Stock market live Tuesday: Election Day surge, Dow rises 2%, Banks lead gain

• The Dow gained 555 points, 2.06%, its best daily performance since July 14 when it gained 2.13%.
• Dow Impact: UnitedHealth (UNH) had the most positive impact on the Dow, adding 61 points to the index. 
• Since Election: The Dow has gained 49.90%.
• Since Inauguration: The Dow has gained 39.26%.
• The S&P 500 gained 1.78%, its best daily performance since 10/5/2020 when it gained 1.80%. 
• SPY Impact: Microsoft (MSFT) had the most positive impact on the SPY, adding 0.38 points to the ETF.         
• Since Election: The S&P has gained 57.47%.
• Since Inauguration: The S&P has gained 48.83%.
• The Nasdaq Composite gained 203 points, 1.85%, its best daily performance since October 12. when it gained 2.56%.
• NDX (.NDX) Impact: Microsoft (MSFT) had the most positive impact on the NDX, adding 24 points to the index. 
• Since Election: The Nasdaq has gained 114.90%.
• Since Inauguration: The Nasdaq has gained 101.45%.

— Maggie Fitzgerald

The major averages closed up sharply on Tuesday, U.S. Election Day. The Dow Jones Industrial Average rose 552 points, or about 2%. The S&P 500 gained 1.78% and the Nasdaq Composite jumped 1.85%.

— Maggie Fitzgerald

The major averages accelerated gains with less than thirty minutes left in the trading session. The Dow last traded 656 points higher for a gain of 2.44%. The S&P 500 advanced 2.09%, while the Nasdaq Composite was up 2.12%.

— Pippa Stevens

With a little bit more than a hour left in the trading day, the major averages were up sharply as Americans hit the polls for the U.S. election. The Dow Jones Industrial Average rose about 575 points, or more than 2%. The S&P 500 and Nasdaq Composite gained 1.9% each.

— Maggie Fitzgerald

AT&T is discussing selling a minority stake in its pay-TV businesses to private equity groups, CNBC's Alex Sherman reports. The deal could involve between 30% and 49% of the combined TV operations for DirectTV, AT&T Now and U-Verse. Apollo Management is one of the private equity groups talking to the telecom giant, according to people familiar with that matter, and final bids are due in December.

Shares of AT&T have gained 0.6% on Tuesday.

— Jesse Pound

Bank stocks were on the front end of the market rally on Tuesday, with the KBW Bank Index gaining 2.7%. Some of the largest banks saw even bigger gains. Shares of Goldman Sachs climbed 4.3%, while Citigroup and JPMorgan both climbed more than 3%.

Bank stocks were helped by rising bond yields, which tend to boost interest income for banks.

— Jesse Pound

• Ferrari — Shares rose more than 7% after the luxury car company reported better-than-expected earnings for the previous quarter.
• Constellation Brands —Shares of the beer, wine, and spirits maker jumped nearly 5% after Morgan Stanley upgraded Constellation Brands to overweight from equal weight.
• SolarEdge Technologies — Shares of the solar-equipment maker fell more than 23% after the company missed revenue expectations during the third quarter.

Read more about midday movers here.

—Maggie Fitzgerald

The 30-stock Dow gained about 580 points around midday, off its session high when it surged 685 points. The S&P 500 last traded up 1.9% as industrials and financials popped more than 2.5% each. The tech-heavy Nasdaq gained 1.8% with Amazon, Apple, Facebook and Microsoft all rising at least 1.5%.

— Yun Li

Roughly an hour into Tuesday's trading, the rally gained steam on Wall Street with the Dow jumping as much as 660 points. The S&P 500 last traded up 2.3%, led by industrials and financials. The Nasdaq popped 2.2%.

— Yun Li

The U.S.-traded shares of Alibaba fell 9% in early trading after the news that Ant Group's planned IPO in Shanghai and Hong Kong was suspended. That put Alibaba on track for its worst daily performance since its IPO in 2014. Alibaba owns roughly a one-third stake in the fintech company.

Other Chinese ADRs, including JD.com and Tencent, also fell in early trading.

