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US STOCKS-Futures build on Trump-fueled rally; Tesla jumps
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US STOCKS-Futures build on Trump-fueled rally; Tesla jumps
Nov 11, 2024 3:33 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

Futures up: Dow 0.32%, S&P 500 0.28%, Nasdaq 0.26%

Nov 11 (Reuters) - U.S. stock index futures rose on

Monday, adding to post-election gains, while investors looked

ahead to the next batch of economic data that could decide

whether the equity rally can sustain itself.

Stocks that rose following the U.S. election results

continued to gain. EV maker Tesla surged 7.3% in

premarket trading after touching $1 trillion in market value on

Friday for the first time since 2022.

Futures tracking the small-cap Russell 2000 rose

1.3%, and were still at their highest since last November, with

the sector expected to be a key beneficiary of President-elect

Donald Trump's proposed tax cuts and expectations of an easier

regulatory environment.

Major indexes soared in the previous week as Trump retook

the White House, with the benchmark S&P 500 notching its

best week in a year and briefly breaking through the 6,000 mark

on Friday.

The Dow touched 44,000 points for the first time on

Friday and also had its best week in more than a year.

Crypto stocks rallied as bitcoin soared past $81,000

on Monday. Coinbase Global ( COIN ) jumped 16.8% and bitcoin

miners Mara Holdings ( MARA ) and Riot Platforms ( RIOT ) gained

19% and 13.7%, respectively.

At 5:28 a.m. ET, Dow E-minis were up 142 points, or

0.32%, S&P 500 E-minis were up 16.75 points, or 0.28%,

and Nasdaq 100 E-minis were up 54.5 points, or 0.26%.

Stocks are on solid footing as the year-end nears, with the

benchmark index already up 25% year-to-date as AI enthusiasm and

the start of Fed rate cuts have supported an upbeat outlook.

Focus will be on consumer price inflation data, due

Wednesday, as well as a raft of other key data this week for

more indications on the health of the economy and outlook for

interest rates.

"The actual, and expected, economic growth of the United

States is the focus of the stock market," SEB Research analysts

said.

"Trump, who is expected to continuously evaluate his

political actions against how the U.S. stock markets are doing,

has already received a very clear and generally positive

confirmation from investors for a ... formulated growth-focused

economic agenda for the United States."

The Federal Reserve cut interest rates by 25 basis points as

expected last week, and investors see a 68.5% chance of the same

move at its December meeting, according to CME FedWatch.

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