Stocks jumped on Tuesday, led by tech as Palantir stock helped the Nasdaq climb 1.4%. Traders are eyeing the result of the US presidential election. The Federal Reserve is set to begin its next policy meeting on Wednesday.

The market looks to be broadly positive about the prospects for technology stocks during a second term as president for Donald Trump but the prospect of tariffs appeared to be weighing on Apple, while Meta Platforms was suffering.

Stocks climbed Tuesday while Treasuries were mixed and the dollar fell in the last trading session before votes are tallied in a US presidential race with far-reaching implications for the economy. Neither the size of the moves nor volume indicated strong conviction on the outcome of a contest that polls continue to put at a dead heat.

Wall Street's main indexes rose on Tuesday as technology and chips stocks gained, while investors braced for volatile trading over the next few sessions as voting began in a tightly contested U.S. presidential election.