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Market Wrap: Record Highs Again as Election Optimism Fuels Gains

Jay's InsightMonday, Nov 11, 2024 4:44 pm ET
2min read

The stock market continued its upward trajectory on November 13, 2024, driven by optimism surrounding the incoming administration and Congress. The S&P 500 broke new ground, closing above the 6,000 mark for the first time with a modest 0.1 percent gain. Meanwhile, the Nasdaq Composite also added 0.1 percent, the Dow Jones Industrial Average rose 0.7 percent, and the Russell 2000 led with a 1.4 percent surge.

Small-Cap Stocks Shine Amid Broader Optimism

Small-cap stocks outperformed, reflecting a continuation of trends from last week as investors maintained confidence in domestic growth and economic stability. The Russell 2000’s strong performance underscores a favorable view of businesses that are more reliant on the U.S. economy, as they stand to benefit from potential policy shifts under the new government.

Broader market participation was evident, with advancing stocks outpacing decliners by a 3-to-2 margin on both the NYSE and Nasdaq. The Invesco S&P 500 Equal Weight ETF rose 0.5 percent, illustrating strength across a wide range of sectors.

Sector Highlights

The consumer discretionary sector led the gains, rising 1.8 percent, bolstered by a standout performance from Tesla, which surged 9.0 percent to close at $350.00. Financials also delivered a strong showing, climbing 1.4 percent as the sector continued to benefit from favorable sentiment tied to the election results.

However, the information technology sector struggled, posting a 0.9 percent decline as mega caps and chipmakers faced selling pressure. This weakness in tech partially offset gains in other sectors, keeping the broader market's progress in check.

Economic Calendar in Focus

Although there was no major U.S. economic data released today, key reports scheduled for later this week will likely influence market momentum. The October Consumer Price Index (CPI) report on Wednesday, the Producer Price Index (PPI) on Thursday, and the October Retail Sales report on Friday are set to provide insights into inflation, production costs, and consumer spending trends.

The NFIB Small Business Optimism survey, scheduled for release on Tuesday morning, may offer an early glimpse into the sentiment of small businesses amid the evolving political and economic landscape.

Year-to-Date Performance Metrics

Year-to-date, the Nasdaq Composite leads with a 28.6 percent gain, followed by the S&P 500 at 25.8 percent. The S&P Midcap 400, Russell 2000, and Dow Jones Industrial Average have also posted strong gains of 19.6 percent, 20.1 percent, and 17.5 percent, respectively.

International and Commodity Markets

Overseas markets closed mostly higher, with Europe seeing notable gains across the DAX (+1.2 percent), FTSE (+0.7 percent), and CAC (+1.2 percent). In Asia, the Nikkei edged up 0.2 percent, while the Hang Seng slid 1.5 percent, and the Shanghai Composite added 0.5 percent.

Commodities were mixed, with crude oil declining $2.31 to settle at $68.07, while natural gas rose $0.25 to $2.92. Precious metals faced downward pressure, with gold dropping $75.20 to $2,618.50 and silver falling $0.78 to $30.65.

Outlook

The market’s upward momentum reflects sustained optimism in the wake of the election, with gains largely driven by sectors expected to benefit from anticipated policy changes. However, with key economic reports on the horizon and persistent weakness in technology stocks, investors remain cautious. The next several trading sessions will likely hinge on inflation data and broader economic indicators, which will offer greater clarity on the Federal Reserve’s potential path forward.

As the S&P 500 reaches this historic milestone, attention turns to whether the broader rally can maintain its momentum or if near-term challenges will lead to consolidation. Investors are poised to navigate a critical week for economic data and its implications for market performance.

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ashish1512
11/12
$NVDA Will we continue to sell off the best company in the world tomorrow to Meme pump Tesla? Or will investors finally start coming to their senses?
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superbilliam
11/12
$TSLA It's my sincere belief that a significant stock market crash is imminent before Spring 2025. This kind of trading isn't typical in a healthy market. It seems to stem from greed and a desire for power. Those with the most financial resources are exploiting the system to boost their own positions. It’s essential that this manipulation comes to an end.
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DrixGod
11/12
Not convinced this rally will last. We've seen these 'optimism highs' before, only to plummet when reality sets in. Waiting for the CPI report to make my next move...
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_hiddenscout
11/11
Loving this momentum! Reaching 6,000 on the S&P 500 is a big deal - hoping this optimism translates to some real policy changes to keep the market growing
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Still_Air2415
11/11
I'm holding my puts in $TSLA for tomorrow.
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MARKET MONEI
11/11

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.... Karla Ellison.......  

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Free-Initiative7508
11/11
Loving this surge! Just bought more Tesla, hoping this election optimism keeps the stock soaring
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CyberShellSecurity
11/11
Well, at least the market's happy about the election results... Meanwhile, I'm just over here trying to decide between ramen or pasta for dinner. Congrats, guys, on your 0.1% gain
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Nobuevrday
11/11
Historically, these 'optimism-driven' gains don't always pan out. Let's see if the market can withstand the test of actual policy changes before getting too comfortable
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lookingforfinaltix
11/11
Reached 6,000 and already talking about what's next. Remember when 5,000 seemed like a dream? We've come a long way, baby! Now, let's see if we can maintain the pace...
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Accomplished-Back640
11/11
Finally, some real movement in the Russell 2000! This is where the real economy meets the market - excited to see small-cap stocks lead the charge into the new year
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User avatar and name identifying the post author
11/11

Don't underestimate Bitcoin – it's one of the biggest investment opportunities. If you once doubted its value, remember that in 2010 it was just $0.40 and by March 2024, it hit $85K Why doubt it won't reach $100K? For those interested in Bitcoin, now is the time to invest. I started early this year with the guidance of (Catherine E. Russell ) message on Facebook, and her advice on crypto investment

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ExeusV
11/11
Record highs are great, but let's not gloss over that tech sector decline. That's where the real innovation happens - hoping the'selling pressure' is just a minor blip on the radar
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TobyAguecheek
11/11
Finally, some recognition of the small-cap sector's potential. The Russell 2000's gain is a great sign for the future of domestic growth
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Ironman650
11/11
International markets are the ones to watch now. How will the eurozone's gains play out against our own trajectory? Fascinating to observe this interplay...
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