Dow Up 300 Points as Wall Street Awaits Election
On November 4, 2024, U.S. stock markets experienced a decline as investors prepared for the upcoming presidential election and anticipated the Federal Reserve's interest rate decision. The Dow Jones Industrial Average fell by 257.59 points, or 0.6%, closing at 41,794.60. The S&P 500 decreased by 16.11 points, or 0.3%, ending at 5,712.69, while the Nasdaq Composite dropped 59.93 points, or 0.3%, to finish at 18,179.98.
The bond market saw a rally, with the 30-year Treasury yield falling by 6.4 basis points to 4.495%, marking the most significant one-day decline since September 3. This movement was influenced by a Des Moines Register poll favoring Vice President Kamala Harris in the election.
Oil prices rose nearly 3% after OPEC+ decided to extend voluntary production cuts by another month.
Investors are closely monitoring the election results and the Federal Reserve's upcoming meeting, where another interest rate cut is widely expected. The market remains cautious, reflecting the uncertainty surrounding these significant events.
