Adam Sarhan MarketWatch Quote: U.S. Stock Futures Move Higher on Election Day

Market Watch

Nov. 6, 2012, 6:55 a.m. EST

By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) — U.S. stock futures pointed higher on Tuesday, drawing some support from gains for Europe stocks, as the presidential race entered its final lap with voting underway. Earnings from AOL Inc. and CVS Caremark Corp. and job-openings data were also on tap.

Adding to earlier gains, futures for the Dow Jones Industrial Average DJZ2 +0.32% rose 47 points, or 0.4%, to 13,100, while those for the Standard & Poor’s 500 indexSPZ2 +0.40%  gained 5.4 points, or 0.4%, to 1,417.40.

Futures for the Nasdaq 100 index NDZ2 +0.50%  gained 14.25 points, or 0.5%, to 2,676.50.

“Adam Sarhan, founder and chief executive officer of New York-based Sarhan Capital, said Europe gave stock futures a bit of a helping hand on Tuesday morning. U.S. futures are following on hopes the [European Union] debt crisis will subside a little, said Sarhan.” 

The Stoxx Europe 600 index XX:SXXP +0.56%  rose 0.4%.

 

The main show for Tuesday markets is the outcome of the U.S. presidential race.

The outcome may not be known until late Tuesday, U.S. Eastern Time. Investors are hoping the decision won’t be protracted, such as what was seen in the 2000 race between George W. Bush and Al Gore. Read: Obama, Romney sprint to the finish line

“For all intents and purposes, it should be orderly with results tonight,” said Sarhan.

The latest polls indicate a tight race, though incumbent President Barack Obama is believed to have a small lead over Republican challenger Mitt Romney in key swing states such as Iowa. Read: How to watch election night

“The polls also suggest that the Congress will remain split, with the Democrats maintaining their majority in the Senate and Republicans keeping their majority in the House,” said analysts at Danske Research in a note to investors.

“The biggest concern in the financial market is that the Congress will not be able to agree on softening the impact from the fiscal cliff facing the U.S. next year,” the analysts said.

Wall Street stocks rose modestly on Monday, as investors took to the sidelines ahead of the elections. The Dow Jones Industrial AverageDJIA +0.15%  rose 19.28 points, or 0.2%, to end at 13,112.44. Read: U.S. stocks rise modestly before election

The economic calendar was thin on Tuesday, with September job openings expected at 10 a.m. Eastern time.

Within corporate news, AOL AOL +1.07%   and CVS Caremark Corp. CVS +0.15%  are due to report third-quarter results ahead of the opening bell.

Earnings from Office Depot Inc. ODP -0.40%  are also due ahead of the bell, while News Corp. NWSA +0.13%  is scheduled for after the close of trading.

Shares of Express Scripts Holding Co. ESRX -14.36%  fell 14% in thin premarket trading. The shares took a hit in late trading Monday after the pharmacy-benefit manager said analysts’ fiscal 2013 profit targets were “overly aggressive.” Read: ‘Aggressive’ comment hits Express Scripts

Europe lifted

Europe stocks were rebounding from prior-day losses tied to concern about Greece’s next chunk of bailout funding.

A day prior, at a meeting of Group of 20 finance chiefs in Mexico City, European Union Economic and Monetary Affairs Commissioner Olli Rehn reportedly said that international lenders and Greece are on track to unfreeze emergency aid for Greece at a euro-zone finance ministers meeting scheduled for Nov. 12. Read: Europe stocks rise with all eyes on U.S. election

Asia markets diverged, with gains in South Korea and weakness for Japanese and Chinese shares as investors there awaited the U.S. election outcome. Read: Asia stocks diverge ahead of U.S. election

The dollar edged lower as stocks pushed higher. Oil and gold prices also rose.

 

 

Barbara Kollmeyer is an editor for MarketWatch in Madrid.

URL: http://www.marketwatch.com/story/us-stock-futures-edge-higher-on-election-day-2012-11-06

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