Stock market today: S&P 500 eyes 6,000 mark as Wall Street heads for best week in a year

Trump Media & Technology Group stock (DJT) leaped 10% and was briefly halted for volatility after Donald Trump said he would not sell his shares in the company, the home of Trump’s social media platform, Truth Social.

Trump, who made the announcement on his Truth Social account, maintains a roughly 60% interest in DJT. At current levels of around $30 a share, Trump Media boasts a market cap of about $6.5 billion, giving the President-elect a stake worth around $3.9 billion.

Shares in the company have been on a wild ride over the past week, with the up-and-down moves mostly tied to Trump’s chances of reclaiming the White House.

On Thursday, the stock fell nearly 23% to reverse the gains it enjoyed the day prior as Trump clinched victory over Kamala Harris in the presidential election. But with Friday’s moves to the upside, the stock is down just 2% over the past five days, although shares have rallied by more than 60% in the past month.

Americans are feeling increasingly better about the short-term path for inflation.

The latest consumer sentiment survey from the University of Michigan revealed consumers expect inflation to sit at 2.6% in a year, a decrease from last month’s expectation of 2.7%. November’s reading is the lowest since December 2020 and is within the 2.3% to 3.0% range seen in the two years before the pandemic.

Expectations for long-run inflation did tick higher though, rising to 3.1% from 3% the month prior.

The overall consumer sentiment index popped to a reading of 73, up from 71 in October. Interviews for the survey concluded on Monday and therefore don’t capture any reactions to election results.

US stocks flirted around their record highs on Friday as Nvidia (NVDA) following the latest rate cut announced by Federal Reserve.

Market euphoria following a Trump White House victory seemed to drift as the Nasdaq Composite (^IXIC) was little changed. The S&P 500 (^GSPC) rose 0.1%, while the Dow Jones Industrial Average (^DJI) gained 0.3%

On Thursday the Federal Reserve announced a 25 basis point cut, a move widely anticipated by the markets.

On Friday AI chip heavyweight Nvidia (NVDA) replaced semiconductor giant Intel (INTC) as one of the Dow’s 30 components.

The new addition should give the blue-chip index an added boost. Intel shares are down roughly 45% year-to-date while Nvidia is up more than 200%.

Paint maker Sherwin-Williams (SHW) also replaced Dow Inc. (DOW) as one of the components of the major average.

Here’s a look at the key market themes as you wake up today: China’s stimulus falls short, Paramount misses earnings despite streaming growth, and Nvidia hits a $3.6T market cap. Meanwhile, investors have pulled back on Trump trades, uncertain about his tariff plans.

Economic data: University of Michigan consumer sentiment, (November preliminary)

Earnings: 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 with $3.6T market value after Trump win

Paramount revenue falls short as streaming boosts profit

Investors dial back ‘Trump trades’ as policy questions persist

Trump win drives $20B surge into US stocks

China green-lights $1.4T debt plan to boost economy

TSMC to halt advanced AI chip production for China, FT reports

How one couple crowdfunded their restaurant dream