Yiwen Lu11/6/24

Trump victory lifts US stocks to all-time highs

The S&P 500 climbed 2.5%, closing the index at another fresh record for the 48th time this year. The Nasdaq 100 rallied 2.7%. Russell 2000, which tracks small caps that are more sensitive to US tax rates and less sensitive to trade barriers, outperformed all others on the day and up 5.8%.

The Dollar Spot Index added 1.7%, its biggest one-day gain since June 2016. Interest rates were higher; the 10-year Treasury yield rose 15 basis points to 4.43%, the most since April this year. According to the CME FedWatch tool, traders are now overwhelmingly expecting a 25-basis point cut at the Federal Reserve meeting tomorrow.

Of the 11 major sectors, only utilities, consumer staples, and real estate were down.

The sectors that could benefit from Trump-related policies added the most today. The financial-sector ETF was up 6.1%, driven by a jump in both Synchrony Financial and Discover. Banks including KeyCorp, Capital One, and Citizens Bank were also among the biggest gainers on Wednesday. The industrial sector went up 3.9%. The energy sector advanced 3.8%.

But crude oil was only modestly higher: the US benchmark was up 0.7% at settlement, while the global benchmark rose only 0.2%.

In addition, a slew of GOP-associated stocks gained ground today. Private prison company GEO Group rose 42.1%, and CoreCivic climbed 29%. Domestic steel companies like Nucor, Cleveland-Cliffs, and Steel Dynamics were having their best day in years. Teslaled Magnificent 7, up 14.8% on the day. Bitcoin hit records again and is now trading at $76,725.

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Nvidia gains on report that Chinese officials told domestic tech champions to progress with plans for H200 imports

The “will Xi, won’t Xi?” of Nvidia’s quest to send AI chips to China got some positive news, reversing a string of recent negative reports.

Per Bloomberg, Chinese officials told leading domestic tech champions including Alibaba, Tencent, and ByteDance that they can progress in their preparations to import Nvidia’s H200 chips, and “are now cleared to discuss specifics such as the amounts they would require,” citing people familiar with the matter.

Shares are up 1.5% as of 8:06 a.m. ET.

The outlet had previously reported that China would begin to allow H200 imports for commercial use “as soon as this quarter.” However, that was followed by reports from The Information, the Financial Times, and Reuters that Chinese companies’ ability to access these AI chips would be limited and that suppliers had paused production following what was tantamount to an import ban.

The seemingly conflicting reports from various outlets reflect the tug-of-war within the Chinese policy apparatus, which aims to balance competing priorities: bolstering its AI capabilities (which argues for using the best technology available, even if that’s from foreign sources) and supporting the development of its domestic semiconductor manufacturing industry (which pushes in the opposite direction).

Intel tumbles as pleas for time to deliver its turnaround fall on deaf ears

Traders had little patience for Intel after the stock’s hot start to 2026 saw it gain nearly 50% coming into the print.

Intel INTC Q2 Earnings report Lip-Bu Tan

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Alaska Airlines dips following weaker-than-expected 2026 earnings guidance

Alaska Airlines, America’s fifth-largest airline, reported its fourth-quarter and full-year results for 2025 after the market closed Thursday. Its shares fell 2% in after hours trading.

The airline reported adjusted fourth-quarter earnings of $0.43 per share, beating the $0.11 expected by Wall Street analysts polled by FactSet. Its Q4 passenger revenue climbed 2% to $3.25 billion.

For the current quarter, Alaska guided for a 1% to 2% increase in capacity and an adjusted loss of $1.50 to $0.50 per share, compared to the $0.77 loss per share expected by analysts. The airline forecast full-year earnings of between $3.50 and $6.50 per share for 2026. The $5 per share midpoint falls short of analyst estimates of $5.52.

“To hit the higher end of our guidance range we would require sustained macroeconomic recovery in 2026, at or improving on trends seen in the first three weeks of the year, and for fuel prices to stabilize,” the company said in its report.

Earlier this month, the carrier placed its largest ever plane order, securing 110 Boeing jets to support its international growth ambitions. It plans to add flights to Rome, London, and Iceland this summer, and has said it will boost its premium seat offerings this year — in-line with a wider trend of travel trends reflecting a “K-shaped economy.”

Intel slumps after Q1 guidance disappoints

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