By (Reuters) – Tesla (NASDAQ:TSLA)’s market capitalisation increased by the most among top global companies in November, boosted by expectations the automaker will benefit from CEO Elon Musk’s close ties with U.S. President-elect Donald Trump.
The company’s market value surged 38.1% to $1.1 trillion last month on reports that Donald Trump’s transition team plans to relax federal regulations on self-driving cars, potentially simplifying the rollout of autonomous vehicles.
Optimism around holiday shopping helped boost Walmart (NYSE:WMT)’s market value by 12.9% to $743.5 billion, following the company’s third upward revision of its annual sales and profit forecasts, driven by increased online and in-store purchases of groceries and merchandise.
JPMorgan Chase’s market value rose 12.5% to $703 billion, as it was announced that CEO Jamie Dimon will continue leading the bank and with investors confident that Trump will bring favourable policies for lenders.
Improving retail sales pushed Amazon.com (NASDAQ:AMZN)’s market value up 11.5% to $2.2 trillion, after it reported higher-than-expected profit growth. Similarly, Visa (NYSE:V) saw its market value increase by 8.3% to $617.5 billion, as resilient consumer spending pushed it to a strong fourth-quarter profit.
Reports that U.S. authorities ordered Taiwan Semiconductor Manufacturing Company to halt shipments of advanced chips to China, a move aimed at curbing exports of critical technologies, helped wipe 5.1% off its market cap, which fell to $793.5 billion.
AI bellwether Nvidia (NASDAQ:NVDA)’s market value rose by a modest 3.9%, slowing from October’s 9.3% increase as its revenue growth forecast failed to excite investors.