By US indexes surged Tuesday as a jump in tech stocks pulled indexes higher as traders headed toward the end of the US presidential election.
A record earnings report from Palantir helped push tech higher, with the stock soaring 23.5% to close at $51.15. The data software company delivered a record profit while showcasing high demand for its artificial intelligence products.
Other tech leaders also ended higher, with Nvidia jumping almost 3% such as Nvidia and Tesla closing 3.5% higher.
Nvidia’s rally on Tuesday helped the chip titan surpass Apple as the world’s most valuable company by market cap, at $3.42 trillion versus Apple’s valuation of $3.38 trillion.
The S&P 500 and tech-heavy Nasdaq climbed 1.2% and 1.4%, respectively in the session. The Dow Jones Industrial Average rose by almost 430 points.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
- S&P 500: 5,782.76, up 1.23%
- Dow Jones Industrial Average: 42,221.88, up 1.02% (+427.28 points)
- Nasdaq composite: 18,439.17, up 1.43%
As voters flocked to the polls, Wall Street is on edge for the possibility of an uncertain election outcome following the conclusion of the vote.
Some popular Trump trades rose throughout the day, with bitcoin and shares of Trump Media rising in anticipation of a potential Republican win. Treasurys yields edged slightly lower, with the 10-year bond dipping two basis points to 4.289%.
On Wednesday, Wall Street’s focus will quickly shift from the presidential race to the Federal Reserve’s two-day policy meeting. Futures markets indicate a 98.2% chance the central bank cuts interest rates by 25 basis points at the conclusion of its meeting on Thursday.
Here’s what else is going on:
- Super Micro Computer faces delisting from the Nasdaq as it comes up against a compliance deadline.
- A divided Congress would be the best-case outcome for stocks, JPMorgan says.
- There’s an 18% chance that stocks are heading toward a post-election bear market, Goldman Sachs says.
- A warning signal in the economy is telling investors to load up on defensive stocks, research firm says.
- Volatile crude prices send Russian oil revenue down 28% in October.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil rose 0.99% to $72.18 a barrel. Brent crude, the international benchmark, climbed 0.81% to $75.69 a barrel.
- Gold increased by 0.18% to $2,751.2 an ounce.
- The 10-year Treasury yield dipped two basis points to 4.289%.
- Bitcoin jumped 2.82% to $69,401.
