New York Stocks: Investors willing to take risks on presidential election day | 05.11.24

NEW YORK (awp international) – On the day of the US presidential election, investors on the New York stock exchange shrugged off the recent risk. The technology sector was seen as the driver on Tuesday. The Nasdaq 100 rose 1.15 percent to 20,192.46 twice before trading closed.

The S&P 500 rose across the market by 0.99 percent to 5769.26 points. The main Dow Jones Industrial index rose 0.86 percent to 42,152.98 points.

In the fight for political power in the world’s largest economy, Kamala Harris of the Democratic Party and Republican Donald Trump entered this election day with fundamentally different ideas for their country. After months of courting voter favor – with sharp attacks on each other and sometimes dark rhetoric – the two were tied in the latest polls – the outcome is unclear and there are fears of riots. It’s going to be a long and interesting election day, although it can’t be stopped after that, said portfolio manager Thomas Altmann of QC Partners.

The markets may be volatile after the election, but the US economy is strong and should support the stock market in the long term, according to strategists at Goldman Sachs it should be able to stocks withstand higher bond yields while stronger growth drives them, they said further.

The strength of the US economy was confirmed by economic data on Tuesday. The sentiment in the service sector in the United States was surprisingly bright in October. “The service sector is keeping the US economy on a growth path and despite the weakness of the industry, the trend hardly seems to be slowing down in the last quarter of the year,” economists said. Helaba on the data.

Global Foundries took the lead in the Nasdaq 100, with shares reacting to the semiconductor maker’s quarterly figures with an increase of nearly 15 percent. Shares of electric vehicle maker Tesla and chip company Intel, which had been weak the previous day, gained nearly 5 and more than 3 percent respectively. The titles of the expert AI ​​Nvidia rose to their high level with an increase of 2.4 percent.

Palantir reached an all-time high. The big data specialist reported stronger profits than ever for the third quarter and spoke of continued strong demand for AI software. Most recently, Palantir gained nearly 23 percent.

In the chemical sector, however, Celanese investors had a bad day, as the share price fell by around a quarter. The group was disappointed with its profit forecast for the fourth quarter and is cutting the division. On the other hand, Dupont investors were pleased with a higher profit forecast for this year, with shares rising almost 7 percent.

Boeing was in the news because after more than 50 days of strike, workers accepted the aircraft manufacturer’s latest offer. This means that two short-term targets are now eliminated, namely the strike and the capital increase, wrote UBS analyst Gavin Parsons. This did not help the share price, the loss was 1.8 percent./ajx/he