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Nonpartisan forecasters and opinion polls suggested a strong chance of Republicans winning a House majority and a tight race for Senate control. Shares in healthcare, energy and defense sectors could see more volatility in the wake of the election. "A Republican victory is seen as removing either current regulations, like in the energy sector, or potential future regulations like in the pharmaceutical sector." The S&P 500 (.SPX) is up nearly 9% from its recent October lows, but has still posted steep losses this year on worries that aggressive monetary policy tightening would tip the U.S. economy into a recession. Among S&P 500 sectors, energy (.SPNY) and consumer discretionary (.SPLRCD) fell the most, down 1% and 0.5%, respectively.

[1/4] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 7, 2022. Traders are now betting on 61% odds of a 50-basis point rate hike at the U.S. central bank's meeting in December. Meta Platforms Inc (META.O) climbed 5.4% following a report that the company was planning to begin large-scale layoffs this week. Advancing issues outnumbered decliners by a 1.14-to-1 ratio on the NYSE and by a 1.02-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and 11 new lows, while the Nasdaq recorded 58 new highs and 145 new lows.

[1/2] A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. A split government could result in political gridlock that stymies major policy changes, an outcome that investors see as favorable for equities. Shares of Meta Platforms Inc (META.O) climbed 5.4% following a report that the company was planning to begin large-scale layoffs this week. Advancing issues outnumbered decliners for a 1.31-to-1 ratio on the NYSE and a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded six new 52-week highs and two new lows, while the Nasdaq recorded 43 new highs and 95 new lows.

The benchmark S&P 500 (.SPX) is up nearly 6% from its Oct. 12 closing low for the year. The reaction function to the actual earnings will likely be positive," said Art Hogan, chief market strategist at B. Riley Wealth in New York. Of the 99 companies in the S&P 500 that reported third-quarter earnings through Friday, 74.7% had beat analysts' expectations, according to Refinitiv estimates. Shares of 3M (MMM.N) and Coca-Cola (KO.N) and Boeing (BA.N), which are also reporting earnings this week rose between 0.5% and 3%. Among S&P 500 sectors, healthcare (.SPXHC) was up 2.1% and in the lead, followed by industrials (.SPLRCI) and consumer staples (.SPLRCS).

read moreOther megacap shares, including those of Amazon.com Inc (AMZN.O) and Alphabet Inc (GOOGL.O), also dropped ahead of their earnings later this week. read moreThe benchmark S&P 500 (.SPX) is up about 5% from its Oct. 12 closing low for the year. The indexes notched their biggest weekly percentage gains in four months on Friday, also supported by better-than-expected earnings reports. The earnings reports from the four biggest U.S. companies by market capitalization could test a nascent rally on Wall Street as stocks claw their way back from the latest lows. The S&P index recorded 20 new 52-week highs and 4 new lows, while the Nasdaq recorded 42 new highs and 204 new lows.

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