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Dow Futures Soar 442 Pts in Speculation on Clear Election Result

Stock MarketsNov 03, 2020 07:00AM ET
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© Reuters

By Peter Nurse

Investing.com - U.S. stocks are seen opening firmly higher Tuesday, continuing Monday’s hefty gains, as investors hope for a clear political result after one of the most contentious presidential election campaigns in history.

At 8:25 AM ET (1205 GMT),S&P 500 Futures traded 43 points, or 1.3%, higher, the Dow Futures contract rose 442 points, or 1.7%, while Nasdaq 100 Futures climbed 72 points, or 0.6%. 

The Dow Jones Industrial Average closed 1.7% higher Monday, posting its biggest gain since Oct. 7. The S&P 500 index gained 1.2%, its largest advance since Oct, 12, while the NASDAQ Composite index underperformed, adding just 0.2%.

U.S. President Donald Trump and Democratic rival Joe Biden will cast their respective votes later Tuesday, as the highly contentious presidential election campaign comes to its climax. 

The latest polls still have Biden in a comfortable lead in the national surveys, but the tally in all-important swing states like Michigan, Wisconsin and Pennsylvania, where the electoral college margin could be decided, looks like being a lot closer. 

That said, investors appear to be betting on a Democratic sweep of the White House and Congress, which would likely result in a more stable political climate and, in all probability, a generous fiscal stimulus package.

“This is based on the $3.4 trillion stimulus proposed by House Democrats over the summer that would front-load support for household incomes and deliver relief for state and local government,” said analysts at ING, in a research note.

Meanwhile, the number of new Covid-19 cases in the United States hit another record high last week, according to a Reuters analysis. The number of new cases reported each week has risen for four straight weeks, with the biggest increases seen in the last two weeks.

This sharp increase in coronavirus cases has already been seen in Europe, prompting many governments in the region to introduce new partial shutdowns in an attempt to halt the surge in the virus before the Christmas holiday season. 

Meanwhile, the third-quarter earnings season continues on Tuesday with Bayer (OTC:BAYRY), Fox (NASDAQ:FOXA) and Humana (NYSE:HUM) reporting before the bell.

Economic data releases Tuesday include the Johnson Redbook index, ISM NY business conditions, and September factory orders, but most eyes will be on the Federal Reserve meeting and the monthly employment report later in the week. 

Oil prices edged higher Tuesday, helped by talk the major oil producers will look at rolling over oil output restrictions into 2021. Eyes will also be on the release of the API crude inventories for last week, released later Tuesday. 

The Organization of the Petroleum Exporting Countries and allies, including Russia, are due to increase supply by two million barrels per day in January, but are now under pressure to push back this decision due to  weak market conditions.

U.S. crude futures traded 0.2% lower at $36.75 a barrel, while the international benchmark Brent contract fell 0.4% to $38.82.

Elsewhere, gold futures rose 0.1% to $1,893.45/oz, while EUR/USD traded 0.2% lower at 1.1659.

 

