Well, folks, it seems America has once again swiped right on Donald Trump, and he's back in the political game with a vengeance. The man has not only snagged the presidency with those infamous 270 electoral votes, but he's also brought the Senate along for the ride and has his sights set on the House of Representatives.

In the aftermath of this electoral extravaganza, US stock futures are floating upwards with dreams of more gains after yesterday's record highs. All eyes are now on the Federal Reserve, which is expected to unveil a 25 basis point interest rate cut. This move is like catnip for stocks, making them more attractive by lowering borrowing costs and encouraging investors to take a walk on the wild side with riskier assets.

Election day was a rollercoaster of volatility, with global stock indices doing the cha-cha in all directions. The prospect of a Trump landslide victory had Wall Street popping champagne, with the S&P 500, Dow Jones, and Nasdaq 100 all setting new records. Even the Russell 2000, the little engine that could of US small caps, jumped 5.84% on the hope of tax cuts. Meanwhile, Bitcoin decided to join the party, crossing the $76,000 mark, buoyed by dreams of relaxed regulations.

But not everyone is popping the bubbly. Across the pond, Europe initially joined the celebration but quickly sobered up, worried about the impact of Trump's policies. While his tax cuts and protectionism might give the US economy a caffeine boost, they could leave Europe feeling like it just drank decaf. Renewable energy and shipping sectors are already looking queasy, with copper prices taking a nosedive, trading down 4% in London.

Today promises to be another whirlwind, especially with central banks in the spotlight. The US Federal Reserve is expected to cut rates, with 97% of traders betting on it. Meanwhile, the Bank of England already made its move, trimming rates by a quarter of a point, and the financial community is bracing for another cut this year.

This morning, fresh job data from the Labor Department  was released. Initial jobless claims rose by 3,000 to 221,000 in the week ended November 2, in line with expectations.

On the corporate stage, earnings season is in full swing, with companies like Duke Energy, Air Products & Chemicals, and Moderna set to reveal their quarterly results. Qualcomm is basking in the glow of strong smartphone demand, while AppLovin is the belle of the ball, soaring 28% after smashing market expectations.

In the Asia-Pacific region, Tokyo decided to sit this one out, losing around 0.3%, while China bounced back with Shanghai up 2.5% and Hong Kong up 2%. South Korea stayed flat, Australia inched up, and India took a 1% dip. Over in Europe, indices are mostly in the green, with the STOXX EUROPE 600 up 0.7%, while Wall Street futures are cautiously optimistic, ranging from +0.2% for the Dow Jones to +0.4% for the Nasdaq 100. 

Economic highlights:

Two central bank decisions for the price of one, with the BoE and the Fed meetings. US new jobless claims are also on the calendar.

The dollar is down to EUR 0.9270 and GBP 0.7713. The ounce of gold is also down to USD 2,680. Oil remains steady, with North Sea Brent at USD 74.72 a barrel and US light crude WTI at USD 71.34. The yield on 10-year US debt  stands at 4.41%. Bitcoin is up to USD 74,600.

In corporate news:

  • Qualcomm shares have jumped 8% in premarket trading, buoyed by stronger-than-expected fiscal fourth-quarter results.
  • ARM has slipped 6.6% despite surpassing earnings expectations for its fiscal second quarter.
  • Trump Media & Technology Group has taken a 17% hit after a previous session gain of nearly 6%,
  • Lyft has surged 22% following robust fourth-quarter gross bookings guidance.
  • MercadoLibre is down 8.9% after its latest earnings report.
  • AppLovin exceeded market expectations in Q3 and was seen up 28% post-close.
  • SolarEdge has plunged 19.9% following disappointing revenue figures.
  • Apple approached Foxconn Technology to build artificial intelligence servers in Taiwan.
  • Costco Wholesale net sales rose 7.2% in October to $20 billion.
  • Blackstone is acquiring Retail Opportunity Investments for approximately $4 billion.
  • Take-Two Interactive Software reduces second-quarter loss.
  • Visa and MasterCard fees under review by EU regulators.
  • Boeing and Airbus reportedly share China Airlines airliner order.
  • Cannabis stocks (Canopy Growth, Tilray Brands...) plummet after voters reject the legalization of recreational marijuana use in several US states.
  • AMC Entertainment reports a drop in revenues due to a reduction in the number of major Hollywood studio productions.
  • Qualys is considering a sale after receiving takeover interest, reports Bloomberg.
  • Uber and Lyft drivers in Massachusetts win the right to unionize.

Today's top earnings reports: Arista Networks, Duke Energy, AirBnB, Motorola Solutions, Fortinet, Monster Beverage...

