Stock futures saw modest gains on Wednesday as investors wrestled with a White House race that is still too close to call.
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Stocks, Oil Push Higher
Dow Jones Industrial Average futures, along with S&P 500 futures struggled to push higher. The tech-heavy NASDAQ, which had been under pressure last week, surged, rising over 2.5% by 6:30 a.m. ET.
The gains follow the best Election Day performance for stocks since 2008.
West Texas Intermediate crude oil was also firmer, rising more than 2% to the $38 per barrel level.
|I:DJI||DOW JONES AVERAGES||27480.03||+554.98||+2.06%|
|I:COMP||NASDAQ COMPOSITE INDEX||11160.572417||+202.96||+1.85%|
On Tuesday, the Dow jumped more than 554 points, a gain of 2%, while the S&P 500 rose 1.8%.
As for the election tally, the odds of a contested election growing more likely,
The Fox News Decision Desk projects victories for Democratic nominee Joe Biden in Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Massachusetts, Maryland, Minnesota, one of Nebraska’s electoral votes, New Hampshire, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont and Virginia and Washington, as well as the District of Columbia. The former vice president has secured 238 electoral votes.
Meanwhile, President Trump is expected to win Kentucky; West Virginia; Alabama; Mississippi; Tennessee; Missouri; Arkansas; Indiana; Kansas; Louisiana; Oklahoma; Wyoming; North Dakota; South Dakota; South Carolina; Utah; Idaho; Florida; Ohio; Texas; Iowa; Montana; and at least four of Nebraska’s five electoral votes. That represents a total of 213 electoral votes.
At least 270 electoral votes are needed to be declared the winner.
A number of economic reports will be released Wednesday, including updates on employment figures, mortgage applications, and the service sector.
At 7 a.m., mortgage applications for the week ending Oct. 31 will be released, followed by the ADP employment change for October at 8:15 a.m. Economists are expecting a reading of 600,000 jobs being added, down from a prior reading of 749,000.
ISM’s Non-Manufacturing index will be released at 10 a.m., with economists looking for a reading of 57.3, down slightly from the prior reading of 57.8.
The Energy Information Administration will release its weekly crude oil inventory data at 10:30 a.m. West Texas Intermediate crude oil was rising ahead of the data, climbing 2.7% to $38.67 a barrel.
EARNINGS SEASON CONTINUES
After a brief respite for the presidential election, earnings season is set to resume, with investors hearing from a number of tech companies.
Prior to the market open, hotel operator Hilton Worldwide, Eversource Energy and biotech Genmab are among those that will release their quarterly results.
|MET||METLIFE INC. (METROPOLITAN LIFE INSURANCE COMPANY)||39.97||+1.27||+3.28%|
|ALL||THE ALLSTATE CORPORATION||92.92||+2.02||+2.22%|
After the close of trading, investors will get their latest looks at earnings from semiconductor companies Qualcomm and Qorvo, dating app owner Match Group and insurance companies MetLife and Allstate.
|EXPE||EXPEDIA GROUP, INC.||98.80||+4.08||+4.31%|
Mobile gaming company Zynga, hosting company GoDaddy, and travel services company Expedia Group also report.
In other commodities, gold fell slightly to $1,891 an ounce, down almost 1%.
As the election hangs in the balance, the world is grappling with the worst pandemic in more than a century.
On Monday, the U.S. reported more than 84,000 COVID-19 cases, according to data compiled by Johns Hopkins University. More than 9.3 million Americans have now contracted the virus, resulting in over 232,000 deaths.
Fox News’ Tyler Olson contributed to this story.