S&P 500 Gains and Losses Today: Financials Surge, Solar Stocks Slide After Election

Investopedia11-07 05:43

Key Takeaways The S&P 500 surged 2.5% on Wednesday, Nov. 6, as investors absorbed election results and attention shifted toward Thursday's Fed rate announcement.Discover Financial stock soared as the ...

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As political uncertainty diminishes, investors will likely turn their attention to the Federal Reserve, which is set to announce itslatest interest rate decisionThursday.The S&P 500 gained 2.5% on Wednesday, the Nasdaq rose 3.0%, and the Dow shot up 3.6%.Solar industry stocks lost some of their luster as media sources called the presidential election in favor of Trump. The former president has pledged that, upon returning to the White House, he intends to reverse Biden administration policies designed to promote the adoption of renewable energy solutions. Shares of solar tec","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"标准普尔500指数今日涨跌：大选后金融股飙升，太阳能股下滑","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VOO":1,"NUE":1,".SPX":1,"IFF":1,"SPY":1,"SYF":1,"ENPH":1,"DFS":1,"COF.AU":1,"COF":1,"TRMB":1,"SMCI":0.7,"OEF":0.6,"OEX":0.6,"SDS":0.6,"SH":0.6,"SPXU":0.6,"SSO":0.6,"UPRO":0.6,"FSLR":0.6,"ESmain":0.6,"IVV":0.6},"content_text":"Key Takeaways\nThe S&P 500 surged 2.5% on Wednesday, Nov. 6, as investors absorbed election results and attention shifted toward Thursday's Fed rate announcement.Discover Financial stock soared as the outlook improved for eventual regulatory approval of the credit card issuer's proposed merger with Capital One.Other post-election winners included steelmaker Nucor, while shares of companies in the solar sector moved lower.\n Major U.S. equities indexes jumped to record highs as the presidential election results offered increased visibility into the country's economic trajectory over the coming years. As political uncertainty diminishes, investors will likely turn their attention to the Federal Reserve, which is set to announce its latest interest rate decision Thursday.\n\n\n The S&P 500 gained 2.5% on Wednesday, the Nasdaq rose 3.0%, and the Dow shot up 3.6%.\n\n\n Companies in the financial sector—especially those that issue credit cards—were among the top performers in the wake of Election Day. Shares of Discover Financial Services (DFS) soared 20.2%, notching the strongest gain of any S&P 500 stock. Discover previously announced plans to merge with Capital One (COF). Increased optimism about the deal receiving regulatory approval under a second Donald Trump administration likely helped boost shares of both companies, as Capital One stock popped 15.0% higher. Meanwhile, shares of Synchrony Financial (SYF), known for its retail-branded credit cards, surged 18.8%.\n\n\n Trimble (TRMB) shares added 17.9% after the GPS navigation firm reported better-than-expected third-quarter sales and profits. A revenue boost from the company's subscriptions and software services helped drive strong performance and contributed to an increase in full-year guidance. The company cited positive trends in client spending as concerns about the economy recede.\n\n\n Steel producers also enjoyed a post-election bump. Leading up to the election, analysts indicated that a Trump victory could lead to more protective policies toward the domestic steel industry. Shares of North Carolina-based steelmaker Nucor (NUE) jumped 16.0%.\n\n\n Super Micro Computer (SMCI) shares logged the weakest performance in the S&P 500, plummeting 18.1% after the server and data storage provider said it is unable to specify a release date for its postponed 2024 annual report. Last week, accounting giant EY resigned from its auditing role with Supermicro. The uncertain outlook for the financial data release raised concerns about a possible delisting of the stock. The Nasdaq warned in a September letter that the reporting delay has left Supermicro out of compliance with the exchange's rules.\n\n\n Solar industry stocks lost some of their luster as media sources called the presidential election in favor of Trump. The former president has pledged that, upon returning to the White House, he intends to reverse Biden administration policies designed to promote the adoption of renewable energy solutions. Shares of solar technology provider Enphase Energy (ENPH) dropped 16.8% on Wednesday, while shares of solar module manufacturer First Solar (FSLR) sank 10.1%.\n\n\n Although food and beverage, personal care, and health industry supplier International Flavors & Fragrances (IFF) topped third-quarter revenue estimates, earnings per share (EPS) came in below expectations, and its shares sank 11.6%.\n\nDo you have a news tip for Investopedia reporters? 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