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.
West Texas Intermediate crude was up 1.2% to $44.59 a barrel on Monday.
Berskhire Hathaway (BRK.A) was on watch after reporting a double-digit decline in profits in its recent quarter. Warren's Buffett's investment group said net income declined 24% in its September-ended quarter as profit from its investments and insurance-underwriting business declined. Profit came in higher than expected, though, reaching $4,379 a share, above an anticipated $3,058 a share.
Sotheby's (BID) posted a wider-than-expected loss in its recent quarter. The auction house reported a loss of 99 cents a share in its third quarter, far deeper than 26 cents a share in the year-ago quarter. An adjusted ss of 78 cents a share was worse than an anticipated loss of 57 cents. Sotheby's had expected a weak quarter, partly tied to a shit in the timing of summer Contemporary Art sales in London to the second quarter instead of third.
MGM Resorts (MGM) climbed more than 4% after reporting better-than-expected profit and sales in its third quarter. Net income increased to 93 cents a share from 12 cents in the year-ago quarter. Analysts anticipated earnings of 14 cents a share. Sales jumped 8% to $2.7 billion, above consensus of $2.4 billion.