U.S. stock indexes moved slightly higher in premarket trading as Americans prepared to vote in the presidential election.
A recent poll showed Democratic candidate Kamala Harris leading in Iowa ahead of Tuesday’s vote, driving bond yields lower and easing pressure on stocks.
Expectations of a win for Republican candidate Donald Trump had recently boosted bond yields, along with the dollar and Bitcoin.
In premarket activity, Trump Media & Technology Group dropped 5%, while software developer Phunware, which created apps for Trump’s 2020 campaign, fell 8.9%.
Betting site PredictIt showed Harris at 53 cents, compared to Trump at 51 cents—a shift from last week’s 42 cents for Harris and 61 cents for Trump, reflecting current investor wagers.
Nvidia, a chip industry giant, rose 2.4% following the announcement by S&P Dow Jones Indices that it would replace Intel in the Dow Jones Industrial Average. Intel shares slipped 2.3%.
Ahead of the opening bell, the Dow edged up 0.1%, with the S&P 500 and Nasdaq 100 both gaining 0.2%.
Former President Trump’s Media & Technology Group Corp dropped 6.6% in pre-market trading on Monday following the latest polling results.
Beyond the election, attention is on the Federal Reserve’s upcoming base interest rate decision on Thursday. Markets widely anticipate a rate cut, regardless of the election outcome.
