US Stock Markets Today: S&P 500, Dow Jones, Nasdaq Open Higher As Post-Trump Win Rally Continues
Tesla, JPMorgan Chase, Bank of America and Citigroup, along with the cryptocurrency-related stocks advanced as the US markets opened.
The main Wall Street indices opened higher on Monday, as the rally driven by Donald Trump's victory in the US presidential election continued.
The broader index, S&P 500, opened 0.3% higher at 6,008.86, whereas the tech-heavy Nasdaq Composite advanced 0.2% to 19,355.34.
The 30-stock Dow Jones Industrial Average was up 0.8% at 44,057.65 at the opening bell.
Among the early gainers was Tesla Inc, whose market capitalisation breached $1 trillion on Friday. The Elon Musk-led company shares were up 7% in the first few minutes of the trade.
Other major stocks that advanced as the markets opened were JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., with each of them rising by 1%.
Cryptocurrency-related stocks also continued to mark their ascent, with Coinbase Global Inc and Mara Holdings Inc. rallying 13% and 16%, respectively.
The jump in crypto stocks coincided with the climb in Bitcoin, the world's largest traded cryptocurrency, which has crossed the $80,000-mark on anticipation of ease in regulations after Trump takes charge. It was trading 2.3% higher at $81,768 at 9:35 a.m. (EST).
The dollar, which has been gaining strength on Trump's plan to impose trade tariffs, firmed up further as the trading commenced on the Wall Street. The Bloomberg Dollar Spot Index rose 0.5%.
Gold, which shares an inverse relationship with dollar, slid further as the US markets opened. It fell 2.1% to $2,627.27 an ounce. The metal's futures also slipped, with the December contracts trading 2.5% lower at $2,629.6 an ounce on the Comex.
The US markets have soared sharply following the results of the US presidential poll that emerged on Nov. 6. The rally was evenly spread, as all the three main indices, as well as the small-cap Russell 2000 peaked to their record highs. Their weekly close on Nov. 8 was the best five-day performance in 2024 so far.
Before the Wall Street opened on Monday, its Asian peers settled on a mixed note. In the backdrop of the $1.4 trillion stimulus announced by the Chinese government, the Shanghai Composite Index closed 0.51% higher, but Hong Kong's Hang Seng index settled 1.45% lower. Japan's Nikkei 225 was up marginally by 0.08%, whereas the Indian indices closed flat.
