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Tesla jumps after hitting $1 trillion in market value on

Friday

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Crypto stocks gain as bitcoin surges

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Megacaps, chip stocks lose ground

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Russell 2000 up more than 1%

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Indexes: Dow up 0.85%, S&P 500 up 0.24%, Nasdaq down 0.07%

(Updated at 11:53 a.m. ET/1653 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Nov 11 (Reuters) - Wall Street's main indexes were near

record highs on Monday, holding on to post-election gains, ahead

of the next batch of economic data that could decide whether the

equity rally can sustain itself.

Several stocks that gained following the U.S. election

results continued their upward trajectory. Tesla jumped

7.4% after touching $1 trillion in market value on Friday for

the first time since 2022.

The EV maker gave a boost to consumer discretionary shares

, with the sector at a record high.

The small-cap Russell 2000 jumped 1.6% to its highest

level since last November and was near a record high, with the

stocks expected to be a key beneficiary of President-elect

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

easier regulatory environment.

"Assuming that Trump and Congress can deliver on even a few

promised tax reforms and de-regulations, and if the economy

stays healthy, it's reasonable to expect current trends to

continue," said Mark Malek, chief information officer at

Siebert.

The Nasdaq, however, retreated after hitting a record high

as megacap stocks weighed. Information technology shares

fell 1% and chip stocks were down 3%, led by a

21% slump in Monolithic Power Systems ( MPWR ).

"Last week's moves were substantial, so expect some

volatility and sideways trading until the new lawmakers are

seated and policies become clear," Malek added.

The Dow Jones Industrial Average rose 374.85 points,

or 0.85%, to 44,363.84, the S&P 500 gained 14.29 points,

or 0.24%, to 6,009.83, and the Nasdaq Composite lost

12.66 points, or 0.07%, to 19,274.12.

Financial stocks jumped 1.85% to a record high, with

banks giving the biggest boost to the Dow.

The three main Wall Street indexes soared in the previous

week as Trump retook the White House. The benchmark S&P 500

briefly crossed the 6,000 mark on Friday and the Dow

touched 44,000 points for the first time.

Crypto stocks rallied as bitcoin soared past $84,000

on Monday. Coinbase Global ( COIN ) jumped 17% and bitcoin

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

21% and 16.2%, respectively.

Focus will now be on consumer price inflation data, due

Wednesday, and a raft of other key data this week for signals on

the economy and monetary policy outlook.

The U.S. Federal Reserve cut interest rates by 25 basis

points as expected last week, and investors see a 65.1% chance

of the same move at its December meeting, according to CME

FedWatch, though they have begun dialing back expectations for

easing next year.

"With policymakers already so cautious about the risk of

renewed price pressures, particularly amid the continued

strength of the U.S. economy, the Fed will need to tread a

cautious path," said Seema Shah, chief global strategist at

Principal Asset Management.

Advancing issues outnumbered decliners for a 1.7-to-1 ratio

on the NYSE and a 1.47-to-1 ratio on the Nasdaq.

The S&P 500 posted 115 new 52-week highs and seven new lows,

while the Nasdaq Composite recorded 316 new highs and 61 new

lows.