US stocks rose on Tuesday as chips and technology shares rallied, while investors awaited the outcome of the tightly contested presidential election and other potentially market-rattling events this week.

The Dow Jones Industrial Average rose 249.82 points, or 0.60 per cent, to 42,044.42, the S&P 500 gained 45.37 points, or 0.79 per cent, to 5,758.06 and the Nasdaq Composite gained 186.57 points, or 1.03 per cent, to 18,366.55.

Investors are concerned about the uncertainty about the election outcome as it may not be known for days or weeks as officials count all the votes.

Another potential factor for volatility, the Federal Reserve will be meeting on interest rates later this week.

GlobalFoundries shares surged 9 per cent after the chipmaker’s upbeat forecasts. Nvidia advanced 2.4 per cent

Stocks of Meta Platforms gained 1.8 per cent, and Tesla rose 4 per cent.

Palantir shares soared 21.2 per cent to a record high after the data analytics firm raised its annual revenue forecast.

Futures for the S&P 500 and the Dow Jones Industrial Average each rose 0.2 per cent before the opening bell.

Crude oil
Oil prices traded in a narrow range on Tuesday after rising more than 2 per cent in the previous session as OPEC delayed plans to hike production in December.