“The NAS, Dow and S&P 500 have been and are trading way up in positive territory in the Presidential election chaos” — Paul Ebeling
The US Presidential election results are still indecisive as of this writing.
Overall, the NAS Comp, DJIA and S&P 500 futures are trading in positive territory overnight.
Energy companies, which will enjoy a lighter regulatory and tax environment under a 2nd term for President Trump, rose, with the SPDR S&P Oil & Gas Exploration & Production ETF up 2.3%.
Stocks of solar energy-based firms, which rose in anticipation of Joe Biden and the Democrats faring well, fell, the Invesco Solar ETF dropped 3% after climbing more than 40% since the 24 September lows.
Another instrument representing the developing sector, the iShares Global Clean Energy ETF, fell 2%.
Major cannabis producers rose after the VP debate, when candidate Kamala Harris said marijuana would be decriminalized at the federal level under a Biden Administration.
The ETFMG Alternative Harvest ETF slipped 1.9%, it is on track for its worst days in nearly 2 months.
Shares of cannabis producers Tilray, US listings of Canada’s Canopy Growth, Cronos and Aurora Cannabis, dropped between 3% and 6.3%.
Big tech companies, which have benefited from President Trump’s soft stance on regulation, as well as a tax cut that targeted US big business, rose, with the Invesco QQQ ETF and Technology Select Sector SPDR Fund both up 2.3%.
The FAANGs Facebook, Apple, Amazon, Netflix and Google gained around 2.3% each Wednesday.
Wednesday, the benchmark US stock market indexes finished at: DJIA +367.63 at 27847.60, NAS Comp +430.21 at 11590.71, S&P 500 +74.42 at 3443.58
Volume: Trade on the NYSE came in at 995-M/shares exchanged
HeffX-LTN’s overall technical outlook on the major US stock market indexes is Bullish Very Bullish bias.
- NAS Comp +29.2% YTD
- S&P 500 +3.6% YTD
- DJIA -2.4% YTD
- Russell 2000 -3.2% YTD
Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report, the FOMC Rate Decision, and preliminary Q-3 Productivity and Unit Labor Costs Thursday.
Have a healthy day, Keep the Faith!