Dow, S&P 500, Nasdaq rise as Wall Street braces for election results

Palantir’s (PLTR) stock rose 22% after the company’s third-quarter profit beat Wall Street expectations as the U.S. Department of Defense’s spending soared on artificial intelligence technology.

Ryan Taylor, Palantir’s chief revenue and legal officer, said the company’s U.S. government business “had its strongest growth in 15 quarters, driven primarily by the Department of Defense.” [Department of Defense] Business grew 21% quarter over quarter. ”

Global government spending on Palantir products, primarily from the United States, increased 40% year over year to $408 million in the third quarter and accounted for 56% of the company’s total revenue for the period. That beat the sector’s $379 million estimate, according to Bloomberg consensus estimates.

Overall, the company reported adjusted earnings per share of $0.10 for the quarter, beating estimates by a penny, and revenue of $725.5 million, beating Wall Street analysts’ estimates of $703.7 million. .

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Trump Media and Technology Group stock (DJT) rose more than 10% in early trading on Tuesday to start the week as the company braces for increased stock price volatility as voting day approaches in the US. It increased by double digits.

The company’s stock suffered its biggest decline last week, ending a five-day trading day down about 20% on Friday, shaving about $4 billion from its market capitalization. The stock has still more than doubled since its September lows.

The rally in stock prices comes as investors await the election of the next president, either Donald Trump or Kamala Harris.

Before the recent ups and downs, shares of the company behind Truth Social, the Republican candidate’s social media platform, had been steadily rising as domestic and international betting markets shifted in favor of a Trump victory.

Forecasting sites such as Polymarket, predictand Karushi Both indicate that Trump has a better chance of becoming president than Democratic candidate and current vice president, Kamala Harris. But that lead narrowed significantly over the weekend, with new polls showing Harris winning. He beat Trump in Iowa. Historically, they have voted Republican.

And as the gambling market tightens, national opinion poll It shows a campaign in which both candidates are essentially at a stalemate. Opinion polls in key battleground states that are likely to determine the outcome of the election, such as Pennsylvania, Michigan and Wisconsin, also show close margins.

Here’s what betting markets and election forecasters are saying as the 2024 campaign comes to a close.

Political betting app Karshi recently became the first place Americans could legally bet on the 2024 election, and bets poured in.

On the way to the election day Predict the probability of Trump being 57% Karsi co-founder Tarek Mansour said on a Yahoo Finance appearance on Monday that it was like a “very slightly lopsided coin toss.”

Edit Other betting markets from RealClearPollingIf you look at other popular sites open to foreign strongmen, from Polymaket to Smarkets, Trump’s odds of winning range from 59.2% to 39.3%. These odds mean that if 10 elections were held, Harris would win in almost four elections.

Tighter competition was expected for the poll-based election model.

Nate Silver’s Silver Breaking News model last updated at 12 a.m. ET on Nov. 5, with an almost exact tie in electoral probabilities, a 50% chance of Harris winning, and a 50% chance of winning Trump. was found to be 49.6%.

Silver’s final run involved 80,000 simulations, of which Harris won in 40,012, he wrote.

of 538.com election model It was another toss-up. The results showed that Harris won in 50 out of 100 simulations. Mr. Trump won 49 out of 100 times, but the chance of no electoral votes was less than 1 in 100.

Final analysis From The Economist magazine The vice president won 56 of the 100 hypothetical contests, giving Harris a slight edge.

U.S. stocks opened mostly higher on Tuesday as voting day got underway. The market is in wait-and-see mode to see who will ultimately take the White House, Kamala Harris or Donald Trump.

The tech-heavy Nasdaq Composite Index (^IXIC) led the gains, rising 0.5%, while the benchmark S&P 500 Index (^GSPC) rose about 0.3%. The Dow Jones Industrial Average (^DJI) opened just above the flatline immediately after the day of declines.

Election day has arrived.

Along with that are all the typical jokes about country, world, and market outcomes. Amid all the heavy news, Trust’s Co-Chief Investment Officer Keith Lerner (who will appear on the Opening Bid Podcast tomorrow at 8 a.m. ET to provide post-election analysis) offers the following useful information: published a graph.

I think this is a good reminder that no matter what the outcome of the presidential election, we have been paying our returns as stock investors over the long term.