Stock futures dip as Wall Street readies for U.S. presidential election: Live updates

Published On Nov 3, 2024, 6:02 PM

Stock futures experienced a dip as investors prepare for the upcoming U.S. presidential election, with a notable decline in futures for the Dow Jones, S&P 500, and Nasdaq-100. The market has had a strong start to November, mostly supported by major technology companies. Market analysts believe the results of the elections will significantly impact the stock market's performance towards the end of the year. Additionally, investors are closely watching the Federal Reserve's upcoming rate decision, anticipating a potential rate cut, which could influence market movements further. The earnings season is ongoing, with many companies set to report in the coming days.

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Stock Forecasts

SPYView SPY chart on TradingView

Negative

The anticipated election results could create volatility in the market. Depending on whether Congress remains divided or one party gains control, market sentiments will vary, potentially leading to direction changes in different sectors. Additionally, a rate cut from the Federal Reserve might offer positive momentum. However, uncertainty around the elections may temporarily push investors towards a more cautious stance.

QQQView QQQ chart on TradingView

Positive

Technology stocks have been performing well recently, providing some stability to the indices. If this trend continues, especially with a positive earnings outlook from major tech companies, it could help the sector maintain its strength in the face of uncertainties surrounding the election.

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