGator characterized Google Workspace, the company’s suite of productivity tools including Gmail, Google Docs and Google Drive, as operational as of its most recent check Sunday morning, while still logging more than 100 user-submitted outage reports across various Workspace-related services over the preceding 24-hour period. Separate checks of Google Chrome and Google Docs specifically similarly showed the services as officially operational despite continued user complaints trickling in throughout the day.
Google, owned by parent company Alphabet, provides a wide range of interconnected services used by billions of people worldwide, including its core search engine, Gmail email service, YouTube video hosting platform, Google Maps navigation, the Chrome web browser, the Android mobile operating system, the Google Play digital distribution platform, Google Drive cloud storage, and Google Ads, the company’s advertising platform for businesses. Given that scale and the degree of interconnection between these services, many of which rely on shared underlying authentication and infrastructure systems, disruptions affecting one part of Google’s ecosystem can frequently ripple outward to affect several other products simultaneously.
Sunday’s reported issues add to a documented history of periodic Google outages, some brief and isolated to specific services, others considerably more widespread. In June 2025, a significant Google Cloud Platform outage disrupted services across the internet, affecting not only Google’s own products such as Google Meet, but also a range of other major platforms, including Cloudflare, OpenAI, Twitch, Discord, Nintendo and Spotify, all of which rely on Google’s cloud infrastructure to varying degrees. That incident, which Google Cloud CEO Thomas Kurian later addressed directly, was fully resolved within roughly a day, with Google apologizing for what it described in a subsequent blog post as “a failure on our part,” even while noting that the immediate trigger for the outage stemmed from a third-party vendor issue.
Other historical Google outages have centered more specifically on the company’s authentication systems, which govern user sign-ins across its various products. In one earlier widespread incident, an authentication-related bug caused disruptions across Gmail, Google Drive, Google Calendar, Google Play and Chrome Sync simultaneously, with some users reporting that their Chrome browsers would crash entirely when attempting to load Gmail, a symptom that pointed directly to the underlying authentication issue as the root cause.
Google Calendar specifically has also experienced its own periodic standalone outages over the years, including one notable incident that began around 8:15 a.m. Pacific time and left the service largely inaccessible for a significant number of users before being fully restored later that morning, a disruption the company acknowledged shortly after it began.
Given Google’s central role in global internet infrastructure, outages affecting the company’s services tend to generate immediate and widespread public attention, with affected users frequently turning to social media platforms to check whether problems they are experiencing reflect a broader outage or are instead isolated to their own device, browser or internet connection. Outage-tracking platforms such as Downdetector and StatusGator compile crowdsourced reports from users experiencing difficulties, comparing the volume of incoming complaints against typical background activity levels to help determine whether a genuine, widespread service disruption is underway.
As of Sunday, Google had not issued a detailed public statement specifically addressing the reported access issues affecting Search, YouTube, Google Play and account login pages, consistent with the company’s general practice of acknowledging major outages formally only once report volumes climb well beyond routine background levels, and often providing only limited technical detail about the underlying cause even after an incident has been resolved.
For users experiencing difficulty accessing Google services, standard troubleshooting steps typically recommended by technology support resources include verifying an active and stable internet connection, restarting the affected application or clearing the browser’s cache and cookies, checking for and installing any pending software or app updates, and confirming whether the issue is isolated to a single Google product or affecting multiple services simultaneously, which can help determine whether the underlying cause is more likely tied to a broader account authentication problem rather than an issue specific to an individual app.
Given the scale of Google’s global user base, even relatively contained or short-lived disruptions can generate outsized attention and disruption for businesses and individuals who rely heavily on the company’s services for everyday tasks, including email communication, document collaboration, video hosting, mobile app distribution and general web search. That reliance has made Google outages, historically infrequent relative to the scale of the company’s operations, a recurring source of significant public interest whenever they do occur, given how many other digital services and daily routines depend on Google’s infrastructure functioning normally.
As of Sunday, it remained unclear how long the reported access issues would persist or what specific technical cause might be responsible for the disruption affecting login, content loading and general website access across multiple Google products. Affected users were advised to continue monitoring both independent outage-tracking services and Google’s own official status and support channels for updates, as the company worked, without formal public acknowledgment as of the time of this report, to address the underlying issues contributing to Sunday’s reported disruptions.
