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Trump trade: Bitcoin hit record highs and Tesla hits $1 trillion market cap
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Market Trumps Past Records Wednesday Afternoon After Election | Live Stock

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Kevin Travers joined discussion · Nov 6 12:11
Afternoon traders, happy Wednesday, October 6th. The market roared to fresh all-time heights after President Donald Trump won the first nonconsecutive term nomination since Grover Cleaveland- whoever that is. Every major index, past all-time highs, including the small-cap Russell 2000, flew nearly 5% higher. Trump will become the 47th president of the United States shortly after the new year.
My name is Kevin Travers; here is the news about animal spirits moving markets today.
$Goldman Sachs (GS.US)$ and $JPMorgan (JPM.US)$, financial investment bank giants flew 12% and 10% higher, leading the Dow to a record Wednesday. Banking stocks act as a bellwether for the performance of equities in general, and MT Newswires reported the largest banks are pricing in anticipated lower corporate taxes and deregulation. $Morgan Stanley (MS.US)$ and $AMEX (AMEX.US)$ climbed.
$Tesla (TSLA.US)$, led by Trump's staunch supporter Elon Musk, led gains on the Nasdaq, advancing more than 14% to trade at its highest level since July.
$Super Micro Computer (SMCI.US)$ stock fell 21% after showing earnings that came in below their guidance, and said that a special committee studied governance errors mentioned in the resignation of auditor Ernst and Young. The committee found no evidence of misconduct but recommended internal governance functions.
If any industries were hit hard, it was solar companies. $Sunnova Energy International (NOVA.US)$ fell a dramatic 46%, paving the way for other green energy stocks to fall. Vice President Harris was seen as far more pro-green energy.
Market Trumps Past Records Wednesday Afternoon After Election | Live Stock
Crypto companies were flying on Wednesday, with the assumption that Trump will be staunchly pro-crypto, especially after appearing at the Bitcoin conference as a speaker.
Market Trumps Past Records Wednesday Afternoon After Election | Live Stock
$Bitcoin (BTC.CC)$ finally broke through its record last set in March, climbing 7% to $75k, before settling to $74k.  But based on the crypto's volatility around elections, it might have room to grow. According to Marketwatch reporting featuring analysts at CryptoQuant.
Bitcoin gained 22% and 37% in 2012 and 2016. In 2020, Bitcoin climbed 98% from November to the end of the year.
Market Trumps Past Records Wednesday Afternoon After Election | Live Stock
Gold and silver fell with the dollar index climbing strong.   $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the       $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
Just past 1 pm ET the     $S&P 500 Index (.SPX.US)$ traded past a fresh high, up 2.23%. The       $Dow Jones Industrial Average (.DJI.US)$ climbed 2.28%, and the     $Nasdaq Composite Index (.IXIC.US)$ climbed 2.33%.
The highlight of macro for the week will be the FOMC rate decision on Thursday. According to the FOMC's dot plot projections, investors are waiting for two more rate cuts this year. Friday, investors will see Michigan inflation expectations from a consumer survey. According to CME futures, prices-the-market is pricing in a 25 basis point cut on Thursday, but we will see.
Yesterday, users contributed their thoughts and questions to our election night broadcast! I stayed up late and called some election results in front of the moomoo audience alongside a wealth of guests from around the world.
Market Trumps Past Records Wednesday Afternoon After Election | Live Stock
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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