Last Updated: 4:03 PM EST
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Stock indices closed today’s trading session in the green as investors prepare for the U.S. presidential election. Indeed, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.32%, 1.23%, and 1.02%, respectively.
Earlier today, the Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.4% in the fourth quarter. This is higher than its previous estimate of 2.3%.
In addition, the Institute for Supply Management released its monthly report for the ISM Non-Manufacturing Purchasing Managers’ Index, which measures the overall economic condition of the non-manufacturing sector.
A number over 50 represents an expansion, whereas anything below 50 signals a contraction. The report came in at 56, higher than the expected 53.8 and above last month’s reading of 54.9. Furthermore, the ISM Non-Manufacturing Employment report came in at 53, which also beat estimates of 48 and increased from last month’s report of 48.1.
First Published: 4:20 AM EST
U.S. stock futures were flat on Tuesday morning as investors cautiously awaited the outcome of the U.S. presidential election. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.14%, 0.02%, and 0.05%, respectively, at 3:32 a.m. EST, November 5.
On Monday, the stock market closed lower, with the Dow Jones down 0.61%. Also, the S&P 500 and the Nasdaq Composite declined 0.28% and 0.33%, respectively. Major technology stocks, including Tesla (TSLA), Amazon (AMZN), and Meta Platforms (META), contributed to the downward pressure on the market.
In after-hours trading, Palantir Technologies (PLTR) surged over 13% after reporting strong quarterly results and an upbeat revenue forecast. However, NXP Semiconductor (NXPI) declined nearly 6% after issuing a soft outlook.
Importantly, the outcome of today’s election could have a major impact on the stock market. A close race between the two candidates has led to higher uncertainty, which could lead to near-term market volatility.
Along with the election result, October’s ISM Services Purchasing Managers’ Index (PMI) report is due for release today. This report provides insight into changing economic conditions.
Moreover, the earnings season remains in full swing. Companies such as Super Micro Computer (SMCI), Devon Energy (DVN), Archer Daniels Midland (ADM), and Yum! Brands (YUM) are set to report their results today.
Meanwhile, the U.S. 10-year treasury yield is up at the time of writing, floating near 4.319%. At the same time, WTI crude oil futures trended higher, hovering near $71.66 per barrel as of the last check.
Elsewhere, European markets opened muted today as investors braced for the U.S. presidential election.
Asia-Pacific Markets Traded Higher on Tuesday
Asia-Pacific indices traded higher ahead of the U.S. election day. Also, the Japanese and Chinese stock markets gained from strong corporate outlooks and favorable PMI data, respectively.
Hong Kong’s Hang Seng index was up 2.14%. Further, China’s Shanghai Composite and Shenzhen Component indices gained 2.32% and 3.22%, respectively. Moreover, Japan’s Nikkei and Topix indices finished higher by 1.11% and 0.76%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.
