Key points:
- Several stocks led the market with notable variations
- Tesla and DJT stood out for their solid pre-market performance
- Investors eyeing cryptocurrencies and regulatory changes
Trump Media & Technology (DJT) Boost.
The stock of Trump Media & Technology (DJT) posted a sharp rally in pre-market trading. The rise followed the announcement of Donald Trump’s re-election as president, which boosted the credibility of its social media platform.
Tesla (TSLA) up
Tesla scored a 12% rally ahead of the bell. Elon Musk’s company, which openly backed Trump’s campaign, benefits from market optimism.
JPMorgan Chase (JPM), Bank of America (BAC) and Goldman Sachs (GS) rally.
Major U.S. banks such as JPMorgan Chase, Bank of America and Goldman Sachs have seen a rebound in pre-market trading. The prospects of looser regulation and higher interest income support their performance.
Coinbase (COIN) and Bitcoin (BTC) rise
Coinbase stocks were up 13% in after-market trading after the close, boosted by rising Bitcoin prices. MicroStrategy (MSTR), known for its large positions in Bitcoin assets, also scored gains. Trump aims to position the U.S. as a global leader in cryptocurrencies.
Downgrades in Plug Power (PLUG), SunRun (RUN), First Solar (FLSR) and Enphase Energy (ENPH)
Renewable energy companies, such as Plug Power and First Solar, posted significant declines. Trump intends to curb unspent funds under the Inflation Reduction Act, which would negatively affect the sector.
Novo Nordisk (NVO) beats expectations
Novo Nordisk announced better-than-expected sales of its weight loss drug, Wegovy, leading its shares to rise 7%. Eli Lilly (LLY), its main competitor, also posted gains.
Super Micro Computer (SMCI) faces difficulties
Server maker Super Micro Computer declined in after-hours trading after announcing lower quarterly revenue. The company is also mired in an internal audit following the resignation of its auditor.
