The 2024 US Election Day brought more than just political drama – it also delivered a boost to the stock market. As the election results trickled in, major indices saw a surge, with investors seemingly optimistic about the future.
The Dow Jones Industrial Average closed the day up 1.02% at 42,221.88, the S&P 500 climbed 1.23% to 5,782.76, and the Nasdaq surged 1.4% to 18,439.17. This positive sentiment was reflected in the performance of several individual stocks, with some catching the eye of retail traders and investors alike.
Trump Media Takes Center Stage
Trump Media & Technology Group Corp (DJT) saw a notable surge in its stock price, closing the day with a decrease of 1.16% at $33.94. The stock’s intraday high and low were $40.74 and $31.45 respectively, with a 52-week range of $79.38 to $22.55. The significant increase in Trump Media’s stock in the after-hours is likely driven by the ongoing U.S. elections and its third-quarter financial results.
Reddit Fuels the Buzz
Reddit Inc (RDDT) also experienced a significant jump, ending the day with a 12.58% increase at $122.57. The stock’s intraday high and low were $122.68 and $110.27 respectively, with a 52-week range of $123.6 to $37.35. Election day saw voters visiting polling locations and social media mavens sharing opinions and local reports in megathreads, polls and comments on Reddit, driving up activity on the platform and likely contributing to the stock’s upward trend.
Energy and Technology See Gains
Devon Energy Corp (DVN) closed the day with an increase of 0.51% at $39.34, likely fueled by its strong third-quarter earnings report. The company reported earnings of $1.30 per share, beating analyst estimates of $1.14 per share.
Super Micro Computer Inc (SMCI) saw its stock bounce back after falling nearly 50% last week. The company faced intense scrutiny ahead of its first-quarter earnings, with shares down amid governance issues, a key auditor’s exit, and risks to its partnership with Nvidia. Despite the ongoing concerns, the stock closed the day with an increase of 6.42% at $27.70.
Tesla Rides the Wave
Tesla Inc (TSLA) also ended the day on a positive note, with its stock increasing 3.54% at $251.44. The stock’s intraday high and low were $255.28 and $246.21 respectively, with a 52-week range of $273.54 to $138.8. Elon Musk, the company’s CEO, refuted rumors that Tesla is considering building a phone, potentially contributing to the stock’s upward momentum.
Overall, the US markets seem to be responding positively to the election outcome, at least for now. Investors are closely watching the unfolding events, and it will be interesting to see how the markets react in the days and weeks to come.
