Wall Street Rallies On Election Day, Palantir Skyrockets, Bitcoin Tops $70,000: What’s Driving Markets Tuesday?

Wall Street rallied on Tuesday as improved investor sentiment aligned with millions of Americans casting their votes for the 47th president.

Betting markets leaned slightly toward Donald Trump, with CFTC-regulated Kalshi placing Trump’s win probability at 56% compared to Kamala Harris‘s 44%.

National polls show a close contest, with the latest New York Times/Siena College poll indicating both candidates tied at 48% in the popular vote.

The S&P 500 climbed 1.2%, while the tech-focused Nasdaq 100 surged 1.5%, marking its strongest one-day increase in nearly a month.

All 11 sectors of the S&P 500 experienced gains, with consumer discretionary stocks outperforming. Small caps also joined the rally, with the Russell 2000 index gaining 1.1%.

Palantir Technologies Inc. PLTR led the S&P 500, with shares soaring after the artificial intelligence company surpassed quarterly earnings estimates and provided strong guidance.

In macroeconomic news, U.S. services sector activity hit over two-year highs in October, outperforming expectations.

Treasury yields increased by 5 basis points, while the dollar declined for a second consecutive session.

Gold edged up 0.3%, hovering near record highs, and oil prices gained 1.2% after a 3.2% surge on Monday.

Crypto sentiment was strong as well, with Bitcoin BTC/USD jumping 4.5% to over $70,000 and Dogecoin DOGE/USD spiking 12%.

Read also: If Trump And Republicans Sweep, Dollar May Climb 7% — But Harris Win Could Bring 5% Drop, Says JPMorgan

Tuesday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY rose 1.1% to $575.87.
• The SPDR Dow Jones Industrial Average DIA rose 0.9% to $421.79.
• The tech-heavy Invesco QQQ Trust Series QQQ soared 1.4% to $492.61.
• The iShares Russell 2000 ETF IWM rose 1.1% to $222.47.
• The Consumer Discretionary Select Sector SPDR Fund XLY outperformed, rising 1.7%. The Materials Select Sector SPDR Fund XLU lagged, up 0.4%.

Monday’s Stock Movers

Stocks reacting to earnings reports included:

• Vertex Pharmaceuticals Inc. VRTX, up 4.8%
• Palantir Technologies Inc., up 22.8%
• NXP Semiconductors NV NXPI, down 6.8%
• Diamondback Energy Inc. FANG, down 1.6%
• American International Group Inc. AIG, down 2.3%
• Illumina Inc. ILMN, down 0.5%
• Apollo Global Management Inc. APO, up 6.2%
• Emerson Electric Company EMR, up 6.8%,
• Marathon Petroleum Corp. MPC, up 3.9%,
• Cummins Inc. CMI, up 8.8%,
• Targa Resources TRGP, 4.7%,
• YUM! Brands, Inc. YUM, up 2.5%,

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