Market Opens to Fresh Highs | Live Stock
Good morning, traders. Happy Monday, November 11th. The market is climbing, but some tech firms are pulling back after hitting post-election records. The S&P 500 broke through 6,000 Friday and traded above the historic mark again Monday.
My name is Kevin Travers; here is the news and animal spirits moving markets today.
$Monolithic Power Systems (MPWR.US)$ shares fell 22%, the lowest decliner on the S&P 500 and Nasdaq, after a report from analysts at Edgewater Research wrote that there are issues in the firm's order fulfillment as a supplier of parts for $NVIDIA (NVDA.US)$ Blackwell chips. The analysis, reported by SeekingAlpha, said that the firm struggled to build parts that worked for Blackwell chips at above a 700-watt power consumption.
$Bristol-Myers Squibb (BMY.US)$ shares climbed 12%, leading the high-end climbers on the S&P 500, after the firm announced data for cardiovascular treatments at the annual American Heart Association conference in Chicago on Monday.
$Tesla (TSLA.US)$ climbed 8%, after chief Elon Musk supported President-elect Donald Trump's campaign.
Shares of $monday.com (MNDY.US)$ fell around 18% Monday after the company reported Q3 revenue growth of 33% Y/Y to $251.0 million and an EPS that both beat analyst estimates.
This week, look for earnings from companies like $Grab Holdings (GRAB.US)$ Monday night, $Shopify (SHOP.US)$ $Home Depot (HD.US)$ and $Shopify (SHOP.US)$ Tuesday morning, and $Spotify Technology (SPOT.US)$ $Occidental Petroleum (OXY.US)$, $Maplebear (CART.US)$ and $CAVA Group (CAVA.US)$ Tuesday night. Wednesday, watch for $Cisco (CSCO.US)$ and $Nu Holdings (NU.US)$ after the bell. Thursday, watch for $Disney (DIS.US)$ in the morning, and $Applied Materials (AMAT.US)$ Thursday night.
Within industries tracked by moomoo, cryptocurrency firms flew higher, following the record price beats of Bitcoin. The coin jumped 4% so far Monday, up to a record $84k, up 20% since the election was decided on Wednesday last week. $MARA Holdings (MARA.US)$ climbed 23%, $MicroStrategy (MSTR.US)$ climbed 17%, and $Coinbase (COIN.US)$ climbed 17% , leading other crypto firms higher.
$Crude Oil Futures(JAN5) (CLmain.US)$ fell. Gold and silver also fell. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market overall moved into a climb while I wrote this market article.
Just past 10:40 am ET the $S&P 500 Index (.SPX.US)$ traded +32 bps, the $Dow Jones Industrial Average (.DJI.US)$ climbed 94 bps, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.12%.
In macroeconomics this week, look for Fed speakers finally taking to the airwaves to talk about monetary policy, a week after cutting rates by 25 bps. Powell will speak on Thursday. Also, watch for Producer Price Index inflation numbers on Thursday and Consumer Price Index inflation numbers on Wednesday.
Over the weekend, users talked about the Trump trade, now that we know who will become the next president, the bull market is back- for now. Many users said they would watch out for issues with international stocks if Trump's tariffs and America-first policies hurt Chinese stocks.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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Agent Smith 404 : I'm just climbing the mountain so I can get a good look at the valley.
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72432837 : The markets have got to go with the flow if they don’t they’re gonna sink and swim forever to catch up