S&P 500 hits 6,000 mark as Wall Street heads for best week of year

On Friday, Bitcoin (BTC-USD) hovered around $76,000 as the risk-on rally following President Donald Trump’s White House victory continued to end the week on a high note.

Cryptocurrencies hit new highs on Wednesday following the results of the presidential election. Trump supported Bitcoin during his campaign and advocated for the creation of a national cryptocurrency stockpile if elected to the White House.

Chinese stocks fell on Friday, with the tech-heavy Nasdaq Composite Index (^IXIC) hovering around a flat line.

Chinese tech stocks fell on disappointment over China’s new fiscal stimulus package. The recently announced $1.4 trillion local government debt refinancing plan has not convinced investors of its potential to stimulate the economy.

E-commerce and cloud giant Alibaba (BABA) fell nearly 6%, and PDD Holdings (PDD) also fell 6%. Earlier this week, the sector fell on concerns about possible tariffs following Donald Trump’s presidential election victory.

Airbnb (ABNB) stock fell nearly 10% on Friday. Announces mixed third quarter results. Bloomberg consensus estimates called for quarterly earnings of $2.13 per share, below Wall Street expectations of $2.15, and revenue of $3.73 billion, above expectations of $3.72 billion.

Bank of America (BAC) analyst Justin Post maintained his rating on the stock at “neutral,” raised his short-term forecast for next year’s bookings, but cut his 2025 earnings growth outlook.

“While Airbnb has expanded its geographic reach and taken a number of new growth initiatives to take advantage of its large booking ecosystem, core night growth remains in line with peers. , it seems unlikely that margin growth will occur in 2025,” Post said. He expects the stock to rise to $154 over the next 12 months. As of Friday morning, the stock was trading at about $133.

JPMorgan (JPM) analyst Doug Anmas also rates the stock as “neutral” and expects the stock to reach $142 next year.

“Overall, we are encouraged by improving demand trends and ABNB’s early progress towards expansion beyond its core, but the sustainability of growth remains the biggest rebound,” Anmas said in a note to investors on Friday morning. I predict that will happen.”

The Dow Jones Industrial Average (^DJI) soared on Friday, hitting a new intraday high and topping the 44,000 level.

The blue-chip stock index rose nearly 0.7% (about 290 points).

Ironically, AI chip giant Nvidia (NVDA), which joined the Dow on Friday, fell about 1% during trading.

The major average is up about 28% since the beginning of the year.

Shares of electric car giant Tesla (TSLA) soared as much as 7% on Friday, pushing its market cap to $1 trillion. Stocks have been rising this week following Donald Trump’s victory in the White House.

CEO Elon Musk bet big on President Trump with more than $130 million in political support. The question for investors is whether that financial commitment will benefit Tesla.

On Friday, Tesla shares traded at their highest since March 22nd.

Trump Media and Technology Group (DJT) shares soared 10% after Donald Trump said he would not sell his shares in the company, which is home to Trump’s social media platform Truth Social. As a result, trading was temporarily halted due to the volatile ups and downs.

Trump, who made the announcement on his Truth Social account, said broadly: 60% interest At DJT. At the current price of about $30 per share, Trump Media has a market capitalization of about $6.5 billion, and the president-elect’s stock ownership is worth about $3.9 billion.

The company’s stock price has been volatile over the past week, with the ups and downs largely tied to President Trump’s chances of regaining the White House.

On Thursday, Trump’s victory over Kamala Harris in the presidential election sent stocks down nearly 23%, reversing the previous day’s gains. But Friday’s rally brought the stock down just 2% in the past five days, even though the stock has risen more than 60% in the past month.

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Americans are increasingly confident about the short-term trajectory of inflation.

of Latest consumer sentiment survey Researchers at the University of Michigan found that consumers expect inflation to remain at 2.6% for the year, down from last month’s forecast of 2.7%. November’s reading is the lowest since December 2020 and within the 2.3% to 3% range seen in the two years before the pandemic.

However, long-term inflation expectations rose, rising to 3.1% from 3% in the previous month.

The overall consumer confidence index was 73, up from 71 in October. Interviews for the study ended on Monday, so reactions to the election results were not recorded.

U.S. stocks hit record highs on Friday following the latest rate cut announced by the Federal Reserve.

Although the market’s euphoria after President Trump’s victory seemed to be waning, the Nasdaq Composite Index (^IXIC) was little changed. The S&P 500 (^GSPC) rose 0.1% and the Dow Jones Industrial Average (^DJI) rose 0.3%.

On Thursday, the Fed announced a 25 basis point rate cut, a move widely anticipated by the market.

And on Friday, AI chip giant Nvidia (NVDA) replaced semiconductor giant Intel (INTC) as one of the Dow Jones Industrial Average constituents.

The new additions should push the blue-chip index higher. Intel’s stock price is down about 45% since the beginning of the year, while Nvidia’s stock is up more than 200%.

Paint maker Sherwin-Williams (SHW) also replaced the Dow Company (DOW) as a constituent of the major averages.

As you wake up today, take a look at the key market themes. China’s economic stimulus isn’t enough, Paramount misses out on revenue despite streaming growth, and Nvidia has a $3.6 trillion market cap. Meanwhile, investors are holding off on doing business with Trump due to uncertainty over his tariff plans.

Economic data: University of Michigan consumer sentiment (provisional values ​​for November)

Revenue: Canopy Growth (CGC), Icahn Enterprises (IEP), Sony (SONY), Paramount Global (PARA)

Here are some of the biggest stories you may have missed overnight and early this morning.

Nvidia sets record market value of $3.6 trillion after Trump victory

Streaming boosts profits, but maximum revenue falls short

Investors refrain from ‘Trump trading’ as policy questions remain

US stocks soar $20 billion after Trump win

China greenlights $1.4 trillion debt plan to stimulate economy

FT reports that TSMC will halt production of advanced AI chips for China

How one couple crowdfunded their restaurant dream