Tuesday's Market Recap - Investors Cautiously Optimistic Election Results Will Not Be Disruptive
What is The Premarket Telling Us?
7:00 PM.
Today is Election Day! Americans go to the polls for the mid-term elections. Stock futures were mostly mixed two and a half hours before market open, with Dow futures up 150 points, , Nasdaq futures down 54 points, and S&P futures up 9.50 points. Futures moderated, and the premarket continued, as caution became the better part of valor, ahead of election results later tonight.
On The Bond Desk:
The US 10 Year Bond Yield 3.20%, down 0.01%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $62.86/barrel, down 7%.
On the Earnings Calendar:
Strong quarterly performance from CVS, Eli Lily, and Ralph Lauren
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed in their session. Japan (Nikkei 225) up 1.14%, Shanghai down 0.23%, Hong Kong (Hang Seng) up 0.72%.
Major European markets were down in today's session. German (DAX) down 0.09%, France CAC 40 down 0.51%, London FTSE 100 down 0.89%.
Market Direction And & Sector Dynamics
Stocks opened this election session flat to modestly lower. The Dow fell 15 points, Nasdaq lost 3.12 points, and the S&P added 1 point, as investors exercise caution ahead of the election results, later this evening. The consensus is that the Democrats will regain control of the House of Representative, and the Republicans will hold on to the Senate. The Q3 Earnings parade continued, with CVS Healthcare, Eli Lily, and Ralph Lauren, report strong quarterly results before the bell this morning.
Stocks turned around shortly after the bell and continued higher for most of the session, with the Dow closing at the high of the day.
Today's rally was broad based, with all eleven S&P sectors closing with gains. Basic materials, industrials, utilities, technology, communication services, and consumer staples.
Factors Influencing Today's Market
Investors were a bit cautious ahead of election results due later tonight.
Strong Quarterly performance from CVS, Eli Lily, and Ralph Lauren.
Crude oil traded moderately lower today. WTI crude oil price closed at $62.21/barrel, down 1.41%.
Major Asian markets were mostly higher, while European stocks fell.
September JOLTS reports shows 7.00 million job openings, a steep 284,000 drop off from the 7.293 million in August.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading on this election day, stocks were higher. The Dow gained 173.31 points, Nasdaq jumped 47.11 points, and the S&P rose 17.14 points. Total NYSE volume traded, a moderate 3.47 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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