As Wall Street Awaits the US Election, Stocks Rise – Europe Market Wrap
US equities futures gained as voting began on Tuesday in a close presidential election between Donald Trump and Kamala Harris.
Traders are becoming cautious following one of the most turbulent and dramatic presidential elections in modern history. With surveys predicting a photo-finish, the possibility of a challenged result means that the vote count might take days, if not weeks.
US market futures increased modestly, with Nasdaq 100 contracts up 0.2%. Palantir rose 13% in premarket trade on record profits and strong demand for its AI software. The Dollar held stable, as 10-year Treasury rates rose 2 bps to 4.30%.
Boeing rose 2.2% in early trading after workers voted to end a strike that had halted aircraft manufacturing for 53 days. S&P 500 futures rose 0.1%. In Europe, the benchmark Stoxx 600 remained relatively unchanged, with volumes roughly two-thirds of the 20-day average.
Some hedge funds prefer currency options that will benefit from a lower Dollar if Harris wins the presidency. Close polling, particularly in Iowa, has prompted leveraged funds to reconsider who would win, with some reversing bullish Dollar bets on Monday.
