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<ul class="summary-list"><li>US stocks ended Monday mostly higher, led by a surge in Tesla on the potential for easing autonomous vehicle rules.</li><li>The Nasdaq 100 rebounded after a more than 3% drop last week, which was partly influenced by the Fed's interest-rate outlook.</li></ul>US stocks traded mostly higher on Monday, partly driven by a surge in <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla.</a>Tesla stock jumped as much as 9% after <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">a report said</a> the incoming Trump administration was planning to ease regulations on autonomous vehicles.The <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> led the market higher, ending a five-day losing streak, while the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> gained slightly and the <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a> edged lower.The gains in the Nasdaq on Monday come after last week's more-than-3% decline, which was exacerbated by comments from Fed Chairman Jerome Powell.Powell said in a Thursday speech that the Fed can take its time in lowering interest rates.Investors are now pricing in a 59% chance of a 25-basis-point rate cut at December's Fed meeting, down from 80% before Powell's comments, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Investors' top concerns this week include Nvidia's third-quarter earnings report, which is due after the market closes on Wednesday.For economic data, traders will be paying attention to housing starts and building permits, which are due out Tuesday morning. That will be followed by existing home sales and initial jobless claims, which are set to be released Thursday morning.Here's where US indexes stood at the 4 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,893.62, up 0.4%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,389.60, down 0.1% (55 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,791.81, up 0.6%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">The stock market's Trump honeymoon is starting to turn sour</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/read-spirit-airlines-open-letter-customers-bankruptcy-keep-flying-booking-2024-11">Spirit Airlines filed for Chapter 11 bankruptcy protection on Monday.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-blackwell-chip-ai-overheating-delay-share-price-2024-11">Nvidia's next-gen Blackwell GPU chip has reportedly hit an overheating snag.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/inflation-fed-rate-cuts-outlook-economy-trump-tariffs-tax-cuts-2024-11">Watch these 4 signs of re-inflation ahead of Trump's second administration.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-morgan-stanley-mike-wilson-bullish-11-upside-2024-11">Morgan Stanley strategist Mike Wilson turned bullish on stocks, issuing a 2025 year-end price target of 6,500 for the S&amp;P 500.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-reportedly-relaxing-self-driving-rules-tsla-2024-11">Uber shares fell 5% following concerns that a Tesla autonomous vehicle network could impact its business negatively.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil rose 3.32% to $69.14 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 3.18% to $73.30 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> increased 1.66% to $2,612.70 an ounce.</li><li>The 10-year Treasury yield dropped 2 basis points to 4.422%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 1.58% to $91,300.</li></ul>

Stock market today: Tesla powers tech rally as Nasdaq snaps 5-day skid

<ul class="summary-list"><li>Stocks bounced back from Monday's losing session as oil dropped and tech stocks surged.</li><li>Earnings season kicked off Tuesday, and major banks are scheduled to report on Friday.</li></ul>US stocks rebounded on Tuesday after Monday's losses, with momentum revived by a tech rally and falling crude prices.The Magnificent 7 tech cohort led the market higher, with Nvidia at the forefront. The AI chipmaker climbed 4% on Tuesday, while <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock?miRedirects=1">Tesla</a>, and <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> all traded more than 1% higher.The surge in oil prices that pressured stocks on Monday, meanwhile, retraced, with international and US crude prices falling more than 4%. Energy traders pulled back on Monday as they continued to await retaliation from Israel over Iran's missile barrage last week, while a disappointing stimulus update in China weighed on the outlook for oil demand. In the US, Wall Street is keeping an eye on the upcoming consumer price index report for September. The inflation data will publish on Thursday, and will inform investors what to expect from the Federal Reserve's next policy meeting in November. Though the market had been anticipating another half-point interest rate cut next month, last Friday's <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*qs0pxj*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODM5MTI5Mi43MDAuMS4xNzI4Mzk0MTk5LjUyLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets">big jobs report</a> erased those forecasts. Bank of America expects any upside surprise in the inflation data may keep <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">rates higher for longer</a>.At the same time, Fed officials have cited optimistic expectations for rate cuts to continue. On Monday, New York Fed president John Williams told the <a target="_blank" href="https://www.ft.com/content/ea0b03d3-47c6-4b33-a6a7-770f5898f24e">Financial Times</a> that a quarter-point cut is a "very good base case."Economists project consumer inflation for September to come in at 2.3% year-over-year, down from 2.5% in August.Tuesday's session also marked the start of earnings season. In a new report, BofA noted that the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stocks-q3-earnings-lower-rates-stocks-returns-outlook-bofa-2024-10?_gl=1*5idogj*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODQxMDMxNi43MDQuMS4xNzI4NDEyOTQ3LjUyLjAuMA">bar for third-quarter earnings is low</a>, adding that investors will likely reward firms as long as they express confidence about lower rates.Major US financial firms, including JPMorgan, Wells Fargo, and BlackRock, report results on Friday.Among Tuesday's notable movers was Roblox, which briefly fell <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/roblox-stock-price-short-seller-hindenburg-report-gaming-inflated-metrics-2024-10?_gl=1*1dndsjr*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODQxMDMxNi43MDQuMS4xNzI4NDE2ODE3LjYwLjAuMA..">nearly 10% in intraday trading,</a> after short-seller Hindenburg Research took aim at the gaming platform.Meanwhile, China's sharp equity rally <a target="_blank" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10?utm_medium=ingest&amp;utm_source=markets">showed signs of slowing down</a>. Beijing's failure to announce new stimulus plans on Tuesday has disappointed investors.Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,751.16, up 0.97% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,080.37, up 0.3% (+126.13 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,182.92, up 1.45% </li></ul>Here's what else is going on:<ul><li><a target="_blank" href="https://markets.businessinsider.com/news/commodities/hurricane-milton-power-outage-florida-electricity-natural-gas-prices-futures-2024-10?_gl=1*13jm4ua*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODQxMDMxNi43MDQuMS4xNzI4NDEyODYyLjYwLjAuMA..">Energy traders bet Hurricane Milton will spark power outages and leave power plants idling in Florida.</a></li><li>Russia's economy can withstand pressure for several more years but will eventually face an<a target="_blank" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10"> "unsolvable trilemma," </a>an expert says.</li><li>Rate cuts were supposed to ease mortgage rates. <a target="_blank" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10">Here's why the opposite happened.</a></li><li><a target="_blank" href="https://www.businessinsider.com/china-economy-growth-stimulus-demand-emerging-markets-world-bank-2024-10">China's stimulus won't stop its GDP decline next year</a>, the World Bank says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/carl-icahn-hindenburg-research-short-seller-adani-group-nikola-block-2023-5?_gl=1*mqn88g*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODQxMDMxNi43MDQuMS4xNzI4NDEzMDgzLjQxLjAuMA..#3-draftkings-3">Roblox, DraftKings, or Icahn Enterprises: here are the biggest calls made by short-seller Hindenberg Research.</a></li><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/meme-coins-bitcoin-inventor-surge-len-sassaman-crypto-hbo-documentary-2024-10?_gl=1*1kl3k6d*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcyODQxMDMxNi43MDQuMS4xNzI4NDEzMDExLjUwLjAuMA..">Meme coins tied to the identity of bitcoin's inventor have rallied ahead of a new documentary that could reveal their identity</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude sank 4.1% to $73.92 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, tumbled 4.1% to $77.57 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> fell 0.9% to $2,641 an ounce.</li><li>The 10-year Treasury yield was nearly flat at 4.018%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> dropped by 1.7% to $62,226.</li></ul>

