What Did the Stock Market Do Today?

Welcome to the stock market today! Election Day may be over, but the future remains unclear. That means investors are likely paying close attention to battleground states such as Pennsylvania, North Carolina and Georgia. Follow along for live updates on the stock market throughout the day with InvestorPlace.

Latest Updates:

Stocks Close Higher, Safe-Haven Assets Stumble

[Wednesday, November 4, 4:13 pm]
Contributed by Sarah Smith

The S&P 500 closed higher by 2.20%
The Dow Jones Industrial Average closed higher by 1.34%
The Nasdaq Composite closed higher by 3.85%
The Russell 2000 closed higher by 0.12%
Gold closed lower by 0.34% to $1,903.90 per ounce.
Bitcoin (CCC:BTC) closed lower by 0.64% to $14,042.94.

Bitcoin Breaks Key $14,100 Resistance Area

[Wednesday, November 4, 3:43 pm]
Contributed by Sarah Smith

Last night did not bring a landslide victory for Democrats — nor did it guarantee a massive novel coronavirus relief package. Many cryptocurrency bulls are likely feeling blue with that result, as a second iteration of such a package would likely send digital currencies higher. Why? As we watched earlier this summer, interventions by Congress and the Federal Reserve left many investors worrying about the state of the U.S. dollar and the national deficit. As the dollar weakened, those investors turned to safe-haven assets such as gold and bitcoin (CCC:BTC).

Despite this reality, bitcoin broke past the $14,100 resistance level that has held steady — a level that recently tripped up bulls on Halloween.

Since pulling ahead earlier this afternoon, prices began to trend downward. Bitcoin currently is down 0.83% at $14,015.37. What will tomorrow bring?

Stocks Stay Green, Biden Wins Wisconsin

[Wednesday, November 4, 3:18 pm]
Contributed by Sarah Smith

Wednesday afternoon brought the first big election news of the day. In a tight race, former Vice President Joe Biden flipped Wisconsin into Democratic territory, earning himself 10 electoral votes. Importantly, we are now a little bit closer to understanding the outcome from Election Day.

What should you be watching? Officials in Michigan, Georgia and Arizona have promised more results, if not final totals, tonight. Some outlets have already called Arizona as a Democratic victory, but approximately 14% of total votes remain to be counted. Michigan is currently skewing in favor of Biden, while Georgia skews in favor of President Donald Trump. Interestingly, New York Times analysis suggests that remaining votes in Georgia come from left-leaning areas of Atlanta, and therefore could favor the Democratic candidate.

Where do stocks stand now? The major indices continue their trek higher, although some gains are narrowing. The Russell 2000 is just up by 0.1% with about an hour left in the trading day.

The S&P 500 is up by 2.35%
The Dow Jones Industrial Average is up by 1.65%
The Nasdaq Composite is up by 3.75%
The Russell 2000 is up by 0.06%

Nio Stock Soars on Citi Analyst Upgrade

[Wednesday, November 4, 1:56 pm]
Contributed by Sarah Smith

Nio (NYSE:NIO) is oblivious to any malaise in the world right now. Shares are rallying 4.6% after the Chinese electric vehicle maker landed a share-price upgrade from Citigroup. Analyst Jeff Chung raised his target from $33.20 to $46.50 — shares currently trade just north of $38. So what is behind the boost? Chung cites a strong order backlog, an increase in market share and battery cost reductions as big drivers for NIO stock. Importantly, InvestorPlace Markets Analyst Luke Lango agrees. He recently wrote that the near-term path for Nio includes $60.

Here is more food for thought: Nio is not alone in the EV rally today. Chinese peer BYD Company (OTCMKTS:BYDDF) is also up after reporting impressive October delivery figures. Li Auto (NASDAQ:LI) and Xpeng (NASDAQ:XPEV) are also up, rounding out the Chinese group. American automakers Tesla (NASDAQ:TSLA), Nikola (NASDAQ:NKLA) and Fisker (NYSE:FSR) are not so lucky. Chances are that the less-than-clear election outcome is weighing on the Biden-friendly sector.

The Dow Adds 700 Points in Post-Election Rally

[Wednesday, November 4, 1:08 pm]
Contributed by Sarah Smith

With just three hours to go until the closing bell, where do things stand? No battleground states have been called this morning, despite the millions of eyeballs closely tuned into the news. Will we see a decision from Wisconsin, which now estimates that it has counted more than 98% of total votes? If not, how long will it take to see more states on the electoral map turn red or blue?

Wall Street does not mind the uncertainty. Each of the major indices continues to rocket higher. Here is a midday look at stocks:

The S&P 500 is up 3.08%
The Dow Jones Industrial Average is up 2.52%
The Nasdaq Composite is up 4.12%
The Russell 2000 is up 0.92%

Psychedelic Stocks Pop in Wednesday Trading

[Wednesday, November 4, 10:20 am]
Contributed by Sarah Smith

Largely in response to Oregon passing ballot measures 109 and 110, psychedelic stocks are having some time in the spotlight on Wednesday. Compass Pathways (NASDAQ:CMPS), the first psychedelic stock to trade on a major U.S. exchange, is up 7.6%. Champignon Brands (OTCMKTS:SHRMF) is up 25%. Other over-the-counter plays MindMed (OTCMKTS:MMEDF) and Revive Therapeutics (OTCMKTS:RVVTF) are up 11.7% and 2.3%, respectively.

Stocks Open Mostly Higher Wednesday Morning

[Wednesday, November 4, 9:30 am]
Contributed by Sarah Smith

The S&P 500 opened higher by 1.11%
The Dow Jones Industrial Average opened higher by 0.75%
The Nasdaq Composite opened higher by 2.6%
The Russell 2000 opened higher by 2.91%

It’s All About the Election Today

[Wednesday, November 4, 9:16 am]
Contributed by Sarah Smith

There is no denying that Americans are obsessively refreshing the news. Although some battleground states like Nevada are taking a pause from reporting votes, others like Wisconsin plan to finish counting absentee ballots this morning. Where it stands, former Vice President Joe Biden has a tight — and very uncertain — lead with 227 projected electoral votes.

Instead of wallowing in the chaos, stocks are trekking higher. Why? Last night did not provide the landslide victory for Democrats that many experts predicted. Although Wall Street had braced itself for a blue wave, analysts are now confident that such a victory in Congress is not in store. According to CNBC, investors likely believe that this is good news for the stock market.

While the race between Biden and President Donald Trump has Americans tuned in, a few state-level ballot measures are also worthy of attention this morning. Importantly, these measures are also moving the stock market. In California, voters passed high-profile Proposition 22. This legislation gives an edge to Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT), allowing them to classify app-based drivers as independent contractors instead of employees. Uber shares are up more than 20% in pre-market trading, while Lyft stock is up almost 18%.

As you keep an eye on the news, know that ride-hailing companies are some of the first Election Day winners. What the next few hours and days reveal will determine the next winners.

Stock Market Futures Tick Higher Despite Uncertain Election

[Wednesday, November 4, 8:37 am]
Contributed by Sarah Smith

It is the morning after Election Day and we still do not have a new president.

Tensions are high right now. Key states like Pennsylvania, North Carolina and Georgia continue to count their ballots. Nevada, another critical state, will not report any new results until tomorrow morning. As many predicted, the prevalence of mail-in and early in-person votes has weighed on result times.

At current count, former Vice President Joe Biden has 227 projected electoral votes. President Donald Trump has 213 votes. However, Americans have seen that outcomes — no matter the polls — change in a heartbeat.

Despite this uncertainty, stock market futures mostly continue to climb.