This is going to be one of those days where ANYTHING can (and probably will) happen in markets, depending on election news, leaks, exit polling results, and more. So, buckle up! As of this morning, stocks are flattish along with gold and silver. Crude oil is up a bit, while Treasuries and the dollar are down modestly.
Speaking of Election Day, roughly 78 million votes have already been cast via mail or at early voting locations. But tens of millions more will flood in over the next several hours. Polls are as tight on a nationwide basis as they’ve been since Kamala Harris replaced Joe Biden on the Democratic ticket. Plus, none of the reliable “swing state” polls show either Harris or Donald Trump with a lead that eclipses the standard margins of error.
In sum, anything COULD happen – and that means shorter-term traders should prepare for intense volatility. As for longer-term investors, I shared some thoughts and data yesterday in my MoneyShow Chart of the Week article HERE.
BA, PLTR (YTD % Change)
Data By YCharts
Meanwhile, the results of one vote are already in – and it will send union workers at The Boeing Co. (BA) back to the factory floor. Roughly 59% of striking workers voted to accept Boeing’s offer of a 38% wage increase spread over four years. That means facilities in Washington, Oregon, and California will begin operating as early as tomorrow. BA shares are down 40% year-to-date.
Finally, Artificial Intelligence (AI) play Palantir Technologies Inc. (PLTR) reported blowout sales and earnings late yesterday. The data analytics and AI company also raised its full-year revenue target, citing a “long runway of growth in the government sector.” PLTR shares rose more than 17% in early trading, an impressive move considering they’ve already surged 141% this year.