Stock market today: Tech rally leads stocks higher as oil prices plunge and earnings kick off

<ul class="summary-list"><li>Morgan Stanley's Mike Wilson is now bullish on the stock market, setting a 2025 S&amp;P 500 target of 6,500.</li><li>He cites Fed rate cuts and potential deregulation, and says high-quality cyclical stocks will outperform.</li></ul>Closely watched Wall Street strategist Mike Wilson of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a> is turning more bullish on the stock market.In a Monday note, the CIO and chief US equity strategist set a 2025 year-end <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> price target of 6,500, representing potential upside of 11% from current levels.The call is notable considering that Wilson has been largely bearish on stocks over the past few years, correctly calling the 2022 bear market but <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-earnings-recession-morgan-stanley-bear-mike-wilson-2023-12">remaining bearish</a> throughout much of the stock market's advance that began in October 2022.Wilson previously had a mid-year 2025 S&amp;P 500 price target of 5,400. The S&amp;P 500 traded at around 5,900 on Monday.According to Wilson, <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-2025-trump-tariff-inflation-growth-2024-11">interest-rate cuts</a> from the Federal Reserve, combined with improving economic growth and the potential for a wave of deregulation under the incoming Trump administration, means investors should lean bullish on stocks."A potential rise in corporate animal spirits post the election (as we saw following the 2016 election) could catalyze a more balanced earnings profile across the market in 2025," Wilson said.Wilson had previously been skeptical of stock market upside due to elevated valuations. While he admits they're still "rich," they could be justified as long as the economy holds up.And looking under the surface, valuations aren't hitting extremes, according to the note."The S&amp;P 500 median stock multiple is less extended at 19.0x and should stay supported if the earnings recovery broadens out in 2025 as we expect," Wilson said.Wilson recommended investors own high-quality cyclical stocks, with a particular focus on stocks found in the financials sector.On the flipside, Wilson recommended investors take an underweight position on consumer discretionary and consumer staple stocks due to limited pricing power and the potential risk of tariffs.While Wilson shifted to a more bullish tone on stocks, he said investors should "stay nimble" amid changing market leadership and uncertainty around President-elect Donald Trump's policies related to immigration, global trade, and government spending."We are potentially going through another sea change in policy outcomes that could have both short and longer term implications for markets," Wilson said.

