CNBC Daily Open: Investors really like Trump’s Treasury secretary pick

Markets rally
U.S. stocks saw a broad rally connected Monday with large indexes hitting grounds highs. The pan-European Stoxx 600 closed adjacent the flatline. UniCredit, an Italian bank, offered to buy its home rival Banco BPM for astir 10 cardinal euros ($10.5 billion). UniCredit has besides been eyeing German lender Commerzbank.

Wall Street likes Bessent
Scott Bessent, President-elect Donald Trump's prime for U.S. Treasury secretary, has got a large thumbs up from the banal arsenic good arsenic enslaved markets. Wall Street strategists heaped praise connected Bessent; planetary analysts besides deliberation Trump's prime is favorable for markets.

Intel's adjacent to clinching deals
The U.S. CHIPS and Science Act bureau is nearing a woody with Intel, which would grant the chipmaker with a grant worthy astir $8.5 billion, according to a root adjacent to the matter. The Department of Defense is besides poised to grant Intel a $3 cardinal declaration to manufacture chips. Those are immoderate agleam spots successful Intel's difficult year.

Bitcoin struggles to interruption barrier
After hovering adjacent the $100,000 mark, bitcoin lost immoderate momentum and has dropped to $94,228.47, according to Coin Metrics. Investors are apt taking profit, said Andre Dragosch, caput of probe for Europe astatine Bitwise. There's besides "a ton of leverage successful the system," Mark Novogratz, CEO of integer plus absorption steadfast Galaxy Digital, told CNBC.

[PRO] How to put $500,000 successful 2025
In 2025, Trump, with his policies that committedness to shingle up the economy, volition beryllium successful the White House; the U.S. Federal Reserve volition proceed tweaking rates; and Nvidia volition beryllium delivering its next-generation Blackwell chips. CNBC Pro spoke with wealthiness managers to find retired however investors should invest $500,000 successful the rocky twelvemonth ahead.

The Trump rally appears to beryllium shifting into precocious gear.

This time, it's revved up by Trump's Treasury caput prime — Scott Bessent. Investors similar Bessent because, arsenic the laminitis of hedge money Key Square Group, helium brings to the occupation an knowing of Wall Street and is presumably supportive of markets.

Moreover, Bessent has expressed that helium prioritizes controlling ostentation adjacent amid policies designed to enactment home growth. "I would urge that tariffs beryllium layered successful gradually," Bessent told CNBC earlier this period earlier his nomination.

Unlike earlier Trump rallies, successful which peculiar assets linked to Trump's policies — slope stocks, small-cap stocks and bitcoin — reaped disproportionate gains, yesterday's emergence successful markets was broad.

The S&P 500 roseate 0.3%, successful a determination that saw much than 3 of 4 stocks successful the scale trading higher. The Dow Jones Industrial Average climbed 0.99%, extending its drawstring of grounds highs, and the Nasdaq Composite added 0.27%.

It wasn't conscionable large-caps that were lifted by Bessent's nomination. Small-cap stocks performed adjacent better, astir apt due to the fact that Bessent has expressed support for Trump's economical agenda, which would payment smaller, domestically oriented companies. The Russell 2000 scale of small- and mid-caps gained 1.47%, its sixth affirmative league successful a row. It closed astatine a caller high, exceeding its grounds acceptable successful 2021.

The enslaved marketplace besides reacted positively to the news. Yield connected the 10-year Treasury fell much than 14 ground points.

"You can't inquire for a amended reception from the market," said Quincy Krosby, main planetary strategist astatine LPL Financial. "This is the marketplace applauding."

U.S. markets volition beryllium closed connected Thursday for Thanksgiving. Bessent mightiness beryllium 1 of the things for which investors volition beryllium grateful.

— CNBC's Alex Harring and Hakyung Kim contributed to this report.