Wall Street is unpacking Trump's Treasury secretary pick
Following a winning week on Wall Street, futures on the Dow Jones Industrial Average (DJIA) are up 355 points, while futures on both the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) sit comfortably higher as well. Traders are eyeing Washington today, after President-elect Donald Trump revealed plans to nominate hedge fund manager Scott Bessent for Treasury secretary.
Continue reading for more on today's market, including:
- Breaking down last week's tech surge.
- Retail ETF hits 2-year highs before Black Friday.
- Plus, BBWI surges after earnings; and 2 stocks rising on bull notes.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 2.3 million call contracts and more than 1.2 million put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.51 and the 21-day moving average remained at 0.62.
- Bath & Body Works Inc (NYSE:BBWI) stock is up 20.4% premarket, after the retailer's third-quarter results came in above estimates. Since the start of 2024, BBWI shed 28.8%.
- Shares of Robinhood Markets Inc (NASDAQ:HOOD) are up 6.5% before the bell, after an upgrade from Morgan Stanley to "overweight" from "equal weight." The firm cited the potential for crypto deregulation post-election. Year to date, Robinhood stock is up 187.7%.
- MicroStrategy Inc (NASDAQ:MSTR) stock is up 3.9% in electronic trading, after a lofty price-target hike at Bernstein to $600 from $290. The crypto name also bought another $5.4 billion in Bitcoin (BTC). Since the start of this quarter alone, MSTR is up 150%.
- What's coming up this Thanksgiving week.
Mining, Bank Stocks Leading in Europe
Asian stocks were a mixed bag to start the week. Japan’s Nikkei and South Korea’s Kospi each added 1.3%, with small caps powering the latter. China’s Shanghai Composite and Hong Kong’s Hang Seng shed 0.1% and 0.5%, respectively, after the former’s central bank kept its medium-term lending rate steady.
Over in Europe, mining and bank stocks are among the gainers. London’s FTSE 100 is up 0.4% at last check, with media company ITV in focus as suitors circle. The French CAC 40 is 0.2% higher while the DAX in Germany is up 0.5%, shaking off a selloff from Commerzbank.