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The Market Wrap for November 6: Election Drama Unfolds

Aaron Levitt Nov 06, 2020

This week, only one thing was on traders’ minds – and that was the U.S. presidential election. Arguably one of the most contentious elections in history, traders eagerly awaited the results on Tuesday. But as the votes continued to be close, an official winner has not been declared by week’s end, adding to overall volatility.

Elsewhere, traders continued to battle issues on several other fronts. Coronavirus cases continued to surge this week, putting a damper on an already fragile global economy. Without a concrete winner in the election, the fate of future stimulus measures remains in flux. Data also presented a mixed picture. A variety of metrics – covering everything from manufacturing, housing and labor – was released showing a slowing economic picture.

This was especially troubling given the start of the critical fourth-quarter holiday-spending period. Consumers may finally be throwing in the towel.

At the same time, earnings season has continued to roll on with mixed results. The COVID-19 crisis has painted a bifurcated picture. The “haves” have continued to pull away, while those in the other camp have suffered greatly, creating a potentially influenced overvalued market this week as traders flocked to those stocks still winning.

In the end, stocks spent much of their time moving higher on the hopes of an election result and the end to one of the biggest risks in the market.

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