November 4, 2020
A wild election day of trading saw the U.S. equity markets post a powerful rally yesterday, with the Dow and S&P 500 gaining 554.98 and 58.78 points, or +2.06% and +1.78%, respectively. The NASDAQ rallied as well, gaining 202.96 points, or +1.85%.
In overnight trading when it appeared President Trump would win re-election, NASDAQ futures were up as much as 5% and the Chinese currency, the Yuan, rapidly declined in value. But as the night went on and Trump’s outlook for an easy win rapidly faded, the gain in NASDAQ futures also faded.
Solid market rally this morning, and the NASDAQ gaining showing big gains in technology stocks. In fact, this is the biggest gain in the NASDAQ since April. Right after the opening of trading this morning, the Dow and S&P 500 are up about .5%.
As of 6:30am PST today, there is no winner in the presidential yet declared. The states of Nevada, Wisconsin, Michigan show a slight lead for Biden, and if he wins those states, reaches the magic number if 270 to become the 46th president of the United States. If Biden drops either Wisconsin or Michigan, all eyes will be on Pennsylvania.