Stock market today: S&P 500 touches 6,000 mark as Wall Street heads for best week in a year
Published On Nov 8, 2024, 12:24 PM
US stocks are experiencing a strong week following Donald Trump's presidential victory and a rate cut by the Federal Reserve. The S&P 500 reached 6,000 for the first time, while the Dow exceeded 44,000. Tesla's market cap hit $1 trillion due to a significant stock surge, and Nvidia joined the Dow, replacing Intel, despite slight volatility in semiconductor stocks. Meanwhile, Chinese stocks dropped amid concerns over insufficient government stimulus, affecting the Nasdaq. The overall market is buoyed by optimism around the new administration's policies, although uncertainties remain in the semiconductor sector due to potential tariffs and China-related restrictions.
Stock Forecasts
TSLA
Positive
Tesla has demonstrated significant upward momentum this week, attributed to Trump's victory. With increased market cap and investor interest, there seems to be continued bullish sentiment for the stock. However, it is essential to monitor any regulatory changes or market reactions.
NVDA
Positive
Nvidia's inclusion in the Dow and its remarkable performance highlight its strength in the market; however, the recent market volatility may lead to cautious trading. Watch for any forthcoming industry policy changes that could affect its trajectory.
BABA
Negative
The uncertain outlook for the stimulus effectiveness in China is likely to keep pressure on Chinese stocks in the near term. This negative sentiment could ripple through to tech stocks that have substantial exposure to the Chinese market.
SPY
Positive
The strong rally in US stocks may continue as investor optimism remains high post-election, particularly if Trump implements pro-business policies. This could keep upward pressure on major US indices.
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