A sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York
The New York Stock Exchange opened higher on Monday, continuing its rally since Donald Trump's victory in the US presidential election last week, with the Republican's vast program of tax cuts and deregulation seen by investors as favorable to businesses and the cryptocurrency sector.
In early trading, the Dow Jones index lost 254.75 points, or 0.58%, to 44,243.74 points and the broader Standard & Poor's 500 rose 0.35% to 6,016.49 points.
The Nasdaq Composite takes 0.39%, or 74.76 points, to 19,361.54.
The euphoria generated by Republican Donald Trump's victory in the presidential election continues to reign Monday after boosting the markets last week, allowing the Dow Jones index to reach 44,000 points for the first time in one session on Friday , while the S&P-500 exceeded the 6,000 point mark, also a first.
The session also lacks major catalysts, the interest rate market being closed on the occasion of “Veteran Day”, and awaiting a series of economic data which could be decisive in the maintenance or end of the stock market rally .
The macroeconomic event of the week in the United States comes on Wednesday with the release of October consumer price data, which will be monitored for any acceleration that could damage the chances of an interest rate cut at the next meeting of the Federal Reserve (Fed) in December.
After a 25 basis point cut in Fed rates announced last week, markets are currently betting 65% on an identical reduction at the central bank's meeting on December 18, according to CME Group's FedWatch tool. . The context, however, calls for caution, with the campaign promises of future President Donald Trump being perceived by investors as inflationary.
“A lot of this is a continuation of a post-election relief rally,” said Art Hogan, a strategist at B Riley Wealth. “The second piece of the puzzle is for the Fed to cut rates again,” he added.
In terms of values, the electric car manufacturer Tesla, whose market capitalization closed on Friday above the symbolic mark of 1,000 billion dollars, increased by 7% on Monday, further boosted by the election of Donald Trump, who benefited from the support of its CEO Elon Musk during his campaign for the White House.
Values linked to cryptocurrencies are also advancing, supported by the new bitcoin record after the victory of Donald Trump, supposedly favorable to the sector. The Coinbase Global platform takes 11%, while Mara Holdings and Riot Platforms advance from 10% to 13%.
Health insurer Cigna rose 6.5% after declaring on Monday that it was not considering merging with its competitor Humana, which fell 2.8%.
(Written by Diana Mandiá)
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