Investors are bracing for a long night amid the contentious U.S. presidential race that will have big ramifications for the markets and economy.
Stock futures were calm in early trading Tuesday evening as investors brace for a long night amid a contentious U.S. presidential race that will have big ramifications for the markets and economy.Trump's agenda of tax cuts could give Corporate America a tangible boost, but steep tariffs and a potential global trade war under his presidency could cause more uncertainty and a resurgence of inflation.
Investors are also closely watching if the partisan makeup of the houses of Congress remains divided. A Republican or Democratic sweep could lead to more drastic spending changes or a big revamp of tax policy.that a Trump win and Republican sweep of Congress would spark a 3% pop in the S&P 500. Even a Trump win and a divided Congress would cause about a 1.5% gain, the bank predicts. On the other hand, a Harris win with a divided Congress would cause a 1.
Following the election, another market-moving event looms this week in the latest Federal Reserve rate decision on Thursday. Traders are pricing in a 99% chance of a quarter-point cut following September's half-point reduction, according to— Shares of the server maker dropped 17% after the company's unaudited sales results for its fiscal first quarter came in short of expectations, as did guidance for the December quarter.
As investors await results for which party will occupy the White House on Tuesday, an answer on the makeup of Congress could help lift stocks on Wednesday, according to Blue Line Capital founder and president Bill Baruch. "I think right now as you look at it a split Congress if we get an answer there tonight, I expect the market to be higher tomorrow," Baruch told CNBC's"Halftime Report" on Tuesday.Futures contracts for the S&P 500, Dow and Nasdaq 100 were all modestly higher when trading began at 6 p.m. in New York on election night.10-year yield to 4.
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