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Wall Street Rallies as Americans Vote; Nasdaq and S&P 500 Surge Amid Tight Presidential Race

Wall Street Rallies as Americans Vote; Nasdaq and S&P 500 Surge Amid Tight Presidential Race

Wall Street saw a nice rally on Tuesday. Positive investor sentiment came together with millions of Americans heading to the polls to vote for the 47th president.

Betting markets showed a slight lean toward Donald Trump. The CFTC-regulated Kalshi put his chances of winning at 56%, while Kamala Harris was at 44%.

National polls indicated a close race. The latest New York Times/Siena College poll showed both candidates tied at 48% in the popular vote.

The S&P 500 climbed by 1.2%. The tech-heavy Nasdaq 100 surged by 1.5%, marking its strongest one-day increase in nearly a month.

All 11 sectors of the S&P 500 experienced gains. Consumer discretionary stocks led the way. Small-cap stocks also joined the rally, with the Russell 2000 index up 1.1%.

Palantir Technologies Inc. (PLTR) led the S&P 500. Its shares soared after the company surpassed quarterly earnings estimates and provided strong guidance.

In economic news, U.S. services sector activity reached its highest point in over two years in October, beating expectations.

Treasury yields rose by 5 basis points. Meanwhile, the dollar declined for the second day in a row.

Gold prices edged up 0.3%, staying close to record highs. Oil prices increased by 1.2% after a 3.2% jump on Monday.

Crypto sentiment was strong too. Bitcoin (BTC/USD) jumped 4.5%, crossing over $70,000. Dogecoin (DOGE/USD) spiked by 12%.

Here’s a look at Tuesday's performance in major U.S. indices and ETFs:

Major Indices

  • Nasdaq 100: 20,259.62 (1.5% up)
  • S&P 500: 5,779.38 (1.2% up)
  • Russell 2000: 2,244.40 (1.1% up)
  • Dow Jones: 42,191.93 (1.0% up)

According to Benzinga Pro data:

  • The SPDR S&P 500 ETF Trust (SPY) rose 1.1% to $575.87.
  • The SPDR Dow Jones Industrial Average (DIA) increased by 0.9% to $421.79.
  • The Invesco QQQ Trust Series (QQQ) surged 1.4% to $492.61.
  • The iShares Russell 2000 ETF (IWM) gained 1.1% to $222.47.
  • The Consumer Discretionary Select Sector SPDR Fund (XLY) outperformed with a 1.7% increase.
  • The Materials Select Sector SPDR Fund (XLU) lagged, rising by 0.4%.

Here are some Monday's stock movers:

  • Vertex Pharmaceuticals Inc. (VRTX) rose by 4.8%.
  • Palantir Technologies Inc. jumped 22.8%.
  • NXP Semiconductors NV (NXPI) fell by 6.8%.
  • Diamondback Energy Inc. (FANG) decreased by 1.6%.
  • American International Group Inc. (AIG) dropped by 2.3%.
  • Illumina Inc. (ILMN) was down by 0.5%.
  • Apollo Global Management Inc. (APO) rose by 6.2%.
  • Emerson Electric Company (EMR) gained 6.8%.
  • Marathon Petroleum Corp. (MPC) went up by 3.9%.
  • Cummins Inc. (CMI) increased by 8.8%.
  • Targa Resources (TRGP) rose by 4.7%.
  • YUM! Brands, Inc. (YUM) went up by 2.5%.

Lastly, the bond market fear gauge soared to a one-year high ahead of U.S. election results. Analysts noted that "bond vigilantes have been voting early."