U.S. stock markets have largely plateaued after a week-long rally following the election victory of President-elect Donald Trump.
The Dow Jones Industrial average opened up 0.25 percent Monday morning, gaining 46.92 points from where it closed Friday afternoon. After gaining nearly 1,000 points in just a few days after the election of Donald Trump, the Dow and other domestic stock markets have calmed, but not lost gains. The NASDAQ Composite Index managed to keep its steady gains, opening up 0.5 percent Monday morning.
Oil companies also performed well Monday, with Exxon Mobil, Chevron, and Valero all up from Friday.
Tech stocks were dropping steadily on the news of President-elect Trump’s ballot-box win, since Trump proposes a one-time tax for domestic businesses with trillions of dollars overseas, hoping to incentivize these companies to bring their foreign capital back to the United States. The top 50 U.S. companies hold a combined $1.4 trillion in cash overseas in order to avoid paying current domestic corporate tax rates. Apple, Microsoft, Cisco, Oracle and Google alone hold over $430 billion in cash reserves overseas.
Technology stocks were able to improve performance. Microsoft, IBM, Apple, and Verizon all opened with gains. (RELATED: Tech Stocks Take A Hit, Investors Fear Trump’s Tax Plan)
Some multinationals corporations, like Johnson & Johnson and Nike, are not faring as well in response to a Trump presidency, reacting to Trump’s plans for repatriation of capital.
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