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Dow Gains as Trump Rally Continues; Nvidia, Tesla, Super Micro, Coinbase, MicroStrategy, More Mover; Veterans Day Trading Hours

by November 11, 2024

The US bond market may be closed for Veterans Day, but the stock market is already building on last week’s rally.

The S&P 500 opened above 6,000, rising 0.3%. The market benchmark briefly exceeded this level for the first time on Friday before falling back again at the close. After its best week in a year, the Dow Jones Industrial Average gained another nearly 400 points, or 0.9%, on Monday. The index was on track to close above 44,000 for the first time. The Nasdaq Composite rose 0.3%. All three ended Friday with record finishes, so any improvement would be another milestone.

“With the election and another rate cut in the rearview mirror, the question is whether bulls can continue to push the market to new highs,” wrote Chris Larkin, managing director of trading and investing at Morgan Stanley’s E*TRADE. “Aside from possible profit-taking after such a sharp rise, this week’s inflation data could determine whether the market can extend its gains.”

Crude oil prices also fell while the dollar rose and Bitcoin price continued to rise after crossing the $80,000 mark.

Paul Hickey, co-founder of Bespoke Investment Group, wrote that the economic calendar was quiet today because of Veterans Day, but the consumer price index and producer price index on Wednesday and Thursday, respectively, would keep Wall Street busy later in the week.

“These reports will gain significance given the recent upward movement in interest rates and comments from Federal Reserve officials that the pace of rate cuts may slow in the coming months,” Hickey wrote. “At the moment, however, Newton’s first law of motion still applies.”

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