Traders work at the New York Stock Exchange (NYSE), Friday, November 8, 2024.
Source: NYSE
Stock futures are near flat Monday night as Wall Street continued analyzing which sectors to pour money into amid a postelection rally that’s sent equities to record levels.
Futures tied to the Dow Jones Industrial Average lost 37 points, or 0.1%. S&P 500 and Nasdaq 100 futures each also ticked down about 0.1% each.
Monday’s action comes amid a market upswing that began following last week’s presidential election won by Donald Trump. The Dow gained more than 300 points to close higher than 44,000, while the S&P 500 finished the session just over 6,000. With that, Monday marks the first time either finished a trading day above those respective levels.
The Nasdaq Composite inched higher in the session, finishing at an all-time closing high for its fourth day in a row. Meanwhile, the small cap-focused Russell 2000 surged 1.5%.
Beyond stocks, bitcoin soared to record levels above $89,000 on Monday.
“The market is looking at the presidential election and whatever policies they think are going to be put in place,” said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. “It’s a lot of what we saw back in 2016 when Trump won the election the first time.”
Investors will watch Tuesday for economic data on small businesses due in the morning. They’ll also monitor commentary from Federal Reserve officials including Fed Governor Christopher Waller and Minneapolis Fed President Neel Kashkari scheduled throughout the day.
Market participants will then turn attention to consumer and producer price index readings scheduled for later in the week. The release of data from these inflation gauges comes after the Fed last week announced another interest rate cut.
Traders will also parse earnings releases from Home Depot and Shopify expected on Tuesday.
Crypto stocks surge double digits, Coinbase trades over $300 for first time since 2021
Crypto stocks extended last week’s gains as investors basked in the honeymoon period between election day and inauguration day and stayed bullish about the future of the industry under a second Donald Trump presidency.
Coinbase shares jumped 19% on Monday to $324. They were trading above $300 for the first time since 2021 and about 6% off their 2021 record. MicroStrategy shares were also up 25% and miners made big gains across the board.
Crypto stocks were propelled by bitcoin, which continues to hit new highs. It rose above $80,000 over the weekend and approached the $90,000 mark Monday night.
— Tanaya Macheel
Nasdaq Composite closes at 4th straight record Monday
The Nasdaq Composite Index, comprised of 3,473 stocks that trade on the Nasdaq Stock Market, closed at its fourth consecutive record high Monday. The Nasdaq has also set four straight intraday highs, with Monday’s coming at 19,366.07.
The latest market move, which began the day after the presidential vote last Tuesday, eclipsed the prior all-time closing high set Oct. 29, which itself topped what had been the July 10 Nasdaq peak.
The Nasdaq has risen 5.76% over the past week, 16% over the past three months and more than 29% in 2024, according to FactSet data.
Nasdaq Composite over the past five days.
— Scott Schnipper
S&P 500 notches third best presidential election week since 1928, data shows
The S&P 500 just saw its third best presidential election week since 1928, according to Bespoke Investment Group.
The broad index climbed around 4.7% over the course of last week, a timeframe that included the presidential election won by Donald Trump. That gain is the third highest in a presidential election week for the S&P 500 when looking at nearly a century’s worth of data, Bespoke found.
Looking back to 1928, the firm only found two presidential election weeks that brought stronger returns for the benchmark. The best on record took place in 1932, when Franklin D. Roosevelt won. The second best was in 2020, which saw Joe Biden beat Trump.
— Alex Harring
Small caps continue to rally
Small-cap stocks extended gains on Monday as investors see these companies benefiting from President-elect Donald Trump’s preference for deregulation.
The small cap-focused Russell 2000 jumped 1.5% in Monday’s session. By comparison, the broad S&P 500 finished just marginally above its flatline.
The Russell 2000 vs. S&P 500, 1-day
With Monday’s rally, the Russell 2000 is now up about 9.7% from one week ago. That means it has outperformed the S&P 500, which has added just around 5% in this timeframe.
— Alex Harring
Stocks move after hours
These are some of the stocks making moves in extended trading:
- Live Nation Entertainment — The Ticketmaster parent popped 6.2% after posting earnings of $1.66 per share for the third quarter, topping the consensus estimate of $1.59 from analysts polled by LSEG. However, Live Nation saw $7.65 billion in revenue, less than the $7.75 billion figure anticipated by Wall Street.
- Zeta Global — The cloud stock tumbled 7.3% after announcing better-than-expected revenue for the third quarter and issuing strong guidance for the measure. Revenue in the three-month period came in at $268.3 million, above the $252.7 million prediction from analysts surveyed by FactSet.
- IAC, Angi — Holding company IAC said Monday that it’s considering a spinoff of home improvement service platform Angi. IAC shares added 2.9%, while Angi shares dropped 7.6%.
— Alex Harring
Stock futures are near flat
Stock futures tied to the Dow, S&P 500 and Nasdaq 100 were all little changed shortly after 6 p.m. ET. That comes after the three major indexes finished Monday’s trading session at record closing levels.
— Alex Harring
