Stock futures rose for a second straight rally on Tuesday as investors focused on earnings news as they entered their final day of voting in the US presidential election. Rallies erupted in global markets. U.S. In, Cirrus Logic was the early leader in advancing small caps. Zebra Technologies set to take a by-point again. And Boeing was the initial leader of the Dow Jones today.
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Dow Jones futures were up 1.5% and S&P 500 futures were up 1.1%. The Nasdaq 100 futures trailed for another day, up 0.6% from fair value.
The small-caps, which led to a huge margin on Monday, hit the stock market once again today. With Cyrus Logic, Medifest and Plug Power trading near the top of the index, Russell 2000 futures traded up 1.9% in the premarket. V.The Anugard Russell 2000 Index Fund ETFV (TWO) rose 1.8% in early trading.
On IBD’s leaderboard, Tesla (TSLA) and Nike (NKE) were early leaders at 2% and 1.5%, respectively. Nike is set for a potential rebound from a test of support at its 10-week moving average. Switzerland-nd is located in the list of IBD50 Logitech International (LOGI) rallied 1.8%. The stock ended 93% higher on Monday from the April breakout.
Manufacturer of electronic components Zebra Technologies In the initial proceedings (Zbra) popped 3% after reporting a narrow revenue decline and flat earnings – both better than expected by analysts. Zebra stock ended Monday down 295.62 by points in a seven-week cup base.
Read on and get ready for Tuesday’s market action IBD’s Investment Action Plan.
Global Markets Rally, Ant Financial IPO Suspended, US Final Voting Day
Tuesday’s positive mood was widespread in global markets. Markets in Asia rallied with benchmarks of Hong Kong and Sydney, up about 2%. In Europe, France’s CAC-40 is approaching 2% growth from the previous mid-session. London’s FTSE 100 and Frankfurt’s DX are up 1.7%.
U.S. In China stock trading exploded at 8 a.m. just before 8 a.m., postponing the expected initial public offering of the Shanghai Stock Exchange on the news. Alibaba GroupNi (Baba) Ant Financial. The ants were scheduled for the first day of trading at Shanghai’s STAR Market, a Nasdaq-style technology-focused exchange.
According to the China Global Television Network, China’s top financial regulators held a rare joint regulatory conversation on Monday with Anta co-founder Jack Ma, chairman Eric Jing and chief executive Simon Hu. U.S. Alibaba’s stock business plunged nearly 9%. Ginkosolar (JKS) decreased 3%. Tencent Holding (TCEHY) 2% shade. JD.com (JD) supported 1.6%.
This 87% accurate stock market indicator now calls for a Trump win
U.S. In, concerns about election disruption and voter repression were lessening as more than 98 million mail-in and preliminary ballots were cast by the end of Monday. Which accounted for 1% of the total votes counted during the 201 election – an unusually high initial turnout. According to the United States Election Project, U.S. At present 1% of the total number of eligible voters were represented by eligible voters. In the 2016 presidential election, 60% of eligible voters will vote.
Earnings News: Wafer, Arista, Jazz Pharma Surge
Online retailer Wafer (W) has halved its initial advance to 6.7% since the company’s second consecutive profit quarterly report. Earnings rose to 2.30 per share, up 82 cents. Analysts ‘comfort grew by 67 per cent to 8 8.8 billion from the analysts’ target of 6 .6666 billion. The number of active subscribers has grown by more than 50%, year-on-year, to 28.8 million. Wafer stock is at an 11-week base, representing the IBD Marketsmith chart analysis plot as 349.18 by points.
Arista Network (ANET) rose 13% as two analysts raised price targets and Bank of America upgraded the stock after third-quarter earnings and earnings fell short of forecasts.
Jazz Pharmaceuticals (JAZZ) 5.2% in earnings and sales auction. Jazz stock closed in the buy range on Monday on a rebound of 10-week support. Shares could clear short-term consolidation to reach a two-year high.
Cirrus logic (CRUS) stock offers 8% strong earnings and guidance, as well as a rebound on the new chief executive. Fellow Apple Pal chipmaker Skyworks also easily beat views and gave a bullish estimate. Shares fell a fraction. Last week, Apple Play reported a big expected drop in iPhone revenue, as buyers waited for new 5G handsets.
