By Christiana Sciaudone
Investing.com -- Markets closed higher on this U.S. election day. We will be happy when it's over.
Value stocks rose Tuesday, as did financials, and Treasury yields climbed on the hopes we can get past the election and lawmakers can refocus on policies to help the economy.
Gold shot above $1,900 an ounce, rallying for a third day in a row, because we are still concerned results will take forever to come out amid legal challenges and slow vote counting.
Crude oil prices surged as markets bet on the likelihood of aggressive reflationary policies in the aftermath of Tuesday’s U.S. elections.
Here are three things that may move markets tomorrow, although only the first one probably counts:
1. Trump, Biden or not yet?
The U.S. is picking a new president. We may know the identity of the winner imminently, or it could go to court. Either way, buckle up.
2. Economic data
We'll get a double dose of economic data in the form of the ADP jobs number at 8:15 AM ET (1215 GMT) and the September trade balance at 8:30 AM ET (1230 GMT). The gauge of private-sector hiring for October is expected to show a gain of 650,000 jobs, down from the 749,000 added in September. The trade deficit is predicted to narrow to $63.8 billion from $67.1 billion.
3. Earnings from chipmaker Qualcomm, others
On the earnings front, the big attraction is Qualcomm (NASDAQ:QCOM) Inc. Fresh off an antitrust court win against the FTC, the chipmaker should benefit from 5G adoption and is expected to post revenue of $5.9 billion. We'll also hear how the pandemic has affected Hilton Worldwide Holdings Inc (NYSE:HLT) and get results from insurers Metlife (NYSE:MET) Inc. and Allstate Corp (NYSE:ALL).