Day Traders Diary

11/6/24

The major averages surged today to record highs as Donald Trump won the 2024 presidential election. The Dow Jones Industrial Average rose 1508 points or 3.57%. The S&P 500 rose 146 points or 2.5% while the Nasdaq jumped 544 points or 2.95%.

Even the small cap benchmark Russell 2000 surged 5.8% as small companies should enjoy outsized benefits from Trump's tax cuts and protectionist policies.

In the middle of the night, NBC News projected that Trump will defeat his Democratic rival, Kamala Harris, after winning at least 291 Electoral College votes with key wins in swing states of Pennsylvania, North Carolina and Georgia.

Investments seen as beneficiaries under a Trump presidency surge this morning. Tesla, whose CEO Elon Musk is a prominent backer of Trump, is up over 10%. Bank shares are also surging, boosted by JPMorgan Chase, Bank of America and Wells Fargo all up at least 6% on the open.

Bitcoin soared over 9% closing above $75,000 on hopes of relaxed regulation going forward.

The 10-year Treasury yield surged 14 basis points to 4.43% on speculation Trump's proposed tax cuts and other spending plans would spark economic growth, but also widen the fiscal deficit and reignite inflation.

Shares of Trump Media & Technology Group, the social media company closely tied to Trump, surged 5%.