Among other stocks rising after the third quarter reports, Plug power (PLUG) jump..6% jump, Gartner (IT) popped 9%, Inspiration 15% in (INSP) and Medifest (MED) rose 9.4%.
PayPal, Solar Edge Dive on Earnings
At a loss, PayPal (PYPL) has reported earnings and earnings from the above forecast, but below analyst targets, fourth-quarter profit management expectations and 2021 guidance have stalled. Citi has kept its buy rating on the stock, but lowered its price target from 240 to 230. IBD Leaderboard stock fell 5.4% before opening.
Israel based Solar Edge (SEDG) reported better-than-expected revenue from solar power inverters, with 17% resolved in the initial proceedings, but loss of revenue. It puts SolarJage stock, part of the No. 1 rated energy-solar group, on its way to going below its 50-day line and erasing gains above 229.59 by points.
Economic News: Fed meeting, factory orders
Tuesday’s economic calendar is relatively quiet, with factory orders for August Gust at 10 a.m. from the Commerce Department. Oma Tomakers will continue to report October sales results. The two-day meeting of the Federal Reserve is usually scheduled to begin on Tuesday, but will begin on Wednesday due to the election, with the announcement of the policy scheduled for Thursday afternoon. Market observers do not expect a change in interest rate targets, but do expect some change in stimulus support measures.
Stock Market ETF Strategy and How to Invest in Current Utrend
Dow Jones Today: Rally attempt lasts
The stock market officially turned bearish on Friday. And Monday’s rebound technically marks the beginning of a rally effort. It sets the stage for a follow-up day to launch a new, confirmed uptrend. Fresh advanced possibilities do not appear before the presidential race is decided. But as noted in the Big Picture on Monday, follow-thru “may appear exactly when investors are at least skeptical.” And usually “born between the ap throat of despair.”
And keep in mind that the Dow is set to rise in November of an election year, regardless of which party claims the White House. Since 1988, the Dow has risen an average of 0.7% in November since the Republican presidential election. The index averaged 1.3% after the Democratic victory.
For a more detailed analysis of the current stock market and its conditions, Big picture study.
The post-election representations of the Nasdaq and S&P 500 have been more mixed. The S&P 500 rose an average of 0.8% in November after Democrats won the White House. When Republicans succeed, they lose an average of 0.7% over the years. The Nasdaq averaged 0.3. %% in November following the Democrat presidential victory, and lost an average of 3. %% in the months following the Republican victory.
This is a huge loss since the Nasdaq fell 22.9% after winning the George W. Bush race during a market crash in 2000. The average also includes market sales that Barack Obama won his first presidency in 2008 and the Nasdaq fell 10.8%.
Elections, parties and the stock market
The race for Monday’s IBD / TPP presidential election was fierce as former Vice President B Biden continued to give a wide lead in the national polls. The biggest rally in November between the top three benchmarks since the presidential election between 1996 and 2001 was the Dow’s 8.2% advance since Clinton was elected for a second term in 1996. The strongest post-election November was a 7.9% increase in November 1992. , On the heels of Clinton’s first election victory.
Trump Vs. Biden race suddenly feels tight: IBD / TIPP
Yardney’s research points out that many investors fear that the current election could lead to a “blue wave,” giving Democrats control of the House, Senate and White House. A look at market performance during the period, in which the Blue Waves released Democrats from such extensive control on the previous election day, shows that the S&P 500 has risen on average by an increased%. During the previous three Republican Red Waves, the index rose an average of 35%. During the seven periods of divided government, the S&P 500 grew an average of 60%.
For total market influence in presidential terms, Sam Stowell of CFRA Research reports that the S&P 500 has the highest combined annual growth rate under President Clinton + 16.5%, Trump + 11.24% from October 30, and Bush-11 + 11.19. %. . The weakest performances were under Presidents Carter + 8.8%, Nixon -4.0%, and Bush-43– The..3%.
Final IBD / TIPP Trump Vs. Biden Paul will be announced ET at 9 p.m.
Alan R. on Twitter. Find Elliott IBD_Alliott
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