Major cryptocurrencies and related exchange traded funds (ETFs) based off of crypto assets rose on Tuesday as investors awaited the the results of the U.S. election.
Bitcoin was up over 2.3% on Tuesday afternoon after paring back its gains, having surpassed the $70,000 threshold earlier in the session.
Some of the major bitcoin ETFs rose by an even higher amount through Tuesday afternoon. The iShares Bitcoin Trust ETF, ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF were each up over 3.2%, with the Fidelity Wise Origin Bitcoin Fund up nearly 3.1%.
Ethereum rose by more than 1.3% and was trading and traded at about $2,430 in mid-afternoon after it briefly reached $2,476 a few hours earlier. One notable ethereum ETF, the ProShares Ether ETF, was up over 0.5%.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| ARKB | $69.34 | 2.20 | 3.28 |
| IBIT | $39.51 | 1.26 | 3.29 |
| EZBC | $40.24 | 1.25 | 3.21 |
| FBTC | $60.66 | 1.89 | 3.22 |
| EETH | $48.59 | 0.11 | 0.23 |
Ripple was up over 1.5% after paring back some of its gains earlier in the day.
Dogecoin also pulled back some of its earlier gains but was still up more than 6.4% in afternoon trading.
Each of the two frontrunners for the presidency -- former President Trump and Vice President Harris -- have campaigned on boosting the crypto industry if they win the White House.
Trump said at a bitcoin conference in July that he wants the U.S. to be the "crypto capital of the planet" and the "bitcoin superpower of the world" if he wins the election.
He also said he would replace Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has faced criticism over some of the regulatory actions his agency has taken with respect to crypto. The SEC has sought to root out bad actors in the emerging sector.
Harris said in a September speech to Wall Street donors that her administration "will encourage innovative technologies like AI and digital assets while protecting consumers and investors," according to a Bloomberg report. "We will create a safe business environment with consistent and transparent rules of the road."
Vice President Harris hasn't stated whether she would remove Gensler as SEC chair if elected.
U.S. stocks picked up momentum in the final hour of trading on election day, closing at the highs of the session.
The Dow Jones Industrial Average climbed over 427 points, or 1%, while the S&P 500 and Nasdaq Composite rose 1.2% and 1.4%, respectively.
Wall Street is closely watching the results of the matchup between Republican candidate former President Donald Trump and his Democratic opponent, Vice President Kamala Harris.
"First off, we would simply tell investors not to overreact,” said Ken Mahoney, CEO of Mahoney Asset Management.
“We have to remember the bigger picture here with the Federal Reserve behind us, most likely cutting rates this week and possibly in December,” he added. “A lot of the market movement really comes down to earnings and interest rates.”
Within the S&P's largest sectors: Consumer staples, industrials and technology paced the gains, while materials, financials and consumer staples rose the least.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XLY | $202.45 | 3.05 | 1.53 |
| XLI | $135.73 | 1.87 | 1.40 |
| XLK | $226.35 | 2.61 | 1.17 |
| XLB | $93.68 | 0.14 | 0.15 |
| XLF | $46.52 | 0.24 | 0.53 |
| XLP | $80.74 | 0.37 | 0.46 |
| Symbol | Price | Change | %Change |
|---|---|---|---|
| DJT | $39.38 | 5.04 | 14.68 |
Shares of Trump Media & Technology Group jumped on Tuesday, as investors await the results of the presidential election.
The stock, which trades under the ticker DJT, climbed more than 14% to $39.35 per share in midday trading. Trump Media is the parent company of former president Donald Trump’s social media site, Truth Social.
Trump, with more than 114 million shares, owns a 57% stake in the company valued at about $4.5 billion as of Tuesday.
Trump Media shares are up nearly 120% over the past month, causing Trump's net worth to nearly double to $8 billion, according to Forbes, which tracks the wealth of the world's richest people.
The stock is popular among retail traders and is seen as a speculative bet on Trump's chances of securing a second four-year term as president.
