Stock Market Today: Stocks Fall Ahead of Presidential Election

• US stocks fell as investors prepared for the US presidential election on Tuesday.
• Kamala Harris has been on a roll lately, hitting Trump’s popular trades in the market.
• Investors will have little time to rest after the vote as the Federal Reserve’s policy meeting begins on Wednesday.

US stocks traded lower on Monday as investors turned their attention to Tuesday’s presidential election.

More than 76 million Americans voted by mail or in person, suggesting a potential record turnout this year.

After shocking Iowa poll shows Kamala Harris leading in state against Donald Trump over the weekend, betting odds in the race tightened after Trump spent the weeks leading up to the vote well ahead of Harris.

Harris’ dynamics in the final days of the election affected Trump’s deal on Monday, Treasury yields, the US dollar and Bitcoin are falling.

To get the full picture of the economic and stock market implications depending on who wins the election, read BI’s in-depth coverage of the topic. potential consequences here.

Citi analysts noted Monday that the stock market is behaving differently from past election years. Stocks tend to fluctuate amid uncertainty, but the rally has largely continued in the months leading up to the vote, suggesting investors are more attuned to macroeconomic data and earnings.

“U.S. stocks have been very strong this election cycle compared to last,” analysts said. “The current anomaly has less to do with market pricing of certain election results and more to do with the expectation of further interest rate cuts coupled with a likely more modest slowdown in US economic growth.

After the election, investors will turn their attention to the Federal Reserve. The central bank’s next meeting is scheduled for Wednesday and Thursday. The interest rate decision will be made at 2:00 pm ET on Thursday.

According to the CME FedWatch Tool, markets see a 96% chance of the Fed cutting rates by 25 basis points.

Here’s where U.S. indices stood as of Monday’s close at 4 p.m.:

Here’s what else is happening:

In commodities, bonds and cryptocurrencies:

• West Texas Intermediate crude oil rose 2.96% to $71.55 per barrel. Brent crude oilinternational benchmark rose 2.76% to $75.12 per barrel.
• Gold decreased by 0.08% to $2,746.90 per ounce.
• The 10-year Treasury yield fell 8 basis points to 4.314%.
• Bitcoin decreased by 1.64% to $67,617.