- US stocks were lower Monday as investors braced for the US presidential election.
- Record voter turnout is expected, with over 76 million early votes already cast.
- Following the election, investors will quickly shift focus to the Fed meeting on Wednesday.
US stocks traded slightly lower on Monday as investors prepared for an action-packed week of events.
All eyes are on the US Presidential election, with polls set to close Tuesday evening. So far, more than 76 million Americans have voted via mail-in ballots or via early in-person voting, suggesting potential record turnout this year.
After a shock Iowa poll showed Kamala Harris leading the state against Donald Trump over the weekend, betting odds have tightened in the race after Trump spent the weeks leading up to the vote far ahead of Harris.
For a full rundown of the implications for the economy and stock market based on who wins the election, read BI's deep dive on the potential impacts here.
After the election, investors will shift their attention to the Federal Reserve. The central bank's FOMC meeting is scheduled for Wednesday and Thursday, with an interest rate decision expected on Thursday.
According to the CME FedWatch Tool, markets see a 96% chance of the Fed cutting rates by 25 basis points.
Investors will also pay attention to initial jobless claims and productivity data, set to be released Thursday morning.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
- S&P 500: 5,711.31, down 0.31%
- Dow Jones Industrial Average: 41,893.80, down 0.38% (-158.39)
- Nasdaq composite: 18,121.72, down 0.62%
Here's what else is going on:
- Berkshire Hathaway trimmed its stake in Apple again. The conglomerate is now sitting of $325 billion in cash.
- The US is pumping more oil than ever, and it's complicating things for crude-exporting countries.
- Nvidia will replace Intel in the Dow Jones Industrial Average, and Sherwin-Williams will replace Dow.
- Wall Street professionals expect Donald Trump to win the Presidential election, according to a new survey.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil rose 2.59% to $71.29 a barrel. Brent crude, the international benchmark, was higher by 2.42% to $74.87 a barrel.
- Gold jumped 0.19% to $2,754.30 an ounce.
- The 10-year Treasury yield declined 11 basis points to 4.284%.
- Bitcoin decreased 0.17% to $68.627.