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

The big banks officially kicked off third-quarter earnings season last Friday. At a high level, results have been good enough to drive the broader banking space to year-to-date highs. The return of animal spirits in deal making has been a major theme as investment banking revenue surged across most major banks. A jump in asset management fees, better-than-expected sales and trading activity, and improving net interest income outlooks have been other key themes of the reporting season thus far.

Management also appears constructive on the economic backdrop. According to JPMorgan Chase’s (JPM) Chief Financial Officer, Jeremey Barnum, th

On October 12, 2022, there were very few comments suggesting that a new bull market was in the throes of being born as the S&P 500 opened at 3,590.83 and closed at 3,577.03.

After all, inflation was still running hot even though the Federal Reserve (Fed) began its rate-hiking campaign on March 16, 2022, by raising rates by 25 basis points (0.25%) and moving to a 50-basis-point hike on May 5, 2022, as it tried to quell inflationary pressures. By mid-June, a series of 75-basis-point hikes were introduced as the Consumer Price Index (CPI) peaked in June at 9.1%.

The October 13 rally that ended the bear market at a l