Here are five things you must know for Tuesday, Nov. 3:
1. -- Stock Futures Rise as America Votes for President
Stock futures rose Tuesday, adding to gains in the previous session, as America chooses its president for the next four years.
Contracts linked to the Dow Jones Industrial Average jumped 459 points, S&P 500 futures gained 43 points and Nasdaq futures rose 65 points.
Most polls have indicated Democratic challenger Joe Biden will defeat President Donald Trump in Tuesday's election. But regardless of the outcome, Wall Street most of all wants a clear winner and an uncontested result.
A Biden win could mean the U.S. enacts a stimulus package for an economy struggling through the coronavirus pandemic. House Democrats and the White House have failed to approve a new relief package despite months of negotiations.
Many investors expect a “Democratic sweep, which is the key to unlocking Congress’s ability to deliver significant fiscal stimulus,” said Axi's Stephen Innes.
Stocks finished higher Monday as investors prepared for a week filled with not only the presidential election but also a Federal Reserve policy meeting and the U.S. jobs report.
The Dow rose 423 points, or 1.6%, to close at 26,925, the S&P 500 rose 1.23%, and the Nasdaq advanced 0.42% after being down earlier in the session.
2. -- Wayfair and Ferrari Report Earnings
Earnings reports also are expected Tuesday from Humana (HUM) - Get Report, Ferrari (RACE) - Get Report, Spirit AeroSystems (SPR) - Get Report, Fox Corp. (FOXA) - Get Report and Sysco (SYY) - Get Report.
The economic calendar in the U.S. Tuesday includes Factory Orders for September at 10 a.m. ET.
3. -- PayPal Tumbles as Fourth-Quarter Profit Outlook Disappoints
PayPal said it expects adjusted earnings in the fourth quarter of 97 cents to 98 cents a share, up 17% to 18% from a year earlier, but below analysts' calls for $1.07 a share.
The company also said it expects full-year revenue to rise by 21% to 22%, excluding the impact of currency swings, but that's down slightly from previous guidance of 22%.
The stock fell 5.06% to $178.25 in premarket trading.
For the third quarter, PayPal, which has benefited from the surge in online payments during the coronavirus pandemic, posted adjusted earnings in the latest period of $1.07 a share on revenue of $5.46 billion.
Analysts were expecting adjusted earnings of 94 cents a share on revenue of $5.42 billion.
Payments volume totaled $247 billion in the quarter, up 38% from a year earlier. PayPal added 15.2 million net new accounts in the quarter, less than analysts expected.
4. -- Carnival Joins Rivals in Extending Cruise Suspension
"We continue to work with the U.S. Centers for Disease Control and Prevention, and global government and public health authorities, as well as top medical and science experts around the globe, on a comprehensive plan for the eventual restart of cruising in North America, Carnival said in a statement.
The CDC last week unveiled new guidelines on cruising, allowing cruise ships to sail again starting in November after they meet Covid-19 protocols, including testing and quarantine.
The CDC said it would take a "phased approach" to resuming cruise ship operations.
Carnival shares rose slightly to $13.57 in premarket trading.
5. -- Coronavirus - The Latest
The number of confirmed global deaths from Covid-19, the disease caused by the coronavirus, rose to 1,206,886, according to Johns Hopkins University. Confirmed cases of the virus across the world have risen to 46,909,107.
The U.S. death toll is 231,562, the most in the world. The number of infected people in the U.S. was 9,292,514.
In Houston and four other Texas cities, virus hospitalizations have swelled as conditions have deteriorated in the state, according to reports from Bloomberg. In the U.S. Midwest, record numbers of infections were recorded across the region over the weekend.