NEW YORK — US stock futures and markets around the world are mostly holding steady or ticking higher in early trading this morning, but only after spinning through an election night dominated by surprises and sharp swings.
After rallying early this week amid hopes that Election Day’s arrival could clear the uncertainty that’s been weighing on markets, Treasury yields and US stock futures swung up, down and back again overnight as early results showed a race that’s still too close to call between US President Donald Trump and former Vice President Joe Biden. It’s unclear when a winner can emerge.
Some of the sharpest moves are in yields for US government bonds, which had earlier risen on expectations that a Democratic sweep could mean big stimulus for the economy coming from Washington.
The 10-year Treasury yield swung from 0.88% late Tuesday up to 0.94% shortly after polls closed. It then sank to 0.77% as odds for a Democratic takeover of the Senate diminished and after Trump made premature claims of victories in several key states. It recovered to 0.81% roughly two hours before trading on Wall Street was set to open.
US stock futures swung through similar gyrations. S&P 500 futures rose, fell and rose again before sitting on a gain of 1.2%, as of 7:27 a.m. Eastern time. Dow futures were 0.4% higher.