Stock market today: Wall Street drifts ahead of Election Day and a manic week for markets

NEW YORK (AP) — U.S. stocks drifted lower Monday ahead of a momentous week full of potential flashpoints in Washington, D.C., and around the world.

The S&P 500 slipped 0.3%, though it remains near its record set last month. The Dow Jones Industrial Average fell 257 points, or 0.6%, while the Nasdaq composite slipped 0.3%.

Intel fell 2.9%, and chemical producer Dow sank 2.1% in their first trading since getting notified they’ll no longer be included in the Dow Jones Industrial Average. Warren Buffett’s Berkshire Hathaway dropped 2.2% and was one of the heaviest weights on the market after reporting a drop in operating profit for the latest quarter.

But the majority of stocks within the S&P 500 rose, including a 2.8% gain for Fox after it reported a stronger profit than expected. That was despite increases in some costs, including for newsgathering at Fox News to cover this election cycle.

Election Day will arrive Tuesday, though its result may not be known for some time as officials count all the votes. That’s raised fears about the possibility of sharp swings around the world because markets infamously hate uncertainty.

History may be less foreboding. The broad U.S. stock market has historically gone on to rise regardless of which party wins the White House. And in 2020, U.S. stocks climbed immediately after Election Day and kept going even after former President Donald Trump refused to concede and challenged the results, creating plenty of uncertainty. A large part of that rally was due to excitement about the potential for a vaccine for COVID-19, which had just shut down the global economy.

“Bottom line – the US election is incredibly important, but the process is likely to be incredibly noisy,” according to Michael Zezas, a strategist at Morgan Stanley.

For markets, Zezas also points to how prices may have already moved ahead of expected outcomes from the election. A win for Trump this election could mean U.S. tariffs on Mexican imports, for example, which could hurt the value of the Mexican peso. But the peso has already fallen against the U.S. dollar in recent months, which could limit further moves if a Trump win were actually to happen.

A Trump victory would be less of a surprise to markets this time around than in 2016, when Treasury yields soared on expectations for tax cuts that could further inflate the nation’s debt or fuel a stronger U.S economy. Treasury yields have already climbed in recent weeks, in part due to rising expectations in some market corners for a Trump win, along with a spate of data showing the U.S. economy has remained stronger than feared.

On Monday, Treasury yields gave back a chunk of those gains. The yield on the 10-year Treasury fell to 4.29% from 4.38% late Friday.

Another investment that’s become a barometer in the market for Trump’s perceived chances of victory swung sharply through the day. After veering between losses and gains through the morning, Trump Media & Technology Group ended up rising 12.4%.

The stock of the company behind Trump’s Truth Social platform had been ripping higher from a bottom in September, until it hit a wall last week and dropped at least 11% in three straight days.

In the oil market, the price for a barrel of U.S. crude rose 2.8% to $71.03 after Saudi Arabia and other oil producers said they would delay plans to increase the amount of crude they produced. Brent crude, the international standard, rose 2.7% to $75.08 for a barrel.

The price of Brent is still down for the year so far, in part because of worries about how much demand will come from China given its economic challenges.

The Standing Committee of China’s National People’s Congress is meeting this week, and analysts say the government may endorse major spending initiatives to boost economic growth amid troubles for the country’s real-estate industry.

Beyond that meeting and Election Day in the United States, this week will also feature the latest meeting of the Federal Reserve, where the widespread expectation is for it to cut its main interest rate for a second straight time.

The hope that’s propelled U.S. stock indexes to records recently is that the U.S. economy can remain resilient and avoid a long-feared recession, in part because of the coming cuts to rates expected from the Fed.

On Wall Street, Nvidia rose 0.5%, and Sherwin-Williams jumped 4.6% after learning they’ll be replacing Intel and the parent of the Dow chemical company in the Dow Jones Industrial Average.

Stocks fell in the nuclear power industry after U.S. regulators denied a request that would have sent more electricity to an Amazon data center from a Pennsylvania nuclear plant run by Talen Energy. Companies across the power industry have been making deals with data center operators to feed their growing need for more electricity, and Talen fell 2.2%.

All told, the S&P 500 fell 16.11 points to 5,712.69. The Dow dropped 257.59 to 41,794.60, and the Nasdaq composite lost 59.93 to 18,179.98.

In stock markets abroad, indexes were mostly lower in Europe after rising in much of Asia.

AP Business Writer Elaine Kurtenbach contributed.

