With Donald Trump’s recent presidential election victory, the landscape for alternative investments may be poised for meaningful changes. While future shifts in policy are far from certain and will likely remain ambiguous well into 2025, we have been actively considering their potential effects and specifically, which alternative investments may be impacted.

• Tax Policies and Corporate Earnings. One of the immediate effects of a Trump presidency is the potential extension of the Tax Cuts and Jobs Act, which is set to expire at the end of 2025. This could lead to lower corporate tax rates over the long-term, which may

U.S. stocks returned to positive territory, powered by long-anticipated U.S. election results and the second rate cut in the Federal Reserve’s (Fed) monetary easing cycle. European stocks closed the week lower, struggling amid lackluster corporate earnings and heightened tariff concerns, while Asia ended the week higher on Chinese stimulus hopes ahead of Friday’s National People’s Congress (NPC) announcement. Treasury prices ended higher despite fluctuating yields throughout the week, while U.S. election results rippled across global currency markets as the dollar rallied.

Stock Index Performance

The 2024 U.S. presidential election has now concluded with Donald Trump emerging victorious over Democratic candidate Kamala Harris. As the dust settles on this hotly contested race, financial markets are responding to the outcome and its potential implications for the economy and various sectors. Let's examine the top five takeaways from yesterday’s news in no particular order.

Currencies

The U.S. dollar (USD) saw its best day since 2022, gaining post-election momentum as growth and inflation expectations rose. A surge in U.S. Treasury yields increased the attractiveness of the USD versus major global currencies.

Key Points

- The latest retail sales figures rose 0.4%, month over month, creating somewhat of a blowout report.
- Jewelry store sales are running hot, with above-trend annual growth for the last five months as consumers are clamoring for precious metals.
- Restaurant spending rebounded in September, illustrating a consumer with an appetite for eating out.
- But there are important insights we find when looking under the hood as spending was supported by a specific cohort.
- High-earning millennials are bolstering retail sales as other cohorts struggle.

High Demand for Jewelry

Consumer spending on jewelry took a sha