Despite uncertainty over the next occupant of the White House and the economic policies that may ensue, major U.S. equities indexes pushed higher as voters headed to the polls on Election Day. However, investors are likely bracing for market volatility if the outcome remains undetermined over the coming days.
The S&P 500 jumped 1.2% on Tuesday. The tech-heavy Nasdaq surged 1.4%, while the Dow added 1.0%.
The top performance in the S&P 500 on Election Day belonged to analytics software provider Palantir Technologies (PLTR), whose shares skyrocketed 23.4%. The surge in the stock came after Palantir reported better-than-expected revenue and net income for the third quarter. Palantir’s CEO highlighted “unrelenting AI demand” as a key driver of the company’s strong performance.
Engine manufacturer Cummins (CMI) also reported third-quarter sales and profits that exceeded analysts’ forecasts, and its shares popped 9.0% higher. Although sales were essentially flat year-over-year, Cummins increased …