Business
Zscaler: Cheap Compared To Closest Peers For No Good Reason
Zscaler: Cheap Compared To Closest Peers For No Good Reason
Business
Why Realty Income Is Poised To Hit +$75 (NYSE:O)
Rida Morwa is a former investment and commercial Banker, with over 35 years of experience. He has been advising individual and institutional clients on high-yield investment strategies since 1991. Rida Morwa leads the Investing Group High Dividend Opportunities where he teams up with some of Seeking Alpha’s top income investing analysts. The service focuses on sustainable income through a variety of high yield investments with a targeted safe +9% yield. Features include: model portfolio with buy/sell alerts, preferred and baby bond portfolios for more conservative investors, vibrant and active chat with access to the service’s leaders, dividend and portfolio trackers, and regular market updates. The service philosophy focuses on community, education, and the belief that nobody should invest alone. Learn More.
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Business
(VIDEO) Iva Jovic Outlasts Close Friend Alex Eala In Epic Three-Hour US Open Battle To Reach Round Of 16
NEW YORK — American teenager Iva Jovic outlasted her close friend Alexandra Eala of the Philippines in a grueling three-hour, three-minute battle Saturday night at Arthur Ashe Stadium, winning 7-5, 3-6, 7-5 to reach the fourth round of the U.S. Open for the first time in her young career.
The 14th-seeded Jovic, 18, extended her perfect head-to-head record over Eala to 3-0 with the victory, having previously defeated the 17th-seeded Filipina at Roland Garros and at the HSBC Championships at Queen’s Club earlier this year. The win sends Jovic into a fourth-round matchup against fourth seed and 2023 champion Coco Gauff, who defeated Cristina Bucsa, 6-3, 6-4, earlier in the tournament.
Both Eala, 21, and Jovic had reached the third round through relatively comfortable straight-set victories, with Eala defeating Mary Stoiana, 6-1, 6-2, and Oleksandra Oliynykova, 6-1, 6-4, while Jovic advanced past Magdalena Frech, 7-5, 6-3, and Francesca Jones, 6-4, 6-4. Saturday’s meeting, by contrast, developed into one of the most intense and closely fought matches of the entire tournament.
Jovic struck first, capitalizing on two double faults from Eala to earn the match’s first break of serve and take an early 2-1 lead in the opening set. Eala immediately threatened to break back, earning three break points on Jovic’s serve in the fourth game, but the American held her nerve, winning five consecutive points to fend off the threat and extend her lead to 3-1. Jovic continued applying pressure, breaking again in the fifth game to stretch her advantage to 4-1 before Eala finally halted the run, breaking back in the sixth game and holding in the seventh to cut the deficit to 4-3. Jovic ultimately closed out the opening set 7-5.
Eala responded strongly in the second set, taking it 6-3 to force a decisive third set. Eala broke Jovic’s serve in the opening game of the final set and consolidated the advantage for an early 2-0 lead. Jovic broke back two games later, and from that point the match turned into an extended battle of superb shot-making, stellar defense and long, physically demanding rallies, with momentum shifting repeatedly in front of a crowd at Arthur Ashe Stadium that appeared largely supportive of Eala for much of the contest, before seeming to back both players equally by the match’s conclusion.
After a Jovic double fault gave back an earlier break in the decisive set, Eala held serve at love to take a commanding 4-2 lead, putting her within reach of the fourth round. That lead would not hold. Jovic won the next game after multiple deuces, then leveled the match with a pinpoint winner off Eala’s serve. In the final game, on Jovic’s second match point, Eala hit a forehand into the net, sending Jovic collapsing to the ground in visible relief and exhaustion before the two players shared a warm embrace at the net.
Statistically, the match reflected its grueling nature. Jovic struck 44 winners against 27 unforced errors, while Eala recorded 34 winners against 33 unforced errors. Jovic won 12 of 15 points at the net, while Eala won 16 of her 25 net points. Both players returned serve exceptionally well throughout the match, though Jovic proved slightly more effective in the most critical moments, converting nine of 17 break-point opportunities compared with Eala’s eight conversions out of 20 chances.
