This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are.
Postelection rally takes a breather
U.S. markets retreated on Wednesday after a week of postelection enthusiasm. The S&P 500 dropped 0.29% and the Nasdaq Composite slipped 0.09%, snapping a five-day winning streak.
The Dow Jones Industrial Average pulled back 0.86%. Meanwhile, small-cap stocks, which are viewed as winners of Donald Trump’s return to the White House because they benefit from less regulations, were under pressure. The Russell 2000 dipped about 1.77%.
Slower rate cuts in 2025
The U.S. Federal Reserve could lower interest rates at a slower pace than previously anticipated should Trump’s proposed tariffs take hold, said former Cleveland Fed President Loretta Mester.
After Trump won the 2024 presidential election, markets trimmed their rate cut expectations for 2025 because his economic policies might be inflationary. “My own view is the market is right,” Mester said.
Bitcoin briefly touches $90,000
Bitcoin touched the $90,000 mark on Tuesday, just two days after breaching the $80,000 mark.
The cryptocurrency, however, later retreated from that high, last trading at $87,942.05 on Wednesday morning, according to Coin Metrics. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year.
Strong growth in Netflix’s ad-supported tier
Netflix’s ad-supported tier has hit 70 million global monthly active users just two years after its launch. More than 50% of new users sign up for the ad-supported plan in regions that offer it, Netflix said Tuesday, adding that it has seen “steady progress across all countries’ member bases.”
[PRO] Some early Trump rally winners begin to fade
Nearly a week after Trump’s electoral victory, some of the beneficiaries of the so-called “Trump trade” continue to climb. But for other early winners, the postelection euphoria is already starting to fade.
CNBC Pro’s Pia Singh takes a look at the stocks that are still riding the postelection high, as well as those who have slowed down.
