U.S. stocks weekly: Trump bump

Axon Enterprise

11/11/2024 11:00

(Repeats from Friday with no changes to text. Updates chart)
** 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:

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SP 500 2024 YTD THROUGH NOVEMBER 8    https://fingfx.thomsonreuters.com/gfx/buzz/jnpwjazyevw/SP%20500%202024%20YTD%20through%20Nov%208.jpg
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(Lance Tupper and Terence Gabriel are Reuters market analysts.
The views expressed are their own)
((mailto:lance.tupper.tr.com@reuters.netmailto:lance.tupper@tr.c
ommailto:terence.gabriel.tr.com@reuters.netmailto:terence.gabrie
l@tr.com))