**Unprecedented Stock Market Rally Spurs Record Highs Following Trump's Re-Election Victory**

ICARO Media Group
Politics
09/11/2024 21h52

**Markets Surge to Record Highs Following Trump’s Presidential Victory**

Dow Jones futures, along with S&P 500 futures and Nasdaq futures, are set to open on Sunday evening amid a remarkable stock market rally that saw major indexes hit all-time highs. The stock market celebrated the prospect of Donald Trump’s return to the White House, with the Dow Jones and S&P 500 delivering their best weekly performances in a year.

Tesla (TSLA) made headlines as its stock soared back above a $1 trillion market cap, fueled by CEO Elon Musk's strong support for Trump’s election effort. Palantir Technologies (PLTR) had an even more impressive run, with its stock climbing 39% for the week on strong earnings. The broader market also saw significant activity, with the Dow Jones Industrial Average jumping 4.6%, the S&P 500 rising 4.7%, and the Nasdaq composite surging 5.7%.

In addition to these record highs, the Russell 2000 spiked 8.6%, reaching its best levels since November 2021. Investors are optimistic about potential tax cuts, deregulation, and increased merger activity under a second Trump administration. Tesla stock skyrocketed 29%, and Axon Enterprise (AXON) saw nearly a 42% increase among notable performers.

Sector ETFs showcased broad market gains. The Innovator IBD 50 ETF (FFTY) leaped 11.5%, the iShares Expanded Tech-Software Sector ETF (IGV) climbed 9.7%, and the VanEck Vectors Semiconductor ETF (SMH) gained 6%, with Nvidia (NVDA) as a leading constituent. The ARK Innovation ETF (ARKK) spiked 15.9%, and the ARK Genomics ETF (ARKG) rose 7.9%. U.S. crude oil futures also ticked up by 1.3% to $70.38 a barrel.

Key growth stocks are nearing buy points. Meta Platforms (META) rose 3.9%, Google-parent Alphabet (GOOGL) climbed 4.1%, and CrowdStrike (CRWD) jumped 8.9%. Vertex Pharmaceuticals (VRTX) surged 9.7%, while Nvidia rallied 8.7% back above its consolidation buy point at 147.15.

Not to be overlooked, Tesla’s remarkable 29% spike last week marked its biggest increase since January 2023, bringing its market valuation beyond $1 trillion once again. Investor optimism towards Tesla suggests that Trump's policies could potentially benefit the automaker, particularly in terms of reduced regulatory risks.

As the stock market rally appears robust, investors are advised to incrementally increase their market exposure, keeping an eye on leading stocks that are in a buyable range. With earnings season still active, significant attention will remain on key financial reports and market trends in the weeks ahead.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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