Stock futures were mixed in overnight trading Sunday as investors geared up for the highly-anticipated U.S. presidential election.
Stocks are coming off a strong start to November, with Amazon and big technology stocks boosting the tech-heavy Nasdaq Composite and S&P 500- 0.8% and 0.4%, respectively. The Dow Jones Industrial Average added nearly 289 points, or about 0.7%.
Tuesday's election results — which could lead to a split or united government —could play a pivotal role in where stocks finish off the year. The latest poll form NBC News shows aHowever, much of market aftershocks may hinge more heavily on which party takes control of Congress. If control of the U.S. House of Representatives and Senate is divided, it would likely mean a maintaining of the status quo.
Some on Wall Street view the election as a key obstacle markets need to overcome to rally into year-end, with CFRA Research's Sam Stovall noting that according to data since 1944, a prematurely strong performance in election years often translates to"further improvement" in November and December. "I think we have some volatility into next week," she told CNBC's"Closing Bell" on Friday."We've got a lot going on, but I think that once we get through it, we rally in November and December."Along with the election, Wall Street is bracing for the latest rate decision from the Federal Reserve.
Earnings seasons presses on with about a fifth of the S&P 500 slated to report in the coming week. About 70% of companies that have already reported results have surpassed estimates, according to FactSet data. Super Micro Computer, Moderna, CVS Health, Qualcomm and Wynn Resorts are among the companies reporting in the coming days.Stock futures open lower as Wall Street readies for U.S.
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