Key Points
- Trump leads over Harris with 248 electoral votes to 214.
- Nasdaq 100, S&P 500, and Dow Jones futures each rose over 1.6% following the election updates.
- 10-year Treasury yield increased, reflecting optimism among investors.
- Bitcoin reached a record high as part of the "Trump trade" effect.
- Republicans have flipped the Senate, influencing the broader market’s positive response.
U.S. stock futures rallied overnight as election results showed former President Donald Trump gaining ground over Kamala Harris. Key swing states North Carolina and Georgia were called for Trump, bringing him closer to a potential win. With critical states like Pennsylvania, Arizona, Wisconsin, Nevada, and Michigan still undecided, the markets responded with notable gains.
At 2 a.m. ET, Nasdaq 100 and S&P 500 futures each climbed around 1.6%, while Dow Jones Industrial Average futures rose over 1.7%, following a strong trading day. Treasury yields also surged, with the 10-year Treasury note rising by nearly 15 basis points to over 4.4%.
Bitcoin reached a record high alongside the dollar, supported by a positive response to election results, reinforcing a "Trump trade" sentiment. In the Electoral College, Trump currently holds 248 votes, while Harris has 214, according to the Associated Press. Republicans also achieved a Senate majority, adding momentum to the market's optimism.