The Mary D. Pretlow Anchor Branch Library in the Ocean View neighborhood of Norfolk, Virginia on Election Day Nov. 7, 2023.
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What you need to know today
History forecasts a market rally after elections
Historically, stocks have mostly risen after a presidential election, though there can be some short-term volatility. The three major U.S. benchmarks on average have almost always clocked gains between Election Day and year-end, going back to 1980, according to CNBC data.
Major Wall St CEOs skeptical on Fed's easing path
While some strategists from JPMorgan and Fitch Ratings have forecast that the Federal Reserve would enact another two rate cuts this year after a 50 basis points cut in September, major Wall Street CEOs see inflation pressuring the U.S. economy and aren't convinced that two cuts will happen.
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Markets slip ahead of Election Day
Stocks fell Monday as investors awaited the U.S. presidential election and Fed rate verdict later this week. The Dow Jones Industrial Average slumped 0.61%, the S&P 500 dipped 0.28%, the Nasdaq Composite dropped 0.33% to 18,179.98. The pan-European Stoxx 600 fell 0.33%.
Jeff Bezos and OpenAI among investors for robot startup
San Francisco-based robotics startup Physical Intelligence has raised $400 million, valuing it at $2.4 billion, the company confirmed to CNBC. Investors included Amazon founder Jeff Bezos and OpenAI. The company's valuation is now almost six times more than its March seed valuation of $400 million.
[PRO] Consumer survey shows investors optimistic toward equities despite election uncertainty
Despite heightened market volatility stemming from the U.S. presidential election on Tuesday, consumer confidence about equities has reached its most bullish point ever, according to the latest Consumer Confidence survey by The Conference Board.
Money Report
The bottom line
The world will be watching America in the coming days, as the country sets its course for the next four years following elections.
Both the Republican and Democratic candidates have spent months travelling the country to make their case, with now less than 24 hours left to Election Day.
The stark difference in both candidates' positions on how to lead America is likely to introduce uncertainty in markets, but history has shown that stocks usually rise after an election, irrespective of the outcome.
CNBC data shows that the three major U.S. benchmarks have seen gains between Election Day and year-end in the presidential election year going back to 1980.
However, investors who are expecting to see gains on Wednesday may be disappointed. In the short term, the three indexes have all seen declines in the session and the week following Election Day, but have usually recovered within a month or so.
Lines from Frank Sinatra's "My Way" encapsulate investors willing to ride out the uncertainty in markets following the election:
"The record shows I took the blows
And did it my way."
— CNBC's Christopher Hayes and Alex Harring contributed to this report.
