U.S. stock market indices, the S&P 500 and Dow Jones Industrial Average, have set new records, with the former advancing for a seventh consecutive session. Leading the gains were top tech stocks such as Microsoft and Amazon, each seeing over a 2% rise.
Amidst these triumphs, the pharmaceutical sector received a boost due to potential policy changes favoring broader access to weight loss medications, positively affecting Eli Lilly and Novo Nordisk. However, Amgen faced declines after disappointing drug trial reports.
Retail stocks saw volatility, with Dick’s Sporting Goods dropping post-earnings report, accompanied by significant dips in Best Buy and Kohl’s shares, the latter also grappling with a CEO transition.
A notable decline hit General Motors shares as investor concerns grew over possible new tariffs impacting auto imports from neighboring countries.
In the cryptocurrency arena, Bitcoin retreated from its record high, while still maintaining substantial gains post-election amid anticipated pro-crypto policies.
Commodities and bonds witnessed gold prices inch up, a slight dip in oil, and a rebound in the yield for 10-year Treasurys, signaling investors’ recalibration of rate cut expectations by the Federal Reserve. The market landscape reflects investor confidence in equities amid other market segments showing more variation.
