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Wall Street rises but market braced for choppy week on eve of U.S. election

Stock MarketsNov 02, 2020 04:35PM ET
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2/2 © Reuters. FILE PHOTO: The New York Stock Exchange is pictured 2/2

By Chuck Mikolajczak

NEW YORK (Reuters) - The Dow and S&P closed higher on Monday with the Nasdaq posting slimmer gains on the eve of the U.S. presidential election, as investors girded for what could be big market swings this week.

Last week all three indexes notched their biggest weekly decline since March, and this week market participants largely expected short-term volatility and the likelihood of major long-term policy shifts related to taxes, government spending, trade and regulation. The longer-term moves will depend on whether Republican President Donald Trump or his Democratic challenger Joe Biden wins the White House race.

Biden leads in national opinion polls, but races are tight in battleground states that could tip the election to Trump. Analysts said the outcome most likely to shake equity markets in the near term would be no clear winner on Tuesday night.

While the Dow and S&P were on the plus side, they ended well off session highs, and the Nasdaq dipped for awhile into the red as mega-cap technology and tech-related names struggled to gain traction after slumping in the prior week.

Growth stocks (RLG) rose 0.54%, but were soundly outperformed by beaten-down value names, which tend to provide better returns coming out of a recession. The Russell 100 value index (RLV) jumped 1.92% to notch its biggest daily percentage gain in nearly five months.

"It is hard to say whether this is sector rotation, an institutional driven event today or traders speculating on what might happen tomorrow," said Peter Giacchi, Head of DMM Floor Trading at Citadel Securities in New York.

"The longer this plays out over the course of the week, if it takes that long, the more volatility we could expect."

The Dow Jones Industrial Average (DJI) rose 423.45 points, or 1.6%, to 26,925.05, the S&P 500 (SPX) gained 40.28 points, or 1.23%, to 3,310.24 and the Nasdaq Composite (IXIC) added 46.02 points, or 0.42%, to 10,957.61.

Investors betting on a Biden administration, which is expected to deliver a massive fiscal stimulus and promote green energy, have fueled a rally in solar stocks, industrials and small-cap names in recent weeks.

On the other hand, JP Morgan has listed Bank of America (N:BAC), Wells Fargo (N:WFC) and Citigroup (N:C) in its "Trump basket" of stocks. The S&P banks index <.SPXBK> added 2.27%.

Energy (SPNY), materials (SPLRCM) and industrials (SPLRCI) enjoyed the sharpest percentage gains among major S&P sectors, climbing more than 2.7%.

The S&P 500 ended a turbulent week at near six-week lows on Friday, after quarterly reports from technology mega-caps failed to impress and as coronavirus cases surged in the United States and Europe. The weekly percentage drop was the largest since late March, which marked the end of a selloff that sent the benchmark index into a bear market, or drop of more than 20% from a high.

The CBOE volatility index (VIX), known as Wall Street's fear gauge, inched lower after ratcheting up last week to the highest in nearly four months.

Investors will also watch this week's Federal Reserve two-day policy meeting, the monthly jobs report and earnings from about a quarter of the S&P 500 companies.

Clorox Co (N:CLX) shares jumped 4.24% after reporting its strongest quarterly sales growth in more than two decades and raising its full-year revenue forecast.

Market research firm Nielsen Holdings Plc (N:NLSN) rose 3.85% on plans to sell its consumer goods data unit for $2.7 billion to private equity firm Advent International.

But the S&P airlines index <.SPCOMAIR> fell 1.44% while cruise operators Carnival Corp (N:CCL), down 1.17% and Norwegian Cruise Line Holdings Ltd (N:NCLH), off 2.77% also lost ground, reflecting fears over a relentless surge in COVID-19 cases.

Advancing issues outnumbered declining ones on the NYSE by a 2.94-to-1 ratio; on Nasdaq, a 2.04-to-1 ratio favored advancers.

The S&P 500 posted 7 new 52-week highs and no new lows; the Nasdaq Composite recorded 21 new highs and 55 new lows.

Volume on U.S. exchanges was 9.01 billion shares, compared with the 9.1 billion average for the full session over the last 20 trading days.

