Monday Market Moves Sideways, Election and FOMC in Sight | Wall Street Today

The market climbed overall, but after the first couple hours of the day, indexes slipped into the red and pulled back. After the market closed at 4 pm ET, the $S&P 500 Index (.SPX.US)$ fell 0.28% the $Dow Jones Industrial Average (.DJI.US)$ fell 0.61%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.33%.

On Monday afternoon, $NVIDIA (NVDA.US)$ is up 2% as its market capitalization moved past $Apple (AAPL.US)$, making the chip maker the world’s most valuable company. It is due to take a spot on the Dow Friday, taking the place of $Intel (INTC.US)$.

U.S. Treasury yields are down as investors impatiently wait for election news and the Federal Reserve’s interest rate decision on Thursday. The yield on 10-year Treasury was off nine basis points, sitting around 4.272% and the 2-year Treasury yield had been down more than six basis points to 4.137%.

Within industries tracked by moomoo, Insurance companies fell, on the news over the weekend that $Berkshire Hathaway-B (BRK.B.US)$, a major owner of insurers like Geico reported a profit that fell 6% in the past quarter. $Crude Oil Futures(JAN5) (CLmain.US)$ climbed 3% after renewed violence and tension in Israel, including vows from Iran to strike back.

$Bitcoin (BTC.CC)$ hovered at $68k, Gold and silver climbed a bit but last hit all-time highs two trading days ago. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell.

$The Mosaic (MOS.US)$ stock climbed 8%, the highest on the S&P 500, after news that Belarus President Alexander Lukashenko wants to cut the potash supply 10%, to boost the price. Belarus exports 40% of the world potash supply, a main ingredient in fertilizer that companies like Mosaic sell.

$Palantir (PLTR.US)$ reported Adj. earnings of $0.10 per share, beating estimates of $0.09. The firm also reported quarterly sales of $725.516 million, beating estimates of $701.130 million. The firm said its full-year adjusted operational profit in the range of 1.05-1.06B, compared to estimates of $957M.

$Constellation Energy (CEG.US)$ stock fell 10% despite beating revenue estimates in Q3 and formally announcing a plan to restart Unit 1 of Three Mile Island to create nuclear energy for Microsoft. The stock slump hit multiple nuclear power companies after a federal commission ruled Amazon could not harness energy outside of the electrical grid in a nuclear reactor deal for 480MW of power from Talen Energy in the Susquehanna Valley. Instead, Amason will get 300 MW. Micorosft's deal is different because Three Mile Island will be connected to the grid, and they will not be the sole receiver of the nuclear power, Barrons reported.

Shares of $Knife River (KNF.US)$ were trading more than 12% lower just after 12.32 PM ET on Monday after the contractor and maker of construction materials reported worse-than-expected Q3 results.

On Saturday, $Berkshire Hathaway-B (BRK.B.US)$ said its operating earnings fell 6% to $10.1 billion in the third quarter from $10.8 billion in the same period a year ago. The company didn't purchase any of its own shares in the third quarter.

Investors await $Super Micro Computer (SMCI.US)$ and $Ferrari (RACE.US)$ earnings Tuesday, $Qualcomm (QCOM.US)$ and $CVS Health (CVS.US)$ Wednesday, and $Datadog (DDOG.US)$, $Warner Bros Discovery (WBD.US)$, $Block (SQ.US)$, $Airbnb (ABNB.US)$, $Rivian Automotive (RIVN.US)$ Thursday.

We want YOU to tune in live on November 5th, U.S. election day, for a special moomoo news and community event. Come watch Nov 5th at 6:30 PM ET as the vote counts roll in with our local news team and a party of guests! Subscribe: click here to join the live discussion NOW!