Analyst recommendations:

  • Aspen Technology: Berenberg downgrades to hold from buy with a target price reduced from USD two hundred sixty-five to USD two hundred fifty.
  • Boston Properties, Inc.: Scotiabank downgrades to sector perform from sector outperform with a price target reduced from USD ninety-one to USD eighty-five.
  • Charles River Laboratories International, Inc.: CLSA upgrades to hold from underperform with a price target raised from USD one hundred sixty-seven to USD two hundred five.
  • Corteva, Inc.: Fermium Research LLC downgrades to hold from buy with a target price of USD sixty-two.
  • Dollar Tree, Inc.: KeyBanc Capital Markets downgrades to sector weight from overweight.
  • Essential Utilities, Inc.: Jefferies downgrades to hold from buy with a target price reduced from USD forty-four to USD forty-one.
  • Five Below, Inc.: KeyBanc Capital Markets downgrades to sector weight from overweight.
  • Ford Motor Company: Bernstein downgrades to market perform from outperform with a target price reduced from USD fifteen to USD eleven.
  • Hubspot, Inc.: Piper Sandler & Co downgrades to neutral from overweight with a price target raised from USD five hundred seventy to USD six hundred forty.
  • Jpmorgan Chase & Co.: Baird downgrades to underperform from neutral with a target price of USD two hundred.
  • Mckesson Corporation: Baird upgrades to outperform from neutral with a price target raised from USD five hundred thirty-one to USD six hundred eighty-eight.
  • Microsoft Corporation: Baptista Research upgrades to outperform from underperform with a price target raised from USD four hundred twenty-four to USD four hundred ninety-five.
  • Palantir Technologies Inc.: Jefferies downgrades to underperform from hold with a target price of USD twenty-eight.
  • Applovin Corporation: Stifel maintains its buy recommendation and raises the target price from USD one hundred eighty-five to USD two hundred fifty.
  • Charles River Laboratories International, Inc.: CLSA upgrades to hold from underperform with a price target raised from USD one hundred sixty-seven to USD two hundred five.
  • Clarivate Plc: Oppenheimer maintains its outperform rating and reduces the target price from USD nine to USD seven.
  • Coherent Corp.: Citigroup maintains its buy recommendation with a price target raised from USD eighty-eight to USD one hundred six.
  • Coinbase Global, Inc.: Mizuho Securities maintains its underperform recommendation and raises the target price from one hundred seventy-eight to USD two hundred fifteen.
  • Doubleverify Holdings, Inc.: JMP Securities maintains its market outperform recommendation and reduces the target price from USD thirty-three to USD twenty-five.
  • Duolingo, Inc.: Barclays maintains its equalweight recommendation and raises the target price from one hundred eighty-three to USD two hundred ninety-five.
  • Dutch Bros Inc.: Gordon Haskett maintains its buy recommendation and raises the target price from USD thirty-eight to USD forty-six.
  • E.l.f. Beauty, Inc.: D.A. Davidson maintains its buy recommendation and reduces the target price from USD two hundred twenty-three to USD one hundred seventy.
  • Enphase Energy, Inc.: Mizuho Securities maintains its outperform recommendation and reduces the target price from one hundred twenty-three to USD ninety-six.
  • Fair Isaac Corporation: Raymond James maintains its outperform rating and raises the target price from USD one thousand six hundred seventy-four to USD two thousand two hundred.
  • Freshworks Inc.: Piper Sandler & Co maintains its overweight recommendation and raises the target price from USD thirteen to USD eighteen.
  • Hamilton Lane Incorporated: JP Morgan maintains its neutral recommendation and raises the target price from one hundred thirty-four to USD one hundred seventy-five.
  • Klaviyo, Inc.: Canaccord Genuity maintains its buy recommendation and raises the target price from USD thirty-two to USD forty.
  • Lyft, Inc.: Bernstein maintains its market perform recommendation and raises the target price from USD thirteen to USD eighteen.
  • Nextracker Inc.: Mizuho Securities maintains its outperform recommendation and reduces the target price from USD fifty-nine to USD forty-six.
  • Trimble, Inc.: Goldman Sachs maintains its buy recommendation and raises the target price from USD seventy-one to USD eighty-seven point four zero.
  • Zillow Group, Inc.: Evercore ISI maintains its outperform recommendation and raises the target price from USD fifty-five to USD seventy-five.
  • Asos Plc: AlphaValue/Baader Europe upgrades to add from reduce with a price target reduced from GBX four hundred thirty-five to GBX three hundred ninety-four.
  • Diageo Plc: AlphaValue/Baader Europe upgrades to buy from add with a price target raised from GBX three thousand thirty-three to GBX three thousand one hundred twenty-eight.