Stock Market Today: Stocks Slip Ahead of Election Day, Fed Decision
All three indexes closed lower as investors await critical fiscal signals.



Joey Solitro
Stocks opened lower Monday and recovered but ultimately finished in the red during the last regular trading session before Election Day in the U.S. Underneath the surface, one Magnificent 7 stock replaced another atop the global market capitalization rankings. Looming too is a Federal Open Market Committee decision on Thursday.
Starting with the single-stock news. Nvidia (NVDA) added 0.5% after the S&P Dow Jones said the semiconductor stock will replace Intel (INTC), which was down 2.9%, in the 30-stock Dow Jones Industrial Average as of the open this Friday, November 8. Dan Burrows covers everything you need to know about NVDA replacing INTC in the Dow.
Nvidia is now the No. 1 company in the world by market cap, surpassing Apple (AAPL), which declined 0.4% after Warren Buffett's Berkshire Hathaway (BRK.B) revealed the sale of approximately 25% of its AAPL position, or 100 million shares.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Buffett and Berkshire now hold about 300 million shares of AAPL stock, with a market value as of September 30 of $69.9 billion. They've reduced their ownership stake by 67.2% since the end of Q3 2023.
The Oracle of Omaha and his firm, which also unloaded a significant portion of their Bank of America (BAC) stake, are now sitting on a cash pile of $352.2 billion, according to Berkshire's Q3 2024 earnings release.
On the last day of the U.S. presidential campaign, the Dow closed lower by 0.6% to 41,794. The S&P 500 traded around the breakeven line for much of the session before settling down 0.3% at 5,712. The Nasdaq Composite, meanwhile, lost 0.3% to close at 18,179.
Stocks on the move
Tesla (TSLA) stock declined more than 2% on the eve of an election during which the electric vehicle (EV) maker's CEO has played an extraordinary role in the Republican presidential campaign.
Indeed, TSLA extended its losing streak to six straight days – the longest since April – taking the stock into negative territory for the year.
"We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates and tax incentives get pulled," says Wedbush Daniel Ives. Ives sees a Trump win as a potential positive for TSLA, though, with some caveats.
"Tesla has the scale and scope that is unmatched in the EV industry, and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled with likely higher China tariffs that would continue to push away cheaper Chinese EV players from flooding the U.S. market over the coming years," Ives notes.
In the case of a Harris win, Ives expects the EV tax credits will remain in place "and ultimately increased in 2025 as the goal to get more U.S. consumers towards EVs would be a laser focus in a Harris administration."
Constellation Energy (CEG) stock fell more than 12% after the clean energy producer beat top- and bottom-line expectations for its third quarter but was dogged by a Federal Energy Regulatory Commission decision to reject a nuclear power proposal from Amazon.com (AMZN).
Even after today's decline, CEG stock has nearly doubled so far this year.
Viking Therapeutics (VKTX) stock was highly volatile in the day's trading session, gapping up by 7% at the open but ending the day down 13% after the biopharmaceutical company reported positive data for its weight-loss pill.
Investors assess election uncertainty
Amid a relatively light day for economic data, the Census Bureau said this morning that orders for new manufactured goods were down by 0.5% month-over-month in September to $584.2 billion, in line with the consensus forecast. Factory orders declined by 0.8% in August and have been down four of the past five months.
Following a softer-than-expected October jobs report, futures traders are pricing in a 98% probability the Federal Reserve will cut its benchmark interest rate by 25 basis points (bps) during its meeting this week, according to CME Group's FedWatch Tool.
The yield on the 10-year U.S. Treasury note reversed course after rising for weeks and declined by nine basis points to 4.302% from Friday's close at 4.397%, posting its biggest one-day decline in two months. (A basis point = 0.01%.)
Meanwhile, the ICE BofA MOVE Index (MOVE), a measure of bond market volatility, reached its highest level in a year on Monday, as investors adjust bets ahead of the election and the FOMC announcement.
We continue to track campaign trail developments as they relate to your portfolio and your pocketbook on our live election blog.
Related content
- If You'd Put $1,000 Into Amazon Stock 20 Years Ago, Here's What You'd Have Today
- 401(k) and IRA Contribution Limit Changes for 2025: What to Know Now
- Best Healthcare ETFs to Buy Now
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

David Dittman is the former managing editor and chief investment strategist of Utility Forecaster, which was named one of "10 investment newsletters to read besides Buffett's" in 2015. A graduate of the University of California, San Diego, and the Villanova University School of Law, and a former stockbroker, David has been working in financial media for more than 20 years.
- Joey SolitroContributor
-
Cord Cutting Could Help You Save Over $10,000 in 10 Years
How cutting the cord can save you money and how those savings can grow over time.
-
The '8-Year Rule of Social Security' — A Retirement Rule
The '8-Year Rule of Social Security' holds that it's best to be like Ike — Eisenhower, that is. The five-star General knew a thing or two about good timing.
-
Cord Cutting Could Help You Save Over $10,000 in 10 Years
How cutting the cord can save you money and how those savings can grow over time.
-
Should I Buy Stocks or Should I Buy Bonds Right Now?
Generally speaking, stocks provide reasonable growth while bonds provide stable income. Each play important roles in diversified portfolios.
-
You Were Planning to Retire This Year: Should You Go Ahead?
If the economic climate is making you doubt whether you should retire this year, these three questions will help you make up your mind.
-
Are You Owed Money Thanks to the SSFA? You Might Need to Do Something to Get It
The Social Security Fairness Act removed restrictions on benefits for people with government pensions. If you're one of them, don't leave money on the table. Here's how you can be proactive in claiming what you're due.
-
From Wills to Wishes: An Expert Guide to Your Estate Planning Playbook
Consider supplementing your traditional legal documents with this essential road map to guide your loved ones through the emotional and logistical details that will follow your loss.
-
Why Investing Abroad Could Pay Off
Countries overseas are stimulating their economies, and their stocks are compelling bargains.
-
Are These the Next Stocks to Split?
Interactive Brokers' recently split its stock to makes its shares more accessible to investors. Could these high-priced stocks be next?
-
Your Home + Your IRA = Your Long-Term Care Solution
If you're worried that long-term care costs will drain your retirement savings, consider a personalized retirement plan that could solve your problem.