Stock market today: S&P 500, Dow notch fresh records as Wall Street shrugs off Trump's tariff threat

Published On Nov 26, 2024, 5:43 PM

US stocks reached new record highs, with the S&P 500 and Nasdaq both increasing around 0.6%, and the Dow Jones rising 0.3%. Concerns were raised by President-elect Donald Trump's plans for significant tariffs on imports from Canada and Mexico, which could spark trade tensions. This did not deter investors as they remained optimistic despite the potential for a trade war. Meanwhile, Amgen's stock fell due to disappointing results from a weight-loss drug trial, while Rivian's stock rose after receiving a substantial loan commitment from the Department of Energy.

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Stock Forecasts

SPYView SPY chart on TradingView

Positive

The stock market's performance suggests investor confidence remains high despite tariff threats, indicating a resilient economic outlook. However, sectors with exposure to tariffs may see volatility.

RIVNView RIVN chart on TradingView

Positive

Rivian's receipt of a large government loan could support its growth and manufacturing expansion, making it an attractive investment opportunity.

AMGNView AMGN chart on TradingView

Negative

Amgen's disappointing weight-loss drug results may lead to ongoing stock weakness, indicating a challenging period ahead for the stock.

BBYView BBY chart on TradingView

Negative

Best Buy's broad miss on earnings could signal ongoing struggles in the retail sector, particularly in discretionary consumer goods.

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