Stock market today: Dow, S&P 500, Nasdaq edge higher with Trump election win, Fed in focus

Published On Nov 7, 2024, 9:33 AM

The stock market is experiencing upward momentum following Donald Trump's recent presidential election victory, viewed positively by investors who anticipate benefits from potential corporate tax cuts and deregulation. The S&P 500 rose about 0.4% and the Nasdaq added 0.9%, while the Dow inched up slightly after a significant gain of 1,500 points the previous day. Speculation surrounds the Federal Reserve's policy decisions, with the expectation of a rate cut despite concerns that a Trump presidency could lead to prolonged higher interest rates. Stocks like Nvidia are seeing gains, while Trump Media & Technology Group is experiencing a decline after initial surges post-election.

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Stock Forecasts

SPYView SPY chart on TradingView

Positive

The market's positive reaction to Trump's victory is likely to continue, especially with the anticipation of economic policies that favor businesses and suggest a pro-growth environment. However, some analysts caution potential slowing of these gains as market excitement might fade.

NVDAView NVDA chart on TradingView

Positive

Nvidia continues to benefit from strong market trends in tech and AI, indicating a favorable trajectory for the stock amidst increasing demand and competitiveness in the chip sector. This makes Nvidia a sound investment at this time.

DJTView DJT chart on TradingView

Negative

Trump Media & Technology Group's stock is experiencing volatility, reversing initial post-election gains. As excitement wanes, continued declines may be expected as investors reassess the stock's value in a possibly shifting market.

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