Stocks were kicking off Election Day with futures for all of the major indexes solidly in the green.
Nearly 100 million people have already voted, but few expect the outcome to be determined this evening. Former Vice President Joe Biden maintains a lead in national polls, but his lead is tighter in battleground states. Fiscal stimulus to support the economic recovery is expected regardless of who is president, but the question remains over the size of the package. A Biden win—coupled with Democrats taking control of Congress—could mean a larger relief package.
Futures for the Dow Jones Industrial Average advanced 418 points, or 1.5%, while S&P 500 futures were up 1.3%. The Nasdaq Composite gained 0.7%. The price of oil was showing gains, with West Texas Intermediate crude up 3.4% and Brent crude up 3.1%. The yield on the 10-year note climbed .022 points to 0.87%.
In addition to election news, investors are also digesting earnings reports and other news from major U.S. companies.
PayPal (ticker: PYPL) shares slid 5.5% premarket, despite reporting strong earnings after Monday’s close as investors focused on the company’s guidance signaling that growth may be slowing down.
Wayfair (W) shares soared 12.3% after topping earnings expectations as households continue to spend to outfit their homes. The company said it expects “the home to be even more important than usual when it comes to celebrating the holidays this year.”
Twitter (TWTR) shares popped 1.3% after the company announced plans to begin its share buyback program, and said that, after review, it was decided that the company’s current management structure should remain in place.
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