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Polls show tight race, Trump leads in betting markets

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Trump-linked stocks rally

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Palantir ( PLTR ), GlobalFoundries ( GFS ) soar after results

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Indexes up: Dow 0.60%, S&P 500 0.79%, Nasdaq 1.03%

(Updated at 10:05 a.m. ET/1505 GMT)

By Lisa Pauline Mattackal and Ankika Biswas

Nov 5 (Reuters) - Wall Street's main indexes rose on

Tuesday as technology and chips stocks gained, while investors

braced for volatile trading over the next few sessions as voting

began in a tightly contested U.S. presidential election.

The final outcome could take days as opinion polls in the

campaign's final days showed the contest between Republican

Donald Trump and Democrat Kamala Harris was too close to call.

The former president is the frontrunner, according to most

betting market odds, which many investors have been following

for any indication on the election outcome.

Markets remained calm on the voting day as VIX, an

index of volatility, eased to 20.72, well below the levels seen

during 2020 election and the two-month high it hit last week.

As treasury yields eased from recent highs, rate-sensitive

megacap growth stocks gained with Meta Platforms ( META ) adding

1.8% and Tesla rising 4%.

Upbeat forecasts from chipmaker GlobalFoundries ( GFS )

lifted its shares 9%, while Nvidia ( NVDA ) rose 2.4% and an

index of chip stocks jumped 1.3%.

In case an unsettled election result on Wednesday sparks

investor anxiety, Ross Mayfield, an investment strategy analyst

at Baird, recommended taking advantage of election-related

market pullback.

"There's certainly a lot of anxiety about the election

result, but (good) economic data, Fed cutting rates, earnings

coming in pretty strong can overwhelm that anxiety," Mayfield

said.

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.

Stocks viewed as bets on a win for the former president

jumped, with Trump Media & Technology Group ( DJT ) jumping 16%,

while prison operator Geo Group ( GEO ) gained 5.8%.

The Dow Jones Industrial Average rose 249.82 points,

or 0.60%, to 42,044.42, the S&P 500 gained 45.37 points,

or 0.79%, to 5,758.06 and the Nasdaq Composite gained

186.57 points, or 1.03%, to 18,366.55.

Palantir ( PLTR ) soared 21.2% to a record high after the

data analytics firm raised its annual revenue forecast for the

third time.

Shares of Boeing ( BA ), which had risen before the bell

following the end of a prolonged workers' strike, edged lower in

volatile trading.

Meanwhile, U.S. services sector activity showed a surprise

rise in October to a more than two-year high and employment

strengthened, according to the Institute for Supply Management's

non-manufacturing PMI index.

The Federal Reserve's November policy meeting will start on

Wednesday. While markets are betting on a 25-basis point cut to

interest rate, the outlook for future easing has grown uncertain

as data points to a strong economy.

Advancing issues outnumbered decliners by a 2.64-to-1 ratio

on the NYSE and by a 1.95-to-1 ratio on the Nasdaq.

The S&P 500 posted 10 new 52-week highs and six new lows

while the Nasdaq Composite recorded 50 new highs and 62 new

lows.