News of the day for Nov. 11, 2024
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Stock markets are open for trading on Veterans Day but bond markets are closed; U.S. stock futures are building on their record close Friday following Donald Trump’s victory; the “Trump trade” is also buoying bitcoin (BTCUSD) to record highs above $82,000, while crypto-tied stocks like Riot Platforms (RIOT), Robinhood Markets (HOOD), Coinbase Global (COIN), and Marathon Digital parent company MARA Holdings (MARA) are all jumping in premarket trading; China’s trade surplus is reportedly set to hit a record $1 trillion this year, raising the likelihood that the country will face higher tariffs under the new administration; and shares of Tesla (TSLA) are surging further on Chief Executive Officer (CEO) Elon Musk’s close ties to Trump. Here’s what investors need to know today.
It’s a federal holiday in the U.S. on Monday, which means that government offices and banks will be closed. The bond market will be closed for Veterans Day, but the New York Stock Exchange and Nasdaq will both be open and functioning normally today.
Bitcoin (BTCUSD) is rising to fresh record highs, topping $82,000 and extending a run for the leading cryptocurrency after Trump’s victory. Investors are plowing money into bitcoin exchange-traded funds on expectations of a friendlier administration to the industry. Shares of crypto-linked firms, including Riot Platforms (RIOT), Robinhood Markets (HOOD), Coinbase Global (COIN), and Marathon Digital parent company MARA Holdings (MARA) are all rising at least 9% in premarket trading.
U.S. stock futures are continuing their gains after all the major indexes ended at record highs Friday. The S&P 500 and the Dow Jones Industrial Average notched their best weeks since last November, boosted by Trump’s victory and the Federal Reserve‘s latest move to cut interest rates.
China’s trade surplus is set to reach a new record high this year, increasing the risk that the Asian nation will face increased import tariffs into the U.S. from President-elect Donald Trump, Bloomberg reported. The difference between Chinese exports and imports is on track to reach almost $1 trillion “if it continues to widen at the same pace as it has in the year to date,” Bloomberg calculated.
Shares of electric vehicle (EV) maker Tesla (TSLA), which rose nearly 30% last week following Trump’s victory to give the company a market capitalization of more than $1 trillion, are jumping a further 7% in premarket trading at over $343 each. Wall Street views Tesla Chief Executive Officer (CEO) Elon Musk’s close ties with the President-elect as benefiting the company, even if the Biden administration’s EV subsidies and rebates are unwound by Trump.