Morgan Stanley is finally bullish on stocks: Why the firm now sees 11% upside through 2025

<ul class="summary-list"><li>Bank of America cited three risks that could upend corporate earnings growth, a key driver of stock returns.</li><li>One potential headwind is Trump's proposed tariff plan, BofA said.</li></ul>The stock market has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11">riding high</a> since Donald Trump won the presidential election.One main driver of that has been investors pricing in strong profit growth in the future, seen as a direct byproduct of Trump's plans to cut the corporate tax rate and loosen regulation.Although <a target="_blank" class="" href="https://www.businessinsider.com/category/bank-of-america">Bank of America</a>'s year-end target for the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> is slightly above current levels, new research from the firm's equity-strategy team laid out three developments that could derail the ongoing "earnings-per-share upcycle" that's powering gains.First, an economic recession could significantly undercut earnings growth, drawing S&amp;P EPS down 10% to 20%.Though a US downturn isn't BofA's base case, the bank cited that recession risk is a real possibility under incoming president Donald Trump.That will depend on which policies the incoming administration prioritizes, analysts wrote in a separate note. In a scenario where Trump pushes dramatic immigration curbs and protectionist trade policies amid minimal fiscal easing, the economy would sink into recession.Peak-to-trough profit drawdowns of 20% are typical in an average recession. Under this scenario, EPS would drop to $195-$220 next year.To be sure, BofA also sees chances of blowout growth, if the president-elect de-emphasizes trade and immigration restrictions in favor of tax cuts and deregulation. In this case, GDP growth could even exceed 3% in 2025.Second, if Trump's trade plans are implemented, retaliatory tariffs could trigger a 10% hit to EPS.During his campaign, the president-elect pledged to implement a 10% duty on all foreign imports into the US. That wouldn't apply to Chinese products, which would face a 60% rate instead.If Trump stays true to his word, BofA expects US foreign sales to take on a 3% to 4% hit as the rest of the world establishes its own retaliatory tariffs.In the mounting trade war, industrials and semiconductor stocks would be most at risk, the bank said.Third, a dramatic upswing in bond yields could slash EPS by another 10%.BofA's worst-case scenario would be if the 10-year Treasury yield surges to 7%, a situation that could be prompted if Trump's tariff and immigration reductions spark an inflation shock.If this were to happen, the yield jump implies that the Purchasing Managers Index would hit 43 by 2024's year-end.This measure monitors the health of US manufacturing and indicates a contraction whenever its reading stands below 50. As of October, PMI registered a 46.5 level.While a contracting manufacturing base would cut into EPS, higher bond yields could also weigh on equity exposure. BofA noted that stocks could face increased pressure once the 10-year rate rises above 5%.The yield has been climbing higher amid Trump's election, as uncertainty has grown over whether the Federal Reserve can cut rates amid the president-elect's policies. The 10-year rate is currently trading above 4.5%.

3 developments that could derail the stock market's post-Trump sugar high, BofA says

<ul class="summary-list"><li>Nvidia is set to launch its next-gen Blackwell GPU chip, boosting the prospect for more stock gains.</li><li>Melius Research said selling Nvidia stock now would be akin to selling Apple stock after the release of its first iPhone.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> has rocketed to all-time highs, but investors should hold on a while longer as the company's next-generation Blackwell GPU will be a watershed moment, a note from Melius Research this week said.Ben Reitzes, a managing director at Melius, bumped his Nvidia price target to $185, representing potential upside of 26% from current levels.Reitzes believes Nvidia is approaching its <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> iPhone moment, and that selling now would be akin to selling Apple stock after it released the first generation iPhone."It's similar to the feeling around product cycles with Apple's iPhone some 15 years ago, just on a different scale. So, while it sounds strange, giving up on Nvidia here after its hit — Hopper — is like giving up on Apple at iPhone 1 or 2," Reitzes said, referring to the current generation Hopper chip.Nvidia stock has been a tear ever since <a target="_blank" class="" href="https://www.businessinsider.com/openai-steps-up-google-challenge-launches-chatgpt-search-tool-2024-10">OpenAI released ChatGPT</a> in November 2022. Since then, Nvidia has soared nearly 800% to become the largest company in the world, with a market capitalization of over $3.5 trillion.Nvidia's Hopper and upcoming Blackwell GPU chips represent the foundation of artificial intelligence advancements, which are powering everything from AI chatbots like ChatGPT to text-to-video and self-driving cars. "Big clouds, sovereigns and large enterprises are still more likely to invest more in this 'once-in-a-lifetime opportunity," Reitzes said.And Nvidia's enviable position means big profits are in store for its investors, according to the note."We are not only excited about Blackwell driving upside to the street in 2025 — and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-unveils-rubin-chip-ai-platform-2024-6">Rubin in 2026</a> — but we are also increasingly optimistic that gross margins can snap back firmly into the mid-70s by mid-FY26," Reitzes said.Nvidia could earn more than $5 per share in profits by 2027, which "looks conservative now," according to the note. Reitzes increased his revenue and profit estimates for 2025 through 2027 for Nvidia, citing higher gross margins and continued investments from cloud hyperscalers.And at those profit levels, Nvidia stock looks attractive from a valuation standpoint."Even with a decelerating growth rate on huge numbers, Nvidia's CY2025 PEG ratio stands at about 0.8x on our estimates. This ratio is 33% less than Broadcom's and the lowest in the Mag 7 by a wide margin," Reitzes said.Nvidia stock is up 197% year-to-date and trading about 2% below its record high of $149.77 per share.

