The stock market is open for trading on Veterans Day, but bond markets are closed. U.S. stock futures are building on their record close Friday following Donald Trump’s victory in the presidential election. The “Trump trade” is also buoying bitcoin to record highs above $82,000, while crypto-tied stocks like Riot Platforms, Robinhood Markets, Coinbase Global, and Marathon Digital are all jumping in premarket trading.
China’s trade surplus is reportedly set to hit a record $1 trillion this year. This raises the likelihood that the country will face higher tariffs under the new Trump administration. Shares of Tesla are surging further on Elon Musk’s close ties to the president-elect.
The NYSE and Nasdaq are open and functioning normally today, but government offices and banks will be closed for the federal holiday.
Markets rally after Trump win
Bitcoin is rising to fresh record highs, driven by investor optimism regarding the Trump administration’s anticipated favorable stance towards cryptocurrency.
Shares of crypto-linked firms are all rising at least 9% in premarket trading. U.S. stock futures are continuing their gains after all the major indexes ended at record highs on Friday. The S&P 500 and the Dow Jones Industrial Average notched their best weeks since last November, boosted by Trump’s victory and other positive market indicators.
China’s trade surplus is on track to reach almost $1 trillion “if it continues to widen at the same pace as it has so far this year.” This increases the risk that China will face increased import tariffs into the U.S. from President Trump. Shares of electric vehicle maker Tesla, which rose nearly 30% last week following Trump’s win, are jumping a further 7% in premarket trading, priced at over $343 each. Wall Street views Tesla as benefiting from Elon Musk’s close ties with the president-elect, even if the Biden administration’s EV subsidies and rebates are unwound.
