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The Dow Jones is outpacing indexes like the S&P 500 and Nasdaq Composite today. Let’s take a look at what stocks are seeing the biggest gains:
Most the stocks on this list are potential regulatory beneficiaries in either healthcare or financial services.
On the other end, Home Depot (NYSE: HD) is the biggest loser in the Dow today, down 2.7%. Real estate stocks are falling today as 10-year treasury rates soar. Another big Dow laggard is Boeing (NYSE: BA), which may be falling on the belief a Trump administration will be more willing to give contracts to upstart rivals like SpaceX in aerospace and Andruil in defense.
We’re now 15 minutes past the opening bell, let’s check in on index movements:
The Russell 2000 still leads the pack but gains have moderated from premarket highs where the index was briefly trading up about 6%.
Bitcoin hit all-time highs after it became clear Trump would take the Presidency last night. Overall, Bitcoin is up 7% in the last 24 hours to $74,735.
Donald Trump courted the Bitcoin vote in the run-up to the election, promising regulations that would be far more favorable to the industry. Crypto stock Coinbase (Nasdaq: COIN) is up 17% today after his win as well.
Where are investors placing their bets today? Let’s look at a breakdown of the S&P 500 by sector shortly after market open:
Real estate is struggling as the yield on 10-year treasuries jumped overnight. That will raise financing rates and make mortgages even more unaffordable for most Americans. However, financials are rallying on the other side, likely under the belief that the next four years could be a better regulatory environment for the sector.
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Stock market indexes are jumping massive amounts in premarket trading in reaction to last night’s election. Donald Trump beat Kamala Harris to recapture the Presidency while Republicans also won more Senate seats. As of Wednesday morning, the last remaining unknown was the House of Representatives. Undecided races could leave it in either Democrat or Republican control.
The reaction of markets so far this morning can be described as jubilant. Here’s a check-in at major indexes as of 9 a.m. ET:
That last index is the one to pay attention to today. We’ve seen past days of ‘sector rotation’ where investors moved out of technology stocks and into small caps that have struggled in recent years.
It’s very likely the Russell 2000 (which is composed mostly of small caps in sectors like industrials and consumer goods) will dramatically outperform the Nasdaq Composite today.
The larger question will be whether this is a one-day reaction to the election or a continuing trend. Let’s look at some of today’s biggest storylines.
The moment Donald Trump’s odds started jumping on prediction markets, Tesla (Nasdaq: TSLA) stock began jumping as well. In premarket trading the stock is up 12%.
It’s unclear what policies from Trump could help Tesla, but CEO Elon Musk rallied in support of Donald Trump so investors clearly see the automaker reaping rewards from Musk’s campaigning. It’s worth noting that other EV stocks are down in premarket trading today. Rivian (Nasdaq: RIVN) is down 4.25% while Lucid (Nasdaq: LCID) is down 1.32% as it continues its descent into penny stock territory.
Another political stock to watch is Trump Media & Technology (Nasdaq: DJT). The stock has become something of a ‘meme stock’ with investors buying it as a proxy for Trump’s chances of winning the Presidency. Its up 27% in premarket trading today. With the company seeing revenues of less than $1 million per quarter and a valuation comparable to Elon Musk’s private X or The New York Times, the big question now becomes whether enthusiasm around DJT continues in the weeks to come or if it becomes an example of ‘buy the rumor, sell the news’ and falls.
One final major note is that 10-Year treasuries soared 18 basis points overnight. Investors are making a bet that Trump will be good for stocks, but the jump in treasuries is also based on the idea he won’t reign in Federal spending. Currently, 10-year treasuries traded at 4.47%, which will continue to keep mortgage rates rising.
Contact [email protected] for any questions or corrections.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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