US Market: The major benchmarks Dow Jones, S&P 500, and Nasdaq Composite touched fresh all-time highs on Monday, November 11, 2024. The strong performance comes as the USA honoured Veterans Day. In the early trade of Tuesday, US stock futures performed volatile. Investors will be gauging at Fed officials comments which is likely to take place later on November 12.
US Market On November 11, 2024:
Dow Jones: The Dow Jones Industrial Average or DJIA index closed at 44,293.13, up by 304.14 points or 0.69% on Monday, after hitting a new all-time high of 44,486.70.
S&P 500: This index climbed to hit a new record high of 6,017.31 before ending at 6,001.35 with marginal gains.
Nasdaq Composite: The tech-heavy index was also among the benchmarks to hit a new lifetime high of 19,366.07. The index ended at 19,298.76, also with marginal gains after market hours.
Explaining the performance, Trading Economics data said that the rally was fueled by optimism surrounding Trump's anticipated return to the White House and promises of deregulation and tax cuts. Tesla soared 9%, as the alliance between Elon Musk and Trump continued to boost confidence in the electric vehicle maker's prospects. Bitcoin-related stocks also rallied, with Coinbase and MicroStrategy jumping 19.8% and 25.7%, respectively, as Bitcoin neared $90,000. Meanwhile, some megacap tech names underperformed, with Nvidia falling 1.6%, Microsoft down 1.1%, and Apple dropping 1.2%.
It added, looking ahead, investors are focused on fresh remarks from Fed officials on Tuesday, as well as earnings reports from Home Depot and Shopify.
US Stock Futures On Tuesday:
The US stock futures traded volatile on Tuesday, despite the all-time high rally of Wall Street indices overnight. The Dow Jones Industrial Average Index Futures index dipped by 34 points to 44,407, while the S&P 500 Index Futures slipped mildly to 6,030.25. However, the Nasdaq 100 Futures traded marginally up to 21,240, at the time of writing.
The United States of America is honouring their veterans on November 11, 2024. Veterans Day is a federal holiday, and accordingly, schools, banks and government offices are closed on this day. Trading in the bond market is also closed. However, trading in currency, futures, options, and equities like Dow Jones, S&P 500 and Nasdaq Composite continued to trade. It needs to be noted that Veterans Day is not similar to Memorial Day which honours those military personnel who have died during their services.
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