Market Momentum Continues on Veterans Day
Despite being a federal holiday, the stock market is open for business, while bond markets take a break. Following Donald Trump’s presidential win, U.S. stock futures are building on their record close, with the “Trump trade” propelling bitcoin to unprecedented heights above $82,000.
Crypto Frenzy
The cryptocurrency space is abuzz, with investors pouring money into bitcoin exchange-traded funds, anticipating a more favorable regulatory environment. As a result, shares of crypto-tied companies such as Riot Platforms, Robinhood Markets, Coinbase Global, and Marathon Digital parent company MARA Holdings are surging at least 9% in premarket trading.
Stock Market Rally
The S&P 500 and the Dow Jones Industrial Average notched their best weeks since last November, driven by Trump’s victory and the Federal Reserve’s latest interest rate cut. U.S. stock futures are extending their gains, with all major indexes ending at record highs on Friday.
China’s Trade Surplus Set to Reach New Heights
China’s trade surplus is expected to hit a record $1 trillion this year, increasing the likelihood of higher tariffs under the new administration. The widening gap between Chinese exports and imports could lead to increased import tariffs into the U.S.
Tesla Shares Soar
Shares of electric vehicle maker Tesla are jumping 7% in premarket trading, building on last week’s nearly 30% gain. Wall Street believes Tesla CEO Elon Musk’s close ties with President-elect Trump will benefit the company, even if the Biden administration’s EV subsidies and rebates are rolled back.
Investors Take Note
As the market continues to react to the presidential election outcome, investors should stay informed about the latest developments and their potential impact on the economy and individual stocks.
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