CNBC Business News Update - Market Open: Stocks Rally On Trump Win, Dow Soars 1200 Points To A Record, Bitcoin Surges To Record 11/6/24

Episode Date: November 6, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Ettinger. CNBC Wall Street rallies this morning as investors react to the election of Donald Trump as President of the United States. Investors anticipating less regulation and a possible corporate tax cut. The Dow soaring 1,300 points to a fresh record high. The Russell 2000 jumping 4% this morning. The S&P 500 index up 116 points. That's 2%. And the Nasdaq up 400 points now, up 2%. Some investors are calling this a relief rally, that the election appears to be decisive. But one billionaire investor hedge fund manager says stocks are going to fall. Stocks are fully valued and are more likely to go down than up from here. And that if one was a trader, the sell strength of the opening and that the market will be down next year.

Omega Family Office Chairman and CEO Leon Cooperman on CNBC today. The Fed begins a two-day meeting on interest rates this morning. It's widely expected to cut rates a quarter percentage point when the announcement comes tomorrow afternoon. Bitcoin surging to a record high of $75,000. Bitcoin-related stocks are surging on what the industry sees as a friendly new administration in Washington. Bank stocks also soaring on the prospect of less regulation. Tesla shares jumping more than 10% as Trump backers CEO Elon Musk is seen as benefiting from the White House win.

This is what we need in the federal government. I think Elon Musk plays a very significant role in this. He has Donald Trump's trust. He has the ideas and he's not afraid to break some glass. So I think you'll see him in the administration in some role, but I think his advice is going to be invaluable no matter what role he plays. Former Georgia Senator David Perdue on CNBC. Clean energy stocks like Sunrun, First Solar, and Enphase were lower on worries that Trump's second term could imperil the Inflation Reduction Act and measures to fight climate change. Mortgage demand tanked last week as mortgage rates were hovering around 7% for a

30-year fixed rate loan. Mortgage rates loosely follow the yield on the 10-year Treasury, which has jumped today, likely pushing mortgage rates higher. Mortgage News Daily updates its rate after noon Eastern. At the moment, it's just above 7% for a 30-year fixed rate loan. Shares of private prison companies are higher today on the Trump win. He has promised a crackdown on illegal immigration and a roundup and deportation of mass groups of people. Florida-based GEO Group surged more than 20 percent. CoreCivic gained almost 20 percent. Jessica Ettinger, CNBC. November 13th in New York City, an elite group will gather discussing what the business of tomorrow will look like and you can be a part of it.

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