NASDAQ composite index was displayed in the dealing room of Hana Bank’s main branch in Jung-gu, Seoul. Yonhap News”/>
On the morning of the 1st, the related U.S. NASDAQ composite index was displayed in the dealing room of Hana Bank’s main branch in Jung-gu, Seoul. Yonhap News
As the likelihood of tax cuts and deregulation for U.S. companies increases following Donald Trump’s victory in the presidential election, the U.S. stock market continues to strengthen, led by Big Tech. This is the so-called ‘Trump Rally’.
The Standard & Poor’s (S&P) 500 Index, a large-cap benchmark, and the Nasdaq Composite Index, centered on technology stocks, closed at record highs.
On the 7th (US Eastern time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average, a group of blue-chip stocks, closed trading at 43,729.34, down 0.59 points (0%) from the previous day. In fact, it is flat.
-S&P 500 closed at 5,973.10, up 44.06 points (0.74%) from the previous day, and NASDAQ closed at 19,269.46, up 285.99 points (1.51%) from the previous day. Both indices are at all-time highs based on closing prices. The Russell 2000 index, which focuses on small-cap stocks, closed at 2382.69, down 10.23 points (0.43%).
In the New York Stock Exchange, the possibility of US President-elect Donald Trump’s ‘pro-business’ actions attracted attention. It appears to be reflecting in advance the ripple effects that corporate tax cuts and deregulation will bring.
Accordingly, on this day, big tech stocks led the rise in the stock market amid expectations of ‘easing anti-monopoly regulations’.
NVIDIA (NAS:NVDA), which ranked first in market capitalization, closed at $148.875, up 2.24%. Apple (NAS:AAPL) rose 2.14% to $227.49. Tesla (NAS:TSLA) closed today with a 2.90% increase due to the halo effect of President-elect Trump. Tesla also hit a 52-week high during the day.
Alphabet (NAS:GOOGL) and Amazon (NAS:AMZN), Google’s parent company that are facing antitrust lawsuits, also rose 2.39% and 1.48%, respectively. Metaplatform (NAS:META) also rose 3.42%.
On the other hand, financial stocks that soared the previous day showed a lull. The stock price of JPMorgan Chase (NYS:JPM) fell 4.32%, putting pressure on the stock market. Wells Fargo (NYS:WFC) also fell 3.66%. Goldman Sachs (NYS:GS) also fell 2.32%.
