US climbed on Tuesday as Wall Street looked ahead to the result of the US election.
Some Trump trades edged up Tuesday morning after being hit on Monday by rising odds of a Kamala Harris win.
Palantir spiked as much as 20% on record earnings, lifting other AI names in the tech space.
US stocks rose on Tuesday as investors geared up for the result of the presidential election and mulled record earnings from Palantir.
Though new momentum from Harris over the weekend weighed on the Trump trade on Monday, Treasury yields, bitcoin, and Trump Media stock were all higher on Tuesday.
Palantir spiked as much as 20% after reporting record profit and signaling high demand for its artificial-intelligence software. It was the best-performing stock in the S&P 500 by a considerable margin, and the results helped lift other AI-related tech names like Nvidia and Tesla. AI-focused exchange-traded fund rose more than 1%.
Immediately following the election, Wall Street will turn to the Federal Reserve's policy meeting on Wednesday and Thursday. According to the CME FedWatch tool, markets see a 96% chance the Fed cuts its benchmark rate by 25 basis points at the conclusion of the meeting on Thursday.
Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:
S&P 500: 5,761.90, up 0.9%
Dow Jones Industrial Average: 42,099.74, up 0.7% (306 points)
Nasdaq composite: 18,368.71, up 1%
Here's what else is going on:
Another half-point rate cut could come this year amid job market weakness, according to a Citi economist.
The crypto industry is already eyeing the 2026 midterms with $78 million geared for supportive candidates.
The Polymarket whale betting on Trump is down $3 million after Harris' odds jumped over the weekend.
Chip fever has created an $11 billion debt market backed by Nvidia's AI-enabling GPUs.
In commodities, bonds, and crypto:
West Texas Intermediate crude oil climbed 0.38% to $71.76 a barrel. Brent crude, the international benchmark, was higher by 0.35% to $75.34 a barrel.
Gold increased by 0.30% to $2,754.1 an ounce.
The 10-year Treasury yield gained 1 basis point to 4.327%.
Bitcoin rose 1.97% to $68,814.
