Best Day in Weeks for Stocks, but Vote Count Looms
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Welcome to the swamp market update podcast, where each trading day we recap tea market results and statistics. I'm Keith Lance ferd, and here's a summary of what happened today, tuesday, november fifth. Heading into election nigh, stocks deliver their strongest session in weeks on fresh signs of economic strength, even while treasury yields and volatility eased.

How things go tomorrow could depend on what investors know by then. In the big question might be unanswered when wednesday's opening bell rings. Remember, biden was not declared the winner until the saturday after election day and twenty twenty, and the polls were not nearly as tight in the run up to that race as they have been in twenty twenty four, said Michael townson, managing director of legislative and regulatory affairs.

And swam market of volatility is likely to increase this week if we have ongoing uncertainty about the outcome yet did markets don't care much about the outcome, but the markets are eager for an outcome? Investors, like most people, mostly just want the election behind them. Today's move came amid average volume following a roughly two percent pullback and major indexes over the last week.

The broader market is down two straight weeks after rising six consecutive weeks. The latest consolidation episode was likely driven by bondel concerns and some determination in earnings outlooks to set liza sadder, chief investment strategist at swab, excitement about the election finally being over the and political uncertainty possibly fading also arguably helped wall street today. If you're wondering how the outcome might affect the market, check the latest election insights from swap experts.

Issues like taxes, immigration and and the regulatory environment all could be affected by the results. You can also learn how to follow futures trading trends tonight as vote totals roll in. Here's where the major benchMarks ended.

The S M P five hundred index rose seventy point zero seven points, or one point two three percent, to five thousand seven eighty two point seven six that our Jones industry rial average added four hundred and twenty seven point two eight points, or one point zero two percent to forty two thousand two thousand one point eight eight and the last at composition increased two hundred and fifty nine point one nine points, or one point four three percent to eighteen thousand four thirty nine point one seven. The ten year treasury no yield dropped two basis points to four point two nine percent, and the sea boo volatility index, or vicks, slipped to twenty point seven two. Advancing shares easily outpace decliners today, helping bread improve after IT determinate over the last two weeks, a rally is generally seen as healthier when IT lifts most stocks rather than just a select few.

Yes, M, P five hundred had its best day today in september nineteen team, though it's a treated water. Most of last month, every S, M, P, five hundred sector finished grain after a poor start to the week, consuming this question ary LED. Following an impressive october I sm services pm.

I report animate solid performances by automobile, restaurant and travel firms. Utility is advanced as yields fell and info tech got a boost from talent tears post earnings rally that lifted semon doctors on a enthusiasm. Volatility remains slightly elevated for stocks, sand high for bonds, but could begin to dissipate should an election result become clear by thursday or friday, congressional control could take longer to determine due to many close house races.

Whoever ends up in the White house long term, investors should ignore the noise and focus on their goals and financial plans. Presidential elections have historically had very little impact on markets. Stocks of generally performed well under both parties.

As far as stocks on the move, partier climbed twenty three point four seven percent after beating analysts earnings and revenue estimates and provided guidance exceeding wall streets thinking and its really is palante cited unrelenting A I demand that won't slow down. Boeing declined two point six two percent as workers voted to accept a new labor contract fifty three days struck by thirty three thousand machinist and arrow space employees, severely limited production. Athelete builder workers will begin returning to their jobs tomorrow, bloomberg reported.

Marta plunged to forty two point five two percent after the financial services company cut its forth quarter revenue forecasts and received several analyst downgrades. R Daniel midland lost almost six percent after missing analysts earnings expectations and postponing its conference call to correct accounting problems. The agricultural company called its quarter chAllenging do in part to weak results from the egg services and oil seeds business, and win resorts fell nine point three four percent after a big earnings.

And revenue is though the company reported healthy demand and increased to share your purchase program. A drop in lost vegas is Operating revenue hurt the quarter. Travel and technology firms dominate earnings this week, including ARM holdings, qualcomm and airbnb. Many air and cruise lines reporting third court results were upbeat about the months ahead, but airbnb wasn't so enthusiastic in August when IT last reported its results thursday afternoon could be worth watching to see if that changed as the economy remained resilient. Qualcomm reports tomorrow afternoon after its previous quarter reports showed double digit euro year sales growth for the company's smartphone processors business.

At the time I delivered what analysts considered strong guidance for the cortez reporting tomorrow, ARM also tomorrow saw a dive the last time IT reported as investors reacted to what analysts saw as conservative guidance from the chip architecture maker as earnings season roles on earlier strength has flagged slightly. The percentage of companies beating analyst systems and the blended growth rate of actual and estimated earnings per share both faded over the past week, though earnings per share growth remains well above earlier expectations. Additionally, analysts paired estimates for fourth quarter earnings per share growth this bears watching with the S M.

P five hundred trading had a foobar Priced earnings or P, E ratio that's historically lofty above twenty one analysis. Companies might update twenty twenty five investments once the election results become clear and they have a Better handle on how IT might affect terror and tax policy. We need to know which party controls the White house, the senate and the house of representatives.

Then we will have some real clues about how key policy issues like the debt ceiling and tax reform will unfold in twenty twenty five, said chops towns ones voting ends, attention shifts to the federal reserve meeting starting tomorrow and ending with a rate decision on thursday. At two P. M.

Eastern time, we expect the fed to cut the fed funds rate by twenty five basis points at this weeks meeting, but forward guidance may be cautious, said Cathy Jones, the chief fixed income strategist at hum techno claim. The S M P five hundred appeared to catch some by the depth interest down near the fifty day moving average at around fifty seven hundred. Today's move pushed the S M P five hundred towards resistance at the twenty day moving average just above fifty eight hundred.

The I sm services PMI for october out earlier today or past expectations and reached a two year high, the headline reading of fifty six percent, up from fifty four point nine percent in september. Analysts had expected a headline of fifty three point eight percent and any reading about fifty signals expansion, the I, S. M.

Services print to a solid and has had a pretty impressive move lately, said Kevin gordon, director and senior investment strategist. Etch wab in june, he was forty eight point eight, and now it's fifty six, a forty two billion dollar ten year treasury note auction today saw relatively strong demand, helping send the yield down sharply from earlier hides posted after the I sm services data options are under scrumpy. With debt levels high and the government issuing heavy supplies, any wavering in the body might under piny yields and hurt interest sensitive areas like small caps and dividend payers.

Though the fed meeting this is overshadowed by the election and the outcome appears relatively certain, investors might want to focus on the central banks wording and a body language coming out of the room. Not all members approach this meeting with a particularly double h attitude. Several wanted to cut rates just twenty five basis points in september before agreeing to a fifty basis point cut, but one fed governor voted for twenty five.

The meeting this week doesn't include updated projection materials, so that raises the profile of power's comments. As of late today, traders to see ninety nine percent chances rates will fall twenty five basis points at the conclusion of the federal open market committee meeting thursday and a one percent chance of no move based on the C M E fed watch tool. Odds of two cuts in the final two meetings of the year stand at seventy six percent after last week soft october jobs report.

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