A clear election outcome, Fed cut, and optimism about Trump’s pro-business stance have the bull market raging on, with a week for the record books. While it was a muted day on Wall Street at the index level, many stocks continued to shoot higher under the surface as the bulls bet on further gains into year-end. 👀

Today's issue covers a rundown of this week’s records, why tariff terrors are sweeping the globe, and one stock that sums up the madness. 📰

Here’s the S&P 500 heatmap. 8 of 11 sectors closed green, with utilities (+1.92%) leading and materials (-0.91%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $EVH, $INDI, $SMSI, $AVPT, $REVB 📉 $GTN, $FLR, $ASRT, $QRTEA, $RAPP*

*If you’re a business and want to access this data via our API, email us.

It was a wild week in the markets, with bulls running the show and making it feel like we were back in a 2020-2021 environment. Here are some notable moments to sum up election week:

These were just a few of the monster moves and developments in the markets this week. If you want an idea of what happened under the surface, check out our “Chart of The Day” below. It’ll blow your socks off, lol.

For now, the bulls are in control and making hay while the sun shines. Looking ahead, it’s unclear what the catalyst would be to break up momentum. However, as 2020 and 2021 taught us, when everything is working, it is often a good time to review your plan and ensure you know what to do when the tide eventually shifts. 👍

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Mr. Minervini, it really doesn’t matter what Upstart does! That’s how you should’ve answered it back in 2021! With that said, the less you knew, the better you did during the great Covid years. Damn, what a market it was! It’s not half bad right now. 😉

But in all seriousness, Upstart reported strong earnings and an optimistic sales outlook, with a 43% sequential growth in lending volume thanks to improved predictive models— now, they aren’t just giving loans to anyone anymore!

Stocktwits user @diamondoptionsinc points out the wild extension in $UPST today and how people are still actively running after it in the options market (*many might just be rolling up their calls and shorting stock against it, you never truly know)

Nonetheless, it shows just how hard the bulls are partying if beaten-down stocks like this are soaring at neck-break speeds. The momentum will slow at some point, but traders are pressing their bets while they still can. 💸

For more charts, trade ideas, and analysis, get today’s “Chart Art” newsletter. 🎯

One of President-elect Donald Trump’s primary running points was rebuilding the U.S. economy and putting America first. While there are various tools available to do that, one he leaned on heavily was the idea of tariffs. 💵

Given that his election could turn these from talking points into reality, many are rushing to understand tariffs and their implications for the economy.

Just take a look at Google Trends for the term “tariff,” which is hitting its highest level since early 2018, when he imposed tariffs on solar panels, washing machines, steel, aluminum, and other goods that covered roughly 4% of U.S. imports.

But just how serious is Donald Trump about tariffs this time around? 🤔

At the Chicago Economic Club this October, Trump said, “To me, the most beautiful word in the dictionary is ‘tariff,’” showing his fondness for this specific economic tool. And while his policies in 2018 were very targeted, Trump has floated a 10% or 20% universal tariff on all imports and a tariff of at least 60% on Chinese goods…causing economists, business leaders, and other leaders to sound the alarm.

The primary concern for U.S. consumers is inflation, as they’ve struggled with several years of high inflation following the pandemic. And by many estimates, broad-based tariffs would actually increase the costs of goods for the average American. 🛒

For example, an analysis by the Tax Policy Center indicated that a 20% worldwide tariff and a 60% tariff on Chinese goods could raise the average household’s costs by $3,000 in 2025. That’s because the “vast majority” of additional costs companies pay are passed onto consumers. AutoZone CEO Philip Daniele said during the company’s September conference call: “If we get tariffs, we will pass those tariff costs back to the consumer.” And it’s safe to say he’s not alone in that thinking… 😐

Nevertheless, it seems some level of tariffs will be imposed during the Trump administration, so some companies are preparing for the worst.

Steve Madden’s CEO said the company will reduce the goods it imports from China by as much as 45% over the next year. Because of regulatory risks, labor shortages, and supply chain disruptions, it and other retailers have already pushed to diversify sourcing from China. However, Trump’s election should further accelerate this trend. ⏩

U.S. companies have already received major pushback from consumers on prices and “shrinkflation” and do not want to risk losing demand even further. As a result, they’re taking this potential policy seriously and looking for ways to stay ahead of it. Expect to hear more about this in the current and future quarter earnings calls.

Time will tell how this situation develops. But for now, the tariff terror is being felt globally. 😬

🤑 DJT stock climbs after Trump says he will not sell shares

🪫 Toyota says California-led EV mandates are ‘impossible’ as states fall short of goal

🛑 TSMC will reportedly stop making advanced AI chips for Chinese companies

📰 OpenAI scored a legal win over progressive publishers—but the fight’s not finished

💰 China approves $1.4 trillion debt package in latest measure to boost flagging economy

🏡 ‘Casa Encantada’ — the most expensive residence in California — has its price slashed to $165M

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