Stock Market Today: Dow Futures Falling as Trump Rally Falters; CPI Inflation Report; Tesla, Nvidia, MicroStrategy, Coinbase, More Movers; Musk Appointment

Nov 13, 2024
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U.S. stock futures were retreating on Wednesday, extending Tuesday’s declines. It looks like traders are taking stock of the big gains after Donald Trump won the election last week.

Dow Jones Industrial Average futures lost 86 points, or 0.2%, after falling yesterday from a record close on Monday. S&P 500 futures retreated 0.1%, while contracts tied to the technology-heavy Nasdaq 100 declined 0.1%.

Other than speculation about what Trump will do to help company profits, there hasn’t been much news to move shares. That could change today when new inflation figures are released that are expected to show price gains are still above the Federal Reserve’s target, which may cast doubt on another interest-rate cut in December.

The inflation reading “will be a key factor in the Fed’s decision next month,” said Deutsche Bank strategist Jim Reid. “There’s been speculation the Fed might skip this meeting and not cut at all.”

The stock market isn’t the only thing pausing to catch is breath after the strong rally. Bitcoin, the largest cryptocurrency, is down slightly after climbing to new highs. Tesla, the electric car maker run by close Trump ally Elon Musk, slipped back after a whopping 40% gain in the aftermath of last week’s vote.

Bond yields continued to rise, however, as Trump’s policies may lead to more inflation than previously anticipated. The 10-year Treasury yield was up slightly at 4.419%, while the two-year yield was at 4.345%.

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