The FBI's National Instant Criminal Background Check System reported on Monday that firearm background checks rose 5.2% year-over-year to 2,374,172 in October vs. 2,255,089 checks a year ago and 2,165,851 in September. For the year, firearm background checks peaked in March, with a tally of 2,626,068.

The all-time peak for firearm background checks was March 2021 when 4,691,738 firearm background checks were done in a single month. The last time the FBI did less than 2 million checks in a month was September 2018.

Ahead of the U.S. election, analysts have predicted that firearm stocks are only likely to see significant share price jumps around the election if one party sweeps the White House, Senate, and House of Representatives.

Stocks that have reacted in the past to election results or firearm demand developments include Smith & Wesson (NASDAQ:SWBI), Sturm Ruger (NYSE:RGR), Vista Outdoor (VSTO), Sportsman's Warehouse (SPWH), Ammo (POWW), ammunition manufacturer Olin Corporation (OLN), outdoors retailer American Outdoor Brands (AOUT), hunting gear seller Dick's Sporting Goods (DKS), gunfire locator firm SoundThinking (SSTI), and retailer Academy Sports and Outdoors (ASO).