Wall Street Indexes Edge Higher as Control of the White House and Congress On the Line

Barry Adams
05 Nov, 2024
New York City

Stocks on Wall Street traded in a tight range as voters across the U.S. cast their ballots on the final day of voting in the tightly contested presidential and congressional elections. 

The S&P 500 index and the Nasdaq Composite edged higher by 0.3% as investors reviewed another batch of corporate results. 

The election results are likely to have significant effects on government spending, individual and corporate taxes, healthcare insurance, NATO funding to support war in Ukraine, immigration policy, and trade barriers on goods imported from China. 

About 82 million voters have cast their ballots as of Monday, representing over half of the votes cast in the 2020 presidential election, according to the Associated Press. 

About 66% of the eligible voters, totaling 159 million, cast their ballots in the U.S. presidential election in 2020, the highest rate for any national election since 1900. 

In addition to elections, the U.S. Federal Reserve is expected to announce its rate decisions on Thursday, and traders are divided about the possible rate cut of 25 basis points. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.4% to 5,734.39, the Nasdaq Composite rose 0.5% to 18,275.43, and the Russell 2000 index rose 0.4% to 2,219.03. 

The yield on 2-year Treasury notes edged higher to 4.20%, 10-year Treasury notes inched higher to 4.33%, and 30-year Treasury bonds increased to 4.51%.

WTI crude oil increased $0.52 to $71.98 a barrel, and natural gas prices edged up 3 cents to $2.81 a thermal unit.

Gold increased by $1.74 to $2,737.64 an ounce, and silver increased by $0.19 to $32.59.

The dollar index, which weighs the US currency against a basket of foreign currencies, edged lower to 103.75.

 

U.S. Stock Movers

Restaurant Brands International declined 2.2% to $68.50 after the parent of Burger King reported mixed quarterly results. 

Palantir Technologies increased 15.4% to $47.72 after the software company and defense contractor reported higher than expected quarterly results. 

NXP Semiconductors dropped 5% to $224.50 after the advanced chip maker estimated weaker-than-expected fourth quarter revenue, citing macroeconomic weakness in the U.S. and Europe. 

Wynn Resorts decreased 2% to $93.64 after the casino operator reported weaker-than-expected revenue and earnings in the third quarter. 

Boeing Company increased 1.8% to $157.90 after the striking workers agreed to accept the 38% pay hike over four years and ratification and productivity bonuses. 

The vote ends the 53-day strike that crippled the aviation company and resumes the much-needed cash. 

About 33,000 workers are set to resume work after 59% of union members voting members accepted the company's third formal offer. 

Yum Brands increased 0.1% to $133.0 after the parent company of Pizza Hut and KFC reported weaker-than-expected quarterly results. 

Same-store sales at both KFC and Pizza Hut declined 4%.