Election Day Sparks Market Rally
As the US presidential election reaches its climax, Wall Street is abuzz with activity. Tech stocks led the charge on Tuesday, driving the Nasdaq up 1.4% and the S&P 500 1.2% higher.
Palantir’s Record Earnings Report Sends Shares Soaring
A standout performer was Palantir, whose stock skyrocketed 23.5% to close at $51.15 after the data software company reported a record profit. The company’s artificial intelligence products are in high demand, and investors are taking notice.
Tech Giants Join the Party
Other tech leaders followed suit, with Nvidia jumping almost 3% and Tesla closing 3.5% higher. In a notable milestone, Nvidia’s rally propelled the chip titan past Apple as the world’s most valuable company by market cap, with a valuation of $3.42 trillion versus Apple’s $3.38 trillion.
Market Movers
The Dow Jones Industrial Average rose by almost 430 points, with the S&P 500 and Nasdaq composite closing at 5,782.76 and 18,439.17, respectively.
Election Jitters Persist
As voters headed to the polls, uncertainty surrounding the election outcome kept investors on edge. Some popular Trump trades saw gains, including bitcoin and shares of Trump Media, in anticipation of a potential Republican win.
Federal Reserve Takes Center Stage
On Wednesday, attention will shift to the Federal Reserve’s two-day policy meeting. Futures markets indicate a 98.2% chance of a 25-basis-point interest rate cut at the meeting’s conclusion on Thursday.
Other Market News
In other news, Super Micro Computer faces delisting from the Nasdaq due to a compliance deadline. JPMorgan predicts a divided Congress would be the best-case outcome for stocks, while Goldman Sachs warns of an 18% chance of a post-election bear market.
Commodities and Crypto
West Texas Intermediate crude oil rose 0.99% to $72.18 a barrel, while Brent crude climbed 0.81% to $75.69 a barrel. Gold increased by 0.18% to $2,751.2 an ounce, and bitcoin jumped 2.82% to $69,401. The 10-year Treasury yield dipped two basis points to 4.289%.
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