The Dow Jones Industrial Average surged more than 300 points, or 0.69%, at midday, heading for a record close. The S&P 500 lost less than 0.1%, while the Nasdaq Composite slipped 0.37%. The Russell 2000 Index is up 1.53%.
Bitcoin, which is likely to benefit from relaxed regulation after Donald Trump's election win, also soared to a record of $84,400. Stocks tied to cryptocurrencies rallied.
S&P 500 big stock movers today
Five S&P 500 stocks making big midday moves are:
The worst-performing five S&P 500 stocks with the largest midday drop are:
Stocks also worth noting include:
Tesla continues rally following Trump win
Tesla gained more than 5% as investors were optimistic about the EV maker after Donald Trump’s presidential win. The stock is up more than 40% since Nov. 5, topping $1 trillion in market value.
Elon Musk had previously contributed at least $130 million to Trump’s campaign efforts. Wedbush analyst Dan Ives noted that a Trump administration could favor Tesla.
Related: Top analyst overhauls Tesla stock price target amid post-election surge
“Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV-subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the U.S. market over the coming years,” Ives said in a note, CNBC reported.
Musk recently forecast 20%-30% vehicle-sales growth next year.
Cigna pops after ending a deal; rival Humana falls
Cigna confirmed Monday that it was not pursuing a merger with Humana. Cigna is up 8%, while Humana lost 2%.
The two health insurance giants, valued at a combined $125 billion, explored a merger last year, but Cigna backed out over pricing disagreements, according to Bloomberg.
Related: Humana stock higher on key merger report after Medicare Advantage hit
“With the Republican win last week, there was speculation by investors that the antitrust concerns may decline enough to make the deal possible,” Morningstar analyst Julie Utterback said, calling the announcement "unusual."
Humana focuses on Medicare Advantage plans for seniors but is facing challenges from higher care demands and lower payment increases. A recent government downgrade of its largest plan's quality rating also brings pressure as it sharply reduces the company's quality bonuses.
Coinbase soars as bitcoin hits new high
Bitcoin price hit an all-time high of $84,400 after Donald Trump won the 2024 election.
Stocks tied to cryptocurrencies rallied. Coinbase surged 21%, MicroStrategy jumped 19%, and Robinhood gained 11%.
More Tech Stocks:
Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, attributed crypto’s rally to “euphoria” after Trump’s win and his pledge to make the U.S. the “crypto capital.”
She noted that speculators hope for a friendlier regulatory landscape and potential government support, which could boost demand.
Bitcoin has roughly doubled year-to-date.
Related: Veteran fund manager sees world of pain coming for stocks