2024 Election Update: Donald Trump a won the 2024 presidential election facing his Democratic rival Kamala Harrisannounced the Associated Press. In his victory speech delivered before the election was officially announced, he praised his running mate JD Vance and the support of Elon Musk.
Calling it “the greatest movement in politics,” Trump promised to “fix everything in our country.”
On Tuesday, November 5, US markets closed higher, supported by broad-based gains across sectors, as economic data pointed to resilience in the services sector. Investors remain wary, however, with volatility anticipated due to the presidential race between Trump and Harris, which will impact bond and currency markets.
From an economic perspective, the US trade deficit in September widened to $84.4 billion, reaching its highest level since April 2022 and beating market expectations of $84.1 billion . The ISM Services PMI rose to 56 in October, its highest level since August 2022.
The majority of S&P 500 sectors finished in positive territory, supported by notable gains in consumer discretionary, industrial and utility stocks.
The Dow Jones gained 1.02% to close at 42,221.88, the S&P 500 rose 1.23% to 5,782.76 and the Nasdaq Composite climbed 1.43% to end at 18,439. 17.
Asian markets today
- On Wednesday, the Nikkei 225 gained 2.16% and closed at 39,428.50, supported by gains in the glass, transportation equipment and banking sectors.
- Australia’s S&P/ASX 200 index rose 0.83% to end the day at 8,199.50, supported by gains in the IT, financial services and consumer discretionary sectors.
- India’s Nifty 50 index ended 1.16% higher at 24,493.90 and the Nifty 500 rose 1.61% to 23,043.90, supported by gains in technology sectors , gas and oil and capital goods.
- China’s Shanghai Composite fell 0.09% to close at 3,383.81, and the Shenzhen CSI 300 fell 0.50% to end the day at 4,024.28.
- Hong Kong’s Hang Seng Index fell 2.23% and closed the session at 20,538.38.
- Chinese markets fell as Trump’s U.S. election victory sparked concerns about renewed trade and technology tensions. Investors remain cautious, hedging against potential tariffs and sanctions affecting Chinese assets.
Eurozone at 5:30 a.m. ET
- The European STOXX 50 index increased by 1.06%.
- Germany’s DAX gained 1.18%.
- The French CAC increased by 1.75%.
- The British FTSE 100 index rose 1.42%.
Commodities at 6:00 a.m. ET
- WTI crude oil fell 1.17% to $71.11 per barrel, while Brent fell 1.28% to $74.60 per barrel.
- Oil prices fell as the dollar strengthened following Trump’s projected victory in the presidential election and a higher-than-expected rise in U.S. crude inventories.
- Natural gas rose 0.11% to 2.673
- Gold fell 0.55% to settle at $2,734.40, silver fell 1.30% to settle at $32.350 and copper fell 2.68% to s ‘establish at 4.3558 dollars.
US Futures at 6:00 a.m. ET
Dow Jones futures rose 2.87%, S&P 500 futures rose 2.29% and Nasdaq 100 futures rose 1.75%.
Forex at 6:00 a.m. ET
- The US Dollar Index gained 1.38% to 104.85, USD/JPY rose 1.58% to 154.10 and USD/AUD rose by 0.74% to settle at 1.5176.
- THE American and European stock futures, the dollar and bitcoin jumped after Trump’s projected victory in the presidential election, sparking concerns about inflation and boosting the Treasury market.
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