US stock futures moved higher on Tuesday as Election Day got underway, with investors waiting to see whether Kamala Harris or Donald Trump will shape the economy as the next president.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the gains, up 0.4%, while S&P 500 futures (ES=F) rose about 0.3%. Dow Jones Industrial Average futures (YM=F) were up 0.2% after a losing day for stocks.
Americans head to the polls as Harris and Trump run neck-and-neck after an intensely contested presidential race. Investors worry about market volatility because the outcome may not become clear for days – or even weeks, if the outcome is disputed.
Read more: The Yahoo Finance guide to the presidential election and what it means for your wallet
Given the vast difference in the candidates’ positions on the economy, a long wait for a declared winner could create more uncertainty in the markets. But historically, the lack of a clear win has created turbulence in the short term, but has rarely halted the long-term trend toward gains.
Yields on the dollar (DX-Y.NB) and government bonds traded broadly steady after a pullback on Monday as traders reversed their bets on a Trump victory. The dollar edged lower, while the benchmark 10-year Treasury bond yield (^TNX) was 3 basis points higher.
Just ahead of us is the Federal Reserve’s policy decision in November, with much at stake on Election Day as well. Chairman Jerome Powell is expected to cut rates by 25 basis points at the end of the two-day meeting on Thursday.
Meanwhile, another big set of quarterly earnings is set to arrive, with results from struggling AI server maker Super Micro Computer (SMCI) and Ferrari (RACE) due.
The bitter seven-week strike at Boeing (BA) has ended after factory workers voted in favor of a new contract with a 38% pay increase. The aircraft manufacturer’s shares rose 2% in pre-market trading.
