S&P 500, Nasdaq, Dow rise to record highs as investors react to election results

Solar stocks plunged after Trump’s election victory

30 minutes ago

Several solar stocks, including First Solar (FSLR) and Enphase Energy (ENPH) fell in early trading on Wednesday after the presidential election was tipped in favor of former President Donald Trump.

SunRun (RUN), Power plug (FORK) and SolarEdge Technologies (SEDG) shares also fell, while Invesco Solar (TAN) exchange-traded fund (ETF) decreased by almost 11%.

In a 16-page campaign platform posted on Trump’s website, the energy policy positions include increasing oil, natural gas and coal production and reversing the Biden administration’s policies in favor of renewable energy.

Trump’s ability to repeal such legislation Inflation Reduction Actwhich studies have shown accelerated the reduction of carbon dioxide emissions, will depend on the results of Republicans in the remaining races, which must be decided by the House of Representatives. The party won a slim majority in the Senate, according to races already called Associated Press.

–Aaron McDaid

Supermicro levels to watch stocks fall again

1 hour 21 minutes ago

Shares in Super Micro Computer (SMCI) fell in early trading on Wednesday after the embattled server maker late yesterday reported preliminary first-quarter financial results that fell short of Wall Street expectations and said it could not predict when it would file its delayed annual report for 2024.

At the end of last month, the stock fell below the lows on its highest weekly volume since late August, suggesting selling conviction was behind the move.

Investors should watch for key support levels on the Super Micro Computer chart around $23, $12 and $10, while watching for a key resistance area near $30.

Shares fell 23% to $21.38 in recent trading.

Read in full technical analysis here.

–Timothy Smith

What Donald Trump’s victory means for the economy

2 hours 36 minutes ago

Former President Donald Trump’s victory in the 2024 presidential election sets the US economy on a path of higher tariffs, lower taxes and deregulation.

His victory has immediate and long-term implications for the US economy. In the short term, the US avoids the uncertainty and disruption that comes with a delayed outcome could cause.

In the long run, Trump will have a chance to fulfill the vision laid out during his campaign, although his ability to do so will depend on which party controls the House of Representatives, and some of those races have yet to be determined.

Read it full article here.

–Dickon Hyatt

Tesla Leaps As Musk Wins Trump Presidency

2 hours 58 minutes ago

Tesla shares (TSLA) rose 12% in late pre-market trading on Wednesday as investors bet the Elon Musk-led electric vehicle (EV) maker would be a major beneficiary of Donald Trump’s return to the presidency.

Tesla CEO Musk, an outspoken Trump supporter, is expected to become a prominent adviser to the president.

However, Tesla’s prospects during a Trump presidency are less clear-cut. Trump is not a fan of clean energy, while Tesla is won from in Inflation Reduction Act of 2022signed by President Joe Biden. Tesla also benefited from 100% tariffs on Chinese electric cars introduced by Biden, which protected the electric car maker from an onslaught of cars from the Asian country, which is also a major market for the company.

Wedbush analyst Dan Ives, who has an “outperform” rating on the electric car maker’s stock, said Sunday that the possibility of a trade war with China could weigh on the company. However, Ives noted that a Trump presidency could mark a more favorable environment for the company’s autonomy initiatives.

–Nisha Gopalan

Shares of Trump Media rose sharply in the premarket

4 hours 14 minutes ago

Shares of Trump Media and Technology Group (DJT) jumped sharply in premarket trading as former President Donald Trump looks to win re-election to the White House.

Shares of the social media company recently traded around $45, indicating an open of more than 30% above Tuesday’s close. The move would extend the bounce from the September lows below $12 that were noted big swings in the value of the company.

The company, which owns the platform Truth Social, released its latest quarterly financial results last night, showing third-quarter revenue of $1 million and a net loss of just over $19 million. In their press release, the executives referred to the “legion of retail investors” who own the stock.

“The company continues to explore additional growth opportunities, such as potential mergers and acquisitions with companies that will benefit from Trump Media’s technology and branding, including in the financial technology space,” CEO Devin Nunes said in a statement.

Trump is the majority owner of the company’s shares.

–David Marino-Nachison

The major indexes are poised to soar at the open on Wednesday

4 hours 46 minutes ago

Futures tied to the Dow Jones Industrial Average rose 3%.

S&P 500 futures rose 2.3%.

Nasdaq 100 futures rose 1.7%.