US stock market forecast: November 5 Election results, recession fears to drive S&P 500, Dow Jones, Nasdaq

US stock indices S&P 500, Dow Jones Industrial Average, Nasdaq will be driven by three pivotal factors in the week starting on November 4. US election 2024 results will be out even as Wall Street is for another cut to interest rates next week. Add to these, recession fears and weak jobs report are likely to have impact.

US Election 2024 Polling Day

US Election 2024 Polling Day is on November 5 and results of the tight fight between Republican Donald Trump and Democratic Kamala Harris will be out.

US Jobs Report

Economists said Friday’s jobs report contained a lot of noise and perhaps not much signal. Besides two hurricanes that left destructive paths across the United States during the month, a strike by workers at Boeing also helped depress the numbers.

All those distortions make the numbers difficult to parse, “but it doesn’t change our view that the labor market should further decelerate in coming months,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

Recession Fears

The hope on Wall Street is that the economy will still avoid a recession, even with that expected slowdown in the job market, thanks in part to coming cuts to interest rates by the Fed. The overall economy has so far remained more resilient than feared.

A separate report on Friday said U.S. manufacturing contracted by more last month than economists expected. It’s been one of the areas of the economy hurt most by the Fed’s keeping interest rates at a two-decade high until September.On Friday, S&P 500 rose 0.4 per cent to recover some of its loss from the day before, which was its worst in eight weeks. The Dow Jones Industrial Average added 288 points, or 0.7 per cent, while the Nasdaq composite gained 0.8 per cent. The S&P 500 rose 23.35 points to 5,728.80. The Dow gained 288.73 to 42,052.19, and the Nasdaq composite added 144.77 to 18,239.92.

FAQs

Q1. What are three US stock indices?
A1. US stock indices S&P 500, Dow Jones Industrial Average, and Nasdaq.

Q2. When is US election 2024 polling day?
A2. US election 2024 polling day is on November 5.