* Wall St reverses gains from regular trading session
* Energy, materials sectors lead gains
* Futures off: S&P 13.2 pts, Dow 111 pts, Nasdaq 13 pts
By Rodrigo Campos
NEW YORK, Nov 6 U.S. stock index futures fell
late on Tuesday, as results in the presidential race trickled
S&P 500 futures fell 13.2 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration of the
contract. Dow Jones industrial average futures lost 111
points and Nasdaq 100 futures fell 13 points.
Early voting results point to a status quo result, with
President Barack Obama re-elected, Democrats retaining control
of the Senate, and the House of Representatives staying in
With TV networks projecting wins in Wisconsin, New Hampshire
and Minnesota, Obama is making the path to victory harder for
Republican contender Mitt Romney.
"Rumors floated in the market that the polls were skewed and
Romney was going to win and I think that may have sent the
market up," said John Canally, investment strategist and
economist at LPL Financial in Boston. "Now that the polls are
showing that President Obama will win or that it's too close to
call, that may be a part of it (the decline in futures)."
Cash markets posted strong gains earlier despite a string of
weaker-than expected results from U.S. companies, with notable
strength in stocks and sectors that are seen as favorable if
Romney wins, including coal, energy and defense shares.
Heavy betting has been seen in the options market so far
this week on stocks that would specifically benefit from either
an Obama or Romney win, such as health care and energy shares.
Several different stocks are expected to show large moves in
coming days, according to JP Morgan derivatives strategist Marko
The results of this year's elections will play a crucial
role in how disagreements over spending, taxes, healthcare and
other policies are dealt with through 2016.
The U.S. fiscal cliff, the $600 billion in spending cuts and
tax increases that are set to expire at end of the year, has
been weighing on the market for months. It threatens to bring on
another recession unless the budget is successfully