Stock market today: Dow, S&P 500, Nasdaq futures soar as Trump triumphs

Published On Nov 6, 2024, 8:48 AM

US stock futures rallied sharply following Donald Trump's re-election as president, driven by optimism over potential economic policies that could be beneficial for various sectors, particularly financials. Notably, futures for the Nasdaq, S&P 500, and Dow all saw significant increases. This surge is seen as a reaction to expectations of deregulation and tax cuts. Major banks' stocks rose sharply, with analysts predicting a more favorable regulatory environment. Additionally, stocks related to cryptocurrencies and electric vehicles also experienced substantial gains as Trump is perceived to be more favorable towards these sectors.

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Stock Forecasts

KREView KRE chart on TradingView

Positive

With Trump’s victory, there's an expected boost in the financial sector due to potential deregulation, which could lead to higher profits for banks. The S&P Regional Banking ETF saw a significant premarket increase, reflecting this optimism.

COINView COIN chart on TradingView

Positive

The strong support from Trump for the cryptocurrency market led to a surge in Bitcoin and related stocks such as MicroStrategy and Coinbase, foreseen as benefiting from a more favorable regulatory environment under his presidency.

TSLAView TSLA chart on TradingView

Positive

Tesla is likely to benefit from Trump's presidency due to its established market dominance in electric vehicles. The potential rollback of existing EV subsidies may not negatively impact Tesla as significantly as other competitors, potentially providing a competitive advantage moving forward.

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