Stock Futures Jump After FBI Boosts Clinton's Chances

Investors Business Daily ^ | 11/06/2016 Facebook | ED CARSON

[expat_panama]

S&P 500 futures jumped Sunday after FBI Director James Comey said in a letter to Congress that the agency continues to believe that Hillary Clinton should not be prosecuted for her handling of emails.

Futures for the S&P 500, Dow and Nasdaq 100 rose more than 1% Sunday evening. The S&P 500 has fallen for nine straight sessions, its longest losing streak since 1980s. The Nasdaq's nine-day decline is its longest since 1984.

On Oct. 28, the FBI's Comey said that he was investigating new emails related to Clinton's private email server while secretary of state. That news up-ended the presidential race. National and state polls have tightened, with the latest IBD/TIPP Presidential Election Tracking Poll showing Donald Trump leading Clinton by one point in a 4-way race. Clinton leads by 1.5 points in a 2-way race, down from 2.6 points a day earlier.

U.S. stocks fell, gold rallied, and the Mexican peso fell in the wake of that news.

Back in July, he said that he did not believe a prosecutor would pursue criminal charges. After the review, he hasn't changed his mind. See what stocks are at or near buy points with a 2-week free trial to Leaderboard!

"Based on our review, we have not changed our conclusions that we expressed in July with respect to Secretary Clinton."

That could help Clinton shore up support in the last two days of campaigning.

Stock futures' gain may reflect a preference on Wall Street for Clinton or simply less uncertainty...

[expat_panama]

Related:

Comey just caved - 11/6/16

Comey backs down - 11/7/16

fwiw, regulars on the investing thread are well familiar w/ aaallll the times the futures pointed one way and markets proceeded to go the other.

[grania]

Does it help hillary? With those still undecided, it’s possible it’ll help convince them that the system is rigged.

[CMailBag]

Comey confirms that the system IS RIGGED-—11/06/16

[RckyRaCoCo]

Should make Bernie supporters happy....NOT.

[fortheDeclaration]

Agreed.

[b4me]

LOL what a joke the stock market is.

[Vaquero]

Stock market is an ass.

[expat_panama]

Top o' the morning!  Isn't this easy?  Stocks drop 9 in a row but volume's been dropping also; MY TAKE:  we just fell back to a support that had been a ceiling from April-June --and all this time we've been sideways/flat.

Gold got itself swatted down to $1,287.70 after pecking up over the $1,300 level, the all knowing futures traders say they're now -0.27% in contrast to +1.57% for stocks.

Consumer Credit comes out today before the opening bell.

Meanwhile we got lots of news for wrapping fish and lining the bird cage:

The Markets Were Wrong On Brexit, For Trump Too? - Allister Heath, DT
Finance Is Betting On One Outcome. What If It's Wrong - Don Lee, LAT
Election-Inspired Market Volatility's Overblown - Wallace Witkowski, MW
Hillary's Worst Ideas On the Economy - Stephen Moore, Washington Times
Why GOP Should Hope Trump Loses In a Landslide - John Tamny, Forbes
Last Econ Snapshot Pre-11/8 Shows Healthy Growth - Patricia Cohen, NYT
Jobs Report Won't Tip Election Day Scales - John Crudele, New York Post
Hillary Clinton's Trump Card Is a Growing Economy - Paul Brandus, USA
Washington Has Quite Simply Grown Too Rich - Kevin Williamson, NRO
How to Do Business In Very Treacherous China - Sam Jefferies, Newsweek
What Entrepreneurs Must Know About Taxes - Harroch/Bolding, Fortune
Corrupt Labor Unions Flout Basics of Free Market - George Leef, Forbes
Bonds At Epic Turning Point - Eliza Ronalds-Hannon & Liz McCormick, BBW

[stockpirate]

“Open high close low”

It draws inthe suckers money. The trend is your friend and the trend is down.

[oblomov]

It’s not clear to me that it improves her chances. This move in the futes seems like a fake-out, part of the propaganda campaign.

The real issue is that we have entered an earnings recession. And the market has deep structural problems.

[palmer]

As I pointed out before all the gyrations, if Clinton is elected the current short term speculative market will continue. With Trump the money would leave that market and be redeployed in long term productive investment in the US. Markets hate that kind of adjustment.

Furthermore her crony capitalism (e.g. "green" energy) will reward the current Obama winners at the expense of the rest of the economy. Same with health care: obamacare was a huge boon for "health" conglomerates like United and big practices that are buying up small independent doctors (the independents have no choice in the matter).

[Dahoser]

I think the opposite. Anyone undecided already missed that she rigged the vote against Bernie so that’s out the window. Meanwhile, today will be a day of multiple media accounts saying it was just another partisan attempt to derail Hillary’s historic rise to the Presidency. Just the fact of being undecided means that person actually looks at Her Heinous and sees someone who should be in the Oval Office instead of a jail cell. I’m not saying there isn’t an argument that can bring a Trump vote, but I don’t think it’s that the system is rigged.

[DoodleDawg]

With Trump the money would leave that market and be redeployed in long term productive investment in the US.

Like what?

[HandBasketHell]

The same thing happened with Brexit. Final poll showing a Remain win, and the stock market, along with the rigged betting went up. We all know what really happened. Praying for the same kind of outcome with Trump.

[Original Lurker]

I’d wager energy, mainly petroleum.

[windsorknot]

Stock market is an ass.

And then some.

[DoodleDawg]

I’d wager energy, mainly petroleum.

With oil prices as low at they are? I doubt it.

[9YearLurker]

Yep—could be an overall bearish view on the economy, meaning that stocks would continue to be a safer place to park assets in a continuing low-interest environment.

[moovova]

Good.

A rise in the stock market today will add some extra padding to offset the subsequent (predicted) 25% drop day-after-tomorrow when it’s clear there’s gonna be a President Trump.

[palmer]

Manufacturing. Right now it would be foolish to tie up money for 10 years with the Fed trying their best to weaken the dollar (while pretending they will stop at some point).