Index Tallies Election Day Upswing

Regardless of uncertainty over the following occupant of the White Home and the financial insurance policies that might ensue, main U.S. equities indexes pushed increased as voters headed to the polls on Election Day. Nonetheless, traders are possible bracing for market volatility if the end result stays undetermined over the approaching days.

The S&P 500 jumped 1.2% on Tuesday. The tech-heavy Nasdaq surged 1.4%, whereas the Dow added 1.0%.

The highest efficiency within the S&P 500 on Election Day belonged to analytics software program supplier Palantir Applied sciences (PLTR), whose shares skyrocketed 23.4%. The surge within the inventory got here after Palantir reported better-than-expected income and internet revenue for the third quarter. Palantir’s CEO highlighted “unrelenting AI demand” as a key driver of the corporate’s robust efficiency.

Engine producer Cummins (CMI) additionally reported third-quarter gross sales and earnings that exceeded analysts’ forecasts, and its shares popped 9.0% increased. Though gross sales had been basically flat year-over-year, Cummins elevated its earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA), reflecting margin enlargement.

Emerson Electrical (EMR) shares surged 7.2% after the economic expertise and engineering firm topped quarterly gross sales and revenue estimates, boosted by progress in its Clever Gadgets section. The agency additionally introduced plans to amass the remaining stake in Aspen Know-how (AZPN), an automation software program supplier already underneath Emerson’s partial management, in an effort to boost its place within the industrial automation market.

Shares of Celanese (CE) plummeted 26.3%, the steepest drop of any S&P 500 inventory on Tuesday, after the chemical provider’s third-quarter gross sales and earnings fell in need of expectations. Softness in key finish markets, together with paints, coatings, and building, weighed on the corporate’s efficiency, together with declines within the automotive and industrial sectors within the Western Hemisphere. Celanese additionally lower its dividend and introduced plans to reduce manufacturing, suggesting it expects headwinds to persist.

On line casino operator Wynn Resorts (WYNN) additionally reported weaker-than-expected top- and bottom-line outcomes for the third quarter, and its shares dropped 9.3%. A slowdown in Wynn’s Las Vegas operations contributed to the shortfall, whereas the corporate’s leads to Macau had been combined. Wynn additionally famous an funding of $18.2 million through the quarter in its three way partnership that’s underneath building within the United Arab Emirates.

Archer-Daniels-Midland (ADM) shares fell 6.0% after the agricultural commodities maker canceled its scheduled earnings convention name and introduced that it could restate earlier monetary outcomes. The corporate mentioned that, together with beforehand disclosed points that led to a previous restatement, it has found extra accounting inaccuracies affecting a number of segments, noting that it’s working to finish the restatements as quickly as attainable. ADM additionally supplied preliminary third-quarter outcomes that got here in under forecasts.