Wall Street gains on election day as technology, chip stocks rise
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Polls show tight race, Trump leads in betting markets
Trump-linked stocks rally
Palantir, GlobalFoundries soar after results
Indexes up: Dow 0.60%, S&P 500 0.79%, Nasdaq 1.03%
Updated at 10:05 a.m. ET/1505 GMT
By Lisa Pauline Mattackal and Ankika Biswas
Nov 5 (Reuters) -Wall Street's main indexes rose on Tuesday as technology and chips stocks gained, while investors braced for volatile trading over the next few sessions as voting began in a tightly contested U.S. presidential election.
The final outcome could take days as opinion polls in the campaign's final days showed the contest between Republican Donald Trump and Democrat Kamala Harris was too close to call.
The former president is the frontrunner, according to most betting market odds, which many investors have been following for any indication on the election outcome.
Markets remained calm on the voting day as VIX .VIX, an index of volatility, eased to 20.72, well below the levels seen during 2020 election and the two-month high it hit last week.
As treasury yields eased from recent highs, rate-sensitive megacap growth stocks gained with Meta Platforms META.O adding 1.8% and Tesla TSLA.O rising 4%.
Upbeat forecasts from chipmaker GlobalFoundries GFS.O lifted its shares 9%, while Nvidia NVDA.O rose 2.4% and an index of chip stocks .SOX jumped 1.3%.
In case an unsettled election result on Wednesday sparks investor anxiety, Ross Mayfield, an investment strategy analyst at Baird, recommended taking advantage of election-related market pullback.
"There's certainly a lot of anxiety about the election result, but (good) economic data, Fed cutting rates, earnings coming in pretty strong can overwhelm that anxiety," Mayfield said.
Investors are also keeping an eye on Congressional elections to determine the balance of power in Washington. Many analysts predict a split government, which would limit the ability of the President to enact significant policy changes.
Stocks viewed as bets on a win for the former president jumped, with Trump Media & Technology Group DJT.O jumping 16%, while prison operator Geo Group GEO.N gained 5.8%.
The Dow Jones Industrial Average .DJI rose 249.82 points, or 0.60%, to 42,044.42, the S&P 500 .SPX gained 45.37 points, or 0.79%, to 5,758.06 and the Nasdaq Composite .IXIC gained 186.57 points, or 1.03%, to 18,366.55.
Palantir PLTR.N soared 21.2% to a record high after the data analytics firm raised its annual revenue forecast for the third time.
Shares of Boeing BA.N, which had risen before the bell following the end of a prolonged workers' strike, edged lower in volatile trading.
Meanwhile, U.S. services sector activity showed a surprise rise in October to a more than two-year high and employment strengthened, according to the Institute for Supply Management's non-manufacturingPMI index.
The Federal Reserve's November policy meeting will start on Wednesday. While markets are betting on a 25-basis point cut to interest rate, the outlook for future easing has grown uncertain as data points to a strong economy.
Advancing issues outnumbered decliners by a 2.64-to-1 ratio on the NYSE and by a 1.95-to-1 ratio on the Nasdaq.
The S&P 500 posted 10 new 52-week highs and six new lows while the Nasdaq Composite recorded 50 new highs and 62 new lows.
USA-ELECTION/STOCKS Wall Street performs better under a unified government but... https://reut.rs/4hbOKMJ
'Fear index' at low ebb ahead of US vote https://reut.rs/4f9RxF1
Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Arun Koyyur
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
