Stock futures trading was volatile Tuesday night as polling stations across the country closed and began reporting their profits, with the winner of the presidential election still unclear.
Just hours after recording their second best performance on Election Day, the Dow futures fell by about 250 points and then rose by about 170 points, as President Donald Trump is expected to win the competition. State of Sunbelt and former Vice President Joe Biden are predicted winners in much of the northeastern part of the state, according to NBC News.
Tech-heavy Nasdaq futures were up 3% and at times rose so rapidly that they halted trading due to volatility. S&P 500 futures are up nearly 2%.
Earlier, on Tuesday, Wall Street was driven by investors hoping that a clear winner would be declared in the presidential election and a financial stimulus deal would quickly be announced. through, helping the US move towards economic recovery after the coronavirus pandemic.
The widespread job loss and economic disruption caused by the pandemic has led many investors and observers to conclude that a “green wave”, a unified government in which the Democrats run both houses of Congress, will easily pass legislation to provide critical financial support. .
Wall Street is competing for a pandemic, and inheritance concerns are growing at this time, especially if the battle is week-long to come up with a fiscal stimulus bill.
Before the election, Trump repeatedly suggested that he would refuse to participate in a peaceful transition of power if he lost to Biden. He also stated, without any evidence, that the historical number of votes would lead to massive vote fraud.
Wall Street dislikes uncertainty, and after the 2000 presidential election, the S&P fell almost 5% in the weeks from Election Day to December 12, when the Supreme Court ruled in George’s favor. W. Bush.
“A complete legacy crisis is the worst case scenario,” said Ryan Giannotto, research director at GraniteShares. “We can’t set a precedent to see what that will be like.”