5 Things to Know Before the Stock Market Opens

Stock futures surge after the election win by former President Donald Trump, as did with bitcoin, Trump Media (DJT), Tesla (TSLA) and the Russell 2000.

Bitcoin and other cryptocurrencies, as well as the firms that hold them, all made strong upward moves in early trading; Super Micro Computer (SMCI) declined as it provided uncertainty on filing its report and delivered weak revenue; Novo Nordisk (NVO) moved higher after reporting strong sales of its Wegovy weight loss drug; Nvidia (NVDA) climbed to make it the world’s most valuable company, overtaking iPhone maker Apple (AAPL). 

Here's what investors need to know today.

1. Stock Futures, DJT, Tesla Soar on Trump Win

Stock futures are soaring after the presidential election victory for Republican Donald Trump, with premarket trading pushing Dow futures higher by about 3% and S&P 500 and Nasdaq futures up roughly 2%. Futures trading for the smaller-company focused Russell 2000 jumped by more than 6%. Shares of Trump Media (DJT) were up more than 30% and Tesla (TSLA) shares are up more than 12% in the premarket session. The benchmark 10-year Treasury yield climbed more than 15 basis points to reach 4.45%.

2. Bitcoin, Cryptocurrency Stocks Surge

Bitcoin (BTCUSD) surged to a record high, briefly topping $75,000, on the Trump victory. Bitcoin was recently around $74,586, up about 8% over the past 24 hours, while the estimated total value of the crypto market was higher by a similar percentage. Shares of several bitcoin-related companies, including trading app Robinhood (HOOD), cryptocurrency exchange Coinbase Global (COIN) and Marathon Digital parent company MARA Holdings (MARA), surged 10% or more in premarket trading. Shares in Microstrategy (MSTR), a big holder of bitcoin, were 14% higher.

3. Super Micro Shares Plunge on Filing Uncertainty, Weak Revenue

Super Micro Computer (SMCI) shares plunged premarket after the server maker said it couldn’t predict when it will file its delayed annual report for 2024. The company has been warned by Nasdaq about its requirements of “timely filing” of reports, giving it until Nov. 16 to issue its report or to submit a plan. The company reported preliminary quarterly revenue that missed analysts’ projections  at $5.9 billion to $6 billion, down from the its previously guided range of $6 billion to $7 billion.

4. Novo Nordisk Moves Higher on Strong Sales of Wegovy

Novo Nordisk (NVO) shares rose by about 3% premarket after the Danish drugmaker reported strong sales of its popular Wegovy weight-loss drug. Wegovy sales reached 17.3 billion Danish crowns, or $2.5 billion, in the third quarter, a jump of 48% from the prior quarter. For the nine-month period ended in September, the company reported a 21% increase in operating profit and a 31% increase in North American sales.

5. Nvidia Overtakes Apple As World’s Most Valuable Company

Nvidia (NVDA) shares continued their climb in premarket trading, rising by a bit less than 1%, pushing its market capitalization to $3.43 trillion, higher than iPhone maker Apple (AAPL). Apple’s shares edged higher in early trading, keeping its market capitalization at around $3.38 trillion. Nvidia had briefly overtaken Apple on Monday before moving higher again on Tuesday as demand for its artificial intelligence-capable chips pushed the company’s share price higher. Microsoft (MSFT) is the only other company with a market cap above $3 trillion.

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