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Dollar surges, Bitcoin hits record and 'Trump trade' soars, Republicans win control of Senate ahead of tax fight, Tesla jumps overnight as Musk seen benefiting, Trump Media shares gain 40% overnight, and Nvidia passes Apple as world’s most valuable company...

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Market Briefing
November 06, 2024

Good morning.

The Fast Five → Dollar surges, Bitcoin hits record and 'Trump trade' soars, Republicans win control of Senate ahead of tax fight, Tesla jumps overnight as Musk seen benefiting, Trump Media shares gain 40% overnight, and Nvidia passes Apple as world’s most valuable company…

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Calendar: (all times ET) - Full calendar here

  • Today:
    none watched

  • Tomorrow:
    Initial jobless claims, 8:30a
    Fed interest rate decision, 2:00p
    Powell press conference, 2:30p

Your 5-minute briefing for Wednesday, November 6:

BEFORE THE OPEN

As of market close 11/5/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑ 39.49% for Week of October 31 2024

Last week: 37.70%. Updates every Friday.

Market Wrap:

  • Dow futures jump 900 points on Trump win; S&P up 1.9%, Nasdaq 1.7%

  • Bitcoin hits record; Russell 2000 +5%; Trump Media surges 40%

  • 10-year Treasury yield at 4.43% on potential tax cuts

  • Goldman: S&P may pop 3% on Trump-GOP sweep

  • S&P YTD gains over 21%, boosted 1.2% Tuesday

EARNINGS

Here’s what we’re watching this week.

  • Today: CVS (CVS), Duolingo (DUOL), Klaviyo (KVYO), Shopify (SHOP)

    • Arm (ARM) - earnings of $.24 per share (-33% YoY) on revenue of $799M (-0.9% YoY)

  • Thursday: Airbnb (ABNB), Capri (CPRI), Hershey (HSY), Moderna (MRNA), Tapestry (TPR)

See full calendar here.

HEADLINES

The U.S. currency's climb began after very early indications of a Republican win in Georgia and gathered pace throughout the day.

Tesla shares jumped 8% in overnight trading on Robinhood brokerage platform.

  • Republicans win control of Senate ahead of critical tax fight (more)

  • Trump Media shares gain 40% in overnight trading (more)

  • Bank stocks advance overnight as traders bet on less regulation with Trump (more)

  • US service sector activity accelerates to more than 2-yr high (more)

  • Traders trim bets on Fed rate cuts in 2025 (more)

  • Asia stocks mixed as US election results trickle in (more)

  • Boeing strike ends as workers accept new contract (more)

  • Nvidia passes Apple as world’s most valuable company (more)

  • Apple facing first-ever EU fine over App Store rules (more)

  • Super Micro shares plunge with still no clear answers to investors (more)

  • Meta's AI feasts on user data (more)

  • Fintech lender Dave accused of misleading needy borrowers (more)

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DEALFLOW

M+A | Investments

  • Printful and Printify ink a merger deal (more)

  • Emerson offers to buy rest of AspenTech in $15B deal (more)

  • French IT firm Atos agrees to sell Worldgrid unit to Alten (more)

  • StarFish Medical, a medical device development company, acquired Omnica Corporation, a medical device design and engineering company (more)

  • Chemonics International, a sustainable development company, acquired Luvent Consulting, a company specializing in sustainable development solutions (more)

  • Vertafore, a company providing end-to-end connectivity solutions, acquired Surefyre, a submission and underwriting workbench platform purpose-built to empower MGAs and wholesalers (more)

  • Almaviva acquired Iteris, a company providing smart mobility infrastructure management solutions (more)

  • Wave Therapeutics, a developer of AI-enabled, soft robotics cushioning technology, received an investment from Nurse Capital (more)

  • The Nursing Beat, a digital media platform that produces a daily digital newsletter designed for nurses, received an investment from Nurse Capital (more)

VC

  • Inquis Medical, a medical technology company specializing in advanced thrombectomy systems, raised $40M in Series B funding (more)

  • Ellipsis Labs, a verifiable finance company, raised $21M in funding (more)

  • CrossBridge Bio, a biotech company pioneering dual-payload antibody-drug conjugates as targeted cancer therapies, raised $10M in funding (more)

  • Endeavor, an enterprise AI platform for manufacturing companies, raised $7M in seed funding (more)

  • Troveo, a platform helping content owners monetize from AI, raised $4.5M in Seed funding (more)

CRYPTO

  • Bitcoin surges to $75,000, a new record (more)

  • Memecoin creators hop on US election mania with thousands of new tokens (more)

BULLISH BITES

💰 Savings Protection: Why Americans are turning to gold in 2024 *

📊 Election Betting: Kalshi and Polymarket apps top Apple app store charts.

🤑 Stock Pile: Berkshire Hathaway has enough cash to buy Target, Starbucks, and Nike.

🚘 Bumper Cars: San Francisco has a new type of traffic obstacle these days - Waymo traffic jams.

🏠 Pursuits: Americans who bought homes in 2024 were older and richer than ever.

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