Market Recap (11/10/24)
Market Recap of the Week of Nov 4, 2024 - Nov 8, 2024
Source: Apple Stocks Application
Overall Market Trends:
The stock market soared continuously last week after election results and the Fed’s public policy decision. The New York Stock Exchange rose 683 points (+3.55%), the S&P 500 surged 267 points (+4.66%), the NASDAQ Composite skyrocketed 1,047 points (+5.74%), and the Dow Jones Industrial Average rallied 1,943 points (+4.62%).
Stocks fell on Monday but rebounded Tuesday as investors prepared for the presidential election taking place on Tuesday night. Initial polling indicated a tight race.
The market surged during Wednesday’s trading session as a result of former President Trump winning the 2024 U.S. presidential election. The Dow Jones skyrocketed 3.57%, the S&P 500 soared 2.53%, and the NASDAQ jumped 2.95% - all to all-time highs. The Russell 2000 also climbed 5.84%. Tesla, whose CEO Elon Musk is a major Trump supporter, shot up 14% on the day. Large banks including JP Morgan and Wells Fargo also experienced large gains, jumping 11.5% and 13%, respectively. Robinhood Markets also finished the day up just under 18%. Crypto, which the president-elect’s proposed tariffs and relaxed regulation could benefit, also rallied with Bitcoin rising 9% to an all-time high of about $76,000 per coin.
Stocks continued to rally during Thursday’s trading session as investors processed election results. The Federal Reserve also cut rates by a quarter point as Fed Chair Jerome Powell expressed the Central Bank's content with the state of the economy and emphasized smaller rate cuts for the future rather than larger cuts such as the 50-point rate cut at the September Fed policy meeting.
Stocks continued to rise on Friday as investors digested election results and the interest rate cut.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Monday: Veteran's Day holiday - bond market closed
Tuesday: NFIB optimism index; Fed Gov. Christopher Waller speaks
Wednesday: Consumer Price Index (CPI); Core CPI; Various Fed speakers
Thursday: Initial jobless claims; Producer Price Index (PPI); Core PPI; Federal Reserve Gov. Adriana Kugler speaks
Friday: Import Price Index
Future Earnings Reports: