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The Key Takeaways
- The S&P 500 added 0.3% on Monday, Nov. 25, 2024, as the post-election rally regained steam on the first day of the holiday week.
- Super Micro Computer stock soared on Monday, adding to the gains made last week. The server manufacturer submitted a plan aimed at avoiding the Nasdaq delisting its shares.
- ConocoPhillips shares dropped after the company completed its purchase of Marathon Oil.
The major U.S. equity indexes rose to start the Thanksgiving Week.
After President-elect Donald Trump announced that Scott Bessent, a hedge-fund manager, would be his choice to head the Treasury Department.
The S&P 500 advanced 0.3%. Nasdaq’s tech sector also saw a rise of 0.3%. Meanwhile, the Dow climbed 1% and set a record.
Super Micro Computer shares jumped by 16%. This is a continuation of the gains made last week, after the server manufacturer filed a plan of compliance related to its release of its late annual report. It also announced BDO as the new auditor. Supermicro secured the top daily performance in the S&P 500 for the fifth time in six trading sessions.
U.S. Treasury rates have been lowered, boosting stocks in solar energy and the housing sector. Enphase Energy shares (ENPH), which provide solar technology, grew by 8.5%. The shares of homebuilders rose as well amid the hope that rising mortgage rates will moderate.
Ulta Beauty’s (ULTA), a cosmetics retailer, saw its shares rise 7.2% Monday. The gains followed a strong earnings report from peer Bath & Body Works (BBWI), which posted better-than-expected sales and profits while issuing guidance for the current quarter that exceeded consensus forecasts. These results are encouraging for the holiday season. Bath & Body Works shares rose more than 16%.
Pool Corp. shares (POOL), which are a distributor of pool equipment and supplies, gained 6.4% following regulatory filings that showed Berkshire Hathaway’s (BRK.A), the legendary investment firm founded by Warren Buffett, had bought 400,000 shares. Pool Corp., despite the fact that spending on swimming pool construction is down in this uncertain economy, has an impressive market share and the demand for maintenance supplies helps to generate stable revenues.
Shares of energy technology provider GE Vernova (GEV) fell 5.8%, the steepest drop of any S&P 500 stock. GE Vernova has received positive comments from analysts, who noted the improving macroeconomic outlook as well as opportunities arising from the power demand for artificial intelligence applications. However, GE Vernova is facing uncertainty because President-elect Donald Trump pledged to reverse policies designed in order to bolster renewable energy.
ConocoPhillips shares fell 5.1% after the giant oil exploration and production company completed its purchase of Marathon Oil. ConocoPhillips announced that it would offer holders of debt issued by Marathon Oil the opportunity to trade them in for new ConocoPhillips Notes.
Oneok shares (OKE) fell by 4.7% when the gas company revealed a plan for the acquisition of the remaining Enlink Midstream stock (ENLC) at a cost of $4.3 billion. This announcement raised questions about possible dilution due to the issuance of 37 million shares as part of this transaction. It also caused uncertainty regarding the impact on debt.
Lockheed Martin’s (LMT), an aerospace and defence contractor, saw its shares drop by nearly 4%. Elon Musk questioned, in a post on the X social platform, the wisdom of building expensive manned jet fighters such as Lockheed’s F-35 due to the efficiency and effectiveness of drones. Musk posted his post as he prepared to take on a leading role within the Department of Government Efficiency, which will be part of the new Trump Administration.
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