Stocks slipped Monday as investors looked ahead towards the results of the U.S. presidential election and the Federal Reserve's next policy decision later this week. The Dow Jones Industrial Average dropped over 250 points, while the S&P 500 Index and Nasdaq Composite lost about 0.3% each.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Moving Markets:
Nvidia
Separately, Sherwin Williams
In the News:
Bank of America analyst Curtis Nagle upgraded Peloton Interactive
"We believe Peloton can exceed $300mn in EBITDA this year (current est is $295mn) and see $400mn+ as possible over the next few years," Nagle wrote in a note to clients. Nagle add that Peloton is in a better capital position compared to six months ago, and Stern is likely to cut operating expenses, as well as increase hardware margins and subscription prices.
Morgan Stanley analyst Brian Nowak raised the firm's price target for Amazon
"Amazon's high-margin businesses continue to allow Amazon to drive greater profitability while still continuing to invest (last mile delivery, fulfillment, Prime Now, Fresh, Prime digital content, Alexa/Echo, India, AWS, etc)," Nowak highlighted in a note to clients on Monday.
Viking Therapeutics
U.S. Election Watch:
D.A. Davidson analyst Gary Tenner wrote in a note on Monday that bank stocks could see some near-term upside if former President Donald Trump wins the general election on Tuesday.
"We view near term bank stock trading as more likely to benefit in that scenario, with a potential dip if Harris is victorious, while our longer-term bias, based on bank fundamentals, remains constructive, regardless who wins," Tenner wrote.
"Presuming lower rates and a sound economy, we would expect loan growth to improve regardless of the next White House inhabitant, as many banks have suggested election uncertainty, along with still elevated interest rates, is the current sticking point for customers."
For Tuesday:
Market participants will turn their attention towards October's S&P final U.S. services PMI and ISM services readings on Tuesday, as well as earnings reports from companies including Palantir Technologies