US Stock Markets Surge on Optimism Over Trump’s Treasury Secretary Pick and Bitcoin Rally

U.S. stock futures are rising significantly on Monday, driven by investor optimism following President-elect Donald Trump‘s selection of Scott Bessent as the next Treasury Secretary. The Dow Jones Industrial Average futures are up by 0.6%, while Nasdaq futures and S&P 500 futures are higher by 0.6% and 0.5%, respectively. This surge marks a strong start to a holiday-shortened trading week, with markets set to close on Thursday for Thanksgiving.

The market reaction is largely positive due to expectations that Bessent will be able to implement Trump’s economic policies without disrupting the markets. This optimism is contributing to the ongoing autumn rally, which has seen stocks near record highs.

In addition to the positive sentiment around the Treasury Secretary pick, bitcoin is also a focal point. The cryptocurrency has been holding steady above $98,000, having surged around 40% since Trump’s presidential election victory on November 5. This rise is attributed to expectations of a crypto-friendly administration, with bitcoin up about 130% year to date. MicroStrategy (MSTR) stock is benefiting from this trend, rising 6% in premarket trading as the company continues to invest heavily in bitcoin.

Other notable stock movements include Super Micro Computer (SMCI), which is surging over 6% in premarket trading. This increase follows the company’s compliance plan to avoid delisting from the Nasdaq and a positive mention by Nvidia (NVDA) during its recent earnings call. Despite the recent gains, Supermicro shares are still down significantly from their March highs due to previous regulatory concerns.

Peabody Energy (BTU) stock, however, is down 3% in premarket trading after the company announced a nearly $3.8 billion deal to buy steelmaking coal assets from Anglo American. This acquisition is aimed at catering to demand from Asia, but the news has led to a slight drop in Peabody’s stock price.

Rocket Lab USA (RKLB) is experiencing a significant boost, with its stock jumping 9% in premarket trading. This increase follows the company’s announcement of two successful launches within 24 hours and the receipt of a $23.9 million government grant under the CHIPS Act to expand its semiconductor manufacturing capabilities.