Stock Market Update

[BRIEFING.COM] As expected, the stock market opened today's trading in a risk-on rally mode. It did so following the news that Donald Trump won the presidential election and polling activity that points to the likelihood of a GOP sweep of Congress that will make it easier presumably to enact his policies, which feature among other things lower tax rates and deregulation.

The latter in particular has set the financial sector (+4.4%) skyward. Other early leaders include the energy (+2.4%), industrials (+2.4%), information technology (+1.7%), and consumer discretionary (+1.7%) sectors. Tesla (TSLA 276.27, +24.83, +9.9%) is a huge driver of the consumer discretionary sector's performance as Elon Musk's connection to Donald Trump is seen benefitting the company more so than others.

Elsewhere, market participants are keeping a watchful eye on the Treasury market. It sees a pro-growth trade with the Trump election win, too, but there is a contention that it is also expressing concerns about the budget deficit and national debt increasing under a Trump administration.

The 2-yr note yield is up eight basis points to 4.29% and the 10-yr note yield is up 17 basis points to 4.46%.