Democrats ,flipped both the House and Senate,. Wall Street responded by buying everything it could find.
,The Dow was up 1,600 points, or more than three per cent,. That is the market's considered opinion of democracy. Last week it was a different opinion. By Thursday it will be a third one.
Winners were healthcare and renewables. ,HCA Healthcare jumped 10.9 per cent,. A company that runs hospitals gained double digits because people might get sick under a new Congress. Bold thesis.
Losers were the neoclouds. ,CoreWeave dropped 8% and Iren and Nebius both shed 6%,. Nebius. Iren. Names that sound like side effects. If you owned them, ask your doctor if losing money is right for you.
CoreWeave's pain went beyond the stock. ,Its five-year credit default swaps moved 3% higher to 1,139.7,. That is a number you read aloud at a funeral.
Nvidia ,sank two per cent and was the heaviest weight on the S&P 500,. The poster child of the AI frenzy got outperformed by dollar stores. Dollar stores. ,Dollar stores also rallied,, which means somewhere a hedge fund analyst is explaining Dollar General to his wife.
Elon Musk had a rough day. ,Tesla fell 2%, and SpaceX was down 3%,. A rocket company that can't escape the gravity of a House vote.
The retail trader's moment of glory arrived Wednesday. He bought CoreWeave Tuesday night because a podcast said data centers are the future. The future got whacked by a Senate map.
Chart-wise, none of this matters. Price goes up. Price goes down. A man in Ohio votes and your Nebius calls expire worthless. The line on my screen does not care about Ohio.
Congratulations to everyone who traded the election. You correctly predicted that a country with two parties would eventually pick one, and you still lost money doing it.
Photo by Element5 Digital on Unsplash
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