Wall Street today: US stocks rise on Election Day as chips & techs rally | Stock Market News

US stocks rose on Tuesday as chips and technology shares rallied, while investors awaited the outcome of the tightly contested presidential election and other potentially market-rattling events this week.

The Dow Jones Industrial Average rose 249.82 points, or 0.60 per cent, to 42,044.42, the S&P 500 gained 45.37 points, or 0.79 per cent, to 5,758.06 and the Nasdaq Composite gained 186.57 points, or 1.03 per cent, to 18,366.55.

Investors are concerned about the uncertainty about the election outcome as it may not be known for days or weeks as officials count all the votes.

Another potential factor for volatility, the Federal Reserve will be meeting on interest rates later this week.

GlobalFoundries shares surged 9 per cent after the chipmaker’s upbeat forecasts. Nvidia advanced 2.4 per cent.

Stocks of Meta Platforms gained 1.8 per cent, and Tesla rose 4 per cent.

Palantir shares soared 21.2 per cent to a record high after the data analytics firm raised its annual revenue forecast.

Futures for the S&P 500 and the Dow Jones Industrial Average each rose 0.2 per cent before the opening bell.

Boeing shares gained by 0.1 per cent after its factory workers, who had been on strike, voted to accept the planemaker’s latest contract offer.

In the bond market, the yield on the 10-year Treasury rose to 4.31 per cent from 4.29 per cent late on Monday. 

Crude oil

Oil prices traded in a narrow range on Tuesday after rising more than 2 per cent in the previous session as OPEC delayed plans to hike production in December.

Brent crude futures were up 45 cents, or 0.6 per cent, to $75.53 a barrel by 1226 GMT, while US West Texas Intermediate crude was at $71.94 a barrel, up 47 cents, or 0.7 per cent.

Bullion

Gold prices were steady on Tuesday as market participants braced for the outcome of the US election.

Spot gold was little changed at $2,739.79 an ounce by 1231 GMT. US gold futures edged up 0.1 per cent to $2,749.20.

Spot silver rose 0.3 per cent to $32.58 an ounce.