Nvidia stock has 25% upside as it approaches an iPhone moment with its Blackwell chip, analyst says

<ul class="summary-list"><li>US stocks hit record highs as investors cheered Trump's election victory and market gains.</li><li>The Fed cut interest rates, Nvidia replaced Intel in the Dow, and the S&amp;P 500 briefly crossed 6,000.</li></ul>US stocks jumped on Friday to record highs, capping off a monumental week for markets as investors cheered Donald Trump's election victory.It was a big week for the market, and the momentum kept up even after the Dow Jones Industrial Average gained 1,500 points on Wednesday. The S&amp;P 500 briefly cross 6,000 for the first time, while the Dow topped 44,000 during the day, also a first as <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia replaced Intel</a> in the index. On Thursday, traders had more to cheer with the Federal Reserve cutting interest rates again by 25 basis points. Chair Jerome Powell said the central bank was feeling good about the economy, with more easing on the table, even as <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">bond markets repriced</a> this week in anticipation of higher borrowing costs under Trump's second term. At Friday's closing bell, stocks ended with their best weekly gain of 2024, with the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> jumping about 5%.Bitcoin, meanwhile, was continuing a record-setting run on Friday in the wake of Trump's win, with the token climbing past $76,500. "The Trump rally isn't over with stocks reaching fresh all-time highs as investors look ahead to tax cuts, deregulation. and Made in America policies to power future gains. Market participants are also catching a tailwind from a dovish Federal Reserve," said José Torres, senior economist at Interactive Brokers.Also helping push stocks to record this week were solid earnings, with third-quarter results starting to wrap up.So far, 90% of S&amp;P 500 companies have reported earnings results. According to Fundstrat data, 77% of those companies beat profit estimates by a median of 6%, while 59% beat revenue estimates by a median of 6%.Investors will turn their attention to inflation data next week, with the October consumer price index set to be released on Wednesday and the October producer price index set to be released on Thursday.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,995.54, up 0.38% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,988.99, up 0.59% (+259.65 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 19,286.78, up 0.09%</li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11">Tesla stock surged 7% to hit a $1 trillion market cap on Friday for the first time since April 2022.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/clean-energy-stocks-short-sellers-trump-us-election-renewables-evs-2024-11">Traders betting against clean-energy stocks have made $1.3 billion since Trump's election win.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/big-tech-winners-losers-trump-election-win-according-to-market-2024-11">Here are mega-cap tech's winners and losers from Trump's election win, according to the stock market.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariffs-threats-world-ceos-thoughts-trade-2024-11">CEOs worldwide are already talking about the potential impact of tariffs on their businesses.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-85-million-profit-trump-president-election-win-2024-11">The Polymarket 'whale' actually made $85 million on his Trump election bet, nearly double than originally thought.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil declined 2.52% to $70.54 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 2.09% to $74.05 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> dropped 0.40% to $2,695.10 an ounce.</li><li>The 10-year Treasury yield declined 3 basis points to 4.313%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> gained 0.94% to $76,636.</li></ul>

Stock market today: Indexes end the week at records as investors cheer Trump's victory

<ul class="summary-list"><li>The small-cap-heavy Russell 2000 jumped as much as 5% on Wednesday after Donald Trump's victory.</li><li>Small-caps stand to benefit from Trump's protectionist trade and deregulation policies.</li></ul>Small-cap stocks have taken off after Donald Trump secured a second term in the White House.The <a target="_blank" href="https://markets.businessinsider.com/stocks/ishares_russell_2000_etf_cert_deposito_arg_repr_01_sh-stock?miRedirects=1">Russell 2000</a> surged as much as 5% on Wednesday. The index tracks small-cap companies, which are seen as major beneficiaries of a Trump presidency. The index is now up roughly 17% year-to-date.The Trump administration's protectionist plan is at least partially designed to protect domestic business. Throughout his campaign, Trump has promised double-digit tariffs on virtually all US exports, citing that China could face as much as a 60% tax rate.In a note ahead of the election, JPMorgan also noted that small-caps could benefit under Trump due to deregulation and possible tax cuts targeting domestic-oriented businesses.Small-caps were not the only <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-djt-tesla-stock-crypto-election-energy-2024-11">sector to jump after Trump's victory</a>.Financial stocks also gained on the prospect of easier regulation and tax cuts. Meanwhile, Trump's supportive stance on cryptocurrency sent <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-djt-tesla-stock-crypto-election-energy-2024-11">bitcoin soaring to fresh record high</a>.Amid market losers, however, were clean-energy stocks, with stocks such as <a target="_blank" href="https://markets.businessinsider.com/stocks/plug-stock">Plug Power</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/run-stock">SunRun</a> falling over 10% in pre-market trading. Concern has mounted that the president-elect could try to repeal the Inflation Reduction Act that provides tax credits to renewable-energy firms.

