June 5, 2023

The Queens County Citizen

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US futures eliminate losses; Treasury, dollar jump in still undecided elections

US futures eliminate losses;  Treasury, dollar jump in still undecided elections

Treasuries are worried about S&P 500 futures fluctuations as President Donald Trump calls for Supreme Court intervention.

Agreements on the benchmark have largely changed since the earlier sinking. Ten-year Treasury yields fell less than 0.76% and the dollar strengthened against its largest counterpart. Offshore yuan and Mexican peso went back and gold slipped. European stocks are low.

Trump erroneously announced early Wednesday that he would win re-election over Democratic nominee Joe Biden, despite several battlefield states continuing to count the votes. The Nasdaq 100 futures remain the same though.

“It’s a betrayal of the American people,” Trump said, adding that he had leadership in several states that were not called in his favor, including Pennsylvania and Michigan.

The comments sent a shock wave through global markets, anxious over whether a legitimate fight for the US presidency could take place. While Biden has a strong lead in the election, it is clear that the race is much closer than expected.

“The outcome of the presidential race looks mostly‘ competitive ’and now it is very likely that we will not have clarity for days and weeks,” Nomura Holdings Inc. said. Wrote strategist Charlie McElligot.

Earlier, Biden had warned supporters that he was thinking about his chances of winning the presidency and that it would take time to complete the vote count.

“Early opportunities for a speedy resolution to the U.S. election have led to the realization of an extended process not only in the case of the White House but also in the case of the Senate,” said Ian Lingen, strategist at BMO Capital Markets. “The volatile price action is clear for now, at least until the way forward is clear.”

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Elsewhere, Alibaba Group Holdings Ltd fell 9.3% in Hong Kong, with China halting the initial public offering of Ant Group Co., of which Alibaba holds one-third. Asian stocks outperformed Japan and lagged behind Australia.