MARKET SNAPSHOT
U.S. stocks rose as blue chips led advancers to start the week with the Dow Industrials climbing above 44,000. Oil prices fell amid demand concerns after disappointing data out of China. Strength in the dollar helped push gold prices to their largest daily loss since June 2021. The U.S. bond market was closed for the Veterans Day holiday.
MARKET WRAPS
EQUITIES
Donald Trump's seismic election victory kept reverberating through markets, sending bitcoin prices surging above $84,000 and the Dow Jones Industrial Average above 44,000 for the first time.
Investors have piled into stocks after the U.S. election, relieved that the contentious presidential contest is over and confident that Trump's victory will lead to easier regulation and a flurry of dealmaking that will give markets a boost.
Major indexes rose to fresh highs. The Dow industrials rose 0.7%, while the S&P 500 and Nasdaq Composite added 0.1%.
Up ahead this week are October inflation data and earnings from companies including Home Depot and Disney.
Earlier Monday, Chinese shares ended mostly higher. Chinese authorities will likely roll out additional stimulus to address domestic and external headwinds in 2025 and beyond, especially once Trump's tariff plans become clearer, UBS Global Wealth Management Chief Investment Office said.
The Shanghai Composite Index rose 0.5%. The Shenzhen Composite Index advanced 1.9% and the ChiNext Price Index added nearly 3.1%. Hong Kong's Hang Seng Index, however, closed 1.5% lower.
Japan's Nikkei Stock Average closed 0.1% higher at 39,533.32 in mixed trade. Auto and manufacturing stocks closed in negative territory.
Blue-chip weakness dragged Australia's S&P/ASX 200 down 0.3%, snapping its three-day winning streak.
New Zealand's NZX-50 shed 0.7% on softness in shares of larger-cap companies.
COMMODITIES
Oil futures settled at their lowest in nearly two weeks following disappointing economic data from China, the world's largest crude importer, and expectations for higher U.S. production once Trump takes office.
West Texas Intermediate crude for December delivery declined 3.3% to settle at $68.04 a barrel on the New York Mercantile Exchange. January Brent crude dropped 2.8%, settling at $71.83 a barrel on ICE Futures Europe.
"Along with Friday's announcements about local government debt, which were once again deemed as insufficient by the market, Chinese economic momentum remains negative," said Achilleas Georgolopoulos, market analyst at XM.
Front-month gold futures dropped 2.8% to $2,611.20 an ounce, as the U.S. dollar index continues to rise.
"The swift move lower in gold post-election ran counter to our strategists' expectations, however, they think the sell-off is a stumble not a sea change," said JPMorgan Global Commodities Research.
TODAY'S TOP HEADLINES
If Trump Tries to Fire Powell, Fed Chair Is Ready for a Legal Fight
When a frustrated Donald Trump flirted with removing Federal Reserve Chair Jerome Powell in a dispute over interest rates back in 2018, Fed leaders privately readied a break-glass-in-case-of-emergency response: a legal challenge against the president to protect the integrity of America's central bank.
Powell told then-Treasury Secretary Steven Mnuchin that he would fight his removal if sought by the president, according to people familiar with the matter. Trump was upset the Fed was raising interest rates against his wishes.
For Powell, the unsavory prospect of a legal showdown-one he might have to pay for out of his own pocket-was imperative to preserve the ability of future Fed chairs to serve without the threat of being removed over a policy dispute.
Bitcoin, Dogecoin, and Other Cryptos Soar on Trump. How Much Further They Could Rise.
The price of Bitcoin topped $84,000 Monday, while other cryptocurrencies also were racking up gains as investors bet that Donald Trump's win in last week's presidential election will boost digital assets.
The large-cap token climbed 7% to $84,558, having passed $80,000 for the first time ever on Sunday. It's up about 22% through Tuesday's close.
Bitcoin is climbing because Trump promised over the summer that he'd make the U.S. "the crypto capital world" and replace Securities and Exchange Commission Chair Gary Gensler, who's seen as a digital-asset hawk.
Boeing Quality Chief to Depart
Boeing said its top quality executive is leaving after less than a year in the role, switching up a key executive as the company works to restart its factories after a machinist strike.
Elizabeth Lund, a 33-year Boeing veteran, was appointed to the newly created role in February in the wake of a midair accident where a door plug blew off an Alaska Airlines flight. The 59-year-old was responsible for overseeing quality control at Boeing's commercial airplanes unit.
In a memo sent Monday to staff, Boeing executive Stephanie Pope said Lund had planned to retire this year but was asked to take on a safety and quality plan that Boeing had to submit to federal regulators after the door plug incident. "With the plan submitted to the FAA and well into implementation, Elizabeth shared with me her intention to retire in December," Pope wrote.
Google Executive Picked to Supercharge News Efforts Has Resigned
Shailesh Prakash, a Google News executive central to the tech giant's relationships with publishers, has resigned, according to people familiar with the situation.
The high-profile departure comes amid a continuing rift between Google and news outlets over how the search engine drives traffic and uses their content.
Prakash, a vice president and general manager for Google News, joined the tech giant two years ago from the Washington Post, where he spent more than a decade overseeing data and technology.
Chipotle Names New CEO to Replace Brian Niccol
Chipotle Mexican Grill appointed Scott Boatwright as chief executive officer and a member of the board, effective immediately, on Monday, ending the monthslong search for a new leader after former CEO Brian Niccol left for Starbucks.
Boatwright has served as interim CEO since Niccol's departure in August. Prior to that, he was the chief operating officer at Chipotle, in charge of improving the company's overall guest experience.
"We conducted a thorough and rigorous external search process that confirmed Scott is absolutely the best person to lead the next stage of growth at Chipotle," Scott Maw, Chipotle's chairman, said in a press release.
Expected Major Events for Tuesday
00:00/AUS: Nov Westpac - Melbourne Institute Consumer Sentiment Survey
00:30/AUS: Oct NAB Business Survey
03:00/SKA: 1H KDI Economic Outlook
06:00/JPN: Oct Preliminary Machine Tool Orders
08:30/HK: Sep External Merchandise Trade: Volume & Price Statistics
21:00/SKA: Oct Import price index
21:00/SKA: Oct Export price index
21:00/SKA: Oct Net barter terms of trade
23:00/SKA: Oct Economically Active Population Survey, including Unemployment
23:50/JPN: Oct Corporate Goods Price Index
00:00/AUS: Oct Vacancy Report
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
November 11, 2024 16:57 ET (21:57 GMT)
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