Wall Street rallied on Tuesday as improved investor sentiment aligned with millions of Americans casting their votes for the 47th president.
Betting markets leaned slightly toward Donald Trump, with CFTC-regulated Kalshi placing Trump's win probability at 56% compared to Kamala Harris's 44%.
National polls show a close contest, with the latest New York Times/Siena College poll indicating both candidates tied at 48% in the popular vote.
The S&P 500 climbed 1.2%, while the tech-focused Nasdaq 100 surged 1.5%, marking its strongest one-day increase in nearly a month.
All 11 sectors of the S&P 500 experienced gains, with consumer discretionary stocks outperforming. Small caps also joined the rally, with the Russell 2000 index gaining 1.1%.
Palantir Technologies Inc. (NASDAQ:PLTR) led the S&P 500, with shares soaring after the artificial intelligence company surpassed quarterly earnings estimates and provided strong guidance.
In macroeconomic news, U.S. services sector activity hit over two-year highs in October, outperforming expectations.
Treasury yields increased by 5 basis points, while the dollar declined for a second consecutive session.
Gold edged up 0.3%, hovering near record highs, and oil prices gained 1.2% after a 3.2% surge on Monday.
Crypto sentiment was strong as well, with Bitcoin (CRYPTO: BTC) jumping 4.5% to over $70,000 and Dogecoin (CRYPTO: DOGE) spiking 12%.
Read also: If Trump And Republicans Sweep, Dollar May Climb 7% — But Harris Win Could Bring 5% Drop, Says JPMorgan
Tuesday's Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Nasdaq 100 | 20,259.62 | 1.5% |
| S&P 500 | 5,779.38 | 1.2% |
| Russell 2000 | 2,244.40 | 1.1% |
| Dow Jones | 42,191.93 | 1.0% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 1.1% to $575.87.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.9% to $421.79.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) soared 1.4% to $492.61.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 1.1% to $222.47.
- The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, rising 1.7%. The Materials Select Sector SPDR Fund (NYSE:XLU) lagged, up 0.4%.
Monday's Stock Movers
Stocks reacting to earnings reports included:
- Vertex Pharmaceuticals Inc. (NASDAQ:VRTX), up 4.8%
- Palantir Technologies Inc., up 22.8%
- NXP Semiconductors NV (NASDAQ:NXPI), down 6.8%
- Diamondback Energy Inc. (NASDAQ:FANG), down 1.6%
- American International Group Inc. (NYSE:AIG), down 2.3%
- Illumina Inc. (NASDAQ:ILMN), down 0.5%
- Apollo Global Management Inc. (NYSE:APO), up 6.2%
- Emerson Electric Company (NYSE:EMR), up 6.8%,
- Marathon Petroleum Corp. (NYSE:MPC), up 3.9%,
- Cummins Inc. (NYSE:CMI), up 8.8%,
- Targa Resources (NYSE:TRGP), 4.7%,
- YUM! Brands, Inc. (NYSE:YUM), up 2.5%,
- Bond Market Fear Gauge Soars To 1-Year High Ahead Of US Election Results: 'Bond Vigilantes Have Been Voting Early'
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