Richard Bernstein Advisors CEO Richard Bernstein provides insight into the markets amid the presidential election and the coronavirus pandemic.
U.S. equity futures are indicating gains when trading begins on this Election Day.
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The major futures indexes suggest a rise of 1.2% at the opening bell.
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Markets were extending gains from Monday’s session.
Asian markets saw gains. China’s Shanghai Composite rose 1.4% and the Hang Seng in Hong Kong added 1.9%.
Japanese markets were closed for a holiday.
In Europe, London’s FTSE is adding 1.6%, Germany’s DAX is gaining 1.4% and France’s CAC is higher by 1.5%
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Investors have swung between optimism the global economy was coping better with the coronavirus pandemic and unease that U.S. legislators have failed to approve new aid after expanded unemployment benefits that supported consumer spending expired.
Democrats and Republicans have been haggling about a stimulus renewal for months, since the last round of supplemental benefits for laid-off workers and other stimulus expired. But a deep partisan divide has so far stymied progress.
Traders appear to be hoping a win by Biden and Democrats in the Senate might break the deadlock.
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Markets are uneasy about rising infection rates in Europe, which are prompting more governments to reimpose restrictions on travel and business.
On Wall Street, the benchmark S&P 500 index rose 1.2% to 3,310.24. The Dow Jones Industrial Average gained 1.6% to 26,925.05. The Nasdaq composite picked up 0.4%,to 10,957.61.
| 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% |
Also this week, the U.S. Federal Reserve is due to announce its latest decision on interest rates on Thursday.
The U.S. Labor Department releases its monthly jobs report on Friday.
About 130 companies in the S&P 500 are scheduled to report quarterly results this week.
Investors worry that a contested election would mean it could be weeks before the winner of the White House is certain.
Which party gets control of the Senate may be just as important as the presidency.
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In other trading, benchmark U.S. crude oil added 78 cents to $37.55 per barrel in electronic trading on the New York Mercantile Exchange. It gained $1.02 on Monday to $36.81 per barrel. Brent crude, the international standard, gained 73 cent to $39.70. It rose $1.03 to $38.97 the previous session.
The Associated Press contributed to this report.
