Wall Street Rallies on Election Day
Stock in the US rallied on Election Day as investors awaited the outcome of a close race between Kamala Harris and Donald Trump. The S&P 500 rose 1%, the Nasdaq 100 gained 1.3%, and the Dow climbed nearly 400 points.
All sectors were in the green, with consumer discretionary, industrials, and tech leading gains. Chipmakers outperformed, with Nvidia up 2.5%, Intel up 3.4%, and Broadcom rising 2.6%, driven by strong AI data center demand reflected in Astera Labs' solid third-quarter earnings on Monday.
Major tech stocks also gained, including Meta (up 1.6%), Amazon (up 1.7%), and Tesla (up 4.8%). However, Boeing fell 2% as workers accepted a new labor deal, ending a strike. Looking beyond the election, markets are focused on the Federal Reserve's policy decision on Thursday, with traders widely anticipating a 25 basis point rate cut. Investors remain cautious about potential market volatility if election results face delays or disputes.
Source: Trading Economics