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  • S&P 500 Index started the week on strong footing.
  • All major sectors of S&P 500 trade in green. 
  • Focus shifts to PMI data, US election polls. 

After suffering heavy losses last week, Wall Street’s main indexes opened sharply higher on Monday as investors get ready for the US presidential election. As of writing, the S%P 500 Index was up 1.15% on the day at 3,306, the Dow Jones Industrial Average was gaining 1.1% at 26,787 and the Nasdaq Composite was rising 0.85% at 11,004.

All 11 major sectors of the S&P 500 trade in the positive territory after the opening bell and the Materials Index is leading the rally with a daily gain of 1.65% at the time of press. On the other hand, the Energy Index is up only 0.4% pressured by the poor performance of crude oil prices.

Later in the session, the IHS Markit and the ISM will be releasing their Manufacturing PMI reports for October. Additionally, the market participant will keep a close eye election polls, especially swing states such as North Carolina, Florida, Iowa and Ohio.

S&P 500 chart (daily)