NEW YORK — U.S. stocks rose Monday, led by those seen as benefiting the most from Donald Trump’s reelection as president, but drops for some high-profile Big Tech stocks kept indexes in check.
Several pieces of what’s known as the “Trump trade” also helped drive the market, as investors try to identify which companies will be winners under a second Trump term. JPMorgan Chase rose 1%, and financial stocks again helped lead the market on expectations for stronger economic growth, less regulation from Washington and an increase in mergers and acquisitions.
A drop for Nvidia packs a particularly heavy punch because its massive value of nearly $3.6 trillion makes it one of the most influential stocks on the S&P 500 and other indexes. Another Trump trade has been a rise in Treasury yields, as traders anticipate potentially higher economic growth, U.S. government debt and inflation because of Trump’s policies. But trading in the bond market was closed Monday in observance of Veterans Day.
Still, many professional investors warn not to get carried away by all the big swings following Trump’s victory. It takes time to see what campaign promises turn into actual policy, and that can lead to snaps back for the market’s initial knee-jerk reactions.
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