S&P 500, Nasdaq and Dow soar to record highs as investors react to election results

Solar energy stocks plummet after Trump’s election victory

24 minutes ago

Several solar energy stocks, including First Solar (FSLR) and Enphase Energy (ENPH) fell in early trading on Wednesday after the presidential election was called in favor of former President Donald Trump.

SunRun (RUN), Plug-in power supply (PLUG) and SolarEdge technologies (SEDG) shares also fell, with Invesco Solar (BANNING) exchange traded fund (ETF) down almost 11%.

In the 16-page campaign platform listed on Trump’s website, energy policy positions include increasing oil, natural gas and coal production while reversing the Biden administration’s policies in favor of renewable energy .

Trump’s ability to roll back legislation like the Inflation Reduction Actwhich one studies have shown has accelerated the reduction of carbon emissions will depend on how Republicans do in the remaining races yet to be decided in the House of Representatives. The party has won a slim majority in the Senate, according to races already called by the Senate Associated press.

–Aaron McDade

Super microcomputer levels to watch as stock prices plummet again

1 hour and 15 minutes ago

Shares in Super Micro Computer (SMCI) tumbled in early trading Wednesday after the troubled server maker late yesterday reported preliminary fiscal first-quarter results that came in below Wall Street expectations and said it was unable to predict when it will file its numbers postponed annual report 2024.

The stock fell below a falling wedge pattern late last month on the highest weekly volume since late August, suggesting selling conviction was behind the move.

Source: TradingView.com.

Investors should pay attention to crucial support levels on Super Micro Computer’s chart around $23, $12, and $10, while keeping an eye on a key resistance area near $30.

The stock fell 23% to $21.38 in recent trading.

Read the full technical analysis piece here.

–Timothy Smit

What Donald Trump’s victory means for the economy

2 hours and 30 minutes ago

Former President Donald Trump’s victory in the 2024 presidential election sets the U.S. economy on a path of higher tariffs, lower taxes and deregulation.

His victory has immediate and longer-term consequences for the American economy. In the short term, the US avoids the uncertainty and disruption that a delayed outcome brings could have caused.

In the longer term, Trump will have the opportunity to implement the vision he laid out during his campaign, although his ability to do so will depend on which party controls the House of Representatives, and some of those races remain are declared.

Read the full article here.

–Dicon Hyatt

Tesla jumps while Musk saw victory under Trump’s presidency

2 hours 53 minutes ago

Tesla shares (TSLA) rose 12% in recent premarket trading Wednesday, thanks to investor bets that the electric vehicle (EV) maker run by Elon Musk will be a major beneficiary of Donald Trump’s return to the presidency.

Tesla CEO Musk, an outspoken Trump backer, is expected to become a prominent adviser to the president.

Tesla CEO Elon Musk speaks during a Trump campaign rally at Madison Square Garden in New York City on October 27, 2024.

Jabin Botsford/The Washington Post/Getty Images

However, Tesla’s prospects under the Trump presidency are less clear. Trump is not in favor of clean energy, while Tesla is benefited from the Inflation Reduction Act of 2022signed by President Joe Biden. Tesla also benefited from 100% tariffs on Chinese EVs imposed by Biden, which protected the EV maker from an onslaught of cars from the Asian nation – which is also a key market for the company.

Wedbush analyst Dan Ives, who has an ‘outperform’ rating on the EV maker’s stock, said Sunday that the possibility of a trade war with China could weigh on the company. However, Ives noted that a Trump presidency could mean a more hospitable environment for the company’s autonomy initiatives.

–Nisha Gopalan

Trump Media shares rise in premarket trading

4 hours and 8 minutes ago

Shares of Trump Media and Technology Group (DJT) jumped into premarket trading with former President Donald Trump poised to win re-election to the White House.

The social media company’s shares recently traded around $45, suggesting the open is more than 30% above Tuesday’s close. The move would extend a jump from the September lows below $12 marked by big fluctuations in the value of the company.

The company, which owns the Truth Social platform, reported its latest quarterly financial results last night, reporting third-quarter revenue of $1 million and a net loss of just over $19 million. In their press release, executives cited a “legion of retail investors” who own the stock.

The company “continues to explore additional growth opportunities, such as potential mergers and acquisitions with companies that would benefit from Trump Media’s technology and branding, including in the fintech space,” CEO Devin Nunes said in a statement.

Trump is the majority owner of the company’s stock.

–David Marino-Nachison

Major indexes are poised to skyrocket during Wednesday’s Open

4 hours and 40 minutes ago

Futures tied to the Dow Jones Industrial Average rose 3%.

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S&P 500 futures rose 2.3%.

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Nasdaq 100 futures rose 1.7%.

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