FOX Business' Breck Dumas contributed to this post
{{#rendered}}With bitcoin near its all-time high, the crypto industry is taking a stand on the 2024 election because so much is at stake for these digital assets and investors.
The race between former President Trump and Vice President Kamala Harris is tight and some of the world's most influential business people have take a stand. FOX Business reports on how these movers and shakers will vote.
With voters at the polls, Bitcoin is rallying big crossing the $70,000 mark putting the crypto just shy of its all-time high of $73,462.59 reached on March 13, 2024 and up over 90% from its 52-week low of $35,027.44 hit on November 6, 2023, according to Dow Jones Market Data.
Most of the major cryptocurrencies were higher on Tuesday.
Both the Trump and Harris campaigns have promised to embrace the digital asset industry.
{{#rendered}}Palantir Technologies shares skyrocketed Tuesday following better-than-expected quarterly results as the company rides the AI boom.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| PLTR | $50.71 | 9.30 | 22.46 |
“We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down. This is a U.S.-driven AI revolution that has taken full hold. The world will be divided between AI haves and have-nots. At Palantir, we plan to power the winners,” Palantir CEO Alexander Karp said in the company's earnings release.
Shares are on pace for a new record close adding to its 196% annual gains.
A snapshot of the numbers include robust U.S. growth:
U.S. revenue grew 44% year over year and 14% quarter over quarter to $499 million
U.S. commercial revenue grew 54% year over year and 13% quarter over quarter to $179 million
U.S. government revenue grew 40% year over year and 15% quarter over quarter to $320 million
Bernie Marcus, who co-founded Home Depot , has passed away at the age of 95. Marcus, a self-made billionaire, was also one of the largest Republican donors and American philanthropists. Additionally, he is among the largest single donors to causes benefiting U.S. veterans.
Home Depot went public in 1981 for $12 per share and is trading around $397 a share as of Tuesday. It has over 2,000 stores and employs more than 500,000.
U.S. stocks inched higher as investors await the outcome of the 2024 election and the latest decision by the Federal Reserve which will come on Thursday.
Energy, real estate and materials rose, while utilities, financials and health care trailed.
The yield on the 10-year Treasury remained above 4%.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XLE | $89.48 | 1.45 | 1.65 |
| XLRE | $43.06 | 0.32 | 0.75 |
| XLB | $93.70 | 0.57 | 0.62 |
| XLU | $77.06 | -1.07 | -1.38 |
| XLF | $46.28 | -0.35 | -0.76 |
| XLV | $147.12 | -0.62 | -0.42 |
{{#rendered}}High inflation continues to hamstring Americans' pocketbooks as rising prices put pressure on household budgets, but as Americans head to the pools they're expressing more optimism as Election Day draws near.
The Conference Board's Consumer Confidence Index declined sharply in September for the largest decrease in sentiment in three years, but rebounded last month as Americans are feeling a bit less anxious about the future.
"Inflation and high prices remained a concern," The Conference Board's senior economist for global indicators, Stephanie Guichard, told FOX Business. "In responses to an open-ended question on what is affecting the most their views of the economy, most consumers continue to mention inflation and elevated prices."
Bankrate recently conducted a survey which found that inflation was the top economic issue in the 2024 presidential election, with 41% citing rising prices as their top concern.
However, the survey found sharp divides in consumers' views of the economy depending on their party affiliations, as 56% of Republicans listed inflation as their top concern, compared to just 28% of Democrats.
This is an excerpt of a story written by FOX Business' Breck Dumas.
Gold is trading just below its all-time high of $2,788.50 an ounce as investors pile into the yellow metal ahead of the 2024 Trump-Harris election and as the national debt spirals to new heights.
This year, gold has gained over 32% outperforming the S&P 500's 21% jump. Still, the SPDR's GLD ETF has given investors an outlet to load up on the metal.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| GLD | $252.47 | -1.04 | -0.41 |
If former President Trump retakes the White House he has already signaled what is Treasury Department may look like with billionaire hedge fund manager John Paulson a leading candidate to replace sitting Secretary Janet Yellen.
Paulson, for his part, is open about how he would work with another billionaire Elon Musk.
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