Stock market today: S&P 500 closes lower ahead of presidential election

Investing.com-- The S&P 500 closed lower Monday as traders opted for caution ahead of the presidential election and the Federal Reserve's rate decision later this week.Investors were largely on edge before presidential elections on Tuesday, with recent polls showing Donald Trump and Kamala Harris were set for a tight race.

Analysts indicating that the outcome could significantly impact the market performance, especially the Big Tech sector. “A major change in tariffs and a harsher stance on China we believe would significantly impact the supply chain, Nvidia , Beijing retaliatory impacts on Apple/Tesla likely, and slow the pace of the AI Revolution,” analysts led by Dan Ives said in a note.The quarterly earnings season is set to continue, with around a fifth of the companies in the benchmark S&P 500 due to unveil their latest quarterly earnings this week.)'s weaker than expected Q3 operating earnings totaled of $10.

"We expect that the FOMC will deliver a 25 bp cut next week, and the focus will be on potential statement changes and the press conference with Chair Powell," UBS said in a recent note.

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