Market Wrap | Wall Street Reaches New Highs as Tesla and Bitcoin Shine Amid Broad Market Gains
1min read On November 11th, U.S. equities saw positive momentum as all three major indices closed at record highs. The S&P 500 increased by 0.10% to settle at 6001.35 points, while the Dow Jones Industrial Average gained 0.69%, reaching 44293.13 points. The Nasdaq Composite posted a modest climb of 0.06%, closing at 19298.76 points. These upward movements reflect continued investor optimism amid strong earnings reports and easing regulatory concerns.
Tesla rose by nearly 9%, marking its most significant five-day gain in four years. It surpassed TSMC to become the seventh-largest company in the U.S. by market capitalization, which now stands at $1.12 trillion. Meanwhile, Netflix and Google experienced gains exceeding 1%, while tech giants such as Apple, Nvidia, Microsoft, and Meta saw declines over 1%, with Amazon ticking downward slightly.
Bitcoin elevated above $88,000, reaching new heights with a 9.5% increase over 24 hours. The soaring cryptocurrency brought an uptrend to related stocks, as Canaan surged over 41%, MicroStrategy over 25%, and Coinbase nearly 19% higher. Conversely, the chip, semiconductor, and precious metals sectors encountered declines. Harmony Gold dropped over 9%, Newmont neared an 8% fall, with American Gold, AMD, and Intel also sliding by significant margins.
The Nasdaq Golden Dragon China Index rose by 0.59%, driven by gains in popular Chinese stocks like Xpeng, which surged more than 5%, and Li Auto and JD.com, which grew by nearly 3% and over 1% respectively. However, some setbacks were seen with iQIYI losing over 1% and Gaotu retreating more than 5%.
In Europe, stock markets closed with an upward trajectory. The FTSE 100 in London ascended by 0.65%, the CAC 40 in Paris gained 1.20%, and Germany's DAX climbed by 1.21%, reflecting a buoyant industrial outlook.
Commodities markets, however, differed as international oil prices dropped. The December delivery of WTI crude fell by $2.34 to $68.04 per barrel, a 3.32% dip, while Brent crude for January delivery decreased by $2.04, marking a 2.76% fall, closing at $71.83 per barrel. Gold prices also took a hit, with COMEX gold futures declining by 2.86% to $2617.70 per ounce.
The macroeconomic landscape emphasized new focal points, including market speculation regarding the incoming U.S. administration's policy direction as well as Federal Reserve monetary policy signaling. Investors continued to digest results from the presidential election, amid expectations for deregulation and tax cuts under a new governance framework. This sentiment has bolstered U.S. equities to extended rally levels.
Digital currencies further benefited from these dynamics, particularly bitcoin, anticipating favorable future policy attributes that could sustain this burgeoning asset class in viewership.