Connect with us

Hi, what are you looking for?

Top News

Stock futures tumbled as election results halted in balance

Stock futures fluctuated between gains and losses early Wednesday morning as investors poured in the results of the 2020 elections, which so far have yielded no clear signs of a White House victory.

As of around 5 AM ET, the S&P 500 was 0.6% higher, and the Nasdaq outperformed with gains of over 2.7%. The Dow Jones dropped nearly 50 points.

The results so far point to a presidential race that is still very close to being predicted, with a number of countries forming a battlefield. Including Pennsylvania, Is still unlikely to produce results in the next two days.

As of 4:45 AM ET, former Vice President Joe Biden has garnered 238 electoral votes and President Donald Trump received 213, according to The Associated Press. Candidates require 270 electoral votes to be named election winner.

  • The countries called on Trump: Ky., W. Va., SC, Ala., Miss., Tenn., Okla., Ark., Ind., ND, SD, Wyo., La., Neb., Kan., Mo., Idaho, Utah , Ohio, Iowa, Mount. Florida, Texas

  • Biden states: Vt., Va., Conn., Del., Ill., Md., Mass., NJ, RI, NY, NM, DC, Colo., NH, California, Ore., Wash., Hawaii, Minn., Ariz. . , Maine (3 out of 4 electoral votes)

The series of results presented raised volatility during the evening session. Contracts on major stock indices opened higher as trading began overnight, but gains in Dow Jones S&P 500 futures flattened as the race tightened, including when the Associated Press predicted Trump would win a swing state Florida, which a number of Critics that it will win Go to Biden. Other states that were seen as neglecting Biden ended up, including Arizona, which Trump won in 2016.

See also  Index - Abroad - Chaos in the United States: Someone drove a car among the protesters

However, the contracts on the Nasdaq have held up higher. At around 10:15 PM EST, Nasdaq futures rose nearly 4% to stimulate a circuit breaker to curb further gains. The index settled more than 2.5% higher at around 4:45 AM ET, with traders piling up in tech stocks that throughout the pandemic have been a safe sector amid uncertainty about the economic outlook.

In the bond market, US Treasury yields have fallen across the long end of the curve to shake off much of its advance from the past two weeks. The 10-year yield dipped below 80 basis points as investors backed away from their expectations of a Democratic sweep that was likely to result in increased government spending.

overseas, European stocks also traded in volatility It slipped at the conquest before cutting losses and pushing up after that Trump prematurely claimed he had won the election In a late night speech at the White House.

This is a deception of the American Republic. “This is a source of embarrassment for our country,” Trump said. We were preparing to win this election. Frankly, we won this election. “

Trump, who had previously challenged the validity of the vote by mail, said he would “go to the US Supreme Court” over the election results, opening the possibility of an extension, Disputed election market Participants were prepared to drive to the results. The Biden campaign has indicated, on behalf of his party, that it will be Willing to fight Trump in court.

Deutsche Bank analysts, including Jim Reed, said in an overnight note that the markets have so far been “remarkably quiet and surprisingly they do not really appreciate much of the risks or concerns about a long contested battle in the future”. They added, “It seems that the fiscal stimulus is far-fetched at the moment longer than it was last night.”

See also  “Let them dash or climb up on their own and beg for it.”

But other experts warned that the continuing uncertainty about the outcome of the elections may lead to continuous fluctuations in the markets in the coming days.

“The decisive result could take a few days or longer, potentially stimulating market volatility and leaving the door open to the possibility of a disputed conclusion,” analysts from the BlackRock Investment Institute wrote in a note Wednesday morning. “We prefer to look at any volatility and remain in high confidence positions amid any sell-off in risky assets. Low volumes in this period are likely to amplify market movements.”

The elections came in the face of an increasingly dire epidemic in the United States. More than 93,000 cases were reported across the country on Monday, the second-highest daily total since the start of the coronavirus pandemic. According to the data reported by The New York Times. OK More than 9 million cases in total It has been recorded since the start of the epidemic in the United States, and has resulted in the deaths of more than 230,000 people across the country. About: The economic consequences of the virus have been dire 11 million jobs lost Since the beginning of the epidemic, the unemployment rate has stabilized at a high level of nearly 8%.

4:50 AM ET Wednesday: Stock futures fluctuate with uncertain election results

Here are the major moves in the markets, as of 4:50 AM ET on Wednesday

  • S&P 500 Futures (ES = F.)3,382.75 points, up 21.25 points, or 0.63%.

  • Dow Futures (YM = F.): 27342.00, down 34 points, or 0.12%

  • Futures on Nasdaq (NQ = F.): 11,552.00 points, up 286.25 points, or 2.54%.

  • (Raw)CL = F.): + $ 0.58 (+ 1.54%) to $ 38.24 per barrel

  • Go (GC = F.): – $ 17.50 (-0.92%) to $ 1892.90 an ounce

  • 10 years Treasury (^ Degeneration): -8.5 bps to produce 0.796%

See also  While renovating the kitchen, they found a 400-year-old mural
The White House at sunrise during Election Day, in Washington, USA, November 3, 2020. REUTERS / Hana McKay TPX IMAGES OF THE DAY
The White House at sunrise during Election Day, in Washington, USA, November 3, 2020. REUTERS / Hana McKay TPX IMAGES OF THE DAY

Follow Yahoo Finance at TwitterAnd the The social networking site FacebookAnd the InstagramAnd the FlipboardAnd the LinkedinAnd and Reddit.

Look for live stock market prices, the latest business and finance news

For lessons and information on investing and stock trading, check out Cashay

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Top News

In a harrowing incident that has shaken the community of Lewiston, Maine, a series of shootings on Wednesday evening resulted in a tragic loss...

Top News

President Joe Biden’s abrupt departure from a speech on the U.S. economy at the White House on Monday sent a ripple of speculation and...

Tech

A dangerous application appeared in the Apple App Store disguised as a known program. 24.hu reported the Based on TechCrunch article. Dangerous app in...

World

Chinese scientists have discovered a little-known type of ore containing a rare earth metal highly sought after for its superconducting properties. The ore, called...

Copyright © 2024 Campus Lately.