• Stocks surged on U.S. election results. Republicans have a strong mandate winning the presidency, Senate, and possibly the House. Al three major indexes pressed to record highs after Donald Trump won the 2024 presidential election. The S&P 500 briefly surpassed the 6,000 mark and closed with its biggest weekly percentage gain in a year.
• Interest rates dropped. In a widely anticipated move, the Federal Reserve cut interest rates by 25 basis points on Thursday. Fed Chair Jerome Powell declined to comment on the central bank's plans for future rate cuts and said, "We don’t think it’s a good time to be doing a lot of forward guidance." Powell has advised that he will not step down even if Trump asks him to.
• A surge in treasury yields. The 10-year Treasury yield nearly hit 4.5%.
• Big tech led with big gains. Roundhill's Magnificent Seven ETF which tracks Apple, Alphabet, Microsoft, Amazon, Meta, Tesla, and Nvidia all hit fresh record highs on Thursday and Friday. Tesla, Nvidia and Amazon all outpaced the S&P 500 this last week.
• Tesla shares rallied. The electric vehicle maker's stock had a Trump-related catalyst with CEO Elon Musk betting big on Trump's campaign. 
• Swiggy IPO: Swiggy's initial public offering (IPO) is set to make its public debut on BSE and NSE this week.
• Bitcoin soared. The leading cryptocurrency broke $80,000 for the first time on optimism over Trump.

• Microsoft (MSFT)
• Costco Wholesale (COST)
• Tesla (TSLA)
• Amazon (AMZN)
• Nvidia (NVDA)

Biggest Gainers

• Sezzle, Inc. (SEZL) +72.27%
• Upstart Holdings (UPST) +46.02%
• Doximity, Inc. (DOCS) +34.15%
• Tempus AI, Inc. (TEM) +29.90%
• Fortrea Holdings (FTRE) +30.19%

Biggest Losers

• Pinterest, Inc. (PINS) -14.00%
• Astrana Health, Inc. (ASTH) -20.51%
• Fluor Corporation (FLR) -13.58%
• Under Armour, Inc. (UAA) - 13.03%
• Tidewater, Inc. (TDW) -12.60%

Weekly Notables

Bitcoin hit $80,000 for the first time ever.

Bitcoin hit $80,000 for the first time, as investors continued to digest a second term for President-elect Donald Trump. Smaller coins saw bigger moves. XRP soared 11% while Cardono moved 40% higher. “Crypto is poised to enter a golden era,” Alex Thorn, head of research at Galaxy Digital, said in a research note Friday. “Trump has promised to make America the ‘crypto capital of the world’ and his high level team is filled with strong crypto advocates … . The pro-crypto nature of his team, family, and donors increases the likelihood that Trump follows through on his campaign promises to the industry.”

Upstart Soars on Earnings

Upstart, which uses artificial intelligence to inform online lending decisions, soared 46% on Friday. It was the best day for the stock in over three years. The company reported better-than-expected results for the third quarter. Upstart’s revenue jumped 20% to $162 million, easily beating analyst estimates. CEO David Girouard said on the company’s earnings call that the company is in growth mode.

The Week Ahead

• Potential market moving catalysts this week: In the week ahead, a fresh reading on inflation and retail sales will lead the economic calendar. The final monthly retail sales report before the start of the holiday shopping season is set for release on Thursday. Economists estimate retail sales increased 0.3% over the prior month during October.
• Earnings on deck this week: Quarterly results from Home Depot, Cisco, and Disney will highlight this week's of earnings reports. Other earnings reports will come in from Live Nation, Monday.com, Hertz, Instacart, SoundHound, Spotify, Shopify, JD.com, Applied Materials, Spectrum Brands, and Alibaba.

Earnings Spotlight: Disney

Disney is set to report quarterly results before the bell on Thursday. The entertainment company is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of +32.9%. Revenues are expected to be $22.6 billion, up 6.4% from the year-ago quarter. Investors will also be focused on results within the company's theme park business after the segment fell short in its most recent quarter. Shares of Disney are up about 9% this year.