The New York Stock Exchange is pictured in the Manhattan neighborhood of New York City, New York on October 2, 2020.
Carlo Allegri | Reuters
Dow Futures pointed to it A gain of nearly 400 points on Tuesday’s opening when Americans who have not yet voted go to the polls to make a clear choice between president Donald Trump or democrat Joe Biden. Almost 100 million votes were cast early to reduce the crowd on election day during the election campaign Covid-19 pandemic. Tuesday’s move in Dow futures added to the average of the 30 stocks 423 points in advance Monday. However, a two-day gain of about 800 points would only marginally detract from last week’s decline by more than 1,800 points, or nearly 6.5%. This is the worst weekly drop since March, a month that Wall Street plunged low on a coronavirus.
Donald Trump and Joe Biden
Brendan Smialowski AFP | Getty Images; Drew Angerer | Getty Images
Trump and Biden made their last pitches to voters on the eve of the elections at rallies in battlefield states. The populist economic message that fueled Trump’s last campaign was missing this time. Instead, the president attacked opponents in his final argument for re-election at events in North Carolina, Pennsylvania, Wisconsin and Michigan. Biden spent his last day of the campaign in Ohio and Pennsylvania. The central point of Biden’s 11-hour pitch remains that Trump has not and will not take the necessary steps to control the pandemic. Biden also emphasized national unity.
According to the CNBC / Change Research poll, Biden had a small head start in Arizona, Florida, Michigan, North Carolina, Pennsylvania, and Wisconsin. A separate national poll by CNBC / Change Research found the same leeway as the poll by NBC News / Wall Street Journal: Biden leads Trump nationally with 10 points between 52% and 42%.
Senate Majority Leader Mitch McConnell (R-KY) speaks at the final campaign event of his 2020 campaign for the U.S. Senate during a layover in Versailles, Kentucky, United States, on Nov. 2, 2020.
Bryan Woolston | Reuters
The control of the Senate also plays a role on election day with the GOP majority and the future of additional pandemic relief in balance. The status quo – Trump as President, Republican Senate and Democratic House – does not speak in favor of the chances of a big stimulus package. If the Senate flipped the Democrat – and there is no expectation that the Democrats would lose the house – a re-elected Trump could get more stimulus than he and the Republicans want. If Biden won the presidency and the Senate stayed in GOP hands, the former vice president might have to accept less incentive than he wants. A blue sweep – Biden wins and Democrats take over the Senate – would favor a much bigger incentive approach.
United States President Donald Trump listens to Ambassador Debbie Birx, the White House’s Coronavirus Response Coordinator, during a meeting with Florida Governor Ron DeSantis in the Oval Office of the White House in Washington, USA, on April 28, 2020.
Carlos Barria | Reuters
When the coronavirus cases in the US hit a third peak, Dr. Deborah Birx, who has been silent lately, broke with the president and joined Trump administration scientists who sounded the alarm. Birx, Coordinator of the Coronavirus Task Force at the White House, wrote in a memo: “We are entering the most worrying and deadly phase of this pandemic.” Birx also said the US had failed to take “balanced” measures to slow the spread of the virus. After worst daily Covid-19 cases to date on Friday from 99,321 New infections over the weekend and Monday averaged in the low range of 80,000.
– The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC’s live market blog. Follow ours too Election day blog and our Coronavirus blog.