- U.S. stock indices are gaining at the session's opening
- Technology companies are leading the increases
- The dollar is down 0.25%
- Yields on U.S. bonds are also seeing strong gains
Markets in the U.S. opened with optimism, fueled by the renewed betting odds favoring Donald Trump's victory in the U.S. presidential elections. Market attention is so fixated on the elections that no one is even thinking about the Federal Reserve's decision on Thursday. Market volatility could reach record levels as we approach the end of the cash session in the U.S.
In the early part of the day, betting odds on Donald Trump's victory are rising again, along with stock market indices. However, the optimism remains limited, as most investors prefer to stay in safe assets. The market is now dominated by speculative plays, so volatility will be high. At the time of publication, the odds for the Republican candidate's victory are priced at 59%, marking a significant increase compared to yesterday's 53%. Nevertheless, poll results remain very balanced and within the margin of error. Currently, the Democratic candidate Kamala Harris has a slight edge, leading with 48.7% compared to Donald Trump's 48.6%.
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Open account Try demo Download mobile app Download mobile appOn the stock market, we are mainly observing a rebound in the sectors of new technologies, semiconductors, banks, and capital markets. Source: xStation 5
US500
The US500 gains 0.70% to 5,785 points. The recent correction was halted perfectly at support levels around 5,730 points. This area still remains the nearest support in case of a return to declines. On the other hand, for the bulls, the closest resistance lies above 5,900 points.
Palantir Technologies (PLTR.US) is gaining 12% after a strong Q3 earnings report, driven by high demand for its AI software, beating estimates across all metrics. The company projected Q4 revenue of $767M to $771M, well above the $746M consensus, and raised its FY2024 revenue forecast to $2.805B–$2.809B, up from the prior $2.742B–$2.750B range. U.S. commercial revenue is expected to surpass $687M, reflecting 50% growth, while adjusted income from operations and free cash flow guidance were both lifted, signaling robust business momentum.
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Hims & Hers (HIMS.US) is trading 9% higher after delivering a strong Q3 performance, with revenue surging 77% year-over-year to $401.6M and swinging to a net profit of $76M ($0.32 per share) from a $7.4M loss (-$0.04 per share) in Q3 2023. The telehealth company also raised its FY2024 revenue guidance to $1.46B–$1.465B, up from $1.37B–$1.4B, surpassing analyst expectations of $1.4B, fueled by strong customer and subscription growth.
Cleveland-Cliffs (CLF.US) dropped 7% following disappointing Q3 results, with revenue down nearly 19% year-over-year and a negative gross margin. Steel product sales volume declined by 6.5%, and the average net selling price fell by over 13%. The company lowered its FY2024 capital expenditure forecast to $600M–$650M from $650M–$700M and plans $600M in standalone capital expenditures for FY2025, focusing on strategic initiatives at key sites, signaling ongoing financial and operational challenges.
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