US Stock Market LIVE Updates: Dow Jones futures rise slightly as voting gets underway

Bitcoin rose 3% to $70,053.56, just 5% below its all-time high, as investors watched the US presidential race between Kamala Harris and Donald Trump unfold. Memecoins dogecoin and Shiba Inu soared 12% and 8%, respectively. Crypto-related stocks, like Coinbase (+3%) and MicroStrategy (+8%), also gained. The election is seen as pivotal for crypto, with Harris viewed as more cautious on the industry, while Trump has positioned himself as a pro-crypto advocate.

Nvidia shares climbed 2%, with the chipmaker showing resilience regardless of the US election outcome. Tesla rose over 3%, likely to benefit from either party, given CEO Elon Musk’s ties to Trump. Palantir surged 16% on strong quarterly earnings and positive revenue guidance, while NXP Semiconductors dropped 7% due to a cautious outlook driven by macroeconomic concerns.

Only 76% of S&P 500 companies have exceeded Q3 earnings forecasts so far, down from 81% last year. Sectors like Materials and Consumer Discretionary have been key underperformers. About 17% missed EPS estimates, up from 15% a year ago. Meanwhile, 21% missed revenue targets, while 45% surpassed them, slightly improving over last year’s figures. Despite these mixed results, the S&P 500 has risen 5.4% since earnings season began, according to Bloomberg data.

US crude oil exports dropped to 3.722 million barrels per day in September, a 20-month low, down 4.8% from August and 10% year-over-year, per Census Bureau data. Europe remained the top destination, receiving 1.77 million b/d, while Asia saw a 3-month high at 1.465 million b/d. The Netherlands, South Korea, and Canada led as top buyers, with 235k b/d going to China after zero imports in August.

Oil prices continued their climb, with West Texas Intermediate rising 1% to above $72 per barrel, driven by OPEC+’s supply cuts and Middle East tensions. Brent crude neared $76. As the tight US presidential race unfolds, markets anticipate potential shifts in US policy that could impact oil, from possible sanctions on Iran to relaxed regulations on Russian oil under a Trump administration. The US benchmark has seen over a 10% decline since June due to weaker Chinese demand and increased supply, while Middle East conflicts add further volatility.

Technology stocks boosted US equities as voters cast ballots in a pivotal presidential race. The Nasdaq 100 gained 1.1%, led by Palantir’s 20% surge on record profits and demand for its AI software. Major tech players, including Tesla and Nvidia, also saw strong gains. Wall Street braced for possible election-night volatility, monitoring assets like the Mexican peso, Bitcoin, and key volatility indicators for the S&P 500 and Treasuries.

European stocks edged down as traders awaited a tight US election and a Federal Reserve rate decision. The Stoxx Europe 600 fell 0.3%, with autos and healthcare stocks leading losses. Ferrari shares dropped on lower shipments due to a China slowdown, Vestas Wind Systems slid after narrowing its earnings forecast, and Schroders declined on warnings of further outflows. The US presidential race between Donald Trump and Kamala Harris is nearly tied, and a Harris win could prompt some investors to shift focus back to European equities, adding pressure on US stocks.

The Standard & Poor’s 500 opened 0.8% higher at 5,757.67 in New York. Nvidia Corp. contributed the most to the index gain, increasing 2.1%. Palantir Technologies Inc. had the largest increase, rising 20.0%.

In early trading, 376 of 503 shares rose, while 126 fell; 10 of 11 sectors were higher, led by information technology stocks.

October’s ISM Services PMI hit 56.0, surpassing the previous month’s 54.9 and marking the highest level since July 2022. Business activity and new orders dropped slightly, but employment rose to 53.0, its highest since August 2023. Prices paid fell to 58.1.

As ‘America First’ takes centre stage, experts say India could see a repeat of higher tariffs on steel and aluminium paving the way for retaliatory tariffs from New Delhi on the US. …Read More

Yum! Brands Inc. reported a bigger-than-expected sales drop in Q3, with Taco Bell’s 4% growth insufficient to counteract declines at Pizza Hut and KFC. Overall comparable sales fell 2%, exceeding analyst forecasts. The company cited weak consumer sentiment and geopolitical tensions as key challenges, reflecting broader struggles in the restaurant industry to attract budget-conscious diners. Despite Taco Bell’s success with value offerings, Yum’s growth targets are threatened by closures in the Middle East due to conflict. Shares remain stable, up 1.6% this year, lagging behind the S&P 500’s 20% increase.

US stocks rise and the dollar weakens as voting begins in a crucial presidential election, which is expected to significantly influence economic policy. While the markets remained stable, Wall Street braced for a potentially tumultuous night of ballot counting and volatility. Key indicators like the Mexican peso and Bitcoin were closely watched for insights into election sentiment, along with measures of volatility for Treasuries and the S&P 500.

A Trump victory could have mixed impacts on India-US relations. Historically resilient, these ties may face challenges in trade, particularly in sectors like IT and pharmaceuticals due to potential tariff increases. However, Trump’s focus on low oil prices might boost India’s growth. The changing global dynamics, with a more multipolar world, suggest that while US influence remains significant, it is not as dominant as before. Regardless of the election outcome, speculation about future policies will continue to shape international relations.