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US STOCKS-Futures extend gains as post-election rally continues
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US STOCKS-Futures extend gains as post-election rally continues
Nov 11, 2024 5:04 AM

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

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

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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.

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