:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2167225460-a0673051ecd146978663740e467c3d96.jpg "A screen by the Wall Street station of the New York City subway displays an image of Donald Trump.")
Michael Nagle / Bloomberg via Getty Images
Key Takeaways
- Yesterday’s session, powered by former President Donald Trump’s Election Day defeat of Vice President Kamala Harris, was marked by dramatic moves upward in a range of assets.
- Some of those assets are still rising today, though by comparatively modest levels. Tesla and bitcoin, for example, are still rising.
- Some other shares, including Trump Media & Technology Group and bank stocks, were giving back gains.
Wednesday was the day of the Trump Trade. That’s cooled a bit today.
Yesterday’s session, powered by former President Donald Trump’s defeat of Vice President Kamala Harris in the presidential election, was marked by dramatic moves upward on assets ranging from crypto and small-caps to Tesla (TSLA) to oil-company and merger-linked shares.
Today’s moves are comparatively moderate, with leading U.S. stock indexes rising ahead of an afternoon Fed interest-rate decision, though many of yesterday’s winners are generally hanging onto or slightly extending their gains today.
Tesla, whose CEO Elon Musk was a big Trump supporter during the campaign, was recently up about 4%, after rising 15% to a 15-month high yesterday. Bitcoin is up about 2% over the past 24 hours, holding around $76,000, with crypto-linked stocks like MicroStrategy (MSTR) and Coinbase Global (COIN) also gaining.
The Russell 2000 (RUT) index of smaller-company shares, a major winner yesterday, was flat in recent trading.
Some merger-linked shares were helped yesterday by the perception that a Trump administration would offer a friendlier regulatory environment. Today, shares of Capital One (COF) and Discover Financial (DFS), big gainers on Wednesday, slipped more than 2%.
Shares of Trump Media & Technology Group (DJT), the social-media company majority-owned by Trump, were recently off about 20%, dropping back to mid-October levels to extend a wild run.
The KBW Nasdaq Bank Index (BKX) of big-bank shares was recently off more than 2%. The S&P 500’s energy sector was also in retreat.