U.S. stock futures recover after Trump effectively declared victory while the election is still ongoing

05.11.2020 - Evdokimov Roman
U.S. stock futures recover after Trump effectively declared victory while the election is still ongoing

On Wednesday, U.S. stock futures jumped higher than expected. At the same time, global equity markets rose after President Donald Trump stated that he would ask the United States Supreme Court to stop all vote counting and effectively declared victory in the presidential race that was still ongoing.

Trump posted on Twitter that Democrats had stolen the election and accusing them that there would be mass fraud and mail-in ballots.

“The outcome of the election in terms of the potential for a Democratic President and a Republican Senate is in many ways the best news for markets because it prevents more extreme policies,” Stanhope Capital London’s Chief Investment Officer Jonathan Bell said in a statement.

Shares of technology stocks including Apple Inc, Amazon.com Inc., and Alphabet Corp went up by more than 2% each in the premarket trading.

Energy stocks of Exxon Mobil and Chevron fell by 0.3% and 0.9%.

Asia’s blue-chip shares rose moderately. However, investors brought benchmark indices off the session highs due to Trump’s accusations.

 

 

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