Traders work on the floor of the New York Stock Exchange.
NYSE
Stock futures were little changed in overnight trading ahead of Tuesday’s high-stakes U.S. presidential election
Futures tied to the Dow Jones Industrial Average added 20 points. S&P 500 futures and Nasdaq-100 futures inched about 0.1% higher.
Palantir popped 13% in overnight trading on strong quarterly results and upbeat revenue guidance, while NXP Semiconductors fell on a soft outlook due to macro concerns.
Stocks finished lower in Monday’s session as safe-haven U.S. Treasury yields declined. The Dow slumped more than 250 points, or 0.6%. The S&P 500 and Nasdaq Composite fell about 0.3% each.
The latest poll from NBC News suggests the race is “neck and neck” between former President Donald Trump and Vice President Kamala Harris. Close attention also remains on which party dominates Congress, given that a sweep by Republicans or Democrats could contribute to drastic spending changes or a big revamp of tax policy.
The results could heavily affect where stocks end the year, but investors may want to brace for some near-term choppiness. CNBC data going back to 1980 suggests the major averages gain between Election Day and the end of the year, but typically fall in the session and week after. Uncertainty over the results could lead to even more shakiness in the market.
“The setup is still skewed to the positive and the bull cases is still intact, unless we get a new policy from a new political regime that looks like it’s going to be more austere,” Trivariate Research founder Adam Parker said Monday on CNBC’s “Closing Bell.”
Beyond the election, investors await the Federal Reserve’s November rate decision due Thursday and fresh commentary from Chair Jerome Powell on the central bank’s policy moves going forward. Traders are pricing in 98% odds of a quarter-point cut following September’s half-point reduction, according to CME Group’s FedWatch Tool.
Earnings season continues Tuesday with results from Super Micro Computer and Yum Brands.
