Trending stocks this week as market reacts to Trump’s comeback
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Friday capped a historic week for U.S. politics and the stock market, with the Presidential election finally coming to an end with Donald Trump as the victor.
The S&P 500 (SP500) crossed the 6,000-point milestone for the first time as well this week. Wall Street’s benchmark index closed around 4.6% higher, marking the best week in just over a year. Its accompanying SPDR S&P 500 ETF Trust (SPY) was up just over 4.7% for the week.
The Dow Jones Industrial Average (DJI) also crossed the 44,000-points mark for the first time ever this week. It closed over 4.8% higher, the best gain in just over a year as well.
Bitcoin (BTC-USD) crossed the $75K mark with the election of Trump, who is expected to be more crypto-friendly. The world’s largest cryptocurrency rose over 12% this week, thanks to a surge following the U.S. elections.
Apart from the election results, the market was also buoyed by the Fed’s decision to cut rates by 25 basis points, with chair Jerome Powell saying the labor market and inflation were normalizing.
Here’s a list of stocks that caught our attention this week:
AppLovin (APP) jumped a whopping 80% this week after the mobile marketing software company reported stronger-than-expected third-quarter results and issued an upbeat forecast for the current quarter.
SolarEdge (SEDG) shares plunged 25% after the solar-equipment maker reported disappointing quarterly results and issued a downside guidance for Q4. The company took a $1.03B write down in Q3 and warned margins for the current quarter will be non-existent or even negative.
Palantir Technologies (PLTR) shares rose 16% to an all-time high on Tuesday after the software firm’s third quarter results and outlook beat estimates, drawing praise from Wall Street analysts. High demand for the Colorado-based company’s artificial intelligence software has catapulted Palantir shares 252% year to date.
Super Micro Computer (SMCI) was in focus after the embattled artificial intelligence server maker reported preliminary fiscal first-quarter revenue that was below the company’s stated guidance. The company also addressed the situation related to its delayed 10-K, and said it has seen no evidence of fraud or misconduct, but that it remains difficult to say when the report will be filed. SMCI closed -3.7% down on Friday at $24.52, way below its 52-week high of $122.90.
Doximity (DOCS) added 37% over the week after the online medical platform exceeded Street forecasts with its second quarter results and raised its full-year outlook, leading to upgrades on Wall Street.
Enphase Energy (ENPH) tumbled after the company announced plans to reduce its global workforce by ~17%, affecting ~500 employees and contractors, causing it to incur $17M-$20M in restructuring and asset impairment charges, including ~$14M in Q4.
Medical Properties Trust (MPW) stock tumbled on Thursday after the hospital REIT’s Q3 earnings continued to reflect its largest tenant’s financial woes and removal from its portfolio. The company’s bottom-line was hurt by $608M of impairment charges, ~$131M of net negative fair value adjustments, and $137M accelerated non-cash amortization of in-place lease intangibles related to Steward real estate.
Shares of President-elect Donald Trump’s media company Trump Media & Technology (DJT) surged nearly 27% as the market reacted positively to news of his return to the presidency, following his victory over Democratic candidate Kamala Harris in the 2024 election. Trump reaffirmed on his social media platform that he will not be selling any shares in the company. DJT shares have climbed 83% so far this year, but have seen periods of significant volatility.
Celanese (CE) fell 33% after the maker of specialty materials and chemicals said it would cut its quarterly dividend by 95% starting in the first quarter of 2025, while reporting quarterly results that missed Wall Street estimates.
Solar and clean energy stocks saw a rough week as traders digested Donald Trump’s historic win and re-election as the 47th President of the U.S. Trump’s last administration dismantled several major climate policies and over 100 environmental regulations around clean air, water, wildlife and toxic chemicals. Major decliners included: First Solar (FSLR) -7.6%, Enphase Energy (ENPH) -21%, Sunrun (RUN) -32%, SolarEdge Technologies (SEDG) -24.5%, Canadian Solar (CSIQ) -22.8%, Sunnova Energy (NOVA) -46%, JinkoSolar (JKS) -15.8%, Daqo New Energy (DQ) -6.8%.
Tesla (TSLA) jumped 31% for the week, a rally partly fueled by Trump’s re-election. Elon Musk had publicly endorsed the former president, paying tens of millions of dollars to his campaign. The automaker also reclaimed $1T market cap with a swing higher on Friday of 6.7%.