Traders work at the New York Stock Exchange (NYSE) on Friday, November 8, 2024.
Source: New York Stock Exchange
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Crypto world craze
Bitcoin Another record was broken on Monday, rising to $89,623.00, according to Coin Metrics. Demand for Bitcoin ETF iShares Bitcoin Trust has exceeded iShares Gold Trustin terms of assets under management. Separately, the legacy committee of cryptocurrency exchange FTX sued Binance and its former CEO Changpeng Zhao over “fraudulent” stock trading.
Musk is not the new Kissinger
Tesla CEO Musk has a close relationship with Donald Trump. He also has business dealings in China, where Tesla operates a “gigafactory.” These twin interests have raised hopes in China that Musk can act as a new Henry Kissinger and repair U.S.-China relations. But experts warn that Musk is a businessman, not a diplomat.
Not addicted
State-run China Tobacco Corp’s sales surge despite decline in tobacco use It’s declining around the world. Data from the London Stock Exchange shows that the share price of China Tobacco International (Hong Kong), a Hong Kong subsidiary of China Tobacco Corporation, has risen by more than 376% since its listing in June 2019.
(PRO) Global market reaction to Trump
U.S. stocks have staged a strong rebound following Donald Trump’s impending return to the White House. However, global markets and economies have reacted differently to Trump’s victory, as his policies could weigh on countries’ industries and currencies.
bottom line
Stocks rose on Trump’s election victory.
this S&P 500 Index It rose 0.1% to close at 6,001.35 points, closing above 6,000 points for the first time. same, Dow Jones Industrial Averagee rose 0.69% to close at a record 44,293.69 points, closing above 44,000 points for the first time.
although Tesla’s The rally shows no signs of stopping – shares were up nearly 9% yesterday – and other tech giants such as apple and Microsoft See the stock price drop.
This resulted in Nasdaq Index Underperforming the S&P and Dow Jones. The tech-heavy index edged up 0.06%.
However, the post-election stock market rally is likely to remain strong for now.
“Despite already high expectations, decisive Republican victory ignites ‘animal spirits’,” wrote Morgan Stanley Lisa Shalett, chief investment officer of the wealth management firm, said in a report on Monday.
But whether the good vibes are a rush of endorphins after a run or a hangover-inducing alcohol buzz remains an open question.
John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, wrote that amid this uncertainty, investors “can do better by remaining patient and avoiding risks.” How the election results will impact markets benefit from jumping to conclusions.”
He added: “We favor broad diversification and more exposure to the cyclical and secular trends that still exist today.”
Likewise, Shalit urged investors to take a “balanced stance” and warned them to avoid drawing conclusions about whether the stock market surge portends stronger economic growth.
So it remains to be seen whether the rally will fade away once the initial election excitement fades, or whether the market’s frenzy signals a longer-term phenomenon.
You can’t go wrong by following the age-old rules of stock market investing: invest for the long term, diversify and focus on fundamentals like earnings and valuation.
—CNBC’s Brian Evans and Alex Harring contributed to this report.
About The Author
