Updated 2 min read
In This Article:
The Dow surged on Monday to build on a roaring post-election rally as the “Trump trade” took the spotlight in markets, with shares of Tesla (TSLA) jumping for a fifth straight session.
The Dow Jones Industrial Average (^DJI) led the way higher, up over 300 points, or about 0.7%, while the S&P 500 (^GSPC) gave up earlier session gains. Both indexes are coming off their best week of the year, capped by record highs.
Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) fell below the flat line as Nvidia (NVDA), Apple (AAPL), and Meta (META) lagged.
Small-cap stocks rose, with the Russell 2,000 (^RUT) hitting its highest level since November 2021.
Markets opened on Veterans Day with stocks at all-time highs thanks in large part to expectations for lower corporate taxes and deregulation from President-elect Donald Trump. The Federal Reserve’s latest interest rate cut also buoyed the mood.
Bitcoin (BTC-USD) hit a record, trading above $84,000 amid high hopes for a crypto-friendly Trump administration and Congress. Dogecoin (DOGE-USD) and other smaller digital currencies also gained as traders bet on Trump’s promise to make the US a leading light in crypto.
That optimism also helped push crypto-related stocks higher, building on sharp gains booked since the election. Trading platform provider Coinbase (COIN) rose over 20%, while shares in peer Robinhood (HOOD) put on over 10%.
Tesla stock — another “Trump trade” hot spot — continued to climb, up over 7%. The electric vehicle maker’s stock hit its highest close in over two years on Friday, topping $1 trillion in market value amid optimism over CEO Elon Musk’s relationship with the incoming president.
At the same time, doubts about the stock market rally’s staying power are starting to emerge. Wall Street is waiting for October consumer inflation data on Wednesday for pointers to the path of rates. Last week, Chair Jerome Powell stayed mum on the Fed’s thinking in the face of Trump policies — like promised tariffs — that could keep price pressures in play.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
LIVE 9 updates
-
Tesla stock rises as Wall Street grows more bullish after ‘gamechanger’ election
Tesla stock (TSLA) pared gains in afternoon trading after surging as much as 10% during Monday’s session.
Shares were still up more than 6% past 1:30 p.m. ET.
Investors poured into the stock amid optimism that the electric vehicle maker will be a big winner under the Trump administration.
“We are raising our price target on Tesla to $400 from $300 as we believe the Trump White House win will be a gamechanger for the autonomous and AI story for Tesla and Musk over the coming years,” Wedbush analysts led by Dan Ives wrote in a new note to clients on Monday.
Meanwhile, hedge funds clinging to bets against the stock after last week’s presidential election were heavily in the red.
Read more here.
-
Oil slides 3% as US dollar rises, worries over Chinese demand grow
Oil futures dropped as much as 3% on Monday as the US dollar rose and weaker-than-expected economic data out of China fueled demand concerns from the world’s largest crude importer.
On Wednesday, West Texas Intermediate (CL=F) futures hovered around $68 per barrel, while Brent (BZ=F), the international benchmark, traded just below $72 per barrel.
A rising dollar (DX-Y.NYB) also put pressure on commodities invoiced in the US currency.
Meanwhile, data released over the weekend showed Chinese consumer prices rose at their slowest pace in four months in October, raising fears of deflation and the ineffectiveness of government stimulus efforts to boost the economy.
-
Tech stocks hold back Nasdaq as Nvidia, Apple, Meta lag
Tech stocks lagged on Monday, holding the Nasdaq Composite (^IXIC) back from the rest of the market euphoria.
With the exception of (TSLA) gaining for a fifth straight session, the rest of the “Magnificent Seven” stocks were under pressure.
Shares of AI chip heavyweight Nvidia (NVDA) fell more than 1.5%. Other key laggards included Apple (AAPL) and Meta (META).
The Nasdaq struggled between positive and negative territory throughout Monday’s session.
-
Bitcoin nears $85,000 as ‘Trump trade’ rolls on
Bitcoin (BTC-USD) neared the $85,000 level on Monday — briefly trading just a stone’s throw away from the major milestone.
By 11:35 a.m. ET, the cryptocurrency was at around $84,250, up more than 5% over the past 24 hours.
-
The House may soon belong to the GOP. Here’s what party leaders say they’ll do first.
Yahoo Finance’s Ben Werschkul reports:
The House of Representatives is highly likely to be under GOP rule next year, cementing Republicans’ unified control of power across Washington.
The party currently needs just four seats to maintain its lower chamber majority, and current vote totals show Republicans ahead in eight of the 18 still undecided contests, according to the latest Associated Press tabulations.
GOP leaders are now openly planning their agenda. Here’s what they say is on their list from Day One.
Read more here.
-
Bitcoin touches $83,000
Bitcoin (BTC-USD) just touched another record milestone — the $83,000 level.
-
Bitcoin reaches record high above $82,000 as crypto, Trump trades dominate stock market
Yahoo Finance’s Josh Schafer reports:
Bitcoin (BTC-USD) reached a record high on Monday, trading north of $82,400 on Monday morning and pushing several names in the stock market tied to the crypto trade and the post-election Trump rally higher to start the week.
Coinbase (COIN), which offers cryptocurrency trading on its platform, was up more than 13% early Monday and has now soared about 65% in the past five trading sessions.
Similarly, Robinhood (HOOD), which also facilitates crypto trading, saw its stock rise more than 8% on Monday and is now up more than 36% over the past five days.
Read more here.
-
Stocks open at all-time highs as Tesla soars again, bitcoin hits $82,000
Stocks on Veterans Day opened at all-time highs as market euphoria continued following the presidential election and the Fed’s latest rate cut last week.
The Dow Jones Industrial Average (^DJI) led the way higher, up roughly 0.6%, while the S&P 500 (^GSPC) moved up 0.3%. The tech-heavy Nasdaq Composite (^IXIC) added about 0.3%.
Two of the biggest “Trump trades” to watch on Monday were bitcoin (BTC-US), which touched a new all-time high of $82,000, and Tesla (TSLA), which gained for a fifth straight session.
The EV maker’s stock topped $1 trillion in market value on Friday. CEO Elon Musk was a major political supporter of Trump, helping him get elected.
On Monday, Wedbush analysts raised their price target on Tesla’s stock to a Wall Street high while maintaining an Outperform rating.
“We are raising our price target on Tesla to $400 from $300 as we believe the Trump White House win will be a gamechanger for the autonomous and AI story for Tesla and Musk over the coming years,” Wedbush managing direction Dan Ives wrote in a note.
-
Good morning. Here’s what’s happening today.
Today, on Veteran’s Day, stock markets are open and pointing to further post-election gains amid big moves in digital assets. Tesla (TSLA) shares surged more than 7% in premarket trading, fueled by optimism over CEO Elon Musk’s relationship with President-elect Donald Trump. Meanwhile, bitcoin (BTC-USD) hit a new milestone, surpassing $82,000 as Trump’s pro-crypto stance and a Congress with more crypto-friendly lawmakers spark investor enthusiasm.
Here are some of the biggest stories you may have missed over the weekend and early this morning:
OpenAI pursues shift that could put Nvidia dominance at risk
Trump’s presidency carries plenty of market risk, experts warn
Tesla stock extends rally as Musk-Trump alliance fuels gains
The US ordered TSMC to halt AI chip shipments to China: Source
Bitcoin tops $82,000 as Trump win lifts crypto prospects
Trump presidency likely won’t be a problem for Nvidia’s stock
China Nears Record $1 Trillion Trade Surplus as Trump Returns
