Voters walk to cast their ballots during early voting for the presidential election at a polling place at the C. Blythe Andrews, Jr. Public Library in Tampa, Florida, the United States, on November 1, 2024.
Octavio Jones | Reuters
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
The United States added only 12,000 new jobs in October.
american economy There were 12,000 new jobs created in October, significantly lower than the 100,000 expected by Dow Jones and marking the lowest level of job creation since December 2020. Impact, Boeing strike in October.
Markets shake off weak jobs report
Stocks rose on Friday to start November, with Amazon Traders shrugged off the disappointing jobs report. E-commerce giant Amazon’s profits exceeded Wall Street expectations, sending its shares up 6.2%. this Dow Jones Industrial Average up 0.69% S&P 500 Index up 0.41% Nasdaq Index up 0.8%.
Berkshire Hathaway’s war chest exceeds $300 billion
Berkshire Hathaway Cash reserves soared to a record $325.2 billion as of the end of September, compared with $276.9 billion in the previous quarter. Meanwhile, Warren Buffett continues to sell stocks aggressively and is not buying back shares. The Oracle of Omaha sold $36.1 billion worth of stock in the third quarter, including most of Apple and Bank of America.
Harris makes progress in Iowa
Iowa isn’t the state many pollsters predicted would breakout Democratic presidential candidate Kamala Harris. However, the Des Moines Register/Mediacom Iowa Poll shows the vice president leads Donald Trump 47% to 44% among likely Iowa voters, seven points since September. percentage point change. Iowa has six electoral votes.
(PRO) Congressional composition could determine stock performance
While all eyes will be on who will occupy the Oval Office after the U.S. election night on November 5, investors will be watching to see whether Congress ends up divided or united. He, not the current president, may be the key to determining the future performance of the stock market.
bottom line
It’s an overused expression, but “the calm before the storm” might be the best way to describe the start of this week and the day before the U.S. election.
After a weekend of closing debates between the two parties in key battleground states, the United States is now on the brink of Election Day, with two very different candidates with two distinct positions on a range of issues.
Beyond the Oval Office, it’s important to remember that the President of the United States does not operate in a vacuum. Control of the House and Senate will also determine the president’s ability to fulfill his campaign promises.
For investors, it’s like the last moments before a plane lands.
Many may be on the sidelines before returning to the market. With the two candidates locked in a stalemate, trying to predict the winner and where the market will go is like flipping a coin.
Furthermore, while November 5th seems to be the giant red circle on the calendar that everyone is focused on, the world continues on after that day. The Fed’s next two-day meeting will be held on November 6-7, and a Reuters survey of economists predicts a 25 basis point rate cut.
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