- US stocks gained as investors adjust their portfolios to a second Trump presidency.
- Investors will turn their attention to inflation this week, with October CPI set to be released on Wednesday.
- Corporate earnings reports are winding down, with Nvidia set to report on November 20.
US stocks gained on Monday, extending the postelection rally as investors adjust their portfolios to prepare for a second Donald Trump presidency.
Everything from bitcoin to Tesla to the US dollar rallied Monday morning. The world's largest cryptocurrency hit an all-time high above $82,000 as investors continued to celebrate Trump's win, which the market expects to be a positive catalyst for crypto.
Tesla stock rose over 8% to about $348.50. The stock reclaimed a $1 trillion market cap at the end of last week for the first time since April 2022. Tech analyst Dan Ives said in a note Monday morning that the Trump win was a "game changer," and raised his price target to $400 a share.
Investors' top concern this week is inflation data, with consumer price index data for the month of October set to be released Wednesday morning.
Economists expect a 2.5% year-over-year jump in CPI, compared to a rise of 2.4% in the prior month.
Investors will get more inflation data on Thursday when the producer price index is released. Economists expect it to rise 0.2% month over month compared to a flat reading in September.
In addition to inflation data, corporate earnings remain on investors' radars, though they are starting to wind down.
So far, 91% of S&P 500 companies have reported third-quarter results. Of those companies, 77% beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%, according to data from Fundstrat.
Nvidia is the last big company that will report earnings The chip giant is scheduled to report its third-quarter results after the market close on November 20.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
- S&P 500: 6,015.56, up 0.33%
- Dow Jones Industrial Average: 44,384.62, up 0.90% (+395.63 points)
- Nasdaq composite: 19,339.95, up 0.28%
Here's what else is going on:
- Economists say Trump could give Americans the very thing they voted against.
- Bitcoin surged past the $80,000 price level over the weekend and hit a high of $82,500.
- Americans' cost-of-living anxiety is creating a population of oversavers.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil declined 2.76% to $68.44 a barrel. Brent crude, the international benchmark, was lower by 2.52% to $72.01 a barrel.
- Gold dropped 2.07% to $2,639.00 an ounce.
- The 10-year Treasury yield was flat at 4.310%.
- Bitcoin gained 1.80% to $81,875.