The US market traded on a bearish note on Monday, November 4th, ahead of the Presidential Election 2024 which is scheduled on November 5. Wall Street fell up to nearly a per cent with Dow Jones underperforming its counterparts S&P 500 and Nasdaq Composite indexes. Donald Trump and Kamala Harris are in a neck-to-neck riff for becoming US President.
US Market On November 4, 2024:
Dow Jones: The Dow Jones Industrial Average or DJIA ended at 41,794.60, down by 257.59 points or 0.61%. In the trading hours, it ranged from 42,035.87 to 41,647.30.
S&P 500: This index traded between 5,741.43 to 5,696.51 on Monday, before ending at 5,712.69 lower by 16.11 points or 0.28%.
Nasdaq Composite: The tech-heavy index closed at 18,179.98 below 59.93 points or 0.33% from the previous closing price. The index ranged between 18,308.30 to 18,112.83 during the session.
Talking about the performance, Trading Economics said, stocks in the US finished lower on Monday as investors braced for a high-stakes week featuring the presidential election and the Federal Reserve's policy decision. The S&P 500 and Nasdaq lost 0.3% each while the Dow dropped 257 points. Utilities and communication services sectors dragged the most while oil stocks outperformed due to a 3% jump in crude oil prices.
Further, Trading Economics data said, that among mega caps, Apple (-0.4%), Microsoft (-0.5%), Amazon (-1.1%), Alphabet (-1.2%) and Meta (-1.1%) booked losses while Nvidia shares rose 0.5% following news that it will replace Intel (-2.9%) in the Dow Jones, reflecting Nvidia's dominance in AI.
Election uncertainty also weighed on markets, with polls showing a close race between Kamala Harris and Donald Trump and questions over Congress's future control. Investors are also focused on the Federal Reserve's anticipated 0.25% rate cut on Thursday, looking for signals on inflation and the job market, as per the data.
US Election 2024:
The US election will take place on November 5, and during this presidential year, both the President and Vice President will be elected.
In addition, all 435 seats in the United States House of Representatives and 34 of the 100 seats in the United States Senate will be contested to determine the membership of the 119th United States Congress. Thirteen state and territorial governorships and numerous other state and local elections will also be contested, as per Wikipedia.
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