Futures rise on Election Day

Investors, traders are bound to follow the extremely tight presidential race as the day unfolds.

By Benzinga Nov 6, 2012 9:29AM

Zurbar SuperstockU.S. equity futures rose in premarket trading on Election Day. Heading into the vote, the candidates are in a statistical dead heat as the margin of error on all of the tracking polls is generally wider than the difference in the surveys; thus, this is one of the closest races in history.

In other news around the markets, the Royal Bank of Australia kept rates unchanged. Economists surveyed by Bloomberg had expected a cut of 25 basis points following a cut last month also of 25 basis points. The bank noted higher than expected inflation and stabilization in China as its rationale for holding rates.

Spanish Prime Minister Mariano Rajoy spoke, saying that 2012 will be the worst year for Spain and that the country would only ask for a bailout if borrowing costs rose markedly. The statements came as the Spanish services PMI contracted less than expected in October.

The Greek austerity bill has reached the Greek parliament and now has to be approved by politicians before the Troika can release more bailout funds. Speculation has been rising that the parliament will not approve the bill and also fears have risen that a Greek court could rule some of the labor measures unconstitutional. Without the bailout cash, Greece could default.

  • S&P 500 futures rose 4.2 points to 1,416.20.
  • The EUR/USD was flat at 1.2795.
  • Spanish 10-year government bond yields fell to 5.706%.
  • Italian 10-year government bond yields fell to 4.947%.
  • Gold futures rose 0.5% to $1,691.70 per ounce.


See more of Benzinga's market news here!



Commodities were higher heading into election day with strength seen broadly in energy and metals. WTI crude futures rose 0.53% to $86.10 per barrel and Brent crude futures rose 0.59% to $108.37 per barrel. Copper futures rallied on the positive RBA comments, rising 0.56% to $348.95 per pound. Gold was higher and silver futures rose 0.71% to $31.35 per ounce.



Currency markets were relatively quiet overnight save for the Aussie dollar, which saw noted strength following the RBA decision. The EUR/USD was flat at 1.2795 and the dollar fell slightly against the yen to 80.18. Overall, the Dollar Index fell 0.07% on weakness against the yen and the Canadian dollar. In addition, the Aussie dollar was notably strong overnight rising markedly against the euro, the U.S. dollar, and the yen.


Premarket movers

  • Chipotle Mexican Grill (CMG) rose 1.26% in premarket trading following a 1.1% gain Monday.
  • AIG (AIG) shares rose 0.88% as Barron's was positive on the company, citing that selling is overdone.
  • Bank of America (BAC) shares fell 0.21% premarket along with other large financials ahead of the election.
  • Deere and Co. (DE) shares fell 0.35% premarket despite positive comments on Seeking Alpha.



  • CVS Caremark (CVS) is expected to report third quarter earnings per share of $0.84 vs. $0.70 a year ago.
  • Discovery Communications (DISCA) is expected to report third quarter earnings per share of $0.63 vs. $0.59 a year ago.
  • Dish Network (DISH) is expected to report third quarter earnings per share of $0.55 vs. $0.71 a year ago.
  • Marathon Oil (MRO) is expected to report third quarter earnings per share of $0.64 vs. $0.91 a year ago.
  • News Corp (NWSA) is expected to report first quarter earnings per share of $0.38 vs. $0.32 a year ago.
  • OfficeMax (OMX) is expected to report third quarter earnings per share of $0.25 vs. $0.25 a year ago.
  • Vivus (VVUS) is expected to report a third quarter loss $0.31 per share vs. a loss of $0.10 per share a year ago.



On the economic this election day Tuesday are same-store sales and the Redbook. Both will shed light on the state of the U.S. economy and retail following Hurricane Sandy. In addition, the Treasury is set to issue four-week bills, three-month notes, and STRIPS.


More from Benzinga:

Sign up for a free two week trial of Benzinga Pro here!

Nov 6, 2012 10:27AM
Free Market Capitalism is STILL the best path to prosperity!

You cannot Tax, Borrow, SPEND, and Print your way to Prosperity either!

Remember that when you vote!
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
100 character limit
Are you sure you want to delete this comment?


Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.


StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

116 rated 1
279 rated 2
443 rated 3
626 rated 4
667 rated 5
721 rated 6
630 rated 7
472 rated 8
292 rated 9
131 rated 10

Top Picks




Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.