US Market Updates: It's a big day for Wall Street as the citizens of United States hurry-up to vote for their next President. Who is it? The battle is between Democrat's Kamala Harris and Republican's Donald Trump. As per the polls, both Trump and Harris are in neck-to-neck competition for US Presidential Election 2024. Does that mean, US stock market will be closed on Tuesday, November 5, 2024?
US Stock Market Holiday:
During November month, Wall Street will be closed for ten days, however, there is only one special holiday and that is Thanksgiving on November 28. The rest of the 9 days are weekend holidays. That being said, the business is usual for stock market and other market-related instruments in the United States on Tuesday, November 5, 2024.
It needs to be noted that despite Election not being a federal holiday, some states have declared November 5th as public holiday. These states are New York, Maryland, Hawaii, Illinois, and West Virginia.
US Election 2024:
In its latest report, JM Financial said that the 2024 US Presidential elections between Kamala Harris and Donald Trump is too close to call, with the seven swing states set to decide the final outcome. Trump's proposed policies of lower corporate taxes, higher tariffs on China/ rest of the world and incentives for local manufacturing are expansionary in nature and could lead to higher interest rates, a stronger US dollar and slowdown in global growth. He also intends to withdraw from the Ukraine-Russia war.
Further, the brokerage highlighted that Harris' proposed policies are more about maintaining the status quo, though she does intend to implement higher taxes on corporates and wealthy Americans. She intends to protect the interests of the middle class/ low income groups. Support to the Ukraine-Russia war and NATO should continue.
This 2024 US election is the 60th quadrennial U.S. presidential election, and also the first presidential election under the electoral vote distribution determined by the 2020 census. Presidential electors who will elect the President and Vice President of the United States will be chosen; a simple majority (270) of the 538 electoral votes is required to win the election, as per Wikipedia.
US Election Polls 2024:
According to JM's note, The Democratic nominee, Vice President Kamala Harris, and the Republican nominee, former President Donald Trump, are running neck-and-neck in both national polls as well as in key battleground state voter surveys. The state level vote is the most important, as the presidency is decided by the Electoral College outcome. In most cases, the candidate who wins a state wins all of the electoral votes of that state. 270 electoral votes (out of 538) are required to win the presidency. While most states are fairly clear on their preferences (affiliated with one party), the focus is on the seven swing states of Arizona (11 votes), Michigan (6 votes), Pennsylvania (19 votes), Georgia (15 votes), Nevada (6 votes), North Carolina (16 votes), and Wisconsin (10 votes).
Ahead of the US election on November 5, Wall Street witnessed bearish tone on November 4, Monday. Dow Jones Industrial Average or DJIA ended at 41,794.60, down by 257.59 points or 0.61%. While S&P 500 index closed at 5,712.69 lower by 16.11 points or 0.28%. Lastly, Nasdaq closed at 18,179.98 below 59.93 points or 0.33%.
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