Stocks jumped Tuesday as Americans head to the polls to cast their ballots for the next president.
The Dow Jones Industrial Average jumped nearly 500 points, a gain of 1.8%, while the S&P 500 rose 1.7% in what is a broad rally in mid-day trading with all of the 11 major sectors higher. The two were on pace to have best day since June. The tech-heavy NASDAQ Composite was also up 1.7%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 27484.09 | +559.04 | +2.08% |
| SP500 | S&P 500 | 3370.57 | +60.33 | +1.82% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11157.085632 | +199.47 | +1.82% |
The gains extend the broad rally in equities Monday.
OIL RECOVERS
West Texas Intermediate crude oil rose for a second day, climbing 2.8% to over $37 per barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORPORATION | 33.42 | -0.56 | -1.66% |
| CVX | CHEVRON CORP. | 71.62 | -0.59 | -0.82% |
| COP | CONOCOPHILLIPS INC. | 29.32 | -0.91 | -3.01% |
Despite the rise in crude oil, shares of big oil companies fell on Tuesday, as Exxon Mobil, Chevron and Conoco Phillips all declined more than 1.5%
Among the issues for voters are an economy in a slow recovery and the ongoing pandemic.
Cases of COVID-19 in the U.S. continue to surge, with 93,000 daily cases tallied on Monday. Nearly 9.3 million Americans have been infected with the virus, resulting in over 231,000 deaths, according to data provided by Johns Hopkins University.
ANT IPO ON ICE
Fintech giant Ant Group’s highly anticipated $34.5 billion initial public offering, which would be the world’s largest, has been suspended on the Shanghai Exchange. Details are developing but early reports say billionaire Jack Ma was summoned to a closed-door meeting, as reported by The Wall Street Journal. Alibaba shares, the other company he founded, fell on the news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HOLDING LTD | 285.76 | -24.97 | -8.04% |
LIGHT ON EARNINGS
Earnings season will take a break on Tuesday, as most eyes turn toward the election. However, there are some notable companies reporting quarterly results before the market opens, including Humana, Eaton Corp. plc, and McKesson Corp.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HUM | HUMANA | 423.08 | +14.10 | +3.45% |
| ETN | EATON CORP. | 110.69 | +3.33 | +3.11% |
| MCK | MCKESSON CORPORATION | 159.56 | +7.61 | +5.01% |
Fox Corp., the parent of FOX Business and Fox News, also reported profit and revenue that came in ahead of expectations. Shares fell, however, declining 1.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FOXA | FOX CORP. | 26.75 | -0.65 | -2.37% |
After the close of trading, financial services companies Prudential Financial and Alleghany Corp report quarterly results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PRU | PRUDENTIAL FINANCIAL | 68.15 | +2.18 | +3.30% |
| Y | ALLEGHANY | 586.70 | +23.62 | +4.19% |
In other corporate news, PayPal Holdings Inc. shares fell in early Tuesday trade after the financial technology giant offered tepid guidance after a solid quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 181.71 | -6.05 | -3.22% |
TWITTER IN SPOTLIGHT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 41.75 | +2.26 | +5.72% |
Twitter shares are in the spotlight on Tuesday after CEO Jack Dorsey will keep his job after a review from activist investor Elliott Management as Dorsey has seen his net worth fall over $178 million since last Friday.
SPARSE ECONOMIC DATA
The last remaining bit of economic data before the polls close was released with September factory orders rising 1.1%, even with expectations and up from 0.7% in the prior month.
In other commodities, gold ticked higher to more than $1,900 an ounce, up almost 1%.
European indices rose as well, with the STOXX Europe 600 tacking on 1.6%, with similar gains for the German DAX, French CAC 40 and U.K. FTSE 100.
