TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Tesla achieves a huge milestone.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. The S&P 500 cracked $6,000 for the first time in history Friday as investors
00:10were heartened by Fed rate cut and President Trump's White House win. Preliminary data from
00:15the University of Michigan showed consumer sentiment jumped to its highest since April.
00:20On the earnings front, Paramount Global's streaming business turned a profit thanks to
00:24three and a half million new subscribers. A new week will bring quarterly numbers from
00:29the likes of Home Depot and Walt Disney. Consumer and wholesale inflation updates
00:33as well as October retail sales data are on the calendar as well.
00:38In corporate headlines, Elon Musk's Tesla is the newest company to join the one trillion dollar
00:43club. Shares of the electric car maker have been on a tear ever since Donald Trump's re-election
00:49on Tuesday. Investors are betting that Musk's super close ties with Trump will mean lighter
00:54regulations and higher sales. In a note to clients this week, Wedbush Securities analyst Dan
01:00Ives told investors, quote, Tesla has the scale and scope that is unmatched in the EV industry
01:06and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy
01:12environment coupled by likely higher China tariffs that would continue to push away cheaper Chinese
01:18EV players. Trump had been lukewarm to the electric car market until Musk went all in on
01:25his re-election efforts. Musk poured at least 130 million dollars of his own money to get the
01:30president a second term. Investors believe it is now less likely Trump will get rid of the
01:36government's $7,500 EV tax credit that has helped spur Tesla sales. Shares of Tesla are up 30 percent
01:44in 2024. Nearly all of that came in a post-election boom. That'll do it for your daily
01:52briefing from the New York Stock Exchange. I'm Conway Gintins with The Street.