The S&P 500 posts a 6,000-point milestone as Wall Street heads for its best week in a year

Tesla (TSLA) reached a market cap of $1 trillion on Friday, as shares of the EV giant rose as much as 7%. Stocks were on fire this week after Donald Trump won the White House.

CEO Elon Musk was instrumental in helping Trump get elected with more than $130 million in political support.

On Friday, Tesla shares traded at their highest level since March 22.

Shares of Trump Media & Technology Group (DJT) rose 10% and were briefly halted due to volatility after Donald Trump said he would not sell his shares in the company, home to Trump’s social media platform Truth Social.

Trump, who made the announcement on his Truth Social account, has a roughly 60% stake in DJT. At current levels of about $30 per share, Trump Media has a market cap of about $6.5 billion, giving the newly elected president a share of about $3.9 billion.

The company’s shares have been on a wild ride over the past week, with the up-and-down moves largely tied to Trump’s chances of winning back the White House.

On Thursday, the stock fell nearly 23% to reverse gains from the day before, when Trump emerged victorious over Kamala Harris in the presidential election. But with Friday’s upward move, the stock is down just 2% in the past five days, even though shares are up more than 60% in the past month.

Americans are feeling increasingly better about the short-term path of inflation.

The latest consumer sentiment survey from the University of Michigan shows that consumers expect inflation to be 2.6% a year from now, down from last month’s expectation of 2.7%. November’s figures are the lowest since December 2020 and within a range of 2.3% to 3.0% in the two years before the pandemic.

However, expectations for long-term inflation were higher, from 3% the month before to 3.1%.

The overall consumer confidence index stood at 73, compared to 71 in October. The interviews for the study were completed on Monday and therefore did not include responses to the election results.

U.S. stocks flirted around record highs like Nvidia ( NVDA ) on Friday after the latest rate cut announced by the Federal Reserve.

The market euphoria following Trump’s White House victory appeared to fade as the Nasdaq Composite (^IXIC) was little changed. The S&P 500 (^GSPC) rose 0.1%, while the Dow Jones Industrial Average (^DJI) rose 0.3%

On Thursday, the Federal Reserve announced a 25 basis point cut, a move widely anticipated by markets.

On Friday, AI chip heavyweight Nvidia (NVDA) replaced semiconductor giant Intel (INTC) as one of the 30 constituents of the Dow Jones.

The new addition should give the blue chip index an extra boost. Intel shares are down about 45% this year, while Nvidia is up more than 200%.

Paint maker Sherwin-Williams (SHW) also replaced Dow Inc. (DOW) as one of the components of the highest average.

Here’s a look at the top market themes as you wake up today: China’s stimulus measures are falling short, Paramount is missing profits despite steady growth, and Nvidia is reaching a market cap of $3.6 trillion. Meanwhile, investors have retreated from Trump’s trades, unsure of his pricing plans.

Economic data: University of Michigan Consumer Confidence, (November preliminary)

Income: Canopy Growth (CGC), Icahn Enterprises (IEP), Sony (SONY), Paramount Global (PARA)

Here are some of the biggest stories you missed last night and early this morning:

Nvidia sets a record with a market value of $3.6 trillion after Trump’s victory

Paramount’s revenue is lagging as streaming increases profits

Investors recall ‘Trump trades’ as policy questions remain

Trump’s victory sends US stocks up $20 billion

China greenlights $1.4 trillion debt plan to stimulate economy

TSMC will stop production of advanced AI chips for China, FT reports

How a couple crowdfunded their restaurant dream