The Dow ticks up to start Election Day as the contest remains neck-and-neck

Stock futures were rising slightly on Tuesday morning as investors and Wall Street brace for the outcome of the presidential election.

Dow Jones Industrial Average futures gained 16 points, or 0.04%, while the Nasdaq-100 showed small increases of 49 points, or a 0.25% hike. Futures tied to the S&P 500 gained just seven points, or 0.12%.

An index tracking the dollar hit its lowest point in more than a month on Monday morning and was hovering just above that point on Tuesday. Ten-year treasury bonds are slightly up.

The movements come with the end of the presidential election on the horizon, although it could take days for the outcome to be clear.

Markets, believing former President Donald Trump was heading toward a victory, started engaging earlier this year in the Trump Trade — or when investors traded in response to a possible second Trump administration. But recent polls show Trump and Vice President Kamala Harris are neck-and-neck as voters head to the polls.

Several polls published over the weekend showed Harris gaining ground on Trump, including in battleground states such as North Carolina and Georgia. And a new poll from famed Iowa pollster Ann Selzer published by the Des Moines Register showed her ahead of Trump by three points in Iowa, a Trump-friendly state.

According to 538’s polling average, Harris wins 50 times out of 100, while Trump wins 49 times out of 100. Others, such as Decision Desk HQ and The Hill’s averages, show that Trump has a 54% chance of winning the election, compared to Harris’ 46%.

Trump Media and Technology Group stock surged 12% in pre-market trading. Shares of Trump Media, the company that owns former President Donald Trump’s social media site Truth Social, were set to open at $38.28 after closing up more than 12% Tuesday. This week has marked a renewed bout of “pre-election euphoria” for Trump Media.

Shares of Phunware (PHUN+2.00%), a mobile advertising company linked to Trump, were up 7% in pre-market trading, despite its chief financial officer announcing he would be stepping down. The Austin, Texas-based company has been tied to Trump since 2020 when it built the app for Trump’s presidential campaign.

Other big movers in pre-market trading are Palantir Technologies (PLTR-1.17%), which is climbing after an earnings beat, and artificial intelligence networking chip firm Astera Labs, which likewise delivered blowout earnings.

This is a developing story and will be updated.

— Rocio Fabbro contributed to this article.