News of the day for November 12, 2024
Michael M. Santiago/Getty Images
US stock futures are little changed after hitting new highs following Donald Trump’s presidential election; Bitcoin (BTCUSD) is retreating after reaching the $90,000 level, while shares of cryptocurrency-related stocks like Marathon Digital parent MARA Holdings (MARA) and riot platforms (REVOLT) go lower; Tesla (TSLA) shares are falling in premarket trading on continued optimism about the company’s ties to the newly elected president and its artificial intelligence (AI) technology; Home Depot (HD) shares rise after beating quarterly expectations and raising full-year guidance; and shares of Monsanto parent Bayer are falling in German trading after the conglomerate cut its profit target on weaker grain prices. Here’s what investors need to know today.
US stock futures are little changed after the major indexes had another strong session on Monday to build on record highs following Donald Trump’s presidential election. Yesterday, the Dow Jones Industrial Average added more than 300 points to close above 44,000. Futures contracts for the S&P 500 and Nasdaq also traded lower in early trading after inching higher in the previous session.
After crossing a high mark of over $89,000, bitcoin (BTCUSD) recently traded 2% lower around $87,000, which helped depress other cryptocurrency-related investments in premarket trading. Coinbase Worldwide (MINT), Marathon Digital parent company MARA Holdings (MARA), and riot platforms (REVOLT) were all lower, by 2.4%, 3.4% and 5% respectively. Crypto Exchange Traded Funds (ETFs), such as iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Trust (GBTC), were little changed.
Tesla shares (TSLA) are down 1% in premarket trading, after rising nearly 9% in the previous session to reach a price of $350. The electric vehicle (EV) manufacturer remains enthusiastic about CEO Elon Musk’s ties to the new administration as an advisor to newly elected President Donald Trump. Yesterday, Wedbush analysts raised their price target on Tesla from $300 to $400, estimating that its autonomous vehicle and artificial intelligence (AI) capabilities will be worth $1 trillion to the company.
Home Depot (HD) shares are up 1.5% in premarket trading after the retailer posted better-than-expected third-quarter results while also boosting its 2024 sales outlook. The company reported quarterly profit of $3.65 billion on revenue of $40.22 billion, exceeding analyst estimates polled by Visible Alpha. Home Depot also raised its forecast sales growth for the fiscal year to about 4%, from 2.5% to 3.5% previously, while shifting its projection for comparable store sales, which it now expects to decline 2.5% from compared to last year instead of 3% to 3.5%. Decrease of 4%.
