Wall Street Set For Higher Open On Election DayNovember 13, 2020
U.S. election to choose the next President is progressing in New York, New Jersey and Virginia as other locations are readying for polls. Nearly 100 million voters have already voted for their favorite candidate. Investors are keenly awaiting the new president and his policies.
Early signs from the U.S. Futures Index suggest that Wall Street might open all positive.
Asian shares finished higher, while European shares are trading broadly higher.
As of 7.25 am ET, the Dow futures were adding 415.00 points, the S&P 500 futures were gaining 40.50 points and the Nasdaq 100 futures were progressing 73.25 points.
The U.S. major averages all ended notably higher on Monday. The Dow surged up 423.45 points or 1.6 percent to 26,925.05, the S&P 500 moved up 40.28 points or 1.23 percent to settle at 3,310.24 and the Nasdaq firmed up 46.02 points or 0.42 percent to 10,957.61.
On the economic front, Redbook data, a measure of comparable store sales at chain stores, discounters, and department stores for the week will be issued at 8.55 am ET. In the prior week, the Store Sales were up 1.2 percent.
The Commerce Department’s Factory Orders for September will be issued at 10.00 am ET. The consensus is for an increase of 0.6 percent, while it was up 0.7 percent in the previous month.
The 52-week Treasury Bill auction will be held at 11.30 am ET.
Asian stocks gained ground on Tuesday. China’s Shanghai Composite index rose 45.95 points, or 1.42 percent, to 3,271.07 on optimism the economy is recovering from the initial virus outbreaks.
Hong Kong’s Hang Seng index rallied 479.72 points, or 1.96 percent, to 24,939.73.
The Japanese market was closed in observance of Culture Day.
Australian markets rallied. The benchmark S&P/ASX 200 jumped 115.10 points, or 1.93 percent, to 6,066.40, while the broader All Ordinaries index ended up 115.40 points, or 1.88 percent, at 6,262.80.
European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is declining 159.54 points or 3.37 percent. The German DAX is adding 209.12 points or 1.77 percent, the U.K. FTSE 100 Index is gaining 108.50 points or 1.92 percent.
The Swiss Market Index is adding 128.96 points or 1.33 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is gaining 1.87 percent.
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