Stock market today: S&P 500 eyes fresh record as Wall Street shrugs off Trump's tariff threat

Published On Nov 26, 2024, 2:07 PM

US stocks mostly ignored President-elect Donald Trump's threats to implement new tariffs on major trading partners, with the S&P 500 and Nasdaq gaining while the Dow struggled mainly due to Amgen's disappointing drug data. Amgen's shares fell by 12% after its weight loss drug performance was considered mediocre compared to competitors. Other significant market movements included a notable 4% rise in Rivian's stock after receiving a $6.6 billion loan commitment from the Department of Energy. Additionally, there's growing concern around the impact of proposed tariffs on the economy and potential retaliations from Mexico and Canada.

Read full article

Stock Forecasts

AI prediction results, not representative of any investment advice.

RIVN View RIVN chart on TradingView

Positive

Rivian's stock price is expected to rise as the $6.6 billion loan from the DOE will allow the company to restart its assembly plant plans, which is significant for its expansion and future vehicle production.

AMGN View AMGN chart on TradingView

Negative

Amgen's stock price is likely to face further pressure following its disappointing clinical trial results for its weight loss drug, which are not competitive with existing options in the market.

FORD View FORD chart on TradingView

Negative

Given the uncertainty and potential negative fallout from Trump's tariff threats, stocks related to companies with significant operations in Mexico or Canada, like Ford and GM, may see negative sentiment.

Related News

New Amgen Drug MariTide Shows Promising Weight Loss in Early Data

Nov 26, 2024, 10:11 AM

The drug, which is named MariTide and delivered in a monthly injection, is years from being sold, but caused an average of up to 20 percent weight loss in a small group of patients.

AMGN

'Not trivial': EV sales could drop nearly 30% if Trump repeals tax credit

Nov 21, 2024, 2:41 PM

For the automotive industry, reports that President-elect Donald Trump and his team are looking to repeal the $7,500 federal tax credit are not surprising. However, the effect of a potential repeal could be massive for automakers betting on EVs being the future.

LCID

TSLA

RIVN

Trump spotted sitting with head of Saudi Arabia’s Public Investment Fund at UFC fight

Nov 17, 2024, 9:19 PM

President-elect Trump was seen speaking with the governor of Saudi Arabia's Public Investment Fund, Yasir Al-Rumayyan, during a UFC fight in New York City on Saturday.