U.S. stocks closed mixed on Election Day, with the Dow falling 200 points while the S&P 500 and Nasdaq ended a three-day losing streak as chip stocks rebounded.
Among the top 20 most actively traded U.S. stocks by turnover, Oracle surged more than 5% on a multibillion-dollar equity placement, with the top ten investors taking 65% of the allocation.
Popular Chinese concept stocks were mixed, with JD.com up more than 2% while Pinduoduo and Alibaba each dropped more than 1%.
In commodities, oil prices swung lower, copper fell to a seven-week low, and gold declined. European stocks retreated as optimism over a U.S.-Iran agreement quickly faded.
Macro and Politics
On the first Election Day with gasoline prices above $4 per gallon, Trump said Guam is locked in. September job openings rose sharply, signaling a positive labor market ahead of the nonfarm payrolls report. The French central bank may lower its 2026 growth forecast, with the governor saying current expectations are too optimistic. Several European flights received bomb threats over the past two days, forcing diversions. Iran demanded a clear U.S. response to seven conditions or it will not open the Strait of Hormuz, and said no new progress has been made in Iran-U.S. negotiations.
Corporate News
AMD shares jumped 7% after earnings, with data center revenue nearly doubling. AMD's revenue outlook beat expectations on strong AI chip demand. Apple warned that AI agents acting in "unexpected or unpredictable" ways pose risks. Meta plans to issue about $15 billion in bonds, with the highest subscription ratio nearing 4 times. Trump announced on Election Day that he would halt the $4 billion in annual aid to Israel. "Nobody likes it," Morgan Asset Management said, calling on the U.S. Treasury to cancel the 20-year bond. Disney plans to cut thousands of jobs and has asked some managers to reduce costs by up to 20%.
Market Commentary
U.S. stocks: chip stocks drove the S&P 500 rebound, with analysts bullish on post-midterm election performance. U.S. bonds: Treasuries gave back early gains, and the yield curve steepened. Top overseas headlines: Apple's AI agent warning, AMD's post-earnings surge, Morgan Asset Management's call to cancel the 20-year Treasury, and Meta's $15 billion bond issuance. Crude oil: prices swung lower amid unclear prospects for U.S.-Iran peace talks. New York forex: the dollar rose as AI trading warmed up and U.S. employment data came in strong. Germany's central bank governor said the ECB may have to raise rates in December. European bonds: German bunds ended a three-day rally, with the yield curve bear-steepening.
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