Here’s what we are watching as markets kick into gear Wednesday.
—Investors doubled down on bets on the market’s most enduring winners—technology stocks—as tallies showed President Trump and Democrat Joe Biden are locked in a tight race in a few key states. Read our full market wrap here.
—What’s coming up. The counting of mailed-in ballots is likely to continue for some days, with the focus remaining on key battleground states. On the economic front, U.S. trade data is due at 8:30 a.m. ET, and is likely to that the trade deficit narrowed in September.
Market Movers to Watch
Technology stocks rallied strongly overnight, led by market-heavyweights
Some investors said they were seeking refuge in the stocks that have driven the rally this year.
Tesla, which has been another market darling this year, climbed almost 3% premarket. It has advanced 407% this year.
surged over 16% ahead of the New York open, while rival
gained more than 13%. Overnight, California voters exempted the two companies from reclassifying their drivers as employees, according to the Associated Press.