Index Tallies Election Day Upswing

Despite uncertainty over the next occupant of the White House and the economic policies that may ensue, major U.S. equities indexes pushed higher as voters headed to the polls on Election Day. However, investors are likely bracing for market volatility if the outcome remains undetermined over the coming days.

The S&P 500 jumped 1.2% on Tuesday. The tech-heavy Nasdaq surged 1.4%, while the Dow added 1.0%.

The top performance in the S&P 500 on Election Day belonged to analytics software provider Palantir Technologies (PLTR), whose shares skyrocketed 23.4%. The surge in the stock came after Palantir reported better-than-expected revenue and net income for the third quarter. Palantir’s CEO highlighted “unrelenting AI demand” as a key driver of the company’s strong performance.

Engine manufacturer Cummins (CMI) also reported third-quarter sales and profits that exceeded analysts’ forecasts, and its shares popped 9.0% higher. Although sales were essentially flat year-over-year, Cummins increased its earnings before interest, taxes, depreciation, and amortization (EBITDA), reflecting margin expansion.

Emerson Electric (EMR) shares surged 7.2% after the industrial technology and engineering company topped quarterly sales and profit estimates, boosted by growth in its Intelligent Devices segment. The firm also announced plans to acquire the remaining stake in Aspen Technology (AZPN), an automation software provider already under Emerson’s partial control, in an effort to enhance its position in the industrial automation market.

Shares of Celanese (CE) plummeted 26.3%, the steepest drop of any S&P 500 stock on Tuesday, after the chemical supplier’s third-quarter sales and profits fell short of expectations. Softness in key end markets, including paints, coatings, and construction, weighed on the company’s performance, along with declines in the automotive and industrial sectors in the Western Hemisphere. Celanese also cut its dividend and announced plans to scale back production, suggesting it expects headwinds to persist.

Casino operator Wynn Resorts (WYNN) also reported weaker-than-expected top- and bottom-line results for the third quarter, and its shares dropped 9.3%. A slowdown in Wynn’s Las Vegas operations contributed to the shortfall, while the company’s results in Macau were mixed. Wynn also noted an investment of $18.2 million during the quarter in its joint venture that is under construction in the United Arab Emirates.

Archer-Daniels-Midland (ADM) shares fell 6.0% after the agricultural commodities maker canceled its scheduled earnings conference call and announced that it would restate previous financial results. The company said that, along with previously disclosed issues that led to a prior restatement, it has discovered additional accounting inaccuracies affecting several segments, noting that it is working to complete the restatements as soon as possible. ADM also provided preliminary third-quarter results that came in below forecasts.