Mainstay Capital Management CEO David Kudla discusses his outlook for the markets.
Stock futures jumped Tuesday morning as Americans head to the polls to cast their ballots for the next president.
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The Dow Jones Industrial Average jumped over 400 points, a gain of 1.5%, while the S&P 500 rose 1.3%. The tech-heavy NASDAQ Composite was up 0.6%.
The gains extend the broad rally in equities Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26925.05 | +423.45 | +1.60% |
| SP500 | S&P 500 | 3310.24 | +40.28 | +1.23% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10957.611413 | +46.02 | +0.42% |
Among the issues for voters are an economy in a slow recovery and the ongoing pandemic.
Cases of COVID-19 in the U.S. continue to surge, with 93,000 daily cases tallied on Monday. Nearly 9.3 million Americans have been infected with the virus, resulting in over 231,000 deaths, according to data provided by Johns Hopkins University.
STOCKS SEE ELECTION BOOST, SENATE RACES NARROW
European indices rose as well, with the STOXX Europe 600 tacking on 1.6%, with similar gains for the German DAX, French CAC 40 and U.K. FTSE 100.
LIGHT ON EARNINGS
Earnings season will take a break on Tuesday, as most eyes turn toward the election. However, there are some notable companies reporting quarterly results before the market opens, including Humana, Eaton Corp. plc, McKesson Corp. and Fox Corp.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HUM | HUMANA | 408.58 | +9.30 | +2.33% |
| ETN | EATON CORP. | 107.34 | +3.55 | +3.42% |
| MCK | MCKESSON CORPORATION | 152.03 | +4.54 | +3.08% |
| FOXA | FOX CORP. | 27.40 | +0.88 | +3.32% |
Fox Corp. is the parent of FOX Business and Fox News.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PRU | PRUDENTIAL FINANCIAL | 65.93 | +1.91 | +2.98% |
| Y | ALLEGHANY | 565.33 | +18.40 | +3.36% |
After the close of trading, financial services companies Prudential Financial and Alleghany Corp report quarterly results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 187.76 | +1.63 | +0.88% |
In other corporate news, PayPal Holdings Inc. shares fell nearly 4% in early Tuesday trade after the financial technology giant offered tepid guidance after a solid quarter.
PAYPAL SEES PANDEMIC BOOST, VENMO TO HIT $900M IN REVENUE
TWITTER IN SPOTLIGHT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 39.47 | -1.89 | -4.57% |
Twitter shares are in the spotlight on Tuesday after CEO Jack Dorsey will keep his job after a review from activist investor Elliott Management as Dorsey has seen his net worth fall over $178 million since last Friday.
SPARSE ECONOMIC DATA
The last remaining bit of economic data before the polls close will be released at 10 a.m., with economists getting a look at September factory orders. Expectations call for a rise of 1.1%, up from 0.7% in the prior month.
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West Texas Intermediate crude oil rose for a second day, climbing 2.7% to $37.80 a barrel. In other commodities, gold ticked higher to $1,899.40 an ounce.
