Stocks end higher as the market waits for the call to be made in the presidential election Stocks advanced on Wednesday as investors shook off uncertainty regarding who has been elected as president while ballots continue to be counted in a number of swing states. Tech, seen as a potential safe bet, led the way and powered the Nasdaq to the biggest gains among the major averages, though the S&P and Dow also finished the trading day sharply higher. ECONOMIC EVENTS: In the U.S., ADP reported private sector jobs rose 365,000 in October. The trade deficit narrowed 4.7% to $63.9B in September. Markit's services PMI was revised up to 56.9 in the final read versus 56.0 in the preliminary reading for October. The ISM services reading fell 1.2 points to 56.6 in October. On the central bank front, the FOMC began its two-day meeting and will announce its interest rate decision at 2 pm ET on Thursday. TOP NEWS: Shares of Uber ($UBER) and Lyft ($LYFT) jumped 14.6% and 11.3%, respectively, after it was announced that Proposition 22 - a ballot measure allowing "gig economy" companies to continue treating drivers as independent contractors - passed in California. Shares of Biogen ($BIIB) surged 44% after the FDA posted to its website the briefing document that presents results from three studies in the aducanumab Alzheimer's disease clinical development program, Studies 302, 301, and 103, along with discussion and analyses of the findings from these studies ahead of a panel meeting to be held on November 6. Wells Fargo analyst Jim Birchenough upgraded Biogen to Overweight from Equal Weight with a $390 price target following his review of the briefing documents, while Jefferies analyst Michael Yee also upgraded the stock, saying the FDA "has a much more positive bias on aducanumab than Street expected on both efficacy and safety." DraftKings ($DKNG), Penn National ($PENN), and several other gambling stocks moved higher after Louisiana, South Dakota and Maryland voters approved legalized sports betting. Meanwhile, Alibaba ($BABA) shares were 3.5% higher after the company reported "strong results" for its first sales window of this year's 11.11 Global Shopping Festival. "Hundreds of millions of consumers flocked to Alibaba's marketplaces at 00:00 a.m. on November 1 to shop the 14 million items on offer. Over 100 brands, including Nike, Adidas, Apple, L'Oreal, Estee Lauder and Lancome, achieved RMB100 million in gross merchandise volume only 111 minutes into the first sales period," Alibaba stated. The Chinese e-commerce and cloud services giant is scheduled to report quarterly results tomorrow morning. Additionally, the Financial Times reported that AstraZeneca ($AZN) will only be able to supply 4% of the number of COVID-19 vaccine doses it promised to in the U.K. by the end of the year. The FT noted that the U.K. government said on May 17 that the company would aim to make 30M doses of its vaccine candidate available by the end of September. MAJOR MOVERS: Among the noteworthy gainers was Kandi Technologies ($KNDI), which rose 18.6% after announcing EPA certification for two electric vehicle models. Also higher were Supernus ($SUPN) and Super Micro Computer ($SMCI), which gained a respective 23.8% and 22.3% after reporting quarterly results. Among the notable losers was Allogene ($ALLO), which slid 8.1% after reporting quarterly results and announcing presentation results from its Phase 1 study of ALLO-715. Also lower after reporting quarterly results was Wendy's ($WEN), which fell 5.8%. Reviewing Wednesday's economic data:The ISM Non-Manufacturing Index for October checked in at 56.6% (Briefing.com consensus 57.3%), versus 57.8% in September. October marked the fifth straight reading above 50.0% -- the dividing line between expansion and contraction -- but it was the lowest reading since May.The key takeaway from the report is that it points to an ongoing expansion in the services sector, albeit at a somewhat slower pace than the prior month.The trade deficit for September narrowed to $63.9 billion (Briefing.com consensus -$64.4 billion) from $67.0 billion in August, as export growth ($4.4 billion) outpaced import growth ($1.2 billion). The key takeaway from the report is that global trade activity improved, evidenced by the uptick in both exports and imports in September, yet that improvement belies the major hit to global trade activity amid the pandemic, evidenced by the fact that exports decreased 17.4% year-to-date to $329.0 billion while imports decreased 12.4% to $290.4 billion.The weekly MBA Mortgage Applications Index decreased 3.8% following a 1.7% increase in the prior week.The ADP Employment Change report for October estimated 365,000 jobs were added to private-sector payrolls (Briefing.com consensus 600,000). The September reading was revised higher to 753,000 from 749,000.Looking ahead, investors will receive the weekly Initial and Continuing Claims report, the FOMC Rate Decision, and preliminary Q3 Productivity and Unit Labor Costs on Thursday.Nasdaq Composite +29.2% YTDS&P 500 +3.6% YTDDow Jones Industrial Average -2.4% YTDRussell 2000 -3.2% YTDMarket SnapshotDow27847.60+367.63(1.34%)Nasdaq11590.71+430.21(3.85%)SP 5003443.58+74.42(2.21%)10-yr Note +11/320.777NYSEAdv 1651 Dec 1376 Vol 994.6 mlnNasdaqAdv 1768 Dec 1551 Vol 3.6 blnIndustry WatchStrong: Health Care, Communication Services, Information Technology, Consumer DiscretionaryWeak: Materials, Financials, Utilities, IndustrialsMoving the Market-- Expectations that Congress will remain divided outweighed the fact that there was no presidential winner announced-- Large-cap growth stocks outperformed at the expense of the cyclical/small-cap stocks-- Longer-dated Treasuries rallied amid recovery concerns attributed to potentially delayed/smaller stimulus deal Source: (Briefing.com)(theFly.com)Disclosure: I may trade in the ticker symbols mentioned, both long or short. 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