Trader Jonathan Mueller works on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. (AP Photo/Richard Drew)

Trader Michael Milano, foreground, works with colleagues on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. (AP Photo/Richard Drew)

Trader Michael Capolino works on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. (AP Photo/Richard Drew)

Trader Robert Chamak, left, and specialist James Denaro work on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. (AP Photo/Richard Drew)

Specialist Stephen Naughton work at his post on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. (AP Photo/Richard Drew)

Specialist Meric Greenbaum work at his post on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. (AP Photo/Richard Drew)

Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024. (AP Photo/Richard Drew)

A screen on the floor of the New York Stock Exchange, Monday, Nov. 4, 2024 shows a broadcast talking about Kamala Harris and Donald Trump. (AP Photo/Richard Drew)

FILE - A sign marking Wall Street is shown near Trinity Church in New York's Financial District on Oct. 30, 2024. (AP Photo/Peter Morgan, File)

A food vendor's cart is parked across from the New York Stock Exchange on Wednesday, Oct. 30, 2024. (AP Photo/Peter Morgan)

Currency traders talk near the screen showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Friday, Nov. 1, 2024. (AP Photo/Lee Jin-man)

Stock market today: Asian shares are mostly higher as China begins major economic meeting

Stock market today: Asian shares are mostly higher as China begins major economic meeting

A currency trader walks by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Friday, Nov. 1, 2024. (AP Photo/Lee Jin-man)

PHILADELPHIA (AP) — Jalen Hurts may sit out a potential NFC East clincher against Dallas because of the lingering effects of a concussion.

The Eagles could also just rest Hurts to play it safe -- even if he’s medically cleared ahead of Sunday’s game -- and protect their franchise QB from additional injury over the final two games.

Eagles coach Nick Sirianni kept quiet this week on which QB will start Sunday, in large part, of course, because of the head injury suffered by Hurts in last week’s loss to Washington that forced him into the concussion protocol. The issue was complicated by backup Kenny Pickett’s rib injury suffered in relief of Hurts in his first real game competition in nearly a year.

Tanner McKee, the third-string QB, could move into a backup role — or maybe even get the start against the Cowboys.

Philadelphia's starting quarterback situation has surged past Saquon Barkley's chase at Eric Dickerson's season rushing record as the most intriguing talking point in the final two games.

The Eagles (12-3) appear certain to win the division title — they're two games ahead of Washington (10-5) — and a No. 2 seed in the conference no matter the quarterback headed into the playoffs. Even with an unsettled QB spot, the Eagles are are still 7½-point home favorites to beat division rival Dallas, per BetMGM Sportsbook.

Sirianni appreciated that quarterback depth has been a strength for the Eagles.

“We feel good about that room,” he said.

So why risk Hurts against the Cowboys? There's little reason to make Hurts play only a week after absorbing a pair of blows to the head and the extra week off — maybe two if the finale against the Giants is truly meaningless — could add to his recovery time ahead of a home playoff game.

The Eagles were burned in a similar situation last season when Hurts and star wide receiver A.J. Brown were both injured in the final game against the Giants with little at stake. With both players hampered by unnecessary injuries, the Eagles were dumped the next week by Tampa Bay in the NFC wild-card playoff game.

The Eagles have options if Hurts is inactive. Pickett was 14 of 24 for 143 yards in relief, throwing a touchdown pass to Brown and an interception. Pickett, a first-round pick out of Pitt in 2022, went 14-10 as a starter for the Steelers before he was traded to the Eagles in the offseason.

McKee was the Eagles’ 2023 sixth-round pick out of Stanford. The 6-foot-6, 231-pound quarterback has yet to take a snap in a regular-season game. He's mostly used in practice on the scout team or in developmental periods — at best, he'll stay late after practice to get some reps in with the top receivers.

“Every week, every opportunity, it's knowing it could be my shot, my chance,” McKee said.

He could finally get that shot against Dallas.

With the Cowboys out of playoff contention, the questions persist for coach Mike McCarthy about bypassing Cooper Rush for a look at Trey Lance before both QBs hit free agency. McCarthy’s answer hasn’t wavered: Rush gives Dallas the best chance to win.

Rush is 4-3 since Dak Prescott’s season-ending hamstring tear after going 5-1 over two previous stints as an injury replacement.

That’s 9-4 total. Half the losses came in both of Rush’s starts against Eagles – the last of five games filling in during the 2022 season and the first game this season.

