11月6日周三，银行业整体指标Benefiting from expectations of relaxed financial regulation, major US banks such as Goldman Sachs, JPMorgan, and Morgan Stanley all rose by more than 10%; renewable energy stocks plummeted, with solar energy stocks like Sunrun falling by at least 10%; Bitcoin hitting a record high drove up the overall crypto concept stocks, with the largest US crypto exchange Coinbase closing up by 31%.
In this week's US presidential election,Trump swept the swing states to secure victory,His Republican Party also secured a majority in the Senate, and currently leads the Democrats in the House elections. After Trump's victory, not only did the US stock market rise, but it also ignited a frenzy of rotation within the US stock market. Investors flocked to bank stocks and traditional energy stocks, while the renewable energy substitute - solar stocks faced heavy selling pressure.
Stocks benefiting from the theme of financial deregulation were the big winners on Wednesday, while renewable energy and stocks with high tariff risks were the biggest losers.
On Wednesday, November 6th, the overall banking index$KBW Nasdaq Bank Index (.BKX.US)$rose by 10.7%, hitting a high not seen since February 2022, while the regional banking index KBW Nasdaq Regional Banking Index and $Spdr Series Trust S&P Regional Bkg Etf (KRE.US)$ They rose by 13.5% and 13.4% respectively, hitting new highs since January and August of 2022.
By the closing bell, the S&P 500 financial sector surged nearly 6.2%, far outperforming the industrials sector in second place with a 3.9% increase. This included some major banks, $Financial Select Sector SPDR Fund (XLF.US)$ rose by nearly 6.1%, reaching a new all-time high; small-cap stock index Russell 2000, which includes some regional banks, rose over 5.8%, hitting highs since November 2021.
Among the major banks, $Goldman Sachs (GS.US)$ and $JPMorgan (JPM.US)$ They rose by 13.1% and 11.5% respectively, leading the Dow Jones Industrial Average components. $Citigroup (C.US)$ and $Bank of America (BAC.US)$ Riots Platforms were up by 8.4%. $Wells Fargo & Co (WFC.US)$ EQT Energy rose by 13.1%. $Morgan Stanley (MS.US)$ Increased by nearly 11.6%.
The surge in bank stocks reflects investors betting that Trump will fulfill his promises to lower taxes and relax banking regulations.
During his campaign, Trump vowed to reduce the corporate tax rate from 21% to as low as 15%, and for every new regulation added, he would eliminate 10 old ones. In contrast to Harris's plan to increase corporate taxes, Trump will create a more attractive environment for the banking sector. Trump also promised to reform major regulatory agencies and vowed to dismiss regulators including SEC Chairman Gary Gensler.
Several oil and gas industry stocks surged this Wednesday, indicating investors speculate that Trump's entry into the White House will be bullish for fossil fuels. US oilfield service giant $Baker Hughes (BKR.US)$ rose by 10.8%.$Schlumberger (SLB.US)$Rising nearly 8%, $EQT Corp (EQT.US)$ Up 7.6%, KMI up 6.6%, the only energy sector component stock in the Dow$Chevron (CVX.US)$up 2.8%,$Occidental Petroleum (OXY.US)$The company is up nearly 2%,$Exxon Mobil (XOM.US)$Increased by 1.7%.
While solar stocks plummeted across the board, by the end of Wednesday's closing,$Sunrun (RUN.US)$dropped by 29.6%, $Array Technologies (ARRY.US)$ dropped by 21.9%, solar power inverter suppliers$Enphase Energy (ENPH.US)$dropped by 16.8%,$First Solar (FSLR.US)$Declined by over 10.1%.
The Democratic Party is more supportive in the field of renewable and green energy, with the Biden administration strongly promoting the electrification of transportation. Trump, on the other hand, claimed he would completely reverse Biden's electric vehicle policy, advocating for the cancellation of Biden's issued electric vehicle mandate and reducing costly and burdensome regulations; through lifting restrictions on U.S. energy production and terminating socialist green new deal.
Trump's victory also boosted$Bitcoin (BTC.CC)$and cryptocurrencies and blockchain concept stocks surged.
With the voting results of the U.S. election being released one after another, Trump's lead over Harris becomes more apparent. On Wednesday, during the Asian market session, $Bitcoin (BTC.CC)$ Trading price broke through the $0.075 million mark for the first time in history, with the U.S. stock market surpassing $0.076 million at one point during the closing session, setting a new all-time high, rising by about 10% during the day.
At the close of the U.S. stock market on Wednesday, the largest cryptocurrency exchange in the United States$Coinbase (COIN.US)$surged by 31.1%, while major bitcoin holders$MicroStrategy (MSTR.US)$surged by 13.2%, and the bitcoin mining giant$Canaan (CAN.US)$rose by 13%, a cryptocurrency mining company$Riot Platforms (RIOT.US)$and$MARA Holdings (MARA.US)$N/A.$Bitfarms (BITF.US)$,$Stronghold Digital Mining (SDIG.US)$Increased by 26.2%, 19%, 17.7%, and 17.3% respectively.
Previously, during his campaign, Trump repeatedly used the crypto circle to campaign, stating that he wants the USA to become the first country to classify bitcoin as a strategic reserve asset, to make the USA the 'global capital of cryptos,' to dismiss the SEC chairman, who is seen as having a hostile attitude towards the crypto industry, and to encourage power plants to strengthen electricity supply for bitcoin mining.
Editor/Somer