The market's smallest stocks are rocketing higher with Trump's protectionist policies seen favoring domestic operators

<ul class="summary-list"><li>Donald Trump's presidential win boosted his social media company, Tesla, and crypto stocks.</li><li>Banking stocks also gained, while clean-energy stocks tumbled.</li></ul>Donald Trump's victory in the presidential election <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">boosted shares</a> of his social media company, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>'s Tesla, and a slew of cryptocurrency stocks in premarket trading on Wednesday.The former president's reelection sent renewable-energy stocks tumbling as traders bet his administration would be <a target="_blank" class="" href="https://www.businessinsider.com/biden-trump-climate-policies-ev-subsidies-renewables-fossil-fuel-drilling-2024-7">less friendly</a> in terms of subsidies and regulation.Shares of Trump Media &amp; Technology Group surged as much as 62% to $55 as investors wagered Truth Social's parent company, which counts Trump as its <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-truth-social-tmtg-stock-wealth-election-harris-x-2024-9">largest shareholder</a>, would benefit from his second term. The stock — which has Trump's initials, DJT, as its ticker — was trading 37% higher at last check.If the gain holds, Trump would be about $1.3 billion richer on paper given his near-53% stake in the company.Tesla stock rose 15% in premarket trading and was poised to open at its highest level in more than a year. Musk, the electric-vehicle maker's CEO, has <a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-elon-musk-a-star-is-born-2024-11">emerged</a> as one of Trump's most vocal champions and closest advisors.Crypto stocks jumped on the prospect of a <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-record-high-crypto-trump-trade-us-presidential-election-2024-11">friendlier US regulatory environment</a> under Trump. Coinbase and MicroStrategy both rose 13% in Wednesday's premarket. Bitcoin, the most popular crypto, climbed past $75,000 for the first time on election night before paring gains.<h2 id="b91524b5-c53d-4ab4-9fae-d43ef3d76f42">Boost for banks</h2>Conventional financial stocks also gained with Bank of America, JPMorgan, Wells Fargo, Goldman Sachs, Morgan Stanley, BlackRock, Blackstone, and KKR rising between 6% and 9% in the US premarket.Traders expect Wall Street banks, asset managers, and private equity firms to benefit from tax cuts and deregulation under Trump.In contrast, clean-energy stocks slid with Plug Power, SunRun, First Solar, and Enphase Energy all dropping at least 10% in premarket trading. Danish wind turbine manufacturer Orsted and rival Vestas fell 10% and 8% respectively in Frankfurt trading.The declines likely reflect concerns that Trump's reelection will lead to the repeal of the Inflation Reduction Act passed by the Biden administration, which provided large-scale tax credits for renewable-energy providers.The broader stock market gained before the open with futures underlying the S&amp;P 500 and Dow Jones Industrial Average climbing more than 2.3%, while Nasdaq 100 futures rose 1.8%.

Trump Media, Tesla, and crypto stocks surge as Trump wins — and clean energy companies tumble

<ul class="summary-list"><li>Short-sellers betting against renewable energy stocks made $1.3 billion since Trump's win, Bloomberg reported. </li><li>Trump is expected to roll back many of the Biden administration's climate programs.</li></ul>It was a tough week for clean energy stocks after Donald Trump clinched the presidential election, but for the short sellers betting against them, the gains have been impressive. Traders betting against renewables have gains on paper of around $1.3 billion since Trump's win sent stocks in the sector tumbling, according to Bloomberg.Among the most-shorted renewable names are shares of Plug Power, SolarEdge Technologies, and Enphase Energy, which have each seen declines of over 24% since market close on Tuesday. First Solar and Bloom Energy have also been popular targets for short-sellers, and have lost around 11% and 3% since Tuesday.The renewables selloff comes after Trump won the US presidential election earlier this week.Trump, who frequently used the slogan "drill, baby, drill" while on the campaign trail, is expected to roll back many of the Biden administration's clean energy initiatives. In particular, Trump has long been critical of the Inflation Reduction Act's billions of dollars toward solar and wind subsidies.Trump could also slash subsidies for electric vehicles and manufacturing EV batteries in the US, which has led EV makers' stocks to tumble (<a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11">excluding Tesla</a>, which is headed by key Trump ally Elon Musk and is expected to benefit from the former president's return to the White House).Trump is also expected to pull out of the Paris Agreement again, which would remove the US from worldwide climate diplomacy talks with Europe and China.Trump has also promised to make it easier to develop energy infrastructure. In the spring, he asked top oil executives for a <a target="_blank" href="https://www.businessinsider.com/trump-asked-oil-execs-for-1bn-2024?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_BI%20Sustainability,%20November%207,%202024">$1 billion contribution</a> to his campaign in exchange for dismantling Biden's environmental policies, handing out more drilling leases, and expediting permits for new liquefied natural gas exports, according to a report from the Washington Post.

