U.S. stock futures rallied on Monday after FBI Director James Comey updated Congress that a new investigation into emails tied to Democratic presidential candidate Hillary Clinton would not bring any charges.
S&P 500 futures were up 1.4%, Dow Jones Industrial Average futures climbed 1.3%, and Nasdaq futures jumped 1.5%.
Wall Street had been on edge for the past week after Comey announced the new investigation, making the results of the U.S. presidential election more of an uncertainty. Republican presidential candidate Donald Trump's poll numbers had crept higher throughout the week before plateauing at around a 35% chance of winning the presidency, according to FiveThirtyEight.
Nearly 42 million Americans have already cast their ballots in early voting, a record number which has skewed toward Democrats. Voters head to the polls on Tuesday when election sites officially open.
"Our central election expectation continues to be that Secretary Clinton wins the White House, with a slim Democratic majority in the Senate-quite possibly a 50-50 split with the vice president breaking the tie-and a somewhat smaller Republican majority in the House than the 246 seats they currently hold," Goldman Sachs analysts wrote in a note.
The Mexican peso, seen as a measure for Trump's chances of winning, surged 1.7% against the U.S. dollar. The peso has fallen when Trump's chances have risen as investors worried over the state of trade relations between the two countries under a Trump administration. Safe-haven assets such as gold fell on Monday. Gold prices declined 1.3% to $1,287.20 an ounce.
Crude oil prices surged on Monday on renewed hopes of a production freeze agreement from some of the world's largest oil producers. Mohammed Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said the bloc was still committed to an accord struck in September. OPEC is set to meet in Vienna at the end of the month, though record production from Saudi Arabia and others had deflated hopes of a deal.