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Dow Jones dips 250 pts ahead of US elections
US stock indexes declined on Monday in the last session before the 60th presidential election in U.S. history, as investors awaited the Federal Reserve's decision on interest rates later this week.
The Dow Jones Industrial Average dropped 257 points, or 0.60%, to 41,794 points. Likewise, the S&P 500 Index slumped 0.30% to 5,712 points, and the Nasdaq Composite lost about 0.35%, or 59 points, to 18.179 points.
This followed the decline of the three key gauges last week as Dow Jones lost 0.2%, S&P 500 (1.4%), and Nasdaq (1.5%), which reversed a seven-week winning streak. This came despite the decline of the 10-year US Treasury yields by 6.5 basis points and amid investors’ woes about the market volatility.
As for the European indices, STOXX Europe 600 fell 0.35% to 509.21 points, as most sectors were trading in the red territory, led by technology stocks, which lost 1.1%.
DAX 40 decreased 0.55%, or 107 points, to 19,147 points. CAC 40 inched down 0.50%, or 37 points, to 7,371 points. Meanwhile, FTSE 100 gained 0.1%, or 7 points, to 8,184 points.
In Japan, Nikkei 225 edged up 0.85%, or 340 points, to 39,277 points. TOPIX added 0.3% to 2,707 points.
In the oil market, futures contracts for Brent crude for January delivery rose 2.7%, or $1.98, to $75.08 per barrel, the highest level since Oct. 25.
Meanwhile, prices of West Texas Intermediate (WTI) crude oil for December delivery rose 2.9%, or $1.98, to $71.47 per barrel, the highest level since Oct. 25.
As for gold, futures prices for the yellow metal for December delivery inched down 0.1%, or $3 to $2,746 per ounce.
Investors are closely anticipating the launch of the US elections tomorrow, Tuesday, Nov. 6, which will play a key role in determining the direction of stocks until year-end. Recent surveys show that Donald Trump and rival candidate Kamala Harris are gathering the same level of support.
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