Speaking after the match, Jovic described the physical and emotional toll the contest took on her over its three-hour duration.
“It took losing my earrings, falling literally flat out on the floor, cuts on my knees, mental breakdowns,” Jovic said. “It took literally everything.”
Jovic elaborated further on the emotional intensity of playing such a high-stakes match in the tournament’s largest venue.
“Playing on Arthur Ashe, in front of that atmosphere, I felt like I was shaking throughout the entire match,” Jovic said. “I lost my earrings midway through. I got them back. There was a time I was literally splat on the floor … I have cuts on my knees. I had to give absolutely everything to get through that.”
Eala, despite the heartbreaking defeat, offered a graceful exit from the court, congratulating Jovic with a hug, smiling and waving to the crowd as she left Arthur Ashe Stadium. According to reporting from the Philippine outlet Inquirer, Eala’s composure held until she reached the tunnel leading away from the court, where she began to hold back tears over how close she had come to reaching the fourth round.
Saturday’s match came just 10 days after Jovic and Eala had shared laughs together at Arthur Ashe Stadium during an exhibition event, underscoring the genuine friendship between the two rising stars even amid their intensifying on-court rivalry.
The victory continues a breakout 2026 season for Jovic, who reached the quarterfinals of the Australian Open earlier this year before falling to top seed Aryna Sabalenka, advanced to the third round at the French Open before losing to Naomi Osaka, and reached the fourth round at Wimbledon, where she faced Jessica Pegula. With Saturday’s win, Jovic has now reached her third Grand Slam round of 16 appearance of the season, becoming the youngest American player to accomplish that feat since Venus Williams in 1998.
For Eala, the loss ends a run that had captured significant attention back home in the Philippines, where her deep push into the tournament had reportedly complicated family wedding plans in Seattle for supporters following her progress closely throughout the week. Despite the disappointing finish, Eala’s run to the third round, including her straight-set victories over Stoiana and Oliynykova, represented a notable tournament for the 21-year-old as she continues building her career on the WTA Tour.
With Jovic now advancing to face Gauff in an all-American fourth-round showdown, the young American’s continued rise through the sport’s biggest stages sets up another high-profile matchup at her home Grand Slam, as she looks to build further on what has already become the most successful season of her young professional career.
Business
How will Nifty, Sensex behave on Monday? US Fed rate hike bets, among 4 factors to drive D-Street action
Sensex gained 363 points to close at 76,515 while Nifty 50 rose over 24 points to end the session below 23,898 on Friday. Broader markets closed mixed, with Nifty Midcap 100 slipping into the red, while Nifty Smallcap 100 closed in the green.
Here are major factors that drive market mood starting Monday
Oil gains again – Crude oil prices gained about 8% this week after US and Iran exchanged strikes after a month, reigniting fears of a supply crunch as the Strait of Hormuz remains shut for oil transit.
Citi raised its average Brent crude price forecast for the third quarter to $86 a barrel from $80, citing a longer-than-expected reopening timeline for the Strait of Hormuz.
Further, ANZ analysts also lifted their short-term Brent crude forecast to $95 a barrel, warning that prices could face further upside if the conflict in the Middle East intensifies.
Rising bond yields – A bond-market selloff of a scale not seen in decades is adding to concerns for Indian investors. Yields across major economies have risen to multi-year highs this week as markets contend with three key pressures: oil-driven inflation, tighter monetary policy and worsening fiscal conditions.The surge in oil prices, along with a sharper rise in fuel costs, has pushed inflation and government borrowing costs higher globally. This has also heightened concerns that economic growth could weaken without some relief.
Rising bond yields also make US fixed-income assets more attractive by offering higher returns with relatively low risk. This can reduce the relative appeal of Indian equities, particularly for foreign investors, and encourage global capital to shift towards US fixed-income investments.
US jobs report ups rate hike bets – A stronger-than-expected US jobs report has put a September interest-rate hike firmly back in focus, leaving Federal Reserve Chair Kevin Warsh facing a difficult decision as President Donald Trump steps up calls for lower borrowing costs.
