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S&P 500 futures fell after the Florida early voting results



Image of New York Stock Exchange
FILE PHOTO: The New York Stock Exchange was taken in Manhattan district of New York City, New York, USA, October 28, 2020. REUTERS / Carlo Allegri

November 4, 2020

By Noel Randewich

(Reuters) – US stock market futures fell late on Tuesday as early voting predictions emerged in a tough US presidential election, with investors hoping to avoid an The lengthy process will delay a potential financial stimulus to help an economy reeling from the coronavirus pandemic.

S&P emini futures

> The previous time it fell 0.1%, somewhat reversing the gain in official trading, in which the S&P 500 index reached the strongest increase in nearly a month.

S&P emini futures were up more than 1% at the end of the day, but changed direction as forecasts showed President Donald Trump and Democratic rival Joe Biden go head to head in Florida, one of the states. Critical battlefield, with other fiercely contested states, including Georgia and Ohio, in the air.

On betting site Smarkets, Trump’s win rate has improved significantly in recent minutes but still shows Biden as the expected winner.

Biden’s lead to Trump in national polls has raised expectations for a decisive outcome and a post-election stimulus package that will benefit Biden’s promises of spending on infrastructure. .

Some analysts said the strong market rally also reflected a rebound from last week’s sell-off, the largest weekly percentage drop for the S&P 500 in more than seven months.

“It looks like the polls have narrowed, which makes Biden a little more difficult, but the market reacting in the current way tells me that the market thinks we will have,” Randy Frederick said. Get a pretty quick solution. vice president of trading and derivatives for Charles Schwab in Austin, Texas.

“If for some reason we don’t have any clear picture, if the loser doesn’t want to give in and this ends up going to court, then we’re in some volatile markets. for a while, ”Frederick said.

On election night of 2016, US stock index futures plunged as Trump had an unpleasant victory over Democrat Hillary Clinton. However, the next day marked the start of the so-called “Trump rally” that saw the S&P 500 index rise 5% in a month, fueled by promises of massive tax cuts. and deregulation of finance.

During Tuesday’s trading session, the Dow Jones Industrial Average <.DJI> rose 2.06% to 27,480.03 points, while the S&P 500 <.SPX> increased 1.78% to 3,369.02.

Nasdaq synthesis <.IXIC> increased 1.85% to 11,160.57.

CBOE Volatility Index <.VIX>, Wall Street’s fear metric, hit a one-week low after hitting a 4-1 / 2-month high last week.

Democrats, who control the US House of Representatives, also favorably emerge from 14 fiery races in the U.S. Senate with full control of Congress, though end results from at least five. That election may not be in several days or months of circumstances.

Images – “Biden” vs. “Trump” shares: https://fingfx.thomsonreuters.com/gfx/mkt/yzdpxabbovx/biden%20vs%20trump%20shares.PNG

Graphics – Markets under different presidents in history: https://graphics.reuters.com/USA-ECONOMY/MARKETS/qmyvmjrgbpr/index.html

(Additional reporting by Chuck Mikolajczak in New York; Edited by Sam Holmes)




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