Stock Market Today: Dow futures steady while bonds rally on signs of closer election race
U.S. stock futures were steady while bonds rallied Monday after a key poll suggested Vice President Kamala Harris’s chances of winning the election were better than many investors assumed.
Dow Jones Industrial Average futures fell 43 points, or 0.1%, to 42166.
S&P 500 futures gained 5 points, or 0.1%, to 5763.
Nasdaq-100 futures increased 3 points, or 0%, to 20156.
On Friday, the Dow Jones Industrial Average rose 289 points, or 0.69%, to 42052, the S&P 500 increased 23 points, or 0.41%, to 5729, and the Nasdaq Composite gained 145 points, or 0.8%, to 18240.
A poll published by the Des Moines Register over the weekend showed Harris with a 3-point lead over former President Donald Trump in Iowa. Not only would that give Harris a surprise 6 Electoral College votes if proven accurate, but also would suggest Harris doing better than expected in many demographically similar states.
The impact was most visibly seen in the bond market, where the yield on the 10-year Treasury fell 9 basis points. The U.S. dollar also lost ground, with the euro rising 0.5%.
Meanwhile there was big index news as Nvidia and Sherwin-Williams will replace Intel and Dow in the Dow Jones Industrial Average. Also over the weekend, Warren Buffett’s Berkshire Hathaway disclosed it has further reduced its holdings in Apple as its total cash holdings reached $325 billion.