Nasdaq rises as Nvidia and Amazon lead the tech rally ahead of the Fed’s decision

Bitcoin (BTC-USD) briefly hit new highs just north of $76,000, extending gains from Wednesday’s monster rally following Donald Trump’s victory in the White House.

The cryptocurrency jumped to new records on Wednesday and crypto-related stocks also rose following the presidential election results. Over the summer, Trump promised to make the US the crypto capital of the world and create a “strategic bitcoin stockpile.”

Shares of AI chip heavyweight Nvidia (NVDA) and e-commerce giant Amazon (AMZN) each rose more than 1% on Thursday, extending gains from Wednesday’s monster rally following Donald Trump’s White House victory House.

Both stocks closed at all-time highs on Wednesday.

Earlier this week, Nvidia overtook iPhone maker Apple (AAPL) as the largest company in the world. The artificial intelligence chipmaker is expected to join the Dow Jones Industrial Average (^DJI) on Friday, replacing semiconductor giant Intel (INTC).

Meanwhile, Amazon shares are on an uptrend after the company posted stronger-than-expected quarterly earnings last week. On Thursday, shares traded just above $210.

Another group of companies reported earnings Thursday morning.

Moderna (MRNA) rose 5% in the open market as earnings beat expectations, thanks in part to better-than-expected COVID vaccine sales. Warner Bros. (WBD) rose 10% on streaming growth as Max subscribers soared. Meanwhile, Hershey (HSY) fell more than 1% after falling as much as 3% pre-market, as high cocoa prices hurt sales prospects for the year.

Here’s a closer look at how the companies performed:

Hershey: Adjusted earnings per share of $2.34 vs. $2.56 per share expected, revenue $2.99 ​​billion vs. $3.07 billion expected

Modern: Earnings per share of $0.03 versus expected loss of $1.98 per share, revenue of $1.86 billion versus $1.25 billion expected

Warner Bros.: Adjusted earnings per share of $0.05 vs. expected loss of $0.12 per share, revenue of $9.62 billion vs. $9.81 billion expected

Meanwhile, energy companies traded flat after posting mixed results as natural disasters hit some of their businesses. Duke Energy (DUK) saw its profits fall due to hurricane costs, while Pacific Gas & Electric (PCG) lost revenue just as it cut power in Northern California due to fire risks. Nuclear energy supplier Vistra rose 11% after a profit slump as it recovers from earlier losses.

Stocks extended their gains Thursday after a monster rally following Donald Trump’s victory in the White House. The rise in stock prices anticipates the Federal Reserve’s interest rate policy decision.

The Dow Jones Industrial Average (^DJI) rose 0.1%, while the S&P 500 (^GSPC) rose about 0.3%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.5% after all three major averages closed at record highs on Wednesday.

As Yahoo Finance’s Jennifer Schonberger reports, the Federal Reserve is expected to cut rates by 25 basis points and avoid unnecessary surprises after Trump’s election as the next president.

Meanwhile, parts of the ‘Trump Trade’ showed signs of some relaxation on Thursday, as shares of Trump Media & Technology Group (DJT) fell double digits, reversing the gains they enjoyed during the previous session.

Trump Media & Technology Group (DJT) stock fell double digits in premarket trading on Thursday, reversing the gains it made on Wednesday when Donald Trump emerged victorious over Kamala Harris in the presidential election.

As Yahoo Finance’s Allie Canal reports, shares in the company — home to Trump’s social media platform Truth Social — have been on a wild ride over the past week, with the up-and-down moves largely tied to Trump’s chances of taking the stock to win back. White House.

The stock is down about 10% in the past five days, although shares are up nearly 120% in the past month.

Read more here.

Initial unemployment claims rose to 221,000 last week, up 3,000 from the previous week’s revised level, according to data released Thursday morning by the U.S. Department of Labor.

The level of the previous week was adjusted upwards by 2,000, from 216,000 to 218,000.

Meanwhile, claims continued to reach 1,892,000, an increase of 39,000 from the previous week’s revised level.

Here’s a look at the big economic and market themes happening today as Wall Street adjusts to Donald Trump’s impending return to the White House. The Federal Reserve is expected to cut interest rates by 25 basis points today, aiming for stability and avoiding surprises after Trump’s election victory.

Economic data: Fed Rate Decision; Initial unemployment claims (week ending November 2)

Income: Affirm (AFRM), Airbnb (ABNB), Block (SQ), Datadog (DDOG), DraftKings (DKNG), Halliburton (HAL), Hershey (HSY), Moderna (MRNA), Pinterest (PINS), Rivian (RIVN), The Trading Desk (TTD)

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

Fed will likely cut rates as Powell looks for stability after Trump’s victory

The spike in US bond yields is a warning for Trump, the king of debt

How Elon Musk’s latest government push paid off

YF columnist Rick Newman: Americans want to return to a place that no longer exists

Short sellers of DJT are hit with a $420 million loss

How Elon Musk’s latest government push paid off

Moderna shares are rising on surprise COVID vaccine gains

Bank of England cuts interest rate to 4.75%