European stocks reverse gains to trade lower ahead of U.S. election; tech stocks down 1%.

European markets were lower on Monday, reversing gains earlier in the day, with all eyes on the U.S. presidential election due to take place on Tuesday.

The pan-European Stoxx 600 was last 0.16% lower at 2:50 p.m. London time, with regional bourses and sectors broadly in negative territory.

Banks led the gains by sector, trading up 0.8%, while technology stocks fell 1%.

Oil shares got a boost as crude prices rose more than 2% Monday on a decision by OPEC+ to delay plans to increase production. The sector was last up by 0.5%

Shares of Burberry were up 6% after a media report over the weekend suggested that its peer Moncler is mulling a bid for the British luxury retailer.

Global markets are gearing up for a key week, with the latest U.S. presidential election poll from NBC News showing a “deadlocked race” between former President Donald Trump and current Vice President Kamala Harris.

Global market aftershocks may hinge heavily on which party takes charge of Congress as a result of the vote.

A divided U.S. House of Representatives and Senate would likely maintain the political status quo of the world’s largest economy.

A Republican or Democratic sweep, however, would likely be coupled with a White House victory for the same party and could translate into fresh spending plans or a tax overhaul.

Asia-Pacific markets mostly rose on Monday.

U.S. stocks fell as investors looked ahead to the 2024 presidential election.

Nvidia shares climbed 1% after S&P Dow Jones Indices announced the chipmaker would replace rival Intel in the 30-stock Dow.

Source: https://www.cnbc.com/2024/11/04/europe-markets-live-updates-us-election-week-data-and-earnings.html