Dow Jones futures rose late Monday, along with S&P 500 futures and Nasdaq futures. With stock market reforms underway, a new stock market rally is underway on the eve of Election 2020, with the latest IBD / TIPP vs. Trump.
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PayPal stock, Solar Edge Technologies (SEDG), Freshpet (FRPT), Jazz Pharmaceuticals (Jazz) and Apple (AAPL) iPhone suppliers Sky Work Solutions (SWKS) and Cirrus logic (CRUS) reported earnings after closing.
Attempt of stock market rally: one day
Despite some Nasdaq sinking, stock market action on Monday was a bit better ahead of election day. This is an attempt to boost the stock market. For now it is still a correction in the stock market. Investors should largely stay on one side, to confirm the market boom.
Dow Jones Giants Apple Paul Stock and Micro .ft (MSFT) crosses the intraday loss of about 1%, from the lower edge. Amazon.com (AMZN) decreased 1%, but far from its bad level. Zoom video (ZM) fell just 1.7% from its 0-day line, extending recent solitude for many home-based plays despite an increase in coronavirus cases.
Meanwhile, including many chip names Taiwan Semiconductor (TSM) and Teradine (TER), approached to buy points. Chinese e-commerce plays such JD.com (JD) moved low.
Chinese EVI plays Neo (NIO), Expang motors (XPEV) and Li Auto Toe (LI) strong October sales have increased.
The micro .ft stock is on the IBD leaderboard. Taiwan Semiconductor Stock is on SwingTrader. Micro .ft and PayPal IBD are on the list of long-term leaders. The IBD50 list includes Amazon, PayPal, Teradin, Taiwan Semiconductors.
Pre-stock market
With the stock market in an uptrend on Friday, a good day does not signal a new uptrend. Coming to the election environment, it is difficult to make any sense from Monday’s stock market move or from Tuesday.
The results of the 2020 elections are still unclear. If Biden has a narrow lead in the recent IBD / TIPPP Trump vs. Baden poll, then President Donald Trump can still pull off a victory. The fate of the Senate, meanwhile, is even less clear, with a much closer call race. So the uncertainty of election 2020 on Tuesday may also last until 2021.
Dow Jones futures today
Dow Jones futures 0.4% vs. fair value. The S&P 500 futures rose 0.3% and the Nasdaq 100 futures rose 0.2%. Remember that overnight action in Dow futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze the additional stocks in the stock market boom on IBD Live.
Corona virus news
Coronavirus cases have reached 47.27 million worldwide. Covid-19 death tops 1.21 million.
U.S. Coronavirus cases have surpassed 9.55 million, with more than 236,000 deaths.
Stock market correction today
US stock market observed today |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Advantages / disadvantages | Change% |
| Dow Jones | (0 DJIA) | 26924.46 | +422.86 | +1.60 |
| S&P 500 | (0s and p5) | 3310.14 | +40.18 | +1.23 |
| Nasdaq | (0NDQC) | Held at 10957.61 | +46.02 | +0.42 |
| Russell 2000 | (IWM) | 155.81 | +2.72 | +1.78 |
| IBD50 | (FFTY) | 36.23 | +0.28 | +0.78 |
Last updated: 4:06 PM ET 11/2/2020 |
||||
The stock market correction improved after closing on Friday, as key indices reached their weekly worst losses since March.
On Monday, a new stock market rally began, with the U.S. And provoked by China’s strong manufacturing data.
The Dow Jones Industrial Average rose 1.6% in mid-day trading on Monday. The S&P 500 index rose 1.2%. The Nasdaq joint rallied late to close up 0.4% after going negative for most of the afternoon. The Big-Cap Nasdaq 100, which has choices like Apple Pal, Amazon, Facebook, Micro and Fit and Zoom Video, rose 0.2 percent.
Among the best ETFs, the innovator IBD50 ETF (FFTY) rose 0.8%. Eichers Extended Tech-Software Software Sector ETF (IGV) has sunk 0.65%, with a large chunk of micro .ft stock. Vanek Vectors Semiconductor ETF (SMH) rose 0.8%, helped by Taiwan Semiconductor stock.
Read the big picture every day to stay in tune with the market direction and leading stocks and sectors.
Key Earnings Reports
PayPal (PYPL) has revenue and earnings outlook, but it gives low guidance on Q4 profits and does not forecast 2021. PYPL stock plunged 65% overnight after breaking its 50-day line last week.