Wall Street rises but market braced for choppy week on eve of U.S. election
 

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Comments (24)
Dietmar Stahl
Dietmar Stahl Nov 03, 2020 2:48AM ET
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Take your profits before the taxman Biden is coming and take it from you.
Brady Murray
Brady Murray Nov 02, 2020 8:51PM ET
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Market starting to show those Trump rallies and a likely Trump win. Adding AAPL tomorrow and also some more PYPL for sure. Lets do this!
John Raymond
John Raymond Nov 02, 2020 1:37PM ET
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a weaker usd under biden expected with the usd now rising is likely saying the fx market is now expecting a Trump win
Vlad Stan
Vlad Stan Nov 02, 2020 1:20PM ET
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And who writes these articles ?? how is this possible ? All major indices are down !  How is that a rebound ?
Adrian White
Adrian White Nov 02, 2020 1:20PM ET
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Vlad, you know this article is about the US markets, right? Which markets are you looking at? The Russian market?
Vlad Stan
Vlad Stan Nov 02, 2020 1:20PM ET
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:))) good one, but no :)) NYSE and NASDAQ :)))
Vlad Lozovskiy
Vlad Lozovskiy Nov 02, 2020 12:33PM ET
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Trump is winning, therefore stocks are up.
Plopseven Schwartz
Plopseven Schwartz Nov 02, 2020 12:33PM ET
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Stocks are down though....indexes are up somehow.
Plopseven Schwartz
Plopseven Schwartz Nov 02, 2020 12:33PM ET
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Nanasbox Driedout How many of these parody nana accounts are there out there? These are desperate AF.
Vlad Stan
Vlad Stan Nov 02, 2020 12:33PM ET
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dunno what to say about that ... according to CNN ... he's not really winning :)
Bulls MakeMore
Bulls MakeMore Nov 02, 2020 12:33PM ET
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CNN lol
Chris Scheer
Chris Scheer Nov 02, 2020 12:33PM ET
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CNN.. Ha!!
Guy Katz
Guy Katz Nov 02, 2020 12:23PM ET
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Yeah... if ppl thought that biden has a chance of winning the market would of been crashing. U ever remember the markets up day b4 election??
Radu Urjan
Radu Urjan Nov 02, 2020 12:23PM ET
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The day it s not over...
Gamer Turtle
GamerTurtle Nov 02, 2020 11:40AM ET
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doesn't matter who is elected, market is going higher, that's just how market works, and a group of journalist will find a reason to justify it. lol. it's all about devaluation of dollar and inflation, to make it seems like it's all good news. trump stays in = dollar continue to fall & equity continue to rise. Biden goes in = possible lockdown + more stimulus = dollar continue to fall and equity continue to rise. lol
Joeri Willems
Jurinho Nov 02, 2020 11:40AM ET
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your thinking is not new. it is exactly the root cause why markets go up slowly, most of the times, not always with justification or reason. But when the markets go down, they go not slowly but like a bulldozer destroying many investors total capital. This bubble was not the first, and wont be the last. But this bubble will break all records when it bursts. And as a reference, the day record loss of Nasdaq is at 12.32%.
Pietro Rosato
Pietro Rosato Nov 02, 2020 11:39AM ET
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This is all a cover for the federal reserve to print and buy.
Wiley Spaller
Wiley Spaller Nov 02, 2020 11:35AM ET
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This Biden voters be so ****annoying 🤣🤣
salam khan
salam khan Nov 02, 2020 11:35AM ET
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Right👍
Mike ND
Mike ND Nov 02, 2020 11:14AM ET
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Not one article about ISM manufacturing on this socialist canadian garbage site cause you wouldnt want to give Trump any credit.
Adrian White
Adrian White Nov 02, 2020 11:14AM ET
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Aw boo-boo. If you think it's garbage then why do you come here? And by the way, it's not a Canadian site. Investing.com is Israeli.
Mike ND
Mike ND Nov 02, 2020 11:14AM ET
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Adrian White cause reuters is canadian dummy
Adrian White
Adrian White Nov 02, 2020 11:14AM ET
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Mike ND, "this site" is not Reuters, dummy.
charles bartell
charles bartell Nov 02, 2020 11:14AM ET
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Adrian White  the entire forex industry is israeli owned and run
Shiro Cat
Shiro Cat Nov 02, 2020 11:11AM ET
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no matter who wins, democrat run states will burn to the ground as usual...
salam khan
salam khan Nov 02, 2020 11:05AM ET
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Bidan win means in future india will control over USA by kamala harris. So try to protect USA from indian politics And vote for trump
Plopseven Schwartz
Plopseven Schwartz Nov 02, 2020 11:05AM ET
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I’m not taking advice from a dude who spells it “Bidan”
