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Stock futures continued their upswing for a fourth-straight day as the results of the U.S. presidential election continue to hang in the balance.
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Also, a positive report from General Motors, along with a fresh data point on the jobs market and news from the Federal Reserve in focus as well.
Dow Jones futures surged nearly 400 points, a gain of 1.3%, while the tech-heavy NASDAQ Composite jumped nearly 3% as investors sighed a breath of relief that regulation and corporate taxes may not be as bad as feared. The S&P 500 climbed 1.7%, approaching the 3,500 level.
|I:DJI||DOW JONES AVERAGES||27847.66||+367.63||+1.34%|
|I:COMP||NASDAQ COMPOSITE INDEX||11590.780669||+430.21||+3.85%|
NASDAQ, S&P 500 POST-ELECTION GAINS BEST EVER DESPITE CHAOS
GM shares rising in the pre-market after the automaker reported a better-than-expected quarter due to rising auto demand.
|GM||GENERAL MOTORS COMPANY||35.24||-0.11||-0.31%|
ECON, FED IN THE SPOTLIGHT
The Federal Open Market Committee is also set to release its latest interest rate decision at 2 p.m. Traders will be looking to see if the Fed gives any hints about additional monetary support for the struggling economy.
TRUMP OR BIDEN? FED CHAIR POWELL IS STILL A RAINMAKER
Ahead of the decision, initial jobless claims will be released. Economists are expecting 735,000 people to file claims for the week ending Oct. 31, and continuing claims to come in at 7.75 million, as the country still grapples with the COVID-19 pandemic.
As for the election, the odds of a contested result are growing more likely.
The Fox News Decision Desk projects victories for Democratic nominee Joe Biden in Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Massachusetts, Maryland, Minnesota, Michigan one of Nebraska's electoral votes, New Hampshire, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont and Virginia and Washington, as well as the District of Columbia. The former vice president has secured 264 electoral votes.
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Meanwhile, President Trump is expected to win Kentucky; West Virginia; Alabama; Mississippi; Tennessee; Missouri; Arkansas; Indiana; Kansas; Louisiana; Oklahoma; Wyoming; North Dakota; South Dakota; South Carolina; Utah; Idaho; Florida; Ohio; Texas; Iowa; Montana; and at least four of Nebraska's five electoral votes. That represents a total of 214 electoral votes.
Up for grabs are Nevada, Pennsylvania, Georgia and North Carolina, with those results still too-close-to-call.
TECH EARNINGS IN THE SPOTLIGHT
Qualcomm shares are soaring more than 15% Thursday morning after the chipmaker posted better-than-expected results and gave guidance that pleased investors, highlighting the effects of the coming wave of 5G-enabled smartphones.
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|EXPE||EXPEDIA GROUP, INC.||98.50||-0.30||-0.30%|
Expedia shares are set to rise more than 5% after the travel services provider said its results weren't as bad as feared, despite the sharp drop in demand for travel due to the pandemic.
|BABA||ALIBABA GROUP HOLDING LTD||295.71||+10.14||+3.55%|
|SQ||SQUARE INC COM||171.29||+13.08||+8.27%|
|UBER||UBER TECHNOLOGIES INC.||40.99||+5.22||+14.59%|
|BKNG||BOOKING HOLDINGS INC.||1,713.32||+43.74||+2.62%|
Investors will get quarterly looks at Alibaba, T-Mobile USA, Square, Uber Technologies, Booking.com, among several others.
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West Texas Intermediate crude oil dipped slightly, holding above the $39 a barrel level, while gold continued its march upwards, gaining 1.2% to trade at $1,918.50 an ounce.
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