Market Reacts to Early Election Results
As early results from the high-stakes presidential election between Donald Trump and Kamala Harris began to trickle in, key indicators of the financial market's health reacted accordingly.
Stock futures edged higher on election night, with those tied to the Dow Jones Industrial Average lifting 277 points, or 0.67%, as of 9 p.m. ET. Futures linked to the S&P 500 were up 0.55%.
Oil prices took a hit, with the U.S. West Texas Intermediate (WTI) falling 0.44% to $71.69 a barrel. However, prices had risen 6% in the week preceding the election.
Spot gold rose by 0.15% to $2,747.98 per ounce, with gold futures on the Commodity Exchange (COMEX) also climbing by 0.17%.
Currency traders picked up the greenback as the U.S. Dollar Index, or the DXY, rose 1.20% to climb above 104.
Leading cryptocurrencies like Bitcoin (BTC/USD) and Ethereum (ETH/USD) also soared in anticipation of a Trump victory, with Bitcoin powering above $73,000.
The fight was getting tighter in battleground states, with Trump leading Georgia and Harris staying ahead in Pennsylvania, according to the Associated Press.
Trump-themed cryptos and NFTs surged in expectations of the former president's victory, while a coin inspired by Harris fell 13%.
The market's reaction to the early election results highlights the uncertainty and volatility associated with such a high-stakes event. Investors will continue to closely monitor the situation as more results become available.