SEDG stock tumbled 19% in extended trading, as Solar ADJ reported better-than-expected earnings but lost earnings. Solar Edge stock, part of the No. 1 rated energy-solar group, is rocking below its 50-day line and will probably test the previous 229.59 buy points.
A bit of Jazz Pharma’s earnings and sales. Jazz stock tumbled 8% after closing in the buy range above its 10-week line. Shares could clear short-term consolidation to reach a two-year high.
Freshpet’s earnings were in line while revenue was at its peak. FRPT stock, which was slightly closed in the buy range, fell 7% overnight. It signals a move below the buy point near its 10-week line.
Cirrus Logic stock jumped 11% on strong earnings and guidance, as well as new CEOs. Fellow Apple Pal chipmaker Skyworks also easily beat views and gave a bullish estimate. Shares declined modestly. Last week, Apple Play reported a big expected drop in iPhone revenue, as buyers waited for new 5G handsets.
Election Night 2020 Scene
Latest IBD / TIPP Trump Vs. Biden shows Paul Biden up 3.2 points, 48.8% -45.6%. But it does suggest that anything is possible for Trump, from a simple biden win to a narrow elected oral college win.
Biden won on election night
If Biden wins Florida, North Carolina or other election-winning states on election night for Trump, it would be necessary for Donald Trump to win re-election. Biden is declared the winner before the stock market opens on Wednesday, or he is all set to be the winner.
2020 election result unclear
Mail-in polls and other unique aspects of Election 2020 could delay the counting of all votes by several days or weeks. So the winner is not known for several days in some states.
This could be a situation in which Biden is likely to win in a situation in which many states will truly hold on Wednesday morning, making it possible for Trump to win the Electoral College Ledge.
Final votes are counted in a day or two, so this can be resolved quickly, but fighting for several weeks can mean counting some ballots or not.
All of this can affect stock market action, especially in the short term.
Trump wins Election Night
This seems highly unlikely given the current turnout and the late vote count in many key states. If Trump could significantly advance the vote, especially in key swing states, he could pull off another narrow elect oral college rally ledge on election night, or at least appear to be a restricted favorite.
Senate control in the 2020 election
Republicans are expected to lose some seats, while Democrats will be considered a little favorite to regain control of the Senate. But there are many close contests.
Dames win Senate on election night
The blue wave pushes many Democrats into the Senate, possibly giving Democrats full control over Washington.
G.O.P. The Senate is held on election night by
G.O.P. in part because of Georgia. No one is less likely to have a Senate on Election Night, but the hefty performance is the G.O.P. No majority can save the majority.
Senate Race Chaos, Georgia Reports
There can be many races to call on Election Night. It is possible that when the votes are counted there will be calls for rickets in one or more races.
Although the outcome of the 2020 election is clear in all Senate battles, Senate control still cannot be.
In Georgia, the winner must get at least 50% +1 votes. Thanks to the special election, Georgia has two Senate seats in the game. At least one and quite possibly both will run in early January. Depending on the results of other races, those runoffs will be able to determine whether there is a Democratic or Republican majority, or a tie.
There is also a big difference between Democrats with -55–53 Senate seats or -50–51, especially if Biden is president. It will be more difficult to make a policy change in the latter case.
Election 2020 results and stock market
Significant election 2020 is a good chance to remain uncertain when the stock market opens on Wednesday. We do not know how L Street will react to the election results or otherwise.
You think Trump or Biden’s victory in 2020 will be bad, or that divided government is good. But when your vote counts, your opinion is not on Wall Street.
Traditional wisdom before the 2016 election said shares are sold on Donald Trump’s victory. Trump’s victory was expected to dip into DJ Jones Futures Election Night, but stocks rallied in the second day’s regular session and for the next few weeks. Even if you can predict the outcome of Election 2020, it does not mean that you know how the stock market will react in the short or long term.
Also, there may be “buy rumors, sell news”. Biden rallied as part of the president’s anticipation of pushing for new green energy policies in solar stocks such as Solar Age. But if Biden wins, he could still increase profits.
Wait for the winning stock market rally
So, when Election 2020 is finally here, don’t vote for your stock market as soon as possible. For now, refine your watchlists of leading stock candidates. Look for high-strength stocks focusing on nearby buying points, such as JD.com and Taiwan Semiconductor.
Wait until the share market rally confirmer is the winner.
Final IBD / TIPP Trump Vs. Biden Paul will be announced ET at 9 p.m.
Please follow Ed Carson on Twitter IBD_ECarson For stock market updates and more.
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