Stock futures jumped Thursday morning to extend a rally from a day earlier, as traders homed in on the outcome of the U.S. election with several key states’ results still hanging in balance.
As of Thursday morning, several key states including Pennsylvania and Nevada had yet to be called in favor of either candidate. The latter state is not set to resume tabulations again until about noon eastern on Thursday, with a large proportion of votes still outstanding.
Former Vice President Joe Biden had 264 electoral votes and President Donald Trump had 214, according to the Associated Press, with Biden only needing to win one more of the outstanding states where he is leading to win the presidency. Candidates require 270 electoral votes to be named the winner of the election.
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States called for Trump: Ky., W. Va., S.C., Ala., Miss., Tenn., Okla., Ark., Ind., N.D., S.D., Wyo., La., Neb. (4 of 5 electoral votes), Kan., Mo., Idaho, Utah, Ohio, Iowa, Mont., Fla., Texas
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States called for Biden: Vt., Va., Conn., Del., Ill., Md., Mass., N.J., R.I., N.Y., N.M., D.C., Colo., N.H., Calif., Ore., Wash., Hawaii, Minn., Ariz., Maine (3 of 4 electoral votes), Wis., Mich.
In the Senate races, however, Democrats looked on track to net just a single new seat, leaving a high likelihood that Republicans would maintain control of the chamber.
Equity markets rallied strongly amid the apparent lack of a Democratic sweep of both the White House and Senate. While the divided government outcome lowered the likelihood that a major stimulus package would be passed in the near-term, it raised odds that sectors and companies at risk of being impacted by new regulations and sweeping policy changes under a Democratic majority would come out untouched.
The tech-heavy Nasdaq surged more than 3.8% for its best session since April on Wednesday, and health-care and technology stocks led the 2.2% jump advances in the S&P 500. But elsewhere, bank stocks tumbled alongside Treasury yields, as anticipation of greater government spending was also unwound.
“What Wall Street wants more than everything is for nothing to happen in Washington. There is so much of a bias for a static policy environment – that you can actually make business decisions and have those decisions hold the test of time beyond a couple of years. And so more gridlock in Washington tends to be better,” Stephanie Miller, managing director of FiscalNote Markets, told Yahoo Finance Wednesday afternoon. “The long-term bet on stability is what we’re all seeing, and that really checks out under either presidential scenario.”
Investors at least temporarily looked past the potential for a protracted battle for the White House. President Donald Trump’s campaign on Wednesday was already preparing to file lawsuits in the battleground states of Pennsylvania and Michigan to challenge vote counts that were leaning in favor of Biden, and earlier in the day said it would seek a recount in Wisconsin, which was called for Biden.
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7:21 a.m. ET Thursday: Stock futures jump as investors await outstanding vote tabulations
Here were the main moves in markets, as of 7:21 a.m. ET:
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S&P 500 futures (ES=F): 3,494.00, up 59 points or 1.72%
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Dow futures (YM=F): 28,097.00, up 362.00 points or 1.31%
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Nasdaq futures (NQ=F): 12,061.25, up 298.25 points or 2.54%
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Crude (CL=F): -$0.45 (-1.15%) to $38.70 a barrel
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Gold (GC=F): -+$23.10 (+1.22%) to $1,919.30 per ounce
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10-year Treasury (^TNX): -2.8 bps to yield 0.74%
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6:09 p.m. ET Wednesday: Stock futures flat after rally
Here were the main moves in markets, as of 6:09 p.m. ET Wednesday
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S&P 500 futures (ES=F): 3,486.25, up 1.25 points or 0.04%
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Dow futures (YM=F): 27,730.00, down 5 points or 0.02%
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Nasdaq futures (NQ=F): 11,794.25, up 31.25 points or 0.27%
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November 05, 2020 at 07:27PM
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