President-Elect Trump Vows to Delay TikTok Ban, Advocate for Lower Oil Prices and Interest Rates
Davos, Switzerland - U.S. stocks surged on Thursday, with the S&P 500 reaching a record high after President-elect Donald Trump announced plans to delay the TikTok ban upon taking office.
Trump's comments at the World Economic Forum in Davos sparked optimism in the market, as he called for lower oil prices and interest rates. He indicated that he would consider speaking to the Federal Reserve about reducing interest rates.
The S&P 500 closed at 6,118, surpassing its previous record high of 6,090 set in early December. The Dow Jones Industrial Average gained 0.92%, while the Nasdaq composite rose 0.22%.
Trump also expressed his intention to request Saudi Arabia and OPEC to decrease oil prices, leading to a dip in oil prices following the announcement.
Key Statistics:
* S&P 500: 6,118.71, up 0.53%
* Dow Jones Industrial Average: 44,565.07, up 0.92% (408.34 points)
* Nasdaq composite: 20,053.68, up 0.22%
* Initial jobless claims: 223,000 (slightly higher than estimates of 221,000)
Upcoming Events:
* Fourth-quarter earnings season begins next week, with mega-cap tech companies such as Apple, Meta Platforms, and Tesla set to report results.
* Federal Reserve policy meeting next week (markets expect rates to remain unchanged)
Other Market News:
* The $TRUMP meme crypto coin experienced a surge in trading activity.
* Inflation concerns raised by Larry Fink could potentially drive bond yields to 20-year highs.
* Sell-off risk lingers in the crypto market due to lack of policy announcements from Trump.
Commodities, Bonds, and Crypto:
* West Texas Intermediate crude oil: down 1.60% to $74.23 a barrel
* Brent crude: down 1.43% to $77.87 a barrel
* Gold: down 0.33% to $2,761.70 an ounce
* 10-year Treasury yield: up 3 basis points to 4.644%
* Bitcoin: down 0.43% to $103,222