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Tesla jumps after hitting $1 trillion on Friday
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Crypto stocks gain as bitcoin surges
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Futures up: Dow 0.42%, S&P 500 0.29%, Nasdaq 0.26%
(Updated at 07:00 a.m. ET/1200 GMT)
By Lisa Pauline Mattackal and Purvi Agarwal
Nov 11 (Reuters) - U.S. stock index futures rose on
Monday, extending post-election gains, while investors awaited
the next batch of economic data that could decide whether the
equity rally can sustain itself.
Several stocks that rose following the U.S. election results
continued their upward trajectory. EV maker Tesla
surged 6.5% 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 level 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 16.3% and bitcoin
miners Mara Holdings ( MARA ) and Riot Platforms ( RIOT ) gained
19.4% and 13.4%, respectively.
"It's not just the incoming occupant of the White House
which has helped bitcoin, there have also been downticket
victories for candidates who have a positive stance on the asset
class," said Russ Mould, investment director at AJ Bell.
Dow E-minis were up 185 points, or 0.42%, S&P 500
E-minis were up 17.75 points, or 0.29%, and Nasdaq 100
E-minis were up 56 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.
Trump Media & Technology ( DJT ) gained 7.7%. Other
Trump-related stocks such as Rumble advanced 3.1%, while
Phunware ( PHUN ) was up 5.5%.
Cisco ( CSCO ) inched 1.9% higher after J.P.Morgan upgraded
the network equipment maker's shares to "overweight" from
"neutral".
Sapiens International ( SPNS ) plummeted 22.2% after the
company, which provides software solutions for the insurance
industry, cut its annual revenue forecast.