U.S. stocks weekly: Trump bump

Axon Enterprise

08/11/2024 21:43

** S&P 500  .SPX  rallies 4.7% as Donald Trump wins U.S.
presidential election, Fed delivers another rate cut  .N 
    ** SPX, Dow  .DJI  and Nasdaq composite  .IXIC  ascend to
record highs; intraday on Fri - DJI probes over 44k for first
time, SPX crosses over 6K for first time. IXIC ends above 19k
for first time
    ** S&P 500 votes with its feet, while the Nasdaq composite
is forging above a battle line
    ** Momentum has been the horse to beat, but are small and
mid caps making a run?; Russell 2000  .RUT  notches best week
since Apr 2020, S&P 400 mid cap  .IDX  scores best week since
Nov 2023 
    ** Benchmark U.S. 10-year Treasury yield  US10YT=RR  hits
highest level in more than 4 months, but then reverses, on pace
to end 7-week win streak
    ** Every sector endorsed: Consumer Discretionary garners
most ballots
    ** Consumer Discretionary  .SPLRCD  vaults 7.6%. Tesla
 TSLA.O  burns rubber after Trump clinches victory, hits $1
trillion market value for first time on Fri. TSLA accelerates
29% on week
    ** Energy  .SPNY  up 6.2%. Sector rises after OPEC+ delays
output hike by a month
    ** Industrials  .SPLRCI  climb 5.9%. Taser maker Axon
Enterprise  AXON.O  best SPX performer, up ~42%, after upbeat
results
    ** Financials  .SPSY  up 5.5%. Major banks surge as Trump
wins second White House term
    For the week, S&P 500 Banks index  .SPXBK  and KBW Regional
banking index  .KRX  add ~7% and 11%, respectively
    Asset managers Blackstone  BX.N  and KKR  KKR.N  rise after
Trump win on M&A hopes
    ** Tech  .SPLRCT  up 5.4%. Palantir  PLTR.N  soars 39% on
week after raising FY rev forecast for third time on robust AI
adoption
    Nvidia  NVDA.O  leaps on replacing Intel  INTC.O  in the
DJI, and its market cap hits record $3.6 trillion 
    Qualcomm  QCOM.O  jumps as smartphone market recovery drives
chip designer's upbeat forecast
    Semiconductor index  .SOX  up nearly 6%
    ** Materials  .SPLRCM  up 1.5%. Though specialty chemicals
firm Celanese  CE.N  slumps after dismal outlook, 95% dividend
cut. CE craters 32% on week
    ** Utilities  .SPLRCU  add 1.2%. However, nuclear power
firms drop after US regulators block agreement between
Amazon.com  AMZN.O  and Talen Energy  TLN.O . Constellation
Energy  CEG.O  among biggest sector losers, sags ~7%
    ** Meanwhile, Trump Media  DJT.O  shares spike Weds on
Trump's return to White House, and DJT jumps Fri after Trump
reiterates he won't sell his majority stake
    ** SPX performance YTD:    
    
 
 
 (Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com
terence.gabriel.tr.com@reuters.net
terence.gabriel@tr.com))