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You can tell you’re in a for-real bull market when there is virtually no economic data released during a trading session and markets gain a percentage point anyway. The Dow closed at a fresh new high at 44,736, +0.99% or +440 points on the day. The S&P 500 and Nasdaq grew a slighter +0.30% and +0.27%, respectively, while the small-cap Russell 2000 swept the field, +1.86% today.

Much of the tail winds are connected to expectations from an incoming Trump administration in terms of corporate tax cuts and deregulatory policies for trading markets. Trump’s selecting of Wall Street hedge fund manager Scott Bessent is probably today’s biggest catalyst, with investors feeling very comfortable their investments will be looked after.

The Russell 2000 leaped to a new closing high as well today, as Bessent’s recent discussion on responsible tariff usage (he wants them “layered in gradually”) nevertheless assures tariffs will be coming to an import near you. Why that’s good for small-cap stocks is that most of them are fully domestic, not prone to tariffs at all.

Crypto Trade Update: HOOD, COIN, MSTR

We also saw Robinhood (HOOD - Free Report) surge +3.3% today on a Morgan Stanley upgrade this morning, along the same principles we mention above. Coinbase (COIN - Free Report) also gained +1.7% on the session, though MicroStrategy (MSTR - Free Report) stock took a -5% down turn today. Consider, however, that Michael Saylor’s company — which just announced another $5.4 billion purchase of additional Bitcoin — is +70% over the past month and a staggering +484% year to date. Coinbase is +97% from the start of the year, and Robinhood is +205%.
 

Zoom, Agilent Post Slight Beats After Hours

We like to think of earnings season as being fully depleted, but we do have a few notable exceptions today. After today’s close, both Zoom Communications (ZM - Free Report) and Agilent Technologies (A - Free Report) posted beats on both top and bottom lines. Earnings gains were slightly more impressive than revenue outperformances.

The difference here is that while Zoom pushed its guidance slightly higher for earnings and sales in the present quarter, Agilent dialed back expectations. Shares of the former Hewlett-Packard spinoff are down -2.5% in late trading, while Zoom is relatively flat, and +22% over the past month.
 

What to Expect for Tuesday’s Stock Market

Aside from one of the last big days of Q3 earnings season, with companies like Macy’s (M - Free Report), Best Buy (BBY - Free Report), Kohl’s (KSS - Free Report), Nordstrom (JWN - Free Report) and Abercrombie (ANF - Free Report) all posting results tomorrow morning, we’ll also see some housing data ahead of the bell. Specifically, Case-Shiller home prices for September will give us an undisputed look in the rearview mirror on the home price market. After the open, New Home Sales for October and Consumer Confidence for November will also inform the marketplace.

Speaking of Kohl’s, just this afternoon comes the announcement that current CEO Tom Kingsbury will be stepping down as of January 15th of next year. He will be replaced by well-known retail executive Ashley Buchanan, who is currently seated on the board at Macy’s. Kohl’s has a 10-quarter string of negative sales comps currently, and shares are down -35% year to date.

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