Traders betting against clean energy stocks have made $1.3 billion since Trump's election win

<ul class="summary-list"><li>US stocks have rallied postelection, with the S&amp;P 500 up 3.5% since last Tuesday.</li><li>Bob Elliott sees potential for continued upside due to expected tax cuts and lower regulation.</li></ul>Investors have enjoyed an almost-everything rally in US stocks since the presidential election, with the S&amp;P 500 up 3.5% since then.While some strategists and money managers have <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-trump-trade-dot-com-bubble-sp500-smead-2024-11">warned the surge</a> has only pushed <a target="_blank" class="" href="https://www.businessinsider.com/trump-trade-election-investing-stock-market-strategy-sp500-valuations-morningstar-2024-11">high valuations</a> even higher, Bob Elliott, the founder of Unlimited Funds, thinks the upswing can keep going.In a November 7 interview with Business Insider, the former executive at Bridgewater Associates, the world's largest hedge fund by assets under management, said that the likely outcome of a red sweep means that investors will begin to account for the benefits of tax cuts and lower regulation more than they might have under a divided government outcome."There's most likely more room to run to price in that expansionary fiscal policy ahead," Elliott said. "Valuations are certainly elevated, but the power of over-easy monetary and fiscal policy, relative to conditions, is likely stronger than any concern about valuation in the near-term for most investors."Not only have investor expectations been adjusted, but the uncertainty that has kept many investors in safer assets has now been removed and should leave more inflows, Elliott said."A lot of the clouds have cleared, and so it's very likely we see those folks who remained cautious through this week start to allocate capital, particularly through the end of the year," he said.In terms of fiscal policy, Elliott said that Republicans would likely extend the Tax Cuts and Jobs Act, which will keep corporate and individual taxes lower than they were likely to have defaulted to under a Democratic administration or split government.The amount of mergers and acquisitions should also increase thanks to lower regulations, he said.Tariffs and the large-scale deportation of migrants would be aspects of Trump's agenda that could be damaging to growth, Elliott added, though it's unclear how likely these initiatives are to be carried out, For example, tariffs could just be bargaining chips being put forth by Trump to negotiate new trade terms with other countries."We probably won't really know what that path will look like until the second half of 2025," he said.Until then, the outlook is bullish for "everything but bonds," Elliott said.But three areas within the broader stock market should be primed for more upside than others. A solid macroeconomic backdrop and falling rates have typically been factors that are good for cheaper stocks, he said, and they should get more of a boost relative to other areas of the market in the near future."When you get these types of conditions where you have reasonably strong economic conditions and a loosening or an easing of policy, that often will cause liquidity to take advantage of or flow to unloved corners of the market," he said.He continued: "So areas that have been underperforming — things like small-caps, energy stocks, financials — areas like that that just have not seen the sort of top-line demand that things like tech stocks have seen."Investors can gain exposure to these areas of the market through funds like the Vanguard Small-Cap ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/vanguard-small-index-fund-etf-shares-us9229087518?miRedirects=2">VB</a>), the Energy Select Sector SPDR Fund (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/the-energy-select-sector-spdr-fund-us81369y5069?miRedirects=2">XLE</a>), and the iShares US Financials ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-us-financials-etf-us4642877884?miRedirects=2">IYF</a>).

A former Bridgewater executive shares why the stock-market rally has room to run — and 3 'unloved' trades primed for a boost

