Stock markets closed lower before election due to risk aversion and tech stock weakness.

From Nasdaq: 2024-11-04 18:11:31

1. Stock markets closed lower on Monday with the S&P 500, Dow Jones, and Nasdaq all down. Long liquidation pressures emerged ahead of the US presidential election. Tech stocks weakness weighed on the market.
2. Energy stocks rallied as crude prices rose, leading to gains for companies like Sherwin-Williams and Fox Corp. US factory orders fell as markets focus on the upcoming US election and corporate earnings reports.
3. Interest rates shifted as polls favored Democratic candidate Harris, supporting T-notes. Overseas markets were mixed, with European bonds seeing varied yields. Swaps indicate expectations for ECB rate cuts in December.
4. US power stocks faced pressure after a regulatory decision against increasing power to an Amazon data facility. Companies like Marriott International and B. Riley Financial reported weaker-than-expected results.
5. Energy stocks like Exxon Mobil and Diamondback Energy rose on higher crude prices. Sherwin-Williams and Air Transport Services Group also saw gains, while Yum China reported strong Q3 earnings. Earnings reports for various companies are expected on November 5th.

Read more at Nasdaq: Stocks Finish Lower on Risk Aversion Before Tuesday’s Election