U.S. Movers: Banks, Crypto-Linked Stocks, CVS, Dollar Tree, Five Below

Scott Peters
06 Nov, 2024
New York City

Banks traded higher as investors speculated that the large and medium-sized banks are likely to benefit from Trump's economic policies. 

JPMorgan Chase jumped 5.2% to $233.15, Wells Fargo advanced 8.4% to $69.44, Citigroup increased 7.2% to $68.59, and Regions Financial edged higher 7.2% to $25.31. 

Discount retailers fell on the worry that the new administration would impose universal tariffs on all imported goods and 60% tariffs on imports from China.

Dollar Tree declined 2.2% to $65.30, Dollar General fell 1.2% to $80.58, and Five Below plunged 10.8% to $84.0. 

Cryptocurrency-linked stocks soared after Bitcoin jumped to a record high of $75,000. 

MicroStrategy Inc. soared 10% to $252.80, MARA Holding advanced 8.2% to $17.57, and Riot Platforms jumped 7.3% to $10.44. 

CVS Health Corp. jumped 10.5% to $61.26 after the drug retailer reported mixed quarterly results. 

Revenue in the third quarter increased 6.3% to $95.4 billion from $89.7 billion, net income plunged to $71 million from $2.3 billion, and diluted earnings per share declined to 7 cents from $1.75 a year ago. 

During the third quarter, the company recorded restructuring charges of approximately $1.2 billion, comprised of a $607 million store impairment charge for additional retail pharmacy stores it plans to close in 2025, $293 million of costs associated with workforce, including severance and employee-related costs, and $269 million of other asset impairments and related charges associated with the discontinuation of certain non-core assets.

The company also withdrew its guidance, citing elevated medical costs in the remainder of the year.