<ul class="summary-list"><li>US stocks were on a roll following Donald Trump's victory in last week's election.</li><li>Markets are banking on lower taxes and fewer restrictions on businesses.</li></ul>The week since the US elections was better for stocks than anyone other than Donald Trump's biggest supporters could have expected.Many parts of the market <a target="_blank" href="https://www.sectorspdrs.com/sectortracker">caught fire</a> ever since Republicans significantly outpaced polls on November 5. The consensus view among strategists is that <a target="_blank" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">US stocks are set up for success during Trump's next term</a>, as they believe his policies will benefit corporations and the economy.Sébastien Page, an investment chief and head of global multi-asset at T. Rowe Price, is mostly on board with this upbeat sentiment. He told Business Insider last week that the post-election relief rally checks out, as markets finally have more clarity about policy in the next four years."The reduction in the uncertainty that we had going into the election — that's good for stocks," Page said in an interview, as are the possibilities of deregulation and corporate tax cuts.Even more vital for stocks is the economic growth backdrop. Widely followed indicators like GDP growth and the unemployment rate <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">suggest that the US is already on solid ground</a>, and <a target="_blank" href="https://tradingeconomics.com/united-states/consumer-confidence">consumer sentiment is rebounding strongly</a> from perplexingly low levels.While there have been signs of softness in the labor market, including <a target="_blank" href="https://data.bls.gov/timeseries/ces0000000001?output_view=net_1mth">lackluster job additions in four of the last five months</a>, Page expects the economic expansion to roll on — at least for now."The probability of recession is rarely zero, but my view is, it's unlikely for the next 12 months," Page said.<h2 id="d6647ee1-0cb2-4d09-9bed-457944a6aa59">3 key risks to watch heading into 2025</h2>Although Page is optimistic about the path forward for stocks and the economy, he thinks investors shouldn't ignore three risks that could cause a market reversal.Chief among Page's concerns is that valuations are historically high and leave little room for error on the earnings front.The S&amp;P 500's 35.6% rise in the last 12 months and 67% gain since its bear-market low in October 2022 has pushed the index's price-to-earnings (P/E) ratio to over 22x. That's the <a target="_blank" href="https://yardeni.com/charts/stock-market-p-e-ratios/">one of the richest marks in the last two decades</a>, and it suggests this supportive backdrop is no secret.<div type="image" title="S&amp;P 500 val 11-12-24" height="1120" width="1990" msid="115253245" hostid="261" sizebytes="168202"></div>And even if growth stays robust, stocks may have already pulled forward future gains."If you had to summarize my view, I'm positive on the economy, but I think it's mainly priced in," Page said.If earnings continue to defy expectations, as they have again in the third quarter, stocks could keep climbing. Profits increased about 7.1% in Q3, which is much higher than <a target="_blank" href="https://www.businessinsider.com/how-to-invest-q3-earnings-season-recession-risk-investing-strategy-2024-10">the 4.6% that analysts were calling for</a>. That's an underrated reason why stocks have done so well lately.But otherwise, it's quite possible that the S&amp;P 500 could give back much of its recent gains."There's a lot priced in," Page said. "The earnings expectations for next year are <a target="_blank" href="https://www.businessinsider.com/how-to-invest-q3-earnings-season-recession-risk-investing-strategy-2024-10">about 15% growth</a>. We're tracking at around 9% growth this year."Page added: "Earnings coming up is good, but high expectations can lead to disappointment."Stocks often perform well in expansions, the investment chief said, though there are exceptions.In 2022, the S&amp;P 500 had its worst year since the financial crisis, <a target="_blank" href="https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/spearn.htm">even as earnings ticked up</a>. Stocks were plagued by <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-price-growth-june-2022-7">multi-decade high inflation</a>, interest rate hikes, <a target="_blank" href="https://www.businessinsider.com/gdp-q2-economic-growth-recession-inflation-hiring-us-recovery-progress-2022-7">two quarters of negative GDP</a>, and geopolitical flare-ups like Russia's invasion of Ukraine.Most of those concerns have since been neutralized, though new ones could pop up whenever."There's always tail risks, and next year it could be geopolitics — maybe another oil shock," Page said. "But I don't personally see a repeat of '22, unless something major happens to maybe commodity markets, or a major disappointment in earnings — something unexpected in terms of some of those flagship companies that are dominating the market."The last major concern Page cited is one that <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-trump-president-economy-tariffs-trade-war-kelly-2024-11">many market observers have warned about lately</a>: a global trade war defined by steep tariffs, <a target="_blank" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">which could hurt growth and spark inflation</a>."The market might be underestimating the potential impact of trade wars that could be disruptive," Page said. "Maybe the market is thinking, 'This is a problem for another day,' and we'll see. But the president has more power over trade policy than fiscal, and all those expectations [are] for lower taxes, so maybe the market's underestimating this a little bit."Trump <a target="_blank" href="https://www.pbs.org/newshour/economy/trump-favors-huge-new-tariffs-how-do-they-work">has hinted</a> that he'll put 60% tariffs on Chinese imports and up to 20% tariffs on other foreign goods, though even some of his outspoken critics have said that he might be bluffing. That's Page's hunch as well."It's not necessarily what is actually going to happen," Page said. "With this administration, there's a tendency to use tariffs as part of a strategy to bring manufacturing into the country, as a negotiation tool."If Trump actually implements such tariffs, pundits like Anthony Scaramucci have said <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-risk-outlook-trump-deportation-tariff-anthony-scaramucci-2024-11">there'd be a major market meltdown</a>. Page had no such call, but even if there was a modest pullback, the investment chief wouldn't necessarily complain."We like to buy when markets sell off," Page said.

'High expectations can lead to disappointment': A top strategist at T. Rowe Price outlines the 3 risks he's watching as markets celebrate Trump's win

