Stocks rose to new record highs in early trading Monday, while bitcoin hit all-time highs of its own above $80,000, as the election-fueled rally continues.
The Dow Jones Industrial Average was up 1% about 15 minutes after the opening bell, while the S&P 500 added 0.3% and the Nasdaq Composite was flat. The major indexes were adding to record highs set on Friday as investor optimism runs high following Donald Trump’s decisive victory in the presidential election and the Federal Reserve’s moves to cut interest rates.
Shares of Tesla (TSLA), which have been among the biggest post-election movers, were up another 9% this morning. The stock gained 30% last week amid expectations that the company could benefit from a Trump presidency given CEO Elon Musk’s close relationship with the president-elect.
Large-cap tech stocks were mixed Monday morning. Microsoft (MSFT) and Alphabet (GOOGL) were gaining ground, while AI investor favorite Nvidia (NVDA), Apple (AAPL), Amazon (AMZN) and Meta Platforms (META) were all lower.
Bitcoin was trading around $82,000 after topping $80,000 for the first time over the weekend. Bitcoin has gained more than 20% over the past week on hopes that a cryptocurrency-friendly White House and Congress could provide substantial benefits to the asset class.
Crypto-related stocks were surging in line with the bitcoin move this morning. Cyrpto exchange Coinbase (COIN) was up 14%, while bitcoin miner MARA Holdings (MARA) jumped 15% and MicroStrategy (MSTR), one of the world’s biggest holders of bitcoin, was up 9%.
Gold futures were down more than 2% at around $2,630 an ounce. The precious metal, which hit an all-time high above $2,800 early last week, has lost ground as the U.S. dollar has strengthened since the election.
Bond trading is closed on Monday for the Veterans Day holiday. Government offices are also closed, so there is no economic data on the calendar today.
S&P 500 Levels to Watch as Index at Record High
53 minutes ago
The S&P 500 (SPX) closed at a record high Friday after briefly crossing the 6K level for the first time, as stocks have rallied following the U.S. presidential election.
Through Friday’s close, the S&P 500 has gained around 25% this year. The index broke above a rising wedge pattern on above-average volume last week, setting the stage for further potential gains in the week ahead.
A measured move, which calculates the distance between the rising wedge’s two trendlines near their widest point and adds that amount to the initial breakout area, projects a price target in the S&P 500 of 6,500.
Investors should watch important support levels on the index’s chart around 5,900 and 5,670.
Read the full technical analysis piece here.
Stock Futures Point to Higher Open for Major Indexes
1 hr 54 min ago
Futures tied to the Dow Jones Industrial Average were up 0.4%.
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S&P 500 futures also were up 0.4%.
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Nasdaq 100 futures were up 0.5%.
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