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Analysts' View: Markets hold breath as final votes tallied in battleground states

Economy Nov 04, 2020 09:35PM ET
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© Reuters. Rally outside the TCF Center the day after the 2020 U.S. presidential election, in Detroit, Michigan
 
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(Reuters) - U.S. stock futures took a breather in after-hours trade on Wednesday, as ballots were tallied in several states that should decide whether Democratic challenger Joe Biden unseats President Donald Trump in an election that remains too close to call.

S&P emini futures were up 0.25% on the heels of a 2.3% rally in the S&P 500 (SPX) on Wednesday, catalyzed by the prospect of gridlock in Congress after Democrats appeared to have failed to take control of the U.S. Senate. That raised optimism that disruptive policy changes would be hard to implement regardless of the winner in the presidential contest.

By early Asian trade the dollar index (=USD) had ceded its gains and was up a tad at 93.53 after touching a one-month high of 94.308 during the U.S. day. U.S. 10-year Treasury note futures (TYc1) extended a huge gain after Treasury yields fell hard Wednesday.

COMMENTS

JIM WILDING, WEALTH MANAGER, PARTNER, CONFLUENCE FINANCIAL PARTNERS IN PITTSBURGH, PA

"A Biden Presidency with divided government (REP Senate, DEM House) would very likely result in more gridlock, and a more neutral impact on markets. We could see increased spending for infrastructure and economic recovery, but limited legislation changes and limited support for tax increases.

"If Trump is reelected, and the Senate remains Republican, we are unlikely to see tax increase, which would be viewed as a positive by the market. Trade battles with China would likely intensify and regulatory changes may pick up even more. An infrastructure bill could also be possible.

"Hopefully, we have election results before Thanksgiving!”

BRAD KARP, CHAIRMAN AT LAW FIRM PAUL, WEISS, NEW YORK

"As the mail-in ballots continue to be counted in several key Midwestern states, it now appears clear that Vice President Biden will secure the required 270 electoral votes to become the 46th President of the United States. Nearly as important as the ultimate electoral outcome is the need for that result to be respected as legitimate across the county. The efforts by Mr. Trump and his lawyers to try to disrupt and discredit the vote count are disheartening and run counter the bedrock principle of our democracy that every legitimate vote be counted. Calls to disrupt the lawful counting of legitimate ballots, or, even worse, baseless rhetoric casting doubt on the results, should be shut down by Republican leaders. These cynical efforts both to ignore valid ballots and to undermine the results of a legitimate election have no place in our democracy."

Analysts' View: Markets hold breath as final votes tallied in battleground states
 

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Comments (7)
JaMocha Shauntavius Tyson
JaMocha Shauntavius Tyson Nov 04, 2020 11:41PM ET
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The world is in a mess. We keep borrowing and devaluing the unit of currency the world depends on, the US dollar.  We used to have a bad habit of borrowing during bad times. Now we borrower all the time. We deficit spend during the best and worst of times. And now we have the greatest stock bubble due to excessive national debt that will NEVER be repaid, so the Fed itself has to buy our own worthless notes.  Who expects America to repay any of these trillions in debt? Nobody.  The dollar has no value and the market is extremely overvalued thats why it fell like it did in March 2020.  There is no real support and your fortunes will be wiped out overnight one day while you sleep.
JaMocha Shauntavius Tyson
JaMocha Shauntavius Tyson Nov 04, 2020 11:41PM ET
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...and I will be happy when it does.
YUNUS EMRE ALTUN
YUNUS EMRE ALTUN Nov 04, 2020 11:41PM ET
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According to you Japan should have gone bankrupt and rest of all advanced economies. People like you should get used to new normal of monetary and fiscal policies. Because whole world is part of it , if system collapsed, nobody will benefit from it including you
JaMocha Shauntavius Tyson
JaMocha Shauntavius Tyson Nov 04, 2020 11:41PM ET
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YUNUS EMRE ALTUN Japan has been bankrupt of growth since 2000.  Twenty years of zero growth.  That is where are debt fueled market is headed.  The only way out is to cancel the American dollar and issue New Dollars at a rate of 10 for 1.  In other words you lose 90% of your cash holdings so we can write down 90% of our outstanding debt.
Bernard Tan
Bernard Tan Nov 04, 2020 11:41PM ET
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Correction, the world is NOT in a mess, USA is....!
Clinton Powell
Clinton Powell Nov 04, 2020 11:41PM ET
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Johnny Yip He already got paid
James Pattison
James Pattison Nov 04, 2020 11:25PM ET
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Count only legally cast votes...
Bernard Tan
Bernard Tan Nov 04, 2020 11:25PM ET
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Are there illegally cast votes?
Danny Brasko
ThisIsAmerica Nov 04, 2020 11:13PM ET
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Holds breath? It had the biggest gains ever seen in electoral history.
TL Chan
TL Chan Nov 04, 2020 10:58PM ET
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We can never trust US again! From Clinton, Hillary, Biden, to Obama, Democrat is deeply corrupted now, deep in US bone marrow! They profit big pockets in the name of liberalism, leftism, globalization, multicultural, blunt political correctness ! Hillary even did dirty bomb deal with Obama closed one eye, and eventually pass information to terrorists to have his embassy staff killed to protect the leakage of her dirty deal evidences, committing treason crime that involve ***of US peoples ! All this, Obama was well ahead informed! We have a saying, a corruption rectangle- Clinton the handler, Biden the big guy, Hillary the dirty bomb dealer and treason criminal, Obama the sideline backer!
Don Rupley
Don Rupley Nov 04, 2020 10:58PM ET
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Kwong To Oh neat! A racist Chinese person!
Ibrahim salih
ibrobay Nov 04, 2020 10:58PM ET
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So tell us now about you.
Chris Sundo
Chris Sundo Nov 04, 2020 10:20PM ET
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Thanks for BRAD KARP, CHAIRMAN AT LAW FIRM PAUL, WEISS, NEW YORK's wise words of yet common sense. It's a bit shocking that almost 1 in 2 Americans is missing the intellectual depth to vote for other than GOP and other than Trump. GOP needs a break and DEMS need to strengthen themselves. Good luck to America.
John Raymond
John Raymond Nov 04, 2020 9:50PM ET
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let's make sure the votes are legit!!
Adrian White
Adrian White Nov 04, 2020 9:50PM ET
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And when they are found to be legit, let's also accept the results, regardless of the outcome we wanted.
Steffen vdm
Steffen vdm Nov 04, 2020 9:50PM ET
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And if we don't like the answer we call it fraud and take it to court!!
Na Mi Chye
Na Mi Chye Nov 04, 2020 9:42PM ET
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