Poll volatility keeps Wall Street cautious; VIX rises above 20.
Nvidia to replace Intel, Sherwin-Williams to replace Dow in DJIA on November 8.
Factory Orders drop more than expected.
The Dow Jones Industrial Average (DJIA) fell over 0.29% or 100 points in early trading during the North American session on Monday. The financial markets are expected to remain volatile this week as the US presidential election remains a tight race, and swings in the polls on Monday and Tuesday could spur volatility.
Elections in the United States are driving price action in the financial markets. Recent polls suggest that Democrat Vice President Kamala Harris and Republican former President Donald Trump are in a very close race to occupy the White House from 2024 to 2028. Consequently, Wall Street trades in the red, while the CBOE Volatility Index (VIX) rises above 20.00, an indication of increasing jitters.
In the meantime, US Treasury yields along the belly to the long end of the curve post losses, while the Greenback, as measured by the US Dollar Index (DXY), plunges 0.47% down to 103.84.
The US Census Bureau revealed that Factory Orders in September dropped -0.5% MoM, more than estimates of a -0.4% shrinkage but improved compared to August’s -0.8% contraction. The US election and Thursday’s Federal Open Market Committee (FOMC) monetary policy decision overshadowed the data. The FOMC is expected to lower rates by 25 basis points (bps), and it will be followed by a press conference by Federal Reserve (Fed) Chair Jerome Powell.
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