Market Shakeup: Trump’s Self-Driving Push Rattles Ride-Share Giants as Tech Stocks Surge
As a seasoned financial reporter, I’m bringing you the latest developments from Wall Street, where market dynamics took unexpected turns on Monday, November 18, 2024.
The S&P 500 climbed 0.4% today, setting an optimistic tone for a week that promises to be action-packed. Investors are eagerly anticipating Nvidia’s upcoming earnings report on Wednesday.
In a dramatic turn of events, Uber Technologies saw its shares tumble 5.4% following news that could reshape the future of transportation. The catalyst? There have been reports that President-Elect Donald Trump is contemplating relaxation of regulations for self-driving vehicles during his second term. This potential policy shift sent ripples through the ride-sharing industry, with Lyft’s stock dropping 4.5% in sympathy.
Meanwhile, Tesla emerged as a clear winner, with shares jumping 5.6% as investors bet on the company’s robotaxi dreams becoming reality under a more permissive regulatory environment.
The day’s biggest winner was Super Micro Computer, whose shares skyrocketed 15.9%. The company is working to avoid a Nasdaq delisting by preparing to submit its delayed annual report. This move helped ease investor concerns about accounting issues that have recently plagued the server maker.
In the healthcare sector, Henry Schein caught investors’ attention with a 7.5% surge. The medical supplies distributor is facing pressure from activist investor Ananym Capital Management to make sweeping changes, from board reshuffling to possibly selling its medical distribution arm.
Moderna’s shares surged 7.2% following an upgrade to “buy” by HSBC analysts. The boost comes at a crucial time for the biotech company, which has faced recent market pressures.
Not all stocks enjoyed upward momentum. Amentum suffered the day’s biggest loss in the S&P 500, plunging 9.6% as investors worried about challenges following its recent merger with Jacobs Solutions divisions.
Tech company Palantir saw its shares drop 6.9% after CEO Alex Karp’s sale of 4.5 million shares sparked concerns about insider confidence.
The broader market showed mixed results, with the Nasdaq gaining 0.7% while the Dow Jones Industrial Average slipped 0.1%, weighed down by Nike’s underperformance.
Looking ahead, investors are bracing for earnings reports from retail giants Walmart and Target, along with key economic data on housing, manufacturing, and consumer sentiment.
The day’s events highlight how quickly market dynamics can shift with policy changes and corporate developments. As one Wall Street veteran put it, “Today’s winners could be tomorrow’s losers, especially in a market where regulatory changes can reshape entire industries overnight.”
Sarah Chen is reporting from Wall Street, where the future movements of the market are unpredictable, yet the stories of today serve as a constant reminder that change is the only constant in the world of finance.