Stock market today: Dow, S&P 500, Nasdaq slip as Wall Street braces for Election Day

Published On Nov 4, 2024, 3:03 PM

The U.S. stock market experienced a decline ahead of the presidential election, with investors bracing for potential volatility due to the upcoming federal policy decisions and election results. The Dow Jones Industrial Average fell about 200 points, the S&P 500 dipped 0.2%, and the Nasdaq Composite also dropped slightly. Market sentiment is influenced by solid earnings, expectations of an interest rate cut by the Federal Reserve, and the close race between presidential candidates Kamala Harris and Donald Trump. Polls have shown Harris gaining ground in key areas, leading to shifts in market forecasting. Additionally, OPEC+ decisions on oil production are impacting oil prices, which have seen a significant increase.

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Stock Forecasts

SPYView SPY chart on TradingView

Negative

The election outcome is expected to create volatility in the markets. If Democrats led by Harris succeed, sectors such as renewables and tariff-exposed consumer goods could benefit in the short term. Conversely, if Trump wins, financials and industrials might outperform. Overall, expect heightened volatility around election results.

XLFView XLF chart on TradingView

Neutral

The market's anticipation of a Federal Reserve interest rate cut could provide some support to equities, particularly in sectors sensitive to rates. However, ongoing political uncertainty and fluctuations in poll results may hinder significant upward movement in market prices.

XLEView XLE chart on TradingView

Positive

Oil prices may continue to rally due to OPEC+ decisions, which can positively impact energy stocks. Investors may look at energy ETFs or stocks to find potential growth opportunities in the backdrop of rising oil prices.

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