Caitlin Mccabe

Some investors, sensing a potential shift in momentum, are getting behind trades that could pay out if Donald Trump beats Kamala Harris in the presidential election.

↘️ Capri (CPRI): Shares of the fashion group plunged more than 40% in premarket trading after a federal judge blocked rival Tapestry from acquiring it. [**Tape

↗️ Tapestry (TPR): A judge blocked the company from buying Capri (CPRI) in an $8.5 billion deal that would have brought together brands like Michael Kors and Kate Spade. Capri stock plunged more than 40% in morning trading; Tapestry shares rallied.

↘️ Meta Platforms (META): Facebook’s parent company said it expects “significant” growth in capital expenditures next year as it continues to prioritize AI investment. Shares slid more than 4% in premarket trading.

The stock market's six-month winning streak is at risk. Big declines in Microsoft and Meta Platforms are sending major indexes lower Thursday, putting a monthly gain for the S&P 500 in jeopardy. A monthly rise for the S&P 500 in October would be significant for its streak, rather than its size.

The stock market's monthly winning streak is over. After falling 1.9% Thursday, the broad market index finished October down 1% for the month. A gain in October would have marked the index's longest winning streak in more than three years.

Shares in Elon Musk's EV company jumped more than 12% Wednesday morning, bucking a wider industry selloff. The move reflects bets that Tesla and Musk will benefit from a second Trump presidency. Musk became a major ally and donor for Trump this year, frequently voicing his support for the Republican candidate on the campaign trail and his social-media platform, X. The multibillionaire spent election night at Trump’s Florida Mar-a-Lago Club with the candidate’s family.

↗️ JD (JD): The Chinese e-commerce company reported higher quarterly profit, but revenue missed expectations. U.S.-listed JD shares fell in morning trading. Earnings are due from rival Alibaba (BABA) on Friday.

Short-seller Carson Block has a new target: e.l.f. Beauty. Speaking at the Sohn investment conference in London Wednesday, the founder of Muddy Waters Research raised questions about the company's sales, profits and inventory.

↗️ Gap (GAP): Shares jumped about 9% after Gap raised its sales outlook for the year. Chief Executive Richard Dickson, who took charge last year, has been pursuing a turnaround of the clothing retailer.