US Stocks Rise on Election Day, Nvidia as World’s Most Valuable Stock

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On Tuesday, as U.S. election voting officially began, all three major US stocks indexes closed higher, each rising over 1%. The October U.S. ISM Services Index climbed to 56%, marking its biggest increase in two years. The market is also closely watching this week’s Federal Reserve monetary policy meeting.

Vote counting in the U.S. election continues. At the time of writing, Trump is leading Harris. According to CCTV News and preliminary estimates from multiple U.S. media outlets, Trump has secured 214 electoral votes, while Harris has 179.

Fueled by the election atmosphere, “Trump Trades” are heating up across the board. Trump Media & Technology Group (DJT) closed slightly down but surged over 10% after hours. During the Asian trading session, DJT’s gains extended to 43%, with fellow Trump-affiliated stock Tesla spiking as much as 8%.

In individual stocks, Palantir’s earnings report showed strong AI demand, boosting Nvidia, which closed nearly 3% higher, reclaiming its position as the largest U.S. stock by market capitalization. By the close, Nvidia’s share price was $139.91, with a market cap of $3.43 trillion, surpassing Apple, which closed at $223.45 with a $3.38 trillion valuation.

“AI Dark Horse” AMD plunged nearly 16% after hours, following disappointing quarterly earnings and increasing delisting risk as it remains unable to release last fiscal year’s annual report.

US Stocks

Fundamental Analysis: 

Large-cap tech stocks rose across the board, with Tesla up over 3%, and Nvidia and Meta up over 2%. Amazon and Netflix rose more than 1%, while Microsoft, Google, and Apple saw smaller gains. Semiconductor, chip, and precious metals stocks led gains, with Century Aluminum up over 20%, GlobalFoundries up more than 14%, AMD up over 6%, Alcoa up more than 5%, and Broadcom and Intel rising over 3%.

The Nasdaq Golden Dragon China Index rose 1.63%, with major Chinese stocks mostly up. XPeng rose over 6%, Bilibili over 5%, and iQIYI, Zhihu, Weibo, and Tencent Music up over 4%. Li Auto climbed more than 3%, and NIO rose over 2%.

Technical Analysis: 

Market Trends: 

  • Dow Jones: +427.28 points, or 1.02%, to 42,221.88.
  • Nasdaq: +259.19 points, or 1.43%, to 18,439.17.
  • S&P 500: +70.07 points, or 1.23%, to 5,782.76.

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