Stock futures whipped as election results stalled

Stock futures fluctuated between gain and loss early Wednesday morning as investors shared the results of the 2020 election, which has yet to give a clear indication of a winner for the White House.

By about 7 a.m. ET, the S&P 500 0.3. 0.3%, and the Nasdaq was up more than 1.9%, although the index was in line with its overnight session high. The Dow is down nearly 40 points, or 0.1%.

The results so far point to a presidential race that is too close to call, with many resultant war states, including Pennsylvania, unlikely to produce results for the next few days.

By 45:45:45 a.m., former Vice President JB Biden had 888 electoral votes and President Donald Trump had 213, according to the Associated Press. 270 voter votes are required to nominate candidates as election winners.

• States call on Trump: Q., w. Va., SC, Ala., Miss., Ten., Okla., Arch., Ind., Nd, SD, Vyo., La., Neb., Kan., Mo., Idaho, Utah, Ohio, Iowa Mont., Fla., Texas

• States call for biden: V., Va., Con., Del., Il., Mo., Mas., Nj, ri, ny, nm, dc, colo., Nh, califo., Or., V. Wash sh., Hawaii, min. , Ariz., Maine (3 out of 4 voters)

The provocation of the ensuing results fueled instability during the overnight session. Deals on key equity indices opened higher as trading began overnight, but gains in the Dow and S&P 500 futures tightened, while the Associated Press predicted Trump would win a swing state in Florida, with many pundits believing to go to Biden. Other states seen as toss-ups favored Biden, including Arizona, which Trump won in 2016.

Agreements on the Nasdaq, however, have definitely been higher. At about 10:15 a.m. ET, Nasdaq futures rose about 4%, prompting the circuit breaker to bounce back. The index was held higher than am.:45%, with traders participating in tech shares around 45:45 ET as most of the epidemic served as a safe haven amid economic uncertainty.

The story continues

In the bond market, U.S. Treasury yields have plummeted over the last few weeks to the long end of the curve for a large part of their progress. The 10-year yield fell below the basis0 basis point, as investors pushed back their expectations for a Democratic sweep, which would likely bring in bigger government spending. With some Senate races still need to be compromised, Democrats were tracking Wednesday morning to gain just one seat in the Senate, while a majority in the chamber needed at least three to gain control.

Foreign, European stocks also traded with volatility and slipped into the open before cutting losses and pushing further, with Trump claiming to have won the election in a late-night address to the White House prematurely.

“This is a fraud on the part of the American Republic. This is a shame for our country, “Trump said. “We were ready to win this election. To be honest we won this election. ”

Trump, who has previously challenged the accuracy of the mail-in ballot, said he would not comment on the election results. “Going to the Supreme Court,” the election market participants urged, opening the possibility of a draw-out. Heading into results. Biden’s campaign, for his party, suggests he will be willing to fight Trump in court.

Analysts, including Deutsche Bank’s Jim Reed, said in an overnight note that markets have so far remained “significantly quieter and surprisingly do not really offer much risk, or worry ahead of a long fight.” They added, “Fiscal stimulus seems to go a long way at the moment than Gairat.”

But other experts warned that distrust of the election results could exacerbate ongoing volatility in the markets in the coming days.

Analysts at the BlackRock Investment Institute wrote in a note on Wednesday morning that “the decisive outcome will take a few days or more, it will fight off potential market volatility and leave out the possibility of a competitive outcome.” “We prefer to pay attention to any volatility and should live with high-confidence positions among any seller in risk assets. Presumably low trade volume during this period could lead to an increase in market movements. “

The election came in the face of an increasingly devastating epidemic situation in the United States. More than 1,000,000,000 cases were reported nationwide on Monday, the second-highest daily total since the onset of the coronavirus epidemic, according to figures cited by the New York Times. U.S. A total of 9 million cases have been reported since the epidemic began in and more than 230,000 people have died across the country. And the economic consequences of the virus have become serious: about 11 million jobs have been lost since the epidemic began, and the unemployment rate has remained close to 8-elevated.

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6:30 am ET: Shares of Uber, Lift rise after Prop 22 passed in California

Shares of ride-hailing companies Uber (UBR) and Lift (LYFT) jumped 11% and 15%, respectively, in early Wednesday trading after the ballet initiative began in California, prompting contractors to allow their drivers to continue classifying. Their hours than employees eligible for benefits. According to the Associated Press, 58% of the 11 million voters voted in favor of Prop 22.

“With the controversial AB5 law enforced in the state of California, which focused on the classification of drivers as employees rather than contractors, in short, the underlying business models for Uber and lifts were stuck in balance, if Prop 22 did not pass in California. At this point, 58% of voters in California have voted Han and passed Prop 22, which will have a ripple effect, because if Prop 22 does not pass, Jig Economy The main DNA and ultimately revenue model will affect Dell. Lift and Uber. “

“With Lift California and Uber receiving about%% of revenue, both companies were considering potentially leaving the state or significantly changing its business model if the law had not been passed during yesterday’s vote,” Ives added.

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6:01 am ET: Nevada tabled an election update by Thursday

Nevada, the swing state whose coordination was expected to go to Biden, is set to hang on to the next election results by Thursday morning, according to a Twitter update from the election department of the Nevada Secretary of State. As of Wednesday morning, Biden’s lead was about 1,000 votes in the state. Trump lost to Nevada in 2016 by just a narrow margin. The Associated Press did not call the results for Nevada, which has 6 voters.

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4:50 am ET Wednesday: Stock futures fluctuate with incredible election results

Markets had a major move here, until 4:50 a.m. Wednesday

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

• Dow futures (YM = f): 27,342.00, down 34 points or 0.12%

• Nasdaq futures (NQ = f): 11,552.00, up 286.25 points or 2.54%

• Crude (CL = f): + $ 0.58 (+ 1.54%) to 38.24 per barrel

• Gold (GC = f): -. 17.50 (-0.92%) to 1,892.90 per ounce

• 10-year Treasury (TNX): -8.5 bps. Will yield 0.796%

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