Stock market today: Dow, S&P 500 cap best week of year with records as post-election rally rolls on

Published On Nov 8, 2024, 4:03 PM

US stocks finished a strong week, with significant rallies in key indices following Donald Trump's election victory and the Federal Reserve's interest rate cut. The S&P 500 hit 6,000 briefly and the Dow surpassed 44,000 for the first time. Tesla's stock surged over 30% throughout the week, achieving a market cap of $1 trillion, while Trump Media & Technology Group's shares soared after Trump announced he wouldn’t sell his stake. Conversely, uncertainty loomed over semiconductor stocks amid concerns about potential tariffs and restrictions on the sector, attributed to Trump's upcoming policies. Overall investor sentiment is buoyed by optimism over Trump's economic policies, despite some apprehension surrounding Chinese economic indicators and expectations regarding fiscal stimulus.

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Stock Forecasts

TSLAView TSLA chart on TradingView

Positive

The strong performance of Tesla driven by the 'Trump trade' and confidence in electric vehicles suggests it has positive momentum. The company's market capitalization crossing $1 trillion reflects strong investor sentiment. However, the potential uncertainties regarding tariffs on tech sectors should be watched closely.

DJTView DJT chart on TradingView

Positive

The jump in Trump Media's stock following Trump's statement about his shares suggests this may continue to draw investor interest. Given the volatility surrounding political news, the stock may see further upward movement in the short term.

ABNBView ABNB chart on TradingView

Negative

Airbnb's recent earnings miss, despite some analysts maintaining their ratings, suggests cautious investor sentiment. Given the mixed results and concerns about long-term growth, there might be a further pullback in its stock price in the near term.

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