Markets, Stocks

Today’s Stocks to Watch: Tesla and Coinbase

November 6, 2024 OnEquity

Key points:

  • Several stocks led the market with notable fluctuations
  • Tesla and DJT stood out for strong pre-market performance
  • Investors are focused on cryptocurrencies and regulatory shifts

Trump Media & Technology (DJT) Surges

Trump Media & Technology (DJT) stock saw a sharp rally in pre-market trading, spurred by the announcement of Donald Trump’s re-election. The news boosted confidence in its social media platform.

Tesla (TSLA) Rises

Tesla rallied 12% ahead of the opening bell. Elon Musk’s company, which openly supported Trump’s campaign, benefited from the wave of market optimism.

JPMorgan Chase (JPM), Bank of America (BAC), and Goldman Sachs (GS) Rally

Major U.S. banks like JPMorgan Chase, Bank of America, and Goldman Sachs experienced pre-market gains, driven by expectations of relaxed regulation and higher interest income.

Coinbase (COIN) and Bitcoin (BTC) Gain

Coinbase shares rose 13% in after-hours trading, bolstered by Bitcoin’s price increase. MicroStrategy (MSTR), known for significant Bitcoin holdings, also saw gains. Trump’s administration has pledged to position the U.S. as a global cryptocurrency leader.

Declines in Plug Power (PLUG), SunRun (RUN), First Solar (FSLR), and Enphase Energy (ENPH)

Renewable energy companies like Plug Power and First Solar posted significant declines, as Trump intends to redirect unused funds from the Inflation Reduction Act, potentially impacting the sector.

Novo Nordisk (NVO) Exceeds Expectations

Novo Nordisk reported better-than-expected sales of its weight-loss drug Wegovy, causing shares to rise 7%. Competitor Eli Lilly (LLY) also gained.

Super Micro Computer (SMCI) Faces Challenges

Server maker Super Micro Computer fell in after-hours trading after reporting lower quarterly revenue. The company is also undergoing an internal audit following the resignation of its auditor.

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