US stock indices managed to stay positive before Monday's market open as traders position themselves ahead of the national elections and a significant policy decision from the Federal Reserve later in the week. In premarket activity, the S&P 500 gained 0.2%, while the Dow Jones Industrial Average and the Nasdaq both increased by 0.1%.
Most Asian exchanges also showed upward trends, and European markets followed suit, displaying positive momentum during the midday trade. With the US presidential elections scheduled for Tuesday, many are closely monitoring the upcoming Federal Reserve monetary policy meeting that commences on Wednesday, culminating in an interest rate decision expected on Thursday.
Additionally, Monday features a limited economic calendar with the release of the factory orders report for September at 10 am ET. Tesla shares experienced a drop of 2% in premarket trading, responding to news that the sales of the company's China-produced electric vehicles fell by 5.3% year-over-year in October.
Meanwhile, Nvidia stock saw a rise of 2.2%, and Viking Therapeutics posted a significant jump of 13%. Several companies are poised to report their latest financial results before the market opens, including Constellation Energy, Zoetis, Marriott International, Fidelity National Information Services, BioNTech, Fox Corporation, Loews, Revvity, Franklin Resources, New York Times, Choice Hotels International, and Freshpet, among others. Additionally, Vertex Pharmaceuticals, Palantir Technologies, NXP Semiconductors, American International Group, and Illumina will disclose their earnings after market hours. Before the market opens, Bitcoin saw a minor decline of 0.1%, trading at $68,720.
West Texas Intermediate crude oil prices surged by 3.2% to reach $71.68 per barrel, while yields on 10-year Treasuries fell by 8.6 basis points, settling at 4.28%. Gold prices also experienced a slight dip of 0.1%, trading at $2,748 per ounce..