Here are five things you must know for Wednesday, Nov. 4:
1. -- Stock Futures Fluctuate as Presidential Race Is a Nail-Biter
Stock futures were higher Wednesday but have fluctuated between gains and losses as critical battleground states remained too close to call in the presidential election between Donald Trump and challenger Joe Biden.
Exactly what investors feared could take place: The counting of ballots might be a long and drawn out process and the winner might not be declared for several days.
Contracts linked to the Dow Jones Industrial Average rose 91 points, S&P 500 futures were up 39 points and Nasdaq futures jumped 317 points.
President Trump declared he had won a second term, without evidence, and said he would ask the Supreme Court to stop ballot counting as he claimed the election has been ridden with fraud.
Appearing at the White House early Wednesday, Trump said, "Frankly, we did win this election. So we’ll be going to the U.S. Supreme Court. We want all voting to stop.”
According to the Associated Press, Biden is ahead in the Electoral College count 238-213. Early Wednesday, the AP declared Biden had won Arizona, a state that Trump won four year ago.
A candidate needs 270 electoral college votes to claim victory.
2. -- ADP Jobs Report, Fed Meeting Highlight Wednesday's Calendar
The economic calendar in the U.S. Wednesday includes the ADP National Employment Report for October at 8:15 a.m. ET, International Trade in Goods and Services for September at 8:30 a.m., the ISM Services Index for October at 10 a.m. and Oil Inventories for the week ended Oct. 30 at 10:30 a.m.
The Federal Reserve begins a two-day meeting Wednesday with a decision on interest rates expected Thursday afternoon, followed by a press conference from Federal Reserve Chairman Jerome Powell.
The central bank is expected to hold rates near zero. It said as much in September when it signaled it would keep rates low for at least three more years.
3. -- Qualcomm, Qorvo and Expedia Report Earnings
Earnings reports are expected Wednesday from Qualcomm (QCOM) - Get Report, Allstate (ALL) - Get Report, e.l.f. Beauty (ELF) - Get Report, Marathon Oil (MRO) - Get Report, Wendy's (WEN) - Get Report, Performance Food Group (PFGC) - Get Report, Callaway Golf (ELY) - Get Report, Expedia (EXPE) - Get Report, Fitbit (FIT) - Get Report, Qorvo (QRVO) - Get Report, Zynga (ZNGA) - Get Report,, Hilton Worldwide (HLT) - Get Report and MetLife (MET) - Get Report.
4. -- Uber and Lyft Soar After Winning Measure to Keep California Workers Independent
Uber Technologies (UBER) - Get Report and Lyft (LYFT) - Get Report were soaring in premarket trading Wednesday after voters in California approved Proposition 22, which would classify the companies’ drivers as contractors rather than employees eligible for benefits and job protections.
Uber jumped 10.99% to $39.70, while Lyft was up 14.91% to $30.14.
Proposition 22 would override a 2019 law that classified the drivers as employees of the San Francisco companies.
The companies, along with DoorDash, Postmates and Instacart, collectively contributed around $200 million to support Proposition 22, according to Bloomberg. The campaign was the most expensive for any ballot measure in state history.
5. -- Pot Stocks on Watch as Marijuana Legalized in New Jersey, Arizona
Cannabis stocks will be closely watched Wednesday after voters in New Jersey and Arizona passed measures that legalize recreational marijuana for adults age 21 and older.
In New Jersey, the ballot question passed by a wide margin, according to Associated Press.
The Legislature in the state now will have to pass another measure setting up the new marijuana marketplace.
New Jersey is the biggest state on the East Coast to legalize marijuana.
Shares of Canopy Growth (CGC) - Get Report, the largest marijuana stock, dropped 4.4% in premarket trading, Cronos (CRON) - Get Report was down 2.81%, Aurora Cannabis (ACB) - Get Report declined 4.28% and Tilray (TLRY) - Get Report fell 7.25%.