US Stocks Likely To Open In Green Amid Hints Of Tentativeness On Election Eve: Expert Says Brace For Volatility Ahead Of Fed's Rate Decision

U.S. stocks could get off to a positive start on Monday after the averages registered a mixed October. While the S&P 500 and Dow Jones snapped their five-month winning streak, the Nasdaq Composite closed in the green buoyed by Big Tech earnings.

America goes to polls on Tuesday to elect its 47th president, and data so far suggests that it will be a neck-to-neck race between Democratic candidate Kamala Harris and Republican nominee Donald Trump.

The Federal Open Market Committee, or FOMC, is also widely expected to deliver another rate cut this week, with CME Group's FedWatch tool suggesting there is a 96% chance that this will happen.

Futures

Performance (+/-)

Nasdaq 100

0.15%

S&P 500

0.19%

Dow Jones

0.08%

R2K

-0.01%

In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) gained 0.20% to $572.21 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.22% to $488.50, according to Benzinga Pro data.

Cues From Last Week:

Oil prices continued to rebound after tanking the week before, amid delays in production output increase by the Organization of the Petroleum Exporting Countries, or OPEC.

Most sectors on the S&P 500 closed on a negative note, with utilities, energy, and real estate stocks recording the biggest losses on Friday.

However, consumer discretionary and information technology stocks bucked the overall market trend, closing the session higher.

Index

Last Week’s Performance (+/-)

Value

Nasdaq Composite

-1.5%

18,518.61

S&P 500

-1.4%

5,728.80

Dow Jones

-0.15%

42,052.19

Russell 2000

0.1%

2,210.13

Insights From Analysts:

A Harris win could see the U.S. dollar weakening, according to ING analyst Francesco Pesole.

"Despite some unwinding of Trump trades, asset markets are still broadly pricing in a Trump win. ...