Stock Market Update: S&P 500 and Nasdaq Rise Amid Post-Election Rally and Holiday Season Optimism

Monday’s Market Recap

• The post-election rally gained momentum on Monday, November 25, 2024, pushing the S&P 500 up 0.3% as investors welcomed news of President-elect Donald Trump’s pick for Treasury Department lead.
• Super Micro Computer shares surged, building on last week’s gains after the server manufacturer submitted a plan to avoid Nasdaq delisting, sparking investor optimism for the company’s prospects.
• ConocoPhillips shares plummeted 5.1% after completing its acquisition of Marathon Oil, spooking investors over increased debt concerns.

Major U.S. equities indexes moved higher to kick off the Thanksgiving week in a positive note.

President-elect Donald Trump named hedge fund manager Scott Bessent as his choice for Treasury Department, rekindling the post-election rally’s momentum.

The S&P 500 advanced 0.3%. The tech-heavy Nasdaq also rose 0.3%, while the Dow contributed significantly to the gains, finishing at a record closing high with a 1% increase.

Lower U.S. Treasury yields bolstered stocks in the solar energy sector, with Enphase Energy (ENPH) shares jumped an impressive 8.5%.
Shares of major homebuilders also made notable gains, driven by optimism that elevated mortgage rates may be set to moderate soon.

Ulta Beauty (ULTA) saw a 7.2% gain on Monday, as investors responded positively to a strong earnings report from its peer, Bath & Body Works (BBWI), who exceeded expectations on sales and profits, boosting forecasts for the key holiday shopping season.
Bath & Body Works’ shares surged 16% after issuing guidance for the current quarter that exceeded consensus forecasts.

After Warren Buffet’s Berkshire Hathaway (BRK.A) purchased 400,000 shares of the pool supplies distributor Pool Corp. (POOL), shares gained 6.4%. The company’s strong market share in the pool construction industry continues, inspite of the slowed-down spending. Moreover, with consistent demand for maintenance products, steady revenues are generated.

ConocoPhillips shares slipped dramatically as the business finalized its acquisition of Marathon Oil, sparking investors’ concerns over debt.

Natural gas company Oneok (OKE) witnessed a 4.7% decline after announcing a plan to buy the remaining stock of Enlink Midstream (ENLC) for $4.3 billion, raising concerns over dilution risks with nearly 37 million new shares anticipated to be issued as part of the deal.

Elon Musk questioned the practicality of constructing human-operated combat jets like Lockheed Martin’s F-35; shares of the aerospace and defense contractor Lockheed Martin plummeted nearly 4% over rising anxiety over wastefulness.