US close: Five-day win streak sends stocks to new highs
US stocks rose for the fifth straight session on Monday, with all three Wall Street benchmarks hitting new closing highs, as the post-election rally continued.
The Dow finished up 0.7% at a new high of 44,293.13 and the S&P 500 gained 0.1% to settle at a new peak of 6,001.35, while the Nasdaq – which had been in the red for most of the day – managed to inch 0.1% higher to 19,298.76.
While markets are open as normal, Monday was the Veterans Day national holiday, which is thought to have resulted in lower volumes.
The Dow, S&P 500 and Nasdaq all hit new records on Friday in the aftermath of last Tuesday's presidential election, in which Donald Trump comfortably beat Kamala Harris to be America's new pro-business president elect, while another rate cut from the Federal Reserve on Thursday also boosted investor sentiment. Since election day, the Dow is now up 5.98%, the S&P 500 is up 5.05% and the Nasdaq is up 6.15%.
"The prospect of a Republican clean sweep continues to energise investors, and with earnings growth still healthy, investors are also looking forward to a fresh burst of M&A and IPOs that will provide fresh flows to US markets. The Trump train rumbles on," said Chris Beauchamp, chief market analyst at IG.
No major economic data was out during Monday's session, though things will pick up later in the week with October's US inflation report out on Wednesday, followed by the US producer price index on Thursday and US retail sales on Friday.
"The US inflation report comes at a timely moment, with markets second guessing whether a December rate cut will come to fruition or not. While Trump’s policies have been largely deemed to be inflationary, the continued slump in energy prices does at least keep a lid on one key element that helps drive price pressures throughout the world," said Joshua Mahony, chief market analyst at Scope Markets.
Market movers
Crypto stocks Coinbase and Microstrategy were rising 20% or more after bitcoin prices surged more than $6,000 (+8.2%) to a new record of $87,011.63.
Bitcoin has surged 27% since election day, propelled by investor optimism that Trump's new administration would support a friendlier regulatory environment for digital currencies. The broader cryptocurrency market was mirroring Bitcoin’s momentum, with assets like Ethereum and Dogecoin seeing significant gains, up 31% and 114% over the week, respectively.
“Bitcoin has continued its climb to fresh record highs on the assumption that a Donald Trump presidency could lead to softer regulation around the cryptoverse, delivering on the promise to make America the planet’s ‘crypto capital’," said Danni Hewson, head of financial analysis at AJ Bell.
Similarly, Tesla was continuing to benefit from the so-called 'Trump pump', rising 9%, with founder Elon Musk's close relationship with the president elect expected to benefit the company – and wider electric vehicle industry.
"How long can the bromance continue? It’s a question already being asked and there are clearly sources of tension building with Musk’s X completely overshadowing Trump Media’s Truth Social, as the parent company’s shares have been on something of a rollercoaster ride since the election," Hewson said.
Shares in Monday.com dropped 15% after the company beat profit estimates in the third quarter but underwhelmed with its outlook for the fourth quarter. Third-quarter earnings surged 33% to 85 cents a share, smashing the 63 cents consensus forecast, but sales guidance for the fourth quarter was only in line with current market estimates.
Another big mover was small cap immunotherapy company CERo Therapeutics Holdings, which rocketed 180% after positive preclinical data for its cancer treatment.
A number of heavyweights will report earnings this week, including Home Depot, Alibaba, Cisco, and Walt Disney.
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $342.77 6.14%
Walgreens Boots Alliance, Inc. (WBA) $9.39 3.53%
Goldman Sachs Group Inc. (GS) $602.23 2.22%
American Express Co. (AXP) $292.54 1.87%
Walt Disney Co. (DIS) $100.86 1.86%
Unitedhealth Group Inc. (UNH) $625.25 1.53%
Visa Inc. (V) $310.98 0.99%
Cisco Systems Inc. (CSCO) $58.63 0.98%
JP Morgan Chase & Co. (JPM) $239.29 0.97%
Nike Inc. (NKE) $76.60 0.95%
Dow Jones - Fallers
Intel Corp. (INTC) $25.05 -4.39%
Merck & Co. Inc. (MRK) $100.73 -2.13%
Boeing Co. (BA) $148.96 -1.79%
Apple Inc. (AAPL) $224.23 -1.20%
Microsoft Corp. (MSFT) $418.01 -1.07%
Amgen Inc. (AMGN) $321.81 -1.07%
Procter & Gamble Co. (PG) $166.03 -1.00%
3M Co. (MMM) $132.99 -1.00%
Coca-Cola Co. (KO) $63.36 -0.88%
Walmart Inc. (WMT) $84.21 -0.73%
S&P 500 - Risers
Bristol-Myers Squibb (BMY) $59.82 10.49%
Albemarle Corp. (ALB) $110.49 9.57%
CIGNA Corp. (CI) $344.03 7.28%
Advance Auto Parts (AAP) $40.54 6.97%
Kohls Corp. (KSS) $18.69 6.74%
Salesforce.Com Inc. (CRM) $342.77 6.14%
Fortinet Inc. (FTNT) $97.18 5.58%
CenturyLink Inc. (LUMN) $10.10 5.53%
Charles Schwab Corp. (SCHW) $77.85 5.35%
Dxc Technology Company (DXC) $22.77 5.12%
S&P 500 - Fallers
AbbVie Inc (ABBV) $174.43 -12.57%
Celanese Corp. (CE) $78.74 -7.30%
Newmont Corporation (NEM) $42.33 -6.02%
Mettler Toledo International (MTD) $1,250.77 -4.58%
TripAdvisor Inc. (TRIP) $14.80 -4.45%
Intel Corp. (INTC) $25.05 -4.39%
Microchip Technology Inc. (MCHP) $69.88 -4.10%
Ralph Lauren Corp (RL) $213.87 -3.91%
Western Digital Corp. (WDC) $67.38 -3.20%
Freeport-McMoRan Inc (FCX) $44.90 -3.15%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $350.00 8.96%
Sirius XM Holdings Inc (SIRI) $27.44 5.01%
Mercadolibre Inc. (MELI) $1,961.16 4.76%
Paypal Holdings Inc (PYPL) $86.94 4.73%
Walgreens Boots Alliance, Inc. (WBA) $9.39 3.53%
Liberty Global plc Series A (LBTYA) $20.74 3.39%
Workday, Inc. (WDAY) $264.15 2.97%
Monster Beverage Corp (MNST) $55.74 2.96%
Gen Digital Inc. (GEN) $30.37 2.84%
Starbucks Corp. (SBUX) $100.31 2.83%
Nasdaq 100 - Fallers
Intel Corp. (INTC) $25.05 -4.39%
Microchip Technology Inc. (MCHP) $69.88 -4.10%
Western Digital Corp. (WDC) $67.38 -3.20%
KLA-Tencor Corp. (KLAC) $666.03 -3.11%
Vertex Pharmaceuticals Inc. (VRTX) $501.72 -2.91%
Micron Technology Inc. (MU) $108.65 -2.90%
Seagate Technology Plc (STX) $101.84 -2.81%
Lam Research Corp. (LRCX) $76.17 -2.60%
Broadcom Inc. (AVGO) $178.91 -2.58%
Analog Devices Inc. (ADI) $220.47 -2.36%