Market Surges as Election Results Boost Financial and Energy Stocks

Published 2024-11-07, 08:26 a/m
USD/CAD
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In today’s premarket update, we highlight a quiet start with U.S. stock index futures showing slight gains and mixed commodity movements. Market attention focuses on the upcoming U.S. jobless claims report and a key Federal Reserve announcement, both expected to drive afternoon volatility. We discuss the sharp moves in various assets following an unexpectedly decisive U.S. election outcome, which led to significant gains in regional banks, energy stocks, and a sharp rise in the U.S. dollar. Meanwhile, options traders, currency traders, and gold investors found themselves on the wrong side of these movements.

We also cover shifts in major indices, noting the S&P 500 and Dow's new highs driven by financial stocks. We report notable losses in specific stocks like Nike (NYSE:NKE) and Home Depot (NYSE:HD) and covers Canadian markets, where stocks like Manulife (TSX:MFC) and Shopify (TSX:SHOP) gained. We close by advising caution due to anticipated Fed-driven volatility and suggests using previous lows as a strategic exit point.

This content was originally posted on the Stock Market Timing YouTube Channel

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