Stock Market Today: Election Results Continue to Ease Market Fears

Quick Read

• Delek US Holdings crushed earnings with $14 adjusted EPS against an $8 estimate, while Calumet slipped 2% despite beating expectations.

• Brookfield Infrastructure fell 2% after beating estimates, while sister company Brookfield Asset Management rose 1%.

• Tech is bouncing before the Fed’s 2 p.m. statement, with the Nasdaq-100 fund up 1% premarket after an 8% weekly slide.

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Tech stocks are bouncing ahead of the opening bell while blue chips lag. Before the bell, the fund that tracks the Nasdaq-100 was up 1.4%, the S&P 500 tracker was up 0.1%, and the Dow tracker was down 0.9%. The rebound comes after the Nasdaq-100 fund fell 8% in a week, and the session leads into the Federal Reserve’s 2 p.m. ET policy statement.

Why Growth Buyers Are Returning Before the Fed

Growth stocks have taken the worst of the selling. Over the past month, the Nasdaq-100 fund lost 14%, compared with 6% for the S&P 500 fund.

Two pressures have relieved. The 10-year Treasury yield slipped to 4.9% on Wednesday, its lowest level in a month and down from 5.3% in early October. The VIX fell back into its normal range after closing at 21 on Monday.

Oil is helping too. WTI oil was about $100 on Tuesday, below its $110 October peak. Lower crude eases inflation pressure, and that matters to a Fed that raised rates in September.

Refiners and Infrastructure Earnings Moving Early

Delek US Holdings (NYSE:DK) reported adjusted EPS of $13.55, well ahead of the $8.12 estimate. EPA small refinery exemptions cut costs by $334.7 million, so regulation did part of the work. Shares rose 4% to about $65.

Calumet (NASDAQ:CLMT) beat expectations with EPS of $2.91, yet shares slipped 2%. That adds to a 25% one-month drop.

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Brookfield Infrastructure Partners (NYSE:BIP) posted FFO of $0.91 per unit, ahead of the $0.83 estimate, but units fell 2%. Sister company Brookfield Asset Management (NYSE:BAM) rose 1%.

What This Split Session Means for Your Money

A one-day pop in tech after a sharp weekly drop looks more like relief than a confirmed turn. Year to date, the Nasdaq-100 fund is up 7%, now behind the S&P 500 fund’s 8%. If your portfolio leans on mega-cap tech, this month’s swings show how much concentration risk you carry. Calumet and Brookfield Infrastructure falling after beats shows the market is setting a high bar for earnings right now.

Fed Statement Could Reset the Afternoon

After the 2 p.m. ET release comes consumer credit data at 3 p.m. Pay attention to whether the Fed keeps tending toward more hikes. The 10-year yield’s reaction will decide whether tech’s early bounce holds up into the close.

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