Stock Market Soars to New Heights
The US stock market has just experienced its best week of the year, with the S&P 500 briefly touching 6,000 and the Dow Jones Industrial Average crossing 44,000 for the first time ever. This surge in stocks was driven by optimism surrounding President-elect Donald Trump’s policies and their potential to boost the economy.
Market Rally Continues
The S&P 500 rose 0.4% to a new record, while the tech-heavy Nasdaq Composite closed near the flatline. The Dow Jones Industrial Average gained 0.6% after crossing 44,000 during the session. This rally was fueled by the Federal Reserve’s latest rate cut and Trump’s White House victory.
Tesla Reaches New Heights
Tesla shares soared more than 9% on Friday, reaching a market cap of over $1 trillion. The electric vehicle giant’s stock has rallied more than 30% over the past week, driven by Trump’s win and CEO Elon Musk’s support for the president-elect.
Trump Media & Technology Group Stock Surges
Trump Media & Technology Group stock leaped more than 10% after Trump announced he would not sell his shares in the company, which is the home of his social media platform, Truth Social.
Economic Data Ahead
Next week, investors can look forward to more economic data, including the monthly inflation read, which is scheduled for Wednesday. Economist expect the Consumer Price Index to have risen 2.6% on an annualized basis in September, with a rise of 0.2% from the prior month.
Earnings Season Continues
More companies will announce their quarterly results next week, including Live Nation, Spotify, Home Depot, and Hertz. This will provide investors with further insight into the health of the economy.
Sector Performance
Utilities, Real Estate, and Consumer Discretionary led the market gains on Friday, with Tesla shares gaining more than 9% during the session. AI darling Nvidia, now a member of the Dow Jones Industrial Average, briefly touched a new high earlier in the session but later slipped below the flatline.
Bitcoin Holds Steady
Bitcoin hovered near $76,000 on Friday, as the risk-on rally post Trump’s White House win continued to drive the cryptocurrency higher.
Chinese Stocks Fall
Chinese stocks fell on Friday, dragging on the tech-heavy Nasdaq Composite, which hovered near the flatline. Disappointment over China’s new fiscal stimulus sent shares of Chinese tech stocks lower.
Airbnb Shares Fall
Airbnb shares fell nearly 10% on Friday after posting mixed third-quarter results. Quarterly earnings per share of $2.13 missed Wall Street’s forecast of $2.15, and revenue of $3.73 billion came in ahead of the $3.72 billion expected.
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