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Top 5 things to watch in Tuesday's financial market | 3rd November, 2020




Top 5 things to watch in Tuesday’s financial market | 3rd November, 2020

  • Update Time : Tuesday, November 3, 2020
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Top 5 things to watch in Tuesday's financial market | 3rd November, 2020
Top 5 things to watch in Tuesday's financial market | 3rd November, 2020

MarketDeal24.Com – Here are five things to keep in mind in the financial market on Tuesday, 3rd November:

1. US presidential election day

The American people are going to vote today to elect their new president, 35 senators and 435 congressmen or women.

Democrats are still in the lead to take over the White House, according to the poll. Although they were ahead in the 2016 poll, Hillary Clinton could not win even though she got more popular votes.

In 2000, Bush vs. Gore election, which took until December 12 to determine the outcome. Only Florida recounted the vote at the time. This time the mail in ballot will determine the results for Pennsylvania, North Carolina and Wisconsin.

In some states, more than 96 million people cast their ballots in advance, exceeding the total number of votes cast on election day.

2. Reserve Bank of Australia’s Economic Policy Announcement

The Reserve Bank of Australia once again showed the world market that the central bank has not yet given up strategically. They have reduced their interest rate from 0.25% to 0.10%. The central bank, meanwhile, has announced its first A$100 billion package. These decisions have met the expectations of the market.

The value of the Australian dollar has risen since the announcement. The Australian dollar has now moved to the level of a year ago against the US dollar. The AUD/USD pair traded at 0.7122 at 6:30 a.m. Eastern time.

3. The US stock market is set to open high

Today the US stock market has started the day with an upward position. At 8:20 a.m. Eastern time, the Dow futures gained 394 points, or 1.5%, while the S&P 500 futures rose 1.2% and the Nasdaq futures rose 0.6%.

Humana (NYSE: HUM), Exelon (NASDAQ: EXC), McKesson (NYSE: MCK) and Fox will publish their earnings reports. Investors will also pay special attention to Paypal.

4. Jack Dorsey survived as CEO of Twitter

Investors will keep an eye on Twitter’s share in the market today. Twitter CEO and founder Jack Dorsey has been able to free himself from the pressure exerted on him. Investing firm Elliott Management was pressuring him to resign.

A committee appointed by the board asked them to remain in office, the company said on Monday. Elliott Management has accepted this decision.

5. Oil prices rise ahead of elections

Oil prices rose on election day in the United States as global economic markets are on the upswing today, but oil prices have risen at a somewhat slower pace due to increased corona transmission in Europe and the United States.

Brent crude (LCOc1) futures traded up 60 cents, or 1.6%, at $39.7 a barrel, while US West Texas Intermediate (WTI) futures rose 7 cents, or 2.1%, to $36.59 a barrel.

The American Petroleum Institute’s weekly stock report will be published today at 4:30 p.m. Eastern Time.

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