:max_bytes(150000):strip_icc()/GettyImages-2182410725-7ddac77723a843638f3afa20d60257c8.jpg?w=1024&resize=1024,1024&ssl=1 "Tesla, Robinhood Markets, MicroStrategy, and More")
Key Takeaways
- U.S. equities continued their post-election rally at midday, fueled by optimism that the new Trump administration will be a positive for the markets.
- Tesla shares took off on expectations of benefits from the Trump win, plus a big jump in its price target by Wedbush analysts.
- AbbVie reported disappointing results from a trial of its experimental schizophrenia drug.
The market surge from enthusiasm over Donald Trump’s victory in the U.S. election last week continued at midday, with the Dow Jones Industrial Average jumping above 44,000 for the first time. The S&P 500 also advanced, while the Nasdaq was little changed.
Tesla (TSLA) shares again were driven higher by the election results on expectations of a reduction in federal regulations and CEO Elon Musk’s ties to the incoming administration as an adviser to the president-elect. In addition, shares got an extra boost when Wedbush raised its price target by $100, calling the Trump victory a “gamechanger” for the EV maker.
With Trump having said he wants to make the U.S. “the crypto capital of the planet,” companies tied to cryptocurrencies soared as bitcoin traded at an all-time high. Shares of Robinhood Markets (HOOD), Coinbase Global (COIN), Riot Platforms (RIOT), and Marathon Digital parent MARA Holdings (MARA) all jumped more than 10%. Shares of MicroStrategy (MSTR) shares also soared when the largest corporate holder of bitcoin said that it had paid $2.03 billion to purchase an additional 27,200 bitcoin.
Monolithic Power Systems (MPWR) was the worst-performing stock in the S&P 500 when Edgewater Research warned that Nvidia (NVDA) has canceled orders with the power solutions company.
Shares of AbbVie (ABBV) plunged when the drug maker announced disappointing results in a pair of Phase 2 clinical trials of its experimental schizophrenia treatment.
Monday.com (MNDY) shares sank after the workforce management software maker’s operating loss increased and its operating margin dropped, and it made changes in management.
Oil and gold futures fell. The U.S. dollar gained on the euro, pound, and yen. Bond markets were closed.
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