Global markets were in a positive mood on November 6, 2024, as they kept a close eye on the ongoing vote count to decide the next President of the United States. Despite the uncertainty surrounding the final results, major stock indices remained in the green, reflecting a sense of investor optimism. The US Dow Jones Industrial Average had a strong close the previous day, rising by 1.02%, while the Nasdaq increased by 1.43%, and the S&P 500 climbed 1.23%. Investors appear to be waiting for a clearer picture, with futures for the Dow and Nasdaq continuing to rise in after-hours trading.
Alongside the stock market’s positive sentiment, Bitcoin has surged to new heights, reaching a record high of over $74,000, indicating a resurgence of investor confidence in cryptocurrencies amid the political uncertainty. The cryptocurrency market, in particular, has experienced a boost, with Bitcoin continuing to outperform traditional assets, benefiting from the growing interest in alternative investments.
As the election results come in, US futures are being closely monitored. The Dow future jumped by 580 points, and the Nasdaq saw an increase of 236 points as more states reported their election results. At 7:30 AM UAE time, former US President Donald Trump held 198 of the crucial 270 Electoral College votes, while current Vice President Kamala Harris had secured 112. Investors are eagerly awaiting the final outcome, as the race remains tight, with markets poised to react strongly to any shifts in the projected winner.
In the currency markets, the US Dollar Index has remained stable within its recent range, fluctuating between 99.50 and 106 over the past year. While bond yields for the 2-year and 10-year notes have remained steady, market participants are closely observing how the election’s outcome could influence broader market trends, including the US dollar and global economic forecasts. The political landscape is on the verge of change, and markets are preparing for the impact of the final results as the US presidential race unfolds.
