Stocks rose Tuesday morning as investors braced for the outcome of the presidential election. The Dow Jones Industrial Average rose 359 points, or 0.8%, in mid-morning trading. The S&P 500 rose about 0.8%, while the tech-heavy Nasdaq rose about 1%.
An index that tracks the dollar hit its lowest point in more than a month on Monday morning and hovered just above that mark on Tuesday. Ten-year government bonds rose slightly.
The moves came with the end of the presidential election in sight – although it could take days before the outcome became clear.
The election between Trump and Harris is on the rocks
Markets, convinced that former President Donald Trump was headed for victory, began to engage with the Trump Trade earlier this year — or as investors traded in response to a possible second Trump administration. However, recent polls show Trump and Vice President Kamala Harris neck-and-neck.
Several polls released this weekend show Harris gaining ground on Trump, including in battleground states such as North Carolina and Georgia. And a new poll from famed Iowa pollster Ann Selzer published by the Des Moines Register found her ahead of Trump by three points in Iowa, a Trump-friendly state.
According to the polling average of 538, Harris wins 50 times out of 100, while Trump wins 49 times out of 100. Others, like Decision Desk HQ and The Hill’s averages, show Trump has a 54% chance of winning the election, compared to Harris’ 46%.
Trump Media Stocks Rise 15%
Shares of Trump Media and Technology Group (DJT) rose nearly 15% in morning trading. Shares of Trump Media, the company that owns former President Donald Trump’s social media site Truth Social, closed down more than 12% on Monday. This week marked a renewed period of “pre-election euphoria” for Trump Media.
Shares of Phunware (PHUN), a mobile advertising company with ties to Trump, rose 7% in morning trading despite its chief financial officer announcing he would resign. The Austin, Texas-based company has been associated with Trump since 2020, when it built the app for Trump’s presidential campaign.
Palantir stock rises, followed by Super Micro Computer’s earnings
Shares of Palantir Technologies (PLTR) rose more than 20% after better-than-expected earnings reports. Artificial intelligence network chip maker Astera Labs (ALAB) also delivered huge profits.
Super Micro Computer (SMCI), which is in danger of being delisted from the Nasdaq, is expected to report profits after the closing bell.
— Rocio Fabbro contributed to this article.
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