Dow Futures Soar 442 Pts in Speculation on Clear Election Result
 

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Comments (29)
beep boop
beep boop Nov 03, 2020 6:27PM ET
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I’m almost certain nobody in the investing game wants Biden to win. Capital gain tax increase? No thanks
Vin Leo
Vinleo Nov 03, 2020 4:16PM ET
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Markets should be very volatile going forward until the losing party concedes.
Vin Leo
Vinleo Nov 03, 2020 4:15PM ET
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Neither side will accept defeat without a recount, which can take days to weeks.
Green Mango
Green Mango Nov 03, 2020 9:14AM ET
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Anticipation of Democratic takeover of the Federal Gov has some believing that the FAANG companies can continue to manufacture news and censor on behalf of these socialists, and that is the bet holding up the markets.   However, the broad market will sell off hard within days of a Trump loss.  Massive tax increases, new regulatory pile on, it's all over.   Here's the rub:  Don't worry foreign friends, Trump is actually way ahead and will win bigger than in 2016.  News is fake, biased, and clearly trying to manufacture a Biden win.
Steffen vdm
Steffen vdm Nov 03, 2020 8:48AM ET
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Happy to see Biden in the White House soon. But I would also be happy with Yogi Bear in the White House, or Kermit, or Rudolph the red-nosed reindeer, or Elmo, or Homer, or.....
Forex Harbingers
Forex Harbingers Nov 03, 2020 8:48AM ET
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Biden in no way belong in the category of the rest of your esteemed choices for the White House. Those poor children toys will be scarred forever.
Evan Ault
Evan Ault Nov 03, 2020 8:48AM ET
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I think you just might have a bummer of a day my friend.
Mustafa Moustache
Mustafa Moustache Nov 03, 2020 8:48AM ET
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Is Biden really be alive in a year, he looks old
Donbrown Brown
Donbrown Brown Nov 03, 2020 8:23AM ET
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ok so Red is the color of the wave.
Erik Esparza
Erik Esparza Nov 03, 2020 8:23AM ET
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🇺🇸
justin namon
justin namon Nov 03, 2020 8:17AM ET
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And tomorrow it will be stimulus
salam khan
salam khan Nov 03, 2020 8:17AM ET
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Who said that ?
salam khan
salam khan Nov 03, 2020 8:12AM ET
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Guys don’t fight lets see who will win today.🎉🎊🎈
Steve Birdsong
Steve Birdsong Nov 03, 2020 8:06AM ET
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Trump 2020 is why markets are moving closing the gap on the poles.
Bharat ram meena
Bharat ram meena Nov 03, 2020 8:02AM ET
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Trump cannot win.
Big Rick
Big Rick Nov 03, 2020 8:02AM ET
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silent majority red wave like you never seen before.
Green Mango
Green Mango Nov 03, 2020 8:02AM ET
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Don't believe the US press Meena, he has this.
Bull Rider
Bull Rider Nov 03, 2020 8:02AM ET
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I am gonna be making loads of cash this week. I bought all stocks on friday yeaaa
John Stanton
John Stanton Nov 03, 2020 8:02AM ET
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If the polls showing a tighter race makes the market go up, it sounds like the market prefers a Trump win.
Brady Murray
Brady Murray Nov 03, 2020 8:02AM ET
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Correct. !
hami Durmaz
hami Durmaz Nov 03, 2020 7:59AM ET
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whoever win democracy wins ...
Vinicyus Oliveira
Vinicyus Oliveira Nov 03, 2020 7:57AM ET
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Trump is gonna win. There will be riots the entire month.
Green Mango
Green Mango Nov 03, 2020 7:57AM ET
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I don't think it will last long, because these are sponsored riots to threaten voters.  It will last couple of days, then they will be busy trying to hide their crimes and impeach President Trump again.  I am 100% cash, will go to 100% NAIL, LABU, and other leveraged bets if he is re-elected.
Christopher Dunson
Christopher Dunson Nov 03, 2020 7:56AM ET
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Forecasting a Trump victory
The Big Fish
The Big Fish Nov 03, 2020 7:56AM ET
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Media is trying do hard to influence the elections that it's clear Trump is on the lead
Matthew Downey
Matthew Downey Nov 03, 2020 7:56AM ET
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Biden = Lockdowns. Last week showed us the Wall Street doesn't like that
Jj Piper
Jj Piper Nov 03, 2020 7:53AM ET
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A Biden win is a China win.
Franco Dominguez
Franco Dominguez Nov 03, 2020 7:53AM ET
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this is a especulation
Steffen vdm
Steffen vdm Nov 03, 2020 7:53AM ET
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You should be happy with that. Chinese are better at building a wall than Donald
Mitchel Pioneer
Mitchel Pioneer Nov 03, 2020 7:49AM ET
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The pre-election fraud continues, as the criminal manipulation of US equities continues.
Franco Dominguez
Franco Dominguez Nov 03, 2020 7:49AM ET
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yes, that reason trump is president
Franco Dominguez
Franco Dominguez Nov 03, 2020 7:49AM ET
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Exxon is more profitable doing any oil product and price is up, Amazon made $96.37 BILLIONS equal to stimulus and prixe is down, imagine the elder men manipulation
Steffen vdm
Steffen vdm Nov 03, 2020 7:49AM ET
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Indeed, Trump is such a criminal
Selfmade DC
Selfmade DC Nov 03, 2020 7:46AM ET
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Dow didnt soar lol
Cosmic Dust
Cosmic Dust Nov 03, 2020 7:44AM ET
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yes, there will be a clear winner and it is Trump. you think American people will elect corrupted and compromised Joe? nope.
bmk kmb
bmk kmb Nov 03, 2020 7:42AM ET
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Biden will raise capital gains to 44%. Trying to understand why anyone with stock in the game is casting their vote for the Socialist Biden. Selling my shorts if he wins
John Bows
John Bows Nov 03, 2020 7:42AM ET
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Biden said he'd tax capital gains at the same rate that income is taxed. That's not 44%. It should be 44%, but it's not.
Bruce Duncan
Bruce Duncan Nov 03, 2020 7:37AM ET
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BTW. Trump already voted early in his home state of Florida. Do you actually watch the news or sre you trying to say that Trump is going to vote twice?
Zack Harding
Zack Harding Nov 03, 2020 7:35AM ET
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Media keeps trying to sway this election in a direction it is not going. Worse yet, they are making predetermination of cheating if Trump wins (rich right?). Thus, the media needs to be criminally and finacislly responsible for the grossly inaccurate reporting that will result in widespread rioting and looting.
Bear Bak
Bear Bak Nov 03, 2020 7:33AM ET
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independent vote.
pt pt
pt pt Nov 03, 2020 7:32AM ET
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UP Because of a massive Trump victory. Stop the BS.
 
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