U.S. stocks rose Monday, led by those seen as benefiting the most from Donald Trump’s reelection as president, but drops for some high-profile Big Tech stocks kept indexes in check.

The S&P 500 edged up by 0.1%, coming off its best week of the year following Trump’s victory and a cut to interest rates by the Federal Reserve to bolster the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite gained 0.1%.

Tesla was the strongest force pushing upward on the S&P 500 after rising 9.1%. Its leader, Elon Musk, has become a close ally of Trump’s, and its stock jumped nearly 15% the day after the election and has kept rising.

Several pieces of what’s known as the “Trump trade” also helped drive the market, as investors try to identify which companies will be winners under a second Trump term. JPMorgan Chase rose 1%, and financial stocks again helped lead the market on expectations for stronger economic growth, less regulation from Washington and an increase in mergers and acquisitions.

A White House more friendly to big tie-ups has helped Wall Street speculate about a merger between insurers Cigna Group and Humana, for example. It’s been so feverish that Cigna said Monday it isn’t pursuing a deal with Humana. Cigna’s stock rose 7.3%, and Humana’s sank 2%.

Stocks of companies more focused on the U.S. economy were also rising more than the rest of the market, including a 1.5% rally for the smaller stocks in the Russell 2000 index, because they’re seen as benefiting more from Trump’s America First policies than big multinational companies.

They helped offset a drop of 1.6% for Nvidia, which was the heaviest weight on the market.

Such Big Tech stocks have rocketed higher on excitement about artificial-intelligence technology, and they had been gaining almost regardless of what the economy was doing. Now, though, critics say their prices look too expensive, and investors are finding more interesting buys among companies that could benefit more from Trump’s second term.

A drop for Nvidia packs a particularly heavy punch because its massive value of nearly $3.6 trillion makes it one of the most influential stocks on the S&P 500 and other indexes.

AbbVie, meanwhile, tumbled 12.6% after saying trials investigating its treatment for some adults with schizophrenia failed to show statistically significant improvement compared with a placebo group at week six.

Some of the sharpest swings were in the crypto market, where bitcoin rose above $87,000 for the first time. Bitcoin hit a record of $87,491, according to CoinDesk.

Trading in the bond market was closed Monday in observance of Veterans Day.

Still, many professional investors warn not to get carried away by all the big swings following Trump’s victory. It takes time to see what campaign promises turn into actual policy, and that can lead to snaps back for the market’s initial knee-jerk reactions.“Valuations are increasingly elevated, and the pace of growth isn’t sustainable,” according to Mark Hackett, chief of investment research at Nationwide. “While near-term seasonality will be a strong tailwind for markets, valuations may prove to be a tipping point as we move into 2025.”

All told, the S&P 500 rose 5.81 points Monday to 6,001.35. The Dow gained 304.14 to 44,293.13, and the Nasdaq composite added 11.99 to 19,298.76.

Stock markets abroad have swung following Trump’s election amid worries about increased tariffs and disruptions to global trade. They were mixed Monday, with European indexes rising while South Korea’s and Hong Kong’s sank.

AP Writer Zimo Zhong in Hong Kong contributed to this report.