US stocks rally as America votes
The S&P 500 climbed 1.2% on Tuesday. The Nasdaq 100 rose 1.3%, while the Russell 2000 was up 1.9%.
All S&P sectors rallied on Tuesday. The consumer-discretionary-sector ETF gained the most, led by Tesla, which was up 3.5%, and Amazon, which added 1.9%. Auto stocks, including GM and Ford, rose as well. According to LPL Financial Chief Technical Strategist Adam Turnquist, automobile and automobile-component stocks are correlated with Republican nominee Donald Trump’s electoral prospects.
Among megacaps, Big Tech stocks also fueled growth in the broader market. Nvidia surged 2.9% to once again become the most valuable US company. Meta jumped 2.1%.
Looking at single stocks, Palantir Technologies extended its gain from Monday, up a whopping 23.5%. Yum! Brands earnings missed estimates, but the success at Taco Bell pushed the stock up 1.5% on Tuesday. Trump Media & Technology Group finished the day down 1.2%; the stock halted for volatility three times in afternoon trading, after its 18% daily gain was wiped out and shares finished down 1.2%.
Treasury yields lost some gains from earlier in the day, when rates jumped on the release of better-than-expected October business-services PMI data. But the 10-year Treasury yields finished the day down two basis points to 4.29%, while the 2-year yields rose two basis points to 4.2%.
Gold and crude-oil futures both inched higher. The dollar weakened.
