Wall Street surged on Election Day as investors awaited the outcome of a tight race between Kamala Harris and Donald Trump.
The S&P 500 rose 1.2%, the Nasdaq 100 gained 1.3%, and the Dow closed 427 points higher.
Chipmakers saw strong gains, with Nvidia up 2.8%, Intel rising 3.6%, and Broadcom climbing 3.2%, boosted by strong AI data center demand highlighted by Astera Labs' strong Q3 earnings.
Major tech stocks like Meta (up 2.1%), Amazon (up 1.9%), and Tesla (up 3.5%) also performed well.
However, Boeing dropped 2.5% after workers approved a new labour deal, ending a strike.
The markets seemed to be pricing in the probability of a Trump win, and early (time of writing: 23:10 CET) indications in poll activity support that view.
We will see.
Yesterday, we talked about the prospects that, in the case of a Trump win, the DC bureaucracy could work to thwart his agenda as they did in his first term. On that front, we talked about the warnings to the Trump team from former UK Prime Minister Liz Truss - her government was taken down by "financial establishment"/UK administrative state.
What do Truss and Trump have in common? Cut taxes. Frack. Deregulate. They both represent[ed]Â threats to the globalist, energy transformation agenda.
We talked about this here in my daily notes, as we headed into the 2020Â U.S. election. The global climate action initiative was clear and globally coordinated, involving the most powerful governments and companies in the world - the financial backing was nearly unlimited.
A group called Climate Action 100+, composed of the most powerful investors in the world (representing $32 trillion in assets under management), had been dictating how major energy companies deployed capital on new projects since, at least, 2017 — forcing the pivot to climate responsible initiatives. Every major global government entity/cooperative behind the activist movement had been feeding the effort with cash and subsidies.
Trump was an existential threat to this global initiative.
No surprise, there were powerful forces at work to remove him — not just domestically, but globally.
So, when the democrat party regained the White House in 2021, and the Georgia Senate run-off gave the administration an aligned Congress, it was crystal clear that the climate agenda would be fully funded, and fully executed (with full extravagance).
Indeed, that Georgia Senate run-off resulted in over $4 trillion of fiscal profligacy.
All of that said, the coordinated globalist agenda, surrounding the transformation of the world's energy paradigm, has now been funded with trillions of dollars globally. It has been legislated in many ways.
Trump, again, represents an existential threat to this agenda. No surprise, they've done anything and everything to stop him.
With Trump, the result of a policy swing, from the globalist agenda to a more nationalist agenda, would mean that the massive deficits and record indebtedness pursued to fund a radical energy transformation would be abandoned. And any unspent funding would likely be clawed back or redirected.
Market Movers | If Kamala becomes President - Here is the historical response from the S&P 500 following a Democrat becoming US president:
