| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42221.88 | 427.28 | 1.02% |
| S&P 500 | 5782.76 | 70.07 | 1.23% |
| Nasdaq | 18439.17 | 259.19 | 1.43% |
| VIX | 20.49 | -1.49 | -6.78% |
| Gold | 2753.20 | 7.00 | 0.25% |
| Oil | 72.00 | 0.53 | 0.74% |
US MARKET
US stocks rallied on Tuesday as Americans headed to the polls in a highly anticipated Election Day. The tech-heavy Nasdaq Composite led the gains, climbing 1.4% to mark its best session since early October, while the S&P 500 rose 1.2%, recording its strongest performance since mid-September.
The Dow Jones Industrial Average also surged, adding over 400 points, or 1%, as stocks bounced back from Monday’s losses. With a close race between Kamala Harris and Donald Trump, market watchers are preparing for potential volatility as the final results could take days or even weeks to resolve, especially if contested.
Investors remain cautious, given the significant policy contrasts between the candidates, particularly on economic issues. A delayed outcome could heighten uncertainty, yet historically, such periods of short-term volatility have not disrupted the long-term upward trend in markets. Meanwhile, the dollar slipped further as traders tempered expectations for a Trump victory.
On the corporate front, Boeing ended a seven-week strike after factory workers agreed to a new contract offering a 38% wage increase. Despite the positive development, Boeing shares closed nearly 3% lower after initially opening in the green.
LOCAL MARKET
Australian shares are expected to open higher today, mirroring a strong performance on Wall Street overnight, with ASX futures up 45 points or 0.6% at 7:05 am AEDT. The Australian dollar also edged higher, trading at US66.36¢.
On the commodities front, iron ore climbed 2% overnight to $US105.95 per tonne ahead of a significant policy meeting in Beijing, where additional economic stimulus measures could be announced to support growth.
Domestically, Suncorp reaffirmed its FY25 guidance, with expectations that its underlying insurance trading ratio will sit toward the upper end of the 10% to 12% range. Other notable events in Australia include annual general meetings for Domain Holdings, Domino’s Pizza, Fortescue Metals Group, and IGO, while Goodman Group will release its latest earnings results.