The S&P and Nasdaq turned in their best session in more than a month
Stocks turned in a stellar session on Election day, with the S&P 500 turning its best best win since Sept. 19, the Dow securing its biggest gain since Oct. 11, and the Nasdaq since Oct. 8. Attention is fixed on the results of the tight U.S. Presidential election, but which party has the upper hand in Congress could determine the trajectory of spending and/or tax policy changes.
In the background, the Federal Reserve is gearing up to make its November rate decision on Thursday, and Chair Jerome Powell's subsequent commentary. As of this writing, the CME Group's FedWatch Tool shows traders pricing in a 99% chance of a quarter-point cut.
Continue reading for more on today's market, including:
- The best semiconductor stock to own this month.
- Why this steel stock pulled back.
- Plus, avoid this stock in November; Dollar Tree's c-suite shakeup; and Palantir's earnings report.
5 Things to Know Today
- The Boeing (BA) machinists that walked off the job on Sept. 13 just approved a labor contract that comes with a 38% raise. (CNBC)
- After two years of underperformance, commercial real estate bonds are on track for their best yearly outing in a decade. (MarketWatch)
- Avoid this tobacco stock this month.
- Dollar Tree's CEO steps down.
- Palantir stock hit record highs after earnings.
Oil, Gold Prices Rise Ahead of U.S. Election Results
Oil prices turned in their fifth-straight win, as investors awaited the results of the U.S. election. December-dated West Texas Intermediate (WTI) crude rose 52 cents, or 0.7%, to settle at $71.99 per barrel for the session.
Gold prices also gained today, rising after first-time precious metals buyers rose last month ahead of the U.S. election. Gold for December delivery added $3.50, or 0.1% to settle at $2,749.70 an ounce.