“The mindset is to win,” McCarthy said. “We’re going to Philadelphia to win the game.”

Barkley leads the NFL with 1,838 yards rushing for the season through 15 games. He still needs two big outings in the final games of the season against Dallas and the New York Giants to top Dickerson and his 2,105 yards for the Los Angeles Rams in 1984.

Barkley is 268 yards away from passing Dickerson for the season mark and 162 shy from becoming the ninth player in NFL history with 2,000 yards rushing in a season.

He ran for only 66 yards in the first game this season against Dallas.

Dallas ranks 28th in the NFL in rushing defense, surrendering 135.9 yards per contest. Philadelphia, behind Barkley’s stellar play, tops the league at 187.9 yards per game on the ground.

The Eagles have already have set a team record for yards rushing in a season with 2,818, and they are within four rushing touchdowns of tying the club’s single-season mark of 32, set in 2022. Barkley needs four more rushing touchdowns to tie LeSean McCoy’s Eagles record, set in 2011 and just 33 yards from scrimmage to break McCoy’s mark of 2,146 set in 2013.

Star Dallas edge rusher Micah Parsons needs half a sack to reach double digits in each of his first four seasons despite missing four games with a high ankle sprain, the first injury absence of his career.

The 2021 AP Defensive Rookie of the Year would be the fifth player to reach 10 sacks in each of his first four seasons. The other four — Claude Humphrey, Reggie White, Derrick Thomas and Dwight Freeney - are in the Pro Football Hall of Fame.

AP Pro Football Writer Schuyler Dixon contributed from Arlington, Texas.

AP NFL: https://apnews.com/hub/nfl

Dallas Cowboys quarterback Cooper Rush (10) throws a pass under pressure from Tampa Bay Buccaneers linebacker Yaya Diaby (0) in the second half of an NFL football game in Arlington, Texas, Sunday, Dec. 22, 2024. (AP Photo/Julio Cortez)

Dallas Cowboys' Buddy Johnson, left, and Andrew Booth Jr. (25) celebrate with C.J. Goodwin (29) after Goodwin made a stop on a punt coverage in the second half of an NFL football game against the Tampa Bay Buccaneers in Arlington, Texas, Sunday, Dec. 22, 2024. (AP Photo/Julio Cortez)

Tampa Bay Buccaneers wide receiver Mike Evans (13) is slow to get up after being hit by Dallas Cowboys safety Donovan Wilson (6), while trying to catch a pass in the second half of an NFL football game in Arlington, Texas, Sunday, Dec. 22, 2024. (AP Photo/Julio Cortez)

Dallas Cowboys defensive tackle Linval Joseph celebrates a sack of Tampa Bay Buccaneers quarterback Baker Mayfield in the second half of an NFL football game in Arlington, Texas, Sunday, Dec. 22, 2024. (AP Photo/Jeffrey McWhorter)

Philadelphia Eagles running back Saquon Barkley (26) on the field before the start of an NFL football game against the Washington Commanders, Sunday, Dec. 22, 2024, in Landover, Md. (AP Photo/Stephanie Scarbrough)

Philadelphia Eagles running back Saquon Barkley (26) walks back to the bench during the second half of an NFL football game against the Washington Commanders, Sunday, Dec. 22, 2024, in Landover, Md. (AP Photo/Stephanie Scarbrough)

Philadelphia Eagles running back Saquon Barkley (26) celebrating his touchdown with teammate Philadelphia Eagles quarterback Jalen Hurts (1) during the first half of an NFL football game against the Washington Commanders, Sunday, Dec. 22, 2024, in Landover, Md. (AP Photo/Nick Wass)

Philadelphia Eagles running back Saquon Barkley (26) celebrating his touchdown with his teammate Philadelphia Eagles quarterback Jalen Hurts (1) during the first half of an NFL football game against the Washington Commanders, Sunday, Dec. 22, 2024, in Landover, Md. (AP Photo/Stephanie Scarbrough)

Philadelphia Eagles quarterback Jalen Hurts (1) walking off the field during the first half of an NFL football game against the Washington Commanders, Sunday, Dec. 22, 2024, in Landover, Md. (AP Photo/Stephanie Scarbrough)

Philadelphia Eagles quarterback Jalen Hurts (1) running with the ball during the first half of an NFL football game against the Washington Commanders, Sunday, Dec. 22, 2024, in Landover, Md. (AP Photo/Nick Wass)