U.S. Stock Futures Surge As Trump On Verge Of Election Win
U.S. stock futures jumped early Wednesday—with Dow and S&P 500 futures up more than 2%—as former President Donald Trump came closer to winning a second term.
U.S. stock futures surged as Trump neared an electoral college victory.
Key Features:
Dow futures climbed over 1,100 points in early premarket trading on Wednesday, rising nearly 2.7% from the previous close. S&P 500 futures gained 2.23%, while Nasdaq futures, which focus on tech stocks, went up about 1.85%.
After closing lower on Tuesday, shares of Trump Media & Technology Group—the company behind Trump’s Truth Social platform—rose by over 23.6% in premarket trading, reaching nearly $42.
Bitcoin hit a record high of over $75,000 shortly after Trump won key swing states Georgia and North Carolina, but has since leveled off around $73,500.
NEWS HIGHLIGHT
Trump has 267 electoral votes, close to the 270 needed to win the presidency, according to The Associated Press. He only needs to win one more state—Wisconsin, Michigan, Nevada, Arizona, or Alaska—and he’s currently leading in all five.
WHAT TO WATCH
With Trump close to victory and Republicans taking control of the Senate, attention now shifts to the House, where control is still uncertain. CNBC reports that Goldman Sachs expects a 3% rise in the S&P 500 if Republicans control the presidency, Senate, and House, while a split Congress would likely result in a smaller 1.5% increase.
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Published: 6th November 2024
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