U.S. stocks jumped again on Wednesday morning . . .
With the S&P adding 2.5% and the Nasdaq jumping 3.6%. The move marked the third consecutive day for stock market gains.
Investors are optimistic despite continued election uncertainty over the presidential race.
Votes are still being counted in many states this morning.
The electoral vote count has Biden at 238 and Trump at 213. However, the current number r isn’t significant since many states are still counting votes. And the vote is too close to call in numerous states.
Once again, President Trump is performing better than estimated by the major pollsters. For example, Joe Biden was largely favored Florida. Yet it’s now clear that Trump came out ahead in the sunshine state once again.
The path to victory for either candidate certainly hinges on the typically Democrat “Blue Wall” states of Pennsylvania, Ohio, Michigan and Wisconsin.
It’s clear that Trump has won Ohio.
Less certain are the outcomes in Pennsylvania, Michigan and Wisconsin. And it may be a few days before the final votes are counted.
Tech stocks are leading the market higher this morning amid the election uncertainty. The tech-heavy Nasdaq posting 2x the gains of the Dow Jones Industries.
This suggests that the markets are discounting the likelihood of more economic stimulus.
That’s probably because it’s clear that the Democrats will not take over the U.S. Senate – even if they win the White House. And that would make it more difficult to get another economic stimulus deal done.
Meanwhile, consider what happens if President Trump wins reelection and Republicans keep the Senate. It’s simply the status quo and a continuation of the stalemate in Washington that’s failed to deliver more stimulus.
This means that tech stocks that benefit from “work at home” will continue to lead. And that’s why we’re seeing these stocks post double the gains of the more industrial heavy Dow Jones.
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