financetom
Market
financetom
/
Market
/
Futures calm as Wall Street braces for U.S. election day
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Futures calm as Wall Street braces for U.S. election day
Nov 5, 2024 3:47 AM

(Reuters) - U.S. stock index futures were steady on Tuesday ahead of election day voting, with traders girding up for volatile trading over the coming few sessions until a clear winner is declared.

Both Republican candidate Donald Trump and Democrat Kamala Harris predicted victory in the final day of campaigning, with polls showing the race as extremely close.

Even odds in betting markets, which many investors over the past few months have been relying on to predict the election outcome, were mixed. Harris gained a slight edge on PredictIt overnight, but Trump maintained leads on Polymarket and Betfair.

The VIX, Wall Street's "fear gauge" that indicates expected equity volatility, rose to 21.98, above its 30-day moving average of 19.65, but below the two-month high that it hit last week.

U.S. Treasury yields eased slightly from the recent highs, helping gains for rate-sensitive equities. [MKTS/GLOB]

Megacap growth stocks edged higher in premarket trading, with Nvidia up 0.7% and Alphabet adding 0.3%. Tesla jumped 2%.

Stocks viewed as bets on a win for the former president rose, with Trump Media & Technology Group up 4%, and software developer Phunware gaining 8%.

"The markets have already priced in an element of Trump winning to some degree, but we'll just have to see whatever the result is," said Ben Ritchie, head of developed market equities at abrdn.

Investors are also keeping an eye on Congressional elections to determine the balance of power in Washington. Many analysts predict a split government, which would limit the ability of the President to enact significant policy changes.

Dow E-minis were up 32 points, or 0.08%, S&P 500 E-minis were up 6.75 points and Nasdaq 100 E-minis were up 43.75 points, or 0.22%.

Meanwhile, Boeing gained 2.1% as a prolonged and crippling strike ended after factory workers accepted a new contract offer in a Monday vote.

Adding to the action-filled week ahead, the Federal Reserve will start its November meeting on Wednesday.

Markets have all but priced in a 25-basis point cut to the benchmark interest rate, but the outlook for future easing has grown more uncertain as data points to a strong economy.

The major indexes had closed lower in a choppy session on Monday.

On the data docket, September international trade numbers and October S&P Global and ISM services PMI are expected, while a handful of companies would report quarterly earnings before the bell.

(Reporting by Lisa Mattackal and Shashwat Chauhan in Bengaluru; Editing by Arun Koyyur)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
S&P 500 Gains For 5th Session: Investor Fear Eases, But Greed Index Remains In 'Fear' Zone
S&P 500 Gains For 5th Session: Investor Fear Eases, But Greed Index Remains In 'Fear' Zone
May 25, 2025
The CNN Money Fear and Greed index some easing in the overall fear level, while the index remained in the “Fear” zone on Monday. U.S. stocks settled mostly higher on Monday, with the S&P 500 recording gains for the fifth straight session. Major indices also recorded gains last week, with the S&P 500 adding 4.6% and the Nasdaq jumping 6.7%....
Crude Oil Prices Fall as Investor Confidence Sours Amid U.S.-China Trade War
Crude Oil Prices Fall as Investor Confidence Sours Amid U.S.-China Trade War
May 25, 2025
04:59 AM EDT, 04/29/2025 (MT Newswires) -- Crude oil prices dropped on Tuesday as the trade war between the U.S. and China prompted investors to lower their outlook on demand growth. Brent crude lost 0.9% to US$65.30/barrel and West Texas Intermediate crude fell 0.8% to US$61.56/b at last look. U.S. President Donald Trump's tariffs has created a high risk that...
General Motors, Coca-Cola And 3 Stocks To Watch Heading Into Tuesday
General Motors, Coca-Cola And 3 Stocks To Watch Heading Into Tuesday
May 25, 2025
With U.S. stock futures trading slightly higher this morning on Tuesday, some of the stocks that may grab investor focus today are as follows: Wall Street expects General Motors Company ( GM ) to report quarterly earnings at $2.66 per share on revenue of $43.21 billion before the opening bell, according to data from Benzinga Pro. GM shares gained 0.3%...
US stock futures edge up on tariff relief, with earnings and data in focus
US stock futures edge up on tariff relief, with earnings and data in focus
May 25, 2025
(Reuters) -U.S. stock index futures were slightly higher on Tuesday as the Trump administration signaled easing tariffs on the auto sector and investors awaited key earnings and economic data for more direction. President Donald Trump's administration will move to reduce the impact of his automotive tariffs by alleviating some duties imposed on foreign parts in domestically manufactured cars, and keeping...
Copyright 2023-2025 - www.financetom.com All Rights Reserved