Dj Oneok To Acquire Enlink Midstream

Key Takeaways

• The S&P 500 added 0.3% on Monday, Nov. 25, 2024, as the post-election rally regained steam on the first day of the holiday week.

• Super Micro Computer shares soared, extending the gains posted last week after the server maker submitted a plan to avoid the delisting of its stock by the Nasdaq.
  

• Shares of ConocoPhillips dropped as the oil and gas giant finalized its acquisition of Marathon Oil.

Major U.S. equities indexes moved higher to kick off Thanksgiving week.

The post-election rally regained momentum after President-elect Donald Trump named hedge fund manager Scott Bessent as his pick to lead the Treasury Department.

The S&P 500 advanced 0.3%. The tech-heavy Nasdaq was also up 0.3%, while the Dow added 1% to notch a record closing high.

Super Micro Computer (SMCI) shares jumped 16%, extending the string of gains posted last week after the server maker filed a compliance plan related to the release of its delayed annual report and announced that accounting firm BDO would step in as its auditor. Supermicro secured the top daily performance in the S&P 500 for the fifth time in six trading sessions.

U.S. Treasury yields ticked lower, providing a boost for stocks in the solar energy and housing sectors. Shares of solar technology provider Enphase Energy (ENPH) jumped 8.5%. Shares of major homebuilders also saw gains amid hopes that elevated mortgage rates could be set to moderate.

Shares of cosmetics retailer Ulta Beauty (ULTA) advanced 7.2% on Monday. The gains followed a strong earnings report from peer Bath & Body Works (BBWI), which posted better-than-expected sales and profits while issuing guidance for the current quarter that exceeded consensus forecasts. The results and outlook bode well for demand in the key holiday shopping season. Bath & Body Works shares rose more than 16%.

Pool Corp. (POOL) shares gained 6.4% after regulatory filings showed that legendary investor Warren Buffet's Berkshire Hathaway (BRK.A) had purchased 400,000 shares in the distributor of swimming pool supplies and equipment. Although spending on pool construction has declined in the uncertain economic environment, Pool Corp. has a strong market share in the industry, and demand for maintenance products helps generate steady revenues.

Shares of energy technology provider GE Vernova (GEV) fell 5.8%, the steepest drop of any S&P 500 stock. Although the company has been the subject of positive commentary from several analysts who have noted an improving macroeconomic outlook and opportunities stemming from power demand related to artificial intelligence (AI) applications, GE Vernova faces uncertainties as President-elect Donald Trump has vowed to reverse policies designed to bolster the renewable energy industry.