Nasdaq, S&P 500, & Dow Jones Endures Jitters Of US Presidential Election Week; Macro Data Just Around The Corner

Monday saw a broad increase in U.S. stocks as gains by a few Big Tech companies helped counteract a decline in oil and gas stocks following the largest decline in crude prices in over a year.

The S&P 500

S&P 500 increased by 0.3 per cent, amounting to 15.40 points, After index went on to touch the day high level of 5,842.92 points, bull and bears both were trying to take control from each other, which led the index to close to flat closing of about 0.27 per cent on the US bourse.

The S&P 500 is trying to close the gap between current level and life to mark a new record level on the bourses. Which is a very hard task since both investors and traders are on the edge of the excitement about the upcoming election results, which will be a big factor in deciding the direction of the market.

The S&P 500 concluded the previous trading session at 5,823.52 points. The primary indicator of the U.S. stock market is still close to its all-time high set earlier this month, despite having just experienced its first losing week in the previous seven.

The Nasdaq Composite

The Nasdaq composite hit the closing bell at 18,567.19 points; it started with good move at opening bell. The Nasdaq composite saw respectable opening at 18,648.25 points before the index went downhill, losing all of its gains at opening bell.

The index managed to defend Friday’s closing bell level of 18,518.60 points and went on to conclude very close to day low level of 18,563.02.

Dow Jones Industrial Average

The Dow Jones Industrial Average increased 0.6 per cent. It is currently within 0.4 of the peak it reached in July. The index gave a good run in the previous trading session after hitting the opening bell with a surge of 0.35 per cent amounting to 150 points from the closing level of 42,114.40 points in Friday’s trading session. The index went on to touch the day high level of 42,476.46 points.

The Dow Jones settled the trading day at 42,387.57 points after giving a good run-up on Monday, totalling about 0.65 per cent, amounting to almost 273.17 points on the US bourses.

Crude oil cooling

Both the international benchmark, Brent crude, and benchmark U.S. crude fell 6.1 per cent per barrel. They were trading for the first time since Israel launched an attack on Iranian military targets on Saturday in response to a previous round of ballistic missiles.

The fact that Israel's attack was less severe than some investors had thought it might be gave investors hope that the worst-case situation might not materialise.

US presidential election jitters

As Election Day draws near in just two Tuesdays, financial markets are also coping with the usual volatility that accompanies a U.S. presidential election. Regardless of which party wins, markets have historically been volatile before an election and then settle down afterward.

US jobs data

Friday's U.S. jobs report may prove to be the market's most important event, surpassing even the Big Tech profit reports in importance. More proof of sound hiring is needed by investors to maintain the economy's perfect landing hopes.

Since inflation appears to be approaching the Fed's 2 per cent target, these data have replaced inflation reports, which were once the most significant monthly event for Wall Street.