By Joe Woelfel
Stock futures were rising Monday after Wall Street closed out its best week of the year, with the S&P 500 rising 4.7% and the Dow Jones Industrial Average finishing with a gain of 4.6%.
These stocks were poised to make moves Monday:
Tesla jumped 6.9% in premarket trading after the electric-vehicle maker closed Friday with a market cap above $1 trillion for the first time since April 25, 2022, according to Dow Jones Market Data. The stock rose 29% last week for its best weekly performance since late January 2023. The stock rose 15% alone last Wednesday, the day after Donald Trump was elected U.S. president. Elon Musk, Tesla CEO, actively campaigned for Trump, spending millions of dollars to support Trump's bid.
Trump Media & Technology Group rose 8.3% after a topsy-turvy week for the company that operates the Truth Social social-media platform and which is roughly 57%-owned by President-elect Trump. The stock fell 23% on Thursday but closed with a gain of 15% on Friday after Trump said he has no intention of selling his shares in Trump Media.
Coinbase Global surged 15%, MARA Holdings was up 16%, MicroStrategy gained 9.8%, and Robinhood Markets rose 6.8% as the cryptocurrency-linked stocks gained momentum as Bitcoin traded above $82,000. The largest crypto passed $80,000 for the first time ever on Sunday. Digital assets have soared on expectations that a second Trump presidency would be crypto-friendly. The president-elect has said he'd make the U.S. "the crypto capital world."
Cigna rose 9.2% after the health insurer said it wouldn't be "pursuing a combination" with Humana. "The Cigna Group remains committed to its established M&A criteria and would only consider acquisitions that are strategically aligned, financially attractive, and have a high probability to close," the company said in a statement. Humana fell 8%.
Monday.com declined 13% after the maker of project-management software swung to a loss in the third quarter and said Chief Revenue Officer Yoni Osherov would step down at the end of the year.
Earnings reports are expected later in the week from Home Depot, Shopify, Spotify Technology, Occidental Petroleum, Cisco Systems, Walt Disney, Applied Materials, Alibaba, JD.com, and Talen Energy.
Autolus Therapeutics rose 9.9% after it received Food and Drug Administration approval of Aucatzyl, the London biopharmaceutical company's treatment of acute lymphoblastic leukemia, or ALL, an aggressive blood and bone marrow cancer, for certain patients.
Write to Joe Woelfel at joseph.woelfel@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 11, 2024 08:07 ET (13:07 GMT)
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