Asian shares are mostly higher after U.S. stocks rallied on the last day of the presidential election. U.S. futures rose and oil prices fell.

A growing number of Wall Street strategists are predicting that a decision in the US presidential election will set the stage for stocks to rally into the end of 2024, building on a 21% gain this year for the S&P 500 Index.

Wall Street has a poor track record when it comes to forecasting the future performance of the stock market. Since 2020, there has been a 17-percentage-point discrepancy between analysts' median year-end forecast for the S&P 500 and where the index actually finished each year, according to Goldman Sachs.