Amit Dingare
Amit Dingare Nov 02, 2020 11:05AM ET
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Must be a ********
Hodor Baratheon
Hodor Baratheon Nov 02, 2020 11:05AM ET
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this same response, with the same misspelling is posted multiple times fyi.
Dan Muntean
Parazit Nov 02, 2020 11:01AM ET
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On sideline big win this year for me
Chris Scheer
Chris Scheer Nov 02, 2020 10:51AM ET
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The election is over. Trump is going to win in a landslide.
Dee Morris
Dee Morris Nov 02, 2020 10:35AM ET
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On Sidelines because of ridiculous Market occurrences like today. Their is No reason for the indexes to be up. Our markets are not "logic based", instead they are based on emotions of a Trump win?
jonathan seagull
jonathan seagull Nov 02, 2020 10:35AM ET
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correction to oversold = rebound. That is the fundamental equation
Karl Hoffman
Karl Hoffman Nov 02, 2020 10:15AM ET
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Not sure the market is pricing in the explosion of riots that are about to happen... no matter who wins.
Mark Chinsky
Mark Chinsky Nov 02, 2020 10:15AM ET
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There will only be riots if Trump wins, Trump supporters are very enthusiastic about their candidate, but they believe in the rule of law and law and order. If you look at the political violence over the last four years 95% of it has come from the left and not the right
Bhuv Ar
Bhuv Ar Nov 02, 2020 10:15AM ET
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Mark Chinsky  You are absolutely right... and you comment has dislikes from NPC Bots
Raksaksa Tonne
Raksaksa Tonne Nov 02, 2020 10:10AM ET
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It's the Dump the Trump Rally
Jesse Mulliniks
Jesse Mulliniks Nov 02, 2020 10:09AM ET
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Bears in shambles
Teh Olympian
Teh Olympian Nov 02, 2020 10:09AM ET
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Today. And it's not that far down for the day.
Kenny Venezia
Kenny Venezia Nov 02, 2020 10:09AM ET
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it's 10: 30 am, the market just opened what are you talking about
Bill Kenny
Bill Kenny Nov 02, 2020 10:01AM ET
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get ready for big swings
Jim Dye
Jim Dye Nov 02, 2020 9:57AM ET
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Biden leading polls in PA.
Show previous replies (1)
Andrew carson
Andrew carson Nov 02, 2020 9:57AM ET
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Fake polls just like the last election.
Bogdan Ciobanu
Bogdan Ciobanu Nov 02, 2020 9:57AM ET
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CRAZY HORSEPOWER  see Trump twitter and see 95% of comments are against him...this say a lot about who win.
Teh Olympian
Teh Olympian Nov 02, 2020 9:57AM ET
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It says who has drank the Kool aid. I'll never under stand how trump supporters can hear him say something, see no evidence it's true, tons of evidence it's not true, and still shrilly scream, "fake news!"
Bhuv Ar
Bhuv Ar Nov 02, 2020 9:57AM ET
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Teh Olympian  then why didn't mueller find anything?? you have no idea about the "evidence" you are babbling about... Name 5 please, rather than throwing a childish tantrum
Adrian White
Adrian White Nov 02, 2020 9:57AM ET
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Bhuv, Mueller found plenty. Just not anything that could break the "legal threshold" of collusion. However, he definitely found plenty of evidence of Obstruction of Justice, but was not able to specifically recommend charges, simply because of the DOJ rules that a sitting president cannot be charged with a federal crime. Your misunderstanding is thanks to Trump's cronie, Bill Barr, taking the liberty of redacting the incriminating parts of the report and reducing it to a small summary to attempt to make his idol look innocent. However, if Trump loses this election, you'll see the proof when charges are suddenly able to be laid. Why do you think Trump is so desperate to win? As long as he's in office he is shielded, and he knows it.
Wankel YU
Wankel YU Nov 02, 2020 9:54AM ET
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prop up for ****drops
James RFD
James RFD Nov 02, 2020 9:53AM ET
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Trump landslide
Tre Hsi
Tre Hsi Nov 02, 2020 9:53AM ET
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you mean a mud slide back to the swamp?
apc apc
apc apc Nov 02, 2020 9:51AM ET
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trump lose. good luck wirhbyr posioned vaccine
Sammy Cordova
Sammy Cordova Nov 02, 2020 9:51AM ET
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Your going to be really sad when trump wins
Richard Basehart
Richard Basehart Nov 02, 2020 9:51AM ET
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Sammy Cordova  He's be happy if he could find his ****with both hands
PlanetApe Ape
PlanetApe Ape Nov 02, 2020 7:11AM ET
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The Casino called the stock market propped up by the Feds easy money!
 
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