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Tech stocks are leading the way on U.S. stock exchanges, at the same time that election results are still unclear.
Current US President Donald Trump and challenger Joe Biden are fighting to become president for the next four years.
REUTERS PHOTOGRAPHER / X90122
Published:,
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Wall Street is rising after a dramatic election night that has been calmer than many thought.
These are the leading stock indices in New York:
- Dow Jones rises 1.01 percent
- S&P 500 up 1.73 percent
- Nasdaq Composite rises 2.92 percent
In the betting market, the label favorite changed from Biden to Trump overnight, but on Wednesday morning the wind changed again and Joe Biden now remains a fairly clear favorite.
Biden’s odds of winning dropped to 1.18 at Bettson Wednesday afternoon, while Trump’s odds of winning at the same time are 4.90.
Tek-fest
The Nasdaq Tech Heavy Index has a steeper rise, which is due to the fact that the tech giants are pulling higher. Apple and Amazon are among the stocks that rose sharply in early trading, with gains of 2.71 and 3.6 percent.
Technology stocks have risen throughout much of the pandemic and have almost gained “safe haven” status in turbulent times, such as now with an unresolved election result in the United States.
At the same time, tech companies have feared that Joe Biden would put them under the microscope in terms of taxes, but now that Donald Trump and the Republicans are doing better in the election than many expected in advance, it contributes to the relief of technology stocks.
The election thriller in the US has an effect on everything from stocks to currencies to oil prices, but the biggest backlash is in the bond market. “The world’s most important interest rate,” the 10-year-old American, has dropped dramatically compared to yesterday.
This puts pressure on banks, which are hit with lower interest income if interest rates fall. JP Morgan, Wells Fargo and Bank of America fall between two and four percent. However, several bank stocks rose sharply on Monday.
Reduced blue wave
Pål Ringholm, head of analytics at Sparebank 1 Markets, notes that the chances of Joe Biden and the Democrats clearing the table in the presidential elections and the elections to the two houses of the National Assembly have weakened significantly.
– It is the case that the great blue wave, that is, the hope that Biden will take both the House of Representatives and the Senate, has been greatly reduced. So extra-large packages of measures, also of the eco-type, are significantly less likely, he told E24.
The key figures also come from the United States.
The number of private sector employees in the United States increased by 365,000 people in October, according to a survey by ADP Employer Services. In advance, an increase in employment of 650,000 people was expected, according to Direkt Makro.
Uber and Lift are going up
Transportation services Uber and Lyft rose sharply on Wall Street, share prices surging 11.4 and 15.5 percent, respectively. They are expected to emerge victorious from a California labor law referendum, which means companies don’t have to hire their drivers.