<ul class="summary-list"><li>Pandemic-fueled inflation seems to be spurring voters to kick out leaders.</li><li>Incumbent governments have been punished in Britain, France, India, Japan, South Korea, and elsewhere.</li></ul>From London to Tokyo, Seoul to Cape Town, 2024 has been a year of sharp election swings. Now you can add Washington D.C. to the list.Donald Trump soundly beat Democrat VP Kamala Harris in the US election, faring better than in 2020 in virtually every part of the country and with nearly all demographic groups. The near-universal shift away from Democrats echoes voters' <a target="_blank" class="" href="https://www.businessinsider.com/voters-world-elections-against-ruling-parties-analysis-2024-7">rejection of incumbent political parties</a> across the world this year.The US vice president's late substitution for Biden as the Democratic candidate, and her decision to embrace his policies instead of distancing herself from them, meant she <a target="_blank" class="" href="https://www.businessinsider.com/harris-lost-biden-unpopularity-trump-election-2024-11">effectively ran as an incumbent</a>.In contrast, Trump's defeat in the 2020 presidential election race enabled him to run as a "change candidate" this cycle and promise to disrupt the status quo.<h2 id="4f519aa6-7d08-4663-8d7f-8e62f03fcb58">Voter backlash</h2>Analysts have <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-analysis-harris-immigration-abortion-economy-musk-2024-11">proposed many theories</a> as to why Harris lost, ranging from her gender and race, to her failure to reach out to <a target="_blank" class="" href="https://www.businessinsider.com/election-musk-cuban-trump-meme-stocks-gamestop-dogecoin-crypto-markets-2024-11">young men</a>, to her support of Israel's war with Gaza, to her campaign focusing too much on reproductive rights and preserving democracy and too little on immigration and the economy.But from a global perspective, it's little surprise she lost given how many incumbent governments on both the right and the left have received a drubbing this year. Here are just a few of them:<ul><li>Britain's Labour Party <a target="_blank" class="" href="https://www.businessinsider.com/uk-labour-party-back-in-power-rishi-sunak-concede-defeat-2024-7">ousted</a> the Conservative Party, or Tories, this summer.</li><li>France's National Rally party <a target="_blank" class="" href="https://www.businessinsider.com/france-elections-far-right-macron-le-pen-bardella-2024-6">secured</a> more seats in the country's assembly than in 2022.</li><li>Japan's Liberal Democratic Party <a target="_blank" class="" href="https://www.businessinsider.com/japan-prime-minister-shigeru-ishiba-shake-up-us-military-pact-2024-9">ceded</a> its parliamentary majority this fall.</li><li>Indian Prime Minister Narendra Modi <a target="_blank" class="" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">lost</a> his majority against expectations, forcing him to form a coalition government.</li><li>South Korea's Democrat Party snagged a majority in the country's legislature.</li><li>South Africa's African National Congress (ANC) party lost its majority.</li></ul>Moreover, the incumbent US party has now lost three consecutive presidential elections for the first time in more than a century, Jim Reid, a research strategist at Deutsche Bank, said in a note this week.<h2 id="0e2b6ba9-92e6-4498-aadc-0fbc022d984f">Paying the price</h2><a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">Inflation</a> has been a key driver of the voter backlash. Prices of food, fuel, housing, and other essentials took off during the pandemic as governments spent heavily and lockdowns snarled global supply chains. In the US, inflation hit a 40-year high of more than 9% in early 2022 and was still above the Federal Reserve's 2% target this September."Trump's victory is the most powerful example this year of a political and economic environment that has been brutal for incumbents around the world and brought home the fact that inflation is political kryptonite," Tina Fordham, an independent strategist and advisor, said in a LinkedIn post this week.A key consequence of inflation has been central banks raising <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/what-is-interest">interest rates</a> to curb spending, hiring, and investing, cooling price growth. The Fed raised its benchmark rate from nearly zero to north of 5% in under 18 months, raising many people's monthly payments on their credit cards, car loans, and mortgages.The central bank made its first cut this September and <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">trimmed</a> a second time this week, broadly in line with peers such as the Bank of England and the European Central Bank.Surging prices and steeper interest rates has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-jpmorgan-consumer-inflation-rates-banking-crisis-2023-4">squeezed households</a> in the US and many other countries. Voters appear to be fed up with onerous living costs and eager to kick out the leaders they blame for their struggles.Other issues, such as illegal immigration and the wars in Ukraine and the Middle East, have also spurred votes for change.<h2 id="508f4884-4bdf-4651-b7a6-4bb22f9f0fde">Demanding change</h2>In the US, those concerns are so powerful that they've trumped the <a target="_blank" class="" href="https://www.businessinsider.com/economic-outlook-pandemic-stock-market-crash-inflation-recession-rates-ai-2024-2">economic reality</a> of resilient growth, historically low unemployment, declining inflation, falling rates, and a record stock market. In a CNN exit poll, 72% of Americans said they were dissatisfied with the country's direction.Louis Perron, a political consultant author of "Beat the Incumbent: Proven Strategies and Tactics to Win Elections," said in a note this week that elections featuring an incumbent are "foremost a referendum on the incumbent."In Harris' case, he said "it would have probably taken a miracle to overcome the circumstances with respect to inflation and the border."People "can't pay for groceries with Democracy or reproductive rights," he added. "If the mood of the electorate is so sour, people just want to stop the bleeding."Similarly, Deutsche Bank's Reid wrote that voters are disappointed by how slowly their lives are improving amid cooler economic growth.He said they don't buy that incumbents can tackle immigration, some incumbent governments have had scandals, and voters have become "much more willing to change their vote from election to election."

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Stock market today: Tesla powers tech rally as Nasdaq snaps 5-day skid

Matthew Fox

Stock market today: Tech rally leads stocks higher as oil prices plunge and earnings kick off

Filip De Mott

Morgan Stanley is finally bullish on stocks: Why the firm now sees 11% upside through 2025

Matthew Fox

3 developments that could derail the stock market's post-Trump sugar high, BofA says

Filip De Mott

Nvidia stock has 25% upside as it approaches an iPhone moment with its Blackwell chip, analyst says

Matthew Fox

Stock market today: Indexes end the week at records as investors cheer Trump's victory

Matthew Fox

The market's smallest stocks are rocketing higher with Trump's protectionist policies seen favoring domestic operators

Filip De Mott

Trump Media, Tesla, and crypto stocks surge as Trump wins — and clean energy companies tumble

Theron Mohamed

Traders betting against clean energy stocks have made $1.3 billion since Trump's election win

Kelly Cloonan

A former Bridgewater executive shares why the stock-market rally has room to run — and 3 'unloved' trades primed for a boost

William Edwards

'High expectations can lead to disappointment': A top strategist at T. Rowe Price outlines the 3 risks he's watching as markets celebrate Trump's win

James Faris

Voters worldwide are angry about higher prices and keep punishing those in power

Theron Mohamed

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