By Peter Nurse
Investment.com – US stocks are expected to open higher on Tuesday, continuing Monday’s rally, as investors hope for a clear political outcome after one of the election campaigns. The most controversial president in history.
At 8:25 AM ET (1205 GMT), which is trading 43 points, or 1.3%, higher, the contract is up 442 points, or 1.7%, while up 72 points, or 0, 6%.
Closing, 1.7 percent higher on Monday, announced its biggest gain since Oct. 7. The index rose 1.2 percent, its biggest gain since Oct. 12, while operating. less efficient, only up 0.2%.
US President Donald Trump and Democratic rival Joe Biden will vote respectively late Tuesday, when the highly controversial presidential election campaign comes to a head.
The latest polls still have Biden taking a comfortable lead in national surveys, but the tally in all key revolving states such as Michigan, Wisconsin and Pennsylvania, where electoral proportions can be determined Group, looks a lot closer.
That said, investors appear to be betting on a Democratic sweep over the White House and Congress, which will likely lead to a more stable political environment and in all. possibility, a generous fiscal stimulus package.
“This is based on a $ 3.4 trillion stimulus proposed by House Democrats over the summer to provide advance support for household income and return,” analysts at ING said. relief to local and state governments ”.
Meanwhile, the number of new Covid-19 infections in the United States hit another record high last week, according to an analysis by Reuters. The number of new cases reported per week has increased for four consecutive weeks, with the largest increase in the past two weeks.
This dramatic increase in coronavirus infections has been seen in Europe, prompting many governments in the region to shut down a new part in efforts to stem the proliferation of the virus ahead of the holiday season. Christmas.
Meanwhile, the third quarter earnings reporting season continued on Tuesday with Bayer (OTC :), Fox (NASDAQ 🙂 and Humana (NYSE 🙂 reporting before the alarm bells.
Economic data released Tuesday include the Johnson Redbook index, and September, but most people will notice the day and month later in the week.
Oil prices rose higher on Tuesday, thanks to talks that major oil producers will consider adopting the oil output restrictions in 2021. The eyes will also be announced API crude stockpiles. for the previous week, announced late Tuesday.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, are expected to increase supplies by two million bpd by January, but are now under pressure to reverse this decision due to the conditions. weak market.
futures contracts traded 0.2 percent lower at $ 36.75 a barrel, while standard international contracts fell 0.4 percent to $ 38.82.
Elsewhere, up 0.1% to $ 1,893.45 / oz, while trading 0.2% lower at 1.1659.