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Shares of Wynn Resorts (WYNN) slumped Tuesday after the hotel and casino operator posted third-quarter results that missed analysts' estimates as its Las Vegas operations slowed.

The company reported a third-quarter loss of 29 cents per share, or adjusted earnings of 90 cents per share, with both measures missing analysts' estimates compiled by Visible Alpha. Revenue climbed 1.3% year-over-year to $1.69 billion, also short of forecasts.

Wynn's weaker-than-expected results came as its Las Vegas operating revenue declined 1.9% to $607.2 million, and adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) dropped 7.7% to $202.7 million.

The company had mixed results at its Macau properties, with operating revenue increasing 19.3% at Wynn Macau and declining 1% at Wynn Palace. It was 1.8% higher at Encore Boston Harbor.

Wynn noted that during the quarter it invested $18.2 million in its 40%-owned joint venture being built in the United Arab Emirates. CEO Craig Billings said the company is confident the Wynn Al Marjan Island resort "will be a 'must see' tourism destination in the UAE.”

Wynn Resorts shares were down nearly 10% in Tuesday afternoon trading and have lost over 5% of their value since the start of the year.

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U.S. voters went to the polls Tuesday in what’s expected to be one of the tightest presidential elections in recent memory.

Democratic Vice President Kamala Harris and former former President Donald Trump, the Republican candidate, have staked out vastly different positions on economic issues, including taxes, trade, and regulations, all of which could have implications for the stock market and your investments. 

Trump’s tariffs, if implemented as aggressively as he’s promised, would likely hit the bottom lines of importing companies, which is most U.S. firms, according to LPL Financial analysts Jeffrey Buchbinder and Adam Turnquist. Higher tariffs would also likely hurt sales for companies with substantial business outside the U.S., especially in China if it were to retaliate.

“This risk is broad,” Buchbinder and Turnquist wrote in a presentation Monday, “as both industrial and consumer goods companies could be affected.”

Harris has endorsed the targeted use of tariffs on certain Chinese goods to support U.S. manufacturing of green technology, an approach that would have a more muted effect on U.S. and international stocks. 

Each candidate’s tax policies could also affect the market in the longer term. Many provisions of the Tax Cuts and Jobs Act (TCJA) of 2017, one key piece of legislation from Trump’s presidential term, are set to expire in 2025. Trump has vowed to extend the sunsetting provisions and to enact additional cuts for domestic production that could lower companies’ effective tax rate to less than the current 21%. 

“Lower tax rates could help boost small caps and domestic-oriented industries like healthcare services, real estate, and utilities,” Buchbinder and Turnquist wrote. 

Harris has supported higher taxes for the wealthy and businesses. Buchbinder and Turnquist estimate that corporate profits would “take a small hit, probably no more than a few percentage points,” if the tax rate were raised to 25% from 21%.

“Higher tax rates (and lower tariffs) could help multi-national, low-tax corporations that make up the industrials and technology sectors,” they said. The likelihood of Democrats increasing subsidies for low-income Americans could also support businesses in the consumer staples sector.

Tax policy requires the approval of Congress, so each candidate’s plans would be dependent on support from Congress, where majorities are expected to be narrow. 

Trump has vowed to curtail regulations in a second term. He has said he would increase presidential control over some regulatory agencies and roll back Biden administration policies. Banks and energy companies are expected to be the greatest beneficiaries of Trump’s regulatory agenda. 

However, Buchbinder and Turnquist note that energy stocks aren’t guaranteed to benefit from a lighter government touch. Trump would likely support more oil and gas production, which could weigh on prices and, subsequently, energy stocks. Whereas a more restrictive approach by a Harris administration could bolster oil and gas prices, giving a lift to energy profits and stocks. 

Ultimately, however, researchers broadly agree that election outcomes are less consequential for the stock market than the economic cycle. 

“Immediate post-election performance doesn’t reveal any discernible positive or negative response looking back at episodes since 2000,” according to a recent note from analysts at BMO Capital Markets Economic Research. The S&P 500 was higher 90 days after most of those elections, except for 2000, when markets were still reeling from the bursting of the Dotcom bubble, and 2008, when the Global Financial Crisis was in full swing. 

A Deutsche Bank Research analysis of those same elections and the market’s reaction to each circulated Monday suggests a similar takeaway: That macroeconomic conditions are as consequential for the market’s post-election performance as the election itself. 

However, 2000’s showdown between George W. Bush and Al Gore offers an illustrative example of how uncertainty about an election’s outcome can influence markets. It took more than a month of legal challenges before Gore conceded the race to Bush. With the outcome in question, the S&P 500 fell 8% in November 2000, its worst monthly performance of the year. Treasury yields steadily fell after Election Day as investors fled to the safety of U.S. Treasurys. 

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Major U.S. indexes gained at midday Tuesday as investors awaited the results of the U.S. presidential election. The S&P 500, Nasdaq, and Dow were all higher. 

Shares of Trump Media & Technology Group (DJT), the social media company majority owned by former President Donald Trump, surged as some prediction markets showed the edge shifting toward Trump.

Shares of Tesla (TSLA) also gained amid expectations the electric vehicle (EV) maker could benefit no matter which candidate wins the election.

Palantir Technologies (PLTR) was the best-performing stock in the S&P 500 after the data analytics software maker reported better-than-expected results on strong demand for its artificial intelligence (AI) platform.

Nvidia (NVDA) shares climbed, pushing the chipmaker back into the top spot on the list of the world's most valuable companies by market capitalization, ahead of Apple (AAPL).

Archer-Daniels-Midland (ADM) shares plunged after the maker of agricultural commodities said that it would be restating previous results and canceled an earnings conference call because of accounting errors. The company’s preliminary quarterly profit also came in well below forecasts. 

Shares of Celanese (CE) sank after the chemicals supplier slashed its dividend and announced plans to cut production because of weak demand, suggesting it anticipates that continuing into the current quarter.

NXP Semiconductors (NXPI) shares slumped as the chipmaker warned of weakness in the European and Americas markets, as well as lower demand for industrial products.

Oil and gold futures gained. The yield on the 10-year Treasury note rose. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were higher, with Bitcoin trading above $70,000 again.

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Shares of Yum! Brands (YUM) advanced as the restaurant chain operator got a boost from its Taco Bell franchise.

In the third quarter, Taco Bell same-store sales rose 4%. That helped offset a drop of 4% at both its KFC and Pizza Hut locations. Overall, Yum! Brands reported same-store sales were down 2% worldwide.

Earnings per share (EPS) came in at $1.37, with revenue up 7% to $1.83 billion. Both missed estimates.

CEO David Gibbs said the company navigated “a complex consumer environment.” He added that sales were impacted by “pressures relating to geopolitical conflicts and challenged consumer sentiment.”

Gibbs also said that Taco Bell “significantly outperformed” competition from rival Restaurant Brands International (QSR). The owner of Burger King posted consolidated comparable sales grew just 0.3%.

Gibbs noted that looking at sales trends, the company was optimistic Taco Bell's momentum is continuing into the current quarter.

Yum! Brands shares are up about 6% so far in 2024.

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A lady was left devastated, after her crush pronounced ‘awe’ as ‘aware’.

The lady said she has not being feeling fine, since the incidence happened.

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