World Stock Watch

Market Milestones: Dow Soars Past 44,000, S&P 500 Breaks 6,000 Barrier

Monday marked a historic day for the US stock market, with the Dow Jones Industrial Average closing above 44,000 for the first time ever, while the S&P 500 surpassed the 6,000 level. This remarkable feat was accompanied by a surge in Bitcoin, which jumped 8% to reach a record high.

Post-Election Rally Continues

The Trump trade remained strong, with shares of Tesla, US banks, and the US dollar experiencing significant gains. Crypto investors, in particular, were ecstatic about Trump’s win, anticipating policies that would boost the sector.

Tech Shares Take a Hit

Meanwhile, tech giants such as Nvidia, Apple, and Microsoft saw their shares decline by around 1%. This downturn was a notable exception to the overall market trend.

Inflation Data Takes Center Stage

As the market looks ahead, inflation data will be a key driver of sentiment. The consumer price index (CPI) report for October is scheduled to be released on Wednesday, with economists predicting a 2.5% year-over-year increase. This could have significant implications for the Federal Reserve’s future policy decisions.

Corporate Earnings Wind Down

With 91% of S&P 500 companies having reported their third-quarter results, corporate earnings will continue to influence market sentiment. So far, the results have been largely positive, with 77% of companies beating profit estimates.

Nvidia’s Earnings in Focus

The chip giant Nvidia is set to report its third-quarter results on November 20, marking one of the last major earnings announcements of the season.

Market Close

At the 4:00 p.m. closing bell on Monday, US indexes stood at:

• S&P 500: 6,001.35, up 0.10%
• Dow Jones Industrial Average: 44,293.13, up 0.69% (+304.14 points)
• Nasdaq composite: 19,298.76, up 0.06%

Other Market Highlights

• Tesla short-sellers have lost a staggering $8 billion since Donald Trump’s election win.
• President-elect Trump may reconsider some of his proposed policies to avoid disrupting the stock market.
• Bitcoin’s remarkable surge has seen it break past the $80,000 price level, reaching a high of $82,500.
• Americans’ cost-of-living anxiety has led to a growing population of oversavers.

Commodities and Bonds

• West Texas Intermediate crude oil declined 3.13% to $68.18 a barrel.
• Brent crude fell 2.59% to $71.96 a barrel.
• Gold dropped 2.41% to $2,629.90 an ounce.
• The 10-year Treasury yield remained unchanged due to the Veterans Day holiday.
• Bitcoin surged 8.37% to $87,160.69.