Today's News

President Donald Trump's re-election has sparked a strong market reaction, particularly benefiting technology and financial stocks. Tesla (TSLA, Financial) shares surged over 14% as investors viewed the election results favorably for the electric vehicle industry. Analysts at Wedbush Securities highlighted that Trump's return to the White House could significantly boost Big Tech and AI sectors, with a focus on U.S. tech giants.

Bank stocks soared in premarket trading with expectations of reduced regulatory pressures under Trump's administration. Wells Fargo (WFC, Financial), JPMorgan Chase (JPM, Financial), and Goldman Sachs (GS, Financial) experienced significant gains. The Financial Select Sector SPDR ETF (XLF) climbed 5.5%, while regional banks like First Horizon (FHN) and Western Alliance Bancorporation (WAL) also saw substantial increases.

Conversely, clean energy stocks faced declines as Trump's presidency raised concerns about the future of the Inflation Reduction Act. First Solar (FSLR) and Enphase Energy (ENPH) shares dropped significantly amid fears that support for the solar industry could weaken under the new administration.

Super Micro Computer (SMCI, Financial) faced a challenging day, with shares plunging 17% in premarket trading following preliminary results and guidance that raised concerns about the company's financial health. The company is actively seeking a new auditor and plans to comply with Nasdaq's listing requirements, addressing issues with its delayed 10-K filing.

Electric vehicle stocks, particularly Chinese EV makers like NIO (NIO, Financial), XPeng (XPEV, Financial), and Li Auto (LI, Financial), saw declines as investors reacted to potential policy changes under Trump's presidency. However, Tesla (TSLA, Financial) emerged as a standout, benefiting from its unmatched scale in the EV industry.

Rambus (RMBS, Financial) received an Overweight rating from Wells Fargo, with a price target of $62. The memory chipmaker's shares rose about 4% premarket, driven by its strategic position in the expanding data center memory market and expected benefits from technological advancements like DDR5.

CVS Health (CVS, Financial) reported a positive quarterly revenue surprise, with shares trading higher as the company announced new leadership for its insurance arm, Aetna. The healthcare giant's segments outperformed, leading to a $95.4 billion revenue for the quarter.

Amazon (AMZN, Financial) gained regulatory approval for its new delivery drone, the MK30, which will begin operations in Arizona. The drone promises enhanced capabilities, including longer flight distances and quieter operation, marking a significant step forward in Amazon's delivery technology.

Affected by Trump's victory, Chinese stocks and related ETFs struggled, with Bank of America predicting higher tariffs on China. This led to declines in Chinese-focused stocks like Li Auto (LI, Financial) and PDD Holdings (PDD), amidst broader market gains in the U.S.

U.S.-listed cannabis stocks fell after a failed campaign to legalize recreational marijuana in Florida. Tilray Brands (TLRY, Financial), SNDL (SNDL), and Canopy Growth (CGC) experienced notable premarket declines, reflecting the setback for the cannabis industry.

In the bond market, Treasury yields spiked as traders adjusted expectations for Trump's presidency. The 10-year yield rose 15 basis points, while the 2-year yield increased by 7 basis points, reflecting changing market dynamics.

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