Former President Donald Trump's return to office boosts oil, financial, cryptocurrency, tech, and media stocks.

From Nasdaq
November 06, 2024 7:10:00 pm:

In a surprising turn of events, Donald Trump has reclaimed the White House, defeating Kamala Harris to become the 47th President of the United States. The stock market reacted positively, with the S&P 500, Nasdaq, and Dow Jones all up over +2% on Wednesday.

Receiving 291 of the 270 electoral votes needed, Trump’s victory may benefit certain stocks and sectors. Oil stocks could see a boost, as Trump aims to increase U.S. oil production. Financials, particularly big banks like JPMorgan and Wells Fargo, rallied over +10% with expectations of lenient M&A regulations.

The cryptocurrency market also reacted favorably to Trump’s win, with Bitcoin hitting new highs of over $76,000. Coinbase and Block saw significant increases in their stock prices on Wednesday. Tesla, a strong supporter of Trump, saw its shares climb +15% to new highs of $289 with a Zacks Rank #1.

Another sector to watch is media and technology, with Trump’s company DJT rising +6% on Wednesday. The stock, which has soared over +100% this year, is tied to Trump’s electoral fortunes and his primary communication platform, Truth Social. It remains highly speculative and volatile, not suitable for all investors.

Read more at Nasdaq: Trump Trade: Stocks to Watch as the Former President Retakes Office