Tuesday Market Climbs, with Presidency in Sight | Wall Street Today
The market was speeding higher Tuesday, with all eyes on the election results. The Dow jumped more than 400 points Tuesday with the Nasdaq closing up more than 250.
At 4:03 p.m. ET, $Dow Jones Industrial Average (.DJI.US)$ was up 427 points (1.02%.). The $S&P 500 Index (.SPX.US)$ was up 1.23% and the $Nasdaq Composite Index (.IXIC.US)$ closed up 1.43%.
The electricity in the air is palpable here on the bank of the Hudson River as millions of Americans head to the polls to cast their vote. The market awaits with bated breath for tonight, when polls close, and the country begins to see which way voters have decided to go for their next four years.
MACRO
The S&P PMI and ISM PMI came out Tuesday. Composite and Services PMI from S&P came in low, ISM non-manufacturing PMI came in higher, demonstrating that prices paid by services climbed less than expected, and non-manufacturing prices came in higher than expected.
The week's highlight of macro will be the Thursday FOMC rate decision. According to the FOMC's dot plot projections, investors are waiting for two more rate cuts this year. Friday, investors will see Michigan inflation expectations from a consumer survey.
SECTORS
Within industries tracked by moomoo, WallStreetBets-related stocks are flying with Palantir and Trump leading the way.
$Crude Oil Futures(DEC4) (CLmain.US)$ climbed again to 0.91%. $Bitcoin (BTC.CC)$ climbed 2% to the same price it was at a week ago. Gold and silver climbed $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
MOOVERS
$Palantir (PLTR.US)$ stock climbed 21%, the highest on the S&P 500, after the firm released earnings Monday night that showed revenue grew 30% in the past year to $726M.
$Celanese Corp (CE.US)$ stock fell 24% after the industrial materials firm reported earnings came in at $116 million, or $1.06 per share, below estimates of $2.69/share. Last year, the firm reported revenue of $951 million, or $8.69 per share.
$Trump Media & Technology (DJT.US)$ climbed 13% on the eve of its Chief and main shareholder's bid to retake the Whitehouse.
$Ferrari (RACE.US)$ posted higher sales and earnings in the third quarter and said it was confident it would hit annual guidance, racing ahead of other car makers that are grappling with falling sales amid a slow shift to electric vehicles and challenges in China.
$Vimeo (VMEO.US)$ reported quarterly earnings of $0.05 per share which beat the analyst consensus estimate of $0.01 by 400 percent. The stock shot up 41% Tuesday morning.
$Marqeta (MQ.US)$ stock was trading more than 39% lower in morning trading Tuesday after the financial services company slashed its revenue forecast for the fourth quarter. Analysts tracking the stock followed with downgrades.
Who will win the Presidential Election, and how will it affect the market?
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Word from the herd: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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104247826 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
101775147 AL alfi :
72207731 : Kevin, why do you reference WallStreetBets as a legitimate source? On what basis? You’re a Reddit fanboy so its legit?