Stock election rally continues, GM jumps as auto demand drives profits - Fox Business

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Stock futures continued their upswing for a fourth-straight day as the results of the U.S. presidential election continue to hang in the balance.

A positive report from General Motors, along with a fresh data point on the jobs market and news from the Federal Reserve also aided sentiment.

Dow Jones futures surged more than 350 points, a gain of 1.3%, while the tech-heavy NASDAQ Composite jumped 2.6% as investors sighed a breath of relief that regulation and corporate taxes may not be as bad as feared. The S&P 500 climbed 1.8%, approaching the 3,500 level.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	27847.66	+367.63	+1.34%
I:COMP	NASDAQ COMPOSITE INDEX	11590.780669	+430.21	+3.85%
SP500	S&P 500	3443.44	+74.28	+2.20%

NASDAQ, S&P 500 POST-ELECTION GAINS BEST EVER DESPITE CHAOS

GM shares rose nearly 7% early Thursday after the automaker reported a better-than-expected quarter due to rising demand for trucks.

Ticker	Security	Last	Change	Change %
GM	GENERAL MOTORS COMPANY	35.24	-0.11	-0.31%

ECON, FED IN THE SPOTLIGHT

The Federal Open Market Committee is set to release its latest interest rate decision at 2 p.m. Traders will be looking to see if the Fed gives any hints about additional monetary support for the struggling economy.

TRUMP OR BIDEN? FED CHAIR POWELL IS STILL A RAINMAKER

Ahead of the decision, initial jobless claims showed a slight rise to 751,000 compared to economists' expectations of 735,000, for the week ending Oct. 31. Continuing claims came in at 7.285 million, as the country still grapples with the COVID-19 pandemic.

As for the election, the odds of a contested result are growing more likely.

The Fox News Decision Desk projects victories for Democratic nominee Joe Biden in Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Massachusetts, Maryland, Minnesota, Michigan one of Nebraska's electoral votes, New Hampshire, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont and Virginia and Washington, as well as the District of Columbia. The former vice president has secured 264 electoral votes.

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Meanwhile, President Trump is expected to win Kentucky; West Virginia; Alabama; Mississippi; Tennessee; Missouri; Arkansas; Indiana; Kansas; Louisiana; Oklahoma; Wyoming; North Dakota; South Dakota; South Carolina; Utah; Idaho; Florida; Ohio; Texas; Iowa; Montana; and at least four of Nebraska's five electoral votes. That represents a total of 214 electoral votes.

Up for grabs are Nevada, Pennsylvania, Georgia and North Carolina, with those results still too-close-to-call.

TECH EARNINGS IN THE SPOTLIGHT

Ticker	Security	Last	Change	Change %
QCOM	QUALCOMM INC.	128.97	+3.52	+2.81%

Qualcomm shares soared more than 13% Thursday morning after the chipmaker posted better-than-expected results and gave guidance that pleased investors, highlighting the effects of the coming wave of 5G-enabled smartphones.

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Ticker	Security	Last	Change	Change %
EXPE	EXPEDIA GROUP, INC.	98.50	-0.30	-0.30%

Expedia shares are set to rise more than 4% after the travel services provider said its results weren't as bad as feared, despite the sharp drop in demand for travel due to the pandemic.

Ticker	Security	Last	Change	Change %
BABA	ALIBABA GROUP HOLDING LTD	295.71	+10.14	+3.55%
TMUS	T-MOBILE US	116.02	+4.90	+4.41%
SQ	SQUARE INC COM	171.29	+13.08	+8.27%
UBER	UBER TECHNOLOGIES INC.	40.99	+5.22	+14.59%
BKNG	BOOKING HOLDINGS INC.	1,713.32	+43.74	+2.62%

Investors will get quarterly looks at Alibaba, T-Mobile USA, Square, Uber Technologies, Booking.com, among several others, after the close of trading.

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West Texas Intermediate crude oil dipped slightly, holding above the $39 a barrel level, while gold continued its march upwards, gaining 1.2% to trade at $1,918.50 an ounce.

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