— Jesse Pound, Gina Francolla

The market rallied for a second day in a row Tuesday heading into the U.S. presidential election. The Dow Jones Industrial Average climbed 320 points at the open, after gaining more than 400 points in the previous session. The S&P 500 gained 1.0%, while the Nasdaq Composite rose 0.7%.

— Yun Li

U.S. Treasury yields rose on Tuesday before the U.S. presidential election is concluded. The yield on the benchmark 10-year Treasury note last traded up 3 basis points to 0.876% after hitting a session high of 0.881%, its highest level since June 8. The yield on the 30-year Treasury bond rose 3 basis points to 1.656%. Yields move inversely to prices.

— Yun Li

• Morgan Stanley upgraded Constellation Brands to overweight from equal weight.
• Susquehanna downgraded Skechers to neutral from positive.
• Morgan Stanley upgraded Monster Beverage to overweight from equal weight.
• Cowen upgraded Royal Dutch Shell to outperform from market perform.
• Citi raised its price target on Alphabet to $2,000 from $1,600.

Pro subscribers can read more here.

-Michael Bloom

Ant Group's record-setting initial public offering has been suspended, the Shanghai and Hong Kong stock exchanges said on Tuesday. The market debut was set to raise nearly $34.5 billion.

The Shanghai Stock Exchange said Ant Group reported "significant issues," which means it may not meet the conditions for listing or "information disclosure requirements." Ant Group's controller Jack Ma, the executive chairman Eric Jing and CEO Simon Hu were summoned and interviewed by regulators in China.

Alibaba, which owns a roughly 33% stake in Ant Group, saw its shares fall more than 8% in premarket trading Tuesday.

— Arjun Kharpal, Yun Li

Barclays warned investors that a drawn-out process around the U.S. presidential election could spark a sharp sell-off in equities. "This is a tail scenario in which the outcome is not known and continues to be challenged by the candidate(s)," Maneesh Deshpande, head of equity derivatives strategy at Barclays, said in a note on Tuesday. "The prolonged uncertainty is likely to unnerve the market. We cannot discount the possibility that equities would sell off by more than 10% in such a scenario with VIX spiking above 40."

— Yun Li

Shares of Wayfair jumped more than 12% during premarket trading on Tuesday after the company easily beat Street expectations during the third quarter. The e-commerce name earned $2.30 per share on an adjusted basis, nearly triple the 80 cents analysts surveyed by Refinitiv had been expecting. Revenue also exceeded expectations, rising 66.5% year over year.

— Pippa Stevens

PayPal dipped more than 5% in the premarket on Tuesday after the payments company issued weaker-than-expected earnings guidance for the fourth quarter. PayPal said it expects fourth-quarter earnings growth to range between 17% and 18%. Analysts polled by FactSet had forecast earnings growth of 23.9% for the quarter.

—Fred Imbert

Final polls from CNBC/Change Research and NBC/Wall Street Journal showed Democratic nominee Joe Biden leading President Donald Trump nationally and in key swing states ahead of Election Day.

A CNBC/Change Research poll released Monday showed Biden held a single digit leads in Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin. The poll also showed Democrats leading in Senate races in Michigan, North Carolina and Arizona.

The final national NBC/WSJ poll, released on Sunday, showed Biden leading Trump by 10 percentage points.

— Jesse Pound

Royal Caribbean has cancelled its sailings through the end of 2020 as Covid-19 cases around the world rise. The announcement follows the Centers for Disease Control and Prevention lifting the ban on sailings on Friday, saying companies could resume operations once Covid-19 protocols had been put in place.

"After further consulting with our partners at Cruise Lines International Association and in conjunction with the CDC, we have decided to extend the suspension of sailings for our global fleet for all sailings through December 31st, 2020, excluding sailings onboard Quantum of the Seas, with a plan to resume operation on January 1st, 2021," the company said in a statement. Rival Norwegian Cruise Line Holdings made a similar announcement.

Shares of Royal Caribbean were 0.5% lower during premarket trading on Tuesday.

— Pippa Stevens

Futures tied to major U.S. equity benchmarks climbed heading into Election Day, pointing to a second day of strong gains on Wall Street before the final election outcome. Dow Jones Industrial Average futures jumped more than 400 points, implying an opening gain of about 390 points. S&P 500 futures gained 1.2%, while Nasdaq 100 futures rose 0.6%.

— Yun Li