US employers added 162,000 jobs in August, nearly three times economists’ expectations, while the labour force participation rate rose to 61.6%. The increase in participation brought more people into jobs directly, helping keep the unemployment rate at 4.1% even as the pool of available workers expanded.
The report strengthens the case for the Federal Reserve to raise rates at its September 15-16 meeting, particularly after Warsh said last week that he needed confidence that inflation was moving back towards the central bank’s 2% target “clearly and at sufficient speed.” Without that, he said, “we have work to do.”
FII DII activity – Foreign investors are making a decisive return to Indian equities, with FPI inflows crossing $3.2 billion in August. The buying momentum has carried into September, with foreign portfolio investors pouring Rs 2,374 crore into Indian equities in the first four days of the month.
“The tapering of the chip trade and the FPIs turning consistent sellers in the chip stocks in South Korea and Taiwan have played an important role in bringing the FPIs back to India,” V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd said.
The resilience of the Indian economy, as indicated by the Q1 FY27 GDP growth rate of 7.8%, and the better-than-expected Q1 earnings numbers and stabilisation of the rupee are other positive factors that have the potential to sustain the positive FPI inflows into India. The massive $127 billion that came to India under the FCNR (B) scheme has strengthened the rupee significantly from the low of 96.96 to the dollar in May to 94.49 on 4th September.
What lies ahead of Dalal Street
Nifty’s technical picture provides little evidence of a sustained recovery at this stage. Nifty is comfortably trading below its short and long-term moving averages, while the 20, 50, and 100-day EMAs have started edging lower, indicating increasing bearish pressure, says Sudeep Shah of SBI Securities.
The daily RSI is hovering around 40 and remains below its 9-day average, while the daily ADX has moved above 20 and is rising, suggesting that the prevailing trend is gaining strength. With momentum and trend indicators weakening, the spotlight now shifts to a crucial support zone.
That support zone lies in the 23,750-23,700 region. The zone is important as the 61.8% Fibonacci retracement of the previous upmove from 23,070 to 24,774 is placed around this region. A sustained break below 23700 could intensify the correction towards 23,500, followed by 23,300.
On the upside, the hurdle is placed in the zone of 24,150-24,200 as it is the confluence of 50 and 100-day EMA levels. A sustained move above this range would be required to ease the prevailing bearish bias and bring stability back to the index.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
A Hot CPI Report May Force A September Rate Hike
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Business
Dividend stocks: Kalyan Jewellers, IREDA among over 150 stocks turning ex-record date this week. Do you own any?
To be eligible for these corporate actions, investors must hold the shares in their demat accounts as of the respective record dates. The list is tentative, as more companies may announce record dates for dividends during the week.
Here is the day-wise list of corporate actions to watch out for this week:
September 7 (Monday)
Texmaco Infrastructure and Holdings will pay a dividend of Rs 0.15 per share to its eligible shareholders, while GeeCee Ventures will pay Rs 2 per share. Transpek Industry meanwhile will pay a final dividend of Rs 20 per share.
September 8 (Tuesday)
At least 11 companies have fixed Tuesday as the record date for their respective dividends. APL Apollo Tubes accounts for the highest dividend payouts among them, as the company is set to pay a dividend of Rs 8.5 per share. KDDL will pay Rs 8 per share, while Globus Spirits will pay a dividend of Rs 6.53 per share.Tinna Rubber and Infrastructure will pay Rs 3.25 per share, while each of Polyplex Corporation and Valplast Technologies will pay Rs 1 per share. Other companies that have fixed Tuesday as the record date for their respective dividends include Bhandari Hosiery Exports (Rs 0.01 per share), BLS E-Services (Rs 0.5 per share), Rushil Decor (Rs 0.05 per share) and Sinclairs Hotels (Rs 0.1 per share).
September 9 (Wednesday)
At least 17 companies have set Wednesday as the record date for their respective dividends. Force Motors accounts for the highest single dividend payout on the day, with the company set to pay a final dividend of Rs 50 per share. Empire Industries will pay a total of Rs 50 per share through a special dividend of Rs 25 per share alongside a final dividend of Rs 25 per share.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) will pay a final dividend of Rs 21 per share, while Naperol Investments will pay Rs 16.48 per share. Travel Food Services will issue a dividend of Rs 10.25 per share, followed by Jyoti Resins & Adhesives at Rs 9 per share and Associated Alcohols & Breweries at Rs 2 per share.
Acknit Industries will pay Rs 1.5 per share, while each of Century Plyboards (India), National Fittings, Perfectpac, Shree Digvijay Cement Company, and Worth Peripherals will pay Rs 1 per share. JBM Auto will pay a dividend of Rs 0.85 per share, while Kronox Lab Sciences and WEP Solutions will each pay Rs 0.5 per share. Other companies turning ex-dividend on Wednesday include Aastha Spintex (Rs 0.1 per share).
Also read | Bonus issue alert! Multibagger Titan Biotech announces its maiden 1:4 bonus issue
September 10 (Thursday)
At least 18 companies have designated Thursday as the record date for their respective dividends. TVS Srichakra accounts for the highest payout of the day, as the company will pay a final dividend of Rs 37.8 per share. Ganesha Ecosphere will pay Rs 3.5 per share, followed by Divgi Torqtransfer Systems at Rs 3.27 per share.
Apex Frozen Foods and Radiant Cash Management Services will each pay Rs 2.5 per share, while Elnet Technologies and Zee Entertainment Enterprises will pay Rs 2 per share. Linc, Power Mech Projects, and Valiant Communications will each pay Rs 1.5 per share, while Chemcrux Enterprises, M&B Engineering, and Sicagen India will pay Rs 1 per share.
Other companies turning ex-dividend on Thursday include Indsil Hydro Power and Manganese (Rs 0.6 per share), Grauer & Weil (India) (Rs 0.5 per share), Harshdeep Hortico (Rs 0.25 per share), Indoco Remedies (Rs 0.2 per share), and JMJ Fintech (Rs 0.15 per share).
September 11 (Friday)
More than 100 companies have fixed Friday as the record date for their respective corporate actions and dividends. Apar Industries accounts for the highest single dividend payout of the day, as the company will pay a final dividend of Rs 60 per share. CSL Finance will pay Rs 10 per share, followed by Gujarat Energy at Rs 8.9 per share, Banco Products (India) at Rs 8 per share, Heidelberg Cement India at Rs 7 per share, and Datamatics Global Services and Gujarat State Fertilizers & Chemicals (GSFC) at Rs 5 per share each.
Josts Engineering Company will pay a total of Rs 5 per share through a special dividend of Rs 3.75 per share alongside a final dividend of Rs 1.25 per share. Balmer Lawrie & Company will pay Rs 4.25 per share, DHP India will pay Rs 4 per share, Krishanveer Forge and Mold-Tek Packaging will each pay Rs 3 per share, and Amrutanjan Health Care will pay Rs 2.9 per share.
Finolex Industries will pay a total of Rs 2.75 per share through a special dividend of Rs 0.75 per share alongside a final dividend of Rs 2 per share. Kalyan Jewellers India, CMS Info Systems, NSDL and Metroglobal will each pay Rs 2.5 per share, followed by Astra Microwave Products at Rs 2.40 per share, Balmer Lawrie Investments at Rs 2.27 per share, and Asahi India Glass, Chalet Hotels, Medi Assist Healthcare Services, and Advait Energy Transitions at Rs 1-2 per share each.
Lincoln Pharmaceuticals will pay Rs 1.80 per share, while Abirami Financial Services, Dutron Polymers, Dynemic Products, IRM Energy, and Krystal Integrated Services will each pay Rs 1.5 per share. Blue Jet Healthcare will pay Rs 1.20 per share, while Aarti Industries, Bharat Parenterals, Competent Automobiles, Dynamic Industries, GSP Crop Science, HBL Engineering, and Haryana Leather Chemicals will pay Rs 1 per share each.
Indian Renewable Energy Development Agency (IREDA) and Mangal Credit and Fincorp will pay Rs 0.75 per share, among other stocks.
Also read | Which stocks should you buy ahead of the festive season? Here are Kotak Securities’ top 10 picks
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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