🚀 Stocks hitting new highs following US election

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. stocks hit record highs Thursday as markets continued to rally following Donald Trump’s election victory, with the S&P 500 rising 0.6% and the Nasdaq gaining 1.2%. The Dow, while flat, had surged over 1,500 points the day before, marking the S&P's best post-election performance on record. Financial stocks, which had soared Wednesday, cooled slightly, with JPMorgan Chase and American Express down. Big Tech, meanwhile, saw gains, with Apple and Nvidia each up over 1%.

2. Steve Madden plans to reduce its reliance on Chinese imports by 45% over the next year, a response to President-elect Trump’s tariff threats on foreign goods. CEO Edward Rosenfeld explained that the company has already explored sourcing options in countries like Vietnam, Cambodia, and Brazil to mitigate risks. With China currently supplying over 70% of the U.S. imports for Steve Madden, this shift would mean only a quarter of its products might face tariffs. Other brands, facing labor shortages and past supply-chain crises, are also moving production elsewhere, preparing for potential price hikes for U.S. consumers if tariffs proceed.

3. Bentley Motors is delaying its shift to an all-electric lineup, now targeting 2035 as the earliest it will exclusively offer EVs, while leaning heavily on plug-in hybrids (PHEVs) in the meantime. Originally set to be fully electric by 2030, Bentley now plans to release a new EV or PHEV model each year starting in 2026, citing low current demand for EVs among its luxury buyers. CEO Frank-Steffen Walliser acknowledged that legislation and competitive pressures are pushing Bentley to adapt but stated the brand will continue with traditional engines as long as markets demand them.

4. Headlines

   1. Caroline Ellison, the former CEO of Alameda Research (FTX’s sister fund), has reported to prison for a two-year sentence.

   2. A Republican sweep could be bad news for stocks which tend to preform better under a divided congress where investors have more stability and predictability,

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