US: Stocks zoom higher ahead of election

The US stocks finished choppy session higher on Monday, 02 November 2020, as investors risk sentiments partially helped by a surprisingly big improvement in Chinese economic data and ahead of the presidential election with polls continued to show Democrat Joe Biden holds a strong lead.

At the close of trade, the Dow Jones Industrial Average index rose 423.45 points, or 1.6%, to 26,925.05. The S&P 500 index advanced 40.28 points, or 1.23%, to 3,310.24. The tech-heavy Nasdaq Composite Index added 46.02 points, or 0.42%, to 11,957.61.

Shares of mega cap technology shares slid with Facebook (-0.7%), Amazon (-1%), Apple (-0.1%) and Microsoft (-0.1%) all lower. But the rebound in crude oil prices pushed Chevron (+3.8%) higher. Shares of cleaning products company Clorox rose 4.2% after reporting its strongest quarterly sales growth in two decades. Market research firm Nielsen Holdings shares gained 3.9% on plans to sell its consumer goods data unit for US$2.7 billion to private equity firm Advent International.

 

US treasury yields were mixed on Monday amid looming US election uncertainty and a continued surge in coronavirus cases. US 2-year yields rose by 1 point to near 0.158%. But US 10-year yields fell by 1 point to near 0.852%.

US economic data front: US Construction Spending Rises By 0.3% In September- US construction spending rose by 0.3% to an annual rate of $1.414 trillion in September after climbing by 0.8% to $1.410 trillion in August, the Commerce Department revealed in a report released on Monday. The weaker than expected growth in construction spending came as an increase in spending on private construction was partly offset by a drop in spending on public construction. The Commerce Department said spending on private construction climbed by 0.9% to an annual rate of $1.075 trillion, with a spike in spending on residential construction more than offsetting a slump in spending on non-residential construction. Meanwhile, the report said spending on public construction tumble by 1.7% to an annual rate of $339.1 billion amid a steep drop in spending on highway construction.

Among Indian ADR, Azure Power Global fell 0.75% to $26.47, Wipro fell 1.45% to $4.77, Vedanta shed 1.17% to $5.06, and INFOSYS fell 0.14% to $14.25. Tata Motors added 3.53% to $9.08, Dr Reddys Labs inclined 1.71% to $65.92, ICICI Bank grew 9.57% to $11.56, HDFC Bank added 2.79% to $59.04, and WNS Holdings